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Title: |
Agreement and Plan of Reorganization |
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Date: |
2000 |
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Preview shows 13KB of 105KB total |
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Price: |
$58 |
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ID: |
#1704207 |
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AGREEMENT AND PLAN OF REORGANIZATION
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
ARTICLE 1 TRANSFER OF ASSETS, PURCHASE PRICE AND CLOSING.........................1
1.1 The Merger.....................................................1
1.2 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 Shares to Be Issued; Effect on Capital Stock...................2
1.7 Surrender and Exchange of Certificates.........................4
1.8 Tax and Accounting Consequences................................5
1.9 Taking of Necessary Action; Further Action.....................5
ARTICLE 2 REPRESENTATIONS AND WARRANTIES OF THE MERGING PARTIES..................6
2.1 Organization and Qualification.................................6
2.2 Authority Relative to Agreement................................6
2.3 Non-Contravention..............................................6
2.4 Government Approvals...........................................7
2.5 Financial Statements...........................................7
2.6 Absence of Certain Changes or Events...........................7
2.7 Title to Properties; Absence of Liens and Encumbrances.........8
2.8 Purchased Intellectual Property................................8
2.9 List of Properties, Contracts and Other Data...................9
2.10 Performance....................................................9
2.11 Consents.......................................................9
2.12 Litigation.....................................................9
2.13 Compliance with Law...........................................10
2.14 Necessary Assets..............................................10
2.15 Taxes.........................................................10
2.16 Condition of Properties.......................................10
2.17 Absence of Undisclosed Liabilities............................10
2.18 Compliance with Environmental Requirements....................10
2.19 Business Relations............................................11
2.20 Full Disclosure...............................................11
2.21 Investment Intent.............................................12
2.22 Substitution of Schedules.....................................12
ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF PARENT..............................12
3.1 Organization and Qualification................................12
3.2 Authority Relative to Agreement...............................12
3.3 Non-Contravention.............................................13
3.4 Government Approvals..........................................13
3.5 Tax-exempt Status of Reorganization...........................13
3.6 Litigation....................................................13
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
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<S> <C>
3.7 Brokers.......................................................13
3.8 Shares and Warrants...........................................14
3.9 Public Documents; Financial Statements........................14
3.10 Geographic Location...........................................14
ARTICLE 4 ADDITIONAL COVENANTS AND AGREEMENTS...................................14
4.1 Conduct of Business...........................................14
4.2 Access to Information by Parent...............................15
4.3 Confidentiality...............................................15
4.4 Consents and Authorizations...................................15
4.5 Non-Assignable Licenses, Leases and Contracts.................15
4.6 Exclusivity...................................................16
4.7 Injunctive Relief.............................................16
4.8 Separate Accounting for the LE Operation......................16
4.9 Maintenance of Sub............................................16
ARTICLE 5 CONDITIONS PRECEDENT..................................................16
5.1 Conditions Precedent to the Obligations of Parent.............16
5.2 Conditions Precedent to the Obligations of Company............17
ARTICLE 6 SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION..........................18
6.1 Survival......................................................18
6.2 Indemnity.....................................................18
6.3 Third Party Claims............................................19
6.4 Limitation on Indemnities.....................................20
ARTICLE 7 FURTHER ASSURANCES....................................................22
7.1 Further Assurances............................................22
7.2 Books and Records.............................................22
7.3 Cooperation on Taxes..........................................23
ARTICLE 8 MISCELLANEOUS.........................................................23
8.1 Termination...................................................23
8.2 Effect of Termination.........................................23
8.3 Expenses......................................................23
8.4 Resolution of Conflicts.......................................24
8.5 Execution in Counterparts.....................................24
8.6 Notices.......................................................24
8.7 Waivers.......................................................26
8.8 Amendments and Supplements....................................26
8.9 Entire Agreement..............................................26
8.10 Applicable Law................................................26
8.11 Binding Effect; Benefits......................................26
8.12 Assignability.................................................27
8.13 Public Announcements..........................................27
8.14 Invalid Provisions............................................27
</TABLE>
-ii-
<PAGE>
<TABLE>
<S> <C>
Exhibit A - Employment Agreement Noncompetition Agreement
Exhibit B - Warrant to Purchase Common Stock
Exhibit C - Description of LE Operations Operating Income
Exhibit D - Intellectual Properties
Exhibit E - Properties, Contracts and Other Data
</TABLE>
-iii-
<PAGE>
AGREEMENT AND PLAN OF REORGANIZATION
THIS AGREEMENT AND PLAN OF REORGANIZATION ("AGREEMENT") is entered into
as of April __, 2000 between FIBERSTARS, INC., a California corporation
("Parent"), LIGHTLY EXPRESSED, LTD. ("Sub"), a California corporation and a
wholly-owned subsidiary of Parent, LIGHTLY EXPRESSED, LTD., a Virginia
corporation (the "Company"), and WILLIAM LEAMAN and MICHAEL WEBER (the
"Shareholders"). All shareholders of the Company, including the Shareholders,
are hereinafter referred to as the "Company shareholders." Parent and Sub are
sometimes referred to herein as the "Acquiring Parties" and Company and the
Shareholders as the "Merging Parties."
RECITALS
A. The Board of Directors of each corporate party (1) believes it
is in the best interests of the party and its stockholders that Parent
acquire the Company through the statutory merger of the Company with and into
Sub (the "Merger") and (2) in furtherance thereof, has approved the Merger.
B. Pursuant to the Merger, among other things, all of the
Company's issued and outstanding capital stock will be converted into the
capital stock and warrants of Parent, as set forth herein.
C. The Merging Parties, on the one hand, and the Acquiring
Parties, on the other hand, desire to make certain representations,
warranties, covenants and other agreements in connection with the Merger.
D. Concurrent with the execution and delivery hereof, as a
material inducement to the Acquiring Parties to enter into this Agreement,
each Shareholder is entering with Parent into Employment Agreements and
Noncompetition Agreements, attached hereto as EXHIBIT A.
E. The Parties intend, by executing this Agreement, to adopt a
plan of reorganization within the meaning of section 368 of the Internal
Revenue Code of 1986, as amended (the "Code").
NOW, THEREFORE, in consideration of the mutual agreements, covenants
and other promises set forth herein, the mutual benefits to be gained by the
performance thereof, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged and accepted, the Parties
hereby agree as follows:
ARTICLE 1
TRANSFER OF ASSETS, PURCHASE PRICE AND CLOSING
1.1 THE MERGER. At the Effective Time (as defined in Section 1.2)
and subject to and upon the terms and conditions of this Agreement and the
applicable provisions of the California General Corporation Law (the "CGCL")
and the Virginia Stock Corporation Act ("VSCA"), Company shall be merged with
and into the Sub, the separate corporate existence of Company
-1-
<PAGE>
shall cease and the Sub shall continue as the surviving corporation and as a
wholly owned subsidiary of Parent. The Sub, as the surviving corporation
after the Merger is hereinafter sometimes referred to as the "Surviving
Corporation."
1.2 EFFECTIVE TIME. Unless this Agreement is earlier terminated
pursuant to Section 8.1, the closing of the Merger (the "Closing") will take
place as promptly as practicable, but no later than two (2) business days,
following satisfaction or waiver of the conditions set forth in Article V, at
the offices of Pillsbury Madison & Sutro LLP, 2550 Hanover Street, Palo Alto,
California, unless another place or time is agreed to by Parent and the
Company. The date upon which the Closing actually occurs is herein referred
to as the "Closing Date." On the Closing Date, the parties hereto shall cause
the Merger to be consummated by filing an Agreement of Merger with the
California Secretary of State (the "Agreement of Merger"), a form of which is
attached hereto, in accordance with the relevant provisions of applicable
law. The date and time the Merger becomes effective in accordance with the
provisions of the CGCL and the VSCA is the "Effective Time."
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