JOINT FILING AND SOLICITATION AGREEMENT
Exhibit 99.1
WHEREAS,
certain of the undersigned are stockholders, direct or beneficial, of iPass
Inc., a Delaware corporation (the “Company”);
WHEREAS,
Foxhill Opportunity Master Fund, L.P. (“Foxhill Master Fund”), Foxhill
Opportunity Fund, L.P., Foxhill Opportunity Offshore Fund, Ltd., Foxhill Capital
(GP), LLC, Foxhill Capital Partners, LLC, Xxxx Xxxxxx, Xxxxxxx X. Xxxxxxx,
Xxxxxxx X. Xxxxx, and Xxxx X. Xxxxxxxxx, wish to form a group for the purpose of
seeking representation on the Board of Directors of the Company at the 2009
annual meeting of stockholders of the Company, or any other meeting of
stockholders held in lieu thereof, and any adjournments, postponements,
reschedulings or continuations thereof (the “2009 Annual Meeting”) and for the
purpose of taking all other action necessary to achieve the
foregoing.
NOW, IT
IS AGREED, this 26th day of February 2009 by the parties hereto:
1. In
accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), each of the undersigned (collectively, the
“Group”) agrees to the joint filing on behalf of each of them of statements on
Schedule 13D, and any amendments thereto, with respect to the securities of the
Company. Each member of the Group shall be responsible for the
accuracy and completeness of his/its own disclosure therein, and is not
responsible for the accuracy and completeness of the information concerning the
other members, unless such member knows or has reason to know that such
information is inaccurate. Foxhill Master Fund or its representative
shall provide each member of the Group with copies of all Schedule 13D filings
and other public filings to be filed on behalf of such member at least 24 hours
prior to the filing or submission thereof.
2. So
long as this agreement is in effect, each of the undersigned shall provide
written notice to Xxxxxx Xxxxxxxx Frome Xxxxxxxxxx & Xxxxxxx LLP (“Xxxxxx”)
of (i) any of their purchases or sales of securities of the Company; or (ii) any
securities of the Company over which they acquire or dispose of beneficial
ownership. Notice shall be given no later than 24 hours after each
such transaction.
3. Each
of the undersigned agrees to form the Group for the purpose of (i) soliciting
proxies or written consents for the election of the persons nominated by the
Group to the Board of Directors of the Company at the 2009 Annual Meeting, (ii)
supporting the passage of a non-binding proposal recommending the destaggering
of the Board of Directors of the Company, (iii) taking such other actions as the
parties deem advisable, and (iv) taking all other action necessary or advisable
to achieve the foregoing.
4. Foxhill
Master Fund, Xx. Xxxxxxx and Xx. Xxxxx each agrees to be responsible for all
expenses incurred in connection with the Group’s activities on a pro rata basis
among them, based on the number of shares of the Company’s common stock in the
aggregate beneficially owned by each of them on the date
hereof. Foxhill Master Fund shall use reasonable efforts to ensure
that all expenses incurred in connection with the Group’s activities are
reasonable.
5. Each
of the undersigned agrees that any SEC filing, press release or stockholder
communication proposed to be made or issued by the Group or any member of the
Group in connection with the Group’s activities set forth in Section 4 shall be
first approved by Foxhill Master Fund, or its representatives, which approval
shall not be unreasonably withheld.
6. The
relationship of the parties hereto shall be limited to carrying on the business
of the Group in accordance with the terms of this Agreement. Such
relationship shall be construed and deemed to be for the sole and limited
purpose of carrying on such business as described herein. Nothing
herein shall be construed to authorize any party to act as an agent for any
other party, or to create a joint venture or partnership, or to constitute an
indemnification. Nothing herein shall restrict any party’s right to
purchase or sell securities of the Company, as he/it deems appropriate, in
his/its sole discretion, provided that all such sales are made in compliance
with all applicable securities laws.
7. This
Agreement may be executed in counterparts, each of which shall be deemed an
original and all of which, taken together, shall constitute but one and the same
instrument, which may be sufficiently evidenced by one counterpart.
8. In
the event of any dispute arising out of the provisions of this Agreement or
their investment in the Company, the parties hereto consent and submit to the
exclusive jurisdiction of the Federal and State Courts in the State of New
York.
9. Any
party hereto may terminate his/its obligations under this Agreement on 24 hours’
written notice to all other parties, with a copy by fax to Xxxxx Xxxxxxx at
Xxxxxx, Fax No. (000) 000-0000.
10. Each
party acknowledges that Xxxxxx shall act as counsel for both the Group and
Foxhill Master Fund and its affiliates relating to their investment in the
Company.
11. Each
of the undersigned parties hereby agrees that this Agreement shall be filed as
an exhibit to a Schedule 13D pursuant to Rule 13d-1(k)(1)(iii) under the
Exchange Act.
IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the day and year first above written.
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FOXHILL
OPPORTUNITY MASTER FUND, L.P.
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By:
Foxhill Opportunity Offshore Fund Ltd., its general partner
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By:
Foxhill Capital Partners, LLC, its investment manager
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By:
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/s/
Xxxx Xxxxxx
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Name:
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Xxxx
Xxxxxx
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Title:
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Managing
Member
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FOXHILL
OPPORTUNITY FUND, L.P.
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By:
FOXHILL CAPITAL (GP), LLC, its general partner
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By:
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/s/
Xxxx Xxxxxx
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Name:
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Xxxx
Xxxxxx
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Title:
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Managing
Member
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FOXHILL
OPPORTUNITY OFFSHORE FUND, LTD.
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By:
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/s/
Xxxx Xxxxxx
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Name:
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Xxxx
Xxxxxx
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Title:
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Director
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FOXHILL
CAPITAL (GP), LLC
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By:
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/s/
Xxxx Xxxxxx
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Name:
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Xxxx
Xxxxxx
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Title:
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Managing
Member
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FOXHILL
CAPITAL PARTNERS, LLC
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By:
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/s/
Xxxx Xxxxxx
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Name:
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Xxxx
Xxxxxx
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Title:
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Managing
Member
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/s/
Xxxx Xxxxxx
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Xxxx
Xxxxxx
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/s/
Xxxxxxx X. Xxxxxxx
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Xxxxxxx
X. Xxxxxxx
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/s/
Xxxxxxx X. Xxxxx
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Xxxxxxx
X. Xxxxx
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/s/
Xxxx X. Xxxxxxxxx
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Xxxx
X. Xxxxxxxxx
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