|
Exhibit 99.2
------------
STOCKHOLDER VOTING AGREEMENT
STOCKHOLDER VOTING AGREEMENT, dated as of April 15, 2005
(this
"Agreement"), by and among SeaChange International, Inc.
("Purchaser") and the
stockholders of Liberate Technologies ("Seller") identified as
the signatories
hereto (collectively, the "Principal Stockholders," and each a
"Principal
Stockholder").
WHEREAS, in connection with the execution of this Agreement,
Purchaser and Seller are entering into an Asset Purchase
Agreement, dated as
of April 15, 2005, by and among Purchaser, Seller and Liberate
Technologies
B.V. (the "Netherlands Subsidiary"), as amended from time to
time in
accordance with the terms thereof (the "Asset Purchase
Agreement"), which
provides for, among other things, the sale, transfer, conveyance
and
assignment by Seller and the Netherlands Subsidiary to Purchaser
of all the
specified assets, properties, interest in properties and rights
of Seller and
the Netherlands Subsidiary in the Non-North America Business (as
defined in
the Asset Purchase Agreement) in accordance with the terms of
the Asset
Purchase Agreement;
WHEREAS, Purchaser would not enter into the Asset Purchase
Agreement
unless each Principal Stockholder were to enter into this
Agreement;
WHEREAS, each Principal Stockholder is the record or Beneficial
Owner
of the number of Owned Shares (as defined herein) set forth
opposite such
Principal Stockholder's name on Schedule I hereto;
WHEREAS, the Board of Directors of each of Seller and the
Netherlands
Subsidiary has, prior to the date of execution of this
Agreement, duly and
validly approved and adopted the Asset Purchase Agreement;
and
WHEREAS, as a stockholder of Seller, each Principal Stockholder
will
benefit from the Asset Purchase Agreement.
NOW, THEREFORE, in consideration of Purchaser's entry into the
Asset
Purchase Agreement, each Principal Stockholder agrees with each
other and
Purchaser as follows:
1. Certain Definitions. Capitalized terms not expressly defined
in
this Agreement will have the meanings ascribed to them in the
Asset Purchase
Agreement. For purposes of this Agreement:
(a) "Beneficially Own," "Beneficial Owner" or "Beneficial
Ownership"
with respect to any securities means having voting power or
investment power
with respect to such securities (as determined pursuant to Rule
13d-3(a) under
the Securities Exchange Act of 1934, as amended), except for
those shares of
Seller Common Stock which such Principal Stockholder has the
right to acquire
within 60 days.
(b) "Family Group" means, with respect to a Principal
Stockholder
that is a natural Person, such Person's spouse, descendants
(whether natural
or adopted), or siblings.
(c) "Permitted Transferee" means, with respect to a
Principal
Stockholder, (i) any member of such Stockholder's Family Group;
(ii) the
estate or any of the heirs or legatees of such Stockholder upon
such Person's
death; and (iii) any trust established and maintained for the
benefit of (A)
any Principal Stockholder that is a natural Person or (B) any
member of such
Stockholder's Family Group.
(d) "Seller Common Stock" means the common stock, par value
$0.01 per
share, of Seller.
(e) "Transaction" means the Asset Purchase Agreement, the sale
of
assets provided for therein and the consummation of the
transactions
contemplated thereby.
2. Representations and Warranties of Principal Stockholders.
Each
Principal Stockholder represents and warrants as follows:
(a) He or it Beneficially Owns the number of shares of Seller
Common
Stock set forth on Schedule I attached hereto (the "Owned
Shares"), free from
any lien, encumbrance, proxy, voting trust, voting agreement,
voting
restriction, understanding, right of first refusal, limitation
on disposition,
adverse claim of ownership, or restriction whatsoever and with
full and sole
power to vote the Owned Shares without the consent or approval
of any other
person or entity;
(b) Except for the Owned Shares set forth on Schedule I, he or
it
does not Beneficially Own any other Seller Common Stock or hold
any securities
convertible into or exchangeable for Seller Common Stock;
(c) Except as set forth on Schedule I hereto, he or it is the
record
holder of the Owned Shares;
(d) This Agreement has been duly executed by each such
Principal
Stockholder and constitutes the valid and legally binding
obligation of each
such Principal Stockholder, enforceable against each such
Principal
Stockholder in accordance with its terms, except to the extent
that (x) the
enforceability thereof may be limited by bankruptcy, insolvency,
fraudulent
conveyance, reorganization, moratorium or other similar laws
affecting the
enforcement of creditor's rights generally and (y) the
availability of
equitable remedies may be limited by equitable principles of
general
applicability;
(e) The execution, delivery and performance of this Agreement by
each
such Principal Stockholder and the proxy contained herein does
not violate or
breach, and will not give rise to any violation or breach of,
such Principal
Stockholder's certificate of formation or limited liability
company agreement
or other organizational documents (if such Principal Stockholder
is not an
individual), or any law, contract, instrument, arrangement or
agreement by
which such Principal Stockholder is bound;
(f) The execution, delivery and performance of this Agreement
and the
proxy contained herein do not, and performance of this Agreement
will not,
require any consent, approval, authorization or permit of, or
filing with or
notification to, any governmental or regulatory authority (other
than any
necessary filing under the Exchange Act), domestic or
foreign;
(g) The execution, delivery and performance of this Agreement by
each
such Principal Stockholder and the other signatories hereto and
the proxy
contained herein does not create or give rise to any right in
such Principal
Stockholder or, to such Principal Stockholder's knowledge, in
any other
signatory hereto or any other person, with respect to the Owned
Shares or any
other security of Seller (including, without limitation, voting
rights and
rights to purchase or sell any shares of Seller Common Stock or
other
securities of Seller) pursuant to any stockholders' agreement or
similar
agreement or commitment, other than any such right as is duly
and validly
waived pursuant to Section 6 of this Agreement; and
(h) The representations and warranties by each Principal
Stockholder
in Section 2(a) made herein are qualified in their entirety by
the effects of
applicable community property laws and the laws affecting the
rights of
marital partners generally.
For all purposes of this Agreement, Owned Shares shall include
any
shares of Seller as to which Beneficial Ownership is acquired by
a Principal
Stockholder after the execution hereof.
3. Covenant to Vote.
(a) Each Principal Stockholder irrevocably and unconditionally
agrees
that, during the period commencing on the date hereof and
continuing until the
termination of this Agreement in accordance with Section 12
hereof:
(i) at any meeting (whether annual or special and whether or
not an adjourned or postponed meeting) of the holders of Seller
Common Stock
held during the term of this Agreement called to vote upon the
Transaction,
however called, such Principal Stockholder will, provided that
such Principal
Stockholder has received written notice from Purchaser within a
reasonable
period of time prior to any such meeting that Purchaser is
unable to vote the
Owned Shares subject to the irrevocable proxy set forth in
Section 4 herein
(the "Proxy") at the meeting, appear at the meeting or otherwise
cause the
Owned Shares to be counted as present thereat for purposes of
establishing a
quorum and vote or consent (or cause to be voted or consented)
the Owned
Shares in favor of the Transaction;
(ii) such Principal Stockholder will execute and deliver (or
cause to be executed and delivered) any written consent in favor
of the
Transaction with respect to all of the Owned Shares; and
(iii) such Principal Stockholder will not vote, or cause to
be voted, any Owned Shares (or otherwise provide a proxy or
consent or enter
into another voting agreement with respect thereto) in favor of
any other
Alternative Proposal, nor vote th
|