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Title: |
Voting Agreement |
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Entities: |
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Date: |
2005 |
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Size: |
Preview shows 6KB of 23KB total |
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Price: |
$42 |
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ID: |
#2354596 |
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VOTING AGREEMENT
THIS VOTING AGREEMENT (this "Agreement"), dated as of August
16, 2005, is by and among the persons listed on SCHEDULE I hereto (each a
"Shareholder", and, collectively, the "Shareholders").
WHEREAS, MTM Technologies, Inc., a New York corporation (the
"Company"), proposes to enter into an Agreement and Plan of Merger of even date
herewith (the "Merger Agreement") with NEXL, Inc., a Massachusetts corporation
("NEXL"), Clifford L. Rucker and MTM (Massachusetts), LLC, a Delaware limited
liability company and wholly-owned subsidiary of the Company ("Merger
Subsidiary"), for the merger of NEXL with and into the Merger Subsidiary;
WHEREAS, on an as converted basis, the Shareholders own approximately
69% of the Common Stock, $.001 par value per share, of the Company (the "Common
Stock");
WHEREAS, as a condition to the execution and delivery of the Merger
Agreement, NEXL has requested that the Shareholders enter into this Agreement;
WHEREAS, the Shareholders believe that the execution, delivery and
performance of the Merger Agreement by the Company and the consummation of the
transactions contemplated thereby (the "Transactions") are in the best interests
of the Company and its shareholders; and
WHEREAS, each Shareholder is the record and beneficial owner, or the
trustee of a trust whose beneficiaries are the beneficial owners, of such number
of shares of Common Stock of the Company set forth opposite such Shareholder's
name on SCHEDULE I hereto (such shares of Common Stock, as such shares may be
adjusted by stock dividend, stock split, recapitalization, combination or
exchange of shares, merger, consolidation, reorganization or other change or
transaction, together with shares of Common Stock that may be acquired after the
date hereof by such Shareholder, including shares of Common Stock issued upon
the exercise of options or warrants to purchase Common Stock (as the same may be
adjusted as aforesaid), being collectively referred to herein as the "Shares").
NOW, THEREFORE, in consideration of the premises and the
representations, warranties and agreements contained herein, the Shareholders
agree as follows:
1. REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS. Each Shareholder
hereby, severally and not jointly, represents and warrants to the other
Shareholders as follows:
(a) AUTHORITY. The Shareholder has all requisite power and authority to
execute and deliver this Agreement and to consummate the transactions
contemplated hereby. The execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated hereby have been duly
authorized by the Shareholder. This Agreement has been duly executed and
delivered by the Shareholder and constitutes a valid and binding obligation of
the Shareholder enforceable against the Shareholder in accordance with its terms
(subject to (i) laws of general application relating to bankruptcy, insolvency
and the relief of debtors, and (ii) rules of law governing specific performance,
injunctive
{PAGE}
relief, or other equitable remedies). Except as set forth on SCHEDULE
II hereto, neither the execution, delivery or performance of this Agreement by
the Shareholder nor the consummation by the Shareholder of the transactions
contemplated hereby will (i) require any filing with, or permit, authorization,
consent or approval of, any federal, state, local or municipal foreign or other
government or subdivision, branch, department or agency thereof or any
governmental or quasi-governmental authority of any nature, including any court
or other tribunal, (a "Governmental Entity"), (ii) result in a violation or
breach of, or constitute (with or without due notice or lapse of time or both) a
default under, or give rise to any right of termination, amendment, cancellation
or acceleration under, or result in the creation of any pledge, claim, lien,
option, charge, encumbrance or security interest of any kind or nature
whatsoever (a "Lien") upon any of the properties or assets of the Shareholder
under, any of the terms, conditions or provisions of any note, bond, mortgage,
indenture, lease, license, permit, concession, franchise, contract, agreement or
other instrument or obligation (a "Contract") to which the Shareholder is a
party or by which the Shareholder or any of the Shareholder's properties or
assets, including the Shareholder's Shares, may be bound or (iii) violate any
judgment, order, writ, preliminary or permanent injunction or decree (an
"Order") or any statute, law, ordinance, rule or regulation of any Governmental
Entity (a "Law") applicable to the Shareholder or any of the Shareholder's
properties or assets, including the Shareholder's Shares.
(b) THE SHARES. Subject to the terms of this Agreement, the
Shareholder's Shares and the certificates representing such Shares are now, and
at all times during the term hereof will be, held by such Shareholder, or by a
nominee or custodian for the benefit of such Shareholder. The Shareholder has
good and marketable title to such Shares, free and clear of any Liens, proxies,
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