Exhibit 2.2
AGREEMENT AND PLAN OF MERGER
AGREEMENT AND PLAN OF MERGER (the "Merger Agreement"), dated as of March
__, 1999, by and among xxxxxxxxx.xxx Incorporated, a Delaware corporation
("Priceline") and PriceLine Travel, Inc., a Delaware corporation ("Travel").
Priceline and Travel are hereinafter sometimes collectively referred to as the
"Constituent Corporations."
WHEREAS, the respective Boards of Directors of Priceline and Travel have
determined that it is advisable and in the best interests of each of such
corporations that Travel merge with and into Priceline upon the terms and
subject to the conditions herein provided;
WHEREAS, the respective Boards of Directors of Priceline and Travel have,
by resolutions duly adopted, approved the Merger Agreement and have recommended
the Merger Agreement to their respective stockholders;
WHEREAS, the Merger Agreement and the transactions contemplated thereby
have been approved by the holder of all of the issued and outstanding capital
stock of Travel.
NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein and for the purpose of merging Travel with and into Priceline (the
"Merger") and setting forth certain terms and conditions of the Merger and the
mode of carrying the same into effect, Priceline and Travel hereby agree as
follows:
1. MERGER. Subject to the terms and conditions hereof, Travel shall be
merged with and into Priceline and Priceline shall be, and is herein referred to
as, the "Surviving Entity." The name of the Surviving Entity shall be
"xxxxxxxxx.xxx Incorporated." The Merger shall become effective at the time and
on the date of filing such documents as may be required under applicable law
(the "Effective Time").
2. CONSIDERATION/CANCELLATION OF STOCK.
(a) Each share of capital stock of Travel, shall be cancelled and
retired and cease to exist.
(b) Xxx X. Xxxxxx, as the holder of all of the issued and outstanding
capital stock of Travel prior to the Merger, shall receive $1.00 as the
aggregate consideration for the Merger.
3. CERTIFICATE OF INCORPORATION; BYLAWS. The Certificate of Incorporation
of Priceline as in effect immediately prior to the Effective Time shall continue
to be the Certificate of Incorporation of the Surviving Entity until duly
altered, amended or repealed in accordance with the provisions thereof and
applicable law. The Bylaws of Priceline as in effect immediately prior to the
Effective Time shall continue to be the Bylaws of the Surviving Entity until
duly altered, amended or repealed in accordance with the provisions thereof, the
Certificate of Incorporation of the Surviving Entity and applicable law.
4. DIRECTORS AND OFFICERS. The directors and officers of Priceline
immediately prior to the Effective Time shall be the directors and officers of
the Surviving Entity and will hold office from the Effective Time until their
respective successors are duly elected or appointed and qualified in the manner
provided in the Certificate of Incorporation and Bylaws of the Surviving Entity,
or as otherwise provided by law.
5. SUCCESSION. At the Effective Time, the separate corporate existence of
Travel shall cease and Travel shall be merged with and into Priceline.
Priceline, as the Surviving Entity, shall thereupon and thereafter possess all
the rights, privileges, powers and franchises as well of a public as of a
private nature, and be subject to all the restrictions, disabilities and duties
of each of the Constituent Entities, all as provided under Section 251 of the
General Corporation Law of the State of Delaware.
6. FURTHER ASSURANCES. From time to time, as and when required by the
Surviving Entity or by its successors and assigns, there shall be executed and
delivered on behalf of travel such deeds and other instruments, and there shall
be taken or caused to be taken by it all such further and other action as shall
be appropriate or necessary in order to vest, perfect or confirm, of record or
otherwise, in the Surviving Entity the title to and possession of all property,
interests, assets, rights, privileges, immunities, powers, franchises and
authority of Travel and otherwise to carry out the purposes of the Merger
Agreement, and the officers of the Surviving Entity are fully authorized in the
name and on behalf of Travel or
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otherwise to take any and all such action to execute and deliver any and all
such deeds and other instruments.
7. ABANDONMENT. At any time prior to the Effective Time, the Merger
Agreement may be terminated and the Merger may be abandoned by the Board of
Directors of Priceline or Travel, notwithstanding approval of the Merger
Agreement by the stockholders of each of Priceline or Travel, or both.
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IN WITNESS WHEREOF, Priceline and Travel have caused the Merger Agreement
to be signed by their respective duly authorized officers as of the date first
above written.
XXXXXXXXX.XXX INCORPORATED
By: /s/ Xxxx X. Xxxxxxx
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Name: Xxxx X. Xxxxxxx
Title: Chief Financial Officer
PRICELINE TRAVEL, INC.
By: /s/ Xxx X. Xxxxxx
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Name: Xxx X. Xxxxxx
Title: Chairman
Certification of the Secretary of xxxxxxxxx.xxx Incorporated
The undersigned hereby certifies on behalf of xxxxxxxxx.xxx Incorporated
that the foregoing Agreement and Plan of Merger has been adopted by
xxxxxxxxx.xxx Incorporated pursuant to Section 251(f) of the General Corporation
Law of the State of Delaware (the "DGCL") and that all of the conditions
specified in the first sentence of Section 251(f) of the DGCL have been
satisfied.
XXXXXXXXX.XXX INCORPORATED
By: /s/ Xxxxxxx X. Xxxx
-----------------------------------
Name: Xxxxxxx X. Xxxx
Title: Secretary
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