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VOTING AGREEMENT
This VOTING AGREEMENT (this "AGREEMENT"), dated as of the
Effective Date,
by and among Tornante-MDP Joe Holding LLC, a Delaware limited
liability company
("PARENT"), and the stockholder ("STOCKHOLDER") of The Topps
Company, Inc., a
Delaware corporation (the "COMPANY"), identified on the
signature page hereto.
All references to the "Effective Date" shall mean the Effective
Date as defined
in the Merger Agreement, and similarly, all references to the
"date hereof"
shall mean the Effective Date.
R E C I T A L S:
WHEREAS, the Company, Parent and Tornante-MDP Joe Acquisition
Corp., a
Delaware corporation and a wholly owned subsidiary of Parent
("MERGER SUB"), are
entering into an Agreement and Plan of Merger (as amended from
time to time, the
"MERGER AGREEMENT"), dated as of the Effective Date (as defined
in the Merger
Agreement), providing for, among other things, the merger of
Merger Sub with and
into the Company, with the Company continuing as the surviving
corporation and
wholly owned subsidiary of Parent (the "MERGER");
WHEREAS, as of the date hereof, Stockholder is the Beneficial
Owner (as
defined below) of, and has the sole right to vote and dispose
of, that number of
shares of common stock (the "COMPANY SHARES") of the Company set
forth beside
Stockholder's name on Schedule A hereto; and
WHEREAS, concurrently with the effectiveness of the Merger
Agreement, and
as a condition and inducement to the willingness of Parent and
Merger Sub to
enter into the Merger Agreement and incur the obligations set
forth therein,
Parent has required that Stockholder enter into this
Agreement;
NOW, THEREFORE, in consideration of the foregoing and the
mutual
representations, warranties, covenants and agreements contained
herein, the
parties hereto, intending to be legally bound, hereby agree as
follows:
ARTICLE I
DEFINITIONS
Capitalized terms used but not defined in this Agreement are
used in this
Agreement with the meanings given to such terms in the Merger
Agreement. In
addition, for purposes of this Agreement:
"AFFILIATE" means, with respect to any specified Person, any
Person that
directly, or indirectly through one or more intermediaries,
controls, or is
controlled by, or is under common control with, the Person
specified. For
purposes of this Agreement, with respect to Stockholder,
"AFFILIATE" shall not
include the Company and the Persons that directly, or indirectly
through one or
more intermediaries, are controlled by the Company. For the
avoidance of doubt, no officer or director of the Company shall
be deemed an
Affiliate of another officer or director of the Company by
virtue of his or her
status as an officer or director of the Company.
"ALTERNATIVE TRANSACTION" means (i) any transaction of the type
described
in the definition of Acquisition Proposal contained in the
Merger Agreement
other than the transactions contemplated by the Merger Agreement
and (ii) any
other action, agreement or transaction that would reasonably be
expected to
hinder, delay, impede, interfere, postpone, discourage,
adversely affect or
frustrate the consummation of the transaction contemplated by
the Merger
Agreement.
"BENEFICIALLY OWNED" 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, disregarding the
phrase "within
60 days" in paragraph (d)(1)(i) thereof), including pursuant to
any agreement,
arrangement or understanding, whether or not in writing. Without
duplicative
counting of the same securities, securities Beneficially Owned
by a Person shall
include securities Beneficially Owned by (i) all controlled
Affiliates of such
Person, and (ii) all other Persons with whom such Person would
constitute a
"group" within the meaning of Section 13(d) of the Exchange Act
and the rules
promulgated thereunder.
"BENEFICIAL OWNER" with respect to any securities means a Person
that has
Beneficial Ownership of such securities.
"PERSON" means an individual, corporation, limited liability
company,
partnership, association, trust or any other entity or
organization, including
any Governmental Entity.
"SUBJECT SHARES" means, with respect to Stockholder, without
duplication,
(i) the Company Shares owned by Stockholder on the date hereof
as described on
Schedule A, and (ii) any additional Company Shares acquired by
Stockholder or
over which the Stockholder acquires Beneficial Ownership from
and after the date
hereof, whether pursuant to existing stock option agreements or
otherwise.
"TRANSFER" means, with respect to a security, the sale,
transfer, pledge,
hypothecation, encumbrance, assignment or disposition of such
security or the
Beneficial Ownership thereof, the offer to make such sale,
transfer or other
disposition, and each option, agreement, arrangement or
understanding, whether
or not in writing, to effect any of the foregoing. As a verb,
"TRANSFER" shall
have a correlative meaning.
ARTICLE II
COVENANTS OF SHAREHOLDER
Section 2.1 Irrevocable Proxy. Concurrently with the execution
of
this Agreement, Stockholder agrees to deliver to Parent a proxy
in the form
attached hereto as Exhibit A (the "PROXY"), which shall be
irrevocable to the
extent provided in Section 212
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of the Delaware General Corporation Law (the "DGCL"), with
respect to the
Subject Shares referred to therein.
Section 2.2 Agreement to Vote.
(a) At any meeting of the stockholders of the Company held prior
to the
Expiration Date (as defined in Section 5.13), however called,
and at
every adjournment or postponement thereof prior to the
Expiration
Date, or in connection with any written consent of, or any
other
action by, the stockholders of the Company given or solicited
prior
to the Expiration Date, Stockholder shall vote, or provide a
consent
with respect to, all of the Subject Shares entitled to vote or
to
consent thereon (i) in favor of adoption and approval of the
Merger
Agreement and the transactions contemplated thereby, and any
actions
required in furtherance thereof and (ii) against any
Alternative
Transaction and against any other action or agreement that
would
result in a breach in any material respect of any covenant,
representation or warranty or any other obligation or agreement
of
the Company under the Merger Agreement or that is intended.
(b) Stockholder shall not enter into any agreement with any
Person
(other than Parent) prior to the Expiration Date (with respect
to
periods prior to or after the Expiration Date) directly or
indirectly to vote, grant any proxy or give instructions
with
respect to the voting of, the Subject Shares in respect of
the
matters described in Section 2.2 hereof.
Section 2.3 Revocation of Proxies; Cooperation. Stockholder
agrees as
follows:
(a) Stockholder hereby represents and warrants that any
proxies
heretofore given in respect of the Subject Shares with respect
to
the matters described in Section 2.2(a) hereof are not
irrevocable,
and Stockholder hereby revokes any and all prior proxies
with
respect to such Subject Shares as they relate to such matters.
Prior
to the Expiration Date, Stockholder shall not directly or
indirectly
grant any proxies or powers of attorney with respect to the
matters
set forth in Section 2.2(a) hereof (other than to Parent),
deposit
any of the Subject Shares or enter into a voting agreement
(other
than this Agreement) with respect to any of the Subject
Shares
relating to any matter described in Section 2.2(a).
(b) Stockholder will (i) use all reasonable efforts to cooperate
with
the Company, Parent and Merger Sub in connection with the
transactions contemplated by the Merger Agreement, (ii)
promptly
take such actions as are necessary to consummate such
transactions,
and (iii) provide any information reasonably requested by
the
Company, Parent or Merger Sub for any regulatory application
or
filing sought for such transactions.
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Section 2.4 No Solicitation. Stockholder agrees that:
(a) Stockholder shall not, and shall cause its Affiliates and
its and
their Representatives not to, directly or indirectly, (i)
solicit,
initiate or knowingly encourage any proposal that constitutes,
or
could reasonably be expected to lead to, an Alternative
Transaction,
(ii) participate or engage in discussions or negotiations with,
or
disclose or provide any non-public information relating to
Stockholder, the Company, the Company's Subsidiaries, Parent
or
Merger Sub or this Agreement or the Merger Agreement and the
transactions contemplated hereby and thereby to, or afford
access to
any of the properties, books or records of Stockholder, the
Company
or the Company's Subsidiaries to, any Person with respect to
any
Alternative Transaction, (iii) approve, endorse, recommend or
vote
for (or consent to) any Alternative Transaction or (iv) enter
into
any agreement or agreement in principle with any Person with
respect
to an Alternative Transaction.
(b) Notwithstanding anything to the contrary contained in
this
Agreement, (i) the provisions of this Agreement apply solely
to
Stockholder when acting in his or its capacity as a stockholder
of
the Company and not when acting or purporting to act as a
representative or an officer or director of the Company (it
being
understood that the Company has separate and independent
obligations
to Parent and Merger Sub under the Merger Agreement,
including,
without limitation, Section 6.2 thereof); and (ii) none of
the
provisions of this Agreement shall be construed to prohibit,
limit
or restrict Stockholder from exercising Stockholder's
fiduciary
duties to the Company and/or its stockholders by voting or
taking
any other action whatsoever in Stockholder's capacity as a
director
or officer of the Company.
Section 2.5 No Transfer of Subject Shares; Publicity.
Stockholder
agrees that:
(a) Stockholder (i) shall not subject any of the Subject Shares
to, or
suffer to exist on any of the Subject Shares, any Lien, (ii)
shall
not Transfer or agree or offer to Transfer any of the Subject
Shares
or, with respect to any matter described in Section 2.2(a),
grant
any proxy or power-of-attorney with respect to any of the
Subject
Shares and (iii) shall take all action reasonably necessary
to
prevent creditors in respect of any pledge of the Subject
Shares
from exercising their rights under such pledge.
(b) Unless required by applicable law, neither Stockholder nor
any of
its Affiliates or Representatives shall make any press release
or
public announcement with respect to the business or affairs of
the
Company, Parent or Merger Sub, including this Agreement and
the
Merger
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Agreement and the transactions contemplated hereby and
thereby,
without the prior written consent of Parent in each
instance.
2.6 No Appraisal. Stockholder agrees not to make a demand for
appraisal
in respect of the Subject Shares pursuant to Section 262 of the
DGCL, and hereby
irrevocably and unconditionally waives any rights of appraisal
or any
dissenters' rights pursuant to Section 262 of the DGCL and any
similar rights,
in each case to the extent relating to the Merger or any related
transaction,
that Stockholder may have by virtue of the Subject Shares.
ARTICLE III
REPRESENTATIONS, WARRANTIES AND ADDITIONAL COVENANTS
OF SHAREHOLDER
Stockholder represents, warrants and covenants to Parent and
Merger Sub
that:
Section 3.1 Ownership. Stockholder is the sole Beneficial Owner
and
the record and legal owner of the Subject Shares identified on
Schedule A and
such shares constitute all of the capital stock of the Company
Beneficially
Owned by Stockholder. Stockholder has good and valid title to
all of such
shares, free and clear of all Liens, claims, options, proxies,
voting agreements
and security interests and has the sole right to such Subject
Shares and there
are no restrictions on rights of disposition or other Liens
pertaining to such
Subject Shares. None of the Subject Shares is subject to any
voting trust or
other contract with respect to the voting thereof, and no proxy,
power of
attorney or other authorization has been granted with respect to
any of such
Subject Shares.
Section 3.2 Authority and Non-Contravention.
(a) The Stockholder is an individual, and not a corporation,
limited
liability company, partnership, trust or other such entity.
(b) Assuming due authorization, execution and delivery of this
Agreement
by Parent, this Agreement has been duly and validly executed
and
delivered by Stockholder and constitutes the legal, valid
and
binding obligation of Stockholder, enforceable against
Stockholder
in accordance with its terms except (i) to the extent limited
by
applicable bankruptcy, insolvency or similar laws affecting
creditors' rights and (ii) the remedy of specific performance
and
injunctive and other forms of equitable relief may be subject
to
equitable defenses and to the discretion of the court before
which
any proceeding therefor may be brought. Stockholder has all
necessary power, authority and legal capacity to execute and
deliver
this Agreement and to perform its obligations under this
Agreement,
and no other proceed
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