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Title: |
Agreement and Plan of Merger |
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Date: |
2002 |
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Preview shows 16KB of 245KB total |
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$86 |
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ID: |
#646797 |
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AGREEMENT AND PLAN OF MERGER
dated as of
December 19, 2001
among
INERGY HOLDINGS, LLC
IPCH ACQUISITION CORP.
IPCH MERGER CORP.
INERGY, L.P.
INDEPENDENT PROPANE COMPANY HOLDINGS
and
CERTAIN HOLDERS OF SERIES E PREFERRED STOCK OF
INDEPENDENT PROPANE COMPANY HOLDINGS
and joined in by
DAVID L. SCOTT and ROBERT R. GALVIN
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ARTICLE I DEFINITIONS................................................................................... 2
ARTICLE II THE MERGER................................................................................... 2
Section 2.1. The Merger........................................................................ 2
Section 2.2. Dissenting Shares................................................................. 6
Section 2.3. Payment of Merger Consideration................................................... 7
Section 2.4. Escrow............................................................................ 8
ARTICLE III REPRESENTATIONS AND WARRANTIES OF IPCH...................................................... 9
Section 3.1. Corporate Organization............................................................ 9
Section 3.2. Due Qualification................................................................. 10
Section 3.3. Authority; Binding Effect......................................................... 10
Section 3.4. No Creation of Violation, Default, Breach or Encumbrance.......................... 10
Section 3.5. No Present Default................................................................ 10
Section 3.6. Approvals, Licenses and Authorizations............................................ 11
Section 3.7. Compliance With Law............................................................... 11
Section 3.8. Capitalization; Financial Statements.............................................. 12
Section 3.9. Absence of Certain Events......................................................... 13
Section 3.10. Title to and Condition of Properties.............................................. 14
Section 3.11. Intangible Properties............................................................. 16
Section 3.12. Contracts and Commitments......................................................... 17
Section 3.13. Insurance......................................................................... 18
Section 3.14. Tax Returns and Tax Audits........................................................ 18
Section 3.15. Books and Records................................................................. 19
Section 3.16. Substantial Customers and Suppliers............................................... 19
Section 3.17. No Litigation or Adverse Events................................................... 20
Section 3.18. Employee Benefit Plans; Labor Matters............................................. 20
Section 3.19. Business Names.................................................................... 22
Section 3.20. Brokers and Finders............................................................... 22
Section 3.21. Environmental..................................................................... 22
Section 3.22. Disclosure........................................................................ 23
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF INERGY HOLDINGS............................................ 24
Section 4.1. Organization...................................................................... 24
Section 4.2. Authority; Binding Effect......................................................... 24
Section 4.3. No Creation of Violation, Default, Breach or Encumbrance.......................... 24
Section 4.4. Brokers and Finders............................................................... 25
Section 4.5. No Adverse Action................................................................. 25
Section 4.6. Approvals, Licenses and Authorizations............................................ 25
Section 4.7. Financing Commitment.............................................................. 25
Section 4.8. No Knowledge of Misrepresentation or Omission..................................... 25
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ARTICLE V REPRESENTATIONS AND WARRANTIES OF MLP, IPCH ACQUISITION CORP. AND MERGER SUB............... 26
Section 5.1. MLP Representations and Warranties................................................ 26
Section 5.2. Merger Sub Representations and Warranties......................................... 28
Section 5.3. IPCH Acquisition Corp. Representations and Warranties............................. 29
ARTICLE VI REPRESENTATIONS AND WARRANTIES OF IPCH STOCKHOLDERS....................................... 30
Section 6.1. Authorization..................................................................... 30
Section 6.2. Non-Contravention................................................................. 30
Section 6.3. Investment Representations........................................................ 30
ARTICLE VII ADDITIONAL COVENANTS OF THE PARTIES...................................................... 31
Section 7.1. Access to IPCH Information........................................................ 31
Section 7.2. Public Information................................................................ 32
Section 7.3. Confidentiality................................................................... 32
Section 7.4. IPCH Interim Operations........................................................... 32
Section 7.5. Acquisition Proposals............................................................. 34
Section 7.6. Employment Agreements............................................................. 34
Section 7.7. Nonsolicitation Agreements........................................................ 35
Section 7.8. Registration Rights Agreement..................................................... 35
Section 7.9. Reasonable Best Efforts........................................................... 35
Section 7.10. Further Assurances................................................................ 35
Section 7.11. IPCH Stockholder Approval......................................................... 35
Section 7.12. MLP Guaranty...................................................................... 35
Section 7.13. Supplemental Information.......................................................... 36
Section 7.14. Title Insurance................................................................... 36
Section 7.15. Required Consents and Agreements of Other IPCH Stockholders....................... 38
Section 7.16. Insurance......................................................................... 38
Section 7.17. Termination of 401(k) Plan........................................................ 38
ARTICLE VIII CONDITIONS TO INERGY PARTIES' OBLIGATION TO CONSUMMATE THE MERGER....................... 38
Section 8.1. Compliance with Agreement......................................................... 39
Section 8.2. Representations and Warranties.................................................... 39
Section 8.3. Certificate....................................................................... 39
Section 8.4. Corporate Authorization........................................................... 39
Section 8.5. Opinion of Counsel................................................................ 39
Section 8.6. Good Standing..................................................................... 39
Section 8.7. Additional Agreements............................................................. 39
Section 8.8. No Litigation..................................................................... 40
Section 8.9. Third Party Consents.............................................................. 40
Section 8.10. Financing......................................................................... 40
Section 8.11. No Adverse Event.................................................................. 40
Section 8.12. Proceedings Satisfactory.......................................................... 40
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ARTICLE IX CONDITIONS TO OBLIGATIONS OF IPCH AND IPCH STOCKHOLDERS TO CONSUMMATE THE MERGER........... 41
Section 9.1. Compliance With Agreement.......................................................... 41
Section 9.2. Representations and Warranties..................................................... 41
Section 9.3. Certificate........................................................................ 41
Section 9.4. Opinion of Counsel................................................................. 41
Section 9.5. Additional Agreements.............................................................. 41
Section 9.6. Corporate Authorization............................................................ 42
Section 9.7. Third Party Consents............................................................... 42
ARTICLE X INDEMNIFICATION............................................................................. 42
Section 10.1. Indemnity of IPCH Stockholders..................................................... 42
Section 10.2. A.................................................................................. 43
Section 10.3. Procedure.......................................................................... 44
Section 10.4. Costs.............................................................................. 46
Section 10.5. Claims Against Escrow.............................................................. 46
Section 10.6. Limitations on Indemnification..................................................... 46
Section 10.7. Reduction for Insurance............................................................ 47
Section 10.8. Agreement Respecting Environmental Matters......................................... 47
ARTICLE XI TERMINATION................................................................................ 49
Section 11.1. Termination........................................................................ 49
Section 11.2. No Liability....................................................................... 50
Section 11.3. Notice............................................................................. 50
Section 11.4. Effect of Termination.............................................................. 50
ARTICLE XII MISCELLANEOUS............................................................................. 51
Section 12.1. Notices............................................................................ 51
Section 12.2. Amendments; No Waivers............................................................. 52
Section 12.3. Survival........................................................................... 52
Section 12.4. Assignment......................................................................... 52
Section 12.5. Governing Law...................................................................... 53
Section 12.6. IPCH Stockholders' Representative.................................................. 53
Section 12.7. Counterparts; Effectiveness........................................................ 55
Section 12.8. No Third Party Beneficiaries....................................................... 55
Section 12.9. Interpretation..................................................................... 55
Section 12.10. Enforcement........................................................................ 55
Section 12.11. Entire Agreement................................................................... 56
Section 12.12. Severability....................................................................... 56
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APPENDICES
Appendix I - Definitions
EXHIBITS
Exhibit A Certificate of Merger
Exhibit B Escrow Agreement
Exhibit C Employment Agreement (Scott)
Exhibit D Employment Agreement (Galvin)
Exhibit E Nonsolicitation Agreement
Exhibit F Registration Rights Agreement
Exhibit G Stockholder Joinder Agreement
Exhibit H Form of Legal Opinion - IPCH and IPCH Stockholders
Exhibit I Form of Legal Opinion - Inergy Holdings
Exhibit J Key Employees ("Knowledge")
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