FORM OF VOTING AGREEMENT
Exhibit 10.1
FORM
OF
VOTING AGREEMENT
VOTING AGREEMENT
This VOTING AGREEMENT (“Voting Agreement”) is made and entered into as of October 18, 2006 by
and between AmericanWest Bancorporation, a Washington corporation (“AmericanWest”), and the
signatory hereto (“Shareholder”).
WHEREAS, AmericanWest and Far West Bancorporation, a Utah corporation (“Far West”), have
entered into that certain Agreement and Plan of Merger, dated as of the date hereof (the “Merger
Agreement”), pursuant to which Far West will be merged (the “Merger”) with and into AmericanWest,
and Far West Bank, a Utah bank and a wholly-owned subsidiary of Far West (“Far West Bank”), will be
merged with and into AmericanWest Bank, a Washington banking corporation and a wholly-owned
subsidiary of AmericanWest (“AmericanWest Bank”), and pursuant to which Shareholder will receive,
for each share of Far West common stock (“Far West Common Stock”) held, such consideration as set
forth in the Merger Agreement for all of Shareholder’s shares of Far West Common Stock; and
WHEREAS, as a condition to its willingness to enter into the Merger Agreement, AmericanWest
has required that Shareholder, solely in Shareholder’s capacity as a Far West shareholder, enter
into, and Shareholder has agreed to enter into, this Voting Agreement.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration (the receipt, adequacy and sufficiency of which the parties hereby acknowledge by
their execution hereof), the parties hereby agree as follows:
1. Representations and Warranties of Shareholder. Shareholder hereby represents and
warrants to AmericanWest as follows:
(a) Authority. Shareholder has all necessary power and authority to enter into
this Voting Agreement and perform all of such Shareholder’s obligations hereunder. This
Voting Agreement has been duly and validly executed and delivered by Shareholder (and
Shareholder’s spouse, if the Shares (as defined below) constitute joint or community
property) and constitutes a valid and binding agreement of and is enforceable against
Shareholder, and Shareholder’s spouse, as the case may be, in accordance with its terms.
(b) Ownership of Shares. Shareholder is the beneficial owner or record holder
of the number of shares of Far West Common Stock indicated under Shareholder’s name on the
signature page hereto (the “Existing Shares”, and together with any shares of Far West
Common Stock acquired by Shareholder after the date hereof, the “Shares”) and, as of the
date hereof, the Existing Shares constitute all the shares of Far West Common Stock owned of
record or beneficially by Shareholder. With respect to the Existing Shares, subject to
applicable community property laws, Shareholder has sole voting power and sole power to
issue instructions with respect to the matters set forth in Section 2 hereof, sole power of
disposition, sole power to demand appraisal rights and sole power to engage in actions set
forth in Section 2 hereof, with no restrictions on the voting rights, rights of disposition
or otherwise, subject to applicable laws and the terms of this Voting Agreement.
(c) No Conflicts. Neither the execution and delivery of this Voting Agreement
nor the performance by Shareholder of Shareholder’s obligations hereunder will conflict with
or constitute a violation of or default under any contract, commitment, agreement,
arrangement or restriction of any kind to which Shareholder is a party or by which
Shareholder or the Shares are bound.
2. Voting Agreement and Agreement Not to Transfer.
(a) Voting. Shareholder hereby agrees to vote all of the Shares held by
Shareholder (i) in favor of the principal terms of the Merger, the Merger Agreement and the
transactions contemplated by the Merger Agreement; (ii) against any action or agreement that
would result in a breach in any material respect of any covenant, representation or warranty
or any other obligation or agreement of Far West under the Merger Agreement; and (iii)
except with the prior written consent of AmericanWest, against the following actions (other
than the Merger and the transactions contemplated by the Merger Agreement): (A) any
extraordinary corporate transactions, such as a merger, consolidation or other business
combination involving Far West or Far West Bank; (B) any sale, lease or transfer of a
material amount of the assets of Far West or Far West Bank; (C) any change in the majority
of the board of directors of Far West; (D) any material change in the present capitalization
of Far West; (E) any amendment of Far West’s Articles of Incorporation or the equivalent
organizational documents of Far West Bank; (F) any other material change in the corporate
structure or business of Far West or Far West Bank; or (G) any other action which is
intended, or could reasonably be expected, to impede, interfere with, delay, postpone,
discourage or materially adversely affect the contemplated economic benefits to AmericanWest
of the transactions contemplated by the Merger Agreement. Shareholder shall not enter into
any agreement or understanding with any person or entity prior to the Termination Date (as
defined below) to vote or give instructions after the Termination Date in any manner
inconsistent with clauses (i), (ii) or (iii) of the preceding sentence.
(b) Transfers. Shareholder hereby agrees not to (i) sell, transfer, assign or
otherwise dispose of any of his or her Shares without the prior written consent of
AmericanWest, other than Shares sold or surrendered to pay the exercise price of any stock
options or to pay taxes or satisfy Far West’s withholding obligations with respect to any
taxes resulting from such exercise or (ii) pledge, mortgage or encumber such Shares. Any
permitted transferee of Shares must become a party to this Voting Agreement and any
purported transfer of Shares to a person or entity that has not become a party hereto shall
be null and void.
3. Cooperation. Shareholder agrees that he or she will not directly or indirectly
solicit any inquiries or proposals from any person relating to any proposal or transaction for the
disposition of the business or assets of Far West or Far West Bank or the acquisition of voting
securities of Far West or Far West Bank or any business combination between Far West or Far West
Bank and any person other than AmericanWest and AmericanWest’s affiliates.
4. Shareholder Capacity. Shareholder is entering this Voting Agreement in his or her
capacity as the record or beneficial owner of Shareholder’s Shares, and not in his or her capacity
as a director of Far West or Far West Bank. Nothing in this Voting Agreement shall be deemed in
any manner to limit the discretion of Shareholder to take any action, or fail to take any action,
in his or her capacity as a director of Far West or Far West Bank, that may be required of
Shareholder in the exercise of his or her duties and responsibilities as a director of Far West or
Far West Bank.
5. Termination. The obligations of Shareholder hereunder shall terminate upon the
consummation of the Merger. If the Merger is not consummated, the obligations of Shareholder
hereunder shall terminate upon the termination of the Merger Agreement in accordance with its
terms; provided that if, in the event of such termination, Far West is required to pay AmericanWest
a termination fee specified in Section 8.02 of the Merger Agreement, those obligations set forth in
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Sections 2(a)(ii), 2(a)(iii)(G) and the last sentence of Section 2(a) hereof shall survive
until Far West pays the specified termination fee to AmericanWest. In addition, if Far West is
required to pay AmericanWest a termination fee specified in Section 8.02 of the Merger Agreement,
Far West’s payment of the termination fee is the sole remedy for any breach of this Voting
Agreement. The “Termination Date” for any particular provision hereunder shall be the date of
termination of Shareholder’s obligations for such provision.
6. Specific Performance. Shareholder acknowledges that damages would be an inadequate
remedy to AmericanWest for an actual or prospective breach of this Voting Agreement and that the
obligations of Shareholder hereto shall be specifically enforceable.
7. Liability. Notwithstanding any breach of this Voting Agreement by Shareholder, if
the Merger is completed on substantially the same terms as contemplated by the Merger Agreement, no
liability will accrue to Shareholder.
8. Miscellaneous.
(a) Definitional Matters.
(i) Unless the context otherwise requires, “person” shall mean a corporation,
association, partnership, joint venture, organization, business, individual, trust,
estate or any other entity or group (within the meaning of Section 13(d)(3) of the
Exchange Act).
(ii) All capitalized terms used but not defined in this Voting Agreement shall
have the respective meanings that the Merger Agreement ascribes to such terms.
(iii) 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 Voting Agreement.
(b) Entire Agreement. This Voting Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof and supersedes all
other prior agreements and understandings, both written and oral, among the parties, or any
of them, with respect to the subject matter hereof.
(c) Parties in Interest. This Voting Agreement shall be binding upon and inure
solely to the benefit of each party hereto and their respective successors, assigns, heirs,
executors, administrators and other legal representatives. Nothing in this Voting
Agreement, expressed or implied, is intended to confer upon any other person any rights or
remedies of any nature whatsoever under or by reason of this Voting Agreement.
(d) Assignment. This Voting Agreement shall not be assigned without the prior
written consent of the other party hereto; provided, that AmericanWest may assign any of its
rights and obligations hereunder to any of its affiliates.
(e) Modifications. This Voting Agreement shall not be amended, altered or
modified in any manner whatsoever, except by a written instrument executed by the parties
hereto.
(f) Severability. If any provision of this Voting Agreement or the application
of such provision to any person or circumstances shall be held invalid or unenforceable by a
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court of competent jurisdiction, such provision or application shall be unenforceable
only to the extent of such invalidity or unenforceability, and the remainder of the
provision held invalid or unenforceable and the application of such provision to persons or
circumstances, other than the party as to which it is held invalid, and the remainder of
this Voting Agreement, shall not be affected.
(g) Governing Law. This Voting Agreement shall be governed in all respects,
including validity, interpretation and effect, by the laws of the State of Utah without
regard to the conflicts of law principles thereof.
(h) Attorney’s Fees. The prevailing party or parties in any litigation,
arbitration, mediation, bankruptcy, insolvency or other proceeding (“Proceeding”) relating
to the enforcement or interpretation of this Voting Agreement may recover from the
unsuccessful party or parties all reasonable fees and disbursements of counsel (including
expert witness and other consultants’ fees and costs) relating to or arising out of (a) the
Proceeding (whether or not it proceeds to judgment) and (b) any post judgment or post-award
proceeding including, without limitation, one to enforce or collect any judgment or award
resulting from the Proceeding. All such judgments and awards shall contain a specific
provision for the recovery of all such subsequently incurred costs, expenses, and fees and
disbursements of counsel.
(i) Validity. The invalidity or unenforceability of any provision of this
Voting Agreement shall not affect the validity or enforceability of any other provision of
this Voting Agreement, each of which shall remain in full force and effect.
(j) Counterparts. This Voting Agreement may be executed in two or more
counterparts or facsimile counterparts, each of which shall be deemed to be an original, but
all of which shall constitute one and the same agreement.
(k) Notices. Any notices or other communications required or permitted
hereunder shall be in writing and shall be deemed duly given upon (i) transmitter’s
confirmation of a receipt of a facsimile transmission, (ii) confirmed delivery by a standard
overnight carrier or (iii) the expiration of five business days after the day when mailed by
certified or registered mail, postage prepaid, addressed at the following addresses (or at
such other address as the parties hereto shall specify by like notice):
If to AmericanWest, to:
AmericanWest Bancorporation
Address: 00 Xxxx Xxxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
Attention: Xxxxxx X. Xxxxxxxxx
Address: 00 Xxxx Xxxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
Attention: Xxxxxx X. Xxxxxxxxx
with a copy to:
Xxxxx, Rice & Xxxxxxxx, X.X.
000 Xxxxx Xxxxxxxx, Xxx. 0000
Xx. Xxxxx, XX 00000
Telephone: (000) 000-0000
000 Xxxxx Xxxxxxxx, Xxx. 0000
Xx. Xxxxx, XX 00000
Telephone: (000) 000-0000
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Facsimile: (000-000-0000
Attention: Xxxxxx X. Xxx
Attention: Xxxxxx X. Xxx
If to Shareholder, to the address noted on the signature page hereto.
[the remainder of this page intentionally left blank; signatures appear on next page]
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IN WITNESS WHEREOF, the parties hereto have executed this Voting Agreement as of the date
first above written.
AMERICANWEST BANCORPORATION |
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By: | ||||
Name: | R. Xxxxx Xxxxxxxx | |||
Title: | Executive Vice President and General Counsel | |||
SHAREHOLDER: |
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Name: |
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Number of Shares: |
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Number of Stock Options: |
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Address for Notices: |
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