Exhibit
2.2
EXECUTION COPY
FORM OF VOTING AGREEMENT
THIS VOTING AGREEMENT
(this Agreement) is made and entered into as
of March , 2006, by and among Micron
Technology, Inc., a Delaware corporation (Parent), and
the undersigned stockholder (Stockholder) of
Lexar Media, Inc., a Delaware corporation (the Company).
RECITALS
A. Concurrently
with the execution of this Agreement, Parent, March 2006 Merger Corp., a
Delaware corporation and a wholly owned subsidiary of Parent (Merger Sub), and the Company have entered into an Agreement
and Plan of Merger (the Merger Agreement),
which provides for the merger (the Merger) of
Merger Sub with and into the Company.
B. Pursuant
to the Merger, all of the issued and outstanding shares of capital stock of the
Company will be canceled and converted into the right to receive the
consideration set forth in the Merger Agreement upon the terms and subject to
the conditions set forth in the Merger Agreement.
C. As
of the date hereof, Stockholder Beneficially Owns (as defined below) the number
of Shares (as defined below) of capital stock of the Company as set forth on
the signature page of this Agreement.
D. In
order to induce Parent and Merger Sub to execute the Merger Agreement,
Stockholder desires to restrict the transfer or disposition of, and desires to
vote, the Shares as provided in this Agreement, and the execution and delivery
of this Agreement and the Proxy (as defined below) is a material condition to
Parents willingness to enter into the Merger Agreement.
E. As
a stockholder of the Company, the Stockholder will benefit from the execution
and delivery of the Merger Agreement and the consummation of the transactions
contemplated thereby.
NOW, THEREFORE, the
parties hereto hereby agree as follows:
1. Certain
Definitions. Capitalized
terms not defined herein shall have the meanings ascribed to them in the Merger
Agreement. For purposes of this Agreement:
(a) A
Person shall be deemed to Beneficially Own
a security if such Person has beneficial ownership of such securities as
determined pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as
amended.
(b) Constructive Sale means, with respect to
any security, a short sale or entering into or acquiring an offsetting
derivative contract with respect to such security, entering into or acquiring a
futures or forward contract to deliver such security or entering into any other
hedging or other derivative transaction that has the effect of materially
changing the economic benefits and risks of ownership of such security.
(c) Expiration Date means the earlier to occur
of (i) such date and time as the Merger shall become effective in accordance
with the terms and provisions of the Merger Agreement and (ii) such date and
time as the Merger Agreement shall have been validly terminated pursuant to Article VII thereof.
(d) Governmental Entity means any
supranational, national, state, municipal, local or foreign government, any
instrumentality, subdivision, court, arbitral body, administrative agency or
commission or other governmental authority or instrumentality or any
quasi-governmental or private body exercising any regulatory, taxing, importing
or other governmental or quasi-governmental authority.
(e) Options means: (i) all securities
Beneficially Owned by Stockholder as of the date of this Agreement that are
convertible into, or exercisable or exchangeable for, shares of capital stock
of the Company, including, without limitation, options, warrants and other
rights to acquire shares of Company Common Stock or other shares of capital
stock of the Company; and (ii) all securities of which Stockholder acquires
Beneficial Ownership during the period from the date of this Agreement through
and including the Expiration Date that are convertible into, or exercisable or
exchangeable for, shares of capital stock of the Company, including, without
limitation, options, warrants and other rights to acquire shares of Company
Common Stock or other shares of capital stock of the Company.
(f) Person means
any individual, corporation (including any non-profit corporation), general
partnership, limited partnership, limited liability partnership, joint venture,
estate, trust, company (including any limited liability company or joint stock
company), firm or other enterprise, association, organization, entity or
Governmental Entity.
(g) Shares means: (i) all shares of capital
stock of the Company Beneficially Owned by Stockholder as of the date of this
Agreement; and (ii) all shares of capital stock of the Company of which
Stockholder acquires Beneficial Ownership during the period from the date of
this Agreement through and including the Expiration Date, including, without
limitation, in each case, shares issued upon the conversion, exercise or exchange
of Options.
(h) Transfer means, with respect to any
security, the direct or indirect (i) assignment, sale, transfer, tender,
pledge, hypothecation, gift, placement in trust, Constructive Sale or other
disposition of such security (excluding transfers by testamentary or intestate
succession, of any right, title or interest in such security (including,
without limitation, any right or power to vote to which the holder thereof may
be entitled, whether such right or power is granted by proxy or otherwise) or
of the record or beneficial ownership of such security, or (ii) offer to make
any such sale, transfer, tender, pledge, hypothecation, gift, placement in
trust,
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Constructive
Sale or other disposition, and each agreement, arrangement or understanding,
whether or not in writing, to effect any of the foregoing, in each case,
excluding any Transfer pursuant to a court order.
(i) Voting Period
shall mean the period commencing on the date of this Voting Agreement and
ending on the earlier of: (i) the date on which the Merger Agreement is
validly terminated; and (ii) the date on which a final vote is taken by
the stockholders of Parent on a proposal to approve the issuance of Parent
Common Stock in the Merger.
2. No Transfer of
Shares or Options. Stockholder
agrees that, at all times during the Voting Period, Stockholder shall not
Transfer (or cause or permit any Transfer of) any Shares, or make any agreement
relating thereto, in each case, without the prior written consent of Parent other than the issuance
of Company Common Stock to Stockholder in connection with the exercise by
Stockholder of Company Options pursuant to a cashless exercise. Notwithstanding
the foregoing, (a) if Stockholder is an individual to any member of
Stockholders immediate family; or to a trust for the benefit of Stockholder or
any member of Stockholders immediate family: or (b) if Stockholder is a
partnership or limited liability company, to one or more partners or members of
Stockholder or to an affiliated corporation under common control with
Stockholder, provided, that any such
transferee agrees to assume the obligations of the Stockholder hereunder with
respect to any Shares so transferred and the Stockholder may Transfer Shares
pursuant to the terms of a trading plan adopted pursuant to Rule 10b5-1 under
the Exchange Act in effect prior to the date hereof. Stockholder agrees that any Transfer in violation
of this Agreement shall be void and of no force or effect.
3. No Transfer of
Voting Rights. Stockholder
agrees that, during the Voting Period, Stockholder shall not deposit (or cause
or permit the deposit of) any Shares or Options in a voting trust or grant (or
cause or permit the grant of) any proxy or enter into (or cause or permit the
entry into) any voting agreement or similar agreement with respect to any of
the Shares or Options other than as contemplated by this Agreement.
4. Agreement to
Vote Shares.
(a) Until
the Expiration Date, at every meeting of stockholders of the Company, however
called, at every adjournment or postponement thereof, and on every action or
approval by written consent of stockholders of the Company with respect to any
of the following, Stockholder shall vote, to the extent not voted by the Person(s)
appointed under the Proxy (as defined below), all of the Shares or cause the
Shares to be voted:
(i) in
favor of (1) adoption of the Merger Agreement, including all actions and
transactions contemplated by the Merger Agreement or the Proxy and (2) any
other actions presented to holders of shares of capital stock of the Company
that would reasonably be expected to facilitate the Merger Agreement, the
Merger and the other actions and transactions contemplated by the Merger
Agreement or the Proxy;
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(ii) against
approval of any proposal made in opposition to, or in competition with, the
Merger Agreement or consummation of the Merger and the other transactions
contemplated by the Merger Agreement or the Proxy; and
(iii) against
any Acquisition Proposal or any other action that is intended, or would
reasonably be expected, to, in any manner impede, prevent, interfere with,
delay, postpone, discourage or otherwise adversely affect the Merger or any of
the other transactions contemplated by the Merger Agreement.
(b) Stockholder
shall not enter into any agreement or understanding with any person to vote or
give instructions to vote, or make any public announcement that is in any
manner inconsistent with this Section 4.
5. Irrevocable
Proxy. Concurrently with the
execution of this Agreement, Stockholder agrees to deliver to Parent an
irrevocable proxy in the form attached hereto as Exhibit A (the Proxy), which
shall be irrevocable to the fullest extent permitted by applicable law,
covering all Shares.
6. Representations,
Warranties and Covenants of Stockholder. Stockholder represents, warrants and covenants to Parent as follows:
(a) Stockholder
is the Beneficial Owner of the Shares and the Options indicated on the
signature page of this Agreement.
(b) Stockholder
does not Beneficially Own any shares of capital stock of the Company or any
securities convertible into, or exchangeable or exercisable for, shares of
capital stock of the Company, other than the Shares and Options set forth on
the signature page hereto.
(c) Stockholder
has the full power to dispose, vote or direct the voting of the Shares for and
on behalf of all beneficial owners of the Shares.
(d) The
Shares are, and at all times up to and including the Expiration Date the Shares
will be, unless Transferred in compliance with Section 2,
Beneficially Owned by Stockholder, free and clear of any rights of first
refusal, co-sale rights, security interests, liens, pledges, claims, options,
charges, proxies, voting trusts or agreements, understandings or arrangement,
or any other encumbrances of any kind or nature (Encumbrances).
(e) The
execution and delivery of this Agreement and the Proxy by Stockholder do not,
and Stockholders performance of its obligations under this Agreement will not
conflict with or violate any order, decree, judgment, statute, law, rule,
regulation or agreement applicable to the Stockholder and such Shares or Options,
except where such conflict or violation would not, individually or in the
aggregate, materially impair the ability of the Stockholder to perform his
obligations hereunder.
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(f) Stockholder
has all requisite power and authority to make, enter into and perform the terms
of this Agreement and the Proxy without limitation, qualification or
restriction on such power and authority.
Except as expressly
contemplated herein, the Stockholder is not a party to, and the Shares are not
subject to or bound in any manner by, any contract or agreement relating to the
Shares, including without limitation, any voting agreement, option agreement,
purchase agreement, stockholders agreement, partnership agreement or voting
trust.
7. Consents and
Waivers. Stockholder (not in
his or her capacity as a director or officer of the Company) hereby gives all
consents and waivers that may be reasonably required from it for the execution
delivery of this Agreement and the Proxy under the terms of any agreement or
instrument to which such Stockholder is a party, which consent or waiver is
required solely because of the consummation of the Merger in accordance with
the terms of the Merger Agreement.
8. Termination. This Agreement and the Proxy shall terminate and
shall have no further force or effect as of the Expiration Date.
9. Stockholder
Capacity. So long
as Stockholder is an officer or director of the Company, nothing in this
Agreement shall be construed as preventing or otherwise affecting any actions
taken by Stockholder in his or her capacity as an officer or director of the
Company or any of its Subsidiaries or from fulfilling the obligations of such
office (including the performance of obligations required by the fiduciary
obligations of Stockholder acting solely in his or her capacity as an officer
or director).
10. Miscellaneous.
(a) Waiver. No failure on the part of Parent or
Stockholder to exercise any power, right, privilege or remedy under this
Agreement, and no delay on the part of Parent or Stockholder in exercising any
power, right, privilege or remedy under this Agreement, shall operate as a
waiver of such power, right, privilege or remedy; and no single or partial
exercise of any such power, right, privilege or remedy shall preclude any other
or further exercise thereof or of any other power, right, privilege or remedy. Neither
Parent nor Stockholder shall be deemed to have waived any claim arising out of
this Agreement, or any power, right, privilege or remedy under this Agreement,
unless the waiver of such claim, power, right, privilege or remedy is expressly
set forth in a written instrument duly executed and delivered on behalf of
Parent or Stockholder, as appropriate; and any such waiver shall not be
applicable or have any effect except in the specific instance in which it is
given.
(b) Notices. All notices and other
communications hereunder shall be in writing and shall be deemed duly given (i)
on the date of delivery if delivered personally and/or by messenger service,
(ii) on the date of confirmation of receipt (or, the first business day
following such receipt if the date is not a business day) of transmission by
facsimile or (iii) on the date of confirmation of receipt (or, the first
business day following such receipt if the date is
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not a
business day) if delivered by a nationally recognized courier service. All
notices hereunder shall be delivered as set forth below, or pursuant to such
other instructions as may be designated in writing by the party to receive such
notice:
(i) if
to Parent, to:
Micron
Technology, Inc.
8000
S. Federal Way
Boise,
ID 83707-0006
Attention: General Counsel
Telephone
No.: (208) 368-4517
Facsimile
No.: (208) 368-4540
with a
copy to:
Skadden, Arps, Slate, Meagher & Flom LLP
525 University Avenue, Suite 1100
Palo Alto, California
94301
Attention: Kenton
J. King
Celeste E. Greene
Facsimile No.:
(650) 470-4570
(ii) if
to Stockholder: To the address for notice set forth on the signature page
hereof.
(c) Headings. All captions and section
headings used in this Agreement are for convenience only and do not form a part
of this Agreement.
(d) Counterparts. This Agreement may be
executed in two or more counterparts, and by facsimile, all of which shall be
considered one and the same agreement and shall become effective when one or
more counterparts have been signed by each of the parties and delivered to the
other parties, it being understood that all parties need not sign the same
counterpart.
(e) Entire Agreement; Amendment. This Agreement
and the Proxy constitutes the entire agreement among the parties with respect
to the subject matter hereof and supersede all prior agreements and
understandings, both written and oral, among the parties with respect to the
subject matter hereof. This Agreement may not be changed or modified, except by
an agreement in writing specifically referencing this Agreement and executed by
each of the parties hereto.
(f) Severability. In the event that any
provision of this Agreement or the application thereof, becomes or is declared
by a court of competent jurisdiction to be illegal, void or unenforceable, the
remainder of this Agreement will continue in full force and effect and the
application of such provision to other persons or circumstances will be interpreted
so as reasonably to effect the intent of the parties hereto. The parties
further agree to replace such void
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or
unenforceable provision of this Agreement with a valid and enforceable
provision that will achieve, to the greatest extent possible, the economic,
business and other purposes of such void or unenforceable provision.
(g) Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware,
regardless of the laws that might otherwise govern under applicable principles
of conflicts of law thereof.
(h) Rules of Construction. The parties hereto agree that they have been
represented by counsel during the negotiation and execution of this Agreement
and, therefore, waive the application of any law, regulation, holding or rule
of construction providing that ambiguities in an agreement or other document
will be construed against the party drafting such agreement or document.
(i) Specific Performance. 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 shall be entitled to seek
an injunction or injunctions to prevent breaches of this Agreement and to
enforce specifically the terms and provisions hereof in any court of the United
States or any state having jurisdiction, this being in addition to any other
remedy to which they are entitled at law or in equity. In the event of any such
proceedings to enforce this agreement, the non-prevailing party will pay all
costs and expenses incurred by the prevailing party, including all reasonable
attorneys and experts fees.
(j) Binding Effect; No Assignment. This
Agreement and all of the provisions hereof shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and permitted
assigns, but, except as otherwise specifically provided herein, neither this
Agreement nor any of the rights, interests or obligations of the parties hereto
may be assigned by any of the parties without the prior written consent of the
other parties. Any purported assignment in violation of this Section 10(j) shall be void.
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IN WITNESS WHEREOF, the
undersigned have executed this Agreement on the date first above written.
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MICRON
TECHNOLOGY, INC.
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STOCKHOLDER:
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By:
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Name:
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Signature
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Title:
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Print Name
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Address
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Shares
and Options:
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Company Common Stock:
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Company Options:
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[SIGNATURE
PAGE TO VOTING AGREEMENT]
EXHIBIT A
IRREVOCABLE PROXY
The undersigned
stockholder (Stockholder) of Lexar Media, Inc.,
a Delaware corporation (the Company),
hereby irrevocably (to the fullest extent permitted by law) appoints Micron
Technology, Inc., a Delaware corporation (Parent), and
any designee of Parent, and each of them individually, as the sole and
exclusive attorneys-in-fact and proxies of the undersigned with full power of
substitution and resubstitution, to vote and exercise all voting and related
rights with respect to, and to grant a consent or approval in respect of (in
each case, to the full extent that the undersigned is entitled to do so), all
of the shares of capital stock of the Company that now are or hereafter may be
Beneficially Owned by the undersigned, and any and all other shares or
securities of the Company issued or issuable in respect thereof on or after the
date hereof (collectively, the Shares), in
accordance with the terms of this Proxy. The Shares Beneficially Owned by the
undersigned as of the date of this Proxy are set forth on the signature page
hereof. Any and all prior proxies heretofore given by the undersigned with
respect to any Shares are hereby revoked and the undersigned hereby covenants
and agrees not to grant any subsequent proxies with respect to any Shares. Capitalized
terms used and not defined herein have the meanings assigned to them in that
certain Voting Agreement, dated of even date herewith, by and among Parent and
Stockholder (the Voting Agreement).
This Proxy is irrevocable
(to the fullest extent permitted by law), is coupled with an interest and is
granted pursuant to the Voting Agreement, and is granted in consideration of
Parent entering into that certain Agreement and Plan of Merger (the Merger Agreement), dated as of March 6, 2006, by and among
Parent, March 2006 Merger Corp., a Delaware corporation and a wholly owned
subsidiary of Parent (Merger Sub)
and the Company. The Merger Agreement provides for the merger of Merger Sub
with and into the Company in accordance with its terms (the Merger) and the receipt by Stockholder of shares of common
stock, par value $0.10 per share, of Parent in exchange for the Shares.
The attorneys-in-fact and
proxies named above are hereby authorized and empowered by the undersigned to
act as the undersigneds attorney-in-fact and proxy to vote the Shares, and to
exercise all voting, consent and similar rights of the undersigned with respect
to the Shares (including, without limitation, the power to execute and deliver
written consents), at every annual, special, adjourned or postponed meeting of
stockholders of the Company and in every written consent in lieu of such
meeting:
(i) in
favor of (1) adoption of the Merger Agreement, including all actions and
transactions contemplated by the Merger Agreement or this Proxy and (2) any
other actions presented to holders of shares of capital stock of the Company that
would reasonably be expected to facilitate the Merger Agreement, the Merger and
the other actions and transactions contemplated by the Merger Agreement or this
Proxy;
(ii) against
approval of any proposal made in opposition to, or in competition with, the
Merger Agreement or consummation of the Merger and the other transactions
contemplated by the Merger Agreement or this Proxy; and
(iii) against
any Acquisition Proposal or any other action that is intended, or would
reasonably be expected, to, in any manner impede, prevent, interfere with,
delay, postpone, discourage or otherwise adversely affect the Merger or any of
the other transactions contemplated by the Merger Agreement.
The attorneys-in-fact and
proxies named above may not exercise this Proxy with respect to any matter
other than the matters described in clauses (i), (ii) or (iii) above, and
Stockholder may vote the Shares on all other matters.
Any obligation of the
undersigned hereunder shall be binding upon the successors and assigns of the
undersigned.
So long as Stockholder is
an officer or director of the Company, nothing in this Proxy shall be construed
as preventing or otherwise affecting any actions taken by Stockholder in his or
her capacity as an officer or director of the Company or any of its
Subsidiaries or from fulfilling the obligations of such office (including without
limitation, the performance of obligations required by the fiduciary
obligations of Stockholder acting solely in his or her capacity as an officer
or director).
This Proxy shall
terminate, and be of no further force or effect, on the Expiration Date.
[Remainder of Page
Intentionally Left Blank]
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Dated: ,
2006
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Signature
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Print Name
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Address
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Shares:
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[SIGNATURE PAGE TO PROXY]