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Document Preview Agreement and Plan of Merger |
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Title: |
Agreement and Plan of Merger |
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Date: |
2002 |
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Preview shows 5KB of 94KB total |
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Price: |
$49 |
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ID: |
#1898314 |
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AGREEMENT AND PLAN OF MERGER
THIS AGREEMENT AND PLAN OF MERGER ("Agreement") is entered into this
27th day of February, 2002 by and between (a) JVWeb, Inc., a Delaware
corporation ("JVWeb"), and IQB Acquisition Corporation, a wholly-owned Delaware
subsidiary of JVWeb (the "Subsidiary"), on the one hand, and (b) IQ Biometrix
California, Inc., a California corporation ("IQB"), and Pierre Cote, Sylvie
Lariviere and Eric McAfee, each a shareholder of IQB (referred to hereinafter
singly as a "Shareholder" and collectively as the "Shareholders"), on the other
hand.
RECITALS:
WHEREAS, the parties desire to merge IQB with and into the Subsidiary
(with the Subsidiary being the surviving corporation), upon the terms and
subject to the conditions set forth in this Agreement;
AGREEMENT:
NOW, THEREFORE, in consideration of the mutual covenants, agreements,
representations and warranties set forth herein and other valuable
consideration, the receipt, adequacy and sufficiency of which are hereby
acknowledged, the parties agree as follows:
ARTICLE 1
THE MERGER
1.1 The Merger. In accordance with the provisions of this Agreement, at
the Effective Time (as hereinafter defined), IQB shall be merged with and into
the Subsidiary (the "Merger"), which shall be the surviving corporation and
shall continue its corporate existence under the laws of the State of Delaware
under the name "I.Q. Biometrix Operations, Inc." (the "Surviving Corporation")
unimpaired and unaffected by the Merger. The separate corporate existence of IQB
shall cease at the Effective Time. IQB and the Subsidiary are sometimes
hereinafter collectively referred to as the "Constituent Corporations."
1.2 Effective Time. The Merger shall become effective at the time of
(a) the filing of a Certificate of Merger with the Secretary of State of
Delaware in accordance with the provisions of the Delaware General Corporation
Law (the "DGCL"), and (b) the filing of a Certificate of Merger with the
Secretary of State of California in accordance with the provisions of the
California Corporation Code (the "CCC"). IQB and the Subsidiary agree to file
the aforementioned Certificates of Merger at the time of the Closing, as
hereinafter defined. The date and time when the Merger shall become effective is
referred to herein as the "Effective Time."
1.3 Effect of the Merger.
(a) The Surviving Corporation shall, without transfer, thereupon and
thereafter possess all assets and property of every description, and every
interest therein, wherever located, and the rights privileges, immunities,
powers, franchises and authority, of a public as well as of a private nature,
and be subject to all of the restrictions, disabilities, and duties of each of
the Constituent Corporations, and all obligations of or belonging to or due to
either of the Constituent Corporations, shall be vested in the Surviving
Corporation without further act or deed; all assets and property of every
description, and every interest therein, wherever located, and the rights
privileges, immunities, powers, franchises, and authority shall thereafter be
the property of the Surviving Corporation as effectively as when they were the
property of the Constituent Corporations, and the title to any real estate or
any interest therein vested in either of the Constituent Corporations shall not
revert or in any way be impaired by reason of the Merger; all rights of
creditors and all liens upon any property of the Constituent Corporations
existing as of the Effective Time shall be preserved unimpaired; and all debts,
liabilities, and duties of the Constituent Corporations shall thenceforth attach
to the Surviving Corporation and may be enforced against it to the same extent
as if such debts, liabilities, and duties had been incurred for or by it; and
any action or proceeding, whether civil, criminal, or administrative, pending by
or against either Constituent Corporation shall be prosecuted as if the Merger
had not taken place, or the Surviving Corporation may be substituted in any such
action or proceeding.
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