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Title: |
Agreement and Plan of Reorganization |
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Date: |
2002 |
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Preview shows 18KB of 84KB total |
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$57 |
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ID: |
#898461 |
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AGREEMENT AND PLAN OF REORGANIZATION
DATED DECEMBER 26, 2001
BETWEEN
FIRST LAND AND INVESTMENT COMPANY
AND
BANCORPSOUTH, INC.
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <S> <C>
ARTICLE 1 TRANSFER OF ASSETS; CONSIDERATION; CLOSING................................................... 1
1.1 Transfer of Assets........................................................................... 1
1.2 Liabilities.................................................................................. 1
1.3 Consideration for Transfer................................................................... 2
1.4 Expenses..................................................................................... 2
1.5 Transfer Taxes............................................................................... 2
1.6 Further Acts and Assurances.................................................................. 2
1.7 Closing...................................................................................... 2
1.8 Purchaser to Make Shares Available........................................................... 3
1.9 Tax Treatment................................................................................ 3
1.10 Dissolution of Seller........................................................................ 3
ARTICLE 2 REPRESENTATIONS AND WARRANTIES OF SELLER..................................................... 3
2.1 Organization................................................................................. 3
2.2 Authority.................................................................................... 3
2.3 Subsidiaries................................................................................. 4
2.4 Title to Assets.............................................................................. 4
2.5 Substantially All of the Assets.............................................................. 4
2.6 Type of Assets............................................................................... 4
2.7 Absence of Undisclosed Liabilities........................................................... 4
2.8 Contracts.................................................................................... 4
2.9 Defaults..................................................................................... 4
2.10 Environmental Matters........................................................................ 5
2.11 Litigation................................................................................... 5
2.12 Compliance with Law.......................................................................... 5
2.13 Taxes........................................................................................ 6
2.14 Employment Matters........................................................................... 6
2.15 Consent and Approvals........................................................................ 7
2.16 Seller Information........................................................................... 7
2.17 No Untrue or Inaccurate Representation or Warranty........................................... 7
ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF PURCHASER.................................................. 7
3.1 Organization and Standing of Purchaser....................................................... 7
3.2 Authority of Purchaser....................................................................... 7
3.3 SEC Reports.................................................................................. 8
3.4 Purchaser Information........................................................................ 8
3.5 No Untrue or Inaccurate Representation or Warranty........................................... 8
3.6 Tax Representations.......................................................................... 8
ARTICLE 4 COVENANTS OF PURCHASER....................................................................... 9
4.1 Corporate Action............................................................................. 9
4.2 Confidential Handling of Documents........................................................... 9
4.3 Conduct of Business.......................................................................... 9
ARTICLE 5 COVENANTS OF SELLER.......................................................................... 9
5.1 Access and Information....................................................................... 9
5.2 Conduct of Business......................................................................... 10
5.3 Best Efforts to Secure Consents............................................................. 11
5.4 Unusual Events.............................................................................. 11
5.5 Press Releases.............................................................................. 11
</TABLE>
i
<PAGE>
<TABLE>
<S> <S> <C>
ARTICLE 6 ADDITIONAL AGREEMENTS....................................................................... 11
6.1 Regulatory Matters.......................................................................... 11
6.2 Shareholder Meeting......................................................................... 12
6.3 Legal Conditions............................................................................ 12
6.4 Stock Exchange Listing...................................................................... 12
6.5 Affiliates.................................................................................. 12
ARTICLE 7 CONDITIONS PRECEDENT TO THE OBLIGATIONS OF EACH PARTY....................................... 13
7.1 Shareholder Approval........................................................................ 13
7.2 Listing of Shares........................................................................... 13
7.3 Other Approvals............................................................................. 13
7.4 S-4......................................................................................... 13
7.5 No Injunctions or Restraints; Illegality.................................................... 13
ARTICLE 8 CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLER........................................... 13
8.1 Representations and Warranties True......................................................... 13
8.2 Performance of Obligations of Purchaser..................................................... 13
8.3 Other Deliveries............................................................................ 14
8.4 Proceedings and Documents Satisfactory...................................................... 14
8.5 Fairness Opinion............................................................................ 14
8.6 Sale of Real Estate and Mineral Rights...................................................... 14
8.7 Tax Opinion................................................................................. 14
8.8 Dissenting Shares........................................................................... 14
ARTICLE 9 CONDITIONS PRECEDENT TO THE OBLIGATIONS OF PURCHASER........................................ 14
9.1 Representations and Warranties True......................................................... 14
9.2 Performance of Obligations of Seller........................................................ 14
9.3 Completion of Due Diligence Review.......................................................... 15
9.4 Board of Director Approval.................................................................. 15
9.5 Bill of Sale................................................................................ 15
9.6 Other Deliveries............................................................................ 15
9.7 Proceedings and Documents Satisfactory...................................................... 15
9.8 No Adverse Change........................................................................... 15
9.9 Sale of Real Estate and Mineral Rights...................................................... 15
9.10 Loan Payoff................................................................................. 15
9.11 Dissenting Shares........................................................................... 15
ARTICLE 10 TERMINATION................................................................................. 15
10.1 Termination................................................................................. 15
10.2 Effect of Termination....................................................................... 17
ARTICLE 11 INDEMNIFICATION............................................................................. 17
ARTICLE 12 MISCELLANEOUS............................................................................... 17
12.1 Notices..................................................................................... 17
12.2 Entire Agreement............................................................................ 18
12.3 Governing Law............................................................................... 18
12.4 Section Headings............................................................................ 18
12.5 Waiver...................................................................................... 18
12.6 Exhibits.................................................................................... 18
12.7 Assignment.................................................................................. 18
12.8 Plain Meaning............................................................................... 18
12.9 Counterparts................................................................................ 18
12.10 Severability.................................................................................18
</TABLE>
ii
<PAGE>
AGREEMENT AND PLAN OF REORGANIZATION
AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement"), dated as of
December 26, 2001, between FIRST LAND AND INVESTMENT COMPANY, an Arkansas
corporation ("Seller"), and BANCORPSOUTH, INC., a Mississippi corporation
("Purchaser").
RECITAL:
WHEREAS, Seller is a corporation which owns the securities, cash,
furniture, fixtures and office equipment (collectively, the "Assets") used in
connection with its business (the "Business");
WHEREAS, Seller is a shareholder of Purchaser;
WHEREAS, Seller desires to transfer and Purchaser desires to acquire
the Assets (except for certain excluded assets as set forth herein), in exchange
for the issuance and delivery by Purchaser to Seller of certain shares of common
stock of Purchaser, with such shares to be further distributed by Seller to the
shareholders of Seller in complete liquidation and dissolution of Seller, all
upon terms and conditions hereinafter set forth; and
WHEREAS, for federal income tax purposes, it is intended that the
transactions provided for herein shall qualify as a reorganization ("the
Reorganization") within the meaning of Section 368(a)(1)(C) of the Internal
Revenue Code of 1986, as amended (the "Code").
The parties hereby agree as follows:
ARTICLE 1
TRANSFER OF ASSETS; CONSIDERATION; CLOSING
1.1 Transfer of Assets
(a) Upon the terms of this Agreement and based upon the
representations, warranties and agreements made herein by each of the parties to
the other, on the Closing Date (as defined below), Seller shall transfer and
Purchaser shall acquire all securities, cash, furniture, fixtures and office
equipment owned by Seller and utilized in the Business, as described in Schedule
1.1(a)(i) (the "Schedule of Assets"); provided, however, Seller shall not
transfer and Purchaser shall not acquire title to any of the excluded assets set
forth on Schedule 1.1(a)(ii), consisting of the real estate (the "Real Estate")
and the mineral rights (the "Mineral Rights") described therein; and
(b) In lieu of acquiring the Real Estate and the Mineral
Rights, prior to Closing, Seller intends to sell to one or more third parties
all of the Real Estate and the Mineral Rights and to transfer to Purchaser the
net proceeds of such sale or sales remaining after satisfaction of or provision
for all liabilities, claims and obligations of Seller; and
(c) Seller shall execute and deliver to Purchaser a Bill
of Sale in the form of Exhibit 1.1(c).
1.2 Liabilities. Seller has no liabilities, claims or obligations
(whether accrued, absolute, contingent or otherwise) related to the Business or
the Assets other than those set forth on Schedule 1.2 (the "Schedule of
Liabilities"). The Assets shall be sold free and clear of all liabilities,
1
<PAGE>
liens, charges and encumbrances. Purchaser shall not assume any liability or
obligation of Seller, fixed or contingent, disclosed or undisclosed, at the
closing of the transactions contemplated hereby or otherwise. Seller agrees to
satisfy, at or before the Closing (as defined below) all liabilities,
indebtedness and obligations related to the Assets and to have all liens related
to the Assets released. Notwithstanding the foregoing, the shareholders of
Seller (each a "Shareholder" and, collectively, the "Shareholders") will have
the right of dissent from the transactions proposed herein under Sections
4-27-1301, et seq., of the Arkansas Business Corporation Act of 1987 (the
"ABCA"); in the event one or more Shareholders dissents, the payments such
Shareholders may be entitled to receive may not be known or satisfied prior to
the Closing. Notwithstanding the foregoing, Seller shall be responsible for
making any and all payments which such dissenting shareholders shall be entitled
to receive.
1.3 Consideration for Transfer. The purchase price for the Assets
(the "Purchase Price") paid to Seller shall be that number of shares of Common
Stock, $2.50 par value per share, of Purchaser (the "Common Stock") determined
according to the following formula:
(I) (a) The market value of 433,593 shares of Common Stock,
determined by the average of the high and low prices of the
Common Stock on the New York Stock Exchange (the "NYSE") on
the trading day preceding the Closing Date, plus (b) all cash
held by Seller as of the Closing Date, less (c) cash
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