AGREEMENT AND PLAN OF MERGER
EXHIBIT
2.1
AGREEMENT
AND PLAN OF MERGER
AGREEMENT AND PLAN OF MERGER
dated as of August 27, 2009 (the "Merger Agreement"), between Vista Continental
Corporation, a Delaware corporation ("Vista"), Wolverine Holding Corp., a
Delaware corporation ("Wolverine"), and Huskie Acquisitions Corp., a Delaware
corporation ("Huskie").
WHEREAS, on the date hereof,
Vista has authority to issue 500,000,000 shares of Common Stock, $0.0001 par
value per share, of which 283,981,284 shares are issued and outstanding (the
“Vista Capital Stock”);
WHEREAS, on the date hereof,
Wolverine has authority to issue 500,000,000 shares of common stock, $0.0001 par
value per share, of which 1,000 shares are issued, outstanding and owned by
Vista (the “Wolverine Capital Stock”);
WHEREAS, on the date hereof,
Huskie has authority to issue 500,000,000 shares of common stock, $0.0001 par
value per share, of which 1,000 shares are issued, outstanding and owned by
Wolverine (the “Huskie Capital Stock”);
WHEREAS, the respective Boards
of Directors of Vista, Huskie, and Wolverine have determined that it is
advisable and in the best interests of each of such corporations that they
reorganize into a holding company structure pursuant to Section 251(G) of the
Delaware General Corporation Law, under which Wolverine would survive as the
holding company, by the merger of Vista with and into Huskie, and with each
holder of Vista Capital Stock receiving one share of Wolverine Capital Stock in
exchange for such share of Vista Capital Stock;
WHEREAS, under the respective
certificates of incorporation of Vista and Wolverine, the Vista Capital Stock
has the same designations, rights and powers and preferences, and the
qualifications, limitations and restrictions thereof, as the Wolverine Capital
Stock which will be exchanged therefore pursuant to the holding company
reorganization;
WHEREAS, the certificate of
incorporation and bylaws of Wolverine, as the holding company, immediately
following the merger will contain provisions identical to the certificate of
incorporation and bylaws of Vista immediately prior to the merger, other than
differences permitted by Section 251(G) of the Delaware General Corporation
Law;
WHEREAS, the certificate of
incorporation of Vista is identical to the certificate of incorporation of
Huskie immediately prior to the merger, other than differences permitted by
Section 251(G) of the Delaware General Corporation Law pursuant to this Merger
Agreement;
WHEREAS, the Boards of
Directors of Vista, Wolverine and Huskie have approved this Merger Agreement,
shareholder approval not being required pursuant to Section 251(G) of the
Delaware General Corporation Law;
WHEREAS, the parties hereto
intend that the reorganization contemplated by this Merger Agreement shall
constitute a tax-free reorganization pursuant to Section 368(a)(1) of the
Internal Revenue Code;
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NOW, THEREFORE, in
consideration of the mutual agreements and covenants herein contained, Vista,
Huskie and Wolverine hereby agree as follows:
1. Merger. Vista
shall be merged with and into Huskie (the "Merger"), and Huskie shall be the
surviving corporation (hereinafter sometimes referred to as the "Surviving
Corporation"). The Merger shall become effective upon the later of the date and
time of filing a certified copy of this Merger Agreement with the Secretary of
State of the State of Delaware in accordance with Section 251(G) of the Delaware
General Corporation Law or August 27, 2007 (the "Effective Time").
2. Certificate
of Incorporation of the Surviving Corporation. At the Effective Time,
the Certificate of Incorporation of Huskie, in effect immediately prior to the
Effective Time, shall be amended as set forth below and as so amended shall
thereafter continue in full force and effect as the Certificate of Incorporation
of the Surviving Corporation until further amended as provided therein and under
the Delaware General Corporation Law.
(a) Article
Four shall be amended to read in its entirety as follows:
"FOURTH. The
total number of shares of stock which the corporation is authorized to issue is
One Thousand (1,000) shares of common stock with a par value of $0.0001 per
share."
(b) Article
Eleven shall be added and will read as follows:
"TWELVETH. Any
act or transaction by or involving the corporation that requires for its
adoption under the Delaware General Corporation Law or under this Certificate of
Incorporation the approval of the corporation's stockholders shall, pursuant to
Section 251(G) of the Delaware General Corporation Law, require, in addition,
the approval of the stockholders of the Corporation's holding company, Wolverine
Holdings Corp., or any successor by merger, by the same vote as is required by
the Delaware General Corporation Law and/or by the Certificate of Incorporation
of the corporation."
3. Succession. At
the Effective Time, the separate corporate existence of Vista shall cease, and
Huskie shall succeed to all of the assets and property (whether real, personal
or mixed), rights, privileges, franchises, immunities and powers of Vista, and
Huskie shall assume and be subject to all of the duties, liabilities,
obligations and restrictions of every kind and description of Vista, including,
without limitation, all outstanding indebtedness of Vista, all in the manner and
as more fully set forth in Section 251(G) of the Delaware General Corporation
Law.
4. Directors. The
directors of Vista immediately prior to the Effective Time shall be the
directors of the Surviving Corporation and Wolverine at and after the Effective
Time, to serve until the expiration of their respective terms and until their
successors are duly elected and qualified.
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5. Officers. The
officers of Vista immediately preceding the Effective Time shall be the officers
of the Surviving Corporation and Wolverine at and after the Effective Time until
their successors are duly elected and qualified.
6. Conversion
of Securities. At the Effective Time, by virtue of the Merger and without any
action on the part of the holder thereof:
(a)
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each
share of Common Stock of Vista issued and outstanding immediately prior to
the Effective Time shall be changed and converted into and shall be one
fully paid and nonassessable share of Common Stock of
Wolverine;
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(b)
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each
share of Vista Capital Stock held in the name of Vista immediately prior
to the Effective Time shall be cancelled and
retired;
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(c)
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each
option, warrant, purchase right, unit or other security of Vista
convertible into shares of Vista Capital Stock shall become convertible
into the same number of shares of the same class of Wolverine Capital
Stock as such security would have received if the security had been
converted into shares of Vista Capital Stock immediately prior to the
Effective Time, and Wolverine shall reserve for purposes of the exercise
of such options, warrants, purchase rights, units or other securities an
equal number of shares of Wolverine Capital Stock as Vista had reserved;
and
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(d)
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each
share of Wolverine Capital Stock issued and outstanding in the name of
Vista immediately prior to the Effective Time shall be cancelled and
retired and resume the status of authorized and unissued shares of
Wolverine Capital Stock.
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7. Other
Agreements. At the Effective Time, Wolverine shall assume any
obligation of Vista to deliver or make available shares of Vista Capital Stock
under any agreement or employee benefit plan not referred to in Paragraph 6
herein to which Vista is a party. Any reference to Vista Capital
Stock under any such agreement or employee benefit plan shall be deemed to be a
reference to the same class of Wolverine Capital Stock which the share of Vista
Capital Stock is entitled to receive under this Merger Agreement, and one share
of Wolverine Capital Stock of the same class shall be issuable in lieu of each
share of Vista Capital Stock required to be issued by any such agreement or
employee benefit plan, subject to subsequent adjustment as provided in any such
agreement or employee benefit plan.
8. Further
Assurances. From time to time, as and when required by the Surviving Corporation
or by its successors or assigns, there shall be executed and delivered on behalf
of Vista 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,
advisable or necessary in order to vest, perfect or conform, of record or
otherwise, in the Surviving Corporation, the title to and possession of all
property, interests, assets, rights, privileges, immunities, powers, franchises
and authority of Vista, and otherwise to carry out the purposes of this Merger
Agreement, and the officers and directors of the Surviving Corporation are fully
authorized, in the name and on behalf of Vista or otherwise, to take any and all
such action and to execute and deliver any and all such deeds and other
instruments.
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9. Certificates. At
and after the Effective Time, all of the outstanding certificates which
immediately prior thereto represented shares of Vista Capital Stock shall be
deemed for all purposes to evidence ownership of and to represent the shares of
Wolverine Capital Stock into which the shares of Vista Capital Stock represented
by such certificates have been converted as herein provided and shall be so
registered on the books and records of Wolverine and its transfer agent. The
registered owner of any such outstanding certificate of Vista Capital Stock
shall, until such certificate shall have been surrendered for transfer or
otherwise accounted for to Wolverine or its transfer agent, have and be entitled
to exercise any voting and other rights with respect to, and to receive any
dividends and other distributions upon, the shares of Wolverine Capital Stock,
as the case may be, into which said certificate is convertible, as above
provided.
10. Amendment. The
parties hereto, by mutual consent of their respective boards of directors, may
amend, modify or supplement this Merger Agreement prior to the Effective
Time.
11. Compliance
with Section 251(G) of the Delaware General Corporation Law. Prior to
the Effective Time, the parties hereto will take all steps necessary to comply
with Section 251(G) of the Delaware General Corporation Law, including without
limitation, the following:
a)
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Certificate
of Incorporation and By-Laws of Wolverine. At the Effective
Time, the Certificate of Incorporation and By-Laws of Wolverine shall be
in the form of the Certificate of Incorporation and By-Laws of Vista, as
in effect immediately prior to the Effective
Time.
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b)
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Directors
and Officers of Wolverine. At the Effective Time, the directors
and officers of Vista immediately prior to the Effective Time shall be the
directors and officers of Wolverine, in the case of directors, until their
successors are elected and qualified and, in the case of officers, to
serve at the pleasure of the Board of Directors of
Wolverine.
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c)
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Filings. Prior
to the Effective Time, the Surviving Corporation shall cause a certified
copy of this Agreement to be executed and filed with the Delaware
Secretary of State. Prior to the Effective Time, to the extent
necessary to effectuate any amendments to the certificates of
incorporation of the Surviving Corporation and Wolverine contemplated by
this Agreement, each of the Surviving Corporation and Wolverine shall
cause to be filed with the Delaware Secretary of State such certificates
or documents required to give effect
thereto.
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12. Termination. This
Merger Agreement may be terminated, and the Merger and the other transactions
provided for herein may be abandoned, at any time prior to the Effective Time,
whether before or after approval of this Merger Agreement by the board of
directors of Huskie, Wolverine and Vista, by action of the board of directors of
Vista if it determines for any reason, in its sole judgment and discretion, that
the consummation of the Merger would be inadvisable or not in the best interests
of Vista and its stockholders.
13. Counterparts. This
Merger Agreement may be executed in one or more counterparts, and each such
counterpart hereof shall be deemed to be an original instrument, but all such
counterparts together shall constitute but one agreement.
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14. Descriptive
Headings. The descriptive headings herein are inserted for
convenience of reference only and are not intended to be part of or to affect
the meaning or interpretation of this Merger Agreement.
15. Governing
Law. This Merger Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware.
IN WITNESS WHEREOF, Vista,
Wolverine and Huskie have caused this Merger Agreement to be executed and
delivered as of the date first above written.
VISTA
CONTINENTAL CORPORATION,
a
Delaware corporation
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a
Delaware corporation
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/s/ Xxxx X. Xxxxxx | /s/ Xxxx X. Xxxxxx | ||
Name: Xxxx X. Xxxxxx | Name: Xxxx X. Xxxxxx | ||
Title: President
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Title: President | ||
HUSKIE
ACQUISITIONS CORP., a Delaware corporation
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/s/ Xxxx X. Xxxxxx | |||
Name: Xxxx X. Xxxxxx | |||
Title: President
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CERTIFICATION
STATE OF
GEORGIA
COUNTY OF
XXXX
Before me, a Notary Public in and for
said County, personally appeared Xxxx X. Xxxxxx, the President of Vista
Continental Corporation, Wolverine Holding Corp. and Huskie Acquisitions Corp.,
on the 28th day of August, 2008, who certified that the foregoing Agreement
and Plan of Merger was adopted by the board of directors of Vista Continental
Corporation, Wolverine Holding Corp. and Huskie Acquisitions Corp. pursuant to
Section 251(G) of the Delaware General Corporation Law, and that the conditions
in the first sentence of Section 251(G) have been satisfied.
IN TESTIMONY WHEREOF, I have hereunto
subscribed my name and affixed by notary seal on the day and year last
aforesaid.
/s/ Xxxx X. Xxxxxx | ||
Xxxx X. Xxxxxx | ||
Sworn
to and subscribed before me
the 28th
day of August, 2009.
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/s/ Xxxxxxx XxXxx | ||
Xxxxxxx XxXxx, Notary Public, Xxxx County, CA | ||
Commission Expires: January 24, 2010 |
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