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Title: |
Agreement and Plan of Reorganization |
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Date: |
2002 |
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Preview shows 15KB of 234KB total |
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$90 |
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ID: |
#859826 |
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AGREEMENT AND PLAN OF REORGANIZATION
BY AND AMONG
KROLL INC.,
ODI ACQUISITION CORPORATION
AND
ONTRACK DATA INTERNATIONAL, INC.
------------------------------------------------------------------------------
April 1, 2002
<PAGE>
Table of Contents
Page
----
ARTICLE I. THE MERGER........................................................1
1.1 The Merger..........................................................1
1.2 Closing; Effective Time.............................................2
1.3 Effect of the Merger................................................2
1.4 Articles of Incorporation; Bylaws...................................2
1.5 Directors and Officers..............................................3
1.6 Effect on Capital Stock.............................................3
1.7 Surrender of Certificates...........................................4
1.8 No Further Ownership Rights in Target Common Stock..................6
1.9 Lost, Stolen or Destroyed Certificates..............................7
1.10 Tax Consequences....................................................7
1.11 Return of Exchange Fund.............................................7
1.12 Taking of Necessary Action; Further Action..........................7
ARTICLE II. REPRESENTATIONS AND WARRANTIES OF TARGET.........................8
2.1 Organization, Standing and Power....................................8
2.2 Capital Structure...................................................8
2.3 Authority..........................................................10
2.4 SEC Documents; Target Financial Statements.........................11
2.5 Absence of Certain Changes.........................................12
2.6 Absence of Undisclosed Liabilities.................................13
2.7 Contracts..........................................................14
2.8 Litigation.........................................................15
2.9 Restrictions on Business Activities................................15
2.10 Governmental Authorization.........................................15
2.11 Title to Property..................................................16
2.12 Intellectual Property..............................................16
2.13 Environmental Matters..............................................19
2.14 Taxes..............................................................20
2.15 Employee Benefit Plans.............................................21
2.16 Employees and Consultants..........................................23
2.17 Related-Party Transactions.........................................25
2.18 Insurance..........................................................25
2.19 Compliance with Laws...............................................26
2.20 Brokers' and Finders' Fees.........................................26
2.21 Vote Required......................................................26
2.22 Registration Statement; Proxy Statement/Prospectus.................26
2.23 Complete Copies of Materials.......................................27
2.24 Opinion of Financial Advisor.......................................27
2.25 Board Approval.....................................................27
2.26 Illegal Payments...................................................27
2.27 Customers..........................................................27
<PAGE>
Table of Contents
Page
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2.28 Section 673 of Minnesota Law Not Applicable........................28
2.29 Representations Complete...........................................28
ARTICLE III. REPRESENTATIONS AND WARRANTIES OF ACQUIROR AND MERGER SUB......28
3.1 Organization, Standing and Power...................................28
3.2 Capital Structure..................................................29
3.3 Authority..........................................................29
3.4 SEC Documents; Acquiror Financial Statements.......................30
3.5 Absence of Undisclosed Liabilities.................................31
3.6 Absence of Certain Changes.........................................32
3.7 Intellectual Property..............................................32
3.8 Environmental Matters..............................................33
3.9 Employee Benefit Plans.............................................33
3.10 Litigation.........................................................34
3.11 Taxes..............................................................34
3.12 Restrictions on Business Activities................................34
3.13 Compliance with Laws...............................................34
3.14 Registration Statement; Proxy Statement............................35
3.15 Brokers' and Finders' Fees.........................................35
3.16 Vote Required......................................................35
3.17 Complete Copies of Materials.......................................36
3.18 Illegal Payments...................................................36
3.19 Board Approval.....................................................36
3.20 Representations Complete...........................................36
ARTICLE IV. CONDUCT PRIOR TO THE EFFECTIVE TIME.............................36
4.1 Conduct of Business of Target and Acquiror.........................36
4.2 Conduct of Business................................................37
4.3 Notices............................................................41
ARTICLE V. ADDITIONAL AGREEMENTS............................................41
5.1 No Solicitation....................................................41
5.2 Proxy Statement/Prospectus; Registration Statement.................43
5.3 Stockholders Meetings..............................................43
5.4 Access to Information..............................................44
5.5 Confidentiality....................................................45
5.6 Public Disclosure..................................................45
5.7 Consents; Cooperation..............................................45
5.8 Stockholder Lists..................................................46
5.9 Indemnification....................................................46
5.10 Irrevocable Proxies................................................48
5.11 Notification of Certain Matters....................................48
5.12 Tax-Free Reorganization............................................48
5.13 Stock Options and Stock Purchase Plan..............................49
5.14 Listing of Additional Shares.......................................50
<PAGE>
Table of Contents
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5.15 Additional Agreements..............................................50
5.16 Employee Benefits..................................................50
5.17 Financial Statements...............................................51
ARTICLE VI. CONDITIONS TO THE MERGER........................................51
6.1 Conditions to Obligations of Each Party to Effect the Merger.......51
6.2 Additional Conditions to the Obligations of Target.................52
6.3 Additional Conditions to the Obligations of Acquiror and
Merger Sub.........................................................53
ARTICLE VII. TERMINATION, EXPENSES, AMENDMENT AND WAIVER....................54
7.1 Termination........................................................54
7.2 Effect of Termination..............................................56
7.3 Expenses and Termination Fees......................................57
7.4 Amendment..........................................................57
7.5 Extension; Waiver..................................................57
ARTICLE VIII. GENERAL PROVISIONS............................................58
8.1 Effectiveness of Representations, Warranties and Agreements........58
8.2 Notices............................................................58
8.3 Interpretation.....................................................59
8.4 Counterparts.......................................................59
8.5 Entire Agreement; No Third Party Beneficiaries.....................60
8.6 Severability.......................................................60
8.7 Remedies Cumulative................................................60
8.8 Governing Law......................................................60
8.9 Assignment.........................................................61
8.10 Rules of Construction..............................................61
Schedules
Schedule A Definitions
<PAGE>
AGREEMENT AND PLAN OF REORGANIZATION
This AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") is made
and entered on April 1, 2002, by and among Kroll Inc., an Ohio corporation
("Acquiror"), ODI Acquisition Corporation, a Minnesota corporation ("Merger
Sub"), and ONTRACK Data International, Inc., a Minnesota corporation ("Target").
RECITALS
A. The Boards of Directors of Target, Acquiror and Merger Sub
believe it is in the best interests of their respective companies and the
stockholders of their respective companies that Target and Merger Sub combine
into a single company through the statutory merger of Merger Sub with and into
Target (the "Merger") and, in furtherance thereof, have declared the
advisability of and approved the Merger and the Merger Agreement.
B. Pursuant to the Merger, among other things, each outstanding
share of common stock, $.01 par value, of Target ("Target Common Stock"), shall
be converted into shares of common stock, $.01 par value, of Acquiror ("Acquiror
Common Stock"), at the rate and on the other terms and conditions set forth
herein.
C. Target, Acquiror and Merger Sub desire to make certain
representations and warranties and other agreements in connection with the
Merger.
D. The parties intend, by executing this Agreement, to adopt a plan
of reorganization within the meaning of Section 368 of the Internal Revenue Code
of 1986, as amended (the "Code"), and to cause the Merger to qualify as a
reorganization under Section 368(a) of the Code.
E. Concurrent with the execution of this Agreement and as an
inducement to Acquiror to enter into this Agreement, certain affiliates of
Target are entering into an agreement to vote the shares of Target Common Stock
owned by such affiliates to approve the Merger and against competing proposals
in accordance with the terms thereof.
F. Certain defined terms not otherwise defined herein shall have the
meanings ascribed thereto in Schedule A hereto.
NOW, THEREFORE, in consideration of the covenants and
representations set forth herein, and for other good and valuable consideration,
the parties agree as follows:
ARTICLE I.
THE MERGER
1.1 The Merger
At the Effective Time and subject to and upon the terms and
conditions of this Agreement and the Articles of Merger attached hereto as
Exhibit A (the "Articles of Merger")
<PAGE>
and the applicable provisions of the Minnesota Business Corporation Act
("Minnesota Law"), Merger Sub shall be merged with and into Target, the separate
corporate existence of Merger Sub shall cease and Target shall continue as the
surviving corporation under the name "ONTRACK Data International, Inc." Target
as the surviving corporation after the Merger is hereinafter sometimes referred
to as the "Surviving Corporation."
1.2 Closing; Effective Time
Unless this Agreement shall have been terminated and the
transactions herein contemplated shall have been abandoned pursuant to Section
7.1, the closing of the transactions contemplated hereby (the "Closing") shall
take place as soon as practicable (but in any event within two (2) Business
Days) after the satisfaction or waiver of each of the conditions set forth in
Article VI hereof or at such other time as the parties hereto agree (the date on
which the Closing shall occur, the "Closing Date"). The Closing shall take place
at the offices of Torys LLP, 237 Park Avenue, New York, New York 10017, or at
such other location as the parties hereto agree. On the Closing Date, the
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