VOTING AGREEMENT
by and between
GRIP ACQUISITION CORPORATION
and
CARVER PARTNERS LP
Dated as of December 5, 2006
TABLE OF CONTENTS
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Page
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ARTICLE
I CERTAIN
DEFINITIONS
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1
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Section
1.1
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Capitalized
Terms
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1
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Section
1.2
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Other
Definitions
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1
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ARTICLE
II AGREEMENT TO
VOTE
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2
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Section
2.1
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Agreement to
Vote
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2
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Section
2.2
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Additional
Shares
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2
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Section
2.3
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Restrictions on
Transfer, Etc
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2
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Section
2.4
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Proxies
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3
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ARTICLE
III REPRESENTATIONS
AND WARRANTIES
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3
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Section
3.1
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Representations
and Warranties of Shareholder
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3
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Section
3.2
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Representations
and Warranties of MergerCo
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4
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ARTICLE
IV ADDITIONAL
COVENANTS OF THE SHAREHOLDER
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5
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Section
4.1
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Waiver of
Appraisal Rights
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5
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Section
4.2
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Disclosure
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5
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Section
4.3
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Non-Interference; Further Assurances
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5
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Section
4.4
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No
Solicitation
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5
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ARTICLE
V TERMINATION
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5
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Section
5.1
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Termination
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5
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Section
5.2
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Effect of
Termination
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5
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ARTICLE
VI GENERAL
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6
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Section
6.1
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Notices
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6
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Section
6.2
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No Third Party
Beneficiaries, Etc
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6
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Section
6.3
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Governing
Law
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6
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Section
6.4
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Severability
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6
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Section
6.5
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Assignment
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6
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Section
6.6
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Successors
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6
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Section
6.7
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Interpretation
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6
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Section
6.8
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Amendments
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7
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Section
6.9
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Extension;
Waiver
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7
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Section
6.10
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Fees and
Expenses
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7
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Section
6.11
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Entire
Agreement
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7
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Section
6.12
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Rules of
Construction
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7
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TABLE OF CONTENTS
(continued)
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Page
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Section
6.13
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Remedies
Cumulative
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7
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Section
6.14
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Counterparts;
Effectiveness; Execution
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7
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Section
6.15
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Specific
Performance
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7
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Section
6.16
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Submission to
Jurisdiction
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8
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Section
6.17
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Waiver of Jury
Trial
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8
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Section
6.18
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Action in
Shareholder Capacity Only
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8
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VOTING AGREEMENT
THIS
VOTING AGREEMENT (this “ Agreement ”) is dated
as of December 5, 2006, by and between Grip Acquisition
Corporation, an Iowa corporation (“ MergerCo ”)
and Carver Partners LP (“ Shareholder
”).
RECITALS
WHEREAS,
simultaneously with the execution of this Agreement, MergerCo,
Bidder, a Nevada corporation (“ParentCo ”), and
Target, an Iowa corporation (the “ Company ”),
have entered into an Agreement and Plan of Merger (as it may be
amended, supplemented, modified or waived from time to time, the
“ Merger Agreement ”), which provides, among
other things, for the Merger of MergerCo with and into the Company,
upon the terms and subject to the conditions set forth
therein;
WHEREAS,
Shareholder is the record and Beneficial Owner of, and has the sole
right to vote and dispose of, the number and class of Shares set
forth below Shareholder’s name on the signature page hereto;
and
WHEREAS,
as a condition to MergerCo entering into the Merger Agreement and
incurring the obligations therein, MergerCo has required that
Shareholder enter into this Agreement.
NOW,
THEREFORE, the parties hereto, intending to be legally bound, agree
as follows:
ARTICLE I
CERTAIN DEFINITIONS
Section
1.1 Capitalized Terms . Capitalized
terms used in this Agreement and not defined herein have the
meanings ascribed to such terms in the Merger Agreement.
Section
1.2 Other Definitions . For the
purposes of this Agreement:
(a)
“ Beneficial Owner ” or “ Beneficial
Ownership ” with respect to any securities means having
“beneficial ownership” of such securities (as
determined pursuant to Rule 13d-3 under the Exchange
Act).
(b)
“ Expiration Time ” has the meaning set forth in
Section 2.1.
(c)
“ Owned Shares ” means the Shares Beneficially
Owned by Shareholder as of the date of this Agreement and set forth
below his or its name on the signature page hereto and any Shares
acquired or that otherwise become Beneficially Owned by Shareholder
on or after the date of this Agreement; provided, however, that the
term “Owned Shares” shall not include Shares for which
the Shareholder only has the right to acquire unless such Shares
are acquired.
(d)
“ Permitted Transferee ” means (i) the
Shareholder; (ii) the spouse of the Shareholder; (iii) any parent
and any lineal descendant (including any adopted child) of any
parent of the Shareholder or of the Shareholder’s spouse;
(iv) any trustee, guardian or custodian for, or any executor,
administrator or other legal representative of the estate of, any
of the foregoing Permitted Transferees; (v) the trustee of a trust
(including a voting trust) principally for the benefit of
Shareholder and/or any of Shareholder’s Permitted
Transferees; and (vi) any corporation, partnership or other entity
if a majority of the beneficial ownership thereof is held by the
Shareholder and/or any of Shareholder’s Permitted
Transferees.
(e)
“ Representative ” means, with respect to any
particular Person, any director, officer, employee, consultant,
accountant, legal counsel, investment banker or other
representative of such Person.
(f)
“ Shares ” has the meaning ascribed thereto in
the Merger Agreement, and will also include for purposes of this
Agreement all other voting securities into which Shares may be
reclassified, sub-divided, consolidated or converted and any rights
and benefits arising therefrom, including any dividends or
distributions of securities which may be declared in respect of the
Shares and entitled to vote in respect of the matters contemplated
by Article II.
(g)
“ Transfer ” means, with respect to a security,
the sale, grant, assignment, transfer, pledge, encumbrance or other
disposition of such security or the Beneficial Ownership thereof
(including by operation of Law), or the entry into any Contract to
effect any of the foregoing, including, for purposes of this
Agreement, the transfer or sharing of any voting power of such
security, but excluding, in each case, the conversion of Class B
Common Stock into Common Stock.
ARTICLE II
AGREEMENT TO VOTE
Section
2.1 Agreement to Vote . Subject to
the terms and conditions hereof, Shareholder, in his or its
capacity as a shareholder of the Company, irrevocably and
unconditionally agrees that from and after the date hereof and
until the earliest to occur of (i) the Effective Time and (ii) the
termination of the Merger Agreement in accordance with its terms
(the “ Expiration Time ”), at any meeting
(whether annual or special, and at each adjourned or postponed
meeting) of the Company’s shareholders, however called, for
the purpose of, or in connection with any written consent of the
Company’s shareholders with respect to, seeking shareholder
approval of the Merger Agreement (a “ Shareholder
Meeting ”), Shareholder will (x) appear at such meeting
or otherwise cause the Owned Shares to be counted as present
thereat for purposes of calculating a quorum, and respond to each
request by the Company for written consent, if any and (y) vote, or
cause to be voted (including by written consent, if applicable),
all of the Owned Shares (A) in favor of the adoption of the Merger
Agreement (whether or not recommended by the Company Board or any
committee thereof) and the approval of the transactions
contemplated thereby, including the Merger, (B) against any
Takeover Proposal submitted by the Company for a vote by its
shareholders, (C) against any proposal made in opposition to, or in
competition or inconsistent with, the Merger Agreement or the
Merger, including the adoption thereof or the consummation thereof,
and (D) against any extraordinary dividend by the Company or change
in the capital structure of the Company (other than pursuant to or
as expressly permitted by the Merger Agreement).
Section
2.2 Additional Shares . Shareholder
hereby agrees, while this Agreement is in effect, to promptly
notify MergerCo of the number of any new Shares with respect to
which Beneficial Ownership is acquired by Shareholder, if any,
after the date hereof and before the Expiration Time. Any such
Shares shall automatically become subject to the terms of this
Agreement as though owned by Shareholder as of the date
hereof.
Section
2.3 Restrictions on Transfer, Etc.
Except as provided for herein, Shareholder agrees, from the date
hereof until the Expiration Time, not to (i) directly or indirectly
Transfer any Owned Shares other than any Transfer to a Permitted
Transferee, but only if, in each case, prior to the effectiveness
of the Transfer, the Permitted Transferee of such Owned Shares
agrees in writing to be bound by the terms hereof (or an agreement
that is substantively identical to this Agreement) and notice of
such Transfer, including the name and address of the Permitted
Transferee, is delivered to MergerCo pursuant to Section 6.1
hereof; provided that Transfers to minor children shall be to their
legal custodians who have the capacity and authority to be bound by
the terms hereof on behalf of such minor children; and provided,
further, that Shareholder shall remain jointly and severally liable
for the breaches by any Permitted Transferees of the terms hereof,
(ii) tender any Owned Shares into any tender or exchange offer or
otherwise or (iii) except as provided in Section 2.4 of this
Agreement, grant any proxy with respect to the Owned Shares,
deposit the Owned Shares into a voting trust, enter into a voting
agreement with respect to any of the Owned Shares or otherwise
restrict the ability of Shareholder freely to exercise all voting
rights with respect thereto (except for Transfers to Permitted
Transferees as described in subclause (i) above). Any action
attempted to be taken in violation of the preceding sentence will
be null and void. Shareholder further agrees to authorize and
request MergerCo and the Company to notify the Company’s
transfer agent that there is a stop transfer order with respect to
all of the Owned Shares (other than in respect of Transfers
expressly permitted by this Section 2.3) and that this Agreement
places limits on the voting of the Owned Shares.
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Section
2.4 Proxies . Shareholder hereby
revokes any and all previous proxies granted with respect to his
Owned Shares. By entering into this Agreement, subject to the last
sentence of this Section 2.4, Shareholder hereby grants a proxy
appointing each of Kenneth Weaver, Saul Solomon and Gary Garfield,
each with full power of substitution, as Shareholder’s
attorney-in-fact and proxy, for and in Shareholder’s name, to
be counted as present, vote, and express consent or dissent with
respect to his Owned Shares, in each case, solely on the matters
set forth in, and in the manner contemplated by, Section 2.1. The
proxy granted by Shareholder pursuant to this Section 2.4 is,
subject to the last sentence of this Section 2.4, irrevocable and
is coupled with an interest, in accordance with Section 490.722(4)
of the IBCA, and is granted in order to secure Shareholder’s
performance under this Agreement. If Shareholder fails for any
reason to be counted as present, consent or vote the Owned Shares
in accordance with the requirements of Section 2.1 above (or
anticipatorily breaches such section), then MergerCo shall have the
right to cause to be present, consent or vote Shareholder’s
Owned Shares in accordance with the provisions of Section 2.1. The
proxy granted by Shareholder shall be automatically revoked upon
termination of this Agreement in accordance with its
terms.
ARTICLE III
REPRESENTATIONS AND WARRANTIES
Section
3.1 Representations and Warranties of
Shareholder . Shareholder represents and warrants to MergerCo
as of the date of this Agreement, as of the date of any Company
Shareholders Meeting (and as of the date of any adjournment or
postponement thereof) and as of the date of the execution of any
written Shareholder consent permitted under this Agreement or
consented to by MergerCo, as follows:
(a)
Shareholder has the requisite capacity and authority to execute and
deliver this Agreement and to fulfill and perform his or its
obligations hereunder. This Agreement has been duly and validly
executed and delivered by Shareholder and constitutes a legal,
valid and binding agreement of Shareholder enforceable by MergerCo
against Shareholder in accordance with its terms, except as such
may be limited by bankruptcy, insolvency, reorganization or other
Laws affecting creditors’ rights generally and by general
equitable principles.
(b)
Shareholder is the record and Beneficial Owner, free and clear of
any Liens (other than those arising under this Agreement) of the
Owned Shares and, except as provided in this Agreement, has full
and unrestricted power to dispose of and vote all of the Owned
Shares without the consent or approval of, or any other action on
the part of any other Person, and has not granted any proxy
inconsistent with this Agreement that is still effective or entered
into any voting or similar agreement with respect to, the Owned
Shares. The Owned Shares set forth below Shareholder’s name
on the signature page hereto constitute all of the capital stock of
the Company that is Beneficially Owned by Shareholder as of the
date hereof, and Shareholder does not have any right to acquire
(whether currently, upon lapse of time, following the satisfaction
of any conditions, upon the occurrence of any event or any
combination of the foregoing), any Shares or any securities
convertible into Shares (excluding Class B Common Stock convertible
into Common Stock, Stock Options, Restricted Stock, Company RSUs,
Performance Shares, and Company PUs).
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