VOTING
AGREEMENT
THIS VOTING AGREEMENT (this “
Agreement ”) is entered into as of September 16,
2008, by and between Morlex, Inc., a Colorado corporation (“
Morlex ”), and the undersigned shareholder (the
“ Shareholder ”) of Commerce Planet, Inc., a
Utah corporation (the “ Company ”).
RECITALS
WHEREAS, concurrently with the execution and
delivery of this Agreement, Morlex and the Company are entering
into an Asset Purchase Agreement, by and among Morlex, Superfly
Advertising, Inc., an Indiana corporation and wholly-owned
subsidiary of Morlex (the “ Purchaser ”), the
Company, Legacy Media, LLC, a California limited liability company
and wholly-owned subsidiary of the Company (“ Legacy
”) and Consumer Loyalty Group, LLC, a California limited
liability company and wholly-owned subsidiary of the Company
(“ CLG ” and collectively with Legacy, the
“ Sellers ”), of even date herewith (the “
Purchase Agreement ”). Pursuant to the Purchase
Agreement, the Purchaser has agreed to purchase certain of the
assets used or held for use by the Sellers in the conduct of the
Business (the “ Acquisition ”). Capitalized
terms used herein without definition have the meanings set forth in
the Purchase Agreement;
WHEREAS, in connection with the Purchase
Agreement, Morlex has agreed to make a Loan to the Company to be
evidenced by that certain Note which will be guaranteed by the
Sellers pursuant to that certain Guaranty of the Sellers, and
secured by certain Pledged Accounts pursuant to that certain Pledge
Agreement among Morlex and the Sellers;
WHEREAS, as of the date hereof, the Shareholder
is the record holder and 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, $0.001 par value, of the Company (the
“ Company Common Stock ”) as is indicated on the
signature page of this Agreement (the “ Existing
Shares ”); and
WHEREAS, as an inducement and a condition to the
willingness of Morlex and the Purchaser to make the Loan and enter
into the Purchase Agreement, as applicable, Morlex desires the
Shareholder to agree, and the Shareholder is willing to agree, not
to transfer or otherwise dispose of any of the Existing Shares, or
any other shares of capital stock of the Company acquired hereafter
and prior to the Expiration Date (as defined in Section 1.1 below),
except as otherwise permitted hereby, and to vote the Existing
Shares and any other such shares of capital stock of the Company in
a manner so as to facilitate the consummation of the Acquisition,
as provided herein.
NOW, THEREFORE, in consideration of the
foregoing, and the respective representations, warranties,
covenants, agreements and conditions contained herein, and
intending to be legally bound hereby, the parties hereto agree as
follows:
1. Agreement to Retain Shares
.
1.1 Transfer and Encumbrance . Other than as provided herein, until the
Expiration Date, Shareholder shall not hereafter: (a) sell,
tender, transfer, pledge, encumber, assign or otherwise dispose of
any of the Existing Shares or New Shares (as defined in Section 1.2
below); (b) deposit any Existing Shares or New Shares into a
voting trust or enter into a voting agreement or arrangement with
respect to such Existing Shares or New Shares or grant any proxy or
power of attorney with respect thereto; (c) enter into any
contract, option or other arrangement or undertaking with respect
to the direct or indirect sale, transfer, pledge, encumbrance,
assignment or other disposition of any Existing Shares or New
Shares; or (d) take any action that would make any
representation or warranty of Shareholder contained herein untrue
or incorrect or have the effect of preventing or disabling
Shareholder from performing Shareholder’s obligations under
this Agreement. As used herein, the term “ Expiration
Date ” shall mean the earlier to occur of (i) the
Closing, or (ii) such date and time as the Purchase Agreement
shall be terminated pursuant to Article XI thereof.
1.2 Additional Purchases . Shareholder agrees that any shares of capital
stock of the Company that Shareholder purchases or with respect to
which Shareholder otherwise acquires beneficial ownership after the
execution of this Agreement and prior to the Expiration Date (the
“ New Shares ”) shall be subject to the terms
and conditions of this Agreement to the same extent as if they
constituted Existing Shares.
2. Agreement to Vote Shares . During the term hereof, at every meeting of
the shareholders of the Company called with respect to any of the
following matters, and at every adjournment thereof, and on every
action or approval by written consent of the shareholders of the
Company with respect to any of the following matters, Shareholder,
in his, her or its capacity as such, shall appear, or otherwise
cause the Existing Shares and any New Shares to be counted as
present for purposes of determining a quorum, and vote, or cause to
be voted, the Existing Shares and any New Shares: (a) in favor
of the approval and adoption of the Purchase Agreement and the
Acquisition and any matter necessary for consummation of the
Acquisition; (b) against (i) any proposal for any action
or agreement that would result in a breach of any covenant,
representation or warranty or any other obligation or agreement of
the Company or any Seller under the Purchase Agreement or which
could result in any of the conditions of the obligations of the
Company or any Seller under the Purchase Agreement not being
fulfilled, and (ii) any action which could reasonably be
expected to impede, interfere with, delay, postpone or materially
adversely affect consummation of the transactions contemplated by
the Purchase Agreement; and (c) in favor of any other matter
necessary for consummation of the transactions contemplated by the
Purchase Agreement which is considered at any such meeting of
shareholders or in such consent, and in connection therewith to
execute any documents which are necessary or appropriate in order
to effectuate the foregoing or, at the request of Morlex, to permit
Morlex to vote such Existing Shares and any New Shares
directly.
3. Irrevocable Proxy . By execution of this Agreement, Shareholder
does hereby appoint and constitute Morlex, until the Expiration
Date, with full power of substitution and resubstitution, as
Shareholder’s true and lawful attorney and irrevocable proxy,
to the full extent of the undersigned’s rights with respect
to the Existing Shares and any New Shares, to vote each of such
Existing Shares and any New Shares solely with respect to the
matters set forth in Section 2 hereof. Shareholder intends this
proxy to be irrevocable and coupled with an interest hereafter
until the Expiration Date, and hereby revokes any proxy previously
granted by Shareholder with respect to the Existing
Shares.
4. Representations and Warranties of the
Shareholder . Shareholder
hereby represents, warrants and covenants to Morlex as
follows:
4.1 Authorization . Shareholder has full power, corporate or
otherwise, and authority to execute and deliver this Agreement and
to perform its obligations hereunder. This Agreement has been duly
executed and delivered by or on behalf of Shareholder and
constitutes a legal, valid and binding obligation of Shareholder,
enforceable against Shareholder in accordance with its terms. The
Shareholder has not granted any p
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