Agreement and Plan of Merger (2001)Full Document 

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                          AGREEMENT AND PLAN OF MERGER

                          DATED AS OF DECEMBER 14, 2001

                                  BY AND AMONG

                             DIRECTPLACEMENT, INC.,

                                PCS MERGER CORP.,

                              PCS SECURITIES, INC.,

                                SUSANNE S. PRUITT

                                       AND

                              RAYMOND A. HILL, III
                                TABLE OF CONTENTS

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ARTICLE I      The Merger; Effect of Merger..................................1

   Section 1.1   The Merger..................................................1
   Section 1.2   Effective Time of the Merger................................1
   Section 1.3   Effects of Merger...........................................2

ARTICLE II     The Surviving Corporation.....................................2

   Section 2.1   Certificate of Incorporation................................2
   Section 2.2   By-Laws.....................................................2
   Section 2.3   Officers and Directors......................................2

ARTICLE III    Conversion of Shares..........................................2

   Section 3.1   Conversion of Shares; Net Asset Payments....................2
   Section 3.2   Restrictions on Transfer....................................3
   Section 3.3   Parent to Deliver Certificates..............................3
   Section 3.4   No Fractional Securities....................................4
   Section 3.5   Closing of Company Transfer Books...........................4
   Section 3.6   Tax Treatment...............................................4

ARTICLE IV.    Representations and Warranties of the Company.................4

   Section 4.1   Execution and Delivery......................................4
   Section 4.2   Consents and Approvals......................................4
   Section 4.3   No Breach...................................................5
   Section 4.4   Organization, Standing and Authority........................5
   Section 4.5   Capitalization of the Company...............................6
   Section 4.6   Options and Other Stock Rights..............................6
   Section 4.7   Subsidiaries................................................6
   Section 4.8   Corporate Records...........................................6
   Section 4.9   Regulatory Compliance.......................................6
   Section 4.10  Financial Statements........................................8
   Section 4.11  Liabilities.................................................9
   Section 4.12  No Material Adverse Change..................................9
   Section 4.13  Compliance with Laws........................................9
   Section 4.14  Permits.....................................................9
   Section 4.15  Actions and Proceedings.....................................9
   Section 4.16  Contracts and Other Agreements.............................10
   Section 4.17  Relationship With Customers and Research Providers.........12
   Section 4.18  Real Property..............................................12
   Section 4.19  Intellectual Property......................................12
   Section 4.20  Receivables................................................14
   Section 4.21  Banking....................................................14
   Section 4.22  Liens......................................................14
   Section 4.23  Employee Benefit Plans.....................................14

                                       i


   Section 4.24  Employee Relations.........................................14
   Section 4.25  Insurance..................................................15
   Section 4.26  Officers, Directors, Employees, Consultants................15
   Section 4.27  Transactions with Directors, Officers and Affiliates.......15
   Section 4.28  Operations of the Company..................................16
   Section 4.29  Brokerage..................................................17
   Section 4.30  Taxes......................................................17
   Section 4.31  Environmental Laws.........................................18
   Section 4.32  Company Action.............................................18


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