Agreement and Plan of Merger (2007)Full Document 

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AGREEMENT AND PLAN OF MERGER between HEWLETT-PACKARD COMPANY
("Parent") ORCA ACQUISITION CORPORATION
("Purchaser") and OPSWARE INC.
(the "Company") Dated as of July 20, 2007



Table of Contents

TABLE OF CONTENTS

 
   
  Page

ARTICLE I THE OFFER AND MERGER

 

1
 
Section 1.1

 

The Offer

 

1
  Section 1.2   Company Actions   4
  Section 1.3   Directors   5
  Section 1.4   The Merger   6
  Section 1.5   Effective Time   7
  Section 1.6   Closing   7
  Section 1.7   Directors and Officers of the Surviving Corporation   7
  Section 1.8   Subsequent Actions   7
  Section 1.9   Stockholders' Meeting   7
  Section 1.10   Merger Without Meeting of Stockholders   8

ARTICLE II CONVERSION OF SECURITIES

 

9
 
Section 2.1

 

Conversion of Capital Stock

 

9
  Section 2.2   Surrender of Certificates   9
  Section 2.3   Dissenting Shares   11
  Section 2.4   Top-Up Option   11
  Section 2.5   Treatment of Options, Restricted Stock and other Equity Awards   12
  Section 2.6   Treatment of Employee Stock Purchase Plan   14
  Section 2.7   Additional Benefits Matters   14

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

15
 
Section 3.1

 

Organization

 

15
  Section 3.2   Capitalization   15
  Section 3.3   Authorization; Validity of Agreement; Company Action   16
  Section 3.4   Board Approvals   17
  Section 3.5   Consents and Approvals; No Violations   17
  Section 3.6   Company SEC Documents and Financial Statements   18
  Section 3.7   Internal Controls; Sarbanes-Oxley Act.   18
  Section 3.8   Absence of Certain Changes   19
  Section 3.9   No Undisclosed Liabilities   20
  Section 3.10   Litigation   20
  Section 3.11   Employee Benefit Plans; ERISA   20
  Section 3.12   Taxes   23
  Section 3.13   Contracts   25
  Section 3.14   Title to Properties; Encumbrances   25
  Section 3.15   Intellectual Property   26
  Section 3.16   Labor Matters   29
  Section 3.17   Compliance with Laws; Permits.   29
  Section 3.18   Information in the Proxy Statement   30
  Section 3.19   Information in the Offer Documents and the Schedule 14D-9   30
  Section 3.20   Opinion of Financial Advisor   31
  Section 3.21   Insurance   31
  Section 3.22   Environmental Laws and Regulations   31
  Section 3.23   Related Party Transactions   31
         

i


  Section 3.24   Brokers; Expenses   32
  Section 3.25   Takeover Statutes   32

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER

 

32
 
Section 4.1

 

Organization

 

32
  Section 4.2   Authorization; Validity of Agreement; Necessary Action   32
  Section 4.3   Consents and Approvals; No Violations   33
  Section 4.4   Litigation   33
  Section 4.5   Information in the Proxy Statement   33
  Section 4.6   Information in the Offer Documents   34
  Section 4.7   Ownership of Company Capital Stock   34
  Section 4.8   Sufficient Funds   34

ARTICLE V CONDUCT OF BUSINESS PENDING THE MERGER

 

34
 
Section 5.1

 

Interim Operations of the Company

 

34
  Section 5.2   No Solicitation; Unsolicited Proposals   38
  Section 5.3   Board Recommendation   39

ARTICLE VI ADDITIONAL AGREEMENTS

 

41
 
Section 6.1

 

Notification of Certain Matters

 

41
  Section 6.2   Access; Confidentiality   41
  Section 6.3   Consents and Approvals   41
  Section 6.4   Publicity   43
  Section 6.5   Directors' and Officers' Insurance and Indemnification   44
  Section 6.6   State Takeover Laws   45
  Section 6.7   Certain Tax Matters   45
  Section 6.8   Section 16   45
  Section 6.9   Obligations of Purchaser   46
  Section 6.10   Employee Benefits Matters.   46
  Section 6.11   Termination of 401(k) Plan   46
  Section 6.12   Rule 14d-10(d)   47

ARTICLE VII CONDITIONS

 

47
 
Section 7.1

 

Conditions to Each Party's Obligations to Effect the Merger

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