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Voting and Support Agreement

 

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Title:

Voting and Support Agreement

Entities:

Mid-State Bancshares; Sullivan & Cromwell

Date:

2006

Size:

Preview shows 4KB of 25KB total

Price:

$41

ID:

#2611407

 

 

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                          VOTING AND SUPPORT AGREEMENT


VOTING AND SUPPORT AGREEMENT, dated as of November 1, 2006 (this
"Agreement"), by and between VIB Corp, a corporation organized under the laws of
California ("Acquiror"), and Alan Rains (the "Shareholder"), both in his
individual capacity and as trustee of Rains Family Trust. Capitalized terms used
but not defined herein shall have the meanings given to such terms in the Merger
Agreement (as such term is defined below).


W I T N E S S E T H:

WHEREAS, Mid-State Bancshares (the "Company"), Acquiror and Chardonnay
Merger Sub Corp. (Acquiror's wholly-owned subsidiary, "Merger Sub") are,
immediately after the execution and delivery of this Agreement, entering into an
Agreement and Plan of Merger, dated the date hereof (the "Merger Agreement"),
pursuant to which Merger Sub will merge with and into the Company (the "Merger")
and the holders of the Company Common Stock will receive the cash consideration
provided for therein. It is expected that, subsequent to the Merger, the Company
will merge with and into Acquiror, with Acquiror being the surviving corporation
and Company Bank will merge into Acquiror Bank, with Acquiror Bank being the
surviving bank (together the "Other Mergers");

WHEREAS, as of the date hereof, the Shareholder is a member of the
Company's board of directors and is the beneficial owner of the shares of
Company Common Stock (including any restricted shares of Company Common Stock
held by such Shareholder, the "Existing Shares") and options to purchase shares
of Common Stock (the "Existing Options") listed on the signature page hereto.
The Existing Shares and the Existing Options, together with any shares of
Company Common Stock, options to purchase shares of Company Common Stock or
other voting capital stock of the Company acquired by the Shareholder after the
date hereof are referred to herein as the "Shares"; and

WHEREAS, as a condition to entering into the Merger Agreement, Acquiror
has required that the Shareholder, solely in the Shareholder's capacity as a
holder of Shares, enter into, and the Shareholder has agreed to enter into, this
Agreement;

NOW, THEREFORE, in consideration of the foregoing and the mutual
representations, warranties, covenants and agreements contained herein, and
intending to be legally bound hereby, the parties hereto hereby agree as
follows:
{PAGE}

ARTICLE I

VOTING

1.1 Agreement to Vote. The Shareholder irrevocably and unconditionally
agrees that, from and after the date hereof and until the date on which this
Agreement is terminated pursuant to Section 4.1, at the Company Meeting or any
other meeting of the shareholders of the Company, however called, or in
connection with any written consent of the shareholders of the Company, relating
to any proposed action by the shareholders of the Company with respect to the
matters set forth in Section 1.1(b) below, the Shareholder shall:

(a) appear at each such meeting or otherwise cause the Existing Shares
and any shares of Company Common Stock acquired by the Shareholder after the
date hereof, or other voting securities of the Company (whenever acquired) that
are owned beneficially or of record by the Shareholder or as to which he has,
directly or indirectly, the right to vote or direct the voting to be counted as
present thereat for purposes of calculating a quorum; and

(b) vote (or cause to be voted), in person or by proxy, or deliver a
written consent (or cause a consent to be delivered) covering, all the Existing
Shares, any shares of Company Common Stock acquired by the Shareholder after the

 

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