STOCKHOLDER VOTING AGREEMENT
This Stockholder Voting Agreement (the "Agreement") is entered into as
of June 29, 2004, between the undersigned Xxxxxx X. Xxxxxxxx, a stockholder (the
"Stockholder") of Inet Technologies, Inc., a Delaware corporation (the
"Company"), and Tektronix, Inc., an Oregon corporation (the "Parent").
RECITALS
A. Contemporaneously with the execution and delivery of this
Agreement, the Company, the Parent, Impala Merger Corp. and Impala Acquisition
Co. LLC are entering into an Agreement and Plan of Merger, dated as of the date
hereof (the "Merger Agreement"), pursuant to which Impala Merger Corp. will
merge with and into the Company and, immediately thereafter, the Company will
merge with and into Impala Acquisition Co. LLC (collectively, the
"Combination"), upon the terms and conditions set forth therein.
B. The Stockholder desires that the Combination occur and that the
Stockholder receive the Merger Consideration, as defined in the Merger
Agreement.
AGREEMENT
Now, therefore, for good and valuable consideration, the receipt,
sufficiency and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:
1. Representations of Stockholder. The Stockholder represents that
he (a) is the holder of 7,367,883 shares of the Common Stock, $0.001 par value,
of the Company (the Stockholder's "Shares"), (b) does not beneficially own (as
such term is defined in the Securities Exchange Act of 1934, as amended (the
"1934 Act")) any shares of the Common Stock of the Company other than his
Shares, but excluding any shares of the Common Stock which he has the right to
obtain upon the exercise of stock options outstanding on the date hereof and (c)
has full power and authority to make, enter into and carry out the terms of this
Agreement.
2. Agreement to Vote Shares.
(a) The Stockholder agrees to vote his Shares and any New
Shares (as defined in Section 6 hereof), and shall cause any holder of record of
his Shares or New Shares to vote to approve the Combination and to approve and
adopt the Merger Agreement.
(b) At any meeting of stockholders of the Company or at any
adjournment thereof or in any other circumstances upon which the Stockholder's
vote, consent or other approval is sought, the Stockholder shall vote (or cause
to be voted) his Shares and any New Shares against (i) any merger agreement or
merger (other than the Merger Agreement and the Combination), consolidation,
combination, sale of substantial assets, reorganization, recapitalization,
dissolution, liquidation or winding-up of or by the Company or any other
takeover proposal, including a Superior Proposal (as defined in the Merger
Agreement)
(collectively, "Takeover Proposal") or (ii) any amendment of the Company's
certificate of incorporation or bylaws or other proposal or transaction
involving the Company or any of its subsidiaries, which amendment or other
proposal or transaction would in any manner impede, frustrate, prevent or
nullify the Combination, the Merger Agreement or any of the other transactions
contemplated by the Merger Agreement or change in any manner the voting rights
of any class of capital stock of Impala. The Stockholder further agrees not to
commit or agree to take any action inconsistent with the foregoing.
(c) The Stockholder agrees to deliver to Xxxxxxx X. Xxxxx,
Chairman, President and Chief Executive Officer of the Parent, immediately upon
request therefor, a proxy substantially in the form attached hereto as Exhibit
A, which proxy shall be irrevocable to the extent permitted by law (except that
such proxy shall be deemed automatically revoked upon a termination of this
Agreement in accordance with Section 12.4), with the total number of his Shares
and any New Shares correctly indicated thereon.
3. No Voting Trusts. After the date hereof, the Stockholder agrees
that he will not, nor will he permit any entity under his control to, deposit
any of his Shares in a voting trust or subject any of his Shares to any
arrangement with respect to the voting of such Shares other than agreements
entered into with the Parent.
4. No Proxy Solicitations. The Stockholder agrees that he will not,
nor will he permit any entity under his control to, (a) solicit proxies or
become a "participant" in a "solicitation" (as such terms are defined in
Regulation 14A under the 0000 Xxx) in opposition to or competition with the
completion of the Combination, (b) subject to Section 10, directly or indirectly
solicit, encourage, initiate or otherwise facilitate any inquiries or the making
of any proposal or offer with respect to an Acquisition Transaction (as defined
in the Merger Agreement) or engage in any negotiation concerning, or provide any
confidential information or data to, or have any discussions with any person
relating to, an Acquisition Transaction proposal, (c) become a member of a
"group" (as such term is used in Section 13(d) of the 0000 Xxx) with respect to
any voting securities of the Company for the purpose of opposing or competing
with the completion of the Combination, or (d) take any action which would
prevent, burden or materially delay the completion of the transactions
contemplated by this Agreement.
5. Transfer and Encumbrance. Except for gifts given without
consideration where the recipient thereof agrees to execute a voting agreement
in form and substance substantially identical to this Agreement, the Stockholder
agrees not to voluntarily transfer, sell, offer, pledge or otherwise dispose of
or encumber any of his Shares or New Shares during the period commencing on the
date hereof and ending after the earlier of (a) the effective date of the
Combination or (b) the date this Agreement shall be terminated in accordance
with its terms.
6. Additional Purchases. During the period commencing on the date
hereof and ending after the earlier of (a) the effective date of the Combination
or (b) the date this Agreement shall be terminated in accordance with its terms,
the Stockholder agrees that he will not (i) purchase or otherwise acquire
beneficial ownership of any shares of the Common Stock after the execution of
this Agreement ("New Shares"), or (ii) voluntarily acquire the right to
2
vote or share in the voting of any shares of the Common Stock other than the
Shares, unless he agrees to deliver to the Parent immediately after such
purchase or acquisition a proxy substantially in the form attached hereto as
Exhibit A with respect to such New Shares, which proxy shall be irrevocable to
the extent permitted by law (except that such proxy shall be deemed
automatically revoked upon a termination of this Agreement in accordance with
Section 12.4). The Stockholder also agrees that any New Shares acquired or
purchased by him shall be subject to the terms of this Agreement to the same
extent as if they constituted Shares.
7. Specific Performance. Each party hereto severally acknowledges
that it will be impossible to measure in money the damage to the other party if
a party hereto fails to comply with any of the obligations imposed by this
Agreement, that every such obligation is material and that, in the event of any
such failure, the other party will not have an adequate remedy at law or
damages. Accordingly, each party hereto severally agrees that injunctive relief
or other equitable remedy, in addition to remedies at law or damages, is the
appropriate remedy for any such failure and will not oppose the granting of such
relief on the basis that the other party has an adequate remedy at law. Each
party hereto severally agrees that it will not seek, and agrees to waive any
requirement for, the securing or posting of a bond in connection with any other
party's seeking or obtaining such equitable relief.
8. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns and shall not be assignable without the written consent of all other
parties hereto.
9. Entire Agreement. This Agreement contains the entire agreement
between the parties hereto with respect to the subject matter hereof, and this
Agreement supersedes all prior agreements, written or oral, between the parties
hereto with respect to the subject matter hereof. This Agreement may not be
amended, supplemented or modified, and no provisions hereof may be modified or
waived, except by an instrument in writing signed by all the parties hereto. No
waiver of any provisions hereof by any party shall be deemed a waiver of any
other provisions hereof by any such party, nor shall any such waiver be deemed a
continuing waiver of any provision hereof by such party.
10. Stockholder Capacity. The execution of this Agreement by
Stockholder shall be solely in his capacity as the beneficial owner of the
Shares held by Stockholder, and Stockholder makes no agreement or understanding
herein in his capacity, if any, as a director or officer of the Company or its
Subsidiaries (as defined in the Merger Agreement).
11. Spousal Interests in Shares. To the extent that any of
Stockholder's Shares constitute the community property of Stockholder and his
spouse, Stockholder shall obtain the spouse's acknowledgment of and consent to
the existence and binding effect of this Agreement, by executing a spousal
consent in the form attached hereto as Exhibit B, and incorporated into this
Agreement by reference.
3
12. Miscellaneous.
12.1 This Agreement shall be deemed a contract made under,
and for all purposes shall be construed in accordance with, the laws of
the state of Delaware.
12.2 If any provision of this Agreement or the application of
such provision to any person or circumstances shall be held invalid by a
court of competent jurisdiction, the remainder of the provision held
invalid and the application of such provision to persons or
circumstances, other than the party as to which it is held invalid,
shall not be affected.
12.3 This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of
which together shall constitute one and the same instrument.
12.4 Except to the extent set forth in Section 13, this
Agreement shall terminate upon the earliest to occur of (i) the
completion of the Combination or (ii) the termination of the Merger
Agreement.
12.5 All section headings herein are for convenience of
reference only and are not part of this Agreement, and no construction
or reference shall be derived therefrom.
12.6 The obligations of the Stockholder set forth in this
Agreement shall not be effective or binding upon him until after such
time as the Merger Agreement is executed and delivered by the Parent,
the Company, Impala Merger Corp. and Impala Acquisition Co. LLC. The
parties agree that there is not and has not been any other agreement,
arrangement or understanding between the parties hereto with respect to
the matters set forth herein.
13. Other Transactions. For a period of one year following the
termination of this Agreement, Stockholder agrees that he shall not enter into a
voting or similar agreement with any potential acquiror of the Company that
includes terms that are more favorable to such acquiror than the terms set forth
in this Agreement.
[SIGNATURE PAGE FOLLOWS]
4
In witness whereof, the parties hereto have executed this Stockholder
Voting Agreement as of the day and year first written above.
PARENT: TEKTRONIX, INC.
By: /S/ XXXXX XXXXXX
----------------
Xxxxx Xxxxxx
Vice President,
General Counsel and Secretary
STOCKHOLDER: /S/ XXXXXX X. XXXXXXXX
----------------------
Xxxxxx X. Xxxxxxxx
5
EXHIBIT A
FORM OF PROXY
The undersigned, for consideration received, hereby appoints each of
Xxxxxxx X. Xxxxx, Chairman, President and Chief Executive Officer of Tektronix,
Inc. and Xxxxx X. Xxxxxx, Vice President, General Counsel and Secretary of
Tektronix, Inc., his proxy, with power of substitution, to vote all shares of
common stock of Inet Technologies, Inc., a Delaware corporation (the "Company"),
owned by the undersigned (a) at the upcoming Special Meeting of Stockholders of
the Company, and at any adjournment thereof, for approval and adoption of the
Agreement and Plan of Merger, dated as of June 29, 2004, among Tektronix, Inc.,
the Company, Impala Merger Corp. and Impala Acquisition Co. LLC (the "Merger
Agreement") and (b) at any meeting of stockholders of the Company or at any
adjournment thereof or in any other circumstances upon which the undersigned's
vote, consent or other approval is sought, against (i) any merger agreement or
merger (other than the Merger Agreement and the mergers contemplated by the
Merger Agreement), consolidation, combination, sale of substantial assets,
reorganization, recapitalization, dissolution, liquidation or winding-up of or
by the Company or any other takeover proposal, including a Superior Proposal (as
defined in the Merger Agreement) or (ii) any amendment of the Company's
certificate of incorporation or bylaws or other proposal or transaction
involving the Company or any of its subsidiaries, which amendment or other
proposal or transaction would in any manner impede, frustrate, prevent or
nullify the Merger Agreement or any of the transactions (including the
Combination) contemplated by the Merger Agreement or change in any manner the
voting rights of any class of capital stock of the Company. This proxy is
coupled with an interest and is irrevocable until such time as the Stockholder
Voting Agreement, dated as of June 29, 2004, between the undersigned and
Tektronix, Inc. terminates in accordance with its terms.
Dated: June 29, 2004
________________________________________
(Signature of Stockholder)
________________________________________
(Printed name of Stockholder)
EXHIBIT B
FORM OF SPOUSAL CONSENT
I, the spouse of Xxxxxx X. Xxxxxxxx, have read and hereby approve the
foregoing Stockholder Voting Agreement (the "Agreement"). I hereby agree to be
irrevocably bound by the Agreement and further agree that any community interest
shall be similarly bound by the Agreement. I hereby appoint my spouse as my
attorney-in-fact with respect to any amendment or exercise of any rights under
the Agreement.
Dated: June 29, 2004
________________________________________
(Signature of Stockholder's Spouse)
________________________________________
(Printed name of Stockholder's Spouse)
STOCKHOLDER VOTING AGREEMENT
This Stockholder Voting Agreement (the "Agreement") is entered into as
of June 29, 2004, between the undersigned Xxxx X. Xxxxxxx, a stockholder (the
"Stockholder") of Inet Technologies, Inc., a Delaware corporation (the
"Company"), and Tektronix, Inc., an Oregon corporation (the "Parent").
RECITALS
A. Contemporaneously with the execution and delivery of this
Agreement, the Company, the Parent, Impala Merger Corp. and Impala Acquisition
Co. LLC are entering into an Agreement and Plan of Merger, dated as of the date
hereof (the "Merger Agreement"), pursuant to which Impala Merger Corp. will
merge with and into the Company and, immediately thereafter, the Company will
merge with and into Impala Acquisition Co. LLC (collectively, the
"Combination"), upon the terms and conditions set forth therein.
B. The Stockholder desires that the Combination occur and that the
Stockholder receive the Merger Consideration, as defined in the Merger
Agreement.
AGREEMENT
Now, therefore, for good and valuable consideration, the receipt,
sufficiency and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:
1. Representations of Stockholder. The Stockholder represents that
he (a) is the holder of 8,115,483 shares of the Common Stock, $0.001 par value,
of the Company (the Stockholder's "Shares"), (b) does not beneficially own (as
such term is defined in the Securities Exchange Act of 1934, as amended (the
"1934 Act")) any shares of the Common Stock of the Company other than his
Shares, but excluding any shares of the Common Stock which he has the right to
obtain upon the exercise of stock options outstanding on the date hereof and (c)
has full power and authority to make, enter into and carry out the terms of this
Agreement.
2. Agreement to Vote Shares.
(a) The Stockholder agrees to vote his Shares and any New
Shares (as defined in Section 6 hereof), and shall cause any holder of record of
his Shares or New Shares to vote to approve the Combination and to approve and
adopt the Merger Agreement.
(b) At any meeting of stockholders of the Company or at any
adjournment thereof or in any other circumstances upon which the Stockholder's
vote, consent or other approval is sought, the Stockholder shall vote (or cause
to be voted) his Shares and any New Shares against (i) any merger agreement or
merger (other than the Merger Agreement and the Combination), consolidation,
combination, sale of substantial assets, reorganization, recapitalization,
dissolution, liquidation or winding-up of or by the Company or any other
takeover proposal, including a Superior Proposal (as defined in the Merger
Agreement)
(collectively, "Takeover Proposal") or (ii) any amendment of the Company's
certificate of incorporation or bylaws or other proposal or transaction
involving the Company or any of its subsidiaries, which amendment or other
proposal or transaction would in any manner impede, frustrate, prevent or
nullify the Combination, the Merger Agreement or any of the other transactions
contemplated by the Merger Agreement or change in any manner the voting rights
of any class of capital stock of the Company. The Stockholder further agrees not
to commit or agree to take any action inconsistent with the foregoing.
(c) The Stockholder agrees to deliver to Xxxxxxx X. Xxxxx,
Chairman, President and Chief Executive Officer of the Parent, immediately upon
request therefor, a proxy substantially in the form attached hereto as Exhibit
A, which proxy shall be irrevocable to the extent permitted by law (except that
such proxy shall be deemed automatically revoked upon a termination of this
Agreement in accordance with Section 12.4), with the total number of his Shares
and any New Shares correctly indicated thereon.
3. No Voting Trusts. After the date hereof, the Stockholder agrees
that he will not, nor will he permit any entity under his control to, deposit
any of his Shares in a voting trust or subject any of his Shares to any
arrangement with respect to the voting of such Shares other than agreements
entered into with the Parent.
4. No Proxy Solicitations. The Stockholder agrees that he will not,
nor will he permit any entity under his control to, (a) solicit proxies or
become a "participant" in a "solicitation" (as such terms are defined in
Regulation 14A under the 0000 Xxx) in opposition to or competition with the
completion of the Combination, (b) subject to Section 10, directly or indirectly
solicit, encourage, initiate or otherwise facilitate any inquiries or the making
of any proposal or offer with respect to an Acquisition Transaction (as defined
in the Merger Agreement) or engage in any negotiation concerning, or provide any
confidential information or data to, or have any discussions with any person
relating to, an Acquisition Transaction proposal, (c) become a member of a
"group" (as such term is used in Section 13(d) of the 0000 Xxx) with respect to
any voting securities of the Company for the purpose of opposing or competing
with the completion of the Combination, or (d) take any action which would
prevent, burden or materially delay the completion of the transactions
contemplated by this Agreement.
5. Transfer and Encumbrance. Except for gifts given without
consideration where the recipient thereof agrees to execute a voting agreement
in form and substance substantially identical to this Agreement, the Stockholder
agrees not to voluntarily transfer, sell, offer, pledge or otherwise dispose of
or encumber any of his Shares or New Shares during the period commencing on the
date hereof and ending after the earlier of (a) the effective date of the
Combination or (b) the date this Agreement shall be terminated in accordance
with its terms.
6. Additional Purchases. During the period commencing on the date
hereof and ending after the earlier of (a) the effective date of the Combination
or (b) the date this Agreement shall be terminated in accordance with its terms,
the Stockholder agrees that he will not (i) purchase or otherwise acquire
beneficial ownership of any shares of the Common Stock after the execution of
this Agreement ("New Shares"), or (ii) voluntarily acquire the right to
2
vote or share in the voting of any shares of the Common Stock other than the
Shares, unless he agrees to deliver to the Parent immediately after such
purchase or acquisition a proxy substantially in the form attached hereto as
Exhibit A with respect to such New Shares, which proxy shall be irrevocable to
the extent permitted by law (except that such proxy shall be deemed
automatically revoked upon a termination of this Agreement in accordance with
Section 12.4). The Stockholder also agrees that any New Shares acquired or
purchased by him shall be subject to the terms of this Agreement to the same
extent as if they constituted Shares.
7. Specific Performance. Each party hereto severally acknowledges
that it will be impossible to measure in money the damage to the other party if
a party hereto fails to comply with any of the obligations imposed by this
Agreement, that every such obligation is material and that, in the event of any
such failure, the other party will not have an adequate remedy at law or
damages. Accordingly, each party hereto severally agrees that injunctive relief
or other equitable remedy, in addition to remedies at law or damages, is the
appropriate remedy for any such failure and will not oppose the granting of such
relief on the basis that the other party has an adequate remedy at law. Each
party hereto severally agrees that it will not seek, and agrees to waive any
requirement for, the securing or posting of a bond in connection with any other
party's seeking or obtaining such equitable relief.
8. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns and shall not be assignable without the written consent of all other
parties hereto.
9. Entire Agreement. This Agreement contains the entire agreement
between the parties hereto with respect to the subject matter hereof, and this
Agreement supersedes all prior agreements, written or oral, between the parties
hereto with respect to the subject matter hereof. This Agreement may not be
amended, supplemented or modified, and no provisions hereof may be modified or
waived, except by an instrument in writing signed by all the parties hereto. No
waiver of any provisions hereof by any party shall be deemed a waiver of any
other provisions hereof by any such party, nor shall any such waiver be deemed a
continuing waiver of any provision hereof by such party.
10. Stockholder Capacity. The execution of this Agreement by
Stockholder shall be solely in his capacity as the beneficial owner of the
Shares held by Stockholder, and Stockholder makes no agreement or understanding
herein in his capacity, if any, as a director or officer of the Company or its
Subsidiaries (as defined in the Merger Agreement).
12. Spousal Interests in Shares. To the extent that any of
Stockholder's Shares constitute the community property of Stockholder and his
spouse, Stockholder shall obtain the spouse's acknowledgment of and consent to
the existence and binding effect of this Agreement, by executing a spousal
consent in the form attached hereto as Exhibit B, and incorporated into this
Agreement by reference.
3
12. Miscellaneous.
12.1 This Agreement shall be deemed a contract made under,
and for all purposes shall be construed in accordance with, the laws of
the state of Delaware.
12.2 If any provision of this Agreement or the application of
such provision to any person or circumstances shall be held invalid by a
court of competent jurisdiction, the remainder of the provision held
invalid and the application of such provision to persons or
circumstances, other than the party as to which it is held invalid,
shall not be affected.
12.3 This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of
which together shall constitute one and the same instrument.
12.4 Except to the extent set forth in Section 13, this
Agreement shall terminate upon the earliest to occur of (i) the
completion of the Combination or (ii) the termination of the Merger
Agreement.
12.5 All section headings herein are for convenience of
reference only and are not part of this Agreement, and no construction
or reference shall be derived therefrom.
12.6 The obligations of the Stockholder set forth in this
Agreement shall not be effective or binding upon him until after such
time as the Merger Agreement is executed and delivered by the Parent,
the Company, Impala Merger Corp. and Impala Acquisition Co. LLC. The
parties agree that there is not and has not been any other agreement,
arrangement or understanding between the parties hereto with respect to
the matters set forth herein.
13. Other Transactions. For a period of one year following the
termination of this Agreement, Stockholder agrees that he shall not enter into a
voting or similar agreement with any potential acquiror of the Company that
includes terms that are more favorable to such acquiror than the terms set forth
in this Agreement.
[Signature page follows]
4
In witness whereof, the parties hereto have executed this Stockholder
Voting Agreement as of the day and year first written above.
PARENT: TEKTRONIX, INC.
By: /S/ XXXXX XXXXXX
----------------
Xxxxx Xxxxxx
Vice President,
General Counsel and Secretary
STOCKHOLDER: /S/ XXXX X. XXXXXXX
--------------------
Xxxx X. Xxxxxxx
5
EXHIBIT A
FORM OF PROXY
The undersigned, for consideration received, hereby appoints each of
Xxxxxxx X. Xxxxx, Chairman, President and Chief Executive Officer of Tektronix,
Inc. and Xxxxx X. Xxxxxx, Vice President, General Counsel and Secretary of
Tektronix, Inc., his proxy, with power of substitution, to vote all shares of
common stock of Inet Technologies, Inc., a Delaware corporation (the "Company"),
owned by the undersigned (a) at the upcoming Special Meeting of Stockholders of
the Company, and at any adjournment thereof, for approval and adoption of the
Agreement and Plan of Merger, dated as of June 29, 2004, among Tektronix, Inc.,
the Company, Impala Merger Corp. and Impala Acquisition Co. LLC (the "Merger
Agreement") and (b) at any meeting of stockholders of the Company or at any
adjournment thereof or in any other circumstances upon which the undersigned's
vote, consent or other approval is sought, against (i) any merger agreement or
merger (other than the Merger Agreement and the mergers contemplated by the
Merger Agreement), consolidation, combination, sale of substantial assets,
reorganization, recapitalization, dissolution, liquidation or winding-up of or
by the Company or any other takeover proposal, including a Superior Proposal (as
defined in the Merger Agreement) or (ii) any amendment of the Company's
certificate of incorporation or bylaws or other proposal or transaction
involving the Company or any of its subsidiaries, which amendment or other
proposal or transaction would in any manner impede, frustrate, prevent or
nullify the Merger Agreement or any of the transactions (including the
Combination) contemplated by the Merger Agreement or change in any manner the
voting rights of any class of capital stock of the Company. This proxy is
coupled with an interest and is irrevocable until such time as the Stockholder
Voting Agreement, dated as of June 29, 2004, between the undersigned and
Tektronix, Inc. terminates in accordance with its terms.
Dated: June 29, 2004
________________________________________
(Signature of Stockholder)
________________________________________
(Printed name of Stockholder)
EXHIBIT B
FORM OF SPOUSAL CONSENT
I, the spouse of Xxxx X. Xxxxxxx, have read and hereby approve the
foregoing Stockholder Voting Agreement (the "Agreement"). I hereby agree to be
irrevocably bound by the Agreement and further agree that any community interest
shall be similarly bound by the Agreement. I hereby appoint my spouse as my
attorney-in-fact with respect to any amendment or exercise of any rights under
the Agreement.
Dated: June 29, 2004
________________________________________
(Signature of Stockholder's Spouse)
________________________________________
(Printed name of Stockholder's Spouse)
