EX-99.DD 3 jfexdd_neurochem.htm EXHIBIT DD Exhibit DD
 
VOTING AGREEMENT
 
VOTING AGREEMENT, dated as of May ___, 2007 (this "Agreement"), by and among Neurochem Inc., a corporation organized under the Canada Business Corporations Act (the "Company"), and the shareholders listed on the signature pages hereto under the heading "Shareholders" (each a "Shareholder" and collectively, the "Shareholders").
 
 
WHEREAS, as of the date hereof, the Shareholders own collectively 12,982,300 Common Shares, which represent in the aggregate approximately 33.47% of the total issued and outstanding capital shares of the Company; and
 
WHEREAS, as a condition to the willingness of the Investors to enter into the Securities Purchase Agreement and to consummate the transactions contemplated thereby (collectively, the "Transaction"), the Investors have required that each Shareholder agree, and in order to induce the Investors to enter into the Securities Purchase Agreement, each Shareholder has agreed, to enter into this Agreement with respect to all the Common Shares now owned and which may hereafter be acquired by the Shareholder and any other securities, if any, which such Shareholder is currently entitled to vote, or after the date hereof, becomes entitled to vote, at any meeting of shareholders of the Company (the "Other Securities").
 
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows:
 
ARTICLE I  
 
VOTING AGREEMENT OF THE SHAREHOLDER
 
SECTION 1.01.  Voting Agreement. Subject to the last sentence of this Section 1.01, each Shareholder hereby agrees that at any meeting of the shareholders of the Company, however called, and in any action by written consent of the Company's shareholders, each of the Shareholders shall vote the Common Shares and the Other Securities: (a) in favor of the Shareholder Approval (as defined in the Securities Purchase Agreement) as described in Section 4(q) of the Securities Purchase Agreement; and (b) against any proposal or any other corporate 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 Securities Purchase Agreement or which could result in any of the conditions to the Company's obligations under the Securities Purchase Agreement not being fulfilled. Each Shareholder acknowledges receipt and review of a copy of the Securities Purchase Agreement and the other Transaction Documents (as defined in the Securities Purchase Agreement). The obligations of the Shareholders under this Section 1.01 shall terminate immediately following the occurrence of the Shareholder Approval.
 
ARTICLE II  
 
REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDER
 
Each Shareholder hereby represents and warrants, severally but not jointly, to each of the Investors as follows:
 
SECTION 2.01.  Authority Relative to This Agreement. Each Shareholder has all necessary power and authority to execute and deliver this Agreement, to perform his or its obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by such Shareholder and constitutes a legal, valid and binding obligation of such Shareholder, enforceable against such Shareholder in accordance with its terms, except (a) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or hereafter in effect relating to, or affecting generally the enforcement of creditors' and other obligees' rights, (b) where the remedy of specific performance or other forms of equitable relief may be subject to certain equitable defenses and principles and to the discretion of the court before which the proceeding may be brought, and (c) where rights to indemnity and contribution thereunder may be limited by applicable law and public policy.
 
SECTION 2.02.  No Conflict. (a) The execution and delivery of this Agreement by such Shareholder does not, and the performance of this Agreement by such Shareholder shall not, (i) conflict with or violate any federal, state or local law, statute, ordinance, rule, regulation, order, judgment or decree applicable to any Shareholder or by which the Common Shares or the Other Securities owned by such Shareholder are bound or affected or (ii) result in any breach of or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a lien or encumbrance on any of the Common Shares or the Other Securities owned by such Shareholder pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which such Shareholder is a party or by which such Shareholder or the Common Shares or Other Securities owned by such Shareholder are bound. For the purposes of this Section 2.02 and Sections 2.03, 3.01 and 3.02, the Company acknowledges and agrees that in the case of Shareholder Luxco Holdings II S.A.R.L. ("Luxco"), certain of the Common Shares and Other Securities held by Luxco are subject to a pledge agreement with National Bank of Canada ("NBC") pursuant to which Luxco has granted a security interest in, and a pledge of, such Common Shares and Other Securities in favour of NBC and pursuant to which Luxco is prohibited from voting same if it has been notified by NBC that an Event of Default (as defined in the said pledge agreement) has occurred and is continuing.
 
(b)  The execution and delivery of this Agreement by such Shareholder does not, and the performance of this Agreement by such Shareholder shall not, require any consent, approval, authorization or permit of, or filing with or notification to, any governmental entity by such Shareholder.
 
SECTION 2.03.  Title to the Shares. As of the date hereof, each Shareholder is the owner of the number of Common Shares set forth opposite its name on Appendix A attached hereto, entitled to vote, without restriction, on all matters brought before holders of capital shares of the Company, which Common Shares represent on the date hereof the percentage of the outstanding shares and voting power of the Company set forth on such Appendix. Such Common Shares are all the securities of the Company owned, either of record or beneficially, by such Shareholder. Such Common Shares are owned free and clear of all security interests, liens, claims, pledges, options, rights of first refusal, agreements, limitations on such Shareholder's voting rights, charges and other encumbrances of any nature whatsoever. No Shareholder has appointed or granted any proxy, which appointment or grant is still effective, with respect to the Common Shares or Other Securities owned by such Shareholder.
 
     ARTICLE III  
 
COVENANTS
 
SECTION 3.01.  No Disposition or Encumbrance of Shares. Each Shareholder hereby covenants and agrees that, until the Shareholder Approval has been obtained, except as contemplated by this Agreement, such Shareholder shall not offer or agree to sell, transfer, tender, assign, hypothecate or otherwise dispose of, grant a proxy or power of attorney with respect to, or create or permit to exist any security interest, lien, claim, pledge, option, right of first refusal, agreement, limitation on such Shareholder's voting rights, charge or other encumbrance of any nature whatsoever ("Encumbrance") with respect to the Common Shares or Other Securities, directly or indirectly, initiate, solicit or encourage any person to take actions which could reasonably be expected to lead to the occurrence of any of the foregoing; provided, however, that any such Shareholder may assign, sell or transfer any Common Shares or Other Securities provided that any such recipient of the Common Shares or Other Securities has delivered to the Company and each Investor a written agreement in a form reasonably satisfactory to the Investors that the recipient shall be bound by, and the Common Shares and/or Other Securities so transferred, assigned or sold shall remain subject to this Agreement.
 
SECTION 3.02.  Company Cooperation. The Company hereby covenants and agrees that it will not, and each Shareholder irrevocably and unconditionally acknowledges and agrees that the Company will not (and waives any rights against the Company in relation thereto), recognize any Encumbrance or agreement on any of the Common Shares or Other Securities of such Shareholder subject to this Agreement unless the provisions of Section 3.01 have been complied with. The Company agrees to use its reasonable best efforts to ensure that at any time in which any Shareholder Approval is required pursuant to Section 4(q) of the Securities Purchase Agreement, it will cause holders of Common Shares or Other Securities representing the percentage of outstanding capital shares required to vote in favor of the Transaction in order for the Company to comply with its obligations under Section 4(q) of the Securities Purchase Agreement to become party to and bound by the terms and conditions of this Agreement and the Common Shares and Other Securities held by such holders to be subject to the terms and conditions of this Agreement.
 
ARTICLE IV  
 
MISCELLANEOUS
 
SECTION 4.01.  Further Assurances. Each Shareholder will execute and deliver such further documents and instruments and take all further action as may be reasonably necessary in order to consummate the transactions contemplated hereby.
 
SECTION 4.02.  Specific Performance. The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that any Investor (without being joined by any other Investor) shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity. Any Investor shall be entitled to its reasonable attorneys' fees in any action brought to enforce this Agreement in which it is the prevailing party.
 
SECTION 4.03.  Entire Agreement. This Agreement constitutes the entire agreement among the Company and the Shareholders (other than the Securities Purchase Agreement and the other Transaction Documents) with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, among the Company and the Shareholders with respect to the subject matter hereof.
 
SECTION 4.04.  Amendment. The provisions of this Agreement may not be amended or waived, nor may this Agreement be terminated, except (i) by an instrument in writing signed by the parties hereto and (ii) with the prior written consent of the Investors.
 
SECTION 4.05.  Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of this Agreement is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the terms of this Agreement remain as originally contemplated to the fullest extent possible.
 
SECTION 4.06.  Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. The parties hereby agree that all actions or proceedings arising directly or indirectly from or in connection with this Agreement shall be litigated only in the Supreme Court of the State of New York or the United States District Court for the Southern District of New York located in New York County, New York. The parties consent to the jurisdiction and venue of the foregoing courts and consent that any process or notice of motion or other application to any of said courts or a judge thereof may be served inside or outside the State of New York or the Southern District of New York by registered mail, return receipt requested, directed to the party being served at its address set forth on the signature pages to this Agreement (and service so made shall be deemed complete three (3) days after the same has been posted as aforesaid) or by personal service or in such other manner as may be permissible under the rules of said courts. Each of the Company and each Shareholder irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action, or proceeding brought in such a court and any claim that suit, action, or proceeding has been brought in an inconvenient forum. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.
 
SECTION 4.07.  Third-Party Beneficiaries. The Investors shall be intended third party beneficiaries of this Agreement to the same extent as if they were parties hereto, and shall be entitled to enforce the provisions hereof.
 
SECTION 4.08.  Termination. This Agreement shall terminate immediately following the occurrence of the Shareholder Approval or upon the mutual consent of each Shareholder and the Investors.
 
[Signature Page Follows]
 
 



IN WITNESS WHEREOF, each Shareholder and the Company has duly executed this Agreement.
 
   
 
THE COMPANY:
   
 
NEUROCHEM INC.
   
 
By:
 
     
Name:
     
Title:
Dated: May ___, 2007
     
   
Address:
Neurochem Inc.
275 Armand-Frappier Boulevard
Quebec
Canada H7V 4A7
       



 





   
 
SHAREHOLDER:
 
 
     
     
     
Dated: May ___, 2007
   
   
Address:
 
       







APPENDIX A
 
Shareholder
 
Common Shares
Owned
 
Percentage of Shares
Outstanding1
 
Voting Percentage
of Shares
Outstanding
 
PP Luxco Holdings II
11,068,368
28.54%
28.54%
Power Technology
Investment Corporation
1,166,666
3.01%
3.01%
Picchio Pharma Limited
330,600
0.85%
0.85%
FMRC Trust
250,000
0.64%
0.64%
Dr. Francesco Bellini
166,666
0.43%
0.43%

1   Based on 38,779,333 shares outstanding