EXHIBIT 1
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STOCKHOLDER AGREEMENT
THIS STOCKHOLDER AGREEMENT (this "Stockholder Agreement"), dated
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January 27, 2000, is by and between Leapnet, Inc., a Delaware corporation
("Parent"), and the undersigned stockholder ("Stockholder") of SPR Inc., a
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Delaware corporation (the "Company").
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RECITALS
A. WHEREAS, concurrent with the execution of this Stockholder
Agreement, Parent, the Company and Merger Sub, a Delaware corporation and a
wholly owned subsidiary of Parent, have entered into an Agreement and Plan of
Merger, dated of even date herewith (as amended from time to time, the "Merger
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Agreement"), pursuant to which Merger Sub will be merged with and into the
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Company, with the Company continuing as the surviving corporation and as a
direct wholly owned subsidiary of Parent (the "Merger").
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B. WHEREAS, the Stockholder owns shares, par value $0.01 per share,
of common stock of the Company (the "Shares") in the amounts set forth opposite
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the Stockholder's name and signature on the signature page hereof.
C. WHEREAS, as an inducement and a condition to entering into the
Merger Agreement, Parent desires that the Stockholder agree, and the Stockholder
is willing to agree, to enter into this Stockholder Agreement.
NOW, THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:
1. Certain Definitions. In addition to the terms defined elsewhere
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herein, capitalized terms used and not defined herein have the respective
meanings ascribed to them in the Merger Agreement. For purposes of this
Stockholder Agreement:
(a) "Affiliate" means, as to any specified Person, (i) any
stockholder, equity holder, officer, or director of such Person and their
family members or (ii) any other Person which, directly or indirectly,
controls, is controlled by, employed by or is under common control with,
any of the foregoing. For the purposes of this definition, "control" means
the possession of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of
voting securities, by contract or otherwise.
(b) "Beneficially Own" or "Beneficial Ownership" with respect to any
securities means having "beneficial ownership" of such securities as
determined pursuant to Rule 13d-3 under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), including pursuant to any agreement,
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arrangement or understanding, whether or not in writing. Without
duplicative counting of the same securities by the same holder, securities
Beneficially Owned by a Person shall include securities Beneficially Owned
by all other Persons with whom such Person would constitute a "group" as
within the meanings of Section 13(d)(3) of the Exchange Act.
(c) "Person" means any individual, corporation, partnership, limited
liability company, joint venture, association, joint stock company, trust
(including any beneficiary thereof), unincorporated organization or
government or any agency or political subdivision thereof.
2. Disclosure. The Stockholder hereby agrees to permit the Company
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and Parent to publish and disclose in the S-4 Registration Statement and the
Proxy Statement/Prospectus (including all documents and schedules filed with the
SEC), and any press release or other disclosure document which Parent and the
Company reasonably determine to be necessary or desirable in connection with the
Merger and any transactions related thereto, the Stockholder's identity and
ownership of the Shares and the nature of the Stockholder's commitments,
arrangements and understandings under this Stockholder Agreement.
3. Voting of Company Stock. The Stockholder hereby agrees that,
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during the period commencing on the date hereof and continuing until the first
to occur of (a) the Effective Time or (b) the termination of the Merger
Agreement in accordance with its terms (the "Termination Date"), at any meeting
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of the holders of the Shares, however called, or in connection with any written
consent of the holders of the Shares, he shall vote (or cause to be voted) the
Shares held of record or Beneficially Owned by the Stockholder, whether
heretofore owned or hereafter acquired: (i) in favor of approval of the Merger
Agreement and any actions required in furtherance thereof and hereof, (ii)
against any action or agreement that would result in a breach in any respect of
any covenant, representation or warranty, or any other obligation or agreement,
of the Company under the Merger Agreement or the Stockholder under this
Stockholder Agreement (after giving effect to any materiality or similar
qualifications contained therein) and (iii) except as otherwise agreed to in
writing in advance by Parent, against the following actions (other than the
Merger and the transactions contemplated by this Stockholder Agreement and the
Merger Agreement): (A) any extraordinary corporate transaction, such as a
merger, consolidation or other business combination involving the Company, (B) a
sale, lease or transfer of a material amount of assets of the Company, or a
reorganization, recapitalization, dissolution or liquidation of the Company;
(C)(1) any change in a majority of the individuals who constitute the Company's
Board of Directors; (2) any change in the present capitalization of the Company
or any amendment of the Company's Certificate of Incorporation or By-Laws; (3)
any material change in the Company's corporation structure or business; or (4)
any other action which, in the case of each of the matters referred to in
clauses (C)(1), (2) or (3), is intended, or could reasonably be expected, to
impede, interfere with, delay, postpone, or materially and
adversely affect the Merger and the transactions contemplated by this
Stockholder Agreement and the Merger Agreement. The Stockholder agrees that he
will not enter into any agreement or understanding with any Person the effect of
which would be inconsistent with or violative of any provision contained in this
Section 3. Notwithstanding the foregoing, nothing in this Section 3 shall
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require the Stockholder to exercise any options with respect to the Shares.
4. Grant of Proxy; Appointment of Proxy.
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(a) The Stockholder hereby irrevocably grants to, and appoints, the
Board of Directors of Parent, the Stockholder's proxy and attorney-in-fact
(with full power of substitution), for and in the name, place and stead of
the Stockholder, to vote the Stockholder's Shares, or grant a consent or
approval in respect of such Shares as set forth in Section 3 hereof. The
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Stockholder shall have no claim against such proxy and attorney-in-fact,
for any action taken, decision made or instruction given by such proxy and
attorney-in-fact in accordance with this Stockholder Agreement.
(b) The Stockholder understands and acknowledges that Parent is
entering into the Merger Agreement in reliance upon such irrevocable proxy.
The Stockholder hereby affirms that the irrevocable proxy set forth in this
Section 4 is given to secure the performance of the duties of the
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Stockholder under this Stockholder Agreement. The Stockholder hereby
affirms that the irrevocable proxy is coupled with an interest and may
under no circumstances be revoked. The Stockholder hereby ratifies and
confirms that such irrevocable proxy may lawfully do or cause to be done by
virtue hereof.
5. Covenants, Representations and Warranties of Stockholder. The
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Stockholder hereby represents and warrants to, and agrees with, Parent as
follows:
(a) Ownership of Shares. The Stockholder is the sole record and
Beneficial Owner of the number of Shares opposite the Stockholder's name on
the signature page hereof. On the date hereof, the Shares set forth
opposite the Stockholder's name on the signature page hereof constitute all
of the Shares owned of record or Beneficially Owned by the Stockholder or
to which the Stockholder has voting power by proxy, voting agreement,
voting trust or other similar instrument. The Stockholder has sole voting
power and sole power to issue instructions with respect to the matters set
forth in Section 3 hereof, sole power of disposition, sole power of
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conversion, sole power to demand appraisal rights and sole power to agree
to all of the matters set forth in this Stockholder Agreement, in each case
with respect to all of the Shares set forth opposite the Stockholder's name
on the signature page hereof, with no limitations, qualifications or
restrictions on such rights, subject to applicable securities laws, and the
terms of this Stockholder Agreement.
(b) Authorization. The Stockholder has the legal capacity, power and
authority to enter into and perform all of the Stockholder's obligations
under this Stockholder Agreement. The execution, delivery and performance
of this Stockholder Agreement by the Stockholder will not violate any other
agreement to which the Stockholder is a party including, without
limitation, any voting agreement, stockholders agreement, voting trust,
trust or similar agreement. This Stockholder Agreement has been duly and
validly executed and delivered by the Stockholder and constitutes a valid
and binding agreement enforceable against the Stockholder in accordance
with its terms. There is no beneficiary or holder of a voting trust
certificate or other interest of any trust of which the Stockholder is a
trustee whose consent is required for the execution and delivery of this
Stockholder Agreement or the consummation by the Stockholder of the
transactions contemplated hereby. If the Stockholder is married and the
Stockholder's Shares constitute community property, this Stockholder
Agreement has been duly authorized, executed and delivered by, and
constitutes a valid and binding agreement of, the Stockholder's spouse,
enforceable against such person is accordance with its terms.
(c) No Conflicts. (i) No filing with, and no permit, authorization,
consent or approval of, any state or federal public body or authority is
necessary for the execution of this Stockholder Agreement by the
Stockholder and the consummation by the Stockholder of the transactions
contemplated hereby and (ii) none of the execution and delivery of this
Stockholder Agreement by the Stockholder, the consummation by the
Stockholder of the transactions contemplated hereby or compliance by the
Stockholder with any of the provisions hereof shall (A) conflict with or
result in any breach of the organizational documents of the Stockholder (if
applicable), (B) result in a violation or breach of, or constitute (with or
without notice or lapse of time or both) a default (or give rise to any
third party right of termination, cancellation, material modification or
acceleration) under any of the terms, conditions or provisions of any note,
bond, mortgage, indenture, license, contract, commitment, arrangement,
understanding, agreement or other instrument or obligation of any kind to
which the Stockholder is a party or by which the Stockholder or any of its
properties or assets may be bound, or (C) violate any order, writ
injunction, decree, judgment, order, statute, rule or regulation applicable
to the Stockholder or any of its properties or assets.
(d) No Encumbrances. Except as applicable in connection with the
transactions contemplated by Sections 3 and 4 hereof, the Stockholder's
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Shares at all times during the term hereof will be Beneficially Owned by
the Stockholder, free and clear of all liens, claims, security interests,
proxies, voting trusts or agreements, understandings or arrangements or any
other encumbrances whatsoever.
(e) No Solicitation. The Stockholder agrees not to take any action
inconsistent with or in violation of Section 6.2 of the Merger Agreement.
(f) Restriction on Transfer, Proxies and Non-Interference. The
Stockholder shall not, directly or indirectly (i) except as contemplated by
the Merger Agreement, offer for sale, sell, transfer, tender, pledge,
encumber, assign or otherwise dispose of, or enter into any contract,
option or other arrangement or understanding with respect to or consent to
the offer for sale, sale, transfer, tender, pledge, encumbrance, assignment
or other disposition of, any or all of the Stockholder's Shares or any
interest therein, (ii) except as contemplated by this Stockholder
Agreement, grant any proxies or powers of attorney, deposit any Shares into
a voting trust or enter into a voting agreement with respect to the Shares,
or (iii) take any action that would make any representation or warranty of
the Stockholder contained herein untrue or incorrect or have the effect of
preventing or disabling the Stockholder from performing the Stockholder's
obligations under this Stockholder Agreement.
(g) Reliance by Parent. The Stockholder understands and acknowledges
that Parent is entering into the Merger Agreement in reliance upon the
Stockholder's execution and delivery of this Stockholder Agreement.
6. Stop Transfer Legend.
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(a) The Stockholder agrees and covenants to Parent that the
Stockholder shall not request that the Company register the transfer (book-
entry or otherwise) of any certificate or uncertificated interest
representing any of the Stockholder's Shares, unless such transfer is made
in compliance with this Stockholder Agreement.
(b) Without limiting the covenants set forth in paragraph (a) above,
in the event of a stock dividend or distribution, or any change in Shares
by reason of any stock dividend, split-up, recapitalization, combination,
exchange of shares or the like, other than pursuant to the Merger, the term
"Shares" shall be deemed to refer to and include the Shares into which or
for which any or all of the Shares may be changed or exchanged and
appropriate adjustments shall be made to the terms and provisions of this
Stockholder Agreement.
7. Further Assurances. From time to time, at Parent's request and
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without further consideration, the Stockholder shall execute and deliver such
additional documents and take all such further lawful action as may be necessary
or desirable to consummate and make effective, in the most expeditious manner
practicable, the transactions contemplated by this Stockholder Agreement.
8. Stockholder Capacity. If the Stockholder is or becomes during
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the term hereof a director or an officer of the Company, the Stockholder makes
no agreement or understanding herein in his capacity as such director or
officer. The Stockholder signs solely in his capacity as the record and
Beneficial Owner of the Stockholder's Shares.
9. Termination. Except as otherwise provided herein, the covenants
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and agreements contained herein with respect to the Shares shall terminate upon
the earlier of (a) the Termination Date or (b) the Effective Time.
10. Miscellaneous.
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(a) Entire Agreement. This Stockholder Agreement constitutes the
entire agreement among the parties with respect to the subject matter
hereof and supersedes all other prior agreements and understandings, both
written and oral, between the parties with respect to the subject matter
hereof.
(b) Certain Events. Subject to Section 5(f) hereof, the Stockholder
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agrees that this Stockholder Agreement and the obligations hereunder shall
attach to the Stockholder's Shares and shall be binding upon any Person to
which legal or Beneficial Ownership of such Shares shall pass, whether by
operation of law or otherwise, including without limitation, the
Stockholder's heirs, guardians, administrators or successors.
Notwithstanding any such transfer of Shares, the transferor shall remain
liable for the performance of all obligations under this Stockholder
Agreement.
(c) Assignment. This Stockholder Agreement shall not be assigned by
operation of law or otherwise without the prior written consent of the
other party hereto, provided that Parent may assign, in its sole
discretion, its rights and obligations hereunder to any direct or indirect
wholly owned subsidiary of Parent, but no such assignment shall relieve
Parent of its obligations hereunder if such assignee does not perform such
obligations.
(d) Amendment and Modification. This Stockholder Agreement may not be
amended, changed, supplemented, waived or otherwise modified or terminated,
except upon the execution and delivery of a written agreement executed by
the parties hereto.
(e) Notices. Any notice or other communication required or which may
be given hereunder shall be in writing and delivered (i) personally, (ii)
via telecopy, (iii) via overnight courier (providing proof of delivery) or
(iv) via registered or certified mail (return receipt requested). Such
notice shall be deemed to be given, dated and received (i) when so
delivered personally, via telecopy upon confirmation, or via overnight
courier upon actual delivery or (ii) two days after the date of mailing, if
mailed by registered or certified mail. Any notice pursuant to this
section shall be delivered as follows:
If to the Stockholder to the address set forth for the Stockholder on
the signature page to this Stockholder Agreement.
If to Parent:
Leapnet, Inc.
000 Xxxx Xxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
Attn: Chief Executive Officer
(f) Severability. Whenever possible, each provision or portion of any
provision of this Stockholder Agreement will be interpreted in such a
manner as to be effective and valid under applicable law but if any
provision or portion of any provision of this Stockholder Agreement is held
to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or portion of any
provision of this Stockholder Agreement in such jurisdiction, and this
Stockholder Agreement will be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision or
portion of any provision had never been contained herein.
(g) Specific Performance. The parties hereto agree recognize and
acknowledge that a breach by it of any covenants or agreements contained in
this Stockholder Agreement will cause the other party to sustain damages
for which it would not have an adequate remedy at law for money damages,
and therefore each of the parties hereto agrees that in the event of any
such breach the aggrieved party shall be entitled to the remedy of specific
performance of such covenants and agreements and injunctive and other
equitable relief in addition to any other remedy to which it may be
entitled, at law or in equity.
(h) Remedies Cumulative. All rights, powers and remedies provided
under this Stockholder Agreement or otherwise available in respect hereof
at law or in equity shall be cumulative and not alternative, and the
exercise of any such rights, powers or remedies by any party shall not
preclude the simultaneous or later exercise of any other such right, power
or remedy by such party.
(i) No Waiver. The failure of any party hereto to exercise any right,
power or remedy provided under this Stockholder Agreement or otherwise
available in respect hereof at law or in equity, or to insist upon
compliance by any other party hereto with its obligations hereunder, and
any custom or practice of the parties at variance with the terms hereof,
will
not constitute a waiver by such party of its right to exercise any such or
other right, power or remedy or to demand such compliance.
(j) No Third Party Beneficiaries. This Stockholder Agreement is not
intended to confer upon any person other than the parties hereto any rights
or remedies hereunder.
(k) Governing Law. This Stockholder Agreement will be governed and
construed in accordance with the laws of the State of Delaware, without
giving effect to the principles of conflict of laws thereof.
(l) WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES ANY RIGHT
TO A TRIAL BY JURY IN CONNECTION WITH ANY ACTION, SUIT OR PROCEEDING IN
CONNECTION WITH THIS STOCKHOLDER AGREEMENT.
(m) Description Headings. The description headings used herein are
for convenience of reference only and are not intended to be part of or to
affect the meaning or interpretation of this Stockholder Agreement.
(n) Counterparts. This Stockholder Agreement may be executed in
counterparts, each of which will be considered one and the same Stockholder
Agreement and will become effective when such counterparts have been signed
by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart.
(o) Recovery of Attorney's Fees. In the event of any litigation
between the parties relating to this Stockholder Agreement, the prevailing
party shall be entitled to recover its reasonable attorney's fees and costs
(including court costs) from the non-prevailing party, provided that if
both parties prevail in part, the reasonable attorney's fees and costs
shall be awarded by the court in such a manner as it deems equitable to
reflect the relative amounts and merits of the parties' claims.
[signature page follows]
IN WITNESS WHEREOF, Parent and the Stockholder have caused this
Stockholder Agreement to be duly executed as of the day and year first above
written.
LEAPNET, INC.
By: /s/ Xxxxxxxxx X. Xxxxx
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Name:_________________________________
Title:________________________________
STOCKHOLDER Number of shares: 2,079,871
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Name: /s/ Xxx Xxxxxxxx
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STOCKHOLDER'S SPOUSE
Name: /s/ Xxx Xxxxxxxx
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EXHIBIT 2
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STOCKHOLDER AGREEMENT
THIS STOCKHOLDER AGREEMENT (this "Stockholder Agreement"), dated
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January 27, 2000, is by and between Leapnet, Inc., a Delaware corporation
("Parent"), and the undersigned stockholder ("Stockholder") of SPR Inc., a
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Delaware corporation (the "Company").
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RECITALS
A. WHEREAS, concurrent with the execution of this Stockholder
Agreement, Parent, the Company and Merger Sub, a Delaware corporation and a
wholly owned subsidiary of Parent, have entered into an Agreement and Plan of
Merger, dated of even date herewith (as amended from time to time, the "Merger
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Agreement"), pursuant to which Merger Sub will be merged with and into the
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Company, with the Company continuing as the surviving corporation and as a
direct wholly owned subsidiary of Parent (the "Merger").
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B. WHEREAS, the Stockholder owns shares, par value $0.01 per share,
of common stock of the Company (the "Shares") in the amounts set forth opposite
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the Stockholder's name and signature on the signature page hereof.
C. WHEREAS, as an inducement and a condition to entering into the
Merger Agreement, Parent desires that the Stockholder agree, and the Stockholder
is willing to agree, to enter into this Stockholder Agreement.
NOW, THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:
1. Certain Definitions. In addition to the terms defined elsewhere
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herein, capitalized terms used and not defined herein have the respective
meanings ascribed to them in the Merger Agreement. For purposes of this
Stockholder Agreement:
(a) "Affiliate" means, as to any specified Person, (i) any
stockholder, equity holder, officer, or director of such Person and their
family members or (ii) any other Person which, directly or indirectly,
controls, is controlled by, employed by or is under common control with,
any of the foregoing. For the purposes of this definition, "control" means
the possession of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of
voting securities, by contract or otherwise.
(b) "Beneficially Own" or "Beneficial Ownership" with respect to any
securities means having "beneficial ownership" of such securities as
determined pursuant to Rule 13d-3 under the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), including pursuant
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to any agreement, arrangement or understanding, whether or not in
writing. Without duplicative counting of the same securities by
the same holder, securities Beneficially Owned by a Person shall
include securities Beneficially Owned by all other Persons with
whom such Person would constitute a "group" as within the
meanings of Section 13(d)(3) of the Exchange Act.
(c) "Person" means any individual, corporation,
partnership, limited liability company, joint venture,
association, joint stock company, trust (including any
beneficiary thereof), unincorporated organization or government
or any agency or political subdivision thereof.
2. Disclosure. The Stockholder hereby agrees to permit the Company
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and Parent to publish and disclose in the S-4 Registration Statement and the
Proxy Statement/Prospectus (including all documents and schedules filed with the
SEC), and any press release or other disclosure document which Parent and the
Company reasonably determine to be necessary or desirable in connection with the
Merger and any transactions related thereto, the Stockholder's identity and
ownership of the Shares and the nature of the Stockholder's commitments,
arrangements and understandings under this Stockholder Agreement.
3. Voting of Company Stock. The Stockholder hereby agrees that,
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during the period commencing on the date hereof and continuing until the first
to occur of (a) the Effective Time or (b) the termination of the Merger
Agreement in accordance with its terms (the "Termination Date"), at any meeting
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of the holders of the Shares, however called, or in connection with any written
consent of the holders of the Shares, he shall vote (or cause to be voted) the
Shares held of record or Beneficially Owned by the Stockholder, whether
heretofore owned or hereafter acquired: (i) in favor of approval of the Merger
Agreement and any actions required in furtherance thereof and hereof, (ii)
against any action or agreement that would result in a breach in any respect of
any covenant, representation or warranty, or any other obligation or agreement,
of the Company under the Merger Agreement or the Stockholder under this
Stockholder Agreement (after giving effect to any materiality or similar
qualifications contained therein) and (iii) except as otherwise agreed to in
writing in advance by Parent, against the following actions (other than the
Merger and the transactions contemplated by this Stockholder Agreement and the
Merger Agreement): (A) any extraordinary corporate transaction, such as a
merger, consolidation or other business combination involving the Company, (B) a
sale, lease or transfer of a material amount of assets of the Company, or a
reorganization, recapitalization, dissolution or liquidation of the Company;
(C)(1) any change in a majority of the individuals who constitute the Company's
Board of Directors; (2) any change in the present capitalization of the Company
or any amendment of the Company's Certificate of Incorporation or By-Laws; (3)
any material change in the Company's corporation structure or business; or (4)
any other action which, in the case of each of the matters referred to in
clauses (C)(1), (2) or (3), is intended, or could reasonably be expected, to
impede, interfere with, delay, postpone, or materially and
adversely affect the Merger and the transactions contemplated by this
Stockholder Agreement and the Merger Agreement. The Stockholder agrees that he
will not enter into any agreement or understanding with any Person the effect of
which would be inconsistent with or violative of any provision contained in this
Section 3. Notwithstanding the foregoing, nothing in this Section 3 shall
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require the Stockholder to exercise any options with respect to the Shares.
4. Grant of Proxy; Appointment of Proxy.
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(a) The Stockholder hereby irrevocably grants to, and appoints, the
Board of Directors of Parent, the Stockholder's proxy and attorney-in-fact
(with full power of substitution), for and in the name, place and stead of
the Stockholder, to vote the Stockholder's Shares, or grant a consent or
approval in respect of such Shares as set forth in Section 3 hereof. The
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Stockholder shall have no claim against such proxy and attorney-in-fact,
for any action taken, decision made or instruction given by such proxy and
attorney-in-fact in accordance with this Stockholder Agreement.
(b) The Stockholder understands and acknowledges that Parent is
entering into the Merger Agreement in reliance upon such irrevocable proxy.
The Stockholder hereby affirms that the irrevocable proxy set forth in this
Section 4 is given to secure the performance of the duties of the
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Stockholder under this Stockholder Agreement. The Stockholder hereby
affirms that the irrevocable proxy is coupled with an interest and may
under no circumstances be revoked. The Stockholder hereby ratifies and
confirms that such irrevocable proxy may lawfully do or cause to be done by
virtue hereof.
5. Covenants, Representations and Warranties of Stockholder. The
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Stockholder hereby represents and warrants to, and agrees with, Parent as
follows:
(a) Ownership of Shares. The Stockholder is the sole record and
Beneficial Owner of the number of Shares opposite the Stockholder's name on
the signature page hereof. On the date hereof, the Shares set forth
opposite the Stockholder's name on the signature page hereof constitute all
of the Shares owned of record or Beneficially Owned by the Stockholder or
to which the Stockholder has voting power by proxy, voting agreement,
voting trust or other similar instrument. The Stockholder has sole voting
power and sole power to issue instructions with respect to the matters set
forth in Section 3 hereof, sole power of disposition, sole power of
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conversion, sole power to demand appraisal rights and sole power to agree
to all of the matters set forth in this Stockholder Agreement, in each case
with respect to all of the Shares set forth opposite the Stockholder's name
on the signature page hereof, with no limitations, qualifications or
restrictions on such rights, subject to applicable securities laws, and the
terms of this Stockholder Agreement.
(b) Authorization. The Stockholder has the legal capacity, power and
authority to enter into and perform all of the Stockholder's obligations
under this Stockholder Agreement. The execution, delivery and performance
of this Stockholder Agreement by the Stockholder will not violate any other
agreement to which the Stockholder is a party including, without
limitation, any voting agreement, stockholders agreement, voting trust,
trust or similar agreement. This Stockholder Agreement has been duly and
validly executed and delivered by the Stockholder and constitutes a valid
and binding agreement enforceable against the Stockholder in accordance
with its terms. There is no beneficiary or holder of a voting trust
certificate or other interest of any trust of which the Stockholder is a
trustee whose consent is required for the execution and delivery of this
Stockholder Agreement or the consummation by the Stockholder of the
transactions contemplated hereby. If the Stockholder is married and the
Stockholder's Shares constitute community property, this Stockholder
Agreement has been duly authorized, executed and delivered by, and
constitutes a valid and binding agreement of, the Stockholder's spouse,
enforceable against such person is accordance with its terms.
(c) No Conflicts. (i) No filing with, and no permit, authorization,
consent or approval of, any state or federal public body or authority is
necessary for the execution of this Stockholder Agreement by the
Stockholder and the consummation by the Stockholder of the transactions
contemplated hereby and (ii) none of the execution and delivery of this
Stockholder Agreement by the Stockholder, the consummation by the
Stockholder of the transactions contemplated hereby or compliance by the
Stockholder with any of the provisions hereof shall (A) conflict with or
result in any breach of the organizational documents of the Stockholder (if
applicable), (B) result in a violation or breach of, or constitute (with or
without notice or lapse of time or both) a default (or give rise to any
third party right of termination, cancellation, material modification or
acceleration) under any of the terms, conditions or provisions of any note,
bond, mortgage, indenture, license, contract, commitment, arrangement,
understanding, agreement or other instrument or obligation of any kind to
which the Stockholder is a party or by which the Stockholder or any of its
properties or assets may be bound, or (C) violate any order, writ
injunction, decree, judgment, order, statute, rule or regulation applicable
to the Stockholder or any of its properties or assets.
(d) No Encumbrances. Except as applicable in connection with the
transactions contemplated by Sections 3 and 4 hereof, the Stockholder's
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Shares at all times during the term hereof will be Beneficially Owned by
the Stockholder, free and clear of all liens, claims, security interests,
proxies, voting trusts or agreements, understandings or arrangements or any
other encumbrances whatsoever.
(e) No Solicitation. The Stockholder agrees not to take any action
inconsistent with or in violation of Section 6.2 of the Merger Agreement.
(f) Restriction on Transfer, Proxies and Non-Interference. The
Stockholder shall not, directly or indirectly (i) except as contemplated by
the Merger Agreement, offer for sale, sell, transfer, tender, pledge,
encumber, assign or otherwise dispose of, or enter into any contract,
option or other arrangement or understanding with respect to or consent to
the offer for sale, sale, transfer, tender, pledge, encumbrance, assignment
or other disposition of, any or all of the Stockholder's Shares or any
interest therein, (ii) except as contemplated by this Stockholder
Agreement, grant any proxies or powers of attorney, deposit any Shares into
a voting trust or enter into a voting agreement with respect to the Shares,
or (iii) take any action that would make any representation or warranty of
the Stockholder contained herein untrue or incorrect or have the effect of
preventing or disabling the Stockholder from performing the Stockholder's
obligations under this Stockholder Agreement.
(g) Reliance by Parent. The Stockholder understands and acknowledges
that Parent is entering into the Merger Agreement in reliance upon the
Stockholder's execution and delivery of this Stockholder Agreement.
6. Stop Transfer Legend.
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(a) The Stockholder agrees and covenants to Parent that the
Stockholder shall not request that the Company register the transfer (book-
entry or otherwise) of any certificate or uncertificated interest
representing any of the Stockholder's Shares, unless such transfer is made
in compliance with this Stockholder Agreement.
(b) Without limiting the covenants set forth in paragraph (a) above,
in the event of a stock dividend or distribution, or any change in Shares
by reason of any stock dividend, split-up, recapitalization, combination,
exchange of shares or the like, other than pursuant to the Merger, the term
"Shares" shall be deemed to refer to and include the Shares into which or
for which any or all of the Shares may be changed or exchanged and
appropriate adjustments shall be made to the terms and provisions of this
Stockholder Agreement.
7. Further Assurances. From time to time, at Parent's request and
------------------
without further consideration, the Stockholder shall execute and deliver such
additional documents and take all such further lawful action as may be necessary
or desirable to consummate and make effective, in the most expeditious manner
practicable, the transactions contemplated by this Stockholder Agreement.
8. Stockholder Capacity. If the Stockholder is or becomes during the
--------------------
term hereof a director or an officer of the Company, the Stockholder makes no
agreement or understanding herein in his capacity as such director or officer.
The Stockholder signs solely in his capacity as the record and Beneficial Owner
of the Stockholder's Shares.
9. Termination. Except as otherwise provided herein, the covenants
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and agreements contained herein with respect to the Shares shall terminate upon
the earlier of (a) the Termination Date or (b) the Effective Time.
10. Miscellaneous.
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(a) Entire Agreement. This Stockholder Agreement constitutes the
entire agreement among the parties with respect to the subject matter
hereof and supersedes all other prior agreements and understandings, both
written and oral, between the parties with respect to the subject matter
hereof.
(b) Certain Events. Subject to Section 5(f) hereof, the Stockholder
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agrees that this Stockholder Agreement and the obligations hereunder shall
attach to the Stockholder's Shares and shall be binding upon any Person to
which legal or Beneficial Ownership of such Shares shall pass, whether by
operation of law or otherwise, including without limitation, the
Stockholder's heirs, guardians, administrators or successors.
Notwithstanding any such transfer of Shares, the transferor shall remain
liable for the performance of all obligations under this Stockholder
Agreement.
(c) Assignment. This Stockholder Agreement shall not be assigned by
operation of law or otherwise without the prior written consent of the
other party hereto, provided that Parent may assign, in its sole
discretion, its rights and obligations hereunder to any direct or indirect
wholly owned subsidiary of Parent, but no such assignment shall relieve
Parent of its obligations hereunder if such assignee does not perform such
obligations.
(d) Amendment and Modification. This Stockholder Agreement may not be
amended, changed, supplemented, waived or otherwise modified or terminated,
except upon the execution and delivery of a written agreement executed by
the parties hereto.
(e) Notices. Any notice or other communication required or which may
be given hereunder shall be in writing and delivered (i) personally, (ii)
via telecopy, (iii) via overnight courier (providing proof of delivery) or
(iv) via registered or certified mail (return receipt requested). Such
notice shall be deemed to be given, dated and received (i) when so
delivered personally, via telecopy upon confirmation, or via overnight
courier upon actual delivery or (ii) two days after the date of mailing, if
mailed by registered or certified mail. Any notice pursuant to this
section shall be delivered as follows:
If to the Stockholder to the address set forth for the Stockholder on
the signature page to this Stockholder Agreement.
If to Parent:
Leapnet, Inc.
000 Xxxx Xxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
Attn: Chief Executive Officer
(f) Severability. Whenever possible, each provision or portion of any
provision of this Stockholder Agreement will be interpreted in such a
manner as to be effective and valid under applicable law but if any
provision or portion of any provision of this Stockholder Agreement is held
to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or portion of any
provision of this Stockholder Agreement in such jurisdiction, and this
Stockholder Agreement will be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision or
portion of any provision had never been contained herein.
(g) Specific Performance. The parties hereto agree recognize and
acknowledge that a breach by it of any covenants or agreements contained in
this Stockholder Agreement will cause the other party to sustain damages
for which it would not have an adequate remedy at law for money damages,
and therefore each of the parties hereto agrees that in the event of any
such breach the aggrieved party shall be entitled to the remedy of specific
performance of such covenants and agreements and injunctive and other
equitable relief in addition to any other remedy to which it may be
entitled, at law or in equity.
(h) Remedies Cumulative. All rights, powers and remedies provided
under this Stockholder Agreement or otherwise available in respect hereof
at law or in equity shall be cumulative and not alternative, and the
exercise of any such rights, powers or remedies by any party shall not
preclude the simultaneous or later exercise of any other such right, power
or remedy by such party.
(i) No Waiver. The failure of any party hereto to exercise any right,
power or remedy provided under this Stockholder Agreement or otherwise
available in respect hereof at law or in equity, or to insist upon
compliance by any other party hereto with its obligations hereunder, and
any custom or practice of the parties at variance with the terms hereof,
will
not constitute a waiver by such party of its right to exercise any such or
other right, power or remedy or to demand such compliance.
(j) No Third Party Beneficiaries. This Stockholder Agreement is not
intended to confer upon any person other than the parties hereto any rights
or remedies hereunder.
(k) Governing Law. This Stockholder Agreement will be governed and
construed in accordance with the laws of the State of Delaware, without
giving effect to the principles of conflict of laws thereof.
(l) WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES ANY RIGHT
TO A TRIAL BY JURY IN CONNECTION WITH ANY ACTION, SUIT OR PROCEEDING IN
CONNECTION WITH THIS STOCKHOLDER AGREEMENT.
(m) Description Headings. The description headings used herein are
for convenience of reference only and are not intended to be part of or to
affect the meaning or interpretation of this Stockholder Agreement.
(n) Counterparts. This Stockholder Agreement may be executed in
counterparts, each of which will be considered one and the same Stockholder
Agreement and will become effective when such counterparts have been signed
by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart.
(o) Recovery of Attorney's Fees. In the event of any litigation
between the parties relating to this Stockholder Agreement, the prevailing
party shall be entitled to recover its reasonable attorney's fees and costs
(including court costs) from the non-prevailing party, provided that if
both parties prevail in part, the reasonable attorney's fees and costs
shall be awarded by the court in such a manner as it deems equitable to
reflect the relative amounts and merits of the parties' claims.
[signature page follows]
IN WITNESS WHEREOF, Parent and the Stockholder have caused this
Stockholder Agreement to be duly executed as of the day and year first above
written.
LEAPNET, INC.
By: /s/ Xxxxxxxxx X. Xxxxx
-----------------------------------
Name:______________________________
Title:_____________________________
STOCKHOLDER Number of shares: 1,809,871
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Name: /s/ Xxxxx Xxxxxxxx
--------------------------------
STOCKHOLDER'S SPOUSE
Name: /s/ Xxxx X. Xxxxxxxx
--------------------------------
