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Title: |
Agreement and Plan of Reorganization |
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Entities: |
FirstService Corp.; Firstspartan Financial Corp; McDonald Investments Inc.; Womble Carlyle Sandridge & Rice PLLC |
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Date: |
2000 |
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Size: |
Preview shows 13KB of 161KB total |
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Price: |
$64 |
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ID: |
#1418706 |
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AGREEMENT AND PLAN OF REORGANIZATION
BETWEEN
FIRSTSPARTAN FINANCIAL CORP.
and
BB&T CORPORATION
<PAGE>
TABLE OF CONTENTS
Page
----
ARTICLE I THE MERGER.........................................................1
ARTICLE II THE MERGER........................................................7
2.1 Merger.............................................................7
2.2 Filing; Plan of Merger.............................................7
2.3 Effective Time.....................................................7
2.4 Closing............................................................8
2.5 Effect of Merger...................................................8
2.6 Further Assurances.................................................8
2.7 Merger Consideration...............................................9
2.8 Conversion of Shares; Payment of Merger Consideration..............9
2.9 Conversion of Stock Options.......................................10
2.10 Merger of Subsidiaries............................................12
2.11 Anti-Dilution.....................................................12
ARTICLE III REPRESENTATIONS AND WARRANTIES OF LANCE.........................12
3.1 Capital Structure.................................................12
3.2 Organization, Standing and Authority..............................13
3.3 Ownership of Subsidiaries.........................................13
3.4 Organization, Standing and Authority of the Subsidiaries..........13
3.5 Authorized and Effective Agreement................................14
3.6 Securities Filings; Financial Statements; Statements True.........15
3.7 Minute Books......................................................15
3.8 Adverse Change....................................................15
3.9 Absence of Undisclosed Liabilities................................16
3.10 Properties........................................................16
3.11 Environmental Matters.............................................16
3.12 Loans; Allowance for Loan Losses..................................17
3.13 Tax Matters.......................................................17
3.14 Employees; Compensation; Benefit Plans............................19
3.15 Certain Contracts.................................................22
3.16 Legal Proceedings; Regulatory Approvals...........................23
3.17 Compliance with Laws; Filings.....................................24
3.18 Brokers and Finders...............................................24
3.19 Repurchase Agreements; Derivatives................................24
3.20 Deposit Accounts..................................................25
3.21 Related Party Transactions........................................25
3.22 Certain Information...............................................25
3.23 Tax and Regulatory Matters........................................25
3.24 State Takeover Laws...............................................26
3.25 Labor Relations...................................................26
3.26 Fairness Opinion..................................................26
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BB&T...........................27
4.1 Capital Structure of BB&T.........................................27
4.2 Organization, Standing and Authority of BB&T......................27
4.3 Authorized and Effective Agreement................................27
4.4 Organization, Standing and Authority of BB&T Subsidiaries.........28
4.5 Securities Documents; Financial Statements; Statements True.......28
4.6 Certain Information...............................................29
4.7 Tax and Regulatory Matters........................................29
4.8 Share Ownership...................................................29
4.9 Legal Proceedings; Regulatory Approvals...........................29
<PAGE>
Page
----
4.10 Adverse Change.....................................................30
ARTICLE V COVENANTS.........................................................30
5.1 Lance Shareholder Meeting.........................................30
5.2 Registration Statement; Proxy Statement/Prospectus................30
5.3 Plan of Merger; Reservation of Shares.............................31
5.4 Additional Acts...................................................31
5.5 Best Efforts......................................................32
5.6 Certain Accounting Matters........................................32
5.7 Access to Information.............................................32
5.8 Press Releases....................................................33
5.9 Forbearances of Lance.............................................33
5.10 Employment Agreements.............................................36
5.11 Affiliates........................................................36
5.12 Section 401(k) Plan; Other Employee Benefits......................36
5.13 Directors and Officers Protection.................................38
5.14 Forbearances of BB&T..............................................38
5.15 Reports...........................................................39
5.16 Exchange Listing..................................................39
5.17 Advisory Boards...................................................39
5.18 Board of Directors of Branch Banking and Trust
Company of South Carolina........................................40
ARTICLE VI CONDITIONS PRECEDENT.............................................40
6.1 Conditions Precedent - BB&T and Lance.............................40
6.2 Conditions Precedent - Lance......................................41
6.3 Conditions Precedent - BB&T.......................................42
ARTICLE VII TERMINATION, DEFAULT, WAIVER AND AMENDMENT......................43
7.1 Termination.......................................................43
7.2 Effect of Termination.............................................44
7.3 Survival of Representations, Warranties and Covenants.............44
7.4 Waiver............................................................44
7.5 Amendment or Supplement...........................................45
ARTICLE VIII MISCELLANEOUS..................................................45
8.1 Expenses..........................................................45
8.2 Entire Agreement..................................................45
8.3 No Assignment.....................................................46
8.4 Notices...........................................................46
8.6 Captions..........................................................47
8.7 Counterparts......................................................47
8.8 Governing Law.....................................................47
ANNEXES
-------
Annex A-1 Articles of Merger, with attached Agreement and Plan of Merger
Annex A-2 Certificate of Merger
Annex B Employment Agreement with
Billy L. Painter
Annex C Employment Agreements with R. Lamar Simpson, Hugh H. Brantley
and J. Stephan Sinclair
2
<PAGE>
AGREEMENT AND PLAN OF REORGANIZATION
THIS AGREEMENT AND PLAN OF REORGANIZATION ("Agreement"), dated as of
September 5, 2000 is between FIRSTSPARTAN FINANCIAL CORP. ("FirstSpartan"), a
Delaware corporation having its principal office at Spartanburg, South Carolina,
and BB&T CORPORATION ("BB&T"), a North Carolina corporation having its principal
office at Winston-Salem, North Carolina;
R E C I T A L S:
- - - - - - - -
The parties desire that FirstSpartan shall be merged with and into BB&T
(said transaction being hereinafter referred to as the "Merger") pursuant to an
agreement and plan of merger (the "Plan of Merger") substantially in the form
attached as Annex A-1 hereto, and the parties desire to provide for certain
undertakings, conditions, representations, warranties and covenants in
connection with the transactions contemplated hereby. As a condition and
inducement to BB&T's willingness to enter into the Agreement, FirstSpartan is
concurrently granting to BB&T an option to acquire, under certain circumstances,
740,300 shares of the common stock, par value $0.01 per share, of FirstSpartan.
NOW, THEREFORE, in consideration of the premises and of the mutual
representations, warranties, covenants and agreements herein contained, and
intending to be legally bound hereby, the parties hereto agree as follows:
ARTICLE IDEFINITIONS
1.1 Definitions
-----------
When used herein, the capitalized terms set forth below shall have the
following meanings:
"Affiliate" means, with respect to any Person, any other Person, who,
directly or indirectly through one or more intermediaries, controls or is
controlled by, or is under common control with such Person and, without limiting
the generality of the foregoing, includes any executive officer or director of
such Person and any Affiliate of such executive officer or director.
"Articles of Merger" shall mean the Articles of Merger required to be
filed with the office of the Secretary of State of North Carolina as provided in
Section 55-11-05 of the NCBCA.
"Bank Holding Company Act" shall mean the Federal Bank Holding Company
Act of 1956, as amended.
<PAGE>
"BB&T Common Stock" shall mean the shares of voting common stock, par
value $5.00 per share, of BB&T, with rights attached issued pursuant to Rights
Agreement dated December 17, 1996 between BB&T and Branch Banking and Trust
Company, as Rights Agent, relating to BB&T's Series B Junior Participating
Preferred Stock, $5.00 par value per share.
"BB&T Option Agreement" shall mean the Stock Option Agreement dated as
of even date herewith, as amended from time to time, under which BB&T has an
option to purchase shares of FirstSpartan Common Stock, which shall be executed
immediately following execution of this Agreement.
"BB&T Subsidiaries" shall mean Branch Banking and Trust Company, Branch
Banking and Trust Company of South Carolina and Branch Banking and Trust Company
of Virginia.
"Benefit Plan Determination Date" shall mean, with respect to each
employee pension or welfare benefit plan or program maintained by FirstSpartan
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