1
EXHIBIT 4
VOTING AGREEMENT
This VOTING AGREEMENT (the "Agreement"), is made and entered into as of
May 20, 1999, between ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ("Shareholder"), a shareholder of
AmeriLink Corporation, an Ohio corporation ("Target"), and Tandy Corporation, a
Delaware corporation ("Acquiror").
WHEREAS, concurrently with the execution and delivery of this
Agreement, Target and Acquiror are entering into an Agreement and Plan of
Reorganization dated as of the date hereof (the "Reorganization Agreement"),
providing for the merger of a wholly owned subsidiary of Acquiror with and into
Target (the "Merger") pursuant to the terms and conditions thereof; and
WHEREAS, as a condition and an inducement to Acquiror entering into the
Reorganization Agreement, pursuant to which Shareholder will receive the
consideration provided for in the Reorganization Agreement in exchange for the
common shares, without par, of Target (the "Target Common Shares") owned by
Shareholder, Acquiror has required that Shareholder agree, and Shareholder has
so agreed, to enter into this Agreement;
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements set forth herein and in the Reorganization Agreement,
the receipt, sufficiency and adequacy of which is hereby acknowledged, the
parties hereto agree as follows:
1. Representations of the Shareholder. Shareholder represents and
warrants to Acquiror that Shareholder:
(a) is the beneficial owner of that number of Target Common Shares set
forth on Exhibit A (collectively, the "Shareholder's Shares"), and no other
person owns, directly or indirectly, any interest in the Shareholder's Shares;
(b) does not beneficially own (as such term is defined in the
Securities Exchange Act of 1934, as amended (the "Exchange Act")) or own of
record any Target Common Shares other than the Shareholder's Shares, but
excluding any Target Common Shares which Shareholder has the right to obtain
upon the exercise of stock options outstanding on the date hereof;
(c) has the right, power and authority to execute and deliver this
Agreement and to perform Shareholder's obligations under this Agreement, and
this Agreement has been duly executed and delivered by Shareholder and
constitutes a valid and legally binding agreement of Shareholder, enforceable in
accordance with its terms; and such execution, delivery and performance by
Shareholder of this Agreement will not (i) conflict with, require a consent,
waiver or approval under, or result in a breach of or default under, any of the
terms of any contract, agreement, understanding, commitment or other obligation
(written or oral) to which Shareholder is a party or by which Shareholder is
bound; (ii) violate any order, judgment, writ, injunction, decree or statute, or
any rule or regulation, applicable to Shareholder or any of the properties or
assets of Shareholder (including without limitation any provision of the Ohio
General Corporation Law applicable to a business combination, control share
acquisition or similar transaction); or (iii) result in the creation of, or
impose any obligation on Shareholder to create, any lien, charge or other
encumbrance of any nature whatsoever upon the Shareholder's Shares, other than
in favor of Acquiror or its affiliates; and
2
(d) Shareholder has not granted any proxy to any person to vote the
Shareholder's Shares.
The representations and warranties contained herein shall be made as of
the date hereof and as of each date from the date hereof through and including
the date that the Merger is consummated or this Agreement is terminated in
accordance with its terms.
2. Agreement to Vote Shares. Shareholder shall be present (in person or
by proxy) at and vote the Shareholder's Shares (including any New Shares (as
defined in Section 4 hereof)), and shall cause any holder of record of the
Shareholder's Shares (including any New Shares) to be present and vote, (a) in
favor of adoption and approval of the Reorganization Agreement and the Merger
(and each other action and transaction contemplated by the Reorganization
Agreement or by this Agreement) and (b) against any Takeover Proposal (as
defined in the Reorganization Agreement) other than the Merger (or any other
Takeover Proposal of Acquiror) and against any proposed action or transaction
that would prevent or intentionally delay consummation of the Merger (or other
Takeover Proposal of Acquiror) or is otherwise inconsistent therewith
(including, without limitation, (A) any action or agreement that would result in
a breach in any respect of any covenant, representation or warranty or any other
obligation or agreement of Target under the Reorganization Agreement or of
Shareholder under this Agreement, (B) any extraordinary corporate transaction,
such as a merger, consolidation or other business combination involving Target
or its Subsidiaries (as defined in the Reorganization Agreement), (C) a sale,
lease or transfer of a material amount of assets of Target or its Subsidiaries,
or a reorganization, recapitalization, dissolution or liquidation of Target or
its Subsidiaries, (D) (1) any change in the present capitalization of Target or
any amendment of Target's Articles of Incorporation or Code of Regulations, (2)
any other material change in Target's corporate structure or business, or (3)
any other action involving Target or its Subsidiaries which is intended, or
could reasonably be expected, to materially delay or materially and adversely
affect the Merger and the transactions contemplated by this Agreement and the
Reorganization Agreement at every meeting of the shareholders of Target at which
any such matters are considered and at every adjournment thereof (and, if
applicable, in connection with any request or solicitation of written consents
of shareholders). Notwithstanding anything in this Agreement to the contrary,
Shareholder shall not be obligated under this Agreement to vote a particular way
with respect to the election of directors of Target, and Acquiror shall not have
any right under this Agreement to exercise or direct the exercise of any voting
rights with respect to the election of directors of Target.
Any such vote shall be cast, or consent shall be given, in accordance
with such procedures relating thereto as shall ensure that it is duly counted
for purposes of determining that a quorum is present and for purposes of
recording the results of such vote or consent. Shareholder hereby revokes any
and all previous proxies granted with respect to the Shareholder's Shares.
Shareholder shall also use reasonable best efforts to take, or cause to be
taken, all action, and do, or cause to be done, all things necessary or
advisable in order to consummate and make effective the transactions
contemplated by this Agreement, and shall not enter into any agreement or
understanding with any person or entity the effect of which would be
inconsistent with or violative of the provisions and agreements contained in
this Agreement.
-2-
3
3. No Voting Trusts. After the date hereof, Shareholder shall not, nor
shall Shareholder permit any entity under Shareholder's control to, deposit any
of the Shareholder's Shares (including any New Shares) in a voting trust or
subject any of the Shareholder's Shares (including any New Shares) to any lien
or agreement, proxy, arrangement or understanding with respect to the voting of
the Shareholder's Shares (including any New Shares) other than in accordance
with Section 2.
4. Additional Purchases. Shareholder agrees that in the event (a) of
any stock dividend, stock split, recapitalization, reclassification, combination
or exchange of shares of stock of Target on, of or affecting the Shareholder's
Shares, (b) Shareholder purchases or otherwise acquires beneficial ownership of
any Target Common Shares after the execution of this Agreement (including by
exercise of options), or (c) Shareholder acquires the right to vote or share in
the voting of any Target Common Shares other than the Shareholder's Shares
theretofore beneficially owned (collectively, "New Shares"), such New Shares
shall in all respects be subject to the terms of this Agreement and shall in all
respects constitute the Shareholder's Shares to the same extent as if they were
owned by Shareholder on the date hereof.
5. No Encumbrances.
(a) Except as expressly contemplated by this Agreement, the
Shareholder's Shares and the certificates representing the Shareholder's Shares
are now, and at all times during the term hereof shall be, held by Shareholder,
or by a nominee or custodian for the benefit of Shareholder, free and clear of
all liens, claims, security interests, proxies, voting trusts or agreements,
understandings or arrangements or any other encumbrances whatsoever (other than
to the extent set forth on Schedule 1 to this Agreement), except for any such
encumbrances or proxies arising hereunder.
(b) Notwithstanding the foregoing, Shareholder shall be permitted to
sell (or pledge to Target in support of a loan) such portion of New Shares (but
may not sell any New Shares to Target or its Subsidiaries (as defined in the
Reorganization Agreement)) solely to pay the exercise price of any employee
stock options and tax liabilities in respect of an exercise of employee stock
options; provided that any such New Shares sold (or pledged) shall be subject to
the terms of this Agreement.
6. No Solicitation. Shareholder shall not, directly or indirectly (i)
take any action to solicit, initiate or encourage any Takeover Proposal (as
defined in the Reorganization Agreement) or (ii) engage in negotiations or
discussions with, or disclose any nonpublic information relating to Target or
any of its Subsidiaries, to any person that has advised Target that it may be
considering making, or that has made, a Takeover Proposal. Shareholder will
promptly notify Acquiror after receipt of any Takeover Proposal or any notice
that any person is considering making a Takeover Proposal or any request for
nonpublic information relating to Target or any of its Subsidiaries or for
access to the properties, books or records of Target or any of its Subsidiaries
by any person that has advised Target that it may be considering making, or that
has made a Takeover Proposal and will keep Acquiror fully informed of the status
and details of any such Takeover Proposal notice, and shall provide Acquiror
with a true and
-3-
4
complete copy of such Takeover Proposal notice or any amendment thereto, if it
is in writing, or a complete written summary thereof, if it is not in writing.
7. Appraisal Rights. Shareholder agrees not to exercise any rights
(including, without limitation, under Sections 1701.84 and 1701.85 of the Ohio
General Corporation Law) to demand appraisal of any Target Common Shares which
may arise with respect to the Merger.
8. Reliance by Acquiror. Shareholder understands and acknowledges that
Acquiror is entering into the Reorganization Agreement in reliance upon
Shareholder's execution, delivery and performance of this Agreement.
9. Action in Shareholder Capacity Only. Shareholder does not hereunder
make any agreement or understanding in his or her capacity as an officer or
director of Target. Shareholder signs this Agreement solely in Shareholder's
capacity as a beneficial owner of the Shares, and nothing herein shall limit or
affect any actions taken in Shareholder's capacity as an officer or director of
Target.
10. Specific Performance. Shareholder acknowledges that it will be
impossible to measure in money the damage to the Acquiror if Shareholder fails
to comply with any of the obligations imposed by this Agreement, that every such
obligation is material and that, in the event of any such failure, Acquiror will
not have an adequate remedy at law or damages. Accordingly, Shareholder agrees
that injunctive relief or other equitable remedy, in addition to remedies at law
or damages, is the appropriate remedy for any such failure and will not oppose
the granting of such relief on the basis that Acquiror has an adequate remedy at
law. Shareholder agrees that Shareholder will not seek, and agrees to waive any
requirement for, the securing or posting of a bond in connection with Acquiror's
seeking or obtaining such equitable relief.
11. Heirs, Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective heirs,
successors and assigns and shall not be assignable without the written consent
of all other parties hereto other than any assignment in whole or in part by
Acquiror. Any such purported assignment in violation of this Section 11 shall be
void.
12. Entire Agreement. This Agreement supersedes all prior agreements,
written or oral, among the parties hereto with respect to the subject matter
hereof and contains the entire agreement among the parties with respect to the
subject matter hereof. This Agreement may not be amended, supplemented or
modified, and no provisions hereof may be modified or waived, except by an
instrument in writing signed by all the parties hereto. No waiver of any
provisions hereof by any party shall be deemed a waiver of any other provisions
hereof by any such party, nor shall any such waiver be deemed a continuing
waiver of any provision hereof by such party.
13. Miscellaneous.
(a) Expenses. Each of the parties hereto shall bear and pay all costs
and expenses incurred by it or on its behalf in connection with the negotiation
of this Agreement, including fees and expenses of its own financial consultants,
investment bankers, accountants and counsel.
-4-
5
(b) Amendment. This Agreement may not be amended, except by an
instrument in writing signed on behalf of each of the parties.
(c) Governing Law. This Agreement shall be deemed a contract made
under, and for all purposes shall be construed in accordance with, the internal
laws of the State of Ohio without regard to principles of conflicts of law.
(d) Severability. If any provision of this Agreement or the application
of such provision to any person or circumstances shall be held invalid by a
court of competent jurisdiction, the remainder of the provision held invalid and
the application of such provision to persons or circumstances, other than the
party as to which it is held invalid, shall not be affected.
(e) Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.
(f) Termination. This Agreement shall terminate and be of no further
force and effect upon the earliest to occur of (A) the Effective Time (as
defined in the Reorganization Agreement), (B) the termination of the
Reorganization Agreement pursuant to Section 7.1 thereof (other than a
termination in connection with which Acquiror is or will be entitled to any
payments as specified in Sections 7.3(b) or (c) thereof); (C) 181 days following
any termination of the Reorganization Agreement in connection with which
Acquiror is or will be entitled to a payment as specified in Section 7.3(b)
thereof; (D) 12 months and one day following any termination of the
Reorganization Agreement in connection with which Acquiror is or could be
entitled to a payment as specified in Section 7.3(c) thereof; (E) the day after
the date on which Target pays Acquiror the $2,500,000 termination fee and all
other amounts payable to Acquiror pursuant to Section 7.3(b) or 7.3(c) of the
Reorganization Agreement; or (F) the date Acquiror specifies in a written notice
of termination of this Agreement provided by Acquiror, in its sole discretion,
to Shareholder; provided further that no such termination shall extinguish any
liability of a party for breach of its obligations under this Agreement.
(g) Headings. All Section headings herein are for convenience of
reference only and are not part of this Agreement and no construction or
reference shall be derived therefrom.
(h) Notices. All notices, requests, claims, demands, and other
communications under this Agreement must be in writing and shall be deemed given
if delivered personally or by commercial delivery service, or mailed by
registered or certified mail (return receipt requested) or sent via facsimile
(with confirmation of receipt) to the parties at the following address (or at
such other address for a party as shall be specified by like notice):
-5-
6
if to Acquiror, to: Tandy Corporation
▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇ ▇. ▇▇▇▇
Facsimile No.: (▇▇▇) ▇▇▇-▇▇▇▇
Telephone No.: (▇▇▇) ▇▇▇-▇▇▇▇
with a copy to: ▇▇▇▇▇▇ and ▇▇▇▇▇, LLP
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Facsimile No.: (▇▇▇) ▇▇▇-▇▇▇▇
Telephone No.: (▇▇▇) ▇▇▇-▇▇▇▇
if to Shareholder, to: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇
with a copy to: Squire, ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ L.L.P.
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
Facsimile No.: (▇▇▇) ▇▇▇-▇▇▇▇
Telephone No.: (▇▇▇) ▇▇▇-▇▇▇▇
(i) Restrictive Legend. Shareholder shall cause certificates for the
Shareholder's Shares and New Shares to have typed or printed thereon a
restrictive legend which shall read substantially as follows (if and to the
extent true and necessary in light of legal and factual circumstances existing
at such time):
"THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
PROVISIONS AS SET FORTH IN THAT CERTAIN VOTING AGREEMENT, DATED AS OF MAY 20,
1999, A COPY OF WHICH WILL BE MAILED BY AMERILINK CORPORATION TO THE SHAREHOLDER
WITHOUT CHARGE WITHIN FIVE DAYS AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR,
WHICH CONTAINS RESTRICTIONS ON THE VOTING AND TRANSFER THEREOF."
* * * * *
-6-
7
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the date first written above.
TANDY CORPORATION
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
-------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
-----------------------------------
Title: Chairman, President & CEO
----------------------------------
SHAREHOLDER
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
----------------------------------------
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
The undersigned spouse of ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ hereunto subscribes her
name in evidence of and in consent to ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇'▇ agreements made
concerning the Common Shares of AmeriLink Corporation referred to in the
foregoing Voting Agreement, and to all other provisions thereof, as of the 20th
day of May, 1999.
-----------------------------------------
Name: /s/ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
-----------------------------------
Spouse of ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
-7-
8
EXHIBIT A
Number of
Target Common Shares
Name Beneficially Owned Type of Ownership
-------------------- ------------------------- ---------------------
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ 756,186