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Document Preview Agreement and Plan of Reorganization |
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Title: |
Agreement and Plan of Reorganization |
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Entities: |
Factual Data Corp; Freddie Mac; Kroll Inc.; Federal National Mortgage Association; Gibson, Dunn & Crutcher |
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Date: |
2003 |
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Size: |
Preview shows 20KB of 231KB total |
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Price: |
$66 |
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ID: |
#1372631 |
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Start of Preview |
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AGREEMENT AND PLAN OF REORGANIZATION
BY AND AMONG
KROLL INC.,
GOLDEN MOUNTAIN ACQUISITION CORPORATION
AND
FACTUAL DATA CORP.
JUNE 23, 2003
--------------------------------------------------------------------------------
<PAGE>
TABLE OF CONTENTS
<Table>
<Caption>
Page
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<S> <C> <C>
AGREEMENT AND PLAN OF REORGANIZATION.............................................................................1
RECITALS.........................................................................................................1
ARTICLE I THE MERGER............................................................................................1
1.1 THE MERGER........................................................................................1
1.2 CLOSING; EFFECTIVE TIME...........................................................................2
1.3 EFFECT OF THE MERGER..............................................................................2
1.4 ARTICLES OF INCORPORATION; BYLAWS.................................................................2
1.5 DIRECTORS AND OFFICERS............................................................................2
1.6 EFFECT ON CAPITAL STOCK...........................................................................3
1.7 SURRENDER OF CERTIFICATES.........................................................................4
1.8 NO FURTHER OWNERSHIP RIGHTS IN TARGET COMMON STOCK................................................6
1.9 RETURN OF EXCHANGE FUND...........................................................................7
1.10 TAKING OF NECESSARY ACTION; FURTHER ACTION........................................................7
ARTICLE II REPRESENTATIONS AND WARRANTIES OF TARGET.............................................................7
2.1 ORGANIZATION, STANDING AND POWER..................................................................7
2.2 CAPITAL STRUCTURE.................................................................................8
2.3 AUTHORITY........................................................................................10
2.4 SEC DOCUMENTS; TARGET FINANCIAL STATEMENTS.......................................................11
2.5 ABSENCE OF CERTAIN CHANGES.......................................................................12
2.6 ABSENCE OF UNDISCLOSED LIABILITIES; ACQUISITION-RELATED LIABILITIES AND OBLIGATIONS..............13
2.7 CONTRACTS........................................................................................14
2.8 LITIGATION.......................................................................................15
</Table>
i
<PAGE>
TABLE OF CONTENTS (continued)
<Table>
<Caption>
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<S> <C> <C>
2.9 RESTRICTIONS ON BUSINESS ACTIVITIES..............................................................15
2.10 GOVERNMENTAL AUTHORIZATION.......................................................................15
2.11 TITLE TO PROPERTY................................................................................16
2.12 INTELLECTUAL PROPERTY............................................................................16
2.13 ENVIRONMENTAL MATTERS............................................................................19
2.14 TAXES............................................................................................20
2.15 EMPLOYEE BENEFIT PLANS...........................................................................22
2.16 EMPLOYEES AND CONSULTANTS........................................................................24
2.17 RELATED-PARTY TRANSACTIONS.......................................................................25
2.18 INSURANCE........................................................................................26
2.19 COMPLIANCE WITH LAWS.............................................................................26
2.20 BROKERS' AND FINDERS' FEES.......................................................................26
2.21 VOTE REQUIRED....................................................................................26
2.22 REGISTRATION STATEMENT; PROXY STATEMENT/PROSPECTUS...............................................26
2.23 COMPLETE COPIES OF MATERIALS.....................................................................27
2.24 OPINION OF FINANCIAL ADVISOR.....................................................................27
2.25 BOARD APPROVAL...................................................................................27
2.26 ILLEGAL PAYMENTS.................................................................................27
2.27 CUSTOMERS........................................................................................28
2.28 REPRESENTATIONS COMPLETE.........................................................................28
ARTICLE III REPRESENTATIONS AND WARRANTIES OF ACQUIROR AND MERGER SUB..........................................28
3.1 ORGANIZATION, STANDING AND POWER.................................................................28
3.2 CAPITAL STRUCTURE................................................................................29
</Table>
ii
<PAGE>
TABLE OF CONTENTS (continued)
<Table>
<Caption>
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<S> <C> <C>
3.3 AUTHORITY........................................................................................29
3.4 REGISTRATION STATEMENT; PROXY STATEMENT..........................................................30
3.5 SEC DOCUMENTS....................................................................................31
3.6 ABSENCE OF CERTAIN CHANGES.......................................................................31
3.7 BROKERS' AND FINDERS' FEES.......................................................................31
3.8 BOARD APPROVAL...................................................................................31
3.9 REPRESENTATIONS COMPLETE.........................................................................32
ARTICLE IV CONDUCT PRIOR TO THE EFFECTIVE TIME.................................................................32
4.1 CONDUCT OF BUSINESS OF TARGET....................................................................32
4.2 CONDUCT OF BUSINESS..............................................................................32
4.3 NO CONTROL OF TARGET BUSINESS....................................................................35
4.4 NOTICES..........................................................................................35
ARTICLE V ADDITIONAL AGREEMENTS................................................................................36
5.1 NO SOLICITATION..................................................................................36
5.2 PROXY STATEMENT, REGISTRATION STATEMENT..........................................................37
5.3 SHAREHOLDERS MEETING.............................................................................38
5.4 ACCESS TO INFORMATION............................................................................38
5.5 CONFIDENTIALITY..................................................................................39
5.6 PUBLIC DISCLOSURE................................................................................39
5.7 CONSENTS; COOPERATION............................................................................40
5.8 SHAREHOLDER LISTS................................................................................41
5.9 INDEMNIFICATION..................................................................................41
5.10 IRREVOCABLE PROXIES, LOCK-UP AGREEMENTS..........................................................42
5.11 NOTIFICATION OF CERTAIN MATTERS..................................................................43
</Table>
iii
<PAGE>
TABLE OF CONTENTS (continued)
<Table>
<Caption>
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<S> <C> <C>
5.12 STOCK OPTIONS AND STOCK PURCHASE PLAN............................................................43
5.13 LISTING OF ADDITIONAL SHARES.....................................................................44
5.14 ADDITIONAL AGREEMENTS............................................................................45
5.15 EMPLOYEE BENEFITS................................................................................45
5.16 FINANCIAL STATEMENTS.............................................................................45
ARTICLE VI CONDITIONS TO THE MERGER............................................................................46
6.1 CONDITIONS TO OBLIGATIONS OF EACH PARTY TO EFFECT THE MERGER.....................................46
6.2 ADDITIONAL CONDITIONS TO THE OBLIGATIONS OF TARGET...............................................46
6.3 ADDITIONAL CONDITIONS TO THE OBLIGATIONS OF ACQUIROR AND MERGER SUB..............................47
ARTICLE VII TERMINATION, EXPENSES, AMENDMENT AND WAIVER........................................................49
7.1 TERMINATION......................................................................................49
7.2 EFFECT OF TERMINATION............................................................................51
7.3 AMENDMENT........................................................................................52
7.4 EXTENSION; WAIVER................................................................................52
ARTICLE VIII GENERAL PROVISIONS................................................................................52
8.1 EFFECTIVENESS OF REPRESENTATIONS, WARRANTIES AND AGREEMENTS......................................52
8.2 NOTICES..........................................................................................53
8.3 INTERPRETATION...................................................................................53
8.4 COUNTERPARTS.....................................................................................54
8.5 ENTIRE AGREEMENT, NO THIRD PARTY BENEFICIARIES...................................................54
8.6 SEVERABILITY.....................................................................................54
8.7 REMEDIES CUMULATIVE..............................................................................54
</Table>
iv
<PAGE>
TABLE OF CONTENTS (continued)
<Table>
<Caption>
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<S> <C> <C>
8.8 GOVERNING LAW....................................................................................55
8.9 ASSIGNMENT.......................................................................................55
8.10 RULES OF CONSTRUCTION............................................................................55
8.11 WAIVER OF JURY TRIAL.............................................................................55
SCHEDULE A......................................................................................................57
DEFINITIONS.....................................................................................................57
EXHIBITS
Exhibit A Articles of Merger
Exhibit B Form of Affiliate Letter
Exhibit C Form of Voting Agreement
Exhibit D Form of Lock-Up Agreement
Exhibit E List of Certain Employees
</Table>
v
<PAGE>
AGREEMENT AND PLAN OF REORGANIZATION
This AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") is made and
entered on June 23, 2003, by and among Kroll Inc., a Delaware corporation
("Acquiror"), Golden Mountain Acquisition Corporation, a Colorado corporation
("Merger Sub"), and Factual Data Corp., a Colorado corporation ("Target").
RECITALS
A. The Boards of Directors of Target, Acquiror and Merger Sub believe
it is in the best interests of their respective companies and the shareholders
of their respective companies that Target and Merger Sub combine into a single
company through the statutory merger of Merger Sub with and into Target (the
"Merger") and, in furtherance thereof, have declared the advisability of and
approved the Merger and the Agreement.
B. Pursuant to the Merger, among other things, each outstanding share
of common stock, no par value, of Target ("Target Common Stock"), shall be
converted into the right to receive the Per Share Consideration (as hereinafter
defined) on the terms and conditions set forth herein.
C. Target, Acquiror and Merger Sub desire to make certain
representations and warranties and other agreements in connection with the
Merger.
D. Concurrent with the execution of this Agreement and as an inducement
to Acquiror to enter into this Agreement, certain affiliates of Target are
entering into an agreement to vote the shares of Target Common Stock owned by
such affiliates to approve the Merger and against competing proposals in
accordance with the terms thereof.
E. Certain defined terms not otherwise defined herein shall have the
meanings ascribed thereto in Schedule A hereto.
NOW, THEREFORE, in consideration of the covenants and representations
set forth herein, and for other good and valuable consideration, the parties
agree as follows:
ARTICLE I
THE MERGER
1.1 THE MERGER
At the Effective Time and subject to and upon the terms and conditions
of this Agreement and the Articles of Merger attached hereto as EXHIBIT A (the
"Articles of Merger") and the applicable provisions of the Colorado Business
Corporation Act ("Colorado Law"), Merger Sub shall be merged with and into
Target, the separate corporate existence of Merger Sub shall cease and Target
shall continue as the surviving corporation under the name "Kroll Factual Data,
Inc.".
1
<PAGE>
Target as the surviving corporation after the Merger is hereinafter sometimes
referred to as the "Surviving Corporation".
1.2 CLOSING; EFFECTIVE TIME
Unless this Agreement shall have been terminated and the transactions
herein contemplated shall have been abandoned pursuant to Section 7.1, the
closing of the transactions contemplated hereby (the "Closing") shall take place
as soon as practicable (but in any event within two Business Days) after the
satisfaction or waiver of each of the conditions set forth in Article VI hereof
or at such other time as the parties hereto agree (the date on which the Closing
shall occur, the "Closing Date"). The Closing shall take place at the offices of
Gibson, Dunn & Crutcher LLP, 200 Park Avenue, New York, New York, or at such
other location as the parties hereto agree. On the Closing Date, the parties
hereto shall cause the Merger to be consummated by filing the Articles of Merger
with the Secretary of State of the State of Colorado, in accordance with the
relevant provisions of Colorado Law (the time and date of such filing, or such
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