Exhibit 10.1
AMENDED AND RESTATED VOTING
AGREEMENT, dated as of November 20, 2007 (the “
Agreement ”), by and among BRAVOSOLUTION S.P.A., a
corporation organized under the laws of Italy (“
Parent ”), VERTICALNET, INC., a Pennsylvania
corporation (the “ Company ”), and each of the
shareholders of the Company listed on Schedule I to
this Agreement (each, a “ Shareholder ” and,
collectively, the “ Shareholders ”).
RECITALS
WHEREAS, as of the date hereof, each
Shareholder is the record and beneficial owner of the number of
shares (the “ Shares ”) of Series B
Preferred Stock, par value $.01 per share, of the Company (the
“ Company Preferred Stock” ) set forth opposite
such Shareholder’s name on Schedule I attached hereto
(such Shares, together with any other shares of capital stock of
the Company set forth on Schedule I attached hereto,
and any other shares of capital stock acquired by such Shareholder
after the date hereof and during the term of this Agreement
(including through the exercise of any stock options, warrants,
convertible preferred stock, or any other convertible or
exchangeable securities or similar instruments of the Company),
being collectively referred to herein as such Shareholder’s
“ Subject Shares ”);
WHEREAS, Parent, BRAVOSOLUTION
U.S.A., INC., a Pennsylvania corporation and a wholly-owned
subsidiary of Parent (“ Merger Sub ”), and the
Company, entered into an Agreement and Plan of Merger, dated as of
October 25, 2007 (as it may be amended or supplemented from
time to time, the “ Merger Agreement ”),
pursuant to which, upon the terms and subject to the conditions
thereof, Merger Sub will be merged with and into the Company, and
the Company will be the surviving entity (the “ Merger
”) and a wholly-owned subsidiary of Parent;
WHEREAS, concurrently with the
execution and delivery of the Merger Agreement, and as a condition
and material inducement to the Company’s willingness to enter
into the Merger Agreement, Merger Sub entered into a Stock Purchase
Agreement with the Company (the “ Series C Preferred
Stock Purchase Agreement ”), pursuant to the terms of
which Merger Sub acquired from the Company on October 31,
2007, 322,007 shares of the Company’s Series C Preferred
Stock (the “ Series C Preferred Stock
”);
WHEREAS, concurrently with the
execution and delivery of the Merger Agreement, and as a condition
and material inducement to Parent and Merger Sub’s
willingness to enter into the Merger Agreement and the
Series C Preferred Stock Purchase Agreement, the Shareholders
entered into a voting agreement with the Company and Parent, dated
as of October 25, 2007 (the “ Existing Voting
Agreement ”);
WHEREAS, it was the intention of the
parties to the Existing Voting Agreement that no more than 19.99%
of the Company’s outstanding voting power would be subject to
Section 2(a), Section 2(b) and Section 7 of the Existing
Voting Agreement;
WHEREAS, the parties to the Existing
Voting Agreement wish to amend the Existing Voting Agreement such
that, among others, the Subject Shares of MICHAEL J. HAGAN, an
individual resident in Newtown, Pennsylvania (“ Hagan
”), and MICHAEL P. McNULTY, an individual resident in Berwyn,
Pennsylvania (“ McNulty ”), are not subject to
Sections 2(a), 2(b) and 7 of the Existing Voting Agreement
(and that any provision or interpretation to the contrary be void
ab initio ), and that instead, Hagan and McNulty grant an
irrevocable proxy to the Company to vote their Subject Shares, in
connection with the Merger and any other extraordinary corporate
transaction, in a manner that the Company, acting through its Board
of Directors, determines in its sole discretion;
WHEREAS, in addition, the parties to
the Existing Voting Agreement wish to amend the Existing Voting
Agreement to (i) revoke all prior proxies given by Hagan and
McNulty with respect to their Subject Shares, (ii) provide for
a grant of an irrevocable proxy of Hagan and McNulty’s
Subject Shares to the Company to vote, in connection with the
Merger and any other extraordinary corporate transaction, in a
manner that the Company, acting through its Board of Directors,
determines in its sole discretion, and (iii) reflect the
issuance of the Series C Preferred Stock and the subsequent
dilution of the percentage of voting stock outstanding of each of
the Shareholders.
NOW, THEREFORE, the parties hereto
hereby agree to amend and restate the Existing Voting Agreement,
and the Existing Voting Agreement is hereby amended and restated in
its entirety as follows:
Section 1.
Defined Terms . Capitalized terms used but not defined
herein have the meanings set forth in the Merger Agreement.
Section 2.
Voting of Shares .
(a)
Voting . For so long as this Agreement is in effect, each
Shareholder (other than Hagan and McNulty) hereby agrees to vote
(or cause to be voted) all of such Shareholder’s Subject
Shares, at every annual, special or other meeting of the
shareholders of the Company, and at any adjournment or adjournments
thereof, or pursuant to any consent in lieu of a meeting or
otherwise:
(i) in
favor of the Merger and the Merger Agreement and adoption of the
Plan of Merger, substantially in the form attached hereto as
Exhibit A (the “ Plan of Merger ”),
and the approval of the other transactions contemplated thereby,
and any actions required in furtherance thereof, including, any
class vote from the holders of Company Preferred Stock;
(ii) against
any action or agreement that such Shareholder would reasonably
expect to result in a breach in any material respect of any
covenant, representation or warranty or any other obligation of the
Company under the Merger Agreement; and
(iii) against
(A) any extraordinary corporate transaction, such as a merger,
rights offering, reorganization, recapitalization or liquidation
involving the Company or any of its subsidiaries (other than the
Merger), (B) a sale or transfer of a material amount of assets
or capital stock of the Company or any of its subsidiaries or
(C) any action that is intended, or would reasonably be
expected, to prevent or materially delay or otherwise interfere
with the Merger and the other transactions contemplated by the
Merger Agreement.
(b)
Grant of Irrevocable Proxy to Parent . Each Shareholder
hereby irrevocably grants to, and appoints, Parent and any
individual who shall hereafter be designated by Parent, and each of
them, such Shareholder’s proxy and attorney-in-fact (with
full power of substitution), for and in the name, place and stead
of such Shareholder, to vote, or cause to be voted, such
Shareholder’s Subject Shares, or grant a consent or approval
in respect of such Shareholder’s Subject Shares, at every
annual, special or other meeting of the shareholders of the
Company, and at any adjournment or adjournments thereof, or
pursuant to any consent in lieu of a meeting or otherwise, with
respect to the matters and in the manner specified in
Section 2(a) hereof; provided that the foregoing
proxy shall terminate immediately upon termination of this
Agreement in accordance with its terms. Each Shareholder
understands and acknowledges that Parent is entering into the
Merger Agreement in reliance upon the Shareholders’ execution
and delivery of this Agreement. Each Shareholder hereby affirms
that the irrevocable proxy set forth in this
Section 2(b) is given in connection with the execution
of the Merger Agreement, and that such irrevocable proxy is given
to secure the performance of the duties of such Shareholder under
this Agreement. Subject to this Section 2(b) , this
grant of proxy is coupled with an interest and may under no
circumstances be revoked. Each Shareholder hereby ratifies and
confirms all actions that any proxy appointed or designated
pursuant to this Section 2(b) may lawfully do or cause
to be done in accordance herewith. Such irrevocable proxy is
executed and intended to be irrevocable in accordance with the
provisions of Section 1759 of the Pennsylvania Business
Corporation Law of 1988, as amended. Upon the execution hereof, all
prior proxies given by each Shareholder with respect to the Shares
are hereby revoked and, for so long as this Agreement is in effect,
no subsequent proxies will be given. All references to
“Shareholder” in this Section 2(b) refers
in each instance, for purposes of this Section 2(b)
only, to all Shareholders other than Hagan and McNulty whose proxy
is given exclusively pursuant to Section 2(d)
hereof.
(c)
Grant of Irrevocable Proxy by Parent . Notwithstanding any
other provision of this Agreement to the contrary, it is intended
that, and Parent hereby agrees that, Parent shall not have and
exercise voting rights under this Agreement with respect to any
Shareholder’s Subject Shares, if and to the extent such
rights, when taken together with voting rights exercisable by
Parent or any of its Affiliates with respect to any other Shares or
shares of capital stock of the Company, would allow Parent to have
voting rights with respect to 20% or more of the outstanding voting
capital stock of the Company (any such excess shares, the “
Excess Shares ”). Parent hereby irrevocably grants to,
and appoints, the Company and any individual who shall hereafter be
designated by the Company, and each of them, Parent’s proxy
and attorney-in-fact (with full power of substitution), for and in
the name, place and stead of Parent, to vote, or cause to be voted,
the Excess Shares, or grant a consent or approval in respect
thereof, at every annual, special or other meeting of the
shareholders of the Company, and at any adjournment or adjournments
thereof, or pursuant to any consent in lieu of a meeting or
otherwise, with respect to
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any
matters requiring the vote, consent or approval of such
shareholders; provided that the foregoing proxy shall be
exercised as the Company, acting through its Board of Directors,
determines in its sole discretion. Parent hereby affirms that the
irrevocable proxy set forth in this Section 2(c) is
given in connection with the execution of the Merger Agreement.
Subject to this Section 2(c) , this grant of proxy is
coupled with an interest and may under no circumstances be revoked.
Parent hereby ratifies and confirms all actions that any proxy
appointed or designated hereby may lawfully do or cause to be done
in accordance herewith. Such irrevocable proxy is executed and
intended to be irrevocable in accordance with the provisions of
Section 1759 of the PBCL.
(d)
Grant of Irrevocable Proxy to the Company . Each of Hagan
and McNulty hereby, severally and not jointly, irrevocably grants
to, and appoints, the Company and any individual who shall
hereafter be designated by the Company, and each of them, such
Shareholder’s proxy and attorney-in-fact (with full power of
substitution), for and in the name, place and stead of such
Shareholder, to vote, or cause to be voted, such
Shareholder’s Subject Shares, or grant a consent or approval
in respect of such Shareholder’s Subject Shares, at every
annual, special or other meeting of the shareholders of the
Company, and at any adjournment or adjournments thereof, or
pursuant to any consent in lieu of a meeting or otherwise, with
respect to (i) the Merger and the Merger Agreement and
adoption of the Plan of Merger, and the other transactions
contemplated thereby, and any actions required in furtherance
thereof, including, any class vote from the holders of Company
Preferred Stock; (ii) (A) any extraordinary corporate
transaction, such as a merger, rights offering, reorganization,
recapitalization or liquidation involving the Company or any of its
subsidiaries (other than the Merger), or (B) a sale or
transfer of a material amount of assets or capital stock of the
Company or any of its subsidiaries; and (iii) any other
related matters requiring the vote, consent or approval of such
Shareholder; provided that the foregoing proxy shall
terminate immediately upon termination of this Agreement in
accordance with its terms; and provided further that the
foregoing proxy shall be exercised as the Company, acting through
its Board of Directors, determines in its sole discretion. Each of
Hagan and McNulty, severally and not jointly, understands and
acknowledges that Parent is entering into the Merger Agreement in
reliance upon their execution and delivery of this Agreement.
Subject to this Section 2(d) , this grant of proxy is
coupled with an interest and may under no circumstances be revoked.
Each of Hagan and McNulty, severally and not jointly, hereby
ratifies and confirms all actions that any proxy appointed or
designated hereby may lawfully do or cause to be done in accordance
herewith. Such irrevocable proxy is executed and intended to be
irrevocable in accordance with the provisions of Section 1759
of the Pennsylvania Business Corporation Law of 1988, as amended.
Upon the execution hereof, all prior proxies given by Hagan and
McNulty with respect to the Shares are hereby revoked and, for so
long as this Agreement is in effect, no subsequent proxies will be
given.
Section 3.
Dissenters’ Rights . Each Shareholder (other than
Hagan and McNulty) hereby waives, and agrees not to, for so long as
this Agreement is in effect, exercise or assert, any dissenters
rights or similar rights under Section 1571(b)(2)(ii) of the
Pennsylvania Business Corporation Law of 1988, as amended, 15 Pa.
C.S. §§ 1101, et seq. (“ PBCL ”), in
connection with the Merger.
Section 4.
Fiduciary Responsibilities . No Shareholder executing this
Agreement who is or becomes during the term hereof a director or
officer of the Company makes (or shall be deemed to have made) any
agreement or understanding herein in his or her capacity as such
director or officer. Without limiting the generality of the
foregoing, each Shareholder signs solely in his, her or its
capacity as the record and/or beneficial owner, as applicable, of
such Shareholder’s Subject Shares and nothing herein shall
limit or affect any actions taken by such Shareholder (or a
designee of such Shareholder) in his or her capacity as an officer
or director of the Company in exercising his or her or the
Company’s or the Company Board’s rights in connection
with the Merger Agreement or otherwise and such actions shall not
be deemed to be a breach of this Agreement.
Section 5.
Representations and Warranties of Shareholder . Each
Shareholder, severally and not jointly, represents and warrants to
Parent as follows:
(a)
Binding Agreement . Such Shareholder has the capacity to
execute and deliver this Agreement and to consummate the
transactions contemplated hereby. Such Shareholder has duly and
validly executed and delivered this Agreement and this Agreement
constitutes a legal, valid and binding obligation of such
Shareholder, enforceable against such Shareholder in accordance
with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization or other similar
laws affecting creditors’ rights generally and by general
equitable principles (regardless of whether enforceability is
considered in a proceeding in equity or at law).
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(b)
No Conflict . Neither the execution and delivery of this
Agreement by such Shareholder, nor the performance by such
Shareholder of its obligations hereunder will, (i) require any
consent, approval, authorization or permit of, registration,
declaration or filing (except for such filings as may be required
under the federal securities laws or as would not reasonably be
expected to prevent, materially delay or otherwise materially
impair such Shareholder’s ability to perform its obligations
hereunder) with, or notification to, any governmental entity,
(ii) if such Shareholder is an entity, result in a violation
of, or default under, or conflict with any provision of its
certificate of incorporation, bylaws, partnership agreement,
limited liability company agreement or similar organizational
documents, (iii) result in a violation or breach of, or
constitute (with or without due notice or lapse of time or both) a
default (or give rise to any right of termination, cancellation, or
acceleration) under any contract, trust, agreement, instrument,
commitment, arrangement or understanding applicable to such
Shareholder or such Shareholder’s Subject Shares, or result
in the creation of a security interest, lien, charge, encumbrance,
equity or claim with respect to any of such Shareholder’s
Subject Shares, except, in the case of clause (iii), as would not
reasonably be expected to prevent, materially delay or otherwise
materially impair such Shareholder’s ability to perform its
obligations hereunder, (iv) require any consent, authorization or
approval of any Person other than a governmental entity, except, in
the case of clause (iv), as would not reasonably be expected to
prevent, materially delay or otherwise materially impair such
Shareholder’s ability to perform its obligations hereunder or
(v) violate or conflict with any order, writ, injunction,
decree, rule, regulation or law applicable to such Shareholder or
such Shareholder’s Subject Shares. If such Shareholder is a
married individual and such Shareholder’s Subject Shares
constitute community property or otherwise need spousal approval in
order for this Agreement to be a legal, valid and binding
obligation of such Shareholder, this Agreement has been duly
authorized, executed and delivered by, and constitutes a legal,
valid and binding obligation of, such Shareholder’s spouse,
enforceable against such spouse in accordance with its terms,
except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization or other similar laws
affecting creditors’ rights generally and by general
equitable principles (regardless of whether enforceability is
considered in a proceeding in equity or at law).
(c)
Ownership of Shares . Such Shareholder is the record and
beneficial owner of, and has good, valid and marketable title to,
the Shares set forth opposite such Shareholder’s name on
Schedule I attached hereto free and clear of any
security interests, liens, charges, encumbrances, equities, claims,
options or limitations of whatever nature and free of any other
limitation or restriction (including any restriction on the right
to vote, sell or otherwise dispose of such Shares). There are no
outstanding options or other rights to acquire from such
Shareholder, or obligations of such Shareholder to sell or to
dispose of, any of such Shareholder’s Shares, and none of
such Shareholder’s Shares are subject to vesting. Such
Shareholder holds exclusive power to vote the Shares set forth
opposite such Shareholder’s name on Schedule I
attached hereto. As of the date of this Agreement, the Shares set
forth opposite such Shareholder’s name on such
Schedule I attached hereto represent all of the shares
of capital stock of the Company owned (beneficially or of record)
by such Shareholder, except shares of Company Common Stock which
may be acquired by such Shareholder upon exercise of options, if
any, or conversion of the Series B Preferred Stock, if any,
held by such Shareholder as set forth in such Schedule.
(d)
Proxy Statement . Each Shareholder agrees that none of the
information relating to such Shareholder or his, her or its
controlled Affiliates provided by or on behalf of such Shareholder
for inclusion in the Proxy Statement will, from the time the Proxy
Statement is first filed with the SEC to the time the Proxy
Statement is first
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