Opinion ID: 2308864
Heading Depth: 1
Heading Rank: 2

Heading: The Voting Agreements

Text: CPI, a wholly owned subsidiary of Coca-Cola, and HBO entered into the first of two such agreements with Tri-Star. One agreement provided that: (1) Coca-Cola and HBO would each designate four nominees to Tri-Star's ten member board, (2) CPI (on behalf of Coca-Cola) and HBO would vote their combined 45.8% share interest in favor of each other's nominees to the board of directors, and (3) they would not solicit proxies in opposition to any recommendation of the Tri-Star board. Under a second agreement, Technicolor and Rank were obligated to vote their combined 10.8% of the Company's common stock in favor of any proposal submitted to the stockholders on the recommendation of a majority of Tri-Star's board of directors. The net effect of these two agreements was that Coca-Cola and HBO retained effective control of Tri-Star with 56.6% of the common stock under their command.