Exhibit 10.4

 

AGREEMENT

 

THIS VOTING AGREEMENT (this “Agreement”), dated as of May     , 2004, is by and
among the persons listed on Schedule I hereto (each a “Stockholder”, and,
collectively, the “Stockholders”).

 

WHEREAS, Pequot Private Equity Fund III, L.P. and Pequot Offshore Private Equity
Partners III, L.P. (collectively, “Pequot”) and Analex Corporation, a Delaware
corporation (the “Company”) have entered into a binding Summary of Terms for
Financing (the “Summary of Terms”) and propose to enter into a Purchase
Agreement (as the same may be amended or supplemented, the “Purchase Agreement”)
providing for the purchase by Pequot and possibly other investors of certain
secured subordinated convertible promissory notes of the Company (the “Notes”)
or shares of Series B convertible preferred stock, $.02 par value per share, of
the Company (the “Series B Preferred Stock”) and certain warrants to purchase
Common Stock, $.02 par value per share, of the Company (the “Common Stock”) (the
transactions contemplated by the Summary of Terms and the Purchase Agreement,
including without limitation the issuance of the Series B Preferred Stock and
the conversion of the Notes into Series B Preferred Stock are referred to herein
as the “Transactions”);

 

WHEREAS, certain of the Stockholders will become stockholders of the Company in
consideration of the sale of certain securities presently owned by them to the
Company, which sale may occur before or after the approval of the Transactions
by the stockholders of the Company;

 

WHEREAS, as a condition to the execution and delivery of the Summary of Terms
and the Purchase Agreement, Pequot has requested that the Stockholders enter
into this Agreement;

 

WHEREAS, the Stockholders believe that the execution, delivery and performance
of the Summary of Terms and the Purchase Agreement and the consummation of the
transactions contemplated thereby is in the best interests of the Company and
its shareholders; and

 

WHEREAS, each Stockholder is or expects to be the record and beneficial owner,
or the trustee of a trust whose beneficiaries are the beneficial owners, of such
number of shares of Common Stock and/or preferred stock of the Company, par
value $0.02 per share (the “Preferred Stock”) set forth opposite such
Stockholder’s name on Schedule I hereto (such shares of Common Stock and/or
Preferred Stock, as such shares may be adjusted by stock dividend, stock split,
recapitalization, combination or exchange of shares, merger, consolidation,
reorganization or other change or transaction, together with shares of Common
Stock and/or Preferred Stock that may be acquired after the date hereof by such
Stockholder, including without limitation shares of Common Stock and/or
Preferred Stock issued upon the exercise of options or warrants to purchase
Common Stock and/or Preferred Stock (as the same may be adjusted as aforesaid),
being collectively referred to herein as the “Shares”).

 

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NOW, THEREFORE, in consideration of the premises and the representations,
warranties and agreements contained herein, the Stockholders agree as follows:

 

1. Representations and Warranties of the Stockholders. Each Stockholder hereby,
severally and not jointly, represents and warrants to the other Stockholders as
follows:

 

(a) Authority. The Stockholder has all requisite power and authority to execute
and deliver this Agreement and to consummate the transactions contemplated
hereby. The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby have been duly authorized
by the Stockholder. This Agreement has been duly executed and delivered by the
Stockholder and, assuming this Agreement constitutes a valid and binding
obligation of the other parties hereto, constitutes a valid and binding
obligation of the Stockholder enforceable against the Stockholder in accordance
with its terms (subject to (i) laws of general application relating to
bankruptcy, insolvency and the relief of debtors, and (ii) rules of law
governing specific performance, injunctive relief, or other equitable remedies).
Except as set forth on Schedule II hereto, neither the execution, delivery or
performance of this Agreement by the Stockholder nor the consummation by the
Stockholder of the transactions contemplated hereby will (i) require any filing
with, or permit, authorization, consent or approval of, any federal, state,
local or municipal foreign or other government or subdivision, branch,
department or agency thereof or any governmental or quasi-governmental authority
of any nature, including any court or other tribunal, (a “Governmental Entity”),
(ii) result in a violation or breach of, or constitute (with or without due
notice or lapse of time or both) a default under, or give rise to any right of
termination, amendment, cancellation or acceleration under, or result in the
creation of any pledge, claim, lien, option, charge, encumbrance or security
interest of any kind or nature whatsoever (a “Lien”) upon any of the properties
or assets of the Stockholder under, any of the terms, conditions or provisions
of any note, bond, mortgage, indenture, lease, license, permit, concession,
franchise, contract, agreement or other instrument or obligation (a “Contract”)
to which the Stockholder is a party or by which the Stockholder or any of the
Stockholder’s properties or assets, including the Stockholder’s Shares, may be
bound or (iii) violate any judgment, order, writ, preliminary or permanent
injunction or decree (an “Order”) or any statute, law, ordinance, rule or
regulation of any Governmental Entity (a “Law”) applicable to the Stockholder or
any of the Stockholder’s properties or assets, including the Stockholder’s
Shares.

 

(b) The Shares. Subject to the terms of this Agreement, the Stockholder’s Shares
and the certificates representing such Shares are now, and at all times during
the term hereof will be, held by such Stockholder, or by a nominee or custodian
for the benefit of such Stockholder. Except as set forth on Schedule II hereto,
the Stockholder has good and marketable title to such Shares, free and clear of
any Liens, proxies, voting trusts or agreements, understandings or arrangements,
except for any such Liens or proxies arising hereunder. The Stockholder owns of
record or beneficially no Common Stock or other voting interest in the Company
other than such Stockholder’s Shares and shares of Company Common Stock issuable
upon the exercise of options and warrants, in each case as set forth on Schedule
I hereto.

 

2. Board Approval. Each Stockholder understands and acknowledges that the Board
of Directors of the Company has, to the extent required by applicable law, duly
and validly

 

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authorized and approved, this Agreement, the Summary of Terms and the
transactions contemplated hereby, thereby and by the Purchase Agreement.

 

3. Agreements of Each Stockholder. Each Stockholder, severally and not jointly,
agrees as follows:

 

(a) Until the Transactions are consummated or the Purchase Agreement is
terminated in accordance with its terms, the Stockholder shall not, (i) except
as otherwise expressly provided herein, sell, transfer, pledge, assign or
otherwise dispose of, or enter into any contract, option or other arrangement
(including any profit sharing arrangement) or understanding with respect to the
sale, transfer, pledge, assignment or other disposition of, the Shares to any
person, (ii) enter into or exercise its rights under any voting arrangement,
whether by proxy, voting agreement, voting trust, power-of-attorney or
otherwise, with respect to the Shares or (iii) take any other action that would
in any way restrict, limit or interfere with the performance of its obligations
hereunder or the transactions contemplated hereby.

 

(b) At any meeting of Stockholders of the Company called to vote upon the
Transactions or at any adjournment thereof or in any other circumstances upon
which a vote, consent or other approval (including by written consent) with
respect to the Transactions or which is necessary to consummate the Transactions
is sought, each Stockholder shall, including by executing a written consent if
requested by the Company, vote (or cause to be voted) such Stockholder’s Shares
in favor of the Transactions.

 

(c) Each Stockholder understands, acknowledges and agrees that Pequot is
entering into the Summary of Terms and the Purchase Agreement in reliance upon
the execution and delivery of this Agreement by each Stockholder and the
agreements of the Stockholders herein.

 

4. Grant of Irrevocable Proxy Coupled with an Interest; Appointment of Proxy.

 

(a) Each Stockholder hereby irrevocably grants to, and appoints Sterling E.
Phillips, Jr., and any other individual who shall hereafter be designated by the
Stockholders, and each of them, as such Stockholder’s proxy and attorney-in-fact
(with full power of substitution), for and in the name, place and stead of such
Stockholder, to vote such Stockholder’s Shares, or grant a consent or approval
in respect of such Shares, at any meeting of Stockholders of the Company or at
any adjournment thereof or in any other circumstances upon which their vote,
consent or other approval is sought in favor of the Transaction, the adoption by
the Company of the Summary of Terms, the Purchase Agreement and the approval of
the other transactions contemplated by the Summary of Terms and the Purchase
Agreement; including, without limitation, the conversion of the Notes into
Series B Preferred Stock, the issuance and exercise of the Warrants and the
approval of the issuance of the maximum number of shares of Common Stock
issuable on conversion of the Notes and the Series B Preferred Stock and the
exercise of the Warrants.

 

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(b) Each Stockholder represents that any proxies heretofore given in respect of
such Stockholder’s Shares are not irrevocable, and that any such proxies are
hereby revoked.

 

(c) Each Stockholder hereby affirms that the proxy set forth in this Section 4
is coupled with an interest and is irrevocable until such time as this Agreement
terminates in accordance with its terms. Such Stockholder hereby further affirms
that the irrevocable proxy is given in connection with the execution of the
Summary of Terms and the Purchase Agreement, and that such irrevocable proxy is
given to secure the performance of the duties of such Stockholder under this
Agreement. Such Stockholder hereby ratifies and confirms all that such
irrevocable proxy may lawfully do or cause to be done by virtue hereof. Such
irrevocable proxy is executed and intended to be irrevocable in accordance with
the provisions of Section 212(e) of the Delaware General Corporation Law.

 

5. Transfers of Shares. During the term of this Agreement, no Stockholder shall
Transfer any Shares unless the Person receiving Transfer of such Shares executes
an Instrument of Accession in the form attached hereto as Exhibit A agreeing to
be bound by the terms of this Agreement. As used herein, “Transfer” shall mean
and include any sale, assignment, encumbrance, hypothecation, pledge, conveyance
in trust, gift, transfer by request, devise or descent, or other transfer or
disposition of any kind, including, but not limited to, transfers to receivers,
levying creditors, trustees or receivers in bankruptcy proceedings or general
assignees for the benefit of creditors, whether voluntary or by operation of
law, directly or indirectly, of any of the Securities.

 

6. Further Assurances. Each Stockholder will, from time to time, execute and
deliver, or cause to be executed and delivered, such additional or further
transfers, assignments, endorsements, consents and other instruments as the
Company or Pequot may reasonably request for the purpose of effectively carrying
out the transactions contemplated by this Agreement and to vest the power to
vote such Stockholder’s Shares as contemplated by Section 4.

 

7. Termination. This Agreement, and all rights and obligations of the parties
hereunder, shall terminate upon the earliest to occur of the following events:
(a) approval of the Transactions by the stockholders of the Company, (b) the
termination of the Purchase Agreement in accordance with its terms, (c) if the
Purchase Agreement is not executed and delivered, upon the expiration of the
Summary of Terms and any extensions thereof, and/or (d) the one year anniversary
of the date hereof. Nothing in this Section 7 shall relieve any Stockholder from
liability for willful breach of this Agreement.

 

8. General.

 

(a) Counterparts. This Agreement may be executed in two or more counterparts,
all of which shall be considered one and the same agreement and shall become
effective when two or more counterparts have been signed by each of the parties
and delivered to the other parties, it being understood that all parties need
not sign the same counterpart.

 

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(b) Entire Agreement; Third-Party Beneficiaries. Each party hereby acknowledges
that no other party or any other person or entity has made any promises,
warranties, understandings or representations whatsoever, express or implied,
not contained in this Agreement and acknowledges that it has not executed this
Agreement in reliance upon any such promises, representations, understandings or
warranties not contained herein and that this Agreement supersedes all prior
agreements and understandings between the parties with respect thereto. There
are no promises, covenants or undertakings other than those expressly set forth
or provided for in this Agreement. Pequot shall be a third party beneficiary of
the rights and benefits of this Agreement. This Agreement is not intended to
confer upon any person other than the parties hereto and Pequot any rights or
remedies hereunder.

 

(c) Governing Law. This Agreement shall be governed and construed in accordance
with the laws of the State of Delaware without regard to any applicable
conflicts of law.

 

(d) Titles and Subtitles. The titles and subtitles used in this Agreement are
used for convenience only and are not to be considered in construing or
interpreting this Agreement.

 

(e) Notices. All notices and other communications required or permitted
hereunder shall be in writing. Notices shall be delivered personally, via
recognized overnight courier (such as Federal Express, DHL or Airborne Express)
or via certified or registered mail. Notices may be delivered via facsimile or
e-mail, provided that by no later than two days thereafter such notice is
confirmed in writing and sent via one of the methods described in the previous
sentence. Notices shall be addressed to the address of each Stockholder as is
set forth on the books and records of the Company, or at such other address or
facsimile number as such Stockholder shall have furnished in writing to the
other parties hereto. All notices shall be effective upon receipt.

 

(f) Severability Whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be
reformed, construed and enforced in such jurisdiction to the greatest extent
possible to carry out the intentions of the parties hereto.

 

(g) Delays or Omissions. No delay or omission to exercise any right, power or
remedy accruing to any party under this Agreement, upon any breach or default of
any other party under this Agreement, shall impair any such right, power or
remedy of such nonbreaching or nondefaulting party nor shall it be construed to
be a waiver of any such breach or default, or an acquiescence therein, or of or
in any similar breach or default thereafter occurring; nor shall any waiver of
any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring.

 

(h) Facsimile Signatures. Any signature page delivered by a fax machine shall be
binding to the same extent as an original signature page, with regard to any
agreement subject to the terms hereof or any amendment thereto.

 

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(i) Amendment and Waiver. This Agreement may be amended by the parties hereto by
execution of an instrument in writing signed on behalf of the Stockholders
holding a majority of Shares held by all of the Stockholders. Any amendment
signed by the Stockholders holding a majority of Shares held by all of the
Stockholders shall bind all of the Stockholders. Any action, extension or waiver
by any party of any provision hereto shall be valid only if set forth in an
instrument in writing signed on behalf of such party. An action, extension or
waiver signed by the Stockholders holding a majority of Shares held by all of
the Stockholders shall bind all of the Stockholders.

 

9. Stockholder Capacity. No person executing this Agreement who is or becomes
during the term hereof a director or officer of the Company makes any agreement
or understanding herein in his or her capacity as such director or officer. Each
Stockholder signs solely in his, her or its capacity as the record holder and
beneficial owner of, or the trustee of a trust whose beneficiaries are the
beneficial owners of, such Stockholder’s Shares and nothing herein shall limit
or affect any actions taken by a Stockholder in its capacity as an officer or
director of the Company to the extent specifically permitted by the Purchase
Agreement or as otherwise required by law.

 

10. Enforcement. The parties agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement in a court of the United States. This
being in addition to any other remedy to which they are entitled at law or in
equity. In addition, each of the parties hereto waives any right to trial by
jury with respect to any claim or proceeding related to or arising out of this
Agreement or any of the transactions contemplated hereby.

 

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IN WITNESS WHEREOF, each party hereto has signed this Agreement as of the date
first written above.

 

COMMON STOCKHOLDERS:

By:

 

/s/ Sterling E. Phillips, Jr.

   

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Sterling E. Phillips, Jr.

 

[Signature Page to Voting Agreement]

 

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IN WITNESS WHEREOF, each party hereto has signed this Agreement as of the date
first written above.

 

COMMON STOCKHOLDERS:

By:

 

/s/ Peter Belford

   

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Peter Belford

 

[Signature Page to Voting Agreement]

 

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IN WITNESS WHEREOF, each party hereto has signed this Agreement as of the date
first written above.

 

COMMON STOCKHOLDERS:

By:

 

/s/ C.W. Gilluly

   

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C. W. Gilluly

 

[Signature Page to Voting Agreement]

 

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IN WITNESS WHEREOF, each party hereto has signed this Agreement as of the date
first written above.

 

COMMON STOCKHOLDERS:

By:

 

/s/ J. Richard Knop

   

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J. Richard Knop

 

[Signature Page to Voting Agreement]

 

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IN WITNESS WHEREOF, each party hereto has signed this Agreement as of the date
first written above.

 

COMMON STOCKHOLDERS:

By:

 

/s/ Arthur A. Hutchins

   

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Arthur A. Hutchins

 

[Signature Page to Voting Agreement]

 

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IN WITNESS WHEREOF, each party hereto has signed this Agreement as of the date
first written above.

 

COMMON STOCKHOLDERS:

By:

 

/s/ Joseph H. Saul

   

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Joseph H. Saul

 

[Signature Page to Voting Agreement]

 

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IN WITNESS WHEREOF, each party hereto has signed this Agreement as of the date
first written above.

 

COMMON STOCKHOLDERS:

DRG IRREVOCABLE TRUST

By:

 

/s/ Chand N. Gupta

   

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Chand N. Gupta, Trustee

 

[Signature Page to Voting Agreement]

 

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IN WITNESS WHEREOF, each party hereto has signed this Agreement as of the date
first written above.

 

SERIES A CONVERTIBLE PREFERRED STOCKHOLDERS:

PEQUOT PRIVATE EQUITY FUND III, L.P.

By:

 

Pequot Capital Management, Inc.,

its Investment Manager

By:

 

/s/ Richard Joslin

   

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      Name: Richard Joslin

   

      Title:   Principal

PEQUOT OFFSHORE PRIVATE EQUITY

PARTNERS III, L.P.

By:

 

Pequot Capital Management, Inc.,

its Investment Manager

By:

 

/s/ Richard Joslin

   

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      Name: Richard Joslin

   

      Title:   Principal

 

[Signature Page to Voting Agreement]

 

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SCHEDULE I

 

STOCKHOLDER

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   COMMON STOCK

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   SERIES A PREFERRED
STOCK

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Peter Belford

   1,038,733     

J. Richard Knop

   1,074,982     

C.W. Gilluly

   706,845     

DRG Irrevocable Trust

   700,000     

Pequot Private Equity Fund III, L.P.

        5,895,397

Pequot Offshore Private Equity Partners, III, L.P.

        831,060

Arthur A. Hutchins*

   916,230     

Joseph H. Saul*

   916,230     

Total

        6,726,457

 

* If Shares are acquired following approval of the Transactions, such
Stockholder will not execute this Agreement or to vote to approve the
Transactions.

 

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SCHEDULE II

 

Required Filings:

 

Filings with the Securities and Exchange Commission pursuant to the requirements
of the Securities and Exchange Act of 1934, as amended.

 

Voting Agreements With Respect To the Shares:

 

The Stockholders’ Voting Agreement, dated as of July 18, 2003, by and among the
Company and the individuals listed on the signature pages thereto.

 

Holders designated on Schedule I with an asterisk have entered into an agreement
on the date hereof to acquire the number of Shares listed next to their names.

 

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Exhibit A

 

Form of Instrument of Accession

Instrument of Accession

 

Reference is made to that certain Voting Agreement dated as of July 18, 2003, a
copy of which attached hereto (as amended and in effect from time to time, the
“Voting Agreement”), among the Stockholders (as defined therein).

 

The undersigned,                                         
                                    , in order to become the owner or holder of
[identify Securities being Transferred] (the “Securities”) of Analex
Corporation, a Delaware corporation (the “Company”) hereby agrees that by his,
her or its execution hereof the undersigned is a Stockholder party to the Voting
Agreement subject to all of the restrictions and conditions applicable to
Stockholders set forth in such Voting Agreement, and all of the Shares purchased
by the undersigned in connection herewith (and any and all debt and equity of
the Company issued in respect hereof) are subject to all the restrictions and
conditions applicable to such Shares as set forth in the Voting Agreement. This
Instrument of Accession shall take effect and shall become a part of said Voting
Agreement immediately upon execution.

 

Executed as of the date set forth below under the laws of the State of Delaware.

 

Signature

       

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Address

       

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Date:

 

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