AMENDED & RESTATED VOTING
AGREEMENT
This Amended & Restated Voting Agreement
(this “Agreement”) is made as of March 27, 2009 by and
among GCA I Acquisition Corp., a Delaware corporation
(“Parent”) and Robert A. Walker, a principal
stockholder of Bixby Energy Systems, Inc., a Delaware corporation
(the “Company”)(the “Company Principal
Stockholder”).
WHEREAS, Parent
and the Company Principal Stockholder entered into a certain voting
agreement as of May 7, 2008 (the “Original Voting
Agreement”), which Original Voting Agreement Parent and
Company Principal Stockholder now wish to amend and restate in its
entirety in the form of this Agreement, which shall for all
purposes be deemed to supercede the Original Voting
Agreement;
WHEREAS, concurrently with the execution and
delivery of this Agreement, Parent, Bixby Energy Acquisition Corp.,
a Delaware corporation and wholly-owned subsidiary of Parent
(“Merger Sub”) and the Company are entering into an
Amended & Restated Agreement and Plan of Merger (the
“Merger Agreement”), pursuant to which Merger Sub will
be merged with and into the Company, and the Company shall be the
surviving corporation following the merger (the
“Merger”);
WHEREAS, as of the date hereof, the Company
Principal Stockholder is a Beneficial Owner (as defined below) of
the Subject Shares (as defined below); and
WHEREAS, in order to induce Parent to enter into
the Merger Agreement, the Company Principal Stockholder has agreed
to enter into this Agreement.
NOW, THEREFORE, in consideration of the
foregoing premises and of the covenants and agreements set forth
herein and in the Merger Agreement, and intending to be legally
bound hereby, the parties agree as follows:
(a)
“Beneficially Own” or “Beneficial
Owner” with respect to any securities means having
“beneficial ownership” as determined pursuant to
Rule 13d-3 under the Securities Exchange Act of 1934, as
amended.
(b)
“Company Capital Stock” means, jointly, the
Company Common Stock and the Company Preferred Stock.
(c)
“Company Common Stock” means shares of common
stock, par value $0.001 per share, of the Company.
(d)
“Company Options and Other Rights” means
options, warrants and other rights to acquire, directly or
indirectly, shares of Company Capital Stock.
(e)
“Company Preferred Stock” means shares of Series
A convertible preferred stock, par value $0.001 per share, of
the Company.
(f)
“Expiration Date” means the earlier to occur of
(i) the Effective Time (as defined in the Merger Agreement) or
(ii) the date on which the Merger Agreement is terminated
pursuant to its terms.
(g)
“Subject Shares” means (i) all shares of
Company Capital Stock Beneficially Owned by the Company Principal
Stockholder as of the date of this Agreement, and
(ii) all additional shares of Company Capital Stock of which
the Company Principal Stockholder acquires Beneficial Ownership
during the period from the date of this Agreement through the
Expiration Date.
(a) The
Company Principal Stockholder hereby reresents that it is an
“accredited investor” as such term is defined within
Rule 501 of Regulation D promulgated under the Securities Act of
1933, as amended.
(b) The
Company Principal Stockholder hereby agrees that, prior to the
Expiration Date, at any meeting of the stockholders of the Company,
however called, and in any written action by consent of
stockholders of the Company, unless otherwise directed in writing
by Parent, the Company Principal Stockholder shall cause
to be counted as present thereat for purposes of establishing a
quorum and, subject only to Parent’s compliance with
applicable securities laws, shall vote, or cause to be voted, any
and all Subject Shares as of the record date of such meeting
or written consent:
(i) for
the adoption and approval of the Merger Agreement and the terms
thereof, in favor of each of the other actions contemplated by the
Merger Agreement, including without limitation the Merger and the
amendment to the Company’s certificate of incorporation
relating to the automatic conversion of the Company Preferred Stock
upon consummation of the Merger, and in favor of any action in
furtherance of any of the foregoing;
(ii) against
any action or agreement that would result in a breach of any
representation, warranty, covenant or obligation of the Company in
the Merger Agreement; and
(iii) against
the following actions (other than the transactions contemplated by
the Merger Agreement including without limitation the Merger and
the amendment to the Company’s certificate of incorporation
relating to the automatic conversion of the Company Preferred Stock
upon consummation of the Merger): (A) any extraordinary
corporate transaction, such as a merger, consolidation or other
business combination involving the Company or any subsidiary of the
Company; (B) any sale, lease, sublease, license, sublicense or
transfer of a material portion of the rights or other assets of the
Company or any subsidiary of the Company; (C) any
reorganization, recapitalization, dissolution or liquidation of the
Company or any subsidiary of the Company; (D) any change in
the individuals who serve as members of the board of directors of
the Company; (E) any amendment to the Company’s
certificate of incorporation or bylaws; (F) any material
change in the capitalization of the Company or the Company’s
corporate structure; and (G) any other action which is
intended, or could reasonably be expected, to impede, interfere
with, delay, postpone, discourage or adversely affect the Merger or
any of the other transactions contemplated by the Merger Agreement
or this Agreement.
(c) No
provision contained in this Agreement shall prohibit the Company
Principal Stockholder from voting in his capacity as a director of
the Company in any manner whatsoever.
(d) Prior
to the Expiration Date, the Company Principal Stockholder shall not
enter into any other agreement or understanding with any third
party requiring him to vote in his capacity as a stockholder or
give instructions in any manner inconsistent with clause
“(i),” clause “(ii)” or clause
“(iii)” of Subsection (b) of this Section 2 of
this Agreement.
(e) The
Company Principal Stockholder hereby waives and agrees not to
exercise or seek to exercise any applicable
“appraisal rights” under the Delaware General
Corporation Law with respect to the Subject Shares in connection
with the Merger and the Merger Agreement.
3.
Proof of Vote/Consent . In the event that
approval by the Company stockholders of the Merger, the Merger
Agreement, and the amendment to the Company’s certificate of
incorporation relating to the automatic conversion of the Company
Preferred Stock upon consummation of the Merger is not obtained,
then, and in such event, the Company Principal Stockholder shall
promptly provide to Parent evidence in form reasonably satisfactory
to Parent of the fulfillment of his obligations under this
Agreement.
4.
Representations and Warranties of Stockholder .
The Company Principal Stockholder represents
and warrants to Parent as follows:
(a) As
of the date of this Agreement and at all times through the
Expiration Date:
(i) He
is the Beneficial Owner (free and clear of any encumbrances or
restrictions) of the outstanding shares of Company Common Stock set
forth under the heading “Shares of Company Common Stock
Beneficially Owned”, on the signature page hereof;
(ii) He
is the Beneficial Owner (free and clear of any encumbrances or
restrictions) of the outstanding shares of Company Preferred Stock
set forth under the heading “Shares of Company Preferred
Stock Beneficially Owned”, on the signature page
hereof;
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