Exhibit 99.3
VOTING AGREEMENT
This Voting Agreement (this “
Agreement ”) is made and entered into as of
July 27, 2009, by and among RAPTOR PHARMACEUTICALS CORP. , a Delaware corporation (“
Raptor ”), TORREYPINES
THERAPEUTICS,
INC., a Delaware corporation (“
TPT ”), and the undersigned stockholder of TPT
(“ Stockholder ”). Certain capitalized
terms used in this Agreement that are not defined herein or in
Section 9 shall have the meaning given to such terms in the Merger
Agreement (as defined below).
RECITALS
WHEREAS , Stockholder is the holder of record and the
“beneficial owner” (within the meaning of Rule 13d-3
under the Securities Exchange Act of 1934) of certain shares of
common stock of TPT, par value $0.001 per share (“ TPT
Common Stock ”);
WHEREAS , concurrently with the execution and delivery
of this Agreement, TPT, ECP Acquisition, Inc., a Delaware
corporation and wholly owned subsidiary of TPT (“
Merger Sub ”), and Raptor are entering into an
Agreement and Plan of Merger and Reorganization (the “
Merger Agreement ”) which provides, upon the
terms and subject to the conditions set forth therein, for the
merger of Merger Sub with and into Raptor (the “
Merger ”); and
WHEREAS , as a condition and inducement to
Raptor’s willingness to enter into the Merger Agreement,
Stockholder has agreed to execute and deliver this
Agreement.
NOW, THEREFORE
, the parties to this Agreement,
intending to be legally bound, agree as follows:
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1.
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Agreement to Vote Shares.
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(a) Prior
to the Termination Date, at every meeting of the holders of TPT
Common Stock (each, a “ Stockholder Meeting
” and collectively, the “ Stockholder
Meetings ”) 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 the holders of TPT
Common Stock with respect to any of the following, Stockholder
shall vote the Subject Securities (to the extent that such Subject
Securities are entitled to vote): (i) in favor of (A) the
approval of the issuance of the TPT Common Stock to be issued in
the Merger, (B) the filing of the TPT Charter Amendment, (C) the
election of the persons identified on Part 4.17 of the TPT
Disclosure Schedule to the TPT board of directors immediately after
the Effective Time, and (D) in favor of any action in furtherance
of any of the foregoing set forth in subclauses (A)-(C),
(ii) against any action or agreement that would result in a
breach of any representation, warranty, covenant or obligation of
TPT or Merger Sub under the Merger Agreement, (iii) against any
proposal for any Acquisition Transaction, other than the Merger,
between any TPT Corporation and any Person other than Raptor and
(iv) against any change in a majority of the board of directors of
TPT.
LEGAL_US_W # 62317803.2
(b) If
Stockholder is the beneficial owner, but not the record holder, of
the Subject Securities, Stockholder agrees to take all actions
necessary to cause the record holder and any nominees to vote all
of the Subject Securities in accordance with Section
1(a).
(a) Stockholder
hereby irrevocably (to the fullest extent permitted by Section 212
of the Delaware General Corporation Law) appoints Raptor,
Christopher M. Starr and Kim R. Tsuchimoto, and each of them,
acting individually, as the sole and exclusive attorneys and
proxies of Stockholder, with full power of substitution and
resubstitution, to vote and exercise all voting and related rights
expressly provided herein (to the fullest extent that Stockholder
is entitled to do so) in accordance with Section 1(a), prior to the
Termination Date, with respect to (i) the outstanding shares of TPT
Common Stock owned of record by Stockholder as of the date of this
Agreement and (ii) any and all other shares of TPT Common Stock
which Stockholder may acquire on or after the date hereof. Upon
Stockholder’s execution of this Agreement, any and all prior
proxies given by Stockholder with respect to any of its shares of
TPT Common Stock are hereby revoked and Stockholder agrees not to
grant any subsequent proxies with respect to its shares of TPT
Common Stock at any time prior to the Termination Date.
(b) The
proxy granted pursuant to this Section 2 (the “
Proxy ”) is irrevocable (to the extent
permitted by Section 212 of the Delaware General Corporation Law),
is coupled with an interest, and is granted in consideration of
Raptor entering into the Merger Agreement.
(c) Raptor,
Christopher M. Starr and Kim R. Tsuchimoto, the attorneys and
proxies named above, and each of them, acting individually, are
hereby authorized and empowered by Stockholder, at any time prior
to the Termination Date, to act as Stockholder’s attorney and
proxy to vote Stockholder’s TPT Common Stock, and to exercise
all voting and other rights of Stockholder with respect to
Stockholder’s TPT Common Stock (including, without
limitation, the power to execute and deliver written consents
pursuant to Section 228 of the Delaware General Corporation Law),
at every Stockholder Meeting and in every written consent in lieu
of such meeting: (i) in favor of (A) the approval of the
issuance of the TPT Common Stock to be issued in the Merger, (B)
the filing of the TPT Charter Amendment, (C) the election of the
persons identified on Part 4.17 of the TPT Disclosure Schedule to
the TPT board of directors immediately after the Effective Time,
and (D) in favor of any action in furtherance of any of the
foregoing set forth in subclauses (A)-(C), (ii) against any
action or agreement that would result in a breach of any
representation, warranty, covenant or obligation of TPT or Merger
Sub under the Merger Agreement, (iii) against any proposal for any
Acquisition Transaction, other than the Merger, between any TPT
Corporation and any Person other than Raptor and (iv) against any
change in a majority of the board of directors of TPT.
(d) The
Proxy shall be binding upon the heirs, estate, executors, personal
representatives, successors and assigns of Stockholder (including
any transferee of any of Stockholder’s shares of TPT Common
Stock).
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3.
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Agreement to Retain Shares.
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LEGAL_US_W # 62317803.2
(a)
Restriction on Transfer . Except as otherwise provided in
Section 3(c), during the period from the date of this Agreement
through the Termination Date, Stockholder shall not, directly or
indirectly, cause or permit any Transfer of any of the Subject
Securities to be effected.
(b)
Restriction on Transfer of Voting Rights. During the period
from the date of this Agreement through the Termination Date,
Stockholder shall ensure that: (a) none of the Subject Securities
is deposited into a voting trust; and (b) no proxy (other than the
Proxy granted herein) is granted, and no voting agreement or
similar agreement is entered into, with respect to any of the
Subject Securities.
(c)
Permitted Transfers . Section 3(a) shall not prohibit a
transfer of TPT Common Stock by Stockholder upon the death of
Stockholder; provided, however , that a transfer referred to
in this sentence shall be permitted only if, as a precondition to
such transfer, the transferee agrees in a writing, reasonably
satisfactory in form and substance to Raptor, to be bound by the
terms of this Agreement.
4. Waiver
of Appraisal Rights. Stockholder hereby irrevocably and
unconditionally waives any rights of appraisal, any
dissenters’ rights and any similar rights relating to the
Merger or any related transaction that Stockholder may have by
virtue of any outstanding shares of TPT Common Stock Owned by
Stockholder.
5.
No Solicitation. Stockholder agrees that, during the period
from the date of this Agreement through the Termination Date,
Stockholder shall not, directly or indirectly: (i) solicit,
initiate, encourage, induce or knowingly facilitate the making,
submission or announcement of any Acquisition Proposal or take any
action that could reasonably be expected to lead to an Acquisition
Proposal, (ii) furnish any information regarding any TPT
Corporation to any Person in connection with or in response to an
Acquisition Proposal or an inquiry or indication of interest that
could reasonably be expected to lead to an Acquisition Proposal,
(iii) engage in discussions or negotiations with any Person
with respect to any Acquisition Proposal, (iv) approve,
endorse or recommend any Acquisition Proposal or (v) enter
into any letter of intent or similar document or any Contract
contemplating or otherwise relating to any Acquisition Transaction;
provided , however , that prior to the TPT
stockholders having voted their shares of TPT Common Stock in favor
of the proposals set forth in the Required TPT Stockholder Vote,
this Section 5 shall not prohibit Stockholder from furnishing
nonpublic information regarding any TPT Corporation to, or entering
into discussions or negotiations with, any Person in response to a
Superior Proposal or a bona fide, unsolicited written Acquisition
Proposal made or received after the date of this Agreement that is
reasonably likely to result in a Superior Proposal that is
submitted to TPT by such Person (and not withdrawn) if
(A) none of TPT, Stockholder, any Representative of
Stockholder or TPT or TPT’s Subsidiaries shall have violated
any of the restrictions set forth in this Section 5, (B) the
board of directors of TPT concludes in good faith, after having
taken into account the advice of its outside legal counsel, that
the failure to take such action is reasonably likely to result in a
breach of the fiduciary duties of the board of directors under
applicable law, (C) at least two Business Days prior to
furnishing any such nonpublic information to, or entering into
discussions or negotiations with, such Person, either TPT or
Stockholder gives Raptor written notice of the identity of such
Person and of TPT’s or Stockholder’s intention to
furnish nonpublic information to, or enter into discussions or
negotiations with, such Person, and TPT receives from such Person
an executed
LEGAL_US_W # 62317803.2
confidentiality agreement containing
customary limitations on the use and disclosure of all nonpublic
written and oral information furnished to such Person by or on
behalf of TPT or Stockholder and containing
“standstill” provisions no less favorable to TPT than
the “standstill” provisions contained in the
Confidentiality Agreement, if applicable, and (D) at least two
Business Days prior to furnishing any such nonpublic information to
such Person, either TPT or Stockholder furnishes such nonpublic
information to Raptor (to the extent such nonpublic information has
not been previously furnished by TPT or Stockholder to
Raptor).
6. Representations,
Warranties and Covenants of Stockholder. Stockholder hereby
represents and warrants to Raptor as follows:
(a)
Due Authorization, Etc . All consents, approvals,
authorizations and orders necessary for the execution and delivery
by Stockholder of this Agreement and the Proxy have been obtained,
and Stockholder has full right, power and authority to enter into
this Agreement and the Proxy. This Agreement and t