TENDER AGREEMENT
(d)(2)
TENDER AGREEMENT, dated as of November 15, 2007 (this “Agreement”), by and between Pfizer
Inc., a Delaware corporation (“Acquiror”), on the one hand, and Venrock Associates, Xxxxxx,
XxXxxxxx & Partners, L.P., Xxxxxx Xxxxxxxx and Xxxxxx Xxxxx (each, a “Stockholder” and
collectively, the “Stockholders”), on the other hand. Capitalized terms used but not defined herein
shall have the meanings given to such terms in the Merger Agreement.
W I T N E S S E T H:
WHEREAS, Acquiror, Corvette Acquisition Corp., a Delaware corporation and indirect
wholly-owned Subsidiary of Acquiror (“Acquisition Subsidiary”), and Xxxxx Pharmaceutical Group,
Inc., a Delaware corporation (“Xxxxx”), are, concurrently with the execution and delivery of this
Agreement, entering into an Agreement and Plan of Merger, dated the date hereof (the “Merger
Agreement”); and
WHEREAS, as of the date hereof, each Stockholder is the beneficial owner (as defined under
Rule 13d-3 of the Exchange Act) of the shares of Xxxxx Common Stock set forth under such
Stockholder’s name on the signature page to this Agreement (the “Existing Shares” and, together
with any Shares, options or warrants to purchase Shares or other capital stock of Xxxxx acquired by
the Stockholders after the date hereof, the “Shares”); and
WHEREAS, as a condition to its willingness to enter into the Merger Agreement, Acquiror has
requested that the Stockholders enter into this Agreement.
NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties,
covenants and agreements contained herein, and intending to be legally bound hereby, the parties
hereto hereby agree as follows:
ARTICLE I
AGREEMENTS
1.1. Agreement to Tender. Unless this Agreement shall have previously been terminated in
accordance with its terms, each Stockholder agrees to accept the Offer with respect to all the
Shares (excluding for purposes of this Section 1.1 Shares that are subject to unexercised Xxxxx
Options or Xxxxx Warrants until such time as such Xxxxx Options or Xxxxx Warrants are exercised)
and to tender all the Shares pursuant to the Offer. Such tender shall be made within ten Business
Days of the commencement of the Offer, and with respect to any Shares obtained after such date, (by
way of exercise of Xxxxx Options or Xxxxx Warrants or otherwise, promptly after such Shares are
obtained). The Stockholders shall not withdraw any Shares tendered pursuant to the Offer unless
either (i) this Agreement terminates pursuant to Section 4.1 or (ii) the Offer shall have been
terminated pursuant to the terms of the Merger Agreement. Acquiror or Acquisition Subsidiary shall
pay Stockholders for any Shares tendered in accordance with the Merger Agreement and this Section
1.1 and not withdrawn on the date of acceptance of shares for payment pursuant to the Offer. If
the Offer is terminated by Acquiror or
Acquisition Subsidiary, or this Agreement is terminated in
accordance with its terms, Acquiror and Acquisition Subsidiary shall cause the depository acting on
behalf of Acquiror and
Acquisition Subsidiary to return all tendered Shares to the Stockholders promptly. The
Stockholders agree to permit Acquiror and Acquisition Subsidiary to publish and disclose in the
Offer Documents and, if approval of Xxxxx’x stockholders is required under the Delaware General
Corporate Law (“DGCL”), any Proxy Statement (including all related documents and schedules filed
with the Securities and Exchange Commission (“SEC”)), his or its identity and ownership of Shares,
the nature of his or its commitments, arrangements and understandings under this Agreement and any
other information required by applicable Law.
1.2. Agreement to Vote. From and after the date hereof and until this Agreement terminates
pursuant to Section 4.1, at every meeting of the stockholders of Xxxxx, however called, and at
every adjournment or postponement thereof, or in connection with any written consent of the
stockholders of Xxxxx, relating to any proposed action by the Stockholders of Xxxxx with respect to
the matters set forth in Section 1.2(b) below, each Stockholder irrevocably agrees to, with respect
to any Shares not purchased in the Offer:
(a) appear at each such meeting or otherwise cause the Shares owned beneficially or of record
by the Stockholders to be counted as present thereat for purposes of calculating a quorum; and
(b) unless Acquiror votes the Shares directly pursuant to the proxy granted by Section 1.3
below, vote (or cause to be voted), in person or by proxy, all the Shares owned by the
Stockholders, and any other voting securities of Xxxxx (whenever acquired), that are owned
beneficially or of record by the Stockholders or as to which they have, directly or indirectly, the
right to vote or direct the voting, (i) in favor of approval of the Merger Agreement and each of
the other transactions contemplated thereby, (ii) against any action or agreement submitted for
approval of the stockholders of Xxxxx that would reasonably be expected to result in a breach of
any covenant, representation or warranty or any other obligation or agreement of Xxxxx contained in
the Merger Agreement or of the Stockholders contained in this Agreement, (iii) against any action,
agreement or transaction submitted for approval to the stockholders of Xxxxx that would reasonably
be expected to materially impede, interfere or be inconsistent with, delay, postpone, discourage or
materially and adversely affect the timely consummation of the Offer or the Merger; and (iv)
against any other action, agreement or transaction submitted for approval to the stockholders of
Xxxxx that would constitute an Acquisition Proposal.
1.3. Proxy. (a) Each Stockholder by this Agreement does hereby constitute and appoint
Acquiror, or any nominee of Acquiror, with full power of substitution, during and for the Proxy
Term (as hereinafter defined), as such Stockholder’s true and lawful attorney and irrevocable
proxy, for and in such Stockholder’s name, place and stead, to vote the Shares as such
Stockholder’s proxy, at every meeting of the stockholders of Xxxxx, however called, and at every
adjournment or postponement thereof, or in connection with any written consent of the stockholders
of Xxxxx, relating to any proposed action by the Stockholders of Xxxxx with respect to the
foregoing matters: (i) in favor of approval of the Merger Agreement and each of the other
transactions contemplated thereby, (ii) against any action or agreement submitted for approval of
the stockholders of Xxxxx that would reasonably be expected to result in a breach of any covenant,
representation or warranty or any other obligation or agreement of Xxxxx contained in
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the Merger
Agreement or of the Stockholders contained in this Agreement, (iii) against any action, agreement
or transaction submitted for approval to the stockholders of Xxxxx that would
reasonably be expected to materially impede, interfere or be inconsistent with, delay,
postpone, discourage or materially and adversely affect the timely consummation of the Offer or the
Merger; and (iv) against any other action, agreement or transaction submitted for approval to the
stockholders of Xxxxx that would constitute an Acquisition Proposal. Each Stockholder intends this
proxy to be irrevocable and coupled with an interest during the Proxy Term and hereby revokes any
proxy previously granted by such Stockholder with respect to the Shares. Each Stockholder
acknowledges that, pursuant to the authority hereby granted under the irrevocable proxy, Acquiror
may vote, in accordance with the terms of this Agreement, the Shares in furtherance of its own
interests, and Acquiror is not acting as a fiduciary for any Stockholder.
(b) For purposes of this Agreement, “Proxy Term” means the period from the execution of this
Agreement until the termination of this Agreement in accordance with the terms of Section 4.1
hereof.
(c) Each Stockholder agrees that the irrevocable proxy set forth in this Section 1.3 shall not
be terminated by any act of the Stockholder or by operation of law, whether by the death or
incapacity of the Stockholder or by the occurrence of any other event or events, other than by
termination of this Agreement in accordance with the terms of Section 4.1 hereof. If prior to the
termination of this Agreement, any Stockholder should die or become incapacitated, certificates
representing the Shares shall be delivered by or on behalf of such Stockholder in accordance with
the terms and conditions of the Merger Agreement and this Agreement, and actions taken by Acquiror
hereunder shall be as valid as if such death or incapacity had not occurred, regardless of whether
or not Acquiror has received notice of such death or incapacity.
ARTICLE II
REPRESENTATIONS AND WARRANTIES
2.1. Representations and Warranties of the Stockholders. Each Stockholder, severally and not
jointly, hereby represents and warrants to Acquiror as follows:
(a) Authorization; Validity of Agreement; Necessary Action. Such Stockholder has all
requisite power and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby. To the extent applicable, the execution and delivery of this
Agreement and the consummation by the Stockholder of the transactions contemplated hereby have been
duly authorized by all necessary action (corporate or otherwise) on the part of such Stockholder.
This Agreement has been duly executed and delivered by such Stockholder and constitutes a valid and
binding obligation of such Stockholder, enforceable in accordance with its terms (except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors’ rights generally and to general equity principles). If such
Stockholder is married and the Shares set forth on the signature page hereto constitute community
property under applicable laws, this Agreement has been duly authorized, executed and delivered by,
and constitutes the valid and binding agreement of, such Stockholder’s spouse.
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(b) Ownership. As of the date hereof, the number of shares of Xxxxx Common Stock
beneficially owned (as defined under Rule 13d-3 of the Exchange Act) by such
Stockholder is set forth opposite such Stockholder’s name on the signature page to this
Agreement. The Existing Shares are, and (except as otherwise expressly permitted by this
Agreement) any additional shares of Xxxxx Common Stock and any options and warrants to purchase
shares of Xxxxx Common Stock acquired by the Stockholders after the date hereof and prior to the
Effective Time will be, owned beneficially by the Stockholders. As of the date hereof, the
Existing Shares constitute all of the shares of Xxxxx Common Stock held of record, beneficially
owned by or for which voting power or disposition power is held or shared by the Stockholders.
Such Stockholder has and (except as otherwise expressly permitted by this Agreement) will have at
all times through the Effective Time sole voting power, sole power of disposition, sole power to
issue instructions with respect to the matters set forth in Article I or Section 3.1 hereof, and
sole right, power and authority to agree to all of the matters set forth in this Agreement, in each
case with respect to all of the Existing Shares and with respect to all of the Shares at the
Effective Time, with no limitations, qualifications or restrictions on such rights, subject to
applicable federal securities laws and the terms of this Agreement. Such Stockholder has good and
valid title to the Existing Shares, free and clear of any Liens (other than Liens permitted by
Section 3.2 of this Agreement (the “Stockholder Liens”)) and such Stockholder will have good and
valid title to such Existing Shares and any additional shares of Xxxxx Common Stock and options and
warrants to purchase shares of Xxxxx Common Stock acquired by such Stockholder after the date
hereof and prior to the Effective Time, free and clear of any Liens (other than the Stockholder
Liens). Such Stockholder further represents that any proxies heretofore given in respect of the
Shares owned beneficially and of record by such Stockholder, if any, are revocable, and hereby
revokes such proxies.
(c) No Violation. The execution and delivery of this Agreement by such Stockholder
does not, and the performance by such Stockholder of its obligations under this Agreement will not,
(i) assuming the filing of such reports as may be required under Sections 13(d) and 16 of the
Exchange Act, which such Stockholder will file, conflict with or violate any Law applicable to such
Stockholder or by which any of his or its assets or properties is bound or (ii) conflict with,
result in any breach of or constitute a default (or an event that with notice or lapse of time or
both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, or require payment under, or result in the creation of any Lien on
the properties or assets of such Stockholder pursuant to, any note, bond, mortgage, indenture,
contract, agreement, lease, license, permit, franchise or other instrument or obligation to which
such Stockholder is a party or by which such Stockholder or any of his or its assets or properties
is bound, except for any of the foregoing as could not reasonably be expected, either individually
or in the aggregate, to materially impair the ability of such Stockholder to perform his or its
obligations hereunder or to consummate the transactions contemplated hereby on a timely basis. The
execution and delivery of this Agreement by such Stockholder does not, and the performance of this
Agreement by such Stockholder will not, require any consent, approval, authorization or permit of,
or filing with or notification to any (i) Governmental Entity, except for filings that may be
required under the Exchange Act and the Xxxx-Xxxxx-Xxxxxx Antitrust Improvements Act of 1976 (“HSR
Act”) or (ii) third party (including with respect to individuals, any spouse, and with respect to
trusts, any co-trustee or beneficiary).
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(d) Information. None of the information relating to such Stockholder provided by or
on behalf of such Stockholder in writing for inclusion in the Offer Documents, the Schedule 14D-9
or any Proxy Statement will, at the respective times such documents are
filed with the SEC or are first published, sent or given to stockholders of Xxxxx, contain any
untrue statement of material fact or omit to state any material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading.
(e) Reliance. Such Stockholder understands and acknowledges that Acquiror is entering
into the Merger Agreement in reliance upon such Stockholder’s execution and delivery of this
Agreement.
(f) Absence of Litigation. As of the date hereof, there is no suit, action,
investigation or proceeding pending or, to the knowledge of such Stockholder, threatened against
such Stockholder before or by any Governmental Entity that would impair the ability of such
Stockholder to perform its obligations hereunder or to consummate the transactions contemplated
hereby on a timely basis.
(g) Stockholder has Adequate Information. Such Stockholder is a sophisticated seller
with respect to the Shares and has adequate information concerning the business and financial
condition of Xxxxx to make an informed decision regarding the sale of the Shares and has
independently and without reliance upon either Acquisition Subsidiary or Acquiror and based on such
information as such Stockholder has deemed appropriate, made its own analysis and decision to enter
into this Agreement. Such Stockholder acknowledges that neither Acquisition Subsidiary nor Acquiror
has made and neither makes any representation or warranty, whether express or implied, of any kind
or character except as expressly set forth in this Agreement. Each Stockholder acknowledges that
the agreements contained herein with respect to the Shares by such Stockholder is irrevocable.
2.2. Representations and Warranties of Acquiror and Acquisition Subsidiary. Each of Acquiror
and Acquisition Subsidiary, jointly and severally, hereby represents and warrants to the
Stockholders as follows:
(a) Authorization; Validity of Agreement; Necessary Action. Each of Acquiror and
Acquisition Subsidiary is a corporation duly organized, validly existing and in good standing under
the laws of the State of Delaware. Each of Acquiror and Acquisition Subsidiary has all requisite
power and authority to execute and deliver this Agreement and to consummate the transactions
contemplated hereby. The execution and delivery of this Agreement and the consummation by Acquiror
and Acquisition Subsidiary of the transactions contemplated hereby have been duly authorized by all
necessary action on the part of Acquiror and Acquisition Subsidiary. This Agreement has been duly
executed and delivered by Acquiror and Acquisition Subsidiary and constitutes a valid and binding
obligation of each of them, enforceable in accordance with its terms (except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and to general equity principles).
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(b) No Conflicts. The execution and delivery of this Agreement by Acquiror and
Acquisition Subsidiary does not, and the performance by each of them of its obligations under this
Agreement will not, (i) conflict with or violate any Law applicable to Acquiror and Acquisition
Subsidiary or by which any of their assets or properties is bound or (ii) conflict with,
result in any breach of or constitute a default (or an event that with notice or lapse of time or
both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, or require payment under, or result in the creation of any Lien on
the properties or assets of Acquiror or Acquisition Subsidiary pursuant to, any note, bond,
mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or
obligation to which Acquiror or Acquisition Subsidiary is a party or by which Acquiror or
Acquisition Subsidiary or any of their respective assets or properties is bound, except for any of
the foregoing in (i) or (ii) above as could not reasonably be expected, either individually or in
the aggregate, to materially impair the ability of Acquiror and Acquisition Subsidiary to perform
their obligations hereunder or to consummate the transactions contemplated hereby on a timely
basis. The execution and delivery of this Agreement by Acquiror and Acquisition Subsidiary does
not, and the performance of this Agreement by Acquiror and Acquisition Subsidiary will not, require
any consent, approval, authorization or permit of, or filing with or notification to any (i)
Governmental Entity, except for filings that may be required under the Exchange Act and the HSR Act
or (ii) third party, except in the case of (i) or (ii) above, as could not reasonably be expected,
either individually or in the aggregate, to materially impair the ability of Acquiror and
Acquisition Subsidiary to perform their obligations hereunder or to consummate the transactions
contemplated hereby on a timely basis.
ARTICLE III
OTHER COVENANTS
3.1. Further Agreements of Stockholders. (a) Each Stockholder hereby agrees, while this
Agreement is in effect, and except as expressly contemplated hereby, not to, directly or indirectly
(i) grant any proxies or enter into any voting trust or other agreement or arrangement with respect
to the voting of any Shares or (ii) sell, transfer, pledge, encumber, assign, distribute, gift or
otherwise dispose of (including by operation of law, other than by death of any person)
(collectively, a “Transfer”) or enter into any contract, option or other arrangement or
understanding with respect to any Transfer (whether by actual disposition or effective economic
disposition due to hedging, cash settlement or otherwise) of, any of the Existing Shares, any
additional shares of Xxxxx Common Stock and options and warrants to purchase shares of Xxxxx Common
Stock acquired beneficially or of record by the Stockholders after the date hereof, or any interest
therein; provided, however, that this Agreement shall not restrict Transfers to any members of such
Stockholder’s immediate family, a family trust of such Stockholder or a charitable institution, but
only if in each case prior to the effectiveness of the Transfer, the permitted transferee of such
Shares agrees in writing to be bound by the terms hereof (or an agreement that is substantively
identical to this Agreement). Such Stockholder shall not take any of the actions that Xxxxx is
prohibited from taking under Section 5.2 of the Merger Agreement.
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(b) In case of a stock dividend or distribution, or any change in Xxxxx Common Stock by reason
of any stock dividend or distribution, split-up, recapitalization, combination, exchange of shares
or the like, the term “Shares” shall be deemed to refer to and include the Shares as well as all
such stock dividends and distributions and any securities into
which or for which any or all of the Shares may be changed or exchanged or which are received
in such transaction.
(c) Such Stockholder agrees, while this Agreement is in effect, to notify Acquiror promptly in
writing of the number of any additional shares of Xxxxx Common Stock, any options or warrants to
purchase shares of Xxxxx Common Stock or other securities of Xxxxx acquired by such Stockholder, if
any, after the date hereof.
(d) Such Stockholder agrees, while this Agreement is in effect, (i) not to take, agree or
commit to take any action that would reasonably be expected to make any representation and warranty
of such Stockholder, as applicable, contained in this Agreement inaccurate in any respect as of any
time during the term of this Agreement or (ii) to take all reasonable action necessary to prevent
any such representation or warranty from being inaccurate in any respect at any such time. Such
Stockholder further agrees that it shall use commercially reasonable efforts to cooperate with
Acquiror, as and to the extent reasonably requested by Acquiror, to effect the transactions
contemplated hereby including the Offer and the Merger.
(e) Each Stockholder hereby waives, and agrees not to exercise or assert, if applicable, any
appraisal rights under Section 262 of the DGCL in connection with the Merger.
ARTICLE IV
MISCELLANEOUS
4.1. Termination. This Agreement shall terminate automatically, without any action on the
part of any party hereto, upon the earlier to occur of (a) the Effective Time, (b) the termination
of the Merger Agreement pursuant to its terms and (c) any amendment to the Merger Agreement
executed after the date hereof that is material and adverse to a Stockholder. For purposes of this
Section 4.1, a material and adverse amendment to the Merger Agreement includes, without limitation,
any amendment, modification, change or waiver to the terms of the Merger Agreement that results in
any decrease in the Per Share Amount or any change in the form of consideration to be used to
purchase Shares. Upon such termination, no party shall have any further obligations or liabilities
hereunder except that (i) the obligations of the Stockholders under this Article IV shall survive
termination and (ii) such termination shall not relieve any party from liability for any breach of
this Agreement prior to such termination.
4.2. Stockholder Capacity. No person executing this Agreement, or any officer, director,
partner, employee, agent or representative of such Person, who is or becomes during the term of
this Agreement a director or officer of Xxxxx shall be deemed to make any agreement or
understanding in this Agreement in such Person’s capacity as a director or officer of Xxxxx. Each
Stockholder is entering into this Agreement solely in his capacity as the record holder or
beneficial owner of, or the trustee of a trust whose beneficiaries are the beneficial owners of,
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such Stockholder’s Shares and nothing herein shall limit or affect any actions taken by a
Stockholder in his capacity as a director or officer of Xxxxx.
4.3. Notices. All notices, requests, claims, demands and other communications hereunder shall
be in writing and shall be given (and shall be deemed to have been duly given
upon receipt) by delivery in person, by facsimile or by registered or certified mail (postage
prepaid, return receipt requested) to the respective parties at the following addresses (or at such
other address for a party as shall be specified by like notice):
if to Acquiror to:
with an additional copies (which shall not constitute notice) to:
Xxxxx X. Xxxxx
Xxxxx X. Xxxxxxxx
Xxxxxxxxx & Xxxxxxx LLP
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
Facsimile: 212-841-1010
Xxxxx X. Xxxxxxxx
Xxxxxxxxx & Xxxxxxx LLP
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
Facsimile: 212-841-1010
if to Xxxxx:
Xxxxx Pharmaceutical Group, Inc.
00 Xxxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxx, Xxxxxxxxxxxxx 00000
Facsimile: (000) 000-0000
00 Xxxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxx, Xxxxxxxxxxxxx 00000
Facsimile: (000) 000-0000
with additional copies (which shall not constitute notice) to:
Xxxxxxx X. Xxxxxx, Esq.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Xxx Xxxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
Facsimile: (000) 000-0000
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Xxx Xxxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
Facsimile: (000) 000-0000
if to Venrock Associates:
Venrock Associates
00 Xxxxxxxxxxx Xxxxx
Xxxx 0000
Xxx Xxxx, XX 00000
00 Xxxxxxxxxxx Xxxxx
Xxxx 0000
Xxx Xxxx, XX 00000
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if to Xxxxxx, XxXxxxxx & Partners, L.P.:
Xxxxxx, XxXxxxxx & Partners, L.P.
One Stamford Plaza
000 Xxxxxxx Xxxx., 00xx Xxxxx
Xxxxxxxx, XX 00000
One Stamford Plaza
000 Xxxxxxx Xxxx., 00xx Xxxxx
Xxxxxxxx, XX 00000
with additional copies (which shall not constitute notice) to:
Xxxxxx Xxxxxx, Esq.
Xxxxxxx Xxxx & Xxxxxxxxx LLP
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Facsimile: (000) 000-0000
Xxxxxxx Xxxx & Xxxxxxxxx LLP
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Facsimile: (000) 000-0000
if to Xxxxxx Xxxxxxxx:
00 Xxxxxx Xxxx Xxxx
Xxxxxxx, XX 00000 XXX
Xxxxxxx, XX 00000 XXX
and if to Xxxxxx Xxxxx:
c/x Xxxxx Pharmaceutical Group, Inc.
00 Xxxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxx, Xxxxxxxxxxxxx 00000
Facsimile: (000) 000-0000
00 Xxxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxx, Xxxxxxxxxxxxx 00000
Facsimile: (000) 000-0000
4.4. Counterparts. This Agreement may be executed in several counterparts, each of which,
when so executed, shall be deemed to be an original, and such counterparts shall, together,
constitute and be one and the same instrument.
4.5. Entire Agreement. This Agreement (together with the Merger Agreement, to the extent
applicable) constitutes the entire agreement among the parties with respect to the subject matter
hereof and supersedes all prior agreements and understandings, both written and oral, among the
parties or any of them with respect to the subject matter hereof.
4.6. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICT OF LAWS RULES OF
THE STATE OF DELAWARE OR ANY OTHER JURISDICTION THAT WOULD CALL FOR THE APPLICATION OF THE LAWS OF
ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. EACH PARTY HERETO HEREBY IRREVOCABLY CONSENTS,
FOR ITSELF AND ITS LEGAL REPRESENTATIVES, SUCCESSORS AND ASSIGNS, TO THE EXCLUSIVE JURISDICTION OF
THE COURTS OF THE STATE OF DELAWARE AND OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF
DELAWARE FOR ALL PURPOSES IN CONNECTION WITH ANY ACTION OR PROCEEDING WHICH
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ARISES FROM OR RELATES
TO THIS AGREEMENT, AND HEREBY WAIVES ANY RIGHTS IT MAY HAVE TO PERSONAL SERVICE OF SUMMONS,
COMPLAINT, OR OTHER PROCESS IN CONNECTION THEREWITH, AND AGREES THAT SERVICE MAY
BE MADE ON SUCH PARTY AND SENT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 4.3 HEREOF.
4.7. Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY OR DISPUTE
THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND
THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND
ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS
OF THIS WAIVER, (iii) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH SUCH PARTY HAS
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS OF THIS SECTION 4.7.
4.8. Amendment. This Agreement may not be amended except by an instrument in writing signed
on behalf of each of the parties hereto.
4.9. Enforcement of the Agreement. The parties hereto agree that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. It is accordingly agreed that the parties
and other persons entitled to enforce this Agreement pursuant to this Agreement shall be entitled
to seek an injunction or injunctions to prevent breaches of this Agreement and to seek to enforce
specifically the terms and provisions hereof in any federal or state court located in Delaware (as
to which the parties hereby irrevocably agree to submit to jurisdiction for the purposes of such
action), this being in addition to any other remedy to which they are entitled at law or in equity.
4.10. Severability. Any term or provision of this Agreement that is determined by a court of
competent jurisdiction to be invalid or unenforceable in any jurisdiction shall, as to that
jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering
invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the
validity or enforceability of any of the terms or provisions of this Agreement in any other
jurisdiction, and if any provision of this Agreement is determined to be so broad as to be
unenforceable, the provision shall be interpreted to be only so broad as is enforceable, in all
cases so long as neither the economic nor legal substance of the transactions contemplated hereby
is affected in any manner materially adverse to any party or its stockholders or limited partners.
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4.11. Assignment; Third Party Beneficiaries. Neither this Agreement nor any of the rights,
interests or obligations of any party hereunder shall be assigned by any of the parties hereto
(whether by operation of law or otherwise) without the prior written consent of the other
party. Any purported assignment without such consent shall be void. Subject to the preceding
sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the
parties and their respective successors and permitted assigns. Each Stockholder agrees that this
Agreement and the obligations hereunder shall attach to such Stockholder’s Shares and shall be
binding upon any Person to whom legal or beneficial ownership of such Shares shall pass, whether by
operation of law or otherwise, including such Stockholder’s heirs, guardians, administrators or
successors. This Agreement is not intended to confer upon any person other than the parties hereto
any rights or remedies hereunder.
4.12. No Waiver. The terms and provisions hereof may not be waived except by an instrument
signed on behalf of the party waiving compliance. The failure of any party to exercise any right,
power or remedy provided under this Agreement or otherwise available in respect of this Agreement
at law or in equity, or to insist upon compliance by any other party with its obligations under
this Agreement, and any custom or practice of the parties at variance with the terms of this
Agreement, shall not constitute a waiver by such party of such party’s right to exercise any such
or other right, power or remedy or demand such compliance.
4.13. Further Assurances. Subject to the terms and conditions of this Agreement, the
Stockholders shall use their reasonable best efforts to take, or cause to be taken, all actions,
and to do, or cause to be done, all things necessary to fulfill such Stockholder’s obligations
under this Agreement.
4.14. Stockholder Obligations Several and Not Joint. The obligations of each Stockholder
hereunder shall be several and not joint and no Stockholder shall be liable for any breach of the
terms of this Agreement by any other Stockholder.
4.15. Option Exercises. Nothing in this Agreement shall require a Stockholder to exercise any
option or warrant to purchase shares of Xxxxx Common Stock in connection with the Offer.
4.16. Stop Transfer Instruction; Legends.
(a) Promptly following the date hereof, the Stockholders shall cause Xxxxx to deliver written
instructions to Xxxxx’x transfer agent stating that the Shares may not be sold, transferred,
pledged, encumbered, assigned, distributed, given as a gift or otherwise disposed of during the
term of this Agreement without the prior written consent of Acquiror, except as otherwise provided
in Section 1.1.
(b) Promptly following the date hereof, each Stockholder shall cause Xxxxx to instruct its
transfer agent to place a legend on the certificates (to the extent the shares are certificated)
representing the Existing Shares as follows: “The Securities represented by this certificate are
subject to restrictions on transfer and may not be sold, transferred, pledged, encumbered,
assigned, distributed, given as a gift or otherwise disposed of except in accordance
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with and
subject to the terms and conditions of the Tender Agreement, dated November 15, 2007, between the
registered holder hereof and Acquiror.”
(c) The parties hereto agree that the legend set forth above shall be removed and the
restrictions set forth in the legend above shall be of no further force and effect, in each case,
upon termination of this Agreement in accordance with Section 4.1 hereof.
[Remainder of Page Left Blank Intentionally]
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IN WITNESS WHEREOF, Acquiror and Stockholders have caused this Agreement to be executed as of
the date first written above by their respective officers thereunto duly authorized.
PFIZER INC. |
||||
By: | /s/ Xxxxx X’Xxxxxx | |||
Name: | Xxxxx X’Xxxxxx | |||
Title: | Chief Financial Officer | |||
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VENROCK ASSOCIATES VENROCK ASSOCIATES III, L.P. VENROCK ENTREPRENEURS FUND III, L.P., |
||||
By: | /s/ Xxxxxxx X. Xxxxx | |||
Name: | Xxxxxxx X. Xxxxx | |||
Title: | General Partner or Member | |||
Number of shares owned beneficially and of
record: 2,947,796
record: 2,947,796
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XXXXXX, XXXXXXXX & PARTNERS, L.P. TMP NOMINEE, LLC TMP ASSOCIATES, L.P. |
||||
By: | /s/ Xxxxx X. Xxxxxx | |||
Name: | Xxxxx X. Xxxxxx | |||
Title: | Manager | |||
Number of shares owned beneficially and of
record: 2,568,139
record: 2,568,139
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XXXXXX XXXXXXXX |
||||
/s/ Xxxxxx Xxxxxxxx | ||||
Xxxxxx Xxxxxxxx | ||||
Number of shares owned beneficially and of
record: 1,054,596
record: 1,054,596
XXXXXX XXXXX |
||||
/s/ Xxxxxx Xxxxx | ||||
Xxxxxx Xxxxx | ||||
Number of shares owned beneficially and of
record: 878,428
record: 878,428
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