IRREVOCABLE PROXY
IRREVOCABLE PROXY, dated as of June 1, 1998, by and between May
& Xxxx, Inc., a Delaware corporation (the "Company "), and Xxxxxx X.
Xxxxxxxx (the "Stockholder").
WHEREAS, Acxiom Corporation, a Delaware Corporation ("Parent"),
ACX Acquisition Co., Inc. a Delaware corporation and a wholly owned
subsidiary of Parent ("Sub"), and the Company have entered into an
Agreement and Plan of Merger, dated as of May 26, 1998 (the "Merger
Agreement"), providing, among other things, for the merger (the "Merger")
of Sub with and into the Company, as a result of which each of the
outstanding shares of Common Stock, par value $.01 per share, of the
Company (the "Company Common Stock") will be converted into the right to
receive .80 of a share of the Common Stock, par value $.10 per share, of
Parent (the "Parent Common Stock"), and the Company will become a wholly
owned subsidiary of Parent;
WHEREAS, the Stockholder is the owner beneficially and of
record of an aggregate of 2,000 shares (the "Parent Shares") of the Parent
Common Stock;
WHEREAS, Stockholder has agreed to grant the Company an
irrevocable proxy (the "Proxy") with respect to the Parent Shares, upon the
terms and subject to the conditions hereof:
NOW, THEREFORE, in consideration of the premises, the covenants
and agreements set forth herein and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:
1. The Stockholder hereby constitutes and appoints the Company,
during the term of this Agreement, as the Stockholder's true and lawful
proxy and attorney-in-fact, with full power of substitution, to vote all of
the Parent Shares (and any and all securities issued or issuable in respect
thereof) which Stockholder is entitled to vote, for and in the name, place
and stead of the Stockholder, at any annual, special or other meeting of
the stockholders of the Parent, and at any adjournment or adjournments
thereof, or pursuant to any consent in lieu of a meeting or otherwise, in
favor of any proposal to approve the issuance of the shares of Common Stock
pursuant to the Merger Agreement and any transactions contemplated thereby.
All power and authority hereby conferred is coupled with an interest and is
irrevocable. In the event that the Company is unable to exercise such power
and authority for any reason, the Stockholder agrees that it will vote all
the Parent Shares in favor of approval of the issuance of the shares of
Common Stock pursuant to the Merger Agreement and the transactions
contemplated thereby, at any such meeting or adjournment thereof, or
provide his written consent thereto.
2. The Stockholder hereby covenants and agrees that the Stockholder
will not, and will not agree to, directly or indirectly, sell, transfer,
assign, pledge, hypothecate, cause to be redeemed or otherwise dispose of
any of the Parent Shares or grant any proxy or interest in or with respect
to such Parent Shares or deposit such Shares into a voting trust or enter
into a voting agreement or arrangement with respect to such Parent Shares
other than in respect of transactions not prohibited by the terms of the
Merger Agreement.
3. The Stockholder represents and warrants to the Company, that the
Parent Shares consist of 2,000 shares of Parent Common Stock owned
beneficially and of record by the Stockholder on the date hereof; such
Parent Shares are all of the securities of the Parent owned of record or
beneficially by the Stockholder on the date hereof; the Stockholder owns
the Parent Shares free and clear of all liens, charges, claims,
encumbrances and security interests of any nature whatsoever; and except as
provided herein, the Stockholder has not granted any proxy with respect to
the Parent Shares, deposited such Parent Shares into a voting trust or
entered into any voting agreement or other arrangement with respect to such
Parent Shares.
4. This Proxy shall be governed by and construed in accordance with
the laws of the State of Delaware without giving effect to the provisions
thereof relating to conflicts of law.
5. This Proxy shall be binding upon, inure to the benefit of, and be
enforceable by the successors and permitted assigns of the parties hereto.
This Proxy and the rights hereunder may not be assigned or transferred by
the Company, except that the Company may assign its rights hereunder to any
direct or indirect subsidiary.
6. This Proxy shall terminate at the earlier of (i) the effectiveness
of the Merger, or (ii) the termination of the Merger Agreement in
accordance with its terms, or (iii) upon notice of termination given by the
Company to the Stockholder or (iv) October 31, 1998.
7. The Stockholder agrees that this Proxy is coupled with an
interest sufficient in law to support an irrevocable power and shall not be
terminated by any act of the Stockholder, by lack of appropriate power or
authority or by the occurrence of any other event or events. The parties
agree that this Proxy shall be specifically enforceable and that specific
enforcement and injunctive relief shall be available to the Company and the
Stockholder for any breach of any agreement, covenant or representation
hereunder. This Proxy shall revoke all prior proxies given by the
Stockholder at any time relative to the Merger Agreement.
8. The Stockholder will, upon request, execute and deliver any
additional documents and take such actions as may reasonably be deemed by
the Company to be necessary or desirable to complete the Proxy granted
herein or to carry out the provisions hereof.
9. If any term, provision, covenant, or restriction of this
Proxy is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Proxy shall remain in full force and effect and shall
not in any way be affected, impaired or invalidated.
10. This Proxy may be executed in two counterparts, each of
which shall be deemed to be an original but both of which together shall
constitute one and the same document.
IN WITNESS WHEREOF, the Company and the Stockholder have caused
this Proxy to be duly executed as of the date first above written.
/s/ Xxxxxx X. Xxxxxxxx
---------------------------------
XXXXXX X. XXXXXXXX
MAY & XXXX, INC.
By /s/ Xxxx Xxxxxxxxxxx
--------------------------------
Name: Xxxx Xxxxxxxxxxx
Title: Chief Financial Officer
