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Title: |
Agreement and Plan of Merger |
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Date: |
2001 |
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Preview shows 16KB of 285KB total |
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$94 |
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ID: |
#911703 |
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EXECUTION COPY
AGREEMENT AND PLAN OF MERGER
AMONG
POGO PRODUCING COMPANY
AND
NORIC CORPORATION
AND THE
SHAREHOLDERS SIGNATORY HERETO
Dated as of November 19, 2000
<PAGE> 2
TABLE OF CONTENTS
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<S> <C>
ARTICLE I
DEFINITIONS
SECTION 1.01. Certain Defined Terms....................................... 1
ARTICLE II
THE MERGER
SECTION 2.01. The Merger.................................................. 13
SECTION 2.02. Effective Time; Closing..................................... 13
SECTION 2.03. Effect of the Merger........................................ 13
SECTION 2.04. Certificate of Incorporation; Bylaws........................ 14
SECTION 2.05. Directors and Officers...................................... 14
SECTION 2.06. Purchaser's Stock Unchanged................................. 14
ARTICLE III
TREATMENT OF COMMON STOCK
SECTION 3.01. Treatment of Common Stock................................... 14
SECTION 3.02. Cancellation of Treasury Shares............................. 18
SECTION 3.03. Exchange Agent; Exchange Procedures......................... 18
SECTION 3.04. Transfer Books.............................................. 19
SECTION 3.05. No Fractional Share Certificates............................ 19
SECTION 3.06. Lost, Stolen or Destroyed Certificates...................... 20
SECTION 3.07. Termination of Exchange Fund................................ 20
SECTION 3.08. Certain Adjustments......................................... 20
SECTION 3.09. Restricted Securities....................................... 20
SECTION 3.10. Taking of Necessary Action; Further Action.................. 21
SECTION 3.11. Dissenters' Rights.......................................... 21
SECTION 3.12. Purchaser Price Adjustment.................................. 21
SECTION 3.13. Escrow...................................................... 22
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
SECTION 4.01. Organization, Authority and Qualification of the Company.... 23
SECTION 4.02. Capital Stock of the Company; Ownership of the Shares....... 23
SECTION 4.03. Company Subsidiaries........................................ 24
SECTION 4.04. Corporate Books and Records................................. 25
SECTION 4.05. No Conflict................................................. 25
SECTION 4.06. Governmental Consents and Approvals......................... 25
SECTION 4.07. Financial Information, Books and Records.................... 26
SECTION 4.08. No Undisclosed Liabilities.................................. 26
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SECTION 4.09. Absence of Certain Changes, Events and Conditions........... 26
SECTION 4.10. Litigation.................................................. 27
SECTION 4.11. Compliance with Laws........................................ 27
SECTION 4.12. Material Contracts.......................................... 27
SECTION 4.13. Title to Property........................................... 29
SECTION 4.14. Intellectual Property....................................... 30
SECTION 4.15. Employee Benefit Matters.................................... 31
SECTION 4.16. Environmental Matters....................................... 32
SECTION 4.17. Reserve Reports............................................. 33
SECTION 4.18. Hedging..................................................... 33
SECTION 4.19. Taxes....................................................... 33
SECTION 4.20. Insurance................................................... 34
SECTION 4.21. Brokers..................................................... 34
SECTION 4.22. Tax Treatment............................................... 34
SECTION 4.23. Production and Pipeline Imbalances.......................... 34
SECTION 4.24. Equipment................................................... 35
SECTION 4.25. Operation of the Properties................................. 35
SECTION 4.26. Plugging and Abandonment.................................... 35
SECTION 4.27. No Parachute Payments....................................... 35
SECTION 4.28. Vote Required............................................... 35
SECTION 4.29. Voting Power of Significant Stockholders; Dissenting
Shares...................................................... 36
SECTION 4.30. Non-Energy Company Activity................................. 36
SECTION 4.31. Seismic Data................................................ 36
SECTION 4.32. Suspense Funds.............................................. 36
SECTION 4.33. Future Sales Contracts...................................... 36
SECTION 4.34. Holding Company; Investment Company......................... 36
SECTION 4.35. Federal Regulations......................................... 37
SECTION 4.36. Securities Act.............................................. 37
ARTICLE V
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
SECTION 5.01. Organization and Authority of the Purchaser................. 37
SECTION 5.02. Certificate of Incorporation and Bylaws..................... 38
SECTION 5.03. Capitalization.............................................. 38
SECTION 5.04. Financing................................................... 38
SECTION 5.05. No Conflict................................................. 38
SECTION 5.06. Governmental Consents and Approvals......................... 39
SECTION 5.07. Litigation.................................................. 39
SECTION 5.08. Tax Treatment............................................... 39
SECTION 5.09. SEC Filings; Financial Statements........................... 39
SECTION 5.10. Compliance With Laws........................................ 40
SECTION 5.11. Taxes....................................................... 40
SECTION 5.12. Authorization and Issuance of Purchaser Common Stock........ 40
SECTION 5.13. Absence of Purchaser Material Adverse Effect................ 41
SECTION 5.14. Brokers..................................................... 41
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SECTION 5.15. Vote Required............................................... 41
ARTICLE VI
ADDITIONAL AGREEMENTS
SECTION 6.01. Conduct of Business Prior to the Closing.................... 41
SECTION 6.02. Access to Information....................................... 46
SECTION 6.03. Confidentiality............................................. 46
SECTION 6.04. Company Stockholders' Meeting and Voting.................... 46
SECTION 6.05. Purchaser Stockholders' Meeting............................. 47
SECTION 6.06. Regulatory and Other Authorizations; Notices and Consents... 47
SECTION 6.07. Notice of Certain Matters................................... 48
SECTION 6.08. Non-Accredited Investor Advisor............................. 48
SECTION 6.09. No Solicitation of Transactions............................. 48
SECTION 6.10. Registration................................................ 49
SECTION 6.11. Directors' and Officers' Indemnification and Insurance...... 50
SECTION 6.12. Plan of Reorganization...................................... 50
SECTION 6.13. Other Shareholders.......................................... 51
SECTION 6.14. Phantom Stock Plan and Severance Payments................... 51
SECTION 6.15. No Trading.................................................. 51
SECTION 6.16. Standstill and Voting Agreement............................. 52
ARTICLE VII
EMPLOYEE MATTERS
SECTION 7.01. Compensation and Benefits; Service Recognition.............. 52
ARTICLE VIII
TAX MATTERS
SECTION 8.01. Indemnity................................................... 53
SECTION 8.02. Tax Returns and Payments.................................... 54
SECTION 8.03. Refunds/Tax Benefits........................................ 54
SECTION 8.04. Contests.................................................... 56
SECTION 8.05. Cooperation and Exchange of Information..................... 56
SECTION 8.06. Conveyance Taxes............................................ 57
SECTION 8.07. Miscellaneous............................................... 57
ARTICLE IX
CONDITIONS TO CLOSING
SECTION 9.01. Conditions to the Obligations of Each Party................. 58
SECTION 9.02. Conditions to the Obligations of the Company................ 58
SECTION 9.03. Conditions to the Obligations of the Purchaser.............. 59
</TABLE>
iv
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ARTICLE X
INDEMNIFICATION
SECTION 10.01. Indemnification of the Purchaser............................ 61
SECTION 10.02. Indemnification of the Shareholders......................... 61
SECTION 10.03. Notice and Defense of Third Party Claims.................... 61
SECTION 10.04. Limitations................................................. 62
SECTION 10.05. Tax Matters................................................. 63
SECTION 10.06. Tax Benefits; Insurance Proceeds............................ 63
SECTION 10.07. Escrow Funds and Shares..................................... 63
SECTION 10.08. Security; Limited Recourse.................................. 63
SECTION 10.09. Exclusive Remedies.......................................... 64
ARTICLE XI
TERMINATION AND WAIVER
SECTION 11.01. Termination................................................. 65
SECTION 11.02. Effect of Termination....................................... 66
SECTION 11.03. Waiver...................................................... 66
ARTICLE XII
SHAREHOLDER REPRESENTATIVE
SECTION 12.01. Designation................................................. 66
SECTION 12.02. Authority................................................... 66
SECTION 12.03. Reliance by Third Parties on the Shareholder
Representative's Authority.................................. 67
SECTION 12.04. Exculpation and Indemnification............................. 67
ARTICLE XIII
GENERAL PROVISIONS
SECTION 13.01. Survival of Representations and Warranties.................. 68
SECTION 13.02. Expenses.................................................... 68
SECTION 13.03. Notices..................................................... 68
SECTION 13.04. Public Announcements........................................ 69
SECTION 13.05. Headings.................................................... 69
SECTION 13.06. Severability................................................ 69
SECTION 13.07. Entire Agreement............................................ 70
SECTION 13.08. Assignment.................................................. 70
SECTION 13.09. Amendment................................................... 70
SECTION 13.10. Governing Law; Forum........................................ 70
SECTION 13.11. Counterparts................................................ 70
SECTION 13.12. Specific Performance........................................ 71
</TABLE>
v
<PAGE> 6
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Exhibits
6.13 -- Form of Joinder Agreement
9.02(d) -- Form of Registration Rights Agreement
9.02(e) -- Form of Standstill and Voting Agreement
vi
<PAGE> 7
AGREEMENT AND PLAN OF MERGER, dated as of November 19, 2000, among
POGO PRODUCING COMPANY, a Delaware corporation (the "Purchaser"), NORIC
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CORPORATION, a New York corporation (the "Company"), and the shareholders of the
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Company signatory hereto, constituting holders of two-thirds of the issued and
outstanding shares of the Company (the "Significant Shareholders") and any other
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