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Title: |
Share Exchange Agreement |
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Date: |
2000 |
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Preview shows 15KB of 248KB total |
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$60 |
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ID: |
#1532081 |
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SHARE EXCHANGE AGREEMENT
SHARE EXCHANGE AGREEMENT
DATED AS OF
JUNE 30, 2000
AMONG
OLD NIGHT, INC.
INTERNATIONAL LONG DISTANCE CORPORATION
AND
THE STOCKHOLDERS OF
INTERNATIONAL LONG DISTANCE CORPORATION LISTED ON
THE SIGNATURE PAGES OF THIS AGREEMENT
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
ARTICLE I - DEFINITIONS
Section 1.1 Definitions..................................................................................1
ARTICLE II - EXCHANGE OF SHARES
Section 2.1 Exchange of Shares...........................................................................2
Section 2.2 Closing......................................................................................2
Section 2.3 FIRPTA Withholding...........................................................................3
ARTICLE III - REPRESENTATIONS AND WARRANTIES OF ILDC
Section 3.1 Corporate Existence and Power................................................................3
Section 3.2 Corporate Authorization......................................................................3
Section 3.3 Governmental Authorization...................................................................3
Section 3.4 Non-Contravention............................................................................3
Section 3.5 Capitalization...............................................................................3
Section 3.6 Subsidiaries.................................................................................3
Section 3.7 Financial Statements.........................................................................4
Section 3.8 Absence of Certain Changes...................................................................4
Section 3.9 No Undisclosed or Contingent Liabilities.....................................................5
Section 3.10 Material Contracts..........................................................................5
Section 3.11 Litigation..................................................................................6
Section 3.12 Compliance with Laws and Court Orders.......................................................6
Section 3.13 Title to Properties: Encumbrances...........................................................6
Section 3.14 Equipment..................................................................................6
Section 3.15 Taxes.......................................................................................6
Section 3.16 Consents and Approvals......................................................................6
Section 3.17 Insurance...................................................................................6
Section 3.18 Customers and Suppliers.....................................................................7
Section 3.19 Accounts Receivable.........................................................................7
Section 3.20 Certain Interests...........................................................................7
Section 3.21 Intellectual Property......................................................................7
Section 3.22 Employee Benefit Plans......................................................................8
Section 3.23 Labor Matters...............................................................................8
Section 3.24 Licences and Permits........................................................................8
Section 3.25 Personnel..................................................................................8
Section 3.26 Bank Accounts...............................................................................8
Section 3.27 Environmental Matters.......................................................................8
Section 3.28 Disclosure..................................................................................9
ARTICLE IV - REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS AS TO THEMSELVES
Section 4.1 Capacity.....................................................................................9
Section 4.2 Title........................................................................................9
Section 4.3 Valid Agreement..............................................................................9
Section 4.4 Litigation...................................................................................9
Section 4.5 Trust Constitution and Power.................................................................9
Section 4.6 Governmental Authorization; Consents.........................................................9
Section 4.7 Non-Contravention...........................................................................10
Section 4.8 Acquisition for Investment; Informed Decision...............................................10
ARTICLE V - REPRESENTATIONS AND WARRANTIES OF OLD NIGHT
Section 5.1 Corporate Existence and Power...............................................................10
Section 5.2 Corporate Authorization.....................................................................10
Section 5.3 Governmental Authorization..................................................................10
Section 5.4 Non-Contravention...........................................................................10
Section 5.5 Capitalization..............................................................................11
Section 5.6 Reports and Financial Statements............................................................11
Section 5.7 Litigation..................................................................................12
<PAGE>
Section 5.8 Validity of Stock...........................................................................12
Section 5.9 No Undisclosed or Contingent Liabilities...................................................12
Section 5.10 Absence of Certain Changes...............................................................12
Section 5.11 Litigation. Orders.........................................................................12
Section 5.12 Title to Properties: Encumbrances..........................................................12
Section 5.13 Equipment..................................................................................12
Section 5.14 Compliance with Law.......................................................................12
Section 5.16 Consents and Approvals.....................................................................13
Section 5.17 Contracts, Commitments and Returns.........................................................13
Section 5.18 Insurance.................................................................................13
Section 5.19 Accounts Receivable........................................................................13
Section 5.20 Certain Interests..........................................................................13
Section 5.21 Employee Benefit Plans....................................................................13
Section 5.22 Labor Matters..............................................................................13
Section 5.23 Personnel..................................................................................13
Section 5.24 Environmental..............................................................................13
Section 5.25 Securities Laws............................................................................13
Section 5.26 Disclosure.................................................................................14
ARTICLE VI - COVENANTS OF ILDC AND THE STOCKHOLDERS
Section 6.1 Conduct of ILDC.............................................................................14
Section 6.2 ILDC Common Shares..........................................................................16
Section 6.3 Access to Information.......................................................................16
ARTICLE VII - ADDITIONAL COVENANTS OF THE PARTIES
Section 7.1 Best Efforts................................................................................16
Section 7.2 Old Night Annual Stockholder Meeting; Information Statement.................................16
Section 7.3 Certain Filings.............................................................................17
Section 7.4 Public Announcements........................................................................17
Section 7.5 Notices of Certain Events...................................................................17
ARTICLE VIII - CONDITIONS TO CLOSING
Section 8.1 Conditions to Obligations of Old Night and the Stockholders.................................17
Section 8.2 Conditions to Obligation of Old Night.......................................................18
Section 8.3 Conditions to Obligations of Stockholders...................................................18
ARTICLE IX - TERMINATION
Section 9.1 Grounds for Termination.....................................................................19
Section 9.2 Effect of Termination.......................................................................19
ARTICLE X - MISCELLANEOUS
Section 10.1 Survival...................................................................................20
Section 10.2 Notices....................................................................................20
Section 10.3 Amendments and Waivers.....................................................................21
Section 10.4 Expenses...................................................................................21
Section 10.5 Successors and Assigns.....................................................................21
Section 10.6 Governing Law..............................................................................21
Section 10.7 Jurisdiction...............................................................................21
Section 10.8 Counterparts; Third Party Beneficiaries....................................................21
Section 10.9 Entire Agreement...........................................................................22
</TABLE>
<PAGE>
SHARE EXCHANGE AGREEMENT
THIS AGREEMENT dated as of June 30, 2000 among Old Night,
Inc., a Nevada corporation ("Old Night"), International Long Distance
Corporation, a North Carolina corporation ("ILDC"), and the Stockholders of ILDC
listed on the signature pages of this Agreement (each a "Stockholder" and
collectively, the "Stockholders").
WHEREAS, each Stockholder is the owner of the number of shares
of common stock, par value $1.00 per share, of ILDC ("ILDC Common Shares") set
forth next to the name of such Stockholder on the signature pages of this
Agreement, such shares representing in the aggregate 80% of the issued and
outstanding ILDC Common Shares;
WHEREAS, the Stockholders and Old Night desire to effect an
exchange (the "Exchange") of ILDC Common Shares for shares of common stock, par
value $0.001 per share, of Old Night (the " Old Night Common Shares"), on the
terms and subject to the conditions set forth in this Agreement;
WHEREAS, for federal income tax purposes, it is intended that
the Exchange shall qualify as a reorganization under the provisions of Section
368(a) of the Internal Revenue Code of 1986, as amended (the "Code")
WHEREAS, the obligation of the Stockholders to consummate the
Exchange is subject to the approval by the stockholders of Old Night of the
appointment of Messrs. Anthony Overman, Don Spears and Mark Sampson to the Board
of Directors of Old Night and the amendment to the Old Night Charter to change
its name to NxGen Networks, Inc., such appointments and name change to take
effect only if the Exchange is consummated; and
WHEREAS, the Board of Directors of Old Night (the "Board of
Directors") has approved this Agreement, subject to the approval thereof by the
stockholders of Old Night in accordance with this Agreement, the requirements of
Nevada corporate law.
NOW, THEREFORE, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
Section 1.1 Definitions.
(a) The following terms, as used herein, have the following meanings:
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