Agreement and Plan of Merger between The Walt Disney Company and Pixar

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This is the Merger Agreement whereby The Walt Disney Company acquired Pixar, dated as of January 24, 2006.

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AGREEMENT AND PLAN OF MERGER

by and among

THE WALT DISNEY COMPANY,

LUX ACQUISITION CORP.

and

PIXAR

Dated as of January 24, 2006

 


Table of Contents

 

 

 

 

 

    

 

  

ARTICLE I DEFINITIONS

  

 

ARTICLE II THE MERGER

  

 

 

Section 2.1

The Merger

 

  

Section 2.2

Closing

 

  

Section 2.3

Effective Time

 

  

Section 2.4

Effects of the Merger

 

  

Section 2.5

Articles of Incorporation and By-Laws

 

  

Section 2.6

Directors and Officers.

 

  

Section 2.7

Additional Actions

 

  

 

ARTICLE III MERGER CONSIDERATION; EXCHANGE PROCEDURES

  

 

 

Section 3.1

Effect on Company Common Stock

 

  

Section 3.2

No Fractional Shares; Treasury Stock and Parent-Owned Company Common Stock

 

  

Section 3.3

Dissenting Shares.

 

  

Section 3.4

Options

 

  

Section 3.5

Exchange Agent

 

  

Section 3.6

Exchange Procedures

 

  

Section 3.7

Taking of Necessary Action; Further Action

 

  

Section 3.8

Capital Stock of Merger Sub

 

  

 

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY

  

 

 

Section 4.1

Organization.

 

  

Section 4.2

Capitalization.

 

  

Section 4.3

Subsidiaries.

 

  

Section 4.4

Authority

 

  

Section 4.5

Consents and Approvals; No Violations.

 

  

Section 4.6

Books and Records

 

  

Section 4.7

SEC Reports and Financial Statements.

 

  

Section 4.8

Absence of Company Material Adverse Effect

 

  

Section 4.9

No Undisclosed Liabilities

 

  

Section 4.10

Benefit Plans; Employees and Employment Practices.

 

  

Section 4.11

Employment/Labor.

 

  

Section 4.12

Contracts.

 

  

Section 4.13

Litigation

 

  

Section 4.14

Compliance with Applicable Law.

 

  

Section 4.15

Taxes and Tax Returns.

 

  

Section 4.16

Environmental Matters.

 

  

Section 4.17

State Takeover Statutes

 

  

Section 4.18

Intellectual Property

 

  

Section 4.19

Library Films; Library Film Materials

 

  

Section 4.20

Films in Progress; Development Projects

 

  

Section 4.21

Absence of Indemnifiable Claims, etc

 

  

Section 4.22

Opinion of Financial Advisor

 

  

Section 4.23

Board Approval

 

  

Section 4.24

Voting Requirements

 

  

Section 4.25

Brokers and Finders

 

  

Section 4.26

Information Supplied

 

  

 

ARTICLE V REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB

  

 

 

Section 5.1   

Organization

 

  

Section 5.2

Capitalization 

 

  

Section 5.3

Authority 

 

  

Section 5.4

Consents and Approvals; No Violations.    

 

  

Section 5.5

SEC Reports and Financial Statements.  

 

  

Section 5.6 

No Undisclosed Liabilities

 

  

Section 5.7

Litigation

 

  

Section 5.8

Compliance with Applicable Law.    

 

  

Section 5.9

Absence of Parent Material Adverse Effect     

 

  

Section 5.10

Brokers and Finders     

 

  

Section 5.11

Opinion of Financial Advisor     

 

  

Section 5.12

Board Approval    

 

  

Section 5.13

Information Supplied    

 

  

Section 5.14

Interim Operations of Merger Sub  

 

  

 

ARTICLE VI COVENANTS

  

 

 

Section 6.1  

Covenants of the Company    

 

  

Section 6.2

Covenants of the Parent     

 

  

Section 6.3

No Solicitation.    

 

  

Section 6.4

Company Board Recommendation; Termination Right for Superior Proposal.     

 

  

Section 6.5

Company Shareholder Meeting     

 

  

Section 6.6   

Form S-4 and Proxy Statement 

 

  

Section 6.7

Access to Information     

 

  

Section 6.8  

Reasonable Best Efforts.   

 

  

Section 6.9

State Takeover Statutes     

 

  

Section 6.10 

Indemnification and Insurance.    

 

  

Section 6.11

Certain Litigation     

 

  

Section 6.12 

Notification of Certain Matters.    

 

  

Section 6.13 

Affiliate Letters    

 

  

Section 6.14  

Employee Benefits; 401(k) Plan.   

 

  

Section 6.15

Directorship     

 

  

Section 6.16 

Feature Animation Management and Operations    

 

  

Section 6.17 

Tax Matters   

 

  

Section 6.18 

Certain Plans    

 

  

Section 6.19 

Section 16 Matters    

 

  

Section 6.20 

Grant of Performance Unit Awards    

 

  

 

 

 

 

ARTICLE VII CONDITIONS

  

 

 

Section 7.1

Conditions to Each Party’s Obligation to Effect the Merger    

 

  

Section 7.2

Conditions to Parent and Merger Sub’s Obligation to Effect the Merger    

 

  

Section 7.3

Conditions to the Company’s Obligation to Effect the Merger    

 

  

 

ARTICLE VIII TERMINATION AND AMENDMENT

  

 

 

Section 8.1

Termination    

 

  

Section 8.2

Effect of Termination     

 

  

Section 8.3

Termination Fees.    

 

  

Section 8.4

Amendment     

 

  

Section 8.5

Extension; Waiver     

 

  

 

ARTICLE IX MISCELLANEOUS

  

 

 

Section 9.1

Nonsurvival of Representations and Warranties; Survival of Certain Covenants and Agreements     

 

  

Section 9.2

Notices     

 

  

Section 9.3

Interpretation.     

 

  

Section 9.4

Counterparts     

 

  

Section 9.5

Entire Agreement; No Third Party Beneficiaries     

 

  

Section 9.6

Governing Law     

 

  

Section 9.7

Publicity    

 

  

Section 9.8

Assignment     

 

  

Section 9.9

Enforcement     

 

  

Section 9.10

Incorporation of Exhibits     

 

  

Section 9.11

Severability     

 

  

Section 9.12

Expenses     

 

  

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