AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger (the "Plan and Merger Agreement"), is made as
of November 17, 1999 by and between Rent USA, Inc., a Delaware corporation
("Rent D") and Rent USA, Inc., a Nevada corporation ("Rent USA")
RECITALS
A) Rent D is a corporation duly organized and existing under the laws of the
State of Delaware.
B) Rent USA is a corporation duly organized and existing under the laws of
the State of Nevada. One share of common stock of Rent USA has been issued and
that share of common stock is held by Rent D. Thus Rent USA is a wholly-owned
subsidiary of Rent D. No shareholder approval of this Plan and Merger Agreement
is required.
C) Rent D and Rent USA (the "Constituent Corporations") have approved this
Plan and Merger Agreement by resolutions duly adopted by their respective
Boards of Directors in accordance with the laws of their respective
jurisdictions of incorporation; and
D) The constituent Corporations desire to adopt a plan of reorganization
pursuant to the provisions of Section 368 (a) (1) (f) of The Internal Revenue
Code of 1986, as amended, a Plan of Merger complying with the appropriate
section Delaware Code and
NOW THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties hereto agree as follows:
1) Surviving Corporation. Rent D shall be merged with and into Rent USA (the
"Merger") with Rent USA being the surviving corporation (the "Surviving
Corporation") of the Merger. At the Effective Time (as hereinafter defined), the
corporate existence of Rent D shall cease and the Surviving corporation, to the
fullest extent permitted by applicable law, shall succeed to all the business,
properties, assets and liabilities of the Constituent Corporations. At the
Effective Time, the name of the Surviving Corporation shall remain RENT USA,
Inc.
2) Authorized Shares. The authorized capital stock of the Surviving
Corporation consists of 20,000,00 shares of Common Stock, par value .001 per
share and 5,000,00 shares of Preferred Stock, par value .001 per share.
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3) Certificate of Incorporation and Bylaws.
a) The Certificate of Incorporation of Rent USA as in effect at the
Effective Time shall be the Certificate of Incorporation of the Surviving
Corporation.
b) The Bylaws of Rent USA as in effect at the Effective Time shall be
the Bylaws of the Surviving Corporation.
4) Directors and Officers.
a) The directors of Rent D immediately prior to the Effective Time shall
be the directors of the Surviving Corporation, to hold office in accordance
with the Bylaws of the Surviving Corporation until their successors are duly
appointed or elected and qualified.
b) The officers of Rent D immediately prior to the Effective Time shall
be the officers of the Surviving Corporation to hold office in accordance with
the Bylaws of the Surviving Corporation until their successors are duly
appointed or elected and qualified.
5) Principal Office. The principal office of the Surviving Corporation in the
State of Nevada shall be at 0000 X Xxxxxxx Xxxx, Xxxxx 000, Xxx Xxxxx, Xxxxxx
00000.
6) Consent to Service of Process. The Surviving Corporation hereby consents
to be sued and served with process in the State of Delaware In any proceeding in
the State of Delaware and the Surviving Corporation hereby irrevocably appoints
the Secretary of state of Delaware as its agent to accept service of process in
such proceeding in the State of Delaware to enforce against the Constituent
Corporations any obligati9ns of Rent D and the rights of dissenting
shareholders of Rent D.
7) Corporate Purpose. The purposes for which the Surviving Corporation has
been formed are to engage in any lawful act or activity for which corporations
may be formed under the laws of the State of Nevada.
8) Term of Merger.
a) At the Effective Time, each issued and outstanding share of Common
Stock of Rent D shall, automatically and without further act of either of the
Constituent Corporations or of the holders thereof, be extinguished and
converted into one issued and outstanding share of Common Stock of the Surviving
Corporation. The holder of each share so extinguished and converted ( of record
on the shareholder records of Rent D at the Effective Time) shall be recorded on
the books of the Surviving Corporation as the
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holder of the number of shares of Common Stock of the Surviving Corporation
which such holder is entitled to receive; and each certificate theretofore
representing one or more shares of Common Stock of Rent D shall be deemed, for
all corporate purposes, to evidence ownership of the same number of shares of
Common Stock of the Surviving Corporation which the holder of such certificate
is entitled to receive.
b) Each person who, as a result of the Merger, holds one or more
certificates which theretofore represented one or more shares of Common stock of
Rent D shall surrender any such certificates to the Surviving Corporation ( or
to any agent designated for such purpose by the Surviving Corporation) and upon
such surrender, the Surviving Corporation shall, within a reasonable time,
deliver to such person in substitution and exchange therefore (i) one or more
certificates evidencing the number of shares of Common Stock of the Surviving
Corporation which such person is entitled to receive in accordance with the
terms of this Plan and Merger Agreement in substitution for the number of shares
of Common Stock of Rent D theretofore represented by each certificate so
surrendered; provided however, that such holders shall not be required to
surrender any such certificates until such certificates would normally be
surrendered for transfer on the books of the issuing corporation in the ordinary
course of business.
c) At and after the Effective time, all of the issued and outstanding
shares of Common Stock of Rent D held immediately prior to the Effective Time
shall be cancelled and cease to exist, without any consideration being payable
therefore .
d) At the Effective Time, each option to purchase shares of Common Stock
of the Company outstanding immediately prior to the Effective Time shall become
an option to purchase shares of Common Stock of the Surviving Corporation,
subject to the same terms and conditions and at the same option price applicable
to each such option immediately prior to the Effective Time.
9) Termination and Abandonment. At any time prior to the Effective Time and
for any reason, this Plan and Merger Agreement may be terminated and abandoned
by the Board of Directors of either of the Constituent Corporations, without
notice of such action to the other Constituent Corporation, notwithstanding
approval of this Plan and Merger Agreement by the shareholders of one or both of
the Constituent Corporations.
10) Amendment. At any time prior to the Effective Time, this Plan and Merger
Agreement may be amended, by an agreement in writing executed in the same manner
as this Plan and Merger Agreement, after due authorization of such action by the
Board of Directors of the Constituent Corporations; provided, however , that
this Plan and Merger Agreement may not be amended if such amendment would (a)
alter or change the amount or kind of shares or other consideration to be
received by the shareholders of either of the Constituent Corporations in the
Merger, (b) alter or change any term of the Certificate of Incorporation of the
corporation which will be the Surviving Corporation, (c) alter or change any of
the terms and conditions of this Plan
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and Merger Agreement if such alteration or change would adversely affect the
shareholders of either at the Constituent Corporations, or (d) otherwise violate
applicable law.
11) Effective Time of Merger. The Effective Time of Merger shall be the
later of the date on which the (i) Certificate of Ownership and Merger shall
have been duly filed in the office of the Secretary or State of Nevada, and (ii)
this Plan and Agreement of Merger shall have been duly filed in the office of
the Secretary of State of Delaware (the Effective Time").
RENT USA, INC, a Delaware Corporation
BY: /s/ Xx Xxxxxx
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,President
BY: /s/ Xx Xxxxxx
-----------------
, Secretary
RENT USA, INC., a Nevada Corporation
BY: /s/ Xx Xxxxxx
-----------------
,President
BY: /s/ Xxxx Xxxxxx
-----------------
, Secretary
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