Exhibit 10.1
EXECUTION COPY
FORM OF VOTING
AGREEMENT
THIS VOTING AGREEMENT (this “
Agreement ”) is made and entered into as of
November 9, 2006, by and between Genentech, Inc., a Delaware
corporation (“ Parent ”) and the undersigned
stockholder (“ Stockholder ”) of Tanox, Inc.
(the “ Company ”).
RECITALS
A. Concurrently with the execution
of this Agreement, Parent and the Company have entered into an
Agreement and Plan of Merger (the “ Merger Agreement
”), which provides for the merger (the “ Merger
”) of a wholly-owned subsidiary of Parent with and into the
Company.
B. Pursuant to the Merger, all of
the issued and outstanding shares of capital stock and options of
the Company will be canceled and converted into the right to
receive the consideration set forth in the Merger Agreement, all
upon the terms and subject to the conditions set forth in the
Merger Agreement.
C. As of the date hereof,
Stockholder is the beneficial owner (as defined in Rule 13d-3
under the Securities Exchange Act of 1934, as amended (the “
Exchange Act ”)) of the number of shares of
outstanding capital stock of the Company (the “ Shares
”) and other securities convertible into, or exercisable or
exchangeable for, shares of capital stock of the Company (the
“ Options ”), all as set forth on the signature
page of this Agreement; provided that for purposes of
determining beneficial ownership pursuant to this Agreement,
Stockholder shall in all cases be deemed to be the beneficial owner
of any securities which may be acquired by such Stockholder
pursuant to any agreement, arrangement or understanding or upon the
exercise of conversion rights, exchange rights, warrants or
options, or otherwise (irrespective of whether the right to acquire
such securities is exercisable immediately or only after the
passage of time, including the passage of time in excess of 60
days, the satisfaction of any conditions, the occurrence of any
event or any combination of the foregoing).
D. As a material inducement to
Parent to enter into and to consummate the transactions
contemplated by the Merger Agreement, Parent has required that
Stockholder agree, and Stockholder is willing to agree, to restrict
the transfer or disposition of any Shares, Options and any New
Shares (as defined in Section 1(b) hereof), and to vote
the Shares and any New Shares as set forth in this
Agreement.
NOW, THEREFORE, the parties hereto
hereby agree as follows:
1. Agreement to Retain Shares and
Options .
(a) Transfer . Stockholder
agrees that, at all times during the period beginning on the date
hereof and ending at the Expiration Time, Stockholder shall not
Transfer (as defined below) any of the Shares, Options and any New
Shares, or make any agreement or understanding
EXECUTION COPY
regarding any Transfer, in each case
without the prior written consent of Parent. Stockholder agrees
that any Transfer in violation of this Agreement shall be void and
of no force or effect.
As used herein, the term “
Expiration Time ” shall mean the earlier to occur of
(i) such date and time as the Merger shall become effective in
accordance with the terms and provisions of the Merger Agreement,
or (ii) the termination of the Merger Agreement in accordance
with the terms thereof. As used herein, the term “
Transfer ” shall mean, with respect to any security,
the direct or indirect assignment, sale, transfer, tender, pledge,
hypothecation, or the gift, placement in trust, or the Constructive
Sale (as defined below) or other disposition of such security
(excluding [exercises of Options and]
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transfers by
testamentary or intestate succession or otherwise by operation of
law) or any right, title or interest therein (including, but not
limited to, any right or power to vote to which the holder thereof
may be entitled, whether such right or power is granted by proxy or
otherwise), or the record or beneficial ownership thereof, the
offer to make such a sale, transfer, tender, pledge, hypothecation
or Constructive Sale or other disposition, and each agreement,
arrangement or understanding, whether or not in writing, to effect
any of the foregoing, excluding any Transfer (A) pursuant to a
court order, (B) pursuant to the Merger, (C) to any
affiliate or family member of Stockholder if such transferee, prior
to the Transfer, executes a binding agreement with Parent and the
Company substantially in the form of this Agreement [or
(D) that is a sale (other than a Constructive Sale) in the
open market through a brokers’ transaction (as defined in
Rule 144(g) under the Securities Act of 1933, as
amended)] 2 . As used herein, the term “
Constructive Sale ” shall mean, with respect to any
security, a short sale with respect to such security, entering into
or acquiring an offsetting derivative contract with respect to such
security, entering into or acquiring a futures or forward contract
to deliver such security or entering into any other hedging or
other derivative transaction that has the effect of materially
changing the economic benefits and risks of ownership.
(b) New Shares . Stockholder
agrees that any shares of capital stock of the Company that
Stockholder purchases or with respect to which Stockholder
otherwise acquires beneficial ownership after the date of this
Agreement and prior to the Expiration Time, including, without
limitation, shares issued or issuable upon the conversion, exercise
or exchange, as the case may be, of any Options held by Stockholder
(“ New Shares ”), shall be subject to the terms
and conditions of this Agreement to the same extent as if they
constituted Shares as of the date hereof.
2. Agreement to Vote Shares .
Until the Expiration Time, at every meeting of stockholders of the
Company called with respect to any of the following, and at every
adjournment or postponement thereof, and on every action or
approval by written consent of stockholders of the Company with
respect to any of the following, Stockholder shall vote, to the
extent not voted by the person(s) appointed under the Proxy (as
defined in Section 3 ), the outstanding Shares and any
outstanding New Shares (to the extent any such New Shares may be
voted):
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This language was included in voting
agreements executed by Julia Brown, Heinz Bull, Danong Chen, Gary
Frashier, Osama Mikhail and Peter Traber, but was excluded from the
voting agreements executed by Nancy Chang and Tse-Wen
Chang.
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This language was included in voting
agreements executed by Julia Brown, Heinz Bull, Danong Chen, Gary
Frashier, Osama Mikhail and Peter Traber, but was excluded from the
voting agreements executed by Nancy Chang and Tse-Wen
Chang.
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EXECUTION COPY
(i) in favor of adoption of the
Merger Agreement and in favor of any other action contemplated by
the Merger Agreement or required in furtherance of the Merger and
the transactions contemplated by the Merger Agreement (including
one or more adjournments necessary to solicit additional proxies if
there are insufficient votes to adopt the Merger Agreement and any
such related proposals at the time of any meeting held for such
purposes);
(ii) against approval of any
proposal made in opposition to, or in competition with,
consummation of the Merger and the transactions contemplated by the
Merger Agreement;
(iii) against any of the following
actions (other than those actions contemplated by the Merger
Agreement): (A) any merger, consolidation, business
combination, sale of assets, reorganization or recapitalization of
the Company or any subsidiary of the Company with any party,
(B) any sale, lease, license or transfer of any significant
part of the assets of the Company or any subsidiary of the Company,
(C) any reorganization, recapitalization, dissolution,
liquidation or winding up of the Company or any subsidiary of the
Company, (D) any amendment to the certificate of incorporation
or bylaws of the Company or any subsidiary of the Company or any
material change in the capitalization of the Company or any
subsidiary of the Company, or the corporate structure of the
Company or any subsidiary of the Company, or (E) any other
action that is intended, or could reasonably be expected to,
impede, frustrate, prevent, interfere with, delay, postpone,
discourage, nullify or adversely affect the Merger, the Merger
Agreement or any of the other transactions contemplated by the
Merger Agreement; and
(iv) in favor of waiving any notice
that may have been or may be required relating to any such meeting
of stockholders or written consent, the Merger, the Merger
Agreement or the transactions contemplated thereby.
Prior to the Expiration Time,
Stockholder shall not enter into any agreement or understanding
with any person to vote or give instructions in any manner
inconsistent with this Section 2 . Prior to the
Expiration Time, to the extent not represented thereat by the
person(s) appointed under the Proxy, Stockholder shall [cause
the Shares and any New Shares to be counted as present thereat for
purposes of establishing quorum.] 3
3. Irrevocable Proxy .
Concurrently with the execution of this Agreement, Stockholder
agrees to deliver to Parent an irrevocable proxy in the form
attached hereto as Appendix A (the “ Proxy
”), which shall be irrevocable to the fullest extent
permitted by applicable law, covering the total number of Shares
and New Shares.
4. Representations, Warranties
and Covenants of Stockholder . Stockholder represents, warrants
and covenants to Parent as follows:
(i) Stockholder is the beneficial
owner of the Shares, with full power to vote or direct the voting
of the Shares and to dispose of the Shares for and on behalf of any
and all beneficial owners of the Shares, with no limitations,
qualifications or restrictions on such rights.
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This language was included in voting
agreements executed by Julia Brown, Heinz Bull, Danong Chen, Gary
Frashier, Osama Mikhail and Peter Traber. In the voting agreements
executed by Nancy Chang and Tse-Wen Chang, the following language
was substituted for the highlighted language: “appear at any
meeting of stockholders of the Company and cause the Shares and any
New Shares to be counted as present thereat for purposes of
establishing quorum.”
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EXECUTION COPY
(ii) As of the date hereof, the
Shares are, and at all times up until the Expiration Time the
Shares will be, free and clear of any rights of first refusal,
co-sale rights, security interests, liens, pledges, claims,
options, charges or other encumbrances of any kind or nature, in
each case that could impair Stockholder’s ability to fulfill
its obligations under Section 2 . The execution and
delivery of this Agreement by Stockholder do not, and
Stockholder’s performance of its obligations under this
Agre