Agreement and Plan of Merger among Bostrom Holding, Inc., Trim Merger Co., and Trim Systems, Inc. dated May 20, 2004
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Summary
This agreement outlines the merger of Trim Merger Co., a subsidiary of Bostrom Holding, Inc., with and into Trim Systems, Inc. As a result, Trim Systems, Inc. will continue as the surviving corporation, and its shareholders will receive shares of Bostrom Holding, Inc. in exchange for their Trim Systems shares. The merger is subject to certain conditions, including regulatory approvals and the effectiveness of a registration statement. The agreement also specifies the treatment of corporate governance and the transfer of rights and obligations to the surviving entity.
EX-2.2 2 c85339a1exv2w2.txt AGREEMENT AND PLAN OF MERGER EXHIBIT 2.2 AGREEMENT AND PLAN OF MERGER THIS AGREEMENT AND PLAN OF MERGER dated as of May 20, 2004 (the "Agreement"), by and between Bostrom Holding, Inc., a Delaware corporation ("Buyer"), Trim Merger Co., a Delaware corporation and a wholly-owned subsidiary of Buyer ("Transitory Subsidiary"), and Trim Systems, Inc., a Delaware corporation ("Target"). Buyer, Transitory Subsidiary, and Target are sometimes collectively referred to herein as the "Constituent Corporations." WITNESSETH: WHEREAS, the capitalization for each of Buyer, Transitory Subsidiary, and Target is set forth in Schedule A attached hereto. WHEREAS, this Agreement contemplates a transaction in which Buyer will acquire all of Target's outstanding stock in exchange for common stock of Buyer through a reverse subsidiary merger of Buyer's Transitory Subsidiary with and into Target; WHEREAS, the respective Boards of Directors of the Constituent Corporations deem it advisable that Transitory Subsidiary merge with and into Target and that Target continue as the surviving corporation, upon the terms set forth herein and in accordance with the laws of the State of Delaware (the "Merger"), and that the shares of Transitory Subsidiary be converted upon consummation of the Merger as set forth herein; and WHEREAS, the respective Boards of Directors of the Constituent Corporations have, by resolutions duly approved and adopted the provisions of this Agreement, as the plan of merger required by Section 251 of the General Corporation Law of the State of Delaware (the "Delaware Law"). NOW, THEREFORE, the parties hereto agree as follows: ARTICLE 1 EFFECT OF THE MERGER; MANNER AND BASIS OF CONVERTING SHARES. Section 1.1. At the Effective Time (as hereinafter defined), Transitory Subsidiary will merge with and into Target, and the separate corporate existence of Transitory Subsidiary (except as may be continued by operation of law) shall cease. Target shall be the corporation surviving the Merger (the "Surviving Corporation"). Section 1.2. At and as of the Effective Time, (i) each Target share of Class A-1 Common shall be converted into the right to receive .099 shares of Buyer's Class A Common, (ii) each Target share of Class A-2 Common shall be converted into the right to receive .099 shares of Buyer's Class A Common, (iii) each Target share of Class B Common shall be converted into the right to receive .099 shares of Buyer's Class B Common, and (iv) each Target share of Class C Common shall be converted into the right to receive .099 shares of Buyer's Class C Common; accordingly, each Target shareholder's common stock in Target shall be converted into Buyer's common stock in the number and class of stock as indicated on Schedule B attached hereto (the "Merger Consideration"). Section 1.3. At and as of the Effective Time, each share of Transitory Subsidiary's common stock, $0.01 par value per share, shall be converted into one share of Surviving Corporation's common stock, $0.01 par value per share. At and as of the Effective Time, the Surviving Corporation shall issue shares of common stock, $0.01 par value per share, to Buyer in consideration for Buyer's issuing its common stock to former stockholders of Target pursuant to Section 1.2. The number of shares of Surviving Corporation's common stock issued to Buyer pursuant to this Section 1.3 shall be equal to the number of Transitory Subsidiary common shares outstanding immediately before the Effective Time. Section 1.4. At and as of the Effective Time, the Surviving Corporation shall possess all the rights, privileges, immunities and franchises, of both a public and private nature, and be subject to all the duties and liabilities of Transitory Subsidiary; and all rights, privileges, immunities and franchises of Transitory Subsidiary and all property, real, personal and mixed, and all debts due on whatever accounts, including subscriptions to shares, and all other choses in action, and all and every other interest, of or belonging to Transitory Subsidiary shall be taken and deemed to be transferred to and vested in the Surviving Corporation without further act or deed; and title to any real estate, or any interest therein, vested in Transitory Subsidiary shall not revert or be in any way impaired by reason of the Merger; and the Surviving Corporation shall thenceforth be responsible and liable for all liabilities and obligations of Transitory Subsidiary and any claim existing or action or proceeding pending by or against Transitory Subsidiary may be prosecuted to judgment as if the Merger had not taken place or the Surviving Corporation may be substituted in its place; all with the effect set forth in Section 251 of the Delaware Law. The authority of the officers of Transitory Subsidiary shall continue with respect to the due execution in the name of each respective corporation of tax returns, instruments of transfer or conveyance and other documents where the execution thereof is required or convenient to comply with any provision of the Delaware Law or any contract to which Transitory Subsidiary was a party or this Agreement. Section 1.5. The name of the Surviving Corporation shall be "Trim Systems, Inc." ARTICLE 2 EFFECTIVE TIME. Section 2.1. The Merger shall become effective when a Certificate of Merger (the "Certificate of Merger"), executed in accordance with Section 251 of the General Corporation Law of the State of Delaware, is duly filed with the Secretary of State of the State of Delaware, or as such other time as specified in the Certificate of Merger. When used in this Agreement, the term "Effective Time" shall mean the later of the date and time at which the Target Certificate of Merger is duly filed with the Secretary of State of the State of Delaware or such later time -2- established by the Certificate of Merger. The filing of the Certificate of Merger shall be made as soon as practicable after the satisfaction or waiver of the conditions to the Merger set forth in Article 4 hereof. ARTICLE 3 CERTIFICATE OF INCORPORATION AND BY-LAWS; BOARD OF DIRECTORS. Section 3.1. The Certificate of Incorporation of Surviving Corporation shall be the Certificate of Incorporation of Trim Systems, Inc., attached hereto as Exhibit A. Section 3.2. The By-laws of Surviving Corporation shall be amended and restated at and as of the Effective Time to read as did the Bylaws of Transitory Subsidiary immediately prior to the Effective Time (except that the name of the Surviving Corporation shall remain unchanged). Section 3.3. The directors and officers of Transitory Subsidiary shall become the directors and officers of Surviving Corporation at and as of the Effective Time (retaining their respective positions and terms of office). ARTICLE 4 CONDITIONS. Section 4.1. The respective obligations of each of Constituent Corporations to consummate the Merger under this Agreement is subject to the fulfillment or waiver by all parties hereto of the following conditions: (a) At the option of Transitory Subsidiary, Buyer, or Target, any third party consents which are required in order to avoid a breach, violation, conflict or default under any agreement, contract, statute, rule or regulation shall have been obtained; (b) There shall have been no law, statute, rule or regulation, domestic or foreign, enacted or promulgated which would make consummation of the Merger illegal; (c) No preliminary or permanent injunction or other order by any federal or state court of competent jurisdiction that makes illegal or otherwise prevents the consummation of the Merger shall have been issued and shall remain in effect; and (d) The board of directors of each Constituent Corporation shall have determined that the Registration Statement is reasonably likely to become effective within the next seven (7) business days in accordance with the provisions of the Securities Act. -3- ARTICLE 5 TERMINATION Section 5.1. This Agreement and all obligations to consummate the Merger shall terminate immediately upon the Buyer's withdrawal of the Registration Statement from the review of the SEC. ARTICLE 6 MISCELLANEOUS Section 6.1. This Agreement may be executed in one or more counterparts, all of which taken together shall constitute one and the same instrument. Section 6.2. The internal law, not the law of conflicts, of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Agreement. Section 6.3. This Agreement is not intended to confer upon any person (other than the parties hereto and their respective successors and assigns) any rights or remedies hereunder or by reason hereof; provided however, that the provisions in Section 1.2 above concerning payment of the Merger Consideration are intended for the benefit of Target's shareholders Section 6.4. The Schedules and Exhibits identified in this Agreement are incorporated herein by reference and made a part hereof. Section 6.5. As used in this Agreement, the following terms have the meanings specified below: "Applicable Law" means all applicable laws, statutes, orders, rules, regulations and all applicable legally binding policies or guidelines promulgated, or judgments, decisions or orders entered, by any governmental entity. "Registration Statement" means Buyer's registration statement on Form S-1 and any amendments or supplements thereto, which is to be filed with the SEC in connection with its initial public offering. "SEC" means the Securities and Exchange Commission. "Securities Act" means the Securities Act of 1933, as amended, together with the rules and regulations promulgated thereunder. * * * * -4- IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their respective officers thereunto duly authorized, all as of the day and year first written above. BOSTROM HOLDING, INC. By: /s/ Dan Moorse -------------------------------- Name: Title: TRIM SYSTEMS, INC. By: /s/ Carl E. Nelson -------------------------------- Name: Title: TRIM MERGER CO. By: /s/ Carl E. Nelson -------------------------------- Name: Title: [Signature Page to Agreement and Plan of Merger] -5- EXHIBIT A CERTIFICATE OF INCORPORATION OF TRIM SYSTEMS, INC. -6- SCHEDULE A CAPITALIZATION OF BUYER, TARGET, AND TRANSITORY SUBSIDIARY. BOSTROM HOLDING, INC.
TRIM SYSTEMS, INC.
TRIM MERGER CO.
-7- SCHEDULE B MERGER CONSIDERATION. The following table provides the amount and class of Buyer common stock that each Target shareholder shall receive as consideration in exchange for its or his or her common stock in Target.
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