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Title: |
Agreement and Plan of Merger |
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Date: |
2003 |
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Preview shows 24KB of 226KB total |
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$80 |
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ID: |
#1327016 |
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<SEQUENCE>3
<FILENAME>exh2-1.txt
<DESCRIPTION>2.1
<TEXT>
AGREEMENT AND PLAN OF MERGER
BY AND AMONG
IMMUNOTECHNOLOGY, INC., a Delaware corporation
ULTIMATE SECURITY SYSTEMS CORPORATION, a Nevada corporation
AND
THE OTHER PARTIES SIGNATORY HERETO
Dated as of April __, 2003
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
Article 1 THE MERGER..............................................................................................1
1.1 The Merger..........................................................................................1
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1.2 Effective Time......................................................................................2
--------------
1.3 Effect of the Merger on Constituent Corporations....................................................2
------------------------------------------------
1.4 Certificate of Incorporation and Bylaws of Surviving Corporation....................................2
----------------------------------------------------------------
1.5 Directors and Officers of Surviving Corporation.....................................................2
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1.6 Maximum Number of Shares of IMNT Common Stock to be Issued; Effect on Outstanding Securities of USSC3
----------------------------------------------------------------------------------------------------
1.7 Reservation of Shares...............................................................................4
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1.8 Adjustments to Exchange Ratio.......................................................................4
-----------------------------
1.9 Fractional Shares...................................................................................4
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1.10 Dissenting Shares...................................................................................4
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1.11 Exchange Procedures.................................................................................5
-------------------
1.12 No Further Ownership Rights in USSC Common Stock....................................................6
------------------------------------------------
1.13 Lost, Stolen or Destroyed Certificates..............................................................6
--------------------------------------
1.14 Tax Consequences....................................................................................6
----------------
1.15 Taking of Necessary Action: Further Action..........................................................7
------------------------------------------
Article 2 REPRESENTATIONS AND WARRANTIES OF USSC..................................................................7
2.1 Organization and Qualification......................................................................7
------------------------------
2.2 Authority Relative to this Agreement................................................................7
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2.3 Capital Stock.......................................................................................8
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2.4 No Subsidiaries.....................................................................................9
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2.5 Directors and Officers..............................................................................9
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2.6 No Conflicts........................................................................................9
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2.7 Books and Records; Organizational Documents........................................................10
-------------------------------------------
2.8 USSC Financial Statements..........................................................................10
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2.9 Absence of Changes.................................................................................10
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2.10 No Undisclosed Liabilities.........................................................................12
--------------------------
2.11 Taxes..............................................................................................12
-----
2.12 Legal Proceedings..................................................................................15
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2.13 Compliance with Laws and Orders....................................................................15
-------------------------------
2.14 Employee Benefit Plans and Employee Matters........................................................15
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2.15 Real Property......................................................................................18
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2.16 Tangible Personal Property.........................................................................18
--------------------------
2.17 Intellectual Property..............................................................................18
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2.18 Contracts..........................................................................................22
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2.19 Insurance..........................................................................................24
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2.20 Affiliate Transactions.............................................................................25
----------------------
2.21 Employees; Labor Relations.........................................................................25
--------------------------
2.22 Environmental Matters..............................................................................26
---------------------
2.23 Substantial Customers and Suppliers................................................................27
-----------------------------------
-i-
<PAGE>
2.24 Accounts Receivable................................................................................28
-------------------
2.25 Inventory..........................................................................................28
---------
2.26 Other Negotiations; Brokers; Third Party Expenses..................................................28
-------------------------------------------------
2.27 Banks and Brokerage Accounts.......................................................................29
----------------------------
2.28 Warranty Obligations...............................................................................29
--------------------
2.29 Foreign Corrupt Practices Act......................................................................29
-----------------------------
2.30 Tax-Free Reorganization............................................................................29
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2.31 Financial Projections..............................................................................30
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2.32 Approvals..........................................................................................30
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2.33 Information Statement..............................................................................30
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2.34 No Solicitation....................................................................................31
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2.35 Disclosure.........................................................................................31
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Article 3 REPRESENTATIONS AND WARRANTIES OF IMNT.................................................................31
3.2 Authority Relative to this Agreement...............................................................32
------------------------------------
3.3 Issuance of IMNT Common Stock......................................................................32
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3.6 Books and Records; Organizational Documents........................................................34
-------------------------------------------
3.7 Legal Proceedings..................................................................................34
-----------------
3.8 Compliance with Laws and Orders....................................................................35
-------------------------------
3.9 Banks and Brokerage Accounts.......................................................................35
----------------------------
3.10 Other Negotiations; Brokers; Third Party Expenses..................................................35
-------------------------------------------------
3.11 Foreign Corrupt Practices Act......................................................................36
-----------------------------
3.12 Approvals..........................................................................................36
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3.13 Information Statement..............................................................................37
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3.14 Disclosure.........................................................................................37
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3.16 Investment Advisors................................................................................37
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3.17 Tax-Free Reorganization............................................................................37
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Article 4 CONDUCT BEFORE THE EFFECTIVE TIME......................................................................38
4.1 Conduct of Business of USSC........................................................................38
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4.2 No Solicitation....................................................................................38
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Article 5 ADDITIONAL AGREEMENTS..................................................................................39
5.1 Information Statement..............................................................................39
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5.5 Stockholder Approval...............................................................................39
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5.6 Access to Information..............................................................................40
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5.7 Confidentiality....................................................................................40
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5.8 Expenses...........................................................................................41
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5.9 Public Disclosure..................................................................................41
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5.10 Approvals..........................................................................................41
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5.12 Notification of Certain Matters....................................................................41
-------------------------------
5.15 Additional Documents and Further Assurances; Cooperation...........................................41
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5.18 USSC' s Auditors...................................................................................42
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5.20 Takeover Statutes..................................................................................42
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5.21 Treatment as Reorganization........................................................................42
---------------------------
5.22 Intellectual Property..............................................................................42
---------------------
-ii-
<PAGE>
Article 6 CONDITIONS TO THE MERGER...............................................................................42
6.1 Conditions to Obligations of Each Party Under this Agreement.......................................43
------------------------------------------------------------
6.2 Additional Conditions to Obligations of USSC.......................................................43
--------------------------------------------
6.3 Additional Conditions to the Obligations of IMNT...................................................44
------------------------------------------------
Article 7 SURVIVAL OF REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS......................................45
7.1 Survival of Representations, Warranties, Covenants and Agreements..................................45
-----------------------------------------------------------------
Article 8 TERMINATION, AMENDMENT AND WAIVER......................................................................45
8.1 Termination........................................................................................45
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8.2 Effect of Termination..............................................................................46
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8.3 Amendment..........................................................................................46
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8.4 Extension; Waiver..................................................................................46
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Article 9 MISCELLANEOUS PROVISIONS...............................................................................47
9.1 Notices............................................................................................47
-------
9.2 Entire Agreement...................................................................................48
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9.3 Amendment..........................................................................................48
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9.4 Further Assurances; Post-Closing Cooperation.......................................................48
--------------------------------------------
9.5 Waiver.............................................................................................48
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9.6 Remedies...........................................................................................48
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9.7 Third Party Beneficiaries..........................................................................48
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9.8 No Assignment; Binding Effect......................................................................48
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9.9 Invalid Provisions.................................................................................48
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9.10 Governing Law......................................................................................49
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9.11 Waiver of Trial by Jury............................................................................49
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9.12 Costs and Expenses.................................................................................49
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9.13 Construction.......................................................................................49
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9.14 Counterparts.......................................................................................49
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9.15 Specific Performance...............................................................................49
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Article 10 DEFINITIONS...........................................................................................50
10.1 Definitions........................................................................................50
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10.2 Construction.......................................................................................60
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</TABLE>
-iii-
<PAGE>
EXHIBITS
--------
Exhibit A--Certificate of Merger to be filed with Nev. Sec. of State
Exhibit B--Delaware Certificate of Merger
Exhibit C--IMNT officers' Certificate re: rep's and warranties
Exhibit D--USSC officers' Certificate re: rep's and warranties
-iv-
<PAGE>
AGREEMENT AND PLAN OF MERGER
----------------------------
THIS AGREEMENT AND PLAN OF MERGER (this "Agreement") is made and
entered into as of April __, 2003 by and among Immunotechnology, Inc., a
Delaware corporation ("IMNT"), and Ultimate Security Systems Corporation, a
Nevada corporation ("USSC"). Capitalized terms used and not otherwise defined
herein have the meanings set forth in Article 10.
RECITALS
--------
A. The Boards of Directors of each of IMNT and USSC have approved this
Agreement and deem it advisable and in the best interests of IMNT and USSC,
respectively, and their respective stockholders that IMNT acquire USSC by the
merger of USSC with and into IMNT (the "Merger") and, in furtherance thereof,
have approved the Merger, this Agreement and the transactions contemplated
hereby.
B. Before the Effective Time and as a condition to consummation of the
Merger, all outstanding shares of USSC Preferred Stock will be converted into
outstanding shares of USSC Common Stock and all holders of USSC Preferred Stock
shall have agreed to accept shares of IMNT common stock in exchange for all
accrued but unpaid dividends.
C. Pursuant to the Merger, among other things, and subject to the terms and
conditions of this Agreement, (i) all of the outstanding shares of USSC Common
Stock that are issued and outstanding immediately before the Effective Time of
the Merger shall be converted into the right to receive shares of Common Stock,
par value $0.001 per share, of IMNT ("IMNT Common Stock"), and (ii) all USSC
Options, USSC Warrants and USSC Stock Purchase Rights then outstanding (whether
vested or unvested) shall become exercisable for IMNT Common Stock, on the terms
and subject to the conditions set forth in this Agreement.
D. IMNT and USSC intend that the Merger shall constitute a reorganization
within the meaning of Section 368(a) of the Code and in furtherance thereof
intend that this Agreement shall be a "plan of reorganization" within the
meaning of Sections 354(a) and 361(a) of the Code.
E. USSC and IMNT desire to make certain representations, warranties,
covenants and agreements in connection with the Merger.
NOW, THEREFORE, AS CONSIDERATION FOR the covenants, promises,
representations and warranties set forth herein, and for other good and valuable
consideration (the receipt and sufficiency of which hereby are acknowledged by
the parties), intending to be legally bound hereby, the parties hereby agree as
follows:
1
<PAGE>
Article 1
THE MERGER
1.1 The Merger. At the Effective Time and on the terms and subject to the
conditions of this Agreement and the applicable provisions of the applicable
Nevada Delaware Law, USSC shall be merged with and into IMNT, the separate
corporate existence of USSC shall cease, and IMNT shall continue as the
surviving corporation. IMNT sometimes is referred to herein as the "Surviving
Corporation."
1.2 Effective Time. Unless this Agreement is terminated earlier pursuant to
Section 8.1 hereof, the closing of the Merger (the "Closing") is expected to
occur on the date that the Registration Statement on Form S-4 is declared
"effective" by the Securities and Exchange Commission and will occur no later
than five (5) Business Days following satisfaction or waiver of the conditions
set forth in Article 6, at the offices of MC Law Group, 4100 Newport Place,
Suite 860, Newport Beach, California 92660, unless another place or time is
agreed to by IMNT and USSC. The date on which the Closing actually occurs is
referred to herein as the "Closing Date." On the Closing Date, the parties
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