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Title: |
Agreement and Plan of Merger |
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Date: |
2007 |
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Preview shows 21KB of 206KB total |
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$58 |
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ID: |
#3205595 |
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AGREEMENT AND PLAN OF MERGER
BY AND AMONG
FITTIPALDI LOGISTICS, INC.,
STATE PETROLEUM ACQUISITION CORP.
AND
STATE PETROLEUM DISTRIBUTORS, INC.
DATED AS OF NOVEMBER __, 2007
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
Page No.
--------
{S} {C}
ARTICLE I THE MERGER.............................................................................................1
1.1. The Merger.....................................................................................1
1.2. Closing; Effective Time........................................................................2
1.3. Effects of Merger..............................................................................2
1.4. Certificate of Incorporation...................................................................2
1.5. Bylaws.........................................................................................2
1.6. Directors and Officers of the Surviving Corporation............................................2
ARTICLE II EFFECT OF THE MERGER ON CAPITAL STOCK.................................................................3
2.1. Conversion of Capital Stock....................................................................3
2.2. Exchange of Certificates.......................................................................4
2.3. Certain Adjustments............................................................................5
2.4. Warrants.......................................................................................5
ARTICLE III REPRESENTATIONS AND WARRANTIES OF STATE PETROLEUM....................................................6
3.1. Organization and Qualification.................................................................6
3.2. Subsidiaries; Equity Investments...............................................................6
3.3. Authority to Execute and Perform Agreement.....................................................6
3.4. Binding Effect.................................................................................6
3.5. Capitalization.................................................................................7
3.6. Vote Required; Board and Stockholder Approval..................................................7
3.7. Litigation.....................................................................................7
3.8. Title to Properties; Absence of Liens..........................................................7
3.9. Compliance with Laws...........................................................................8
3.10. Consents and Approvals.........................................................................8
3.11. Non-contravention..............................................................................8
3.12. Material Contracts.............................................................................8
3.13. Taxes..........................................................................................9
3.14. Financial Statements..........................................................................10
3.15. Books and Records.............................................................................11
3.16. Intellectual Property.........................................................................11
3.17. Environmental Matters.........................................................................11
3.18. Real Property.................................................................................11
3.19. Broker's Fees.................................................................................11
3.20. Labor Matters; Employee Benefit Plans.........................................................11
3.21. Absence of Liabilities........................................................................12
3.22. Absence of Certain Changes or Events..........................................................12
3.23. No Material Adverse Change....................................................................12
3.24. Articles of Incorporation, Bylaws, and Minute Books...........................................12
3.25. Full Disclosure...............................................................................13
{/TABLE}
i
{PAGE}
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ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND MERGER SUB.........................................13
4.1. Organization and Qualification................................................................13
4.2. Subsidiaries..................................................................................13
4.3. Equity Investment.............................................................................14
4.4. Authority to Execute and Perform Agreement....................................................14
4.5. Binding Effect................................................................................14
4.6. Capitalization................................................................................14
4.7. Board Approval................................................................................15
4.8. SEC Reports and Financial Statements..........................................................15
4.9. No Material Adverse Change....................................................................16
4.10. Books and Records.............................................................................16
4.11. Litigation....................................................................................16
4.12. Absence of Liabilities........................................................................16
4.13. Title to Properties; Absence of Liens.........................................................17
4.14. Compliance with Laws..........................................................................17
4.15. Intellectual Property.........................................................................17
4.16. Non-Contravention.............................................................................17
4.17. Consents and Approvals........................................................................17
4.18. Material Contracts............................................................................17
4.19. Taxes.........................................................................................17
4.20. Environmental Matters.........................................................................19
4.21. Real Property.................................................................................20
4.22. Broker's Fees.................................................................................20
4.23. Labor Matters; Employee Benefit Plans.........................................................20
4.24. Articles of Incorporation, Bylaws, and Minute Books...........................................20
4.25. Full Disclosure...............................................................................20
ARTICLE V ADDITIONAL AGREEMENTS OF THE PARTIES..................................................................20
5.1. Actions Pending Closing.......................................................................20
5.2. Merger Sub Approvals; Information Statement...................................................22
5.3. State Petroleum Stockholders' Approval........................................................23
5.4. Efforts; Consents.............................................................................23
5.5. Filing of Tax Returns; Payment of Taxes.......................................................23
5.6. Access to Information.........................................................................23
5.7. Confidentiality...............................................................................24
5.8. Notification of Certain Matters...............................................................25
5.9. Non-Solicitation..............................................................................25
5.10. Further Assurances............................................................................26
5.11. Public Disclosure.............................................................................26
5.12. Officers and Board of Directors of the Company................................................26
5.13. Existing Company Liabilities..................................................................26
5.14. Existing State Petroleum Liabilities..........................................................27
{/TABLE}
ii
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{S} {C} {C}
5.15. Rentar Joint Venture..........................................................................27
5.16. Reverse Stock Split...........................................................................27
5.17. State Petroleum Registration Rights...........................................................27
ARTICLE VI CONDITIONS TO CLOSING................................................................................27
6.1. Conditions to Each Party's Obligations to Consummate the Transactions.........................27
6.2. Conditions to Obligations of the Company and Merger Sub to Consummate the Transactions........28
6.3. Conditions to Obligations of State Petroleum to Consummate the Transactions...................29
ARTICLE VII TERMINATION.........................................................................................31
7.1. Termination...................................................................................31
7.2. Effect of Termination.........................................................................32
7.3. Expenses; Termination Fees....................................................................32
ARTICLE VIII MISCELLANEOUS......................................................................................32
8.1. Certain Definitions; Rules of Construction....................................................32
8.2. Waivers and Amendments........................................................................40
8.3. Governing Law.................................................................................40
8.4. Notices.......................................................................................40
8.5. Section Headings..............................................................................41
8.6. Counterparts..................................................................................41
8.7. Assignments...................................................................................41
8.8. Entire Agreement; Enforceability..............................................................41
8.9. Severability..................................................................................41
{/TABLE}
iii
{PAGE}
Exhibits
--------
Exhibit A.........Form of Escrow Agreement
Exhibit B.........Form of Investment Letter
Exhibit C.........Form of Employment Agreement
Exhibit D.........Form of Consulting Agreement
Exhibit E.........Form of Gas Station Agreement
Schedules
---------
Schedule 2.1(a) Exchange Ratio Calculation
Schedule 3.5(b) State Petroleum Options, Warrants, etc.
Schedule 3.5(c) State Petroleum Other Obligations
Schedule 3.8 State Petroleum Title to Properties; Absence of Liens
Schedule 3.10 State Petroleum Consents and Approvals
Schedule 3.18 State Petroleum Real Property
Schedule 4.2 Company Subsidiaries
Schedule 4.3 Company Equity Investments
Schedule 4.6(b) Company Options, Warrants, etc.
Schedule 4.13 Company Title to Properties; Absence of Liens
Schedule 4.15 Company Intellectual Property
Schedule 4.17 Company Consents and Approvals
Schedule 4.19 Company Taxes
Schedule 4.22 Broker's Fees
Schedule 5.1(f) Certain Company Debt
Schedule 5.12 Officers and Directors of the Company
Schedule 6.1(d) Employment and Consulting Agreement Parties
Schedule 6.1(e) Fuel Distributorship Agreement Parties
iv
{PAGE}
AGREEMENT AND PLAN OF MERGER
This AGREEMENT AND PLAN OF MERGER (this "Agreement"), dated as of
________ __, 2007, is entered into by and among FITTIPALDI LOGISTICS, INC., a
Nevada corporation (the "Company"), STATE PETROLEUM ACQUISITION CORP., a Florida
corporation and wholly owned subsidiary of the Company ("Merger Sub"), and STATE
PETROLEUM DISTRIBUTORS, INC., a Delaware corporation ("State Petroleum").
W I T N E S S E T H :
WHEREAS, the respective boards of directors of the Company, Merger Sub
and State Petroleum have each approved the merger of Merger Sub with and into
State Petroleum, with State Petroleum surviving as a wholly-owned subsidiary of
the Company (the "Merger"), on the terms and conditions contained herein and in
accordance with the Delaware General Corporation Law (the "DGCL"), the Florida
Business Corporation Action (the "FBCA") and the Nevada Revised Statues (the
"NRS"), and have determined that the Merger and the transactions contemplated
herein are advisable and in the best interest of their respective corporations
and stockholders;
WHEREAS, the parties hereto desire to make certain representations,
warranties, covenants and agreements in connection with the Merger and to
prescribe various conditions to the Merger; and
WHEREAS, for U.S. federal income tax purposes, it is intended that the
Merger qualify as a reorganization under the provisions of Section 368(a) and
Section 351 of the Code, and that this Agreement shall constitute a "plan of
reorganization" for the purposes of Section 368 and Section 351 of the Code.
NOW THEREFORE, in consideration of the mutual representations,
warranties, covenants and agreements contained herein, and intending to be
legally bound hereby, the parties hereto agree as follows:
ARTICLE I
THE MERGER
1.1. The Merger. Upon the terms and subject to the conditions of this
Agreement, at the Effective Time (as defined below), Merger Sub shall be merged
with and into State Petroleum in accordance with the applicable provisions of
the FBCA and the DGCL and in accordance with this Agreement, and the separate
existence of Merger Sub shall cease. State Petroleum shall be the surviving
corporation in the Merger (hereinafter sometimes referred to as the "Surviving
Corporation"), and shall continue under the laws of Delaware. As a result of the
Merger, State Petroleum shall become a direct, wholly-owned subsidiary of the
Company.
1
{PAGE}
1.2. Closing; Effective Time. Subject to the satisfaction or waiver of
all of the Conditions to Closing contained in Article VI, the closing of the
Merger (the "Closing"), shall take place at the offices of Blank Rome LLP, 1200
N. Federal Highway, Suite 417, Boca Raton, FL 33432, as soon as practicable (but
not later than 5 Business Days) after the satisfaction or waiver of the
Conditions to Closing contained in Article VI (other than those conditions that
by their nature are to be satisfied at the Closing, but subject to the
fulfillment or waiver of those conditions), unless another date or place is
agreed to in writing by the parties hereto. The date on which the Closing
actually occurs is hereinafter referred to as the "Closing Date." As soon as is
practicable after the Closing, the parties hereto shall cause the Merger to be
consummated by (i) delivering to the Florida Department of State, a certificate
of merger (the "Florida Certificate of Merger"), in such form as required by,
and executed and acknowledged in accordance with, the relevant provisions of the
FBCA and (ii) delivering to the Secretary of State of the State of Delaware, a
certificate of merger (the "Delaware Certificate of Merger"), in such form as
required by, and executed and acknowledged in accordance with, the relevant
provisions of the DGCL. The Merger shall become effective as of the date and at
such time (the "Effective Time") as the Delaware Certificate of Merger is filed
with the Secretary of State of the State of Delaware with respect to the Merger.
1.3. Effects of Merger. The Merger shall have the effects set forth in
the applicable provisions of the FBCA and the DGCL. Without limiting the
generality of the foregoing, and subject thereto, at the Effective Time, all the
properties, rights, privileges, powers and franchises of State Petroleum and
Merger Sub shall vest in the Surviving Corporation, and all debts, liabilities
and duties of State Petroleum and Merger Sub shall become the debts, liabilities
and duties of the Surviving Corporation.
1.4. Certificate of Incorporation. The Certificate of Incorporation of
State Petroleum in effect immediately prior to the Effective Time shall become,
from and after the Effective Time, the Certificate of Incorporation of the
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