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EXHIBIT 2 VOTING AGREEMENT

Voting Agreement

EXHIBIT 2 VOTING AGREEMENT | Document Parties: BOSTON BIOMEDICA INC | SeraCare Life Sciences, Inc., You are currently viewing:
This Voting Agreement involves

BOSTON BIOMEDICA INC | SeraCare Life Sciences, Inc.,

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Title: EXHIBIT 2 VOTING AGREEMENT
Governing Law: Delaware     Date: 4/16/2004
Industry: Biotechnology and Drugs     Law Firm: O'Melveny & Myers LLP     Sector: Healthcare

EXHIBIT 2 VOTING AGREEMENT, Parties: boston biomedica inc , seracare life sciences  inc.
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                                                                       Exhibit 2

 

                                VOTING AGREEMENT

 

     This Voting Agreement (this "AGREEMENT") is made and entered into as of

April 16, 2004, by and between the stockholder identified on the signature page

hereto (the "STOCKHOLDER") and SeraCare Life Sciences, Inc., a California

corporation ("BUYER").

 

                                    RECITALS

 

     WHEREAS, Buyer and Boston Biomedica Inc., a Massachusetts corporation

("PARENT") are parties to that certain Asset Purchase Agreement dated as of

April 16, 2004 (the "PURCHASE AGREEMENT") by and among Buyer, Parent and BBI

Biotech Research Laboratories, Inc., a Massachusetts corporation. In order to

induce Buyer to enter into the Purchase Agreement, the Stockholder has entered

into this Agreement with Buyer. The Stockholder is the beneficial owner (as

defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the

"EXCHANGE ACT")) of such number of shares of the outstanding Common Stock, $0.01

par value per share, of Parent as is indicated on the final page of this

Agreement (the "SHARES").

 

                                    AGREEMENT

 

     NOW THEREFORE, for good and valuable consideration, the receipt and

sufficiency of which is hereby acknowledged, the parties agree as follows:

 

     1.    AGREEMENT TO RETAIN SHARES.

 

          (a)      TRANSFER AND ENCUMBRANCE. The Stockholder agrees not to (i)

transfer (which term shall include, without limitation, any sale, exchange,

assignment, gift, pledge, hypothecation or other disposition), or consent to any

transfer of, any or all of the Shares or any New Shares (as such term is defined

in Section 1(b)) or any interest therein, or otherwise dispose of or create or

permit to exist any lien on such shares; (ii) enter into any contract, option or

other agreement or understanding with respect to any transfer of any or all of

such shares or any interest therein; (iii) grant any proxy, power-of-attorney or

other authorization in or with respect to such shares; (iv) deposit such shares

into a voting trust or enter into a voting agreement or arrangement with respect

to such shares; or (v) take any other action that would in any way restrict,

limit or interfere with the performance of the Stockholder's obligations

hereunder or the transactions contemplated hereby or by the Purchase Agreement,

at any time prior to the Expiration Date. Buyer acknowledges that the Shares

have been pledged by the Stockholder to (i) Commerce Bank & Trust Company

("COMMERCE BANK") as collateral security for a loan from Commerce Bank to the

Stockholder (the "COMMERCE BANK PLEDGE"); and (ii) Parent as a second in

priority lien subject to the Commerce Bank Pledge as collateral security for a

loan from Parent to the Stockholder (the "PARENT PLEDGE"). Commerce Bank has

confirmed, by letter dated April 15, 2004 to Buyer that Commerce Bank will not

take any actions under the Commerce Bank Pledge to limit, stop or otherwise

interfere with Buyer's right to vote the Shares hereunder. In addition, Parent

has confirmed by letter dated April 16, 2004 to Buyer that Parent will not take

any actions under the Parent Pledge to limit, stop or otherwise interfere with

Buyer's right to vote the Shares hereunder. As used herein, the term "EXPIRATION

DATE" shall mean the earlier to occur of (i) the Closing (as such term is

defined in the Purchase Agreement), or (ii) the date of termination of the

Purchase Agreement.

 

                                        1

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           (b)      NEW SHARES. The Stockholder agrees that any shares of capital

stock of Parent that the Stockholder purchases or with respect to which the

Stockholder otherwise acquires beneficial ownership after the date of this

Agreement and prior to the Expiration Date ("NEW SHARES") shall be subject to

the terms and conditions of this Agreement to the same extent as if they

constituted Shares.

 

     2.    AGREEMENT TO VOTE SHARES. Prior to the Expiration Date, at every

meeting of the stockholders of Parent called with respect to any of the

following, and at every adjournment thereof, and on every action or approval by

written consent of the stockholders of Parent with respect to any of the

following, the Stockholder shall vote the Shares and any New Shares (to the

extent such New Shares have voting rights) (i) in favor of approval of the

Purchase Agreement and any matter necessary to facilitate the consummation of

the Purchase Agreement and all transactions contemplated thereby, and (ii)

against any Acquisition Proposal (as such term is defined in the Purchase

Agreement), or any other action or agreement that would result in a breach of

any covenant, representation or warranty or any other obligation or agreement of

Parent under the Purchase Agreement or which could reasonably be expected to

result in any of the conditions to Parent's obligations under the Purchase

Agreement not being fulfilled; provided, however, that the Stockholder shall not

be required to vote the Shares and any New Shares in favor of approval of the

matters identified in clause (i) or against the matters identified in clause

(ii) of this Section 2 if (A) a Superior Offer (as such term is defined in the

Purchase Agreement) is made after the date of this Agreement, and (B) in

response to such Superior Offer the Board of Directors of Parent withholds,

withdraws, amends or modifies its recommendation in favor of the Stockholder

Approval Matters (as such term is defined in the Purchase Agreement) in a manner

materially adverse to Buyer because the Board of Directors of Parent has

reasonably concluded in good faith, after consultation with its outside counsel,

that the failure to withhold, withdraw, amend or modify such recommendation

would violate its fiduciary obligations under applicable law.

 

      3.    IRREVOCABLE PROXY; POWER OF ATTORNEY. Without limiting the generality

of the foregoing, the Stockholder hereby irrevocably constitutes and appoints

Buyer or its designee as its attorney and proxy, with full power of substitution

and re-substitution to vote the Stockholder's Shares and any New Shares (to the

extent such New Shares have voting rights) for and in the name, place and stead

of the Stockholder at any meeting and at any adjournment thereof, or pursuant to

any written consent of stockholders of Parent, in accordance with the agreements

set forth in Section 2 hereof. This proxy and power of attorney is irrevocable

(at all times prior to the Expiration Date) and coupled with an interest. The

Stockholder hereby revokes all other proxies and power of attorney with respect

to the Shares and/or any New Shares that it may have heretofore appointed or

granted, and no subsequent proxy or power of attorney shall be granted (and if

granted, shall not be effective) by the Stockholder with respect thereto.

Concurrently with the execution of this Agreement, the Stockholder agrees to

deliver to Buyer a proxy (the form of which is attached hereto as SCHEDULE 1,

the "PROXY"), covering the total number of Shares and New Shares beneficially

owned or as to which beneficial ownership is acquired (as such term is defined

in Rule 13d-3 under the Exchange Act) by the Stockholder.

 

                                        2

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     4.    NO SOLICITATION.

 

          (a)      NO SOLICITATION OR NEGOTIATION. Except as set forth in this

Section 4, prior to the Expiration Date, the Stockholder shall not, nor shall

the Stockholder authorize or permit Parent or any of Parent's subsidiaries or

any of Parent's or Parent's subsidiaries' respective directors, officers,

employees, affiliates, investment bankers, attorneys, accountants or other

advisors or representatives (such subsidiaries, directors, officers, employees,

investment bankers, attorneys, accountants, other advisors and representatives,

collectively, "STOCKHOLDER REPRESENTATIVES") to directly or indirectly:

 

                  (i)     solicit, initiate, encourage or induce the making,

submission or announcement of any Acquisition Proposal;

 

                  (ii)    participate in any discussions or negotiations

regarding, or furnish to any person any non-public information with respect to,

or take any other action to facilitate any inquiries or the making of any

proposal that constitutes or may reasonably be expected to lead to, any

Acquisition Proposal;

 

                   (iii)   engage in discussions with any person with respect to

any Acquisition Proposal;

 

                  (iv)    approve, endorse or recommend any Acquisition Proposal;

or

 

                  (v)     enter into any letter of intent or similar document or

any contract, agreement or commitment contemplating or otherwise relating to any

Acquisition Transaction (as defined in the Purchase Agreement); provided,

however, that Stockholder may, solely in the Stockholder's capacity as a

Representative (as such term is defined in the Purchase Agreement) of Parent,

take such actions as may be permitted under Section 6.2(a) of the Purchase

Agreement, but only if the conditions set forth in Section 6.2(a) for such

actions have been satisfied.

 

The Stockholder agrees that any violation of the restrictions set forth in this

Section 4 by any Stockholder Representative or any affiliate of the Stockholder

or any Stockholder Representative, whether or not such Person is purporting to

act on behalf of the Stockholder, shall constitute a breach by the Stockholder

of this Section 4.

 

          (b)      NOTICES; ADDITIONAL NEGOTIATIONS. In addition to the

obligations of the Stockholder set forth in paragraph (a) of this Section 4,

prior to the Expiration Date, the Stockholder shall advise Buyer orally and in

writing within 24 hours of the receipt thereof, of any request received by the

Stockholder or any Stockholder Representatives (if the Stockholder is aware of

such request) for nonpublic information which the Stockholder reasonably

believes would lead to an Acquisition Proposal or of any Acquisition Proposal,

or any inquiry received by the Stockholder or any Stockholder Representat


 
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