Exhibit 10.1
VOTING AGREEMENT
This Voting Agreement (“Agreement”) is made and entered into as of July 18, 2007, by and among Ristretto Group S.a r.l., a Luxembourg company (the “Parent”), and the undersigned stockholders (each, a “Stockholder” and collectively, the “Stockholders”) in Williams Scotsman International, Inc., a Delaware corporation (the “Company”). Certain capitalized terms used in this Agreement are defined in Section 6 hereof and certain other capitalized terms used in this Agreement that are not defined herein shall have the meaning given to such terms in the Merger Agreement (as defined below).
RECITALS
WHEREAS, the Stockholders are the holders of record and/or the “beneficial owner” (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of Company Common Stock;
WHEREAS, concurrently with the execution and delivery of this Agreement, the Company, Ristretto Holdings SCA, a Luxembourg company, Parent and Ristretto Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Parent (the “Merger Sub”), are entering into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), which provides, upon the terms and subject to the conditions set forth therein, for the merger of Merger Sub with and into the Company (the “Merger”); and
WHEREAS, as a condition and inducement to Parent’s willingness to enter into the Merger Agreement, the Stockholders have agreed to execute and deliver this Agreement.
AGREEMENT
NOW, THEREFORE, the parties to this Agreement, intending to be legally bound, agree as follows:
1. Agreement to Vote Subject Securities. Prior to the Termination Date, at every meeting of the stockholders of the Company called with respect to any of the following, and at every adjournment or postponement thereof, and on every action or approval by written consent of the stockholders of the Company with respect to any of the following, each Stockholder shall vote or cause to be voted the Subject Securities: (a) in favor of (i) adoption of the Merger Agreement and (ii) any other matter contemplated under the Merger Agreement or that could reasonably be expected to facilitate the Merger that is put to a vote of the stockholders of the Company and (b) against any proposal for any Company Acquisition Proposal (as defined in the Merger Agreement) other than the Merger, between the Company and any person or entity (other than Parent and Merger Sub) and (c) against any other action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under the Merger Agreement or which would result in any of the conditions to the consummation of the Merger under the Merger Agreement not being fulfilled or which would reasonably be expected to prevent, impede, frustrate, interfere with, delay, postpone or adversely affect the Merger and the other transactions contemplated by the Merger Agreement.
2. Irrevocable Proxy. Concurrently with the execution of this Agreement, the Stockholders agrees to deliver to Parent a proxy in the form attached hereto as Exhibit A (the “Proxy”), which shall be irrevocable, prior to the Termination Date and to the fullest extent permitted by law and except as otherwise set forth therein, with respect to the Subject Securities referred to therein.
4. Representations, Warranties and Covenants of the Stockholders. Each Stockholder hereby represents and warrants to Parent as follows:
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6. Certain Definitions. For purposes of this Agreement,
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if to Parent:
Ristretto Group
S.a.r.l.
20, rue de la Poste
L-2346 Luxembourg
Attention: Chief Financial Officer
Facsimile No: +352 47 2473
with a copy (which copy shall not constitute notice) to:
Paul, Hastings, Janofsky & Walker LLP
75 East 55th Street
New York, NY 10022-3205
Attention: William F. Schwitter
Facsimile No: (212) 230-7834
Attention: Luke P. Iovine, III
Facsimile No: (212) 230-7649
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if to the Stockholders:
c/o
The Cypress Group LLC
65 East 55th Street
(28th Floor)
New York, New York 10022
Attention: James Stern
Facsimile No: (212) 705-0199
with a copy (which copy shall not constitute notice) to:
Simpson
Thacher & Bartlett LLP
425 Lexington Avenue
New York, New York 10017-3954
Attention: William E. Curbow
Facsimile No: (212) 455-2502
with an additional copy (which copy shall not constitute notice) to:
Paul, Weiss, Rifkind,
Wharton & Garrison LLP
1285 Avenue of the Americas
New York, New York 10019-6064
Attention: Mark A. Underberg
Facsimile No: (212) 492-0368
[SIGNATURE PAGES FOLLOW]
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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed on the date first above written.
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RISTRETTO GROUP S.A.R.L. |
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BY: |
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/s/ Manjit Dale |
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Name: |
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Manjit Dale |
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Title: |
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Authorized Signatory |
[SIGNATURES CONTINUED ON FOLLOWING PAGES]
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CYPRESS MERCHANT BANKING |
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CYPRESS ASSOCIATES L.P. |
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By: |
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THE CYPRESS GROUP L.L.C. |
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BY: |
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/s/ James Stern |
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Name: |
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James Stern |
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Title: |
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Member |
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CYPRESS OFFSHORE PARTNERS L.P. |
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CYPRESS ASSOCIATES L.P. |
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By: |
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THE CYPRESS GROUP L.L.C. |
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BY: |
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/s/ James Stern |
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Name: |
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James Stern |
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Member |
Stockholder |
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Shares of Company |
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Additional Securities |
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Cypress Merchant Banking Partners L.P. |
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5,677,433 |
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0 |
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Cypress Offshore Partners L.P. |
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294,059 |
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0 |
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EXHIBIT A
IRREVOCABLE PROXY
The undersigned stockholders (each, a “Stockholder” and collectively, the “Stockholders”) of Williams Scotsman International, Inc., a Delaware corporation (the “Company”), hereby irrevocably (prior to the Termination Date and to the fullest extent permitted by law and except as otherwise set forth herein) appoints Mr. Jonathan Rosen and Ristretto Group S.a r.l., a Luxembourg company (the “Parent”), and each of them, as the sole and exclusive attorneys and proxies of the undersigned, with full power of substitution and resubstitution, to vote and exercise all voting and related rights expressly provided herein (to the full extent that the undersigned is entitled to do so) and subject to all the limitations and restrictions provided herein with respect to the Subject Securities. For purposes of this Irrevocable Proxy (the “Proxy”), (a) “Subject Securities” means: (i) all securities of the Company (including all shares of common stock of the Company (“Company Common Stock”) and all options, warrants and other rights to acquire shares of Company Common Stock) Owned by each Stockholder as of the date of this Proxy; and (ii) all additional securities of the Company (including all additional shares of Company Common Stock and all additional options, warrants and other rights to acquire shares of Company Common Stock) of which each Stockholder acquires Ownership during the period from the date of this Proxy through the Termination Date; notwithstsanding the foregoing, any shares of Company Common Stock Owned by Affiliates (as defined in the Merger Agreement) of a Stockholder who are also directors of the Company shall not be deemed Subject Securities unless such shares of Company Common Stock were Subject Securities transferred in accordance with Section 3(a) of the Voting Agreement (as defined below) to an Affiliate who is also a director of the Company; and (b) a Stockholder is deemed to “Own” or to have acquired “Ownership” of a security if such Stockholder is the “beneficial owner” of such security within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended. Upon the undersigned’s execution of this Proxy, any and all prior proxies given by the undersigned with respect to any Subject Securities are hereby revoked and the undersigned agrees not to grant any subsequent proxies with respect to the Subject Securities at any time prior to the Termination Date (as defined below).
This Proxy is irrevocable (prior to the Termination Date and to the fullest extent permitted by law and except as otherwise set forth herein), is coupled with an interest and is granted pursuant to that certain Voting Agreement of even date herewith, by and between Parent and the undersigned Stockholders (the “Voting Agreement”), and is granted in consideration of Parent entering into that certain Agreement of Merger (the “Merger Agreement”), of even date herewith, by and among the Company, Parent and Ristretto Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”). The Merger Agreement provides for the merger of Merger Sub with and into the Company (the “Merger”). As used herein, the term “Termination Date” shall mean the earlier to occur of the date (i) the Merger shall become effective in accordance with the terms and provisions of the Merger Agreement or (ii) the Merger Agreement terminates in accordance with its terms.
The attorneys and proxies named above, and each of them, are hereby authorized and empowered by the undersigned, at any time prior to the Termination Date, at every meeting of the stockholders of the Company called with respect to any of the following, and at every
adjournment or postponement thereof, and on every action or approval by written consent of the stockholders of the Company with respect to any of the following, to act as the undersigned’s attorney and proxy to vote or cause to be voted the Subject Securities: (a) in favor of (i) adoption of the Merger Agreement and (ii) any other matter contemplated under the Merger Agreement or that could reasonably be expected to facilitate the Merger that is put to a vote of the stockholders of the Company and (b) against any proposal for any Company Acquisition Proposal (as defined in the Merger Agreement) other than the Merger, between the Company and any person or entity (other than Parent and Merger Sub) and (c) against any other action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under the Merger Agreement or which would result in any of the conditions to the consummation of the Merger under the Merger Agreement not being fulfilled or which would reasonably be expected to prevent, impede, frustrate, interfere with, delay, postpone or adversely affect the Merger and the other transactions contemplated by the Merger Agreement.
This Proxy shall be binding upon the successors and assigns of each Stockholder (including any transferee of any of the Subject Securities). This Proxy shall terminate and be of no further force and effect upon the earlier to occur of (i) the Termination Date and (ii) if the Merger Agreement is amended or otherwise modified after the date hereof without the prior written consent of both Stockholders in a manner that, directly or indirectly (a) reduces or changes the form of Merger Consideration (as defined in the Merger Agreement) or (b) extends the Outside Date (as defined in the Merger Agreement) beyond March 31, 2008.
Dated: ___________, 2007
CYPRESS MERCHANT BANKING PARTNERS L.P. |
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CYPRESS OFFSHORE PARTNERS L.P. |
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CYPRESS ASSOCIATES L.P. |
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CYPRESS ASSOCIATES L.P. |
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THE CYPRESS GROUP L.L.C. |
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By: |
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THE CYPRESS GROUP L.L.C. |
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Title: |
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Number of shares of common stock of the Company owned of record as of the date of this proxy: |
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Number of shares of common stock of the Company owned of record as of the date of this proxy: |
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