Preview | Agreement and Plan of Merger |

TABLE OF CONTENTS


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RECITALS		1

ARTICLE I. THE MERGER		1

1.1. The Merger		1
1.2. Effective Time		1
1.3. Effects of the Merger		2
1.4. Articles of Incorporation and By-laws		2
1.5. Directors and Officers of the Surviving Corporation		2

ARTICLE II. CONVERSION OF SECURITIES		2

2.1. Conversion of Capital Stock		2
2.2. Exchange of Certificates		3
(a) Exchange Agent		3
(b) Exchange Procedures		4
(c) Closing of Transfer Books		4
(d) Termination of Exchange Fund		5
(e) No Liability		5
(f) Investment of Exchange Fund		5
(g) Lost Certificates		5
2.3. Treatment of Stock Options		5

ARTICLE III. REPRESENTATIONS AND WARRANTIES OF PANTHER AND SUBCORP		6

3.1. Organization and Standing		6
3.2. Corporate Power and Authority		6
3.3. Conflicts; Consents and Approval		6
3.4. Brokerage and Finders Fees		7
3.5. Subcorps Operations; Equity Interests		7
3.6. Information Supplied		8
3.7. Financing		8

ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF GARFIELD		8

4.1. Organization and Standing		8
4.2. Subsidiaries		9
4.3. Corporate Power and Authority		9


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4.4. Capitalization of Garfield		9
4.5. Conflicts; Consents and Approvals		10
4.6. Brokerage and Finders Fees		11
4.7. Garfield SEC Documents		11
4.8. Proxy Statement		12
4.9. Compliance with Law		12
4.10. Litigation		12
4.11. No Material Adverse Change; Operation of Garfields Business		13
4.12. Taxes		13
4.13. Intellectual Property		15
4.14. Internal Controls		15
4.15. Real Properties		17
4.16. Privacy Policy; Customer Solicitation		17
4.17. Products		18
4.18. Suppliers		18
4.19. Customer Accommodations		18
4.20. Transferred Inventory		19
4.21. Employee Benefit Plans		19
4.22. Contracts		21
4.23. Labor Matters		22
4.24. Permits; Compliance		23
4.25. Environmental Matters		23
4.26. Insurance		24
4.27. Undisclosed Liabilities		24
4.28. Opinion of Financial Advisor		24
4.29. Board Recommendation; Required Vote		25
4.30. State Takeover Statutes		25
4.31. Rights Agreement		25

ARTICLE V. COVENANTS OF THE PARTIES		25

5.1. Mutual Covenants		25
(a) HSR Act Filings; Reasonable Efforts; Notification		25
(b) Reasonable Efforts		27
(c) Public Announcements		27
(d) Obligations of Panthers and of Garfields Subsidiaries		28
(e) Conveyance Taxes		28
5.2. Covenants of Panther and Subcorp		28
(a) Subcorp		28
(b) Employees and Employee Benefits		28
(c) Directors and Officers Indemnification and Insurance		29
5.3. Covenants of Garfield		30
(a) Preparation and Filing of Proxy Statement		30
(b) Garfield Shareholders Meeting		31
(c) Conduct of Garfields Operations		31


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(d) No Solicitation		34
(e) Access		36
(f) Subsequent Financial Statements		36
(g) Advice of Changes		36
(h) Consultation		37
(i) Other Third Party Consents, Waivers or Approvals		37

ARTICLE VI. CONDITIONS		37

6.1. Conditions to the Obligations of Each Party		37
6.2. Conditions to Obligations of Garfield		37
6.3. Conditions to Obligations of Panther and Subcorp		38

ARTICLE VII. TERMINATION AND AMENDMENT		39

7.1. Termination		39
7.2. Effect of Termination		40
7.3. Amendment		42
7.4. Extension; Waiver		42

ARTICLE VIII. MISCELLANEOUS		42

8.1. Survival of Representations and Warranties		42
8.2. Notices		42
8.3. Interpretation		43
8.4. Counterparts		44
8.5. Entire Agreement		44
8.6. Third-Party Beneficiaries		44
8.7. Governing Law		44
8.8. Consent to Jurisdiction; Venue		44
8.9. Specific Performance

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