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Title: |
Agreement and Plan of Merger |
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Date: |
2002 |
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Preview shows 13KB of 95KB total |
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$49 |
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ID: |
#2092382 |
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AGREEMENT AND PLAN OF MERGER
DATED AS OF MAY 16, 2002
BY AND AMONG
NETSTAFF, INC.,
NSI ACQUISITION CORPORATION
AND
MAT TRADING CORP.
{PAGE}
TABLE OF CONTENTS
-----------------
ARTICLE 1 THE MERGER...................................................2
1.1 The Merger...................................................2
1.2 Effective Time...............................................2
1.3 Closing......................................................3
1.4 Certificate of Incorporation and Bylaws of the Surviving
Corporation................................................3
1.5 Directors and Officers of the Surviving Corporation..........4
1.6 Effects of the Merger........................................4
1.7 Further Assurances...........................................4
1.8 Tax Treatment................................................4
ARTICLE 2 EXCHANGE OF SHARES...........................................5
2.1 Exchange of Shares...........................................5
2.2 Dissenting Shares............................................5
2.3 Fractional Shares............................................5
2.4 Treatment of MAT Preferred Stock and Options.................6
2.5 Exchange of Certificates.....................................6
ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF MAT........................8
3.1 Organization and Qualification...............................8
3.2 Subsidiaries.................................................9
3.3 Authority Relative to this Agreement.........................9
3.4 Capital Stock of MAT........................................10
3.5 Non-Contravention; Approvals and Consents...................11
3.6 Financial Statements........................................13
3.7 Absence of Changes..........................................13
3.8 Absence of Undisclosed Liabilities..........................14
3.9 Legal Proceedings...........................................14
3.10 Contracts and Commitments...................................15
3.11 Taxes.......................................................16
3.12 Employee Benefit Plans......................................16
3.13 Title to Assets.............................................17
3.14 Permits, Etc................................................18
3.15 Compliance with Laws........................................18
3.16 No Liens on Shares..........................................19
3.17 Intellectual Property Rights................................19
3.18 Labor Controversies.........................................20
3.19 Insurance...................................................20
3.20 Guaranties..................................................21
3.21 Tax-Free Reorganization.....................................21
3.22 Board of Directors and Stockholder Approval.................21
3.23 Brokers and Finders.........................................21
3.24 Real and Other Property Interests...........................21
3.25 No Termination of Business Relationship.....................22
-i-
{PAGE}
3.26 Absence of Certain Payments.................................22
3.27 Investment Representation...................................23
3.28 Full Disclosure.............................................24
ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF NETSTAFF AND SUB..........24
4.1 Organization of NetStaff and Sub............................25
4.2 Authorization...............................................25
4.3 Capital Stock of NetStaff and Sub...........................26
4.4 Non-Contravention; Approvals and Consents...................27
4.5 No Litigation or Regulatory Action..........................28
4.6 SEC Documents...............................................29
4.7 Brokers and Finders.........................................30
4.8 Taxes.......................................................30
4.9 Absence of Changes..........................................30
4.10 Title to Assets.............................................31
4.11 Permits, Etc................................................31
4.12 Compliance with Laws........................................32
4.13 Labor Controversies.........................................32
4.14 NetStaff Stock Issued in Merger.............................32
4.15 Subsidiaries................................................33
4.16 Financial Statements........................................33
4.17 Legal Proceedings...........................................34
4.18 Employee Benefit Plans......................................34
4.19 No Contingent Liabilities...................................34
4.20 Full Disclosure.............................................34
ARTICLE 5 ADDITIONAL AGREEMENTS.......................................35
5.1 Regulatory and Other Approvals..............................35
5.2 Board of Directors and Officers of NetStaff.................35
5.3 Expenses....................................................36
5.4 Indemnification of Officers and Directors...................36
5.5 SEC Filings.................................................38
5.6 Investment Representation of Other MAT Shareholders.........39
ARTICLE 6 GENERAL PROVISIONS..........................................39
6.1 Survival of Representations, Warranties, Covenants and
Agreements................................................39
6.2 Indemnification.............................................39
6.3 Notices.....................................................40
6.4 Entire Agreement............................................41
6.5 Public Announcements........................................42
6.6 No Third Party Beneficiary..................................42
6.7 No Assignment; Binding Effect...............................42
6.8 Headings....................................................42
6.9 Invalid Provisions..........................................43
6.10 Governing Law...............................................43
6.11 Counterparts................................................43
6.12 Arbitration.................................................43
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{PAGE}
AGREEMENT AND PLAN OF MERGER
This AGREEMENT AND PLAN OF MERGER, dated as of May 16, 2002 (this
"AGREEMENT") is made and entered into by and among NetStaff, Inc., an Indiana
corporation ("NETSTAFF"), NSI Acquisition Corporation, a Delaware corporation
and wholly-owned subsidiary of NetStaff ("SUB"), MAT Trading Corp., a New York
corporation ("MAT"), and Marc K. Swickle, Michelle Berger, Asi Levy, Tuvia Levy
and Darren Klein (each a "SELLING SHAREHOLDER" and collectively, the "SELLING
SHAREHOLDERS").
R E C I T A L S
---------------
A. The Selling Shareholders collectively own a majority of the issued
and outstanding shares of capital stock of MAT and each desires to enter into
this Agreement. The number of shares of MAT capital stock owned by the Selling
Shareholders and the shareholders of MAT other than the Selling Shareholders
(the "OTHER MAT SHAREHOLDERS") are listed on Section 3.4(b)(ii) of the MAT
Disclosure Schedule.
B. The Board of Directors of each of NetStaff, Sub and MAT believes it
to be desirable and in the best interests of NetStaff, Sub and MAT and each of
their respective stockholders to merge MAT with and into Sub (the "MERGER").
C. NetStaff, Sub and MAT desire to make certain representations,
warranties and agreements in connection with the Merger and also to prescribe
various conditions to the Merger.
{PAGE}
A G R E E M E N T
-----------------
NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
ARTICLE 1
THE MERGER
1.1 THE MERGER. At the Effective Time (as defined in Section 1.2), upon
the terms and subject to the conditions set forth in this Agreement, MAT shall
be merged with and into Sub in accordance with the provisions of the Delaware
General Corporation Law (the "DGCL") and New York Business Corporation Law
("NYBCL"). Sub shall be the surviving corporation in the Merger (the "SURVIVING
CORPORATION"). Sub and MAT are sometimes referred to herein as the "CONSTITUENT
CORPORATIONS". As a result of the Merger, each outstanding share of capital
stock of MAT shall be canceled and converted into the right to receive the
Merger Consideration, in the manner provided in Article 2 hereof.
1.2 EFFECTIVE TIME. At the Closing (as defined in Section 1.3), a
certificate of merger (the "CERTIFICATE OF MERGER") shall be executed by the
parties hereto and filed with the Secretary of State of the States of Delaware
and New York (collectively, the "SECRETARY OF STATE"). The Merger shall become
effective at the time of filing of the Certificate of Merger (the "EFFECTIVE
TIME").
-2-
{PAGE}
1.3 CLOSING. The closing of the Merger (the "CLOSING") shall take place
at the offices of Rutan & Tucker, LLP, 611 Anton Boulevard, Suite 1400, Costa
Mesa, California 92626, at 10:00 a.m. on the date hereof (the "CLOSING DATE").
(a) DELIVERY BY MAT AND THE SELLING SHAREHOLDERS AT THE
CLOSING. At the Closing, MAT and the Selling Shareholders shall deliver to
NetStaff and Sub (i) an opinion of Sichenzia Ross Friedman Ference, LLP, counsel
to MAT and the Selling Shareholders ("MAT COUNSEL"), in a form reasonably
acceptable to NetStaff, (ii) executed copies of the Certificate of Merger
referred to in Section 1.2 above, (iii) stock certificates evidencing all the
currently outstanding shares of MAT capital stock as contemplated in Article 2
of this Agreement, duly endorsed for transfer and (iv) Certificate of Good
Standing from the Secretary of State of the State of New York that MAT is in
good standing in such state.
(b) DELIVERIES BY NETSTAFF AND SUB. At the Closing NetStaff
and Sub shall deliver to MAT and the Selling Shareholders (i) an opinion of
Rutan & Tucker, LLP, counsel to NetStaff and Sub ("NETSTAFF COUNSEL"), in a form
reasonably acceptable to MAT, (ii) executed copies of the Certificate of Merger
referred to in Section 1.2 above, (iii) stock certificates evidencing 80,000,000
shares of common stock of NetStaff as set forth under Article 2 of this
Agreement, (iv) Certificate of Good Standing from the Secretary of State of the
State of Indiana that NetStaff is in good standing in such state and (v)
Certificate of Good Standing from the Secretary of State of the State of
Delaware that Sub is in good standing in such state.
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