As filed with the Securities and Exchange Commission on October 26, 2021
Registration No. 333-240269
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 1
TO
FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Otis Worldwide Corporation
(Exact name of Registrant as specified in its charter)
Delaware | | | 83-3789412 |
(State or Other Jurisdiction of Incorporation or Organization) | | | (I.R.S. Employer Identification No.) |
One Carrier Place
Farmington, Connecticut 06032
(860)-674-3000
(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)
Highland Holdings S.à r.l.
(Exact name of Registrant as specified in its charter)
Grand Duchy of Luxembourg | | | 98-1507045 |
(State or Other Jurisdiction of Incorporation or Organization) | | | (I.R.S. Employer Identification No.) |
6, rue Jean Monnet
L-2180 Luxembourg
R.C.S. Luxembourg: B 237108
+352-427-171-3154
(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)
Nora LaFreniere
Executive Vice President, Chief General Counsel & Corporate Secretary
Otis Worldwide Corporation
One Carrier Place
Farmington, Connecticut 06032
(860)-674-3000
(Name, address, including zip code, and telephone number, including area code, of agent for service)
With copies to:
Joshua R. Cammaker, Esq.
Victor Goldfeld, Esq.
Kathryn Gettles-Atwa, Esq.
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY 10019
(212) 403-1000 (Telephone)
(212) 403-2000 (Facsimile)
Approximate date of commencement of proposed sale to the public:
From time to time after the effective date of this Registration Statement.
If the only securities being registered on this Form are to be offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 (the “Securities Act”), other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☒
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☒
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the U.S. Securities Exchange Act of 1934.
Large accelerated filer | | | ☒ | | | | | Accelerated filer | | | ☐ | |
Non-accelerated filer | | | ☐ | | | | | Smaller reporting company | | | ☐ | |
| | | | | | | Emerging growth company | | | ☐ |
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
CALCULATION OF REGISTRATION FEE
Title of each class of securities to be registered | | | Amount to be Registered | | | Proposed Maximum Offering Price Per Unit | | | Proposed Maximum Aggregate Offering Price | | | Amount of Registration Fee |
Otis Worldwide Corporation:(1) | | | | | | | | | ||||
Common Stock | | | (3) | | | (3) | | | (3) | | | (3) |
Debt Securities | | | (3) | | | (3) | | | (3) | | | (3) |
Preferred Stock | | | (3) | | | (3) | | | (3) | | | (3) |
Units | | | (3) | | | (3) | | | (3) | | | (3) |
Warrants | | | (3) | | | (3) | | | (3) | | | (3) |
Guarantees of Debt Securities of Highland Holdings S.à r.l. | | | (4) | | | N/A | | | N/A | | | (4) |
Highland Holdings S.à r.l.:(2) | | | | | | | | | ||||
Debt Securities | | | (3) | | | (3) | | | (3) | | | (3) |
(1) | The securities of each class may be offered and sold by Otis Worldwide Corporation (“Otis”) or may be offered and sold, from time to time, by one or more selling securityholders to be identified in the future. The selling securityholders may purchase the securities directly from Otis, or from one or more underwriters, dealers or agents. |
(2) | Debt securities may be offered and sold by Highland Holdings S.à r.l. (“Highland”) from time to time. |
(3) | An indeterminate aggregate initial offering price or number of the securities of each identified class is being registered as may from time to time be sold at indeterminate prices, as well as securities or shares as may be issuable as a result of stock splits, stock dividends or similar transactions. Separate consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities. In accordance with Rules 456(b) and 457(r), the registrants are deferring payment of all of the registration fee and will pay the registration fee subsequently in advance or on a pay-as-you-go basis. |
(4) | Otis will fully and unconditionally guarantee the obligations of Highland under its debt securities. No separate consideration will be paid in respect of any such guarantees. Pursuant to Rule 457(n) of the Securities Act, no separate fee is payable with respect to the guarantees of the debt securities. |
EXPLANATORY NOTE
This Post-Effective Amendment No. 1 relates to the Registration Statement on Form S-3 (File No. 333-240269) (the “Registration Statement”) of Otis Worldwide Corporation (“Otis”). This Post-Effective Amendment No. 1 is being filed for the purpose of: (1) amending and restating the base prospectus of Otis that forms a part of the Registration Statement to (a) add Highland Holdings S.à r.l. (“Highland”), an indirect wholly-owned subsidiary of Otis, as a registrant and register debt securities of Highland, (b) add guarantees by Otis of such debt securities of Highland pursuant to Rule 413(b) under the Securities Act, and (c) to update certain other information in such base prospectus and in Part II of the Registration Statement; and (2) filing additional exhibits to the Registration Statement. This Post-Effective Amendment No. 1 shall become effective immediately upon filing with the Securities and Exchange Commission.
PROSPECTUS
OTIS WORLDWIDE CORPORATION
Common Stock
Debt Securities
Preferred Stock
Units
Warrants
HIGHLAND HOLDINGS S.À R.L.
Debt Securities
fully and unconditionally guaranteed by Otis Worldwide Corporation
Otis Worldwide Corporation (“Otis”) may offer and sell, from time to time, its common stock, debt securities, preferred stock, unit or warrants or such securities may be offered and sold, from time to time, by one or more selling securityholders to be identified in the future.
Highland Holdings S.à r.l. (“Highland”), an indirect wholly-owned consolidated subsidiary of Otis, may offer and sell, from time to time, its debt securities, which will be fully and unconditionally guaranteed by Otis.
The applicable issuer will provide the specific terms of these securities in supplements to this prospectus. You should read this prospectus and the applicable prospectus supplement, as well as the documents incorporated and deemed to be incorporated by reference in this prospectus and the applicable prospectus supplement, carefully before you invest in the securities described in the applicable prospectus supplement.
Otis’ common stock is listed on the New York Stock Exchange under the symbol “OTIS.”
This prospectus may not be used to sell securities unless accompanied by the applicable prospectus supplement.
Investing in the securities of Otis and Highland involves risks. You should carefully consider the risk factors referred to on page 8 of this prospectus, in any applicable prospectus supplement and in the documents incorporated by reference or deemed incorporated by reference in this prospectus and any applicable prospectus supplement before you invest in Otis’ or Highland’s securities.
None of the U.S. Securities and Exchange Commission (the “SEC”), the Luxembourg Financial Sector Supervisory Authority (the Commission de Surveillance du Secteur Financier) or any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
This prospectus does not constitute a prospectus within the meaning of the EU Prospectus Regulation or the Luxembourg law dated July 16, 2019 on prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières). No offer of securities of Highland to the public is made, or will be made, that requires the publication of a prospectus pursuant to the EU Prospectus Regulation. This document has not been reviewed or approved by any competent authority for the purposes of the EU Prospectus Regulation. For these purposes, the EU Prospectus Regulation means Regulation 2017/1129/EU of the European Parliament and of the Council of June 14, 2017, as amended.
For the avoidance of doubt, articles 470-1 to 470-19 of the Luxembourg law of August 10, 1915, on commercial companies, as amended will not apply in respect of the debt securities issued by Highland.
Prospectus dated October 26, 2021.
i
Otis Worldwide Corporation (“Otis”) is the world’s leading elevator and escalator manufacturing, installation and service company. Our operations are classified into two segments: New Equipment and Service. Through the New Equipment segment, we design, manufacture, sell and install a wide range of passenger and freight elevators, as well as escalators and moving walkways, for residential and commercial building and infrastructure projects. The Service segment provides maintenance and repair services for both our products and those of other manufacturers, and provides modernization services to upgrade elevators and escalators.
Otis (New York Stock Exchange: OTIS) is a Delaware corporation. On November 26, 2018, United Technologies Corporation, subsequently renamed to Raytheon Technologies Corporation on April 3, 2020 (“UTC”), announced its intention to spin-off its Otis reportable segment and its Carrier reportable segment into two separate publicly-traded companies (the “Separation”). On April 3, 2020, Otis became an independent publicly-traded company through a pro-rata distribution of 0.5 shares of Common Stock for every share of UTC common stock held at the close of business on the record date of March 19, 2020 (the “Distribution”). Otis began to trade as a separate public company on April 3, 2020.
Otis’ principal executive offices are located at One Carrier Place, Farmington, Connecticut 06032, and its telephone number at that location is (860) 674-3000.
Highland Holdings S.à r.l. (“Highland”) is a private limited liability company (société à responsabilité limitée) incorporated on August 16, 2019 under the laws of the Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register under number B237108. Highland’s registered office is at 6, rue Jean Monnet, L-2180 Luxembourg, and its telephone number is +352-427-171-3154.
All of the outstanding shares of Highland are owned indirectly by Otis.
Highland’s principal purposes, as specified in its governing documents, may be summarized as follows: the direct and indirect acquisition, holding, development and management of certain of Otis’ Luxembourg and/or foreign entities. This includes the provision of financial assistance to the entities in which Highland holds interests, such as making loans and guaranteeing debt or other securities; using its funds to invest in real estate, intellectual property rights or other assets; borrowing funds and issuing bonds or notes; and carrying out other commercial, industrial or financial activities it deems useful in or appropriate to its purposes. Highland also may hold any position as, and exercise the functions of, general partner, manager or director in any company with a registered office in the Grand Duchy of Luxembourg that belongs to the same group of companies as Highland.
Highland has subsidiaries in multiple jurisdictions. For more information, see below under “Summarized Financial Information.”
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This prospectus is a part of a registration statement that we filed on Form S-3 with the SEC under a “shelf” registration process. Under this shelf registration process, Otis and/or certain selling securityholders may, from time to time, offer and sell, either separately or together, common stock, debt securities, preferred stock units and/or warrants in one or more offerings, and Highland may, from time to time, offer and sell debt securities, which will be fully and unconditionally guaranteed by Otis.
Each time Otis, Highland and/or any selling securityholder offers and sells securities, it will provide a prospectus supplement or other type of offering document or supplement (together referred to herein as a “prospectus supplement”) that will contain specific information about the terms of that offering. Any applicable prospectus supplement or free writing prospectus may also add, update or change information contained in this prospectus, and accordingly, to the extent inconsistent, information in this prospectus is superseded by the information in such applicable prospectus supplement or free writing prospectus. You should read this prospectus and any applicable prospectus supplement together with the additional information described under the heading “Where You Can Find More Information.”
This prospectus and any prospectus supplement may contain summaries of certain provisions contained in documents described in this prospectus or any prospectus supplement. All of the summaries are qualified in their entirety by the actual documents, which you should review before making your investment decision. Copies of the documents referred to herein have been filed, or will be filed or incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under “Where You Can Find More Information.”
You should rely only on the information contained or incorporated or deemed incorporated by reference in this prospectus, in any applicable prospectus supplement or in any free writing prospectus filed by Otis or Highland with the SEC. Neither Otis nor Highland has authorized anyone to provide any information other than that contained in this prospectus or in any prospectus supplement or free writing prospectus prepared by or on behalf of Otis or Highland or to which Otis or Highland may have referred you. Neither Otis nor Highland takes any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. Neither Otis nor Highland has authorized any other person to provide you with different or additional information, and is not making an offer to sell securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus is accurate only as of the date hereof or, in the case of information incorporated or deemed incorporated by reference herein, as of the date thereof, regardless of the time of delivery of the prospectus or any sale of securities. Otis’ and Highland’s business, financial condition, results of operations and prospects may have changed since the date of such information.
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Otis files annual, quarterly, and current reports, proxy statements and other information with the SEC. The SEC maintains an Internet website that contains reports, proxy and information statements and other materials that are filed through the Commission’s Electronic Data Gathering, Analysis and Retrieval (EDGAR) System or any successor thereto. This website can currently be accessed at www.sec.gov. You can find information Otis has filed with the SEC by reference to file number 001-39221. Such documents, reports and information are also available on Otis’ website: www.otis.com. Information on Otis’ website does not constitute part of, and is not incorporated by reference in, this prospectus or any accompanying prospectus supplement.
This prospectus does not contain or incorporate by reference separate financial statements for Highland because Highland is a subsidiary of Otis that is indirectly wholly-owned by Otis, and Otis files consolidated financial information under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The financial condition, results of operations and cash flows of Highland are consolidated in the financial statements of Otis.
The SEC allows issuers to “incorporate by reference” the information filed with it, which means that Otis and Highland can disclose important information to you by referring you to those documents. The information that Otis and Highland incorporate by reference is an important part of this prospectus, and later information that Otis and Highland file with the SEC will automatically update and supersede this information. We also incorporate by reference the documents listed below and any future filings we make with the SEC under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, other than any such documents or portions thereof that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form 8-K, unless otherwise indicated therein, including any exhibits included with such Items, until the termination of the offering under this prospectus. The following documents are incorporated herein by reference:
1. | Otis’ Annual Report on Form 10-K for the year ended December 31, 2020; |
2. | The portions of Otis’ Definitive Proxy Statement filed on March 12, 2021, pursuant to Section 14 of the Exchange Act that are incorporated by reference into its Annual Report on Form 10-K for the year ended December 31, 2020; |
3. | Otis’ Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2021, June 30, 2021, and September 30, 2021, filed on April 28, 2021, July 28, 2021 and October 26, 2021, respectively; |
4. | Otis’ Current Reports on Form 8-K (File No. 001-39221) filed on January 11, 2021 (Film No. 21519559), March 11, 2021, April 29, 2021 and September 23, 2021 (Item 1.01 only); and |
5. | The description of Otis’ common stock contained in the information statement filed as Exhibit 99.1 to Otis’ Current Report on Form 8-K (File No. 001-39221) filed on March 16, 2020. |
Otis will provide without charge to each person, including any beneficial owner, to whom this prospectus is delivered, a copy of any document incorporated by reference into this prospectus, other than exhibits to any such document not specifically described above, by oral request or by written request at the following address:
Otis Worldwide Corporation
Investor Relations
One Carrier Place
Farmington, Connecticut 06032
(860) 674-3000
You should rely only on the information contained or incorporated by reference in this prospectus and in any supplement hereto. Neither Otis nor Highland is making an offer of the securities in any jurisdiction where the offer is not permitted.
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This prospectus and other materials Otis and Highland have filed or will file with the SEC contain or incorporate by reference statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management’s current expectations or plans for Otis’ future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident,” “goals” and other words of similar meaning in connection with a discussion of future operating or financial performance or the Separation (as defined below) from UTC. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, dividends, share repurchases, tax rates, R&D spend, credit ratings, net indebtedness and other measures of financial performance or potential future plans, strategies or transactions of Otis and Highland, including synergies or customer cost savings, and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, Otis and Highland claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation:
• | the effect of economic conditions in the industries and markets in which Otis and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction, the impact of weather conditions, pandemic health issues (including COVID-19 and its effects, among other things, on global supply, demand, and distribution disruptions as the coronavirus outbreak continues and results in an increasingly prolonged period of travel, commercial and/or other similar restrictions and limitations), natural disasters and the financial condition of Otis’ customers and suppliers; |
• | challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; |
• | future levels of indebtedness, capital spending and research and development spending; |
• | future availability of credit and factors that may affect such availability, including credit market conditions and Otis’ capital structure; |
• | the timing and scope of future repurchases of Otis’ common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; |
• | fluctuations in prices and delays and disruption in delivery of materials and services from suppliers; |
• | cost reduction or containment actions, restructuring costs and related savings and other consequences thereof; |
• | new business and investment opportunities; |
• | the anticipated benefits of moving away from diversification and balance of operations across product lines, regions and industries; |
• | the outcome of legal proceedings, investigations and other contingencies; |
• | pension plan assumptions and future contributions; |
• | the impact of the negotiation of collective bargaining agreements and labor disputes; |
• | the effect of changes in political conditions in the U.S., including the new U.S. administration, and other countries in which Otis and its businesses operate, including China's response to the new U.S. administration and the United Kingdom’s recent withdrawal from the European Union, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; |
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• | the effect of changes in tax, environmental, regulatory (including among other things import/export) and other laws and regulations in the U.S. and other countries in which Otis and its businesses operate; |
• | the ability of Otis and its businesses to retain and hire key personnel; |
• | the scope, nature, impact or timing of acquisition and divestiture activity, including among other things integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; |
• | the expected benefits of the Separation and the timing thereof; |
• | a determination by the Internal Revenue Service and other tax authorities that the Separation or certain related transactions should be treated as taxable transactions; |
• | the risk that dis-synergy costs, costs of restructuring transactions and other costs incurred in connection with the Separation will exceed Otis’ estimates; and |
• | the impact of the Separation on Otis’ businesses and Otis’ resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties. |
The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the discussions under “Risk Factors.” In addition, Otis discusses certain of these matters more fully, as well as certain other factors that may affect its business operations, financial condition and results of operations, in its filings with the SEC, including its Registration Statement on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
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The following tables set forth summarized financial information of each of Otis and Highland on a standalone basis, which does not include the consolidated impact of the assets, liabilities, and financial results of its subsidiaries except as noted on the tables below; nor does it include any impact of any intercompany eliminations as there were no intercompany transactions between Otis and Highland. This summarized financial information has been prepared and presented pursuant to the Securities and Exchange Commission Regulation S-X Rule 13-01, “Financial Disclosures about Guarantors and Issuers of Guaranteed Securities”.
The debt securities to be issued by Highland will be guaranteed on an unsecured, unsubordinated basis by Otis, the parent company of Highland (the “parent guarantor”). Otis’ guarantee will be full and unconditional, and may be subject to certain conditions for release, which will be described in a prospectus supplement relating to the offering of such guaranteed debt securities. The other subsidiaries of Otis (the “non-guarantor subsidiaries”) are not registering guarantees of Highland’s debt securities. For a brief description of the general terms of the debt securities that Highland may offer and the guarantees that Otis, the parent guarantor, may offer, see the information under the heading “Description of Debt Securities of Highland Holdings S.à r.l.” and “Description of Guarantees of Otis Worldwide Corporation” in this prospectus. A prospectus supplement or other type of offering document or supplement will further contain specific information about the terms of the particular debt securities being offered. Holders of the guaranteed registered debt securities issued by Highland will have a direct claim only against Highland, as issuer, and Otis, as guarantor.
The following tables present summarized income statement information in U.S. Dollars for the nine months ended September 30, 2021 and the year ended December 31, 2020 (in thousands), and summarized balance sheet information as of September 30, 2021 and December 31, 2020. The same accounting policies as described in Note 1 to the consolidated financial statements included in Otis’ Annual Report on Form 10-K for the year ended December 31, 2020 are used by Otis and each of its subsidiaries, including Highland, in connection with the summarized financial information presented below. The following tables should be read in conjunction with the consolidated financial statements of Otis and the notes related thereto, and the financial and operating data of Otis, incorporated by reference in this prospectus.
| | | Nine Months Ended September 30, 2021 | | | Year Ended December 31, 2020 | |
Otis Statement of Operations (in thousands) | | | | | ||
Revenue | | | $— | | | $— |
Cost of revenue(s) | | | — | | | — |
Operating expenses | | | 10,662 | | | 9,725 |
Income from consolidated subsidiaries | | | 18,833 | | | 4,278 |
Income (loss) from operations excluding income from consolidated subsidiaries | | | (15,402) | | | (1,987) |
Net income (loss) excluding income from consolidated subsidiaries | | | (91,875) | | | (99,965) |
| | | As of September 30, 2021 | | | As of December 31, 2020 | |
Otis Balance Sheet (in thousands) | | | | | ||
Current assets (excluding intercompany receivables from non-guarantors) | | | $126,185 | | | $306,640 |
Intercompany receivables from non-guarantors | | | — | | | — |
Noncurrent assets, investments in consolidated subsidiaries | | | 1,256,222 | | | 1,348,339 |
Noncurrent assets (excluding investments in consolidated subsidiaries) | | | 61,796 | | | 61,547 |
Current liabilities (intercompany payables to non-guarantors) | | | 1,363,428 | | | 138,811 |
Current liabilities (excluding intercompany payables to non-guarantors) | | | 47,296 | | | 720,965 |
Noncurrent liabilities | | | 5,723,852 | | | 5,539,754 |
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| | | Nine Months Ended September 30, 2021 | | | Year Ended December 31, 2020 | |
Highland Statement of Operations (in thousands) | | | | | ||
Revenue | | | $— | | | $— |
Cost of revenue(s) | | | — | | | — |
Operating expenses | | | 52 | | | 227 |
Income from consolidated subsidiaries | | | 502,712 | | | 445,361 |
Income (loss) from operations excluding income from consolidated subsidiaries | | | 3 | | | (245) |
Net income (loss) excluding income from consolidated subsidiaries | | | (442) | | | (1,340) |
| | | As of September 30, 2021 | | | As of December 31, 2020 | |
Highland Balance Sheet (in thousands) | | | | | ||
Current assets (excluding intercompany receivables from non-guarantors) | | | $11 | | | $1 |
Intercompany receivables from non-guarantors | | | 124,275 | | | 86,622 |
Noncurrent assets (investments in consolidated subsidiaries) | | | 11,251,398 | | | 11,250,689 |
Noncurrent assets (excluding investments in consolidated subsidiaries) | | | — | | | — |
Current liabilities (excluding intercompany payables from non-guarantors) | | | 960 | | | 1,133 |
Current liabilities | | | 304,416 | | | 318,027 |
Noncurrent liabilities | | | — | | | — |
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You should carefully consider any specific risks set forth under the caption “Risk Factors” in the applicable prospectus supplement, under the caption “Risk Factors” included in the information statement filed with the SEC as part of Otis’ registration statement on Form 10, as amended, which was originally publicly filed on February 7, 2020 and subsequently amended, and under the caption “Risk Factors” in any of Otis’ subsequent annual reports on Form 10-K and quarterly reports on Form 10-Q incorporated by reference in this prospectus, before making an investment decision. For more information, see “Where You Can Find More Information.”
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Otis, Highland and/or any selling securityholders may sell securities, separately or in combination, in one or more of the following ways:
• | to or through underwriting syndicates represented by managing underwriters; |
• | through one or more underwriters without a syndicate for them to offer and sell to the public; |
• | through dealers or agents; or |
• | directly to investors. |
The securities Otis, Highland and/or the selling securityholders distribute by any of these methods may be sold to the public, in one or more transactions, either:
• | at a fixed price or prices, which may be changed; |
• | at market prices prevailing at the time of sale; |
• | at prices related to prevailing market prices; or |
• | at negotiated prices. |
Otis and/or Highland may sell securities from time to time to one or more underwriters, who would purchase the securities as principal for resale to the public, either on a firm-commitment or best-efforts basis. If Otis and/or Highland sells securities to underwriters, it may execute an underwriting agreement with them at the time of sale and will name them in the applicable prospectus supplement. In connection with those sales, underwriters may be deemed to have received compensation from the applicable issuer in the form of underwriting discounts or commissions and may also receive commissions from purchasers of the securities for whom they may act as agents. Underwriters may resell the securities to or through dealers, and those dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from purchasers for whom they may act as agents. The applicable prospectus supplement will include any required information about underwriting compensation the applicable issuer pays to underwriters, and any discounts, concessions or commissions underwriters allow to participating dealers, in connection with an offering of securities.
Otis and/or Highland may solicit offers to purchase securities directly from the public from time to time. Otis and/or Highland may also designate agents from time to time to solicit offers to purchase securities from the public on their behalf. If required, the applicable prospectus supplement relating to any particular offering of securities will name any agents designated to solicit offers, and will include information about any commissions the applicable issuer may pay the agents, in that offering. Agents may be deemed to be “underwriters” as that term is defined in the Securities Act.
From time to time, Otis and/or Highland may sell securities to one or more dealers acting as principals. The dealers, who may be deemed to be “underwriters” as that term is defined in the Securities Act, may then resell those securities to the public.
Any underwriter or agent involved in the offer and sale of any securities will be named in the applicable prospectus supplement.
Underwriters, agents and dealers may be entitled, under underwriting or other agreements with Otis and/or Highland, to indemnification against certain civil liabilities, including liabilities under the Securities Act. Unless otherwise stated in, or incorporated by reference into, a prospectus supplement, the obligations of the underwriters to purchase any securities will be conditioned on customary closing conditions and the underwriters will be obligated to purchase all of such series of securities, if any are purchased.
In connection with an offering, the underwriters may purchase and sell securities in the open market. These transactions may include short sales, stabilizing transactions and purchases to cover positions created by short sales.
Short sales involve the sale by the underwriters of a greater number of securities than they are required to purchase in an offering. Stabilizing transactions consist of certain bids or purchases made for the purpose of preventing or slowing a decline in the market price of the securities while an offering is in progress.
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The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the other underwriters a portion of the underwriting discount received by it because the underwriters have repurchased securities sold by or for the account of that underwriter in stabilizing or short-covering transactions.
These activities by the underwriters may stabilize, maintain or otherwise affect the market price of the securities. As a result, the price of the securities may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they may be discontinued by the underwriters at any time. These transactions may be effected on an exchange or automated quotation system, if the securities are listed on that exchange or admitted for trading on that automated quotation system, or in the over-the-counter market or otherwise.
Certain of the underwriters, dealers or agents and their affiliates may engage in transactions with and perform services for Otis and/or Highland in the ordinary course of their businesses.
The applicable prospectus supplement will disclose required information with respect to selling securityholders, if any.
DESCRIPTION OF COMMON STOCK, DEBT SECURITIES, PREFERRED STOCK, UNITS AND WARRANTS OF OTIS WORLDWIDE CORPORATION
The description of Otis’ common stock, preferred stock, units or warrants, as applicable, will be provided in a prospectus supplement. Otis’ Debt Securities will be issued under the Indenture, dated as of February 27, 2020 (as amended or supplemented). Each time Otis offers securities with this prospectus, the terms of that offering, including the specific amounts, prices and terms of the securities offered, and, if applicable, information about the selling securityholders, will be contained in the applicable prospectus supplement and other offering materials relating to such offering or in other filings Otis makes with the SEC under the Exchange Act, which are incorporated by reference herein.
Highlands’ debt securities will be issued under an Indenture, a form of which is attached hereto as Exhibit 4.2. Each time Highland offers securities with this prospectus, the terms of that offering, including the specific amounts, prices and terms of the securities offered will be contained in the applicable prospectus supplement and other offering materials relating to such offering or in other filings Otis or Highland makes with the SEC under the Exchange Act, which are incorporated by reference herein.
Otis will fully and unconditionally guarantee, on an unsecured, unsubordinated basis, Highland’s payment obligations under the debt securities, subject to customary release provisions, which will be described in a prospectus supplement relating to the offering of such guaranteed debt securities.
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HIGHLAND IS A PRIVATE LIMITED LIABILITY COMPANY INCORPORATED AND ORGANIZED UNDER THE LAWS OF LUXEMBOURG. CERTAIN OF THE MANAGERS (“GERANTS”) AND EXECUTIVE OFFICERS OF HIGHLAND ARE OR MAY NOT BE RESIDENTS OF THE UNITED STATES. ALL OR A SUBSTANTIAL PORTION OF THE ASSETS OF SUCH NON-RESIDENT PERSONS AND OF OTIS ARE LOCATED OUTSIDE THE UNITED STATES. AS A RESULT, IT MAY NOT BE POSSIBLE TO EFFECT SERVICE OF PROCESS WITHIN THE UNITED STATES UPON SUCH PERSONS, OR TO ENFORCE AGAINST SUCH PERSONS IN U.S. COURTS JUDGMENTS OBTAINED IN SUCH COURTS PREDICATED UPON THE CIVIL LIABILITY PROVISIONS OF THE FEDERAL SECURITIES LAWS OF THE UNITED STATES. OTIS HAS BEEN ADVISED BY COUNSEL THAT THE ENFORCEABILITY IN LUXEMBOURG AGAINST HIGHLAND AND/OR ITS EXECUTIVE OFFICERS AND MANAGERS WHO ARE NON-RESIDENTS OF THE UNITED STATES, IN ACTIONS FOR ENFORCEMENT OF JUDGMENTS OF U.S. COURTS, OF LIABILITIES PREDICATED SOLELY UPON THE SECURITIES LAWS OF THE UNITED STATES, IS NOT CERTAIN AND IS SUBJECT TO COMPLIANCE WITH PRIVATE INTERNATIONAL LAW, AS INTERPRETED BY THE LUXEMBOURG COURTS.
Unless otherwise indicated in the applicable prospectus supplement, the validity of any securities to be offered will be passed upon for Otis and/or Highland by Wachtell, Lipton, Rosen & Katz, and particular matters with respect to Luxembourg law will be passed upon by NautaDutilh Avocats Luxembourg S.à r.l. Any underwriters will be represented by their own legal counsel.
The financial statements and management's assessment of the effectiveness of internal control over financial reporting (which is included in Management's Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to Otis’ Annual Report on Form 10-K for the year ended December 31, 2020 have been so incorporated in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
With respect to the unaudited financial information of Otis for the three-month periods ended March 31, 2021 and 2020, the six-month periods ended June 30, 2021 and 2020, and the nine-month periods ended September 30, 2021 and 2020 incorporated by reference in this prospectus, PricewaterhouseCoopers LLP reported that they have applied limited procedures in accordance with professional standards for a review of such information. However, their separate reports dated April 28, 2021, July 28, 2021 and October 26, 2021 incorporated by reference herein state that they did not audit and they do not express an opinion on that unaudited financial information. Accordingly, the degree of reliance on their reports on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933 for each report on the unaudited financial information because that report is not a “report” or a “part” of the registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act.
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. | Other Expenses of Issuance of Distribution |
The following table sets forth the various expenses to be incurred in connection with the sale and distribution of the securities being registered hereby, all of which will be borne by Otis Worldwide Corporation (“Otis”) and/or Highland Holdings S.à r.l. (“Highland”).
Filing Fee—Securities and Exchange Commission | | | $(1) |
Accounting fees and expenses | | | (2) |
Legal fees and expenses | | | (2) |
Trustee and depositary fees and expenses | | | (2) |
Printing and engraving expenses | | | (2) |
Blue Sky fees and expenses | | | (2) |
Rating agency fees | | | (2) |
Listing fees and expenses | | | (2) |
Miscellaneous expenses | | | (2) |
Total expenses | | | $ (2) |
(1) | The registrants are registering an indeterminate amount of securities under this Registration Statement and in accordance with Rules 456(b) and 457(r), the registrants are deferring payment of any additional registration fees until the time the securities are sold under this Registration Statement pursuant to a prospectus supplement. |
(2) | These fees are calculated based on the number of issuances and amount of securities offered and accordingly cannot be estimated at this time. |
Item 15. | Indemnification of Directors and Officers |
Otis Worldwide Corporation
Section 5.1 of Otis’ amended and restated bylaws requires Otis to indemnify and hold harmless, to the full extent permitted under the General Corporation Law of the State of Delaware (the “DGCL”), each person who is made or threatened to be made a party to (or, in the case of directors and officers, otherwise involved in) any threatened, pending or completed action, suit, arbitration, alternative dispute resolution procedure, legislative hearing or inquiry or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director, employee or officer of Otis, of any constituent corporation absorbed in a consolidation or merger or of a subsidiary of Otis, or serves or served as such or in a fiduciary capacity with another enterprise at the request of Otis, any such constituent corporation or a subsidiary of Otis. Such indemnification will cover all expenses, liabilities and losses reasonably incurred by such individuals.
Subsection (a) of Section 145 of the DGCL empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person’s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner that the person reasonably believed to be in or not opposed to the best interest of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person’s conduct was unlawful.
Subsection (b) of Section 145 of the DGCL empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in right of the corporation to procure a judgment in its favor by reason of the fact that such person acted in any of the
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capacities set forth above, against expenses (including attorneys’ fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses that the Court of Chancery or such other court shall deem proper.
Subsection (d) of Section 145 of the DGCL provides that any indemnification under subsections (a) and (b) of Section 145 (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in subsections (a) and (b) of Section 145. Such determination shall be made, with respect to a person who is a director or officer at the time of such determination, (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, (2) by a committee of such directors designated by the majority vote of such directors, even though less than a quorum, (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (4) by the shareowners.
Section 145 of the DGCL further provides that, to the extent a present or former director or officer of a corporation has been successful on the merits or otherwise in the defense of any action, suit or proceeding referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection therewith and that such expenses may be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in Section 145 of the DGCL; that any indemnification and advancement of expenses provided by, or granted pursuant to, Section 145 shall not be deemed exclusive of any other rights to which the indemnified party may be entitled; that indemnification and advancement of expenses provided by, or granted pursuant to, Section 145 shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of such person’s heirs, executors and administrators; and empowers the corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the corporation would have the power to indemnify such person against such liabilities under Section 145.
As authorized by Otis’ amended and restated bylaws, Otis may purchase and maintain at its expense on behalf of directors and officers insurance, within certain limits, covering liabilities that may be incurred by them in such capacities.
To the fullest extent permitted by the DGCL, Otis’ amended and restated certificate of incorporation provides that a director of Otis shall not be personally liable to Otis or its shareowners for monetary damages for breach of fiduciary duty as a director.
Highland Holdings S.à r.l.
The Articles of Association of Highland provide that managers may not be held personally liable by reason of their mandate for any commitment they have validly made in the name of Highland; provided that those commitments comply with the Articles of Association and Luxembourg law. Under Luxembourg law, a company may not indemnify its managers against any matter arising from a manager’s fraud, dishonesty, gross negligence or willful misconduct or any criminal actions.
Managers are agents of Highland and owe a duty of care and loyalty to Highland (as opposed to any individual shareholder), in whose interest they execute their mandate. The managers’ duty is to manage Highland to achieve the purpose of Highland, as defined in its Articles of Association. The managers of Highland are subject to various duties including the duty to act in good faith and the duty of information and investigation.
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Under Luxembourg law, managers are liable to Highland in accordance with general law for the execution of the mandate given to them and for any misconduct in the management of the affairs of Highland. They are, in principle, not held personally liable for the indebtedness or other obligations of Highland. They will be jointly and severally liable both towards Highland and any third parties for damages resulting from the violation of the Luxembourg law of 10 August, 1915 on commercial companies, as amended, or the Articles of Association of Highland. They will be discharged from any such liability in the case of a violation to which they were not a party; provided that no misconduct is attributable to them and they reported such violation at the first general meeting of shareholders after they acquired such knowledge. In addition, managers may, under specific circumstances, also be subject to criminal liability, such as in the case of an abuse of assets. In the event of bankruptcy, managers may be subject to specific criminal and civil liabilities, including the extension of the bankruptcy to the managers.
Luxembourg law considers the provisions relating to the managers’ liability to a company to be a matter of public policy (ordre public). As a result, Highland cannot exonerate a manager in advance of his or her liability to Highland being triggered. Similarly, Highland cannot hold a manager harmless for any such liability. However, Highland can hold managers harmless for their liability to third parties. Highland can also contract for directors and officers insurance for its managers to cover their liability to both Highland and third parties. Such insurance would, in principle, be valid, as it would only shift the monetary consequences of the managers’ liability, without affecting the right of Highland or of third parties to bring an action for breach of duty. Such insurance cannot cover willful misconduct, fraudulent acts or acts caused by gross negligence, as that would be contrary to public policy (ordre public), and such insurance would not cover fines and penalties related to criminal offences.
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Item 16. | Exhibits |
Exhibit Number | | | Exhibit Description |
1.1* | | | Form of Underwriting Agreement for Common Stock |
1.2* | | | Form of Underwriting Agreement for Debt Securities |
1.3* | | | Form of Underwriting Agreement for Preferred Stock |
1.4* | | | Form of Underwriting Agreement for Units |
1.5* | | | Form of Underwriting Agreement for Warrants |
| | | Separation and Distribution Agreement by and among United Technologies Corporation, Carrier Global Corporation and Otis Worldwide Corporation (filed as Exhibit 2.1 to the Current Report on Form 8-K on April 3, 2020 and incorporated herein by reference) | |
| | | Certificate of Amendment (filed as Exhibit 3.1(A) to the Current Report on Form 8-K on April 3, 2020 and incorporated herein by reference) | |
| | | Amended and Restated Certificate of Incorporation of Otis Worldwide Corporation (filed as Exhibit 3.1(B) to the Current Report on Form 8-K on April 3, 2020 and incorporated herein by reference) | |
| | | Amended and Restated By-Laws of Otis Worldwide Corporation (filed as Exhibit 3.2 to the Current Report on Form 8-K on April 3, 2020 and incorporated herein by reference) | |
| | | Deed of Incorporation of Highland Holdings S.à r.l., dated as of 16 August 2019 | |
| | | Articles of Association of Highland Holdings S.à r.l., dated as of 8 October 2021 | |
| | | Indenture for Debt Securities issued by Otis Worldwide Corporation, dated February 27, 2020, between Otis Worldwide Corporation and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 4.1 to Amendment No. 1 to the Registration Statement on Form 10 on March 11, 2020 and incorporated herein by reference) | |
| | | Form of Indenture for Debt Securities issued by Highland Holdings S.à r.l. | |
4.3* | | | Form of Debt Security |
4.4* | | | Form of Certificate of Designation for Preferred Stock |
4.5* | | | Form of Preferred Stock Certificate |
4.6* | | | Form of Unit Agreement |
4.7* | | | Form of Unit Certificate |
4.8* | | | Form of Warrant Agreement |
4.9* | | | Form of Warrant Certificate |
| | | Opinion of Wachtell, Lipton, Rosen & Katz | |
| | | Opinion of NautaDutilh Avocats Luxembourg S.à r.l. | |
| | | Awareness Letter of PricewaterhouseCoopers LLP | |
| | | Subsidiary Issuer of Guaranteed Debt Securities | |
| | | Consent of Wachtell, Lipton, Rosen & Katz (included in Exhibit 5.1) | |
| | | Consent of PricewaterhouseCoopers LLP | |
| | | Consent of NautaDutilh Avocats Luxembourg S.à r.l. (included in Exhibit 5.2) | |
| | | Power of Attorney of Otis Worldwide Corporation (previously filed as an exhibit to the Registration Statement) | |
| | | Power of Attorney of Highland Holdings S.à r.l. (included in the signature page) | |
| | | Statement of Eligibility of The Bank of New York Mellon Trust Company, N.A. as Trustee under the Indenture dated as of July 21, 2020 (filed as exhibit 25.1 to the Registration Statement on Form S-3ASR on July 31, 2020 and incorporated herein by reference) | |
| | | Statement of Eligibility of The Bank of New York Mellon Trust Company, N.A. as Trustee under the form of Indenture for Debt Securities issued by Highland Holdings S.à r.l. |
* | To be filed by amendment or as an exhibit to a Current Report on Form 8-K and incorporated by reference herein. |
** | Previously filed. |
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Item 17. | Undertakings |
The undersigned registrants hereby undertake:
(1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(i) | To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933 (the “Securities Act”); |
(ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
(iii) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; |
provided, however, that paragraphs (i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the respective registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
(2) | That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(4) | That, for the purpose of determining liability under the Securities Act to any purchaser: |
(i) | Each prospectus filed by a registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and |
(ii) | Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. |
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(5) | That, for the purpose of determining liability of a registrant under the Securities Act to any purchaser in the initial distribution of the securities, each undersigned registrant undertakes that in a primary offering of securities of the respective undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the respective undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
(i) | Any preliminary prospectus or prospectus of the respective undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
(ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the respective undersigned registrant or used or referred to by respective undersigned registrant; |
(iii) | The portion of any other free writing prospectus relating to the offering containing material information about the respective undersigned registrant or its securities provided by or on behalf of the respective undersigned registrant; and |
(iv) | Any other communication that is an offer in the offering made by the respective undersigned registrant to the purchaser. |
(6) | That, for purposes of determining liability under the Securities Act, each filing of the registrants’ annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(7) | Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrants pursuant to the foregoing provisions, or otherwise, the registrants have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by a registrant of expenses incurred or paid by a director, officer or controlling person of the respective registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the respective registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. |
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, Otis certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized on October 26, 2021, in the City of Farmington, State of Connecticut.
| | | OTIS WORLDWIDE CORPORATION | ||||
| | | | | |||
| | | By: | | | /s/ Rahul Ghai | |
| | | | | Rahul Ghai | ||
| | | | | Executive Vice President and Chief Financial Officer | ||
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated and on October 26, 2021.
Signature | | | Title |
| | | ||
* | | | Director, President and Chief Executive Officer (Principal Executive Officer) |
Judith F. Marks | | ||
| | | ||
* | | | Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Rahul Ghai | | ||
| | | ||
* | | | Vice President and Chief Accounting Officer (Principal Accounting Officer) |
Michael P. Ryan | | ||
| | | ||
* | | | Director |
Jeffrey H. Black | | ||
| | | ||
* | | | Director |
Kathy Hopinkah Hannan | | ||
| | | ||
* | | | Director |
Shailesh G. Jejurikar | | ||
| | | ||
* | | | Director |
Christopher J. Kearney | | ||
| | | ||
* | | | Director |
Harold W. McGraw III | | ||
| | | ||
* | | | Director |
Margaret M.V. Preston | | ||
| | | ||
* | | | Director |
Shelley Stewart Jr. | | ||
| | | ||
* | | | Director |
John H. Walker | |
*By: | | | /s/ Rahul Ghai | | | |
| | | Rahul Ghai | | | ||
| | | Attorney-in-fact | | |
[Post-Effective Amendment No. 1 to the Registration Statement on Form S-3ASR (File No. 333-240269)]
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, Highland certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized on October 26 , 2021, in the City of Luxembourg City, Luxembourg.
| | | HIGHLAND HOLDINGS S.À R.L. | ||||
| | | | | |||
| | | By: | | | /s/ Bradley Thompson | |
| | | | | Bradley Thompson | ||
| | | | | Principal Executive Officer | ||
[Post-Effective Amendment No. 1 to the Registration Statement on Form S-3ASR (File No. 333-240269)]
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BE IT KNOWN BY THESE PRESENT, that each person whose signature appears below constitutes and appoints BRADLEY THOMPSON, ELISE KONOVER and MICHAEL P. RYAN and each of them, his or her true and lawful attorney(s)-in-fact and agent(s), with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments to this Registration Statement, including post-effective amendments, and otherwise, and to file the same, with all exhibits and schedules thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney(s)-in-fact and agent(s) full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as such person, hereby ratifying and confirming all that said attorney(s)-in-fact and agent(s), or their substitute(s), may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated on October 26, 2021.
Signature | | | Title |
| | | ||
/s/ Bradley Thompson | | | Class A Manager (Principal Executive Officer) |
Bradley Thompson | | ||
| | | ||
/s/ Michael P. Ryan | | | Class A Manager (Principal Financial Officer and Principal Accounting Officer) |
Michael P. Ryan | | ||
| | | ||
/s/ Olivier Brabant | | | Class A Manager |
Olivier Brabant | | ||
| | | ||
/s/ Johannes Jansen | | | Class A Manager |
Johannes Jansen | | ||
| | | ||
/s/ Angela Fuentes | | | Class B Manager |
Angela Fuentes | | ||
| | | ||
/s/ Anita Griotti | | | Class B Manager |
Anita Griotti | | ||
| | | ||
/s/ Kristina Velicka | | | Class B Manager |
Kristina Velicka | | ||
| | | ||
/s/ Elise Konover | | | Corporate Secretary |
Elise Konover | | | (Authorized Representative in the United States) |
[Post-Effective Amendment No. 1 to the Registration Statement on Form S-3ASR (File No. 333-240269)]
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Exhibit 3.3
Registre de Commerce et des Sociétés
Numéro RCS : B237108
Référence de dépôt : L190178673
Déposé le 29/08/2019
| Highland Holdings S.a r.l. Société à responsabilité limitée Siège social: 46A, Avenue J.F. Kennedy, L-1855 Luxembourg Grand-Duché de Luxembourg |
| CONSTITUTION d’une société à responsabilité limitée du 16 août 2019 – Numéro 2813/19 |
In the year two thousand and nineteen on the sixteenth day of August.
Before Maître Jacques Kesseler, notary residing in Pétange, Grand Duchy of Luxembourg,
THERE APPEARED:
COMMONWEALTH LUXEMBOURG HOLDINGS S.A R.L., a company duly incorporated and validly existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 46A, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés de Luxembourg), under registration number B 148555, here represented by Mrs Marina Muller, notary’s clerk, with professional address at 13, route de Luxembourg, L-4761 Petange, Grand Duchy of Luxembourg, by virtue of a proxy given under private seal.
The said proxy, signed ne varietur by the proxyholder of the person appearing and the undersigned notary, will remain attached to the present deed to be filed with the registration authorities.
Such appearing person, represented as stated here above, has requested the undersigned notary to state as follows the articles of association of a private limited liability company:
PART I. CORPORATE FORM AND NAME, REGISTERED OFFICE, CORPORATE PURPOSE AND TERM OF EXISTENCE
Capitalized terms not otherwise defined herein shall have the meaning indicated in Article 22 (Definitions).
Article 1. Corporate form and name
These are the articles of association for a private limited-liability company (société à responsabilité limitée) (the “Company”) incorporated under the name “Highland Holdings S.à r.l.”.
The Company shall be governed by these Articles and the laws of the Grand Duchy of Luxembourg, in particular the Act.
Article 2. Registered office
The Company’s registered office is located in the City of Luxembourg. Subject to the provisions of the Act, the Board is authorized to transfer the Company’s registered office to another location within the Grand Duchy of Luxembourg and amend this article accordingly. The Board may resolve to establish branches or other places of business in the Grand Duchy of Luxembourg or abroad. If the Board finds that extraordinary political, economic or social circumstances have arisen or may arise that interfere or could interfere with the Company’s ability to conduct business or hinder communications within its registered office or between that office and persons abroad, the Board may transfer the registered office abroad, until the extraordinary circumstances come to an end. These temporary measures shall not affect the nationality of the Company which, notwithstanding the transfer of its registered office abroad, shall continue to be governed by the laws of the Grand Duchy of Luxembourg.
Article 3. Corporate purpose
The object of the Company is the direct and indirect acquisition and holding of participating interests, in any form whatsoever, in Luxembourg and/or in foreign undertakings, as well as the administration, development and management of such interests.
This includes, but is not limited to, investment in, acquirement of, disposal of, granting or issuing (without a public offer) of preferred equity certificates, loans, bonds, notes debentures and other debt instruments, shares, warrants and other equity instruments or rights, including, but not limited to, shares of capital stock, limited partnership interests, limited liability company interests, preferred stock, securities and swaps, and any combination of the foregoing, in each case whether readily marketable or not, and obligations (including but not limited to synthetic securities obligations) in any type of company, entity or other legal person.
The Company is further entitled to hold any position as, and exercise the functions of, general partner, manager or director in any company with registered office in the Grand-Duchy of Luxembourg that belongs to the same group of companies as the Company.
The Company may also use its funds to invest in real estate, in intellectual property rights or any other movable or immovable assets in any form or of any kind.
The Company may grant pledges, guarantees, liens, mortgages and any other form of securities as well as any form of indemnities, to Luxembourg or foreign entities, in respect of its own obligations and debts.
The Company may also provide assistance in any form (including but not limited to the granting of advances, loans, money deposits and credits as well as the providing of pledges, guarantees, liens, mortgages and any other form of securities, in any kind of form) to the Company’s subsidiaries. On a more occasional basis, the Company may provide the same kind of assistance to undertakings which are part of the same group of companies which the Company belongs to or to third parties, provided that doing so falls within the Company’s best interest and does not trigger any license requirements.
In general, the Company may carry out any commercial, industrial or financial operation and engage in such other activities as the Company deems necessary, advisable, convenient, incidental to, or not inconsistent with, the accomplishment and development of the foregoing.
Notwithstanding the above, the Company shall not enter into any transaction which would cause it to be engaged in any activity which would be considered as a regulated activity or that would require the Company to have any other license.
Article 4. Term of existence
The Company is incorporated for an unlimited term of existence.
PART II. SHARE CAPITAL AND SHARES
Article 5. Share capital, issue premiums and capital contributions
5.1. Share capital
The Company’s share capital is set at one hundred thousand Euros (EUR 100,000), represented by one hundred thousand (100,000) shares, with a par value of one Euro (EUR 1) each, all of which are subscribed and fully paid-up.
5.2. Issue premiums and capital contributions
In addition to the share capital, an account for the issuance of premiums and/or for capital contributions (Compte 115 “Apport en capitaux propres non rémunéré par des titres”) may be set up. The Company may use the amounts held in this account to redeem its shares, set off net losses, make distributions to shareholders, allocate funds to the statutory reserve, make payments in relation to shares and for any other purpose permitted by law.
Article 6. Shares
6.1. Form
The Company’s shares are and shall remain in registered form. The Company may not make a public offering of its shares.
The Company’s shares shall not be represented by transferable share certificates; however, at the request of a shareholder, the Company may issue a certificate confirming the shareholder’s recordation in the shareholders’ register.
6.2. Shareholders’ register
A shareholders’ register shall be kept at the Company’s registered office in accordance with the provisions of Article 710-8 of the Act. Each shareholder shall have the right to consult the register during normal business hours in accordance with the provisions of the Act.
Shareholders shall notify the Company by registered letter of any change of address. The Company shall be entitled to rely on the last notified address.
6.3. Indivisibility of shares and suspension of rights
The Company shall recognize a single owner per share. If a share is held by more than one (1) person, the Company has the right to suspend the rights associated with that share (except for the rights to information provided for by Article 461-6 of the Act) until a single person is designated as being the holder thereof towards the Company.
6.4. Transfers of shares
If the Company has a sole shareholder, this shareholder may freely transfer its shares.
If the Company has several shareholders, the shares may be transferred freely amongst the shareholders.
Shares issued by the Company may be transferred to non-shareholders only in accordance with the provisions of Articles 710-12 and 710-13 of the Act, it being understood that the consent of shareholders representing three quarters (¾) of the shares is required for transfers to non-shareholders, both inter vivos and mortis causa. The same rules apply to the creation or transfer of usufruct (i.e. beneficial ownership) or bare ownership rights.
In the event of an inter vivos transfer of shares to non-shareholders for which the abovementioned consent of the shareholders is not obtained, the other shareholders shall have the right to acquire the shares or have them acquired from the transferring shareholder, unless the transferring shareholder decides to forego the transfer, in accordance with the conditions set out in Article 710-12 of the Act. The Company can also decide, with the consent of the transferring shareholder, to reduce its share capital and redeem the shares at the conditions set out in Article 710-12 of the Act. In both cases, the price of the transferred shares shall be determined by the Board. The Board at its sole discretion may hire outside counsel or external experts to assist it herewith. If the shares are not acquired or redeemed in accordance with the abovementioned provisions, the transferring shareholder can proceed with the initially proposed transfer to a non-shareholder.
Article 7. Capital increases and reductions and share redemptions
7.1. Capital increases and reductions
The Company’s share capital may be increased or reduced on one or more occasions pursuant to a resolution of the general meeting of shareholders, provided the quorum and majority required to amend these Articles are met.
7.2. Share redemptions
The Company may redeem its own shares with the consent of the shareholders concerned. Redemption of shares may not result in the nominal value or accounting par value of the total shares held by the remaining shareholders (other than the Company) falling below twelve thousand euros (EUR 12,000) or its equivalent in another currency.
In addition, if the Company has issued redeemable shares, the redemption of such shares must meet the requirements of Article 710-5 of the Act.
The voting rights and financial rights attached to redeemed shares shall be suspended for as long as where they are held by the Company.
The Board is authorized to cancel the redeemed shares and proceed with the relevant capital decrease, which must be recorded in a notarized instrument within one (1) month thereafter.
PART III. MANAGEMENT AND SUPERVISION
Article 8. Board
The Company shall be managed by one or more manager(s), who need not be shareholders (the “Manager(s)”). If several Managers are appointed, they shall constitute a board of Managers (the “Board”).
The Manager(s) shall be appointed by the shareholders, who shall determine their number, remuneration and the duration of their term of office. If no term has been fixed in the relevant shareholder decision, the Manager(s) concerned shall be deemed appointed for an unlimited term. Manager(s) may be re-elected at the end of their term of office and removed from office without cause at any time pursuant to a shareholder resolution.
The shareholders may decide to appoint two (2) classes of Managers, the “Class A Manager(s)” and the “Class B Manager(s)”, respectively.
Article 9. Procedure and voting
9.1. Sole Manager
If the Company has a sole Manager, the Manager shall exercise the powers granted by the Act. In this case and to the extent applicable, where the term “sole Manager” is not expressly mentioned in these Articles, any reference to the “Board” shall be deemed to refer to the sole Manager. The sole Manager shall record the decisions taken in minutes.
9.2. Decision-making by the Board
9.2.1 Chairperson and secretary
The Board may appoint a chairperson (the “Chair”) from amongst its members but is not obliged to do so. If there are classes of Managers, the Chair shall be appointed among the class A Managers. The Chair shall preside over all meetings of the Board. In the Chair’s absence, the Board may appoint a Manager as pro tempore chair by a majority vote of the Managers present or represented at the meeting.
The Board may also appoint a secretary (the “Secretary”) to keep minutes of Board meetings and general meetings of shareholders. If the Secretary is not a Manager, he or she shall be bound by the confidentiality provisions laid down in Article 10.2 of these Articles, under the Board’s responsibility.
9.2.2 Calling of Board meetings
The Board shall meet at the request of any Manager or further to a notice sent by the Chair. Except in cases of urgency or with the prior consent of all those entitled to attend the meeting written notice sent by e-mail, facsimile or any other electronic means of communication accepted by the Managers, of a Board meeting must be given at least twenty-four (24) hours in advance or six (6) hours in advance in exceptional and urgent matters, provided the meeting is scheduled during normal business hours in Luxembourg. The notice shall specify the place, date, time and agenda of the meeting.
This requirement may be waived with the unanimous consent of all Managers present, or represented, at the meeting or by other written means.
A separate notice is not required for meetings held at a time and place previously approved by the Board.
9.2.3 Procedural requirements for Board meetings
Board meetings shall be held in the Grand Duchy of Luxembourg, save for exceptional circumstances which shall be agreed upon by all members of the Board.
A Manager may be represented at a Board meeting by another Manager, appointed in writing. A Manager may represent more than one Manager at a Board meeting, provided there are always at least two (2) Managers physically present at the meeting or attending by conference call, videoconference or similar means of communication.
If there are multiple classes of Managers, a Manager of a class may only be represented by a Manager of the same class.
A Manager may participate in Board meeting by conference call, videoconference or similar means of communication enabling several persons to instantly communicate with each other or other means of communication enabling the identification of the participants. Such methods of participation are considered equivalent to physical presence at the meeting, and a meeting held by such means is deemed to take place at the Company’s registered office.
A written resolution, signed by all Managers, is valid as if it had been adopted at a duly called Board meeting. Resolutions passed pursuant to this procedure shall be deemed adopted at the Company’s registered office. The resolution can be set out either in a single document, signed by all Managers, or in separate identical documents, each signed by a Manager.
9.2.4 Quorum and majority
The quorum required for Board meetings shall be the presence of at least two Managers currently in office and, if there are multiple classes of Managers, the presence of at least one (1) Manager from each class.
Resolutions shall be adopted by a majority of votes cast by the Managers present or represented at the meeting and, if there are multiple classes of Managers, by at least one (1) Manager from each class. Each Manager is entitled to cast one (1) vote. In the event of a tie, the Chair, or when applicable, the pro tempore chair, who shall at all times be a class A Manager, shall cast the deciding vote.
If the abovementioned quorum and/or majority cannot be met due to the fact that one or more Managers have a conflict of interest with the decision to be taken, the decision shall be adopted by a simple majority of Board members without a conflict of interest unless they decide to refer it to the shareholder or shareholders, for approval.
9.2.5 Minutes - copies and extracts
Minutes of Board meetings shall be drawn up and signed by the Chair, or, when applicable, the pro tempore chair, or by all Managers present at the meeting.
Copies of and extracts from, the minutes or resolutions shall be certified and signed by the Chair or, when applicable, the pro tempore chair, or by one (1) Manager.
Article 10. Powers, duties, liability and indemnification
10.1. Powers of the Board
The Board shall have the broadest powers to act on behalf of the Company and to perform or authorise all acts of administration or disposal necessary or useful to accomplish the Company’s purpose. All powers not expressly reserved to the shareholders under the Articles or the Act can be exercised by the Board.
10.2. Confidentiality
Even after the end of their term of office, the Manager(s) shall not disclose information about the Company which could be detrimental to the Company’s interests, except when disclosure is required by law or the public interest, in accordance with and subject to the provisions of Articles 710-15 and 444-6 of the Act.
10.3. Conflicts of interest
The Managers shall observe the conflicts-of-interest procedure provided for by Articles 710-15 and 441-7 of the Act and Article 9.2.4 of these Articles.
For the sake of clarity and insofar as permitted by the Act, no contract or transaction between the Company and another party shall be affected or invalidated based solely on the fact that one or more of the Managers, directors, partners, members, officers or employees of the Company have a personal interest in the contract or transaction or are duly authorised representatives of that other party. Unless otherwise provided herein, any Manager or officer of the Company who serves as a director, manager, partner, member, officer or employee of any company or firm with which the Company contracts or otherwise engages in business shall not, automatically be prevented from taking part in the deliberations and voting or acting on any matters with respect to such contract or other business.
10.4. Liability and indemnification
The Managers may not, in the performance of their tasks, be held personally liable for any commitment validly made by them in the Company’s name. They may only be held liable for the performance of their duties in accordance with the applicable legal provisions.
Insofar as permitted by law, the Company shall indemnify any Manager and the latter’s heirs, executors and administrators for expenses reasonably incurred in connection with any action, lawsuit or proceedings to which the Manager may be made a party by reason of being or having been a Manager of the Company, or, at the request of the Company, of any other company of which the Company is a shareholder or creditor and by which the Manager is not entitled to be indemnified, with the exception of actions, lawsuits and proceedings relating to matters for which the Manager is ultimately found liable for gross negligence or misconduct. In the event of a settlement, indemnification shall only be provided if the Company has been advised by its legal counsel that the Manager did not breach their duties. This right to indemnification is without prejudice to any other rights on which the relevant person may be entitled to rely.
Article 11. Delegation of powers
11.1. Delegation of daily management
The Board may confer its powers to conduct the Company’s daily management and affairs and represent the Company in this regard to any member or members of the Board or any other person, who need not be a Manager or shareholder of the Company, acting alone or jointly, at the terms so determined by the Board. The Board may freely terminate the delegation of the daily management at any time and without cause. The liability of the person(s) responsible for the daily management shall be determined in accordance with the applicable provisions of the Act. The person(s) responsible for daily management shall comply with the conflicts-of-interest procedure provided for by Article 710-15(4) of the Act.
When the Company is managed by a Board, the delegation of daily management to a member of the Board entails an obligation for the Board to report annually to the general meeting of shareholders on the salary, fees and other advantages granted to the Manager entrusted with the daily management.
11.2. Other delegations of authority
The Board may confer certain powers on and/or entrust specific duties to any member(s) of the Board or any other person(s), who need not be a Manager or shareholder of the Company, acting jointly or individually, in accordance with the conditions and powers determined by the Manager or, if applicable, the Board.
The Board may also establish one or more committees and determine their composition and purpose. Any such committees shall exercise their authority under the responsibility of the Board.
Article 12. Representation of the Company
If only one (1) Manager has been appointed, the Company shall be liable towards third parties by the signature of that Manager as well as by the signature or joint signatures of any person(s) to whom the Manager has delegated signing authority, within the limits of that authority.
If the Company is managed by a Board, the Company shall be liable towards third parties, without prejudice to the following paragraph, by the joint signature of any two (2) Managers as well as by the sole signature or joint signature of any person(s) to whom the Board has delegated signing authority, within the limits of that authority.
If the shareholders have appointed classes of Managers, the Company shall be liable towards third parties by the joint signature of one (1) Manager of each class as well as by the signature or joint signature of any person(s) to whom the Board, or a Manager of each class, have delegated signing authority, within the limits of that authority.
If one or more persons have been entrusted with daily management, they shall represent the Company by means of their sole signature for all matters that fall within the scope of daily management.
Article 13. Audit
If required by Luxembourg law, supervisory oversight of the Company’s operations shall be entrusted to one or more statutory auditor(s) (commissaire(s)) or to one or more independent auditor(s) (réviseur(s) d’entreprises).
The statutory auditor(s) or independent auditor(s), as the case may be, are appointed by the general meeting of shareholders, which shall determine their number, remuneration and the duration of their term of office. If no term has been fixed in the relevant shareholder decision, the auditor(s) shall be deemed appointed for a limited term of one (1) year. They may be re-appointed at the end of their term and removed from office pursuant to a shareholders resolution at any time, with or without cause, subject to the applicable statutory provisions.
PART IV. GENERAL MEETING OF SHAREHOLDERS
Article 14. Powers
The shareholders shall have the powers reserved to them by the Act and these Articles.
Any regularly constituted general meeting or any valid written resolution (as applicable) shall represent and bind all shareholders of the Company.
The shareholders shall not participate in or interfere with the Company’s management.
Article 15. Decision-making procedure
15.1. Calling of meetings
The Board or the auditor(s), or any shareholders representing more than half (½) the Company’s share capital can call a general meeting or submit written resolutions to the Company’s shareholders, in accordance with the provisions of the Act.
General meetings of shareholders, including the annual general meeting, can be held abroad only if so required by unforeseen circumstances or acts of force majeure, as determined by the Board. General meetings of shareholders are called by means of a written notice sent to the shareholders at least eight (8) days in advance, specifying the date, time, place and agenda of the meeting.
If all shareholders are present or represented at a general meeting and state that they have been informed of the agenda, the general meeting may be held without a prior notice having been sent.
15.2. Form of resolutions
If the Company has a sole shareholder, that shareholder shall exercise the powers entrusted by the Act to the general meeting. In this case and to the extent applicable, if the term “sole shareholder” is not expressly mentioned in these Articles, all references to the “shareholders” and the “general meeting” shall be deemed to refer to the sole shareholder. Resolutions taken by the sole shareholder must be set out in writing.
If the Company has fewer than sixty (60) shareholders, general meetings of shareholders are not mandatory and the shareholders may vote on proposed resolutions in writing (in which case, the resolutions must be approved by the same majority required at a general meeting). A general meeting must however be called to amend these Articles.
Where the shareholders take decisions in writing, they shall cast their vote by signing the circulated resolutions. The shareholders may sign a single document or separate copies of the same document, returned to the Company by post, fax or email.
15.3. Procedure
The chair of the general meeting, or, in the chair’s absence, any other person appointed by the shareholders, shall preside over the general meeting. The chair shall appoint a secretary. The general meeting shall appoint one or more scrutineers. The chair, together with the secretary and the scrutineer(s), shall form the presiding committee of the general meeting.
An attendance list indicating the name of each shareholder, the number of shares held and, if applicable, the name of the shareholders’ representatives, shall be drawn up and signed by all members of the presiding committee or, as the case may be, their representatives.
Shareholders can attend general meetings of shareholders by conference call, video conference or any other similar means of instant communication enabling their identification in accordance with and subject to the provisions of Article 710-21 of the Act. A meeting held by such means is deemed to take place at the Company’s registered office.
Shareholders can vote remotely at a general meeting using voting forms. The form shall indicate the agenda for the meeting and the vote or the relevant shareholder (for, against or abstention). In order to be taken into account for the purpose of determining the quorum, voting forms must be received by the Company no later than one (1) hour before the opening of the meeting.
15.4. Voting
Each share carries one (1) vote, unless otherwise provided for by the Act. A shareholder’s voting rights are determined by the number of shares held.
Shareholders may appoint in writing, by post, facsimile, email, or any other accepted means of communication a proxy holder, who need not be a shareholder, to represent them at a general meeting.
Without prejudice to these Articles and the Act, the Board can suspend the voting rights of shareholders that are in default of their obligations under these Articles or the relevant subscription letter or agreement.
Each shareholder may personally undertake or refrain temporarily or permanently from exercising all or some of its voting rights. Any such waiver is binding on the Company as from the time the Company is notified of it.
Voting arrangements may be validly entered into in accordance with and subject to the provisions of Article 710-20 of the Act.
15.5. Quorum and majority
15.5.1 Decisions amending the Articles and change of nationality
Unless otherwise required by the Act or these Articles, any amendment to the Articles, including a change of nationality, must be approved by shareholders representing at least three quarters (¾) of the Company’s share capital.
15.5.2 Decisions approving share transfers
Decisions approving a transfer of shares to a non-shareholder must be approved in accordance with the provisions of Article 6.4 of these Articles.
15.5.3 Unanimity
The commitments of shareholders may be increased only with the unanimous consent of all shareholders.
15.5.4 Other decisions
All other decisions for which no specific quorum or majority is required by these Articles or the Act must be approved by shareholders representing more than half (½) the share capital. If the required quorum is not met at the first general meeting, the shareholders shall be called or consulted a second time, by registered letter, and resolutions shall be adopted by a majority of the votes cast, regardless of the percentage of share capital represented.
15.5.5 Classes of shares
If there are several classes of shares and the shareholders’ decision may result in a modification of their respective rights, the decision must, in order to be valid, be approved by each class of shares, with the quorum and majority stipulated in Article 15.5.1 of these Articles.
15.6. Minutes - copies and extracts
Minutes of general meetings of shareholders shall be drawn up and signed by the members of the presiding committee and any shareholders who wish to do so.
Copies of and extracts from the minutes of general meetings of shareholders may be certified by one (1) Manager.
15.7. Attendance of bondholders
If the Company has issued bonds, the bondholders are not entitled to be called to or attend general meetings of shareholders.
PART V. FINANCIAL YEAR AND ALLOCATION OF PROFITS
Article 16. Financial year
The Company’s financial year starts on the first day of December of each year and ends on the last day of November of the following year.
Article 17. Approval of the annual accounts
At the end of each financial year, the accounts are closed and the Board shall draw up the Company’s annual accounts in accordance with the Act and submit them to the auditor(s) for review (where applicable) and to the general meeting of shareholders for approval.
Each shareholder or its representative may inspect the annual accounts at the Company’s registered office as provided by the Act.
Article 18. Allocation of profits
Five percent (5%) of the Company’s net annual profits shall be allocated each year to the reserve required by the Act, until this reserve reaches ten percent (10%) of the Company’s share capital. The general meeting of shareholders shall determine how the remaining profits are to be allocated. These profits may, in whole or in part, be used to absorb existing losses, if any, set aside in a reserve, carried forward to the next financial year or distributed to the shareholders.
Article 19. Interim dividends
The Board is authorised to distribute interim dividends (“acomptes sur dividendes”) in accordance with Article 710-25 of the Act.
PART VI. WINDING-UP AND LIQUIDATION
Article 20. Winding-up and liquidation
The Company shall not be wound up due to the death, bankruptcy, incapacity or similar event affecting one or more of its shareholders.
The Company may be wound up pursuant to a shareholder resolution, approved in accordance with the quorum and majority indicated in the Act.
If the Company is wound up, liquidation shall be carried out by one or more liquidators (which may be either natural persons or legal entities) appointed by the general meeting which shall also determine their powers and compensation.
After settling all outstanding debts and liabilities, including taxes and liquidation costs, the remaining proceeds, if any, shall be distributed amongst the shareholders.
If there is only one (1) shareholder, the Company can be wound up without liquidation in accordance with Article 710-3 of the Act and Article 1865bis(2) et seq. of the Luxembourg Civil Code.
PART VII. APPLICABLE LAW AND DEFINITIONS
Article 21. Applicable law
All matters not governed by these Articles shall be settled in accordance with the applicable law and any agreement that may be entered into by the shareholders and the Company from time to time, supplementing certain provisions of these Articles.
Article 22. Definitions
The following terms, as used in these Articles, shall have the meaning set out below:
Act: the Luxembourg law of 10 August 1915 on commercial companies, as amended from time to time;
Articles: these articles of association of the Company;
Board: see the definition in Article 8 of these Articles;
Chair: see the definition in Article 9.2.1 of these Articles;
Class A Manager(s): see the definition in Article 8 of these Articles;
Class B Manager(s): see the definition in Article 8 of these Articles;
Company: see the definition in Article 1 of these Articles;
Manager(s): see the definition in Article 8 of these Articles; and
Secretary: see the definition in Article 9.2.1 of these Articles.
SUBSCRIPTION – PAYMENT
The Articles having thus been established, COMMONWEALTH LUXEMBOURG HOLDINGS S.A R.L., aforementioned, declared to subscribe the entire share capital represented by one hundred thousand (100,000) shares with a par value of one Euro (EUR 1).
All the shares have been fully paid in cash, so that the amount of one hundred thousand Euros (EUR 100,000) is at the disposal of the Company, evidence thereof having been given to the notary.
COSTS
The expenses, costs, fees and charges of any kind whatsoever which will have to be borne by the Company as a result of its formation are estimated at two thousand Euros (EUR 2,000.-).
VERIFICATION
The notary executing this deed declares that the conditions fixed in art. 710-6 and in article 710-7 of the Law have been fulfilled.
RESOLUTIONS OF THE SOLE SHAREHOLDER
| 1. | The Company will be managed by the following managers appointed for an unlimited period: |
Class A Managers:
| - | STUART BOTTOMLEY, born on October 28, 1966, in Melton Mowbray, United Kingdom, and residing at Heronfield Cottage, Bakers Lane, Knowle, Solihull, West Midlands B93 OEA England; |
| - | MICHAEL P. RYAN, born on March 10, 1969, in Utica, New York, United States of America and residing at 50 Highridge Road, West Simsbury, CT 06092, United States of America; |
| - | CHRISTOPHER WITZKY, born on May 17, 1957, in New York, United States of America and residing at 54 Sachem Drive, Glastonbury, CT 06033, United States of America; |
| - | ALEXEI LAKOMKIN, born on January 20, 1968 in Vichnevogorsk, Russia and residing professionally at 43, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duchy of Luxembourg; |
Class B Managers:
| - | SEVERINE CANOVA, born on July 16, 1975 in Creutzwald, France and residing professionally at 46A, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duchy of Luxembourg; |
| - | JANA STRISCHEK, born on June 12, 1975 in Potsdam, Germany and residing professionally at 46A, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duchy of Luxembourg; |
| - | KATALIN OROSZKI, born on September 30, 1976 in Vác, Hungary and residing professionally at 46A, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duchy of Luxembourg. |
| 2. | The registered office of the Company shall be established at 46A, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. |
DECLARATION
The undersigned notary, who understands and speaks English, states herewith that on request of the above appearing parties, the present deed is worded in English, followed by a French version. On request of the same appearing parties and in case of divergences between the English and the French text, the English version will be prevailing.
WHEREOF the present deed was drawn up in Pétange, on the day named at the beginning of this document.
The document having been read to the proxyholder of the person appearing, the said proxyholder signed with the notary the present deed.
SUIT LA TRADUCTION FRANCAISE DU TEXTE QUI PRECEDE:
L’an deux mille dix-neuf, le seizième jour du mois d’août.
Par-devant Maître Jacques Kesseler, notaire de résidence à Pétange, Grand-Duché de Luxembourg,
A COMPARU:
COMMONWEALTH LUXEMBOURG HOLDINGS S.A R.L., une société valablement constituée et existante sous le droit du Grand-Duché de Luxembourg, ayant son siège social au 46A, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg, enregistrée auprès du Registre de Commerce et des Sociétés de Luxembourg sous le numéro B 148555, ici représentée par Madame Marina Muller, clerc de notaire, avec adresse professionnelle au 13, route de Luxembourg, L-4761 Pétange, Grand-Duché du Luxembourg, en vertu d’une procuration.
Laquelle procuration restera, après avoir été signée ne varietur par le comparant et le notaire instrumentant, annexée aux présentes pour être formalisée avec les autorités d’enregistrement. Laquelle comparante, représentée comme indiqué ci-dessus, a requis le notaire instrumentant de dresser acte d’une société à responsabilité limitée :
PART I. FORME ET DENOMINATION SOCIALE, SIEGE SOCIAL, OBJET SOCIAL ET DUREE
Article 1. Forme, dénomination sociale
Les présents constituent les statuts d’une société à responsabilité limitée (la “Société”) dont la dénomination sociale est “Highland Holdings S.à r.l.”.
La Société sera régie par les présents Statuts et les lois du Grand-Duché de Luxembourg et, en particulier, la Loi.
Article 2. Siège social
Le siège social de la Société sera établi à Luxembourg-Ville. Le Collège sera autorisé à transférer le siège social de la Société au sein du Grand-Duché de Luxembourg et à modifier cet article en conséquence. Le Collège pourra décider d’établir des succursales ou d’autres formes d’établissements au sein du Grand-Duché de Luxembourg ou à l’étranger.
Dans le cas où le Collège estimerait que des événements politiques, économiques ou sociaux extraordinaires sont survenus ou sur le point de survenir, et seraient de nature à compromettre le fonctionnement normal de la Société au lieu de son siège social voire la communication avec ce siège ou entre ce siège et des personnes à l’étranger, le Collège pourra transférer temporairement le siège social à l’étranger, jusqu’à la cessation totale de ces événements extraordinaires. De telles mesures temporaires n’affecteront pas la nationalité de la Société qui, nonobstant le transfert temporaire de son siège social à l’étranger, restera régie par les lois du Grand-Duché de Luxembourg.
Article 3. Objet social
La Société a pour objet la prise de participations directes ou indirectes et la détention de ces participations, sous n’importe quelle forme, dans toutes entreprises luxembourgeoises ou étrangères, ainsi que l’administration, la gestion et la mise en valeur de ces participations.
Cela inclut, mais n’est pas limité à l’investissement, l’acquisition, la vente, l’octroi ou l’émission (sans offre publique) de certificats de capital préférentiels, prêts, obligations, reconnaissances de dettes et autres formes de dettes, parts sociales, bons de souscriptions et autres instruments de capital ou droits, incluant sans limitation, des parts de capital social, participations dans une association (limited partnership), participations dans une société à responsabilité limitée (limited liability company), parts préférentielles, valeurs mobilières et swaps, et toute combinaison de ce qui précède, qu’ils soient facilement réalisables ou non, ainsi que des engagements (incluant mais non limité à des engagements relatives à des valeurs synthétiques) de sociétés, entités ou autres personnes juridiques de tout type.
Par ailleurs, la Société est autorisée à avoir toute position de, et exercer les fonctions de, commandité, gérant ou administrateur dans toute société ayant son siège social au Grand-Duché de Luxembourg qui appartient au même groupe de sociétés que la Société.
La Société peut aussi utiliser ses fonds pour investir dans l’immobilier, les droits de propriété intellectuelle ou dans tout autre actif mobilier ou immobilier de toute sorte ou toute forme.
La Société peut accorder des gages, garanties, privilèges, hypothèques et toute autre forme de sûretés ainsi que toute forme d’indemnités, à des entités luxembourgeoises ou étrangères, en relation avec ses propres obligations et dettes.
La Société peut accorder toute forme d’assistance (incluant mais non limité à l’octroi d’avances, prêts, dépôts d’argent et crédits ainsi que l’octroi de gages, garanties, privilèges, hypothèques et toute autre forme de sûretés, de toute sorte et forme) aux filiales de la Société. De manière plus occasionnelle, la Société peut accorder le même type d’assistance aux sociétés qui font partie du même groupe de sociétés que la Société ou à des tiers, sous condition que cela tombe dans l’intérêt social et sans engendrer une obligation d’une autorisation spécifique.
D’une manière générale, la Société peut effectuer toute opération commerciale, industrielle ou financière et s’engager dans toute autre activité qu’elle jugera nécessaire, conseillée, appropriée, incidente à ou non contradictoire avec l’accomplissement et le développement de ce qui précède. Nonobstant ce qui précède, la Société ne s’engagera dans aucune transaction qui entraînerait son engagement dans une quelconque activité qui serait considérée comme une activité réglementée ou qui requerrait de la Société la possession de toute autre autorisation spécifique.
Article 4. Durée
La Société est constituée pour une durée indéterminée.
PARTIE II. CAPITAL SOCIAL ET PARTS SOCIALES
Article 5. Capital social - prime d’émission et apports en capital
5.1. Capital social
Le capital social de la Société est fixé à cent mille Euros (100.000,- EUR), divisé en cent mille (100.000) parts sociales, ayant un pair comptable d’un Euro (1,- EUR) chacune, toutes souscrites et intégralement libérées.
5.2. Prime d’émission et apports en capital
En plus du capital social, un compte de prime d’émission et/ou un compte d’apport en capital (compte 115 “Apport en capitaux propres non rémunéré par des titres”) peut être établi.
Les avoirs de ce compte de prime d’émission et/ou du compte d’apport en capital peuvent être utilisés par la Société afin de racheter ses propres parts sociales, compenser des pertes nettes, effectuer des distributions aux associés, affecter les fonds à la réserve statutaire, effectuer des paiements relatifs aux parts sociales ainsi que toutes autres utilisations permises par la loi.
Article 6. Parts sociales
6.1. Forme
Chaque part sociale sera et restera sous forme nominative.
La Société ne pourra pas émettre des parts sociales par le biais d’une offre au public. Les parts sociales ne pourront pas être représentées par des certificats de parts sociales négociables; cependant, à la demande d’un associé, la Société pourra émettre des certificats confirmant l’inscription du détenteur concerné au registre des associés.
6.2. Registre des associés
Un registre des associés sera tenu au siège social de la Société, conformément aux dispositions de l’Article 710-8 de la Loi. Chaque associé aura le droit de consulter le registre pendant les heures ouvrables normales conformément aux dispositions de la Loi.
Les associés devront notifier la Société par voie de lettre recommandée tout changement d’adresse. La Société sera fondée à se fier à la dernière adresse qui lui aura été notifiée.
6.3. Indivision - suspension des droits
Chaque part sociale sera indivisible à l’égard de la Société. Dans le cas où une part sociale est détenue par plus d’une personne, la Société aura le droit de suspendre les droits attachés à ladite part sociale (sauf pour les droits d’information prévus à l’Article 461-6 de la Loi) jusqu’à ce qu’une seule personne soit désignée comme en étant le détenteur à l’égard de la Société.
6.4. Transfert de parts sociales
Lorsque la Société est composée d’un associé unique, ce dernier pourra librement transmettre ses parts.
Lorsque la Société a plusieurs associés, les parts sociales seront librement cessibles entre les associés.
Les parts sociales émises par la Société ne pourront être cédées à des non-associés qu’en conformité avec les dispositions des Articles 710-12 et 710-13 de la Loi, étant précisé que le consentement des associés représentant les trois-quarts (¾) des parts sociales est requis pour toute cession de parts sociales à des non-associés et ce pour qu’il s’agisse d’une cession entre vifs ou pour cause de décès. Les mêmes règles s’appliqueront à la création d’usufruit ou cession d’usufruit ou de nue-propriété.
En cas de cession de parts sociales entre vifs à des non-associés et, dans le cas où le consentement des associés tel qu’indiqué ci-dessus n’a pas été obtenu, les associés restant auront le droit d’acquérir les parts sociales ou de faire acquérir lesdites parts sociales auprès de l’associé cédant sauf si ce dernier renonce à la cession des parts sociales, le tout conformément aux conditions prévues par l’Article 710-12 de la Loi. La Société peut également décider, avec le consentement de l’associé cédant, de réduire le capital social et de racheter les parts sociales de l’associé cédant conformément aux conditions prévues à l’Article 710-12 de la Loi. Dans les deux cas, le prix des parts sociales cédées sera déterminé par le Collège. Le Collège peut, à sa seule discrétion, décider de recourir aux services d’un conseiller extérieur ou d’experts externes pour l’assister dans cette finalité. Au cas où les parts sociales n’auraient pas été acquises ou rachetées conformément aux dispositions mentionnées ci-dessus, l’associé cédant pourra procéder à la cession initialement prévue aux non-associés.
Article 7. Augmentations, réductions et rachats de capital social
7.1. Augmentation et réduction de capital
Le capital social de la Société pourra être augmenté ou réduit, en une ou en plusieurs fois, par une résolution de l’assemblée générale des associés, sous réserve que les conditions de quorum et de majorité requises pour toute modification des Statuts soient respectées.
7.2. Rachat de parts sociales
La Société pourra racheter ses propres parts sociales avec le consentement des associés concernés. Le rachat de parts sociales ne pourra avoir pour effet que la valeur nominale ou le pair comptable agrégé des parts détenues par les associés (autre que la Société) devienne inférieur à douze mille euros (12.000 EUR), ou l’équivalent de ce montant dans une autre devise.
De surcroit, dans le cas où la Société a émis des parts sociales rachetables, le rachat de ces parts sociales devra être conforme aux dispositions de l’Article 710-5 de la Loi.
Les droits de vote et les droits financiers attachés aux actions rachetées seront suspendus pendant la période où elles sont détenues par la Société.
Le Collège est autorisé à annuler les parts sociales ainsi rachetées et à procéder à la réduction de capital corrélative, ce qui devra être constaté par acte notarié dans le mois suivant l’annulation et la réduction.
PARTIE III. GÉRANCE ET RÉVISION DES COMPTES
Article 8. Collège de gérance
La Société sera gérée par un ou plusieurs gérants, lesquels ne devront pas nécessairement être des associés (le(s) “Gérant(s)”). Si plusieurs gérants sont nommés, ils constitueront un collège de gérance (le “Collège”).
Le ou les Gérants devront être nommé(s) par les associés qui détermineront leur nombre, leur rémunération et la durée de leur mandat. Dans le cas où aucune durée n’a été déterminée par la décision des associés concernés, les gérants concernés seront nommés pour une durée indéterminée. Le ou les Gérants pourront être réélu(s) à la fin de leur mandat et révoqué(s) de leurs fonctions à tout moment, sans motif, à la suite d’une résolution de l’assemblée générale des associés.
Les associés pourront décider de nommer deux (2) catégories de Gérants, respectivement le(s) “Gérant(s) de Catégorie A” et le(s) “Gérant(s) de Catégorie B”.
Article 9. Procédure, votes
9.1. Gérant unique
Si la Société est composée d’un Gérant unique, ce dernier exercera les pouvoirs octroyés par la Loi au Collège. Dans ce cas, et dans la mesure du possible, lorsque le terme “Gérant unique” n’est pas expressément mentionné dans les Statuts, toute référence au “Collège” devra être comprise comme une référence au Gérant unique. Le Gérant unique pourra enregistrer ses résolutions sous forme de procès-verbaux.
9.2. Procédure de décision du Collège
9.2.1 Président et secrétaire
Le Collège pourra nommer un président (le “Président”) parmi ses membres mais n’y sera pas obligé. Si des catégories de Gérants ont été créées, le Président sera nommé parmi les Gérants de Catégorie A. Si un Président a été nommé, il présidera toutes les réunions du Collège. En l’absence du Président, le Collège pourra nommer tout Gérants en tant que Président pro tempore par vote majoritaire des Gérants présents ou représentés à la réunion.
Le Collège pourra également nommer un secrétaire (le “Secrétaire”) pour dresser les procès-verbaux des réunions du Collège et de l’assemblée générale des associés. Si le Secrétaire n’est pas un Gérant, cette personne devra observer, sous la responsabilité du Collège, les règles de confidentialité prévues à l’article 10.2 des présents Statuts.
9.2.2 Convocation du Collège
Le Collège se réunira sur convocation de tout Gérant ou par suite d’une convocation adressée par le Président, le cas échéant. Sauf en cas d’urgence ou avec l’accord préalable de toutes les personnes autorisées à participer à la réunion, un avis écrit de toute réunion du Collège sera donné à tous les Gérants avec un préavis d’au moins vingt-quatre (24) heures ou d’un préavis d’au moins six (6) heures dans des situations exceptionnelles et urgentes, à condition tout de même que la réunion ait lieu pendant les heures ouvrables normales à Luxembourg. La convocation indiquera le lieu, la date, l’heure ainsi que l’ordre du jour de la réunion.
II pourra être renoncé à cette convocation avec l’accord unanime de tous les Gérants présents ou représentés, lequel devra être donné à la réunion ou par tout autre moyen par écrit.
Une convocation séparée ne sera pas requise pour les réunions se tenant à une date et à un endroit préalablement approuvés par le Collège.
9.2.3 Tenue des réunions du Collège
Les réunions du Collège se tiendront au Grand-Duché de Luxembourg, sauf en cas de circonstances exceptionnelles qui devraient être acceptées par tous les membres du Collège.
Tout Gérant pourra désigner par écrit un autre Gérant pour se faire représenter aux réunions du Collège. Un Gérant pourra représenter plus d’un Gérant lors d’une réunion du Collège pour autant qu’il y ait toujours deux (2) Gérants présents en personne ou par conférence téléphonique, vidéoconférence ou tout autre moyen similaire de communication.
Si des catégories de Gérants ont été créées, un Gérant d’une catégorie ne peut être représenté que par un Gérant de cette même catégorie.
Tout Gérant pourra participer à une réunion du Collège par conférence téléphonique, vidéoconférence ou tout autre moyen similaire de télécommunication permettant à plusieurs personnes de communiquer simultanément entre elles, ou tout autre moyen de communication permettant une identification de ces personnes. Ces méthodes de participation seront considérées comme équivalentes à la présence physique de la personne à la réunion et toute réunion tenue par ces moyens sera réputée avoir eu lieu au siège social de la Société.
Une résolution écrite signée par tous les Gérants sera valable de la même manière que si elle avait été adoptée à une réunion du Collège dûment convoquée et tenue. Les résolutions adoptées selon cette procédure seront réputées avoir été adoptées au siège social de la Société. Ces résolutions pourront être actées soit dans un document unique, signé par tous les Gérants ou dans des documents distincts identiques, chacun signé par un Gérant.
9.2.4 Quorum et majorité
Le quorum requis pour les réunions du Collège sera atteint par la présence ou la représentation d’au moins deux Gérants actuellement en fonction et, si des catégories de Gérants ont été créées, par la présence ou représentation d’au moins un (1) Gérant de chaque catégorie.
Les décisions seront prises à la majorité des votes des Gérants présents ou représentés à la réunion, et, si des catégories de Gérants ont été créées, les décisions devront être approuvées par au moins un (1) Gérant de chaque catégorie. En cas de parité des voix, le Président, ou le cas échéant, le Président pro tempore, pour autant que ces postes aient été pourvus, qui sera à tout instant un Gérant de Catégorie A, aura une voix prépondérante.
Dans le cas où le quorum et la majorité mentionnés ci-dessus ne pourront être atteints en raison de conflits d’intérêts d’un (1) ou plusieurs Gérants avec la décision devant être prise par le Collège, la décision devra être adoptée à la majorité simple par les membres du Collège qui n’ont pas de conflit et peuvent voter, sauf s’ils décident que cette décision sera déférée à l’approbation du ou des associés.
9.2.5 Procès-verbaux - copies ou extraits
Les procès-verbaux de la réunion du Collège devront être établis par écrit et signés par le Président, ou le président pro tempore, le cas échéant, ou par tous les Gérants présents à la réunion. Les copies ou les extraits des procès-verbaux ou les résolutions devront être certifiés par le Président, s’il en a été nommé un, ou, le cas échéant, le président pro tempore, ou par un (1) Gérant quelconque.
Article 10. Pouvoirs - devoirs - responsabilité - indemnisation
10.1. Pouvoirs du Collège
Le Collège sera investi des pouvoirs les plus étendus pour agir au nom de la Société et pour accomplir ou autoriser tous les actes d’administration ou de disposition qui seront nécessaires ou utiles pour la réalisation de l’objet social de la Société. Tous les pouvoirs qui ne sont pas expressément réservés par la Loi ou par les présents Statuts aux associés pourront être exercés par le Collège.
10.2. Confidentialité
Même après le terme de leur mandat, le ou les Gérant(s) resteront tenus de ne pas révéler les informations relatives à la Société qui pourraient contrevenir aux intérêts de cette dernière, sauf si la révélation de ces informations est requise par la loi ou l’intérêt public, conformément à et sous réserve des dispositions des Articles 710-15 et 444-6 de la Loi.
10.3. Conflits d’intérêts
Les Gérants devront observer la procédure applicable aux conflits d’intérêts telle que prévue aux Articles 710-15 et 441-7 de la Loi et à l’article 9.2.4 des présents Statuts.
Pour éviter toute équivoque et dans la limite permise par la Loi, aucun contrat ou transaction entre la Société et une autre partie ne sera affecté ou invalidé par le simple fait qu’un ou plusieurs Gérants, associés, membres, dirigeants ou salariés de la Société auraient un intérêt personnel dans ledit contrat ou ladite transaction, ou s’il est un représentant dûment autorisé de l’autre partie concernée. Sauf dispositions contraires des présents Statuts, tout Gérant ou dirigeant qui agit en tant qu’administrateur, gérant, associé, actionnaire, dirigeant ou salarié pour le compte d’une autre société ou firme avec laquelle la Société contractera ou entrera autrement en relations d’affaires, ne sera pas, pour ce seul motif, automatiquement empêché de prendre part aux délibérations et de voter ou d’agir en ce qui concerne toutes opérations relatives à un tel contrat ou transaction.
10.4. Responsabilité - indemnisation
Les Gérants, dans le cadre de leur mandat, ne seront pas personnellement responsables pour tout engagement valablement pris par eux pour le compte de la Société. Ils ne peuvent être tenus responsables que pour l’exercice de leurs fonctions conformément aux dispositions légales applicables.
Dans les limites permises par la loi, la Société devra indemniser tout Gérant ainsi que les héritiers, les exécuteurs et administrateurs testamentaire de ce dernier, des dépenses raisonnables faites en relation avec toute action, procès ou procédure à laquelle le Gérant aurait pu être partie en raison de sa fonction passée ou actuelle de Gérant ou, à la demande de la Société, de toute autre société dans laquelle la Société est associée ou créancière et pour laquelle le Gérant ne serait pas autorisé à être indemnisé, excepté pour toute action, procès ou procédure en relation avec des affaires pour lesquelles le Gérant serait finalement déclaré responsable pour faute grave ou faute lourde. En cas de règlement amiable d’un conflit, des indemnités pourront être accordées uniquement dans les matières en relation avec lesquelles la Société a été conseillée par son conseiller juridique, que le Gérant n’a pas violé ses obligations. Ce droit à indemnité n’est pas exclusif d’autres droits que la personne concernée pourra revendiquer.
Article 11. Délégation de pouvoirs
11.1. Délégation de la gestion journalière
Le Collège pourra déléguer ses pouvoirs pour conduire la gestion journalière et les affaires de la Société ainsi que la représentation de la Société à un ou plusieurs membres du Collège ou à une ou plusieurs autres personnes qui ne seront pas nécessairement des Gérants ou des associés de la Société, lesquelles pourront agir individuellement ou conjointement, selon les conditions et les pouvoirs déterminés par le Collège. Le Collège pourra mettre un terme librement, à tout moment et sans justification, à la délégation de pouvoirs du ou des délégués à la gestion journalière. La responsabilité du(des) délégué(s) à la gestion journalière sera déterminée conformément aux dispositions de la Loi. La ou les personnes déléguées à la gestion journalière devront se conformer à la procédure des conflits d’intérêt de l’Article 710- 15 (4) de la Loi.
Lorsque la Société est gérée par un Collège, la délégation de la gestion journalière à un membre du Collège entrainera l’obligation pour le Collège de faire rapport chaque année à l’assemblée générale des associés sur le salaire, les frais et autres avantages octroyés au Gérant dans le cadre de ladite délégation.
11.2. Autres délégations
Le Collège pourra conférer certains pouvoirs et/ou mandats spéciaux à un ou plusieurs membres du Collège ou à une ou plusieurs autres personnes qui ne seront pas nécessairement des Gérants ou des associés de la Société, lesquelles pourront agir individuellement ou conjointement, selon les conditions et les pouvoirs déterminés par le Gérant ou, le cas échéant, le Collège.
Le Collège pourra aussi nommer un ou plusieurs comités et déterminer leur composition et le ur objet. Ce ou ces comités exerceront leurs prérogatives sous la responsabilité du Collège.
Article 12. Représentation de la Société
En cas de nomination d’un Gérant unique, la Société sera engagée à l’égard des tiers par la signature individuelle de ce Gérant, ainsi que par les signatures conjointes ou la signature individuelle de toute(s) personne(s) à laquelle ou auxquelles le Gérant aura délégué un tel pouvoir de signature, et ce dans les limites d’un tel pouvoir.
Lorsque la Société est gérée par un Collège et sous réserve de ce qui suit, la Société sera engagée vis-à-vis des tiers par les signatures conjointes de deux (2) Gérants quelconques ainsi que par la signature individuelle ou conjointe de toute(s) personne(s) à laquelle ou auxquelles le Collège aura délégué un tel pouvoir de signature, et ce dans les limites d’un tel pouvoir.
Si les associés ont nommé une ou plusieurs catégories de Gérants, la Société sera engagée vis - à-vis des tiers par la signature conjointe d’un (1) Gérant de chaque catégorie ainsi que par la seule signature ou par la signature conjointe de toute(s) personne(s) à qui le Collège, ou un Gérant de chaque catégorie, aura délégué un tel pouvoir de signature, et ce dans les limites d’un tel pouvoir. Si un (1) ou plusieurs délégués à la gestion journalière ont été nommé(s), ce(s) délégué(s) pourront représenter la Société par sa/leur signature individuelle(s) et ce dans les limites de la gestion journalière.
Article 13. Révision des comptes
Dans tous les cas prévus par le droit luxembourgeois, la surveillance des opérations de la Société sera confiée à un (1) ou plusieurs commissaires aux comptes ou, dans la mesure où cela est prévu par la loi luxembourgeoise ou décidé optionnellement par les associés, à un (1) ou plusieurs réviseurs d’entreprises indépendants agréés.
Le(s) commissaire(s) aux comptes ou, le cas échéant, le(s) réviseur(s) d’entreprises agréé(s), sera/seront nommé(s) par les associés, qui détermineront leur nombre, leur rémunération et la durée de son/leur mandat. Si aucun terme n’a été prévu dans la décision y relative de l’associé concernée, le(s) commissaire(s) aux comptes ou, le cas échéant, le(s) réviseur(s) d’entreprises sera(ont) nommé(s) pour une durée limitée d’un (1) an. Leur mandat pourra être renouvelé à leur terme et ils pourront être révoqués de leurs fonctions à tout moment, avec ou sans motif, sur simple décision des associés, sous réserve des dispositions légales applicables.
PARTIE IV. ASSEMBLÉE GÉNÉRALE DES ASSOCIÉS
Article 14. Pouvoirs
Les associés disposeront de tous les pouvoirs qui leurs sont conférés par la Loi et les présents Statuts.
Toute assemblée générale régulièrement constituée ou toute résolution valable écrite, le cas échéant, sera censée représenter et lier la totalité des associés de la Société.
Les associés ne pourront ni participer à, ni interférer dans la gestion de la Société.
Article 15. Procédure pour les décisions des associés
15.1. Convocation
Le Collège ou le(s) commissaire(s) aux comptes, le cas échéant, ainsi que les associés qui détiendront plus de la moitié (½) du capital social de la Société pourront convoquer une assemblée générale des associés ou soumettre des résolutions écrites aux associés de la Société, conformément aux dispositions de la Loi.
Les assemblées générales des associés, y compris l’assemblée générale annuelle, ne pourront se tenir à l’étranger que si elles sont requises par des circonstances imprévues ou des cas de force majeure, tel que déterminé par le Collège.
Lorsqu’une assemblée générale des associés devra être convoquée, une convocation écrite devra être envoyée aux associés au moins huit (8) jours avant l’assemblée générale et devra préciser la date, l’heure, l’endroit et l’ordre du jour de cette dernière. Si tous les associés sont présents ou représentés à l’assemblée générale des associés et déclarent avoir eu connaissance de l’ordre du jour de l’assemblée, l’assemblée pourra être tenue sans convocation préalable.
15.2. Forme des résolutions
Si la Société possède un associé unique, ce dernier exercera les pouvoirs qui sont confiés par la Loi à l’assemblée générale. Dans ce cas, et dans la mesure du possible, lorsque le terme “associé unique” n’est pas expressément mentionné dans les présents Statuts, toute référence aux “associés” ou à “l’assemblée générale” utilisée dans les présents Statuts devra être comprise comme une référence à l “associé unique”. Les résolutions de l’associé unique devront être prises par écrit. Si la Société compte moins de soixante (60) associés, à l’exception des assemblées générales modifiant les Statuts, les assemblées générales des associés ne seront pas obligatoires et les associés pourront voter sur des résolutions proposées par écrit (avec toutefois la même majorité que celles requise pour les assemblées générales).
Lorsque les associés seront consultés par écrit, ils devront exprimer leur vote par résolutions circulaires signées. Les signatures des associés pourront apparaitre sur un seul document ou sur plusieurs copies d’une résolution identique. Leur signature pourra être prouvée par un original ou par une copie délivrée par télécopie ou par mail.
15.3. Procédure
Le président de l’assemblée générale des associés ou, en son absence, toute autre personne nommée par l’assemblée générale des associés devra présider l’assemblée générale. Le président de l’assemblée générale des associés nommera un secrétaire. L’assemblée générale des associés nommera un ou plusieurs scrutateurs. Le président de l’assemblée générale des associés, le secrétaire et le ou les scrutateur(s) formeront ensemble le comité de direction de l’assemblé générale. Une liste de présence indiquant le nom de chaque associé, le nombre de parts sociales détenues et, si applicable, le nom du représentant de l’associé, sera établie et signée par le bureau de l’assemblée générale des associés ou, le cas échéant, leurs représentants.
Les associés pourront participer aux assemblées générales des associés par conférence téléphonique, vidéoconférence ou tout autre moyen similaire de télécommunication permettant leur identification conformément à et sous réserve des dispositions de l’Article 710-21 de la Loi. Une assemblée tenue par ces moyens sera réputée avoir lieu au siège social de la Société.
De surcroit, les associés pourront également voter à l’assemblée générale des associés par des formulaires de vote. Les formulaires de vote devront contenir les points de l’ordre du jour de l’assemblée et l’indication du vote de l’associé concerné pour chaque point figurant à l’ordre du jour (pour, contre, abstention). Afin de les prendre en compte pour la détermination du quorum, les formulaires de vote devront être reçus par la Société au plus tard une (1) heure avant l’heure à laquelle l’assemblée aura été convoquée.
15.4. Vote
Une (1) voix sera attachée à chaque part sociale, sauf disposition contraire de la Loi. Chaque associé disposera de droits de vote proportionnels au nombre de parts sociales détenues.
Un associé pourra désigner un mandataire par écrit, que ce soit par le biais d’un original ou d’une copie délivré par télécopie ou mail, pour le représenter à l’assemblée générale, étant entendu que ce mandataire ne sera pas nécessairement un associé.
Sans préjudice à ces Statuts et à la Loi, le Collège pourra suspendre les droits de vote de l’associé qui restera en défaut de remplir les obligations qui lui incombent en vertu des Statuts, de son acte de souscription ou d’engagement.
Il est permis à tout associé, à titre personnel, de s’engager à ne pas exercer temporairement ou définitivement tout ou partie de ses droits de vote. Une telle renonciation lie l’actionnaire et s’impose à la société dès sa notification à cette dernière.
Les conventions de vote seront valables conformément à et sous réserve des dispositions de l’Article 710-20 de la Loi.
15.5. Quorum et majorité
15.5.1 Décisions modifiant les Statuts et changement de nationalité
Sauf disposition contraire des présents Statuts ou de la Loi, toute modification des Statuts, y compris tout changement de nationalité, devra être approuvé par les associés représentant au moins les trois quarts (¾) du capital social de la Société.
15.5.2 Décisions en cas de cessions de parts sociales
Les décisions approuvant toute cession de parts sociales à des non-associés devront être adoptées conformément aux dispositions de l’article 6.4. des présents Statuts.
15.5.3 Consentement unanime
Les engagements des associés ne pourront être augmentés qu’avec leur consentement unanime.
15.5.4 Autres décisions
Toutes autres décisions pour lesquelles un quorum ou une majorité spécifique ne sont pas prévues par les présents Statuts ou par la Loi, seront adoptées par les associés représentant plus de la moitié (½) du capital social de la Société. Dans le cas où un tel quorum n’est pas atteint à la première assemblée, les associés devront être convoqués ou consultés une seconde fois, par lettre recommandée, et les décisions devront être adoptées par une majorité de votes émis, quel que soit le pourcentage du capital représenté.
15.5.5 Catégories de parts sociales
Dans le cas où plusieurs catégories de parts sociales existent et où la décision des associés peut résulter en une modification de leurs droits respectifs, la décision, pour être valablement prise, devra inclure, dans chaque catégorie, les conditions de majorité et de quorum prévues par l’article 15.5.1 des présents Statuts.
15.6. Procès-verbaux - copies ou extraits
Les procès-verbaux des décisions des assemblées générales des associés de la Société devront être établis par écrit et signés par les membres du comité de direction ainsi que par les associés qui le souhaitent.
Les copies ou extraits des procès-verbaux des décisions de l’assemblée générale pourront être certifiés par un (1) Gérant quelconque.
15.7. Participation des obligataires
Si la Société a émis des obligations, les obligataires ne seront pas convoqués ni autorisés à assister aux assemblées générales des associés.
PARTIE V. ANNÉE SOCIALE ET RÉPARTITION DES BÉNÉFICES
Article 16. Année sociale
L’année sociale de la Société commencera le premier jour du mois de décembre et s’achèvera le dernier jour du mois de novembre de l’année qui suit.
Article 17. Approbation des comptes annuels
À la fin de chaque année sociale, les comptes seront arrêtés et le Collège dressera les comptes annuels de la Société conformément à la Loi et les soumettra au(x) commissaire(s) aux comptes pour révision (le cas échéant) et à l’assemblée générale des associés pour approbation.
Tout associé ou son mandataire pourra prendre connaissance des comptes annuels au siège social de la Société conformément aux dispositions de la Loi.
Article 18. Affectation des bénéfices
Cinq pourcent (5%) des bénéfices nets annuels de la Société devront être affectés à la réserve légale, jusqu’à ce que cette réserve atteigne dix pourcent (10%) du capital social.
L’assemblée générale des associés décidera de l’affectation des bénéfices restants. Ces bénéfices pourront, totalement ou en partie, être utilisés pour apurer des pertes, le cas échéant, être alloués en réserve, être reportés sur le prochain exercice fiscal ou encore être distribués aux associés.
Article 19. Acomptes sur dividendes
Le Collège sera autorisé à accorder des acomptes sur dividendes conformément à l’Article 710-25 de la Loi.
PARTIE VI. DISSOLUTION ET LIQUIDATION
Article 20. Dissolution, liquidation
La Société ne pourra pas être dissoute pour cause de mort, de faillite, d’incapacité ou d’évènements similaires affectant un (1) ou plusieurs associés.
La Société pourra être dissoute conformément à une décision des associés, approuvée aux conditions de quorum et de majorité requis par la Loi.
En cas de dissolution de la Société, la liquidation s’effectuera par les soins d’un (1) ou de plusieurs liquidateurs (personnes physiques ou morales), nommés par l’assemblée générale des associés, qui déterminera leurs pouvoirs et leurs émoluments.
Après paiement de toutes les dettes et charges de la Société, toutes les taxes et frais de liquidation compris, l’actif net restant de la Société sera réparti équitablement entre tous les associés.
Si la Société n’a qu’un (1) associé unique, elle pourra être dissoute sans liquidation conformément aux dispositions de l’Article 710-3 de la Loi et de l’Article 1865bis, alinéa 2 et seq. du Code civil luxembourgeois.
PARTIE VII. LOI APPLICABLE - DÉFINITIONS
Article 21. Loi applicable
Toutes les matières qui ne sont pas régies par les présents Statuts seront réglées conformément à la loi applicable, ainsi que tout accord conclu entre les associés et la Société, le cas échéant, et qui pourront compléter certaines dispositions des présents Statuts.
Article 22. Définitions
Les termes ci-dessous auront la définition suivante lorsqu’ils sont utilisés dans les présentes:
Loi: la loi luxembourgeoise du 10 août 1915 sur les sociétés commerciales telle que modifiée;
Statuts: les présents statuts de la Société;
Collège: voir la définition à l’Article 8 des présents Statuts;
Président: voir la définition à l’Article 9.2.1 des présents Statuts;
Gérant(s) de Catégorie A: voir la définition à l’Article 8 des présents Statuts;
Gérant(s) de Catégorie B: voir la définition à l’Article 8 des présents Statuts;
Société: voir la définition à l’Article 1 des présents Statuts;
Gérant(s): voir la définition à l’Article 8 des présents Statuts; et
Secrétaire: voir la définition à l’Article 9.2.1 des présents Statuts.
SOUSCRIPTION - LIBERATION
Les Statuts ainsi établis, COMMONWEALTH LUXEMBOURG HOLDINGS S.A R.L., susnommée, déclare souscrire l’entièreté du capital social représenté par cent mille (100.000) parts sociales d’un pair comptable d’un Euro (EUR 1) chacune.
Toutes les parts sociales ont été entièrement libérées par versement en espèces, de sorte que la somme de cent mille Euros (EUR 100.000) est à la disposition de la Société, ce qui a été prouvé au notaire instrumentant.
FRAIS
Les frais, dépenses, rémunérations et charges, sous quelque forme que ce soit, qui incombent à la Société ou qui sont mis à sa charge à raison de sa constitution sont estimés à environ deux mille euros (EUR 2.000,-).
VERIFICATION
Le Notaire instrumentant constate expressément l’accomplissement des conditions énoncées aux articles 710-6 et 710-7 de la Loi.
DECISIONS DE L’ASSOCIE UNIQUE
| 1. | La Société est administrée par les gérants suivants nommés pour une durée indéterminée: |
Gérant de catégorie A :
| - | STUART BOTTOMLEY, né le 28 Octobre 1966, à Melton Mowbray, Royaume-Uni et demeurant au Heronfield Cottage, Bakers Lane, Knowle, Solihull, West Midlands B93 OEA, Angleterre; |
| - | MICHAEL P. RYAN, né le 10 Mars 1969, à Utica, New York, Etats-Unis d’Amérique et demeurant au 50 Highridge Road, West Simsbury, CT 06092, Etats-Unis d’Amérique; |
| - | CHRISTOPHER WITZKY, né le 17 Mai 1957, à New York, Etats-Unis d’Amérique et de- meurant au 54 Sachem Drive, Glastonbury, CT 06033, Etats-Unis d’Amérique; |
| - | ALEXEI LAKOMKIN, né le 20 Janvier 1968, à Vichnevogorsk, Russie et demeurant professionnellement au 43, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duchy of Luxembourg. |
Gérant de catégorie B :
| - | SEVERINE CANOVA, née le 16 Juillet 1975 à Creutzwald, France et demeurant professionnellement au 46A, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg; |
| - | JANA STRISCHEK, née le 12 Juin 1975 à Potsdam, Allemagne et demeurant professionnellement au 46A, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg; |
| - | KATALIN OROSZKI, née le 30 Septembre 1976 à Vác, Hongrie et demeurant professionnellement au 46A, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg. |
| 2. | Le siège social de la Société est établi 46A, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg. |
DECLARATION
Le notaire soussigné, qui comprend et parle la langue anglaise, constate que les comparants ont requis de documenter le présent acte en langue anglaise, suivi d’une version française. A la requête desdits comparants, en cas de divergence entre le texte anglais et le texte français, le texte anglais fera foi.
DONT ACTE, fait et passé à Pétange, à la date figurant en tête des présentes.
Et après lecture faite et interprétation donnée au mandataire des comparants, celui-ci a signé le présent acte avec le notaire.
(signé) Muller, Kesseler
Enregistré à Esch/Alzette Actes Civils, le 20 août 2019
Relation : EAC/2019/21585
Reçu soixante-quinze euros
75,00 €
Le Receveur, (signé) ff, S. Olsem
POUR EXPEDITION CONFORME
Exhibit 3.4
Highland Holdings S.a r.l.
Societe a responsabilite limite
6, rue Jean Monnet, L-2180 Luxembourg
R.C.S. Luxembourg: B237108
STATUTS COORDONNES AU 08 octobre 2021
PART I. CORPORATE FORM AND NAME, REGISTERED OFFICE, CORPORATE PURPOSE AND TERM OF EXISTENCE
Capitalized terms not otherwise defined herein shall have the meaning indicated in Article 22 (Definitions).
Article 1. Corporate form and name
These are the articles of association for a private limited-liability company (societe a responsabilite limitee) (the "Company") incorporated under the name "Highland Holdings S.a r.l.".
The Company shall be governed by these Articles and the laws of the Grand Duchy of Luxembourg, in particular the Act.
Article 2. Registered office
The Company's registered office is located in the City of Luxembourg. Subject to the provisions of the Act, the Board is authorized to transfer the Company's registered office to another location within the Grand Duchy of Luxembourg and amend this article accordingly. The Board may resolve to establish branches or other places of business in the Grand Duchy of Luxembourg or abroad.
If the Board finds that extraordinary political, economic or social circumstances have arisen or may arise that interfere or could interfere with the Company's ability to conduct business or hinder communications within its registered office or between that office and persons abroad, the Board may transfer the registered office abroad, until the extraordinary circumstances come to an end. These temporary measures shall not affect the nationality of the Company which, notwithstanding the transfer of its registered office abroad, shall continue to be governed by the laws of the Grand Duchy of Luxembourg.
Article 3. Corporate purpose
The object of the Company is the direct and indirect acquisition and holding of participating interests, in any form whatsoever, in Luxembourg and/or in foreign undertakings, as well as the administration, development and management of such interests.
This includes, without limitation the investment in and acquisition and disposal of any type of equity or debt instrument, including shares, founders' shares, profit shares, options, warrants and other equity instruments or rights, partnership interests, limited-liability company interests, preferred shares, securities and swaps, as well as the investment in, acquisition or disposal of, grant or issuance of loans, bonds (convertible or not), notes, preferred equity certificates, debentures, bonds or notes listed on a stock exchange, and other debt instruments, convertible or not, and any combination of the aforementioned, in each case whether freely transferable or not, as well as obligations (including, without limitation, synthetic instruments) in any type of company, entity or other (legal) person. The Company can borrow in any form.
The Company is further entitled to hold any position as, and exercise the functions of, general partner, manager or director in any company with registered office in the Grand-Duchy of Luxembourg that belongs to the same group of companies as the Company.
The Company may also use its funds to invest in real estate, in intellectual property rights or any other movable or immovable assets in any form or of any kind.
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The Company may grant pledges, guarantees, liens, mortgages and any other form of securities as well as any form of indemnities, to Luxembourg or foreign entities, in respect of its own obligations and debts.
The Company may also provide assistance in any form (including but not limited to the granting of advances, loans, money deposits and credits as well as the providing of pledges, guarantees, liens, mortgages and any other form of securities, in any kind of form) to the Company's subsidiaries. On a more occasional basis, the Company may provide the same kind of assistance to undertakings which are part of the same group of companies which the Company belongs to or to third parties, provided that doing so falls within the Company's best interest and does not trigger any license requirements.
In general, the Company may carry out any commercial, industrial or financial operation and engage in such other activities as the Company deems necessary, advisable, convenient, incidental to, or not inconsistent with, the accomplishment and development of the foregoing. Notwithstanding the above, the Company shall not enter into any transaction which would cause it to be engaged in any activity which would be considered as a regulated activity or that would require the Company to have any other license.
Article 4. Term of existence
The Company is incorporated for an unlimited term of existence.
PART II. SHARE CAPITAL AND SHARES
Article 5. Share capital, issue premiums and capital contributions
5.1. Share capital
The Company's share capital is set at one hundred thousand twenty Euros (EUR 100,020), represented by one hundred thousand twenty (100,020) shares, with a nominal value of one Euro (EUR 1) each, all of which are subscribed and fully paid-up.
5.2. Issue premiums and capital contributions
In addition to the share capital, an account for the issuance of premiums and/or for capital contributions (Compte 115 "Apport en capitaux propres non remunere par des titres") may be set up.
The Company may use the amounts held in this account to redeem its shares, set off net losses, make distributions to shareholders, allocate funds to the statutory reserve, make payments in relation to shares and for any other purpose permitted by law.
Article 6. Shares
6.1. Form
The Company’s shares are and shall remain in registered form.
The Company may not make a public offering of its shares.
The Company's shares shall not be represented by transferable share certificates; however, at the request of a shareholder, the Company may issue a certificate confirming the shareholder's recordation in the shareholders' register.
6.2. Shareholders' register
A shareholders' register shall be kept at the Company's registered office in accordance with the provisions of Article 710-8 of the Act. Each shareholder shall have the right to consult the register during normal business hours in accordance with the provisions of the Act.
Shareholders shall notify the Company by registered letter of any change of address. The Company shall be entitled to rely on the last notified address.
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6.3. Indivisibility of shares and suspension of rights
The Company shall recognize a single owner per share. If a share is held by more than one (1) person, the Company has the right to suspend the rights associated with that share (except for the rights to information provided for by Article 461-6 of the Act) until a single person is designated as being the holder thereof towards the Company.
6.4. Transfers of shares
If the Company has a sole shareholder, this shareholder may freely transfer its shares.
If the Company has several shareholders, the shares may be transferred freely amongst the shareholders.
Shares issued by the Company may be transferred to non-shareholders only in accordance with the provisions of Articles 710-12 and 710-13 of the Act, it being understood that the consent of shareholders representing three quarters (%) of the shares is required for transfers to non-shareholders, both inter vivos and mortis causa. The same rules apply to the creation or transfer of usufruct (i.e. beneficial ownership) or bare ownership rights.
In the event of an inter vivos transfer of shares to non-shareholders for which the abovementioned consent of the shareholders is not obtained, the other shareholders shall have the right to acquire the shares or have them acquired from the transferring shareholder, unless the transferring shareholder decides to forego the transfer, in accordance with the conditions set out in Article 710-12 of the Act. The Company can also decide, with the consent of the transferring shareholder, to reduce its share capital and redeem the shares at the conditions set out in Article 710-12 of the Act. In both cases, the price of the transferred shares shall be determined by the Board. The Board at its sole discretion may hire outside counsel or external experts to assist it herewith. If the shares are not acquired or redeemed in accordance with the abovementioned provisions, the transferring shareholder can proceed with the initially proposed transfer to a non-shareholder.
Article 7. Capital increases and reductions and share redemptions
7.1. Capital increases and reductions
The Company's share capital may be increased or reduced on one or more occasions pursuant to a resolution of the general meeting of shareholders, provided the quorum and majority required to amend these Articles are met.
7.2. Share redemptions
The Company may redeem its own shares with the consent of the shareholders concerned. Redemption of shares may not result in the nominal value or accounting par value of the total shares held by the remaining shareholders (other than the Company) falling below twelve thousand euros (EUR 12,000) or its equivalent in another currency.
In addition, if the Company has issued redeemable shares, the redemption of such shares must meet the requirements of Article 710-5 of the Act.
The voting rights and financial rights attached to redeemed shares shall be suspended for as long as where they are held by the Company.
The Board is authorized to cancel the redeemed shares and proceed with the relevant capital decrease, which must be recorded in a notarized instrument within one (1) month thereafter.
PART III. MANAGEMENT AND SUPERVISION
Article 8. Board
The Company shall be managed by one or more manager(s), who need not be shareholders (the "Manager(s)"). If several Managers are appointed, they shall constitute a board of Managers (the "Board").
The Manager(s) shall be appointed by the shareholders, who shall determine their number, remuneration and the duration of their term of office. If no term has been fixed in the relevant shareholder decision, the Manager(s) concerned shall be deemed appointed for an unlimited term. Manager(s) may be re-elected at the end of their term of office and removed from office without cause at any time pursuant to a shareholder resolution.
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The shareholders may decide to appoint two (2) classes of Managers, the "Class A Manager(s)" and the "Class B Manager(s)", respectively.
Article 9. Procedure and voting
9.1. Sole Manager
If the Company has a sole Manager, the Manager shall exercise the powers granted by the Act. In this case and to the extent applicable, where the term "sole Manager" is not expressly mentioned in these Articles, any reference to the "Board" shall be deemed to refer to the sole Manager. The sole Manager shall record the decisions taken in minutes.
9.2. Decision-making by the Board
9.2.1 Chairperson and secretary
The Board may appoint a chairperson (the "Chair") from amongst its members but is not obliged to do so. If there are classes of Managers, the Chair shall be appointed among the class A Managers. The Chair shall preside over all meetings of the Board. In the Chair's absence, the Board may appoint a Manager as pro tempore chair by a majority vote of the Managers present or represented at the meeting.
The Board may also appoint a secretary (the "Secretary") to keep minutes of Board meetings and general meetings of shareholders. If the Secretary is not a Manager, he or she shall be bound by the confidentiality provisions laid down in Article 10.2 of these Articles, under the Board's responsibility.
9.2.2 Calling of Board meetings
The Board shall meet at the request of any Manager or further to a notice sent by the Chair. Except in cases of urgency or with the prior consent of all those entitled to attend the meeting written notice sent by e-mail, facsimile or any other electronic means of communication accepted by the Managers, of a Board meeting must be given at least twenty-four (24) hours in advance or six (6) hours in advance in exceptional and urgent matters, provided the meeting is scheduled during normal business hours in Luxembourg. The notice shall specify the place, date, time and agenda of the meeting.
This requirement may be waived with the unanimous consent of all Managers present, or represented, at the meeting or by other written means.
A separate notice is not required for meetings held at a time and place previously approved by the Board.
9.2.3 Procedural requirements for Board meetings
Board meetings shall be held in the Grand Duchy of Luxembourg, save for exceptional circumstances which shall be agreed upon by all members of the Board.
A Manager may be represented at a Board meeting by another Manager, appointed in writing. A Manager may represent more than one Manager at a Board meeting, provided there are always at least two (2) Managers physically present at the meeting or attending by conference call, videoconference or similar means of communication.
If there are multiple classes of Managers, a Manager of a class may only be represented by a Manager of the same class.
A Manager may participate in Board meeting by conference call, videoconference or similar means of communication enabling several persons to instantly communicate with each other or other means of communication enabling the identification of the participants. Such methods of participation are considered equivalent to physical presence at the meeting, and a meeting held by such means is deemed to take place at the Company's registered office.
A written resolution, signed by all Managers, is valid as if it had been adopted at a duly called Board meeting. Resolutions passed pursuant to this procedure shall be deemed adopted at the Company's registered office. The resolution can be set out either in a single document, signed by all Managers, or in separate identical documents, each signed by a Manager.
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9.2.4 Quorum and majority
The quorum required for Board meetings shall be the presence of at least two Managers currently in office and, if there are multiple classes of Managers, the presence of at least one (1) Manager from each class.
Resolutions shall be adopted by a majority of votes cast by the Managers present or represented at the meeting and, if there are multiple classes of Managers, by at least one (1) Manager from each class. Each Manager is entitled to cast one (1) vote. In the event of a tie, the Chair, or when applicable, the pro tempore chair, who shall at all times be a class A Manager, shall cast the deciding vote.
If the abovementioned quorum and/or majority cannot be met due to the fact that one or more Managers have a conflict of interest with the decision to be taken, the decision shall be adopted by a simple majority of Board members without a conflict of interest unless they decide to refer it to the shareholder or shareholders, for approval.
9.2.5 Minutes - copies and extracts
Minutes of Board meetings shall be drawn up and signed by the Chair, or, when applicable, the pro tempore chair, or by all Managers present at the meeting.
Copies of and extracts from, the minutes or resolutions shall be certified and signed by the Chair or, when applicable, the pro tempore chair, or by one (1) Manager.
Article 10. Powers, duties, liability and indemnification
10.1. Powers of the Board
The Board shall have the broadest powers to act on behalf of the Company and to perform or authorise all acts of administration or disposal necessary or useful to accomplish the Company's purpose. All powers not expressly reserved to the shareholders under the Articles or the Act can be exercised by the Board.
10.2. Confidentiality
Even after the end of their term of office, the Manager(s) shall not disclose information about the Company which could be detrimental to the Company's interests, except when disclosure is required by law or the public interest, in accordance with and subject to the provisions of Articles 710-15 and 444-6 of the Act.
10.3. Conflicts of interest
The Managers shall observe the conflicts-of-interest procedure provided for by Articles 710-15 and 441- 7 of the Act and Article 9.2.4 of these Articles.
For the sake of clarity and insofar as permitted by the Act, no contract or transaction between the Company and another party shall be affected or invalidated based solely on the fact that one or more of the Managers, directors, partners, members, officers or employees of the Company have a personal interest in the contract or transaction or are duly authorised representatives of that other party. Unless otherwise provided herein, any Manager or officer of the Company who serves as a director, manager, partner, member, officer or employee of any company or firm with which the Company contracts or otherwise engages in business shall not, automatically be prevented from taking part in the deliberations and voting or acting on any matters with respect to such contract or other business.
10.4. Liability and indemnification
The Managers may not, in the performance of their tasks, be held personally liable for any commitment validly made by them in the Company's name. They may only be held liable for the performance of their duties in accordance with the applicable legal provisions.
Insofar as permitted by law, the Company shall indemnify any Manager and the latter's heirs, executors and administrators for expenses reasonably incurred in connection with any action, lawsuit or proceedings to which the Manager may be made a party by reason of being or having been a Manager of the Company, or, at the request of the Company, of any other company of which the Company is a shareholder or creditor and by which the Manager is not entitled to be indemnified, with the exception of actions, lawsuits and proceedings relating to matters for which the Manager is ultimately found liable for gross negligence or misconduct. In the event of a settlement, indemnification shall only be provided if the Company has been advised by its legal counsel that the Manager did not breach their duties. This right to indemnification is without prejudice to any other rights on which the relevant person may be entitled to rely.
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Article 11. Delegation of powers
11.1. Delegation of daily management
The Board may confer its powers to conduct the Company's daily management and affairs and represent the Company in this regard to any member or members of the Board or any other person, who need not be a Manager or shareholder of the Company, acting alone or jointly, at the terms so determined by the Board. The Board may freely terminate the delegation of the daily management at any time and without cause. The liability of the person(s) responsible for the daily management shall be determined in accordance with the applicable provisions of the Act. The person(s) responsible for daily management shall comply with the conflicts-of-interest procedure provided for by Article 710-15(4) of the Act.
When the Company is managed by a Board, the delegation of daily management to a member of the Board entails an obligation for the Board to report annually to the general meeting of shareholders on the salary, fees and other advantages granted to the Manager entrusted with the daily management.
11.2. Other delegations of authority
The Board may confer certain powers on and/or entrust specific duties to any member(s) of the Board or any other person(s), who need not be a Manager or shareholder of the Company, acting jointly or individually, in accordance with the conditions and powers determined by the Manager or, if applicable, the Board.
The Board may also establish one or more committees and determine their composition and purpose.
Any such committees shall exercise their authority under the responsibility of the Board.
Article 12. Representation of the Company
If only one (1) Manager has been appointed, the Company shall be liable towards third parties by the signature of that Manager as well as by the signature or joint signatures of any person(s) to whom the Manager has delegated signing authority, within the limits of that authority.
If the Company is managed by a Board, the Company shall be liable towards third parties, without prejudice to the following paragraph, by the joint signature of any two (2) Managers as well as by the sole signature or joint signature of any person(s) to whom the Board has delegated signing authority, within the limits of that authority.
If the shareholders have appointed classes of Managers, the Company shall be liable towards third parties by the joint signature of one (1) Manager of each class as well as by the signature or joint signature of any person(s) to whom the Board, or a Manager of each class, have delegated signing authority, within the limits of that authority.
If one or more persons have been entrusted with daily management, they shall represent the Company by means of their sole signature for all matters that fall within the scope of daily management.
Article 13. Audit
If required by Luxembourg law, supervisory oversight of the Company's operations shall be entrusted to one or more statutory auditor(s) (commissaire(s)) or to one or more independent auditor(s) (reviseur(s) d'entreprises).
The statutory auditor(s) or independent auditor(s), as the case may be, are appointed by the general meeting of shareholders, which shall determine their number, remuneration and the duration of their term of office. If no term has been fixed in the relevant shareholder decision, the auditor(s) shall be deemed appointed for a limited term of one (1) year. They may be re-appointed at the end of their term and removed from office pursuant to a shareholders resolution at any time, with or without cause, subject to the applicable statutory provisions.
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PART IV. GENERAL MEETING OF SHAREHOLDERS
Article 14. Powers
The shareholders shall have the powers reserved to them by the Act and these Articles.
Any regularly constituted general meeting or any valid written resolution (as applicable) shall represent and bind all shareholders of the Company.
The shareholders shall not participate in or interfere with the Company's management.
Article 15. Decision-making procedure
15.1. Calling of meetings
The Board or the auditor(s), or any shareholders representing more than half ('A) the Company's share capital can call a general meeting or submit written resolutions to the Company's shareholders, in accordance with the provisions of the Act.
General meetings of shareholders, including the annual general meeting, can be held abroad only if so required by unforeseen circumstances or acts of force majeure, as determined by the Board.
General meetings of shareholders are called by means of a written notice sent to the shareholders at least eight (8) days in advance, specifying the date, time, place and agenda of the meeting.
If all shareholders are present or represented at a general meeting and state that they have been informed of the agenda, the general meeting may be held without a prior notice having been sent.
15.2. Form of resolutions
If the Company has a sole shareholder, that shareholder shall exercise the powers entrusted by the Act to the general meeting. In this case and to the extent applicable, if the term "sole shareholder" is not expressly mentioned in these Articles, all references to the "shareholders" and the "general meeting" shall be deemed to refer to the sole shareholder. Resolutions taken by the sole shareholder must be set out in writing.
If the Company has fewer than sixty (60) shareholders, general meetings of shareholders are not mandatory and the shareholders may vote on proposed resolutions in writing (in which case, the resolutions must be approved by the same majority required at a general meeting). A general meeting must however be called to amend these Articles.
Where the shareholders take decisions in writing, they shall cast their vote by signing the circulated resolutions. The shareholders may sign a single document or separate copies of the same document, returned to the Company by post, fax or email.
15.3. Procedure
The chair of the general meeting, or, in the chair’s absence, any other person appointed by the shareholders, shall preside over the general meeting. The chair shall appoint a secretary. The general meeting shall appoint one or more scrutineers. The chair, together with the secretary and the scrutineer(s), shall form the presiding committee of the general meeting.
An attendance list indicating the name of each shareholder, the number of shares held and, if applicable, the name of the shareholders' representatives, shall be drawn up and signed by all members of the presiding committee or, as the case may be, their representatives.
Shareholders can attend general meetings of shareholders by conference call, video conference or any other similar means of instant communication enabling their identification in accordance with and subj ect to the provisions of Article 710-21 of the Act. A meeting held by such means is deemed to take place at the Company's registered office.
Shareholders can vote remotely at a general meeting using voting forms. The form shall indicate the agenda for the meeting and the vote or the relevant shareholder (for, against or abstention). In order to be taken into account for the purpose of determining the quorum, voting forms must be received by the Company no later than one (1) hour before the opening of the meeting.
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15.4. Voting
Each share carries one (1) vote, unless otherwise provided for by the Act. A shareholder’s voting rights are determined by the number of shares held
Shareholders may appoint in writing, by post, facsimile, email, or any other accepted means of communication a proxy holder, who need not be a shareholder, to represent them at a general meeting.
Without prejudice to these Articles and the Act, the Board can suspend the voting rights of shareholders that are in default of their obligations under these Articles or the relevant subscription letter or agreement.
Each shareholder may personally undertake or refrain temporarily or permanently from exercising all or some of its voting rights. Any such waiver is binding on the Company as from the time the Company is notified of it.
Voting arrangements may be validly entered into in accordance with and subject to the provisions of Article 710-20 of the Act.
15.5. Quorum and majority
15.5.1 Decisions amending the Articles and change of nationality
Unless otherwise required by the Act or these Articles, any amendment to the Articles, including a change of nationality, must be approved by shareholders representing at least three quarters (3/i) of the Company's share capital.
15.5.2 Decisions approving share transfers
Decisions approving a transfer of shares to a non-shareholder must be approved in accordance with the provisions of Article 6.4 of these Articles.
15.5.3 Unanimity
The commitments of shareholders may be increased only with the unanimous consent of all shareholders.
15.5.4 Other decisions
All other decisions for which no specific quorum or majority is required by these Articles or the Act must be approved by shareholders representing more than half (I/2) the share capital. If the required quorum is not met at the first general meeting, the shareholders shall be called or consulted a second time, by registered letter, and resolutions shall be adopted by a majority of the votes cast, regardless of the percentage of share capital represented.
15.5.5 Classes of shares
If there are several classes of shares and the shareholders' decision may result in a modification of their respective rights, the decision must, in order to be valid, be approved by each class of shares, with the quorum and majority stipulated in Article 15.5.1 of these Articles.
15.6. Minutes - copies and extracts
Minutes of general meetings of shareholders shall be drawn up and signed by the members of the presiding committee and any shareholders who wish to do so.
Copies of and extracts from the minutes of general meetings of shareholders may be certified by one (1) Manager.
15.7. Attendance of bondholders
If the Company has issued bonds, the bondholders are not entitled to be called to or attend general meetings of shareholders.
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PART V. FINANCIAL YEAR AND ALLOCATION OF PROFITS
Article 16. Financial year
The Company's financial year starts on the first day of December of each year and ends on the last day of November of the following year.
Article 17. Approval of the annual accounts
At the end of each financial year, the accounts are closed and the Board shall draw up the Company's annual accounts in accordance with the Act and submit them to the auditor(s) for review (where applicable) and to the general meeting of shareholders for approval.
Each shareholder or its representative may inspect the annual accounts at the Company's registered office as provided by the Act.
Article 18. Allocation of profits
Five percent (5%) of the Company's net annual profits shall be allocated each year to the reserve required by the Act, until this reserve reaches ten percent (10%) of the Company's share capital.
The general meeting of shareholders shall determine how the remaining profits are to be allocated. These profits may, in whole or in part, be used to absorb existing losses, if any, set aside in a reserve, carried forward to the next financial year or distributed to the shareholders.
Article 19. Interim dividends
The Board is authorised to distribute interim dividends ("acomptes sur dividendes") in accordance with Article 710-25 of the Act.
PART VI. WINDING-UP AND LIQUIDATION
Article 20. Winding-up and liquidation
The Company shall not be wound up due to the death, bankruptcy, incapacity or similar event affecting one or more of its shareholders.
The Company may be wound up pursuant to a shareholder resolution, approved in accordance with the quorum and majority indicated in the Act.
If the Company is wound up, liquidation shall be carried out by one or more liquidators (which may be either natural persons or legal entities) appointed by the general meeting which shall also determine their powers and compensation.
After settling all outstanding debts and liabilities, including taxes and liquidation costs, the remaining proceeds, if any, shall be distributed amongst the shareholders.
If there is only one (1) shareholder, the Company can be wound up without liquidation in accordance with Article 710-3 of the Act and Article 1865bis(2) et seq. of the Luxembourg Civil Code.
PART VII. APPLICABLE LAW AND DEFINITIONS
Article 21. Applicable law
All matters not governed by these Articles shall be settled in accordance with the applicable law and any agreement that may be entered into by the shareholders and the Company from time to time, supplementing certain provisions of these Articles.
Article 22. Definitions
The following terms, as used in these Articles, shall have the meaning set out below:
Act: the Luxembourg law of 10 August 1915 on commercial companies, as amended from time to time; Articles: these articles of association of the Company;
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Board: see the definition in Article 8 of these Articles;
Chair: see the definition in Article 9.2.1 of these Articles;
Class A Manager(s): see the definition in Article 8 of these Articles;
Class B Manager(s): see the definition in Article 8 of these Articles;
Company: see the definition in Article 1 of these Articles;
Manager(s): see the definition in Article 8 of these Articles; and Secretary: see the definition in Article 9.2.1 of these Articles.
SUIT LA TRADUCTION FRANCAISE DU TEXTE QUI PRECEDE :
PART I. FORME ET DENOMINATION SOCIALE, SIEGE SOCIAL, OBJET SOCIAL ET DUREE
Article 1. Forme, denomination sociale
Les presents constituent les statuts d'une societe a responsabilite limitee (la "Societe") dont la denomination sociale est" Highland Holdings S.a r.L".
La Societe sera regie par les presents Statuts et les lois du Grand-Duche de Luxembourg et, en particulier, la Loi.
Article 2. Siege social
Le siege social de la Societe sera etabli a Luxembourg-Ville. Le College sera autorise a transferer le siege social de la Societe au sein du Grand-Duche de Luxembourg et a modifier cet article en consequence. Le College pourra decider d’etablir des succursales ou d'autres formes d'etablissements au sein du Grand- Duche de Luxembourg ou a I'etranger.
Dans le cas ou le College estimerait que des evenements politiques, economiques ou sociaux extraordinaires sont survenus ou sur le point de survenir, et seraient de nature a compromettre le fonctionnement normal de la Societe au lieu de son siege social voire la communication avec ce siege ou entre ce siege et des personnes a I'etranger, le College pourra transferer temporairement le siege social a I'etranger, jusqu'a la cessation totale de ces evenements extraordinaires. De telles mesures temporaires n'affecteront pas la nationalite de la Societe qui, nonobstant le transfer! temporaire de son siege social a I'etranger, restera regie par les lois du Grand-Duche de Luxembourg.
Article 3. Objet social
La Societe a pour objet la prise de participations directes ou indirectes et la detention de ces participations, sous n'importe quelle forme, dans toutes entreprises luxembourgeoises ou etrangeres, ainsi que I'administration, la gestion et la mise en valeur de ces participations.
Ceci inclut sans limitation finvestissement, I'acquisition et la vente de parts representatives ou non de capital social ainsi que d'instruments de dettes, etant sans limitation, des actions, des parts sociales, des parts beneficiaires, des options, bons de souscriptions et autres droits ou instruments de capitaux, des participations dans une association, participations dans une societe a responsabilite limitee, parts preferentielles, valeurs mobilieres et swaps, ainsi que finvestissement, I'acquisition et la vente, foctroi ou remission de prets, obligations (convertibles ou non), notes, certificats de capital preferentiels, certificats de creances, obligations ou notes listees sur une place boursiere et autres instruments de dette convertibles ou non et toute combinaison de ce qui precede, qu'ils soient librement transferables ou non, ainsi que des obligations (y compris, sans limitation, des obligations relatives a des titres synthetiques) dans tout type de societes, entites ou autres personnes (morales). La Societe peut emprunter sous toutes formes.
Par ailleurs, la Societe est autorisee a avoir toute position de, et exercer les fonctions de, commandite, gerant ou administrateur dans toute societe ayant son siege social au Grand-Duche de Luxembourg qui appartient au meme groupe de societes que la Societe.
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La Societe peut aussi utiliser ses fonds pour investir dans 1'immobilier, les droits de propriete intellectuelle ou dans tout autre actif mobilier ou immobilier de toute sorte ou toute forme.
La Societe peut accorder des gages, garanties, privileges, hypotheques et toute autre forme de suretes ainsi que toute forme d'indemnites, a des entites luxembourgeoises ou etrangeres, en relation avec ses propres obligations et dettes.
La Societe peut accorder toute forme d'assistance (incluant mais non limite a foctroi d'avances, prets, depots d'argent et credits ainsi que 1'octroi de gages, garanties, privileges, hypotheques et toute autre forme de suretes, de toute sorte et forme) aux filiales de la Societe. De maniere plus occasionnelle, la Societe peut accorder le meme type d'assistance aux societes qui font partie du meme groupe de societes que la Societe ou a des tiers, sous condition que cela tombe dans 1'interet social et sans engendrer une obligation d'une autorisation specifique.
D'une maniere generale, la Societe peut effectuer toute operation commerciale, industrielle ou fmanciere et s'engager dans toute autre activite qu'elle jugera necessaire, conseillee, appropriee, incidente a ou non contradictoire avec I'accomplissement et le developpement de ce qui precede. Nonobstant ce qui precede, la Societe ne s'engagera dans aucune transaction qui entrainerait son engagement dans une quelconque activite qui serait consideree comme une activite reglementee ou qui requerrait de la Societe la possession de toute autre autorisation specifique.
Article 4. Duree
La Societe est constituee pour une duree indeterminee.
PARTIE II. CAPITAL SOCIAL ET PARTS SOCIALES
Article 5. Capital social - prime d'emission et apports en capital
5.1. Capital social
Le capital social est fixe a cent mille vingt Euros (EUR 100.020) represente par cent mille vingt (100.020) parts sociales d'une valeur nominale d’un Euro (EUR 1) chacune, toutes entierement souscrites et liberees.
5.2. Prime d'emission et apports en capital
En plus du capital social, un compte de prime d'emission et/ou un compte d'apport en capital (compte 115 "Apport en capitaux propres non remunere par des litres") peut etre etabli.
Les avoirs de ce compte de prime d'emission et/ou du compte d'apport en capital peuvent etre utilises par la Societe afin de racheter ses propres parts sociales, compenser des pertes nettes, effectuer des distributions aux associes, affecter les fonds a la reserve statutaire, effectuer des paiements relatifs aux parts sociales ainsi que toutes autres utilisations permises par la loi.
Article 6. Parts sociales
6.1. Forme
Chaque part sociale sera et restera sous forme nominative.
La Societe ne pourra pas emettre des parts sociales par le biais d'une offre au public. Les parts sociales ne pourront pas etre representees par des certificats de parts sociales negociables; cependant, a la demande d'un associe, la Societe pourra emettre des certificats confirmant I'inscription du detenteur conceme au registre des associes.
6.2. Registre des associes
Un registre des associes sera tenu au siege social de la Societe, conformement aux dispositions de 1'Article 710-8 de la Loi. Chaque associe aura le droit de consulter le registre pendant les heures ouvrables normales conformement aux dispositions de la Loi.
Les associes devront notifier la Societe par voie de lettre recommandee tout changement d'adresse. La Societe sera fondee a se fier a la demiere adresse qui lui aura ete notifiee.
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6.3. Indivision - suspension des droits
Chaque part sociale sera indivisible a 1'egard de la Societe. Dans le cas on une part sociale est detenue par plus d'une personne, la Societe aura le droit de suspendre les droits attaches a ladite part sociale (sauf pour les droits d'information prevus a I'Article 461-6 de la Loi) jusqu'a ce qu'une seule personne soit designee comme en etant le detenteur a 1'egard de la Societe.
6.4. Transfert de parts sociales
Lorsque la Societe est composee d'un associe unique, ce dernier pourra librement transmettre ses parts.
Lorsque la Societe a plusieurs associes, les parts sociales seront librement cessibles entre les associes.
Les parts sociales emises par la Societe ne pourront etre cedees a des non-associes qu'en conformite avec les dispositions des Articles 710-12 et 710-13 de la Loi, etant precise que le consentement des associes representant les trois-quarts (3A) des parts sociales est requis pour toute cession de parts sociales a des non-associes et ce pour qu'il s'agisse d'une cession entre vifs ou pour cause de deces. Les memes regies s'appliqueront a la creation d'usufruit ou cession d'usufruit ou de nue-propriete.
En cas de cession de parts sociales entre vifs a des non-associes et, dans le cas oil le consentement des associes tel qu'indique ci-dessus n'a pas ete obtenu, les associes restant auront le droit d'acquerir les parts sociales ou de faire acquerir lesdites parts sociales aupres de 1'associe cedant sauf si ce dernier renonce a la cession des parts sociales, le tout conformement aux conditions prevues par I'Article 710-12 de la Loi. La Societe pent egalement decider, avec le consentement de 1'associe cedant, de reduire le capital social et de racheter les parts sociales de 1'associe cedant conformement aux conditions prevues a I'Article 710- 12 de la Loi. Dans les deux cas, le prix des parts sociales cedees sera determine par le College. Le College peut, a sa seule discretion, decider de recourir aux services d'un conseiller exterieur ou d'experts externes pour 1'assister dans cette finalite. Au cas ou les parts sociales n'auraient pas ete acquises ou rachetees conformement aux dispositions mentionnees ci-dessus, 1'associe cedant pourra proceder a la cession initialement prevue aux non- associes.
Article 7. Augmentations, reductions et rachats de capital social
7.1. Augmentation et reduction de capital
Le capital social de la Societe pourra etre augmente ou reduit, en une ou en plusieurs fois, par une resolution de 1'assemblee generale des associes, sous reserve que les conditions de quorum et de majorite requises pour toute modification des Statuts soient respectees.
7.2. Rachat de parts sociales
La Societe pourra racheter ses propres parts sociales avec le consentement des associes concemes. Le rachat de parts sociales ne pourra avoir pour effet que la valeur nominale ou le pair comptable agrege des parts detenues par les associes (autre que la Societe) devienne inferieur a douze mille euros (12.000 EUR), ou 1'equivalent de ce montant dans une autre devise.
De surcroit, dans le cas ou la Societe a emis des parts sociales rachetables, le rachat de ces parts sociales devra etre conforme aux dispositions de 1'Article 710-5 de la Loi.
Les droits de vote et les droits financiers attaches aux actions rachetees seront suspendus pendant la periode ou elles sont detenues par la Societe.
Le College est autorise a annuler les parts sociales ainsi rachetees et a proceder a la reduction de capital correlative, ce qui devra etre constate par acte notarie dans le mois suivant I'annulation et la reduction.
PARTIE III. GERANCE ET REVISION DES COMPTES
Article 8. College de gerance
La Societe sera geree par un ou plusieurs gerants, lesquels ne devront pas necessairement etre des associes (le(s) "Gerant(s)"). Si plusieurs gerants sont nommes, ils constitueront un college de gerance (le "College").
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Le ou les Gerants devront etre nomme(s) par les associes qui determineront leur nombre, leur remuneration et la duree de leur mandat. Dans le cas ou aucune duree n'a ete determinee par la decision des associes concemes, les gerants concernes seront nommes pour une duree indeterminee. Le ou les Gerants pourront etre reelu(s) a la fm de leur mandat et revoque(s) de leurs fonctions a tout moment, sans motif, a la suite d'une resolution de 1'assemblee generale des associes.
Les associes pourront decider de nommer deux (2) categories de Gerants, respectivement le(s) "Gerant(s) de Categoric A" et le(s) "Gerant(s) de Categoric B".
Article 9. Procedure, votes
9.1. Gerant unique
Si la Societe est composee d'un Gerant unique, ce dernier exercera les pouvoirs octroyes par la Loi au College. Dans ce cas, et dans la mesure du possible, lorsque le terme "Gerant unique" n'est pas expressement mentionne dans les Statuts, toute reference au "College" devra etre comprise comme une reference au Gerant unique. Le Gerant unique pourra enregistrer ses resolutions sous forme de proces- verbaux.
9.2. Procedure de decision du College
9.2.1 President et secretaire
Le College pourra nommer un president (le "President") parmi ses membres mais n'y sera pas oblige. Si des categories de Gerants ont ete creees, le President sera nomme parmi les Gerants de Categoric A. Si un President a ete nomme, il presidera toutes les reunions du College. En 1'absence du President, le College pourra nommer tout Gerants en tant que President pro tempore par vote majoritaire des Gerants presents ou representes a la reunion.
Le College pourra egalement nommer un secretaire (le "Secretaire") pour dresser les proces-verbaux des reunions du College et de 1'assemblee generale des associes. Si le Secretaire n'est pas un Gerant, cette personne devra observer, sous la responsabilite du College, les regies de confidentialite prevues a 1'article
10.2 des presents Statuts.
9.2.2 Convocation du College
Le College se reunira sur convocation de tout Gerant ou par suite d'une convocation adressee par le President, le cas echeant. Sauf en cas d'urgence ou avec 1'accord prealable de toutes les personnes autorisees a participer a la reunion, un avis ecrit de toute reunion du College sera donne a tous les Gerants avec un preavis d'au moins vingt-quatre (24) heures ou d'un preavis d'au moins six (6) heures dans des situations exceptionnelles et urgentes, a condition tout de meme que la reunion ait lieu pendant les heures ouvrables normales a Luxembourg. La convocation indiquera le lieu, la date, 1'heure ainsi que 1'ordre du jour de la reunion.
II pourra etre renonce a cette convocation avec 1'accord unanime de tous les Gerants presents ou representes, lequel devra etre donne a la reunion ou par tout autre moyen par ecrit.
Une convocation separee ne sera pas requise pour les reunions se tenant a une date et a un endroit prealablement approuves par le College.
9.2.3 Tenue des reunions du College
Les reunions du College se tiendront au Grand-Duche de Luxembourg, sauf en cas de circonstances exceptionnelles qui devraient etre acceptees par tous les membres du College.
Tout Gerant pourra designer par ecrit un autre Gerant pour se faire representer aux reunions du College. Un Gerant pourra representer plus d'un Gerant lors d'une reunion du College pour antant qu'il y ait touj ours deux (2) Gerants presents en personne ou par conference telephonique, videoconference ou tout autre moyen similaire de communication.
Si des categories de Gerants ont ete creees, un Gerant d'une categorie ne peut etre represente que par un Gerant de cette meme categorie.
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Tout Gerant pourra participer a une reunion du College par conference telephonique, videoconference ou tout autre moyen similaire de telecommunication permettant a plusieurs personnes de communiquer simultanement entre elles, ou tout autre moyen de communication permettant une identification de ces personnes. Ces methodes de participation seront considerees comme equivalentes a la presence physique de la personne a la reunion et toute reunion tenue par ces moyens sera reputee avoir eu lieu au siege social de la Societe.
Une resolution ecrite signee par tous les Gerants sera valable de la meme maniere que si elle avait ete adoptee a une reunion du College dument convoquee et tenue. Les resolutions adoptees selon cette procedure seront reputees avoir ete adoptees au siege social de la Societe. Ces resolutions pourront etre actees soit dans un document unique, signe par tous les Gerants ou dans des documents distincts identiques, chacun signe par un Gerant.
9.2.4 Quorum et majorite
Le quorum requis pour les reunions du College sera atteint par la presence ou la representation d'au moins deux Gerants actuellement en fonction et, si des categories de Gerants ont ete creees, par la presence ou representation d'au moins un (1) Gerant de chaque categorie.
Les decisions seront prises a la majorite des votes des Gerants presents ou representes a la reunion, et, si des categories de Gerants ont ete creees, les decisions devront etre approuvees par au moins un (1) Gerant de chaque categorie. En cas de parite des voix, le President, ou le cas echeant, le President pro tempore, pour autant que ces postes aient ete pourvus, qui sera a tout instant un Gerant de Categorie A, aura une voix preponderante.
Dans le cas ou le quorum et la majorite mentionnes ci-dessus ne pourront etre atteints en raison de conflits d'interets d'un (1) ou plusieurs Gerants avec la decision devant etre prise par le College, la decision devra etre adoptee a la majorite simple par les membres du College qui n'ont pas de conflit et peuvent voter, sauf s'ils decident que cette decision sera deferee a I'approbation du ou des associes.
9.2.5 Proccs-verbaux - copies ou extraits
Les proces-verbaux de la reunion du College devront etre etablis par ecrit et signes par le President, ou le president pro tempore, le cas echeant, ou par tous les Gerants presents a la reunion.
Les copies ou les extraits des proces-verbaux ou les resolutions devront etre certifies par le President, s'il en a ete nomme un, ou, le cas echeant, le president pro tempore, ou par un (1) Gerant quelconque.
Article 10. Pouvoirs - devoirs - responsabilite - indemnisation
10.1. Pouvoirs du College
Le College sera investi des pouvoirs les plus etendus pour agir au nom de la Societe et pour accomplir ou autoriser tous les actes d'administration ou de disposition qui seront necessaires ou utiles pour la realisation de 1'objet social de la Societe. Tous les pouvoirs qui ne sont pas expressement reserves par la Loi ou par les presents Statuts aux associes pourront etre exerces par le College.
10.2. Confldentialite
Meme apres le terme de leur mandat, le ou les Gerant(s) resteront tenus de ne pas reveler les informations relatives a la Societe qui pourraient contrevenir aux interets de cette demiere, sauf si la revelation de ces informations est requise par la loi ou 1'interet public, conformement a et sous reserve des dispositions des Articles 710-15 et 444-6 de la Loi.
10.3. Conflits d'interets
Les Gerants devront observer la procedure applicable aux conflits d'interets telle que prevue aux Articles 710-15 et 441-7 de la Loi et a I'article 9.2.4 des presents Statuts.
Pour eviter toute equivoque et dans la limite permise par la Loi, aucun contrat ou transaction entre la Societe et une autre partie ne sera affecte ou invalide par le simple fait qu'un ou plusieurs Gerants, associes, membres, dirigeants ou salaries de la Societe auraient un interet personnel dans ledit contrat ou ladite transaction, ou s'il est un representant dument autorise de 1'autre partie concemee. Sauf dispositions contraires des presents Statuts, tout Gerant ou dirigeant qui agit en tant qu'administrateur, gerant, associe, actionnaire, dirigeant ou salarie pour le compte d'une autre societe ou fume avec laquelle la Societe contractera ou entrera autrement en relations d'affaires, ne sera pas, pour ce seul motif, automatiquement empeche de prendre part aux deliberations et de voter ou d'agir en ce qui conceme toutes operations relatives a un tel contrat ou transaction.
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10.4. Responsabilite - indemnisation
Les Gerants, dans le cadre de leur mandat, ne seront pas personnellement responsables pour tout engagement valablement pris par eux pour le compte de la Societe. Ils ne peuvent etre tenus responsables que pour 1'exercice de leurs fonctions conformement aux dispositions legales applicables.
Dans les limites permises par la loi, la Societe devra indemniser tout Gerant ainsi que les heritiers, les executeurs et administrateurs testamentaire de ce dernier, des depenses raisonnables faites en relation avec toute action, proces ou procedure a laquelle le Gerant aurait pu etre partie en raison de sa fonction passee ou actuelle de Gerant ou, a la demande de la Societe, de toute autre societe dans laquelle la Societe est associee ou creanciere et pour laquelle le Gerant ne serait pas autorise a etre indemnise, excepte pour toute action, proces ou procedure en relation avec des affaires pour lesquelles le Gerant serait finalement declare responsable pour faute grave ou faute lourde. En cas de reglement amiable d'un conflit, des indemnites pourront etre accordees uniquement dans les matieres en relation avec lesquelles la Societe a ete conseillee par son conseiller juridique, que le Gerant n'a pas viole ses obligations. Ce droit a indemnite n'est pas exclusif d'autres droits que la personne concemee pourra revcndique.
Article 11. Delegation de pouvoirs
11.1. Delegation de la gestion journaliere
Le College pourra deleguer ses pouvoirs pour conduire la gestion journaliere et les affaires de la Societe ainsi que la representation de la Societe a un ou plusieurs membres du College ou a une ou plusieurs autres personnes qui ne seront pas necessairement des Gerants ou des associes de la Societe, lesquelles pourront agir individuellement ou conjointement, selon les conditions et les pouvoirs determines par le College. Le College pourra mettre un terme librement, a tout moment et sans justification, a la delegation de pouvoirs du ou des delegues a la gestion journaliere. La responsabilite du(des) delegue(s) a la gestion journaliere sera determinee conformement aux dispositions de la Loi. La ou les personnes deleguees a la gestion journaliere devront se conformer a la procedure des conflits d'interet de 1'Article 710- 15 (4) de la Loi.
Lorsque la Societe est geree par un College, la delegation de la gestion journaliere a un membre du College entrainera 1'obligation pour le College de faire rapport chaque annee a I'assemblee generale des associes sur le salaire, les frais et autres avantages octroyes au Gerant dans le cadre de ladite delegation.
11.2. Autres delegations
Le College pourra conferer certains pouvoirs et/ou mandats speciaux a un ou plusieurs membres du College ou a une ou plusieurs autres personnes qui ne seront pas necessairement des Gerants ou des associes de la Societe, lesquelles pourront agir individuellement ou conjointement, selon les conditions et les pouvoirs determines par le Gerant ou, le cas echeant, le College.
Le College pourra aussi nommer un ou plusieurs comites et determiner leur composition et leur objet. Ce ou ces comites exerceront leurs prerogatives sous la responsabilite du College.
Article 12. Representation de la Societe
En cas de nomination d'un Gerant unique, la Societe sera engagee a 1'egard des tiers par la signature individuelle de ce Gerant, ainsi que par les signatures conjointes ou la signature individuelle de toute(s) personne(s) a laquelle ou auxquelles le Gerant aura delegue un tel pouvoir de signature, et ce dans les limites d’un tel pouvoir.
Lorsque la Societe est geree par un College et sous reserve de ce qui suit, la Societe sera engagee vis-a- vis des tiers par les signatures conjointes de deux (2) Gerants quelconques ainsi que par la signature individuelle ou conjointe de toute(s) personne(s) a laquelle ou auxquelles le College aura delegue un tel pouvoir de signature, et ce dans les limites d'un tel pouvoir.
15
Si les associes ont nomme une ou plusieurs categories de Gerants, la Societe sera engagee vis-a-vis des tiers par la signature conjointe d'un (1) Gerant de chaque categoric ainsi que par la seule signature ou par la signature conjointe de toute(s) personne(s) a qui le College, ou un Gerant de chaque categoric, aura delegue un tel pouvoir de signature, et ce dans les limites d'un tel pouvoir.
Si un (1) ou plusieurs delegues a la gestion journaliere ont ete nomme(s), ce(s) delegue(s) pourront representer la Societe par sa/leur signature individuelle(s) et ce dans les limites de la gestion journaliere.
Article 13. Revision des comptes
Dans tous les cas prevus par le droit luxembourgeois, la surveillance des operations de la Societe sera confiee a un (1) ou plusieurs commissaires aux comptes ou, dans la mesure ou cela est prevu par la loi luxembourgeoise ou decide optionnellement par les associes, a un (1) ou plusieurs reviseurs d'entreprises independants agrees.
Le(s) commissaire(s) aux comptes ou, le cas echeant, le(s) reviseur(s) d'entreprises agree(s), sera/seront nomme(s) par les associes, qui determineront leur nombre, leur remuneration et la duree de son/leur mandat. Si aucun terme n'a ete prevu dans la decision y relative de 1'associe concemee, le(s) commissaire(s) aux comptes ou, le cas echeant, le(s) reviseur(s) d'entreprises sera(ont) nomme(s) pour une duree limitee d'un (1) an. Leur mandat pourra etre renouvele a leur terme et ils pourront etre revoques de leurs fonctions a tout moment, avec ou sans motif, sur simple decision des associes, sous reserve des dispositions legales applicables.
PARTIE IV. ASSEMBLER GENERALE DES ASSOCIES
Article 14. Pouvoirs
Les associes disposeront de tous les pouvoirs qui leurs sont conferes par la Loi et les presents Statuts.
Toute assemblee generale regulierement constitute ou toute resolution valable ecrite, le cas echeant, sera censee representer et lier la totalite des associes de la Societe.
Les associes ne pourront ni participer a, ni interferer dans la gestion de la Societe.
Article 15. Procedure pour les decisions des associes
15.1. Convocation
Le College ou le(s) commissaire(s) aux comptes, le cas echeant, ainsi que les associes qui detiendront plus de la moitie ('A) du capital social de la Societe pourront convoquer une assemblee generale des associes ou soumettre des resolutions ecrites aux associes de la Societe, conformement aux dispositions de la Loi.
Les assemblies generales des associes, y compris 1'assemblee generale annuelle, ne pourront se tenir a 1'etranger que si elles sont requises par des circonstances imprevues ou des cas de force majeure, tel que determine par le College.
Lorsqu'une assemblee generale des associes devra etre convoquee, une convocation ecrite devra etre envoyee aux associes au moins huit (8) jours avant I'assemblee generale et devra preciser la date, I'heure, I'endroit et 1'ordre du jour de cette derniere. Si tous les associes sont presents ou representes a I'assemblee generale des associes et declarent avoir eu connaissance de 1'ordre du jour de I'assemblee, I'assemblee pourra etre tenue sans convocation prealable.
15.2. Forme des resolutions
Si la Societe possede un associe unique, ce dernier exercera les pouvoirs qui sont confies par la Loi a I'assemblee generale. Dans ce cas, et dans la mesure du possible, lorsque le terme "associe unique" n'est pas expressement mentionne dans les presents Statuts, toute reference aux "associes" ou a "I’assemblee generale" utilisee dans les presents Statuts devra etre comprise comme une reference a fassocie unique". Les resolutions de fassocie unique devront etre prises par ecrit.
16
Si la Societe compte moins de soixante (60) associes, a 1'exception des assemblees generales modifiant les Statuts, les assemblees generales des associes ne seront pas obligatoires et les associes pourront voter sur des resolutions proposees par ecrit (avec toutefois la meme majorite que cedes requise pour les assemblees generales).
Lorsque les associes seront consultes par ecrit, ils devront exprimer leur vote par resolutions circulaires signees. Les signatures des associes pourront apparaitre sur un seul document ou sur plusieurs copies d'une resolution identique. Leur signature pourra etre prouvee par un original ou par une copie delivree par telecopie ou par mail.
15.3. Procedure
Le president de I'assemblee generale des associes ou, en son absence, toute autre personne nommee par I'assemblee generale des associes devra presider I'assemblee generale. Le president de I'assemblee generale des associes nommera un secretaire. L'assemblee generale des associes nommera un ou plusieurs scrutateurs. Le president de I'assemblee generale des associes, le secretaire et le ou les scrutateur(s) formeront ensemble le comite de direction de 1'assemble generale.
Une liste de presence indiquant le nom de chaque associe, le nombre de parts sociales detenues et, si applicable, le nom du representant de fassocie, sera etablie et signee par le bureau de I'assemblee generale des associes ou, le cas echeant, leurs representants.
Les associes pourront participer aux assemblees generales des associes par conference telephonique, videoconference ou tout autre moyen similaire de telecommunication permettant leur identification conformement a et sous reserve des dispositions de f Article 710-21 de la Loi. Une assemblee tenue par ces moyens sera reputee avoir lieu au siege social de la Societe.
De surcroit, les associes pourront egalement voter a I'assemblee generale des associes par des formulaires de vote. Les formulaires de vote devront contenir les points de 1'ordre du jour de I'assemblee et 1'indication du vote de 1'associe concerne pour chaque point figurant a 1'ordre du jour (pour, centre, abstention). Afin de les prendre en compte pour la determination du quorum, les formulaires de vote devront etre recus par la Societe au plus tard une (1) heure avant 1'heure a laquelle I'assemblee aura ete convoquee.
15.4. Vote
Une (1) voix sera attachee a chaque part sociale, sauf disposition contraire de la Loi. Chaque associe disposera de droits de vote proportionnels au nombre de parts sociales detenues.
Un associe pourra designer un mandataire par ecrit, que ce soit par le biais d'un original ou d'une copie delivre par telecopie ou mail, pour le representer a I'assemblee generate, etant entendu que ce mandataire ne sera pas necessairement un associe.
Sans prejudice a ces Statuts et a la Loi, le College pourra suspendre les droits de vote de 1'associe qui restera en defaut de remplir les obligations qui lui incombent en vertu des Statuts, de son acte de souscription ou d’engagement.
II est permis a tout associe, a titre personnel, de s'engager a ne pas exercer temporairement ou definitivement tout ou partie de ses droits de vote. Une telle renonciation lie I'actionnaire et s'impose a la societe des sa notification a cette demiere.
Les conventions de vote seront valables conformement a et sous reserve des dispositions de 1'Article 710- 20 de la Loi.
15.5. Quorum et majorite
15.5.1 Decisions modifiant les Statuts et changement de nationality
Sauf disposition contraire des presents Statuts ou de la Loi, toute modification des Statuts, y compris tout changement de nationalite, devra etre approuve par les associes representant au moins les trois quarts (%) du capital social de la Societe.
17
15.5.2 Decisions en cas de cessions de parts sociales
Les decisions approuvant toute cession de parts sociales a des non-associes devront etre adoptees conformement aux dispositions de 1'article 6.4. des presents Statuts.
15.5.3 Consentement unanime
Les engagements des associes ne pourront etre augmentes qu'avec leur consentement unanime.
15.5.4 Autres decisions
Toutes autres decisions pour lesquelles un quorum ou une majorite specifique ne sont pas prevues par les presents Statuts ou par la Loi, seront adoptees par les associes representant plus de la moitie (‘A) du capital social de la Societe. Dans le cas ou un tel quorum n'est pas atteint a la premiere assemblee, les associes devront etre convoques ou consultes une seconde fois, par lettre recommandee, et les decisions devront etre adoptees par une majorite de votes emis, quel que soit le pourcentage du capital represente.
15.5.5 Categories de parts sociales
Dans le cas ou plusieurs categories de parts sociales existent et ou la decision des associes peut resulter en une modification de leurs droits respectifs, la decision, pour etre valablement prise, devra inclure, dans chaque categoric, les conditions de majorite et de quorum prevues par 1'article 15.5.1 des presents Statuts.
15.6. Proces-verbaux - copies ou extraits
Les proces-verbaux des decisions des assemblies generales des associes de la Societe devront etre etablis par ecrit et signes par les membres du comite de direction ainsi que par les associes qui le souhaitent.
Les copies ou extraits des proces-verbaux des decisions de I'assemblee generale pourront etre certifies par un (1) Gerant quelconque.
15.7. Participation des obligataires
Si la Societe a emis des obligations, les obligataires ne seront pas convoques ni autorises a assister aux assemblies ginirales des associis.
PARTIE V. ANNEE SOCIALE ET REPARTITION DES BENEFICES
Article 16. Annie sociale
L'annie sociale de la Sociiti commencera le premier jour du mois de dicembre et s'achevera le dernier jour du mois de novembre de l'annie qui suit.
Article 17. Approbation des comptes annuels
A la fin de chaque annie sociale, les comptes seront arretis et le College dressera les comptes annuels de la Sociiti conformiment a la Loi et les soumettra au(x) commissaire(s) aux comptes pour rivision (le cas ichiant) et a I'assemblie ginirale des associis pour approbation.
Tout associi ou son mandataire pourra prendre connaissance des comptes annuels au siege social de la Sociiti conformiment aux dispositions de la Loi.
Article 18. Affectation des benefices
Cinq pourcent (5%) des binifices nets annuels de la Sociiti devront etre affectis a la riserve ligale, jusqu'a ce que cette riserve atteigne dix pourcent (10%) du capital social.
L'assemblie ginirale des associis dicidera de 1'affectation des binifices restants. Ces binifices pourront, totalement ou en partie, etre utilisis pour apurer des pertes, le cas ichiant, etre allouis en riserve, etre reportis sur le prochain exercice fiscal ou encore etre distribuis aux associis.
18
Article 19. Acomptes sur dividendes
Le College sera autorisi a accorder des acomptes sur dividendes conformiment a 1'Article 710-25 de la Loi.
PARTIE VI. DISSOLUTION ET LIQUIDATION
Article 20. Dissolution, liquidation
La Sociiti ne pourra pas etre dissoute pour cause de mort, de faillite, d'incapaciti ou d'ivenements similaires affectant un (1) ou plusieurs associis.
La Sociiti pourra etre dissoute conformiment a une dicision des associis, approuvie aux conditions de quorum et de majoriti requis par la Loi.
En cas de dissolution de la Sociiti, la liquidation s'effectuera par les soins d'un (1) ou de plusieurs liquidateurs (personnes physiques ou morales), nommis par l'assemblie ginirale des associis, qui diterminera leurs pouvoirs et leurs imoluments.
Apres paiement de toutes les dettes et charges de la Sociiti, toutes les taxes et frais de liquidation compris, I'actif net restant de la Sociiti sera riparti iquitablement entre tous les associis.
Si la Sociiti n'a qu'un (1) associi unique, elle pourra etre dissoute sans liquidation conformiment aux dispositions de I'Article 710-3 de la Loi et de 1'Article 1865bis, alinia 2 et seq. du Code civil luxembourgeois.
PARTIE VII. LOI APPLICABLE - DEFINITIONS
Article 21. Loi applicable
Toutes les matieres qui ne sont pas regies par les presents Statuts seront reglees conformement a la loi applicable, ainsi que tout accord conclu entre les associes et la Societe, le cas echeant, et qui pourront completer certaines dispositions des presents Statuts.
Article 22. Definitions
Les termes ci-dessous auront la definition suivante lorsqu'ils sont utilises dans les presentes:
Loi: la loi luxembourgeoise du 10 aout 1915 sur les societes commerciales telle que modifiee;
Statuts: les presents statuts de la Societe;
College: voir la definition a 1'Article 8 des presents Statuts;
President: voir la definition a 1'Article 9.2.1 des presents Statuts;
Gerant(s) de Categoric A: voir la definition a I'Article 8 des presents Statuts;
Gerant(s) de Categoric B: voir la definition a FArticle 8 des presents Statuts;
Societe: voir la definition a I'Article 1 des presents Statuts;
Gerant(s): voir la definition a I'Article 8 des presents Statuts; et
Secretaire: voir la definition a I'Article 9.2.1 des presents Statuts.
POUR STATUTS CONFORMES AU 08 OCTOBRE 2021.
19
Exhibit 4.2
HIGHLAND HOLDINGS S.À R.L., as the Company
OTIS WORLDWIDE CORPORATION, as the Guarantor
AND
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as the Trustee
Form of Indenture
Dated as of [ ], 2021
HIGHLAND HOLDINGS S.À R.L.
Reconciliation and tie between Trust Indenture Act
of 1939, as amended, and Indenture, dated as of [ ]
Trust Indenture
| Act Section | Indenture Section | |
| §310 | (a)(1) | 609 |
| (a)(2) | 609 | |
| (a)(3) | Not Applicable | |
| (a)(4) | Not Applicable | |
| (a)(5) | 608 | |
| (b) | 608, 610 | |
| §311 | (a) | 613 |
| (b) | 613 | |
| §312 | (a) | 701, 702(a) |
| (b) | 702 | |
| (c) | 702 | |
| §313 | (a) | 703(a) |
| (b) | 703(a) | |
| (c) | 703(a) | |
| (d) | 703(b) | |
| §314 | (a) | 704(a), 1004 |
| (b) | Not Applicable | |
| (c)(1) | 102 | |
| (c)(2) | 102 | |
| (c)(3) | Not Applicable | |
| (d) | Not Applicable | |
| (e) | 102 | |
| §315 | (a) | 601(a) |
| (b) | 602 | |
| (c) | 601(b) | |
| (d) | 601(c) | |
| (d)(1) | 601(a)(1) | |
| (d)(2) | 601(c)(2) | |
| (d)(3) | 601(c)(3) | |
| (e) | 514 | |
| §316 | (a)(1)(A) | 502, 512 |
| (a)(1)(B) | 513 | |
| (a)(2) | Not Applicable | |
| (b) | 508 | |
| (c) | 104(d) | |
| §317 | (a)(1) | 503 |
| (a)(2) | 504 | |
| (b) | 1003 | |
| §318 | (a) | 107 |
| Note: | This reconciliation and tie will not, for any purpose, be deemed to be a part of this Indenture. |
TABLE OF CONTENTS
Page
|
ARTICLE ONE
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION |
|
| SECTION 101. Definitions | 1 |
| SECTION 102. Compliance Certificates and Opinions | 13 |
| SECTION 103. Form of Documents Delivered to Trustee | 14 |
| SECTION 104. Acts of Holders | 15 |
| SECTION 105. Notices, Etc. to Trustee, the Company and the Guarantor | 16 |
| SECTION 106. Notice to Holders; Waiver | 16 |
| SECTION 107. Conflict with Trust Indenture Act | 17 |
| SECTION 108. Effect of Headings and Table of Contents | 17 |
| SECTION 109. Successors and Assigns | 17 |
| SECTION 110. Separability Clause | 17 |
| SECTION 111. Benefits of Indenture | 17 |
| SECTION 112. Governing Law | 17 |
| SECTION 113. Legal Holidays | 18 |
| SECTION 114. Immunity of Incorporators, Stockholders, Officers, Directors and Others | 18 |
| SECTION 115. Counterparts | 18 |
| SECTION 116. Submission to Jurisdiction | 18 |
| SECTION 117. Waiver of Jury Trial | 19 |
|
ARTICLE TWO
SECURITY FORMS |
|
| SECTION 201. Forms Generally | 19 |
| SECTION 202. Form of Trustee’s Certificate of Authentication | 20 |
| SECTION 203. Securities Issuable in Global Form | 20 |
|
ARTICLE THREE
THE SECURITIES |
|
| SECTION 301. Amount Unlimited; Issuable in Series | 20 |
| SECTION 302. Denominations | 24 |
| SECTION 303. Execution, Authentication, Delivery and Dating | 24 |
| SECTION 304. Temporary Securities | 26 |
| SECTION 305. Registration, Registration of Transfer and Exchange | 27 |
| SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities | 28 |
| SECTION 307. Payment of Interest; Interest Rights Preserved; Optional Interest Reset | 29 |
| SECTION 308. Optional Extension of Maturity | 31 |
-i-
| SECTION 309. Persons Deemed Owners | 32 |
| SECTION 310. Cancellation | 33 |
| SECTION 311. Computation of Interest | 33 |
| SECTION 312. Currency and Manner of Payments in Respect of Securities | 33 |
| SECTION 313. Appointment and Resignation of Successor Exchange Rate Agent | 36 |
| SECTION 314. CUSIP Numbers | 37 |
|
ARTICLE FOUR
SATISFACTION AND DISCHARGE |
|
| SECTION 401. Satisfaction and Discharge of Indenture | 37 |
| SECTION 402. Application of Trust Money | 39 |
|
ARTICLE FIVE
REMEDIES |
|
| SECTION 501. Events of Default | 39 |
| SECTION 502. Acceleration of Maturity; Rescission and Annulment | 41 |
| SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee | 42 |
| SECTION 504. Trustee May File Proofs of Claim | 43 |
| SECTION 505. Trustee May Enforce Claims Without Possession of Securities | 43 |
| SECTION 506. Application of Money Collected | 43 |
| SECTION 507. Limitation on Suits | 44 |
| SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and Interest | 45 |
| SECTION 509. Restoration of Rights and Remedies | 45 |
| SECTION 510. Rights and Remedies Cumulative | 45 |
| SECTION 511. Delay or Omission Not Waiver | 45 |
| SECTION 512. Control by Holders | 46 |
| SECTION 513. Waiver of Past Defaults | 46 |
| SECTION 514. Undertaking for Costs | 46 |
| SECTION 515. Waiver of Stay or Extension Laws | 47 |
|
ARTICLE SIX
THE TRUSTEE |
|
| SECTION 601. Certain Duties and Responsibilities | 47 |
| SECTION 602. Notice of Defaults | 48 |
| SECTION 603. Certain Rights of Trustee | 48 |
| SECTION 604. Trustee Not Responsible for Recitals or Issuance of Securities | 50 |
| SECTION 605. May Hold Securities | 50 |
| SECTION 606. Money Held in Trust | 50 |
| SECTION 607. Compensation and Reimbursement | 50 |
| SECTION 608. Disqualification; Conflicting Interests | 51 |
-ii-
| SECTION 609. Corporate Trustee Required; Eligibility | 51 |
| SECTION 610. Resignation and Removal; Appointment of Successor | 51 |
| SECTION 611. Acceptance of Appointment by Successor | 53 |
| SECTION 612. Merger, Conversion, Consolidation or Succession to Business | 54 |
| SECTION 613. Preferential Collection of Claims Against Company | 54 |
| SECTION 614. Appointment of Authenticating Agent | 54 |
|
ARTICLE SEVEN
HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY |
|
| SECTION 701. Company to Furnish Trustee Names and Addresses of Holders | 56 |
| SECTION 702. Preservation of Information; Communications to Holders | 56 |
| SECTION 703. Reports by Trustee | 56 |
| SECTION 704. Reports by the Guarantor | 57 |
|
ARTICLE EIGHT
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE |
|
| SECTION 801. Company May Consolidate, Etc., Only on Certain Terms | 57 |
| SECTION 802. Successor Person Substituted | 58 |
|
ARTICLE NINE
SUPPLEMENTAL INDENTURES |
|
| SECTION 901. Supplemental Indentures Without Consent of Holders | 59 |
| SECTION 902. Supplemental Indentures with Consent of Holders | 60 |
| SECTION 903. Execution of Supplemental Indentures | 61 |
| SECTION 904. Effect of Supplemental Indentures | 61 |
| SECTION 905. Conformity with Trust Indenture Act | 62 |
| SECTION 906. Reference in Securities to Supplemental Indentures | 62 |
| SECTION 907. Waiver of Compliance by Holders | 62 |
|
ARTICLE TEN
COVENANTS |
|
| SECTION 1001. Payment of Principal, Premium and Interest | 62 |
| SECTION 1002. Maintenance of Office or Agency | 62 |
| SECTION 1003. Money for Securities Payments to Be Held in Trust | 63 |
| SECTION 1004. Statement as to Compliance | 64 |
| SECTION 1005. Existence | 64 |
| SECTION 1006. Limitation upon Liens | 65 |
| SECTION 1007. Limitations upon Sales and Leasebacks | 68 |
| SECTION 1008. Waiver of Certain Covenants | 69 |
| SECTION 1009. Offer to
Purchase Upon Change of Control Triggering Event |
69 |
| SECTION 1010. Foreign Account Tax Compliance Act (FATCA) | 71 |
-iii-
|
ARTICLE ELEVEN
REDEMPTION OF SECURITIES |
|
| SECTION 1101. Applicability of Article | 71 |
| SECTION 1102. Election to Redeem; Notice to Trustee | 71 |
| SECTION 1103. Selection by Trustee of Securities to Be Redeemed | 71 |
| SECTION 1104. Notice of Redemption | 72 |
| SECTION 1105. Deposit of Redemption Price | 73 |
| SECTION 1106. Securities Payable on Redemption Date | 73 |
| SECTION 1107. Securities Redeemed in Part | 73 |
|
ARTICLE TWELVE
SINKING FUNDS |
|
| SECTION 1201. Applicability of Article | 74 |
| SECTION 1202. Satisfaction of Sinking Fund Payments with Securities | 74 |
| SECTION 1203. Redemption of Securities for Sinking Fund | 74 |
|
ARTICLE THIRTEEN
REPAYMENT AT OPTION OF HOLDERS |
|
| SECTION 1301. Applicability of Article | 75 |
| SECTION 1302. Repayment of Securities | 76 |
| SECTION 1303. Exercise of Option | 76 |
| SECTION 1304. When Securities Presented for Repayment Become Due and Payable | 76 |
| SECTION 1305. Securities Repaid in Part | 76 |
|
ARTICLE FOURTEEN
DEFEASANCE AND COVENANT DEFEASANCE |
|
| SECTION 1401. Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance | 77 |
| SECTION 1402. Defeasance | 77 |
| SECTION 1403. Covenant Defeasance | 78 |
| SECTION 1404. Conditions to Defeasance or Covenant Defeasance | 78 |
| SECTION 1405. Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions | 79 |
|
ARTICLE FIFTEEN
GUARANTEE |
|
| SECTION 1501. Guarantee | 80 |
| SECTION 1502. Assumption by Guarantor | 82 |
[The remainder of this page is intentionally left blank]
iv
FORM OF INDENTURE, dated as of [ ], among HIGHLAND HOLDINGS S.À R.L., a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of Grand Duchy of Luxembourg (“Luxembourg”), having its registered office at 6, rue Jean Monnet, L-2180 Luxembourg, and registered with Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg) under number B237108 (herein called the “Company”), OTIS WORLDWIDE CORPORATION, a Delaware corporation (herein called the “Guarantor”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee (herein called the “Trustee”).
RECITALS OF THE COMPANY
The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be fully and unconditionally guaranteed by the Guarantor and to be issued in one or more series as provided in this Indenture.
All things necessary to make this Indenture a valid agreement of the Company and the Guarantor, in accordance with its terms, have been done.
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows:
ARTICLE One
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
Section 101. Definitions. For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:
(1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;
(2) to the extent that the Trust Indenture Act applies to this Indenture or any Securities, all other terms used herein that are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;
(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder will mean such accounting principles as are generally accepted in the United States of America at the date of such computation;
(4) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and
(5) any reference to an “Article,” a “Section” or a “subsection” refers to an Article, Section or subsection, as the case may be, of this Indenture.
“Act,” when used with respect to any Holder, has the meaning specified in Section 104(a).
“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
“Attributable Debt” means, as to any particular lease under which any Person is at the time liable for a term of more than 12 months, at any date as of which the amount thereof is to be determined, the total net amount of rent required to be paid by such Person under such lease during the remaining term thereof (excluding any subsequent renewal or other extension options held by the lessee), discounted from the respective due dates thereof to such date at the rate of 15% per annum, compounded monthly. The net amount of rent required to be paid under any such lease for any such period shall be the aggregate amount of the rent payable by the lessee with respect to such period after excluding amounts required to be paid on account of maintenance and repairs, services, insurance, taxes, assessments, water rates and similar charges and contingent rents (such as those based on sales). In the case of any lease which is terminable by the lessee upon the payment of a penalty in an amount which is less than the total discounted net amount of rent required to be paid from the later of the first date upon which such lease may be so terminated or the date of the determination of such net amount of rent, as the case may be, such net amount shall also include the amount of such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated.
“Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities.
“Board of Directors” means the board of directors or the board of managers (“gérants”) of the Company or the Guarantor, as applicable, or any duly authorized committee of that board of directors. Unless stated otherwise or the context indicates otherwise, this term will refer to the Board of Directors of the Company.
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company or the Guarantor, as applicable, to have been duly adopted by the Board of Directors, or officers of the Company or the Guarantor, respectively, to which authority to act on behalf of the applicable Board of Directors has been delegated, and to be in full force and effect on the date of such certification, and delivered to the Trustee. Unless stated otherwise or the context indicates otherwise, this term will refer to a Board Resolution of the Company.
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“Business Day,” when used in respect of any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means, unless otherwise specified with respect to any Securities pursuant to Section 301, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in that Place of Payment or other location are authorized or obligated by law or executive order to close.
“Change of Control” means the occurrence of any of the following after the date of issuance of the Securities of the applicable series:
(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Guarantor and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) other than to the Guarantor or one of its Subsidiaries, and other than any such transaction or series of related transactions in which the holders of the Guarantor’s Voting Stock outstanding immediately prior thereto hold Voting Stock of the transferee person representing a majority of the voting power of the transferee person’s Voting Stock immediately after giving effect thereto;
(2) the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) (other than the Guarantor or one of its Subsidiaries) becomes the “beneficial owner” (as defined in Rule 13d-3 and Rule 13d-5 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of the Guarantor’s Voting Stock representing a majority of the voting power of the Guarantor’s outstanding Voting Stock;
(3) the Guarantor consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Guarantor, in any such event pursuant to a transaction in which any of the Guarantor’s outstanding Voting Stock is converted into or exchanged for cash, securities or other property, other than any such transaction where the Guarantor’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, Voting Stock representing a majority of the voting power of the Voting Stock of the surviving person (or its parent) immediately after giving effect to such transaction; or
(4) the adoption by the Guarantor’s shareholders of a plan relating to the Guarantor’s liquidation or dissolution.
Notwithstanding the foregoing, a transaction will not be deemed to involve a change of control under clause (2) above if (i) the Guarantor becomes a direct or indirect wholly-owned subsidiary of a holding company or other person and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company or other person immediately following that transaction are substantially the same as the holders of the Guarantor’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) (other than a holding company or other person satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company or other person.
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“Change of Control Triggering Event” means, with respect to the applicable series of Securities, the Securities of such series cease to be rated Investment Grade by each of the Rating Agencies on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by the Guarantor of any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings downgrade or withdrawal). However, a Change of Control Triggering Event otherwise arising by virtue of a particular reduction in, or withdrawal of, rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Change of Control Triggering Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in, or withdrawal of, rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the Guarantor’s request that the reduction or withdrawal was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Change of Control Triggering Event). If a Rating Agency is not providing a rating for the Securities at the commencement of any Trigger Period, the Securities will be deemed to have ceased to be rated Investment Grade by such Rating Agency during that Trigger Period.
Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.
“Clearstream” means Clearstream Banking S.A, société anonyme, or its successor to its securities clearance and settlement operations.
“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.
“Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” will mean such successor Person.
“Company Request” or “Company Order” means a written request or order signed in the name of the Company by its Chairman, Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Secretary, Assistant Secretary, any Manager, any Vice President, its Treasurer, an Assistant Treasurer, its Controller or any other officer authorized by any of the foregoing to sign such request or order, and delivered to the Trustee.
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“Component Currency” has the meaning specified in Section 312(h).
“Consolidated Net Total Assets” means the total amount of assets of the Guarantor and its consolidated Subsidiaries (less applicable reserves and other properly deductible items) after deducting therefrom all current liabilities (excluding any thereof that are by their terms extendible or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed), all as set forth on the most recent consolidated balance sheet of the Guarantor and its consolidated Subsidiaries and computed in accordance with generally accepted accounting principles (which calculation shall give pro forma effect to any Material Acquisition or Material Disposition consummated by the Guarantor or its consolidated Subsidiaries since the date of such balance sheet and on or prior to the date of determination, as if such Material Acquisition or Material Disposition had occurred on the date of such consolidated balance sheet).
“Conversion Date” has the meaning specified in Section 312(d).
“Conversion Event” means either (a) the cessation of use of (i) a Foreign Currency by the government of the country that issued such currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii) the Euro both within the European Monetary Union and for the settlement of transactions by public institutions of or within the European Union or (iii) any currency unit (or composite currency) for the purposes for which it was established or (b) any Foreign Currency is not available to the Company or the Guarantor for making payment hereunder due to the imposition of exchange controls or other circumstances beyond the control of the Company or the Guarantor.
“Corporate Trust Office” means the principal corporate trust office of the Trustee, at which at any particular time its corporate trust business will be administered, which, at the date hereof is 500 Ross Street, 12th floor, Pittsburgh, Pennsylvania 15262.
“Covenant defeasance” has the meaning specified in Section 1403.
“Debt” means notes, bonds, debentures or other similar evidences of indebtedness for borrowed money.
“Defaulted Interest” has the meaning specified in Section 307(a).
“Defeasance” has the meaning specified in Section 1402.
“Depositary” means, with respect to the Securities of any series issuable or issued in whole or in part in global form, the Person designated as depositary (including as common depositary, if applicable) by the Company pursuant to Section 301(19), unless and until a successor depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” will mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of any such series will mean, the “Depositary” with respect to the Securities of that series.
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“Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time will be legal tender for the payment of public and private debts.
“Dollar Equivalent of the Currency Unit” has the meaning specified in Section 312(g).
“Dollar Equivalent of the Foreign Currency” has the meaning specified in Section 312(f).
“DTC” means The Depository Trust Company, its nominees and their respective successors.
“Election Date” has the meaning specified in Section 312(h).
“Electronic Means” shall mean the following communications methods:
e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in
connection with its services hereunder.
“Euro” or “€” means the single currency of the participating member states of the European Union.
“Euroclear” means Euroclear Bank S.A./N.V., a company organized under the laws of Belgium, as operator of the Euroclear System, or its successor in such capacity.
“European Monetary Union” means the Economic and Monetary Union established by the Single European Act and the Treaty on European Union.
“Event of Default” has the meaning specified in Section 501.
“Exchange Rate Agent,” with respect to Securities of or within any series, means, unless otherwise specified with respect to any Securities pursuant to Section 301, a Person designated pursuant to Section 301 or Section 313.
“Exchange Rate Officer’s Certificate” means a certificate setting forth (i) the applicable Market Exchange Rate and (ii) the Dollar or Foreign Currency amounts of principal (and premium, if any) and interest, if any (on an aggregate basis and on the basis of a Security having the lowest denomination principal amount determined in accordance with Section 302 in the relevant currency or currency unit), payable with respect to a Security of any series on the basis of such Market Exchange Rate, signed by the Chief Financial Officer, Chief Accounting Officer, Treasurer, Controller, any Vice President or any Assistant Treasurer of the Company.
“Extension Notice” has the meaning specified in Section 308.
“Extension Period” has the meaning specified in Section 308.
“Foreign Currency” means any currency, composite currency or currency unit, including, without limitation, the Euro, issued by the government of one or more countries other than the United States or by any recognized confederation, union or association of such governments.
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“Government Obligations” means securities that are (i) direct obligations of the government that issued the currency in which the Securities of a particular series are payable or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the government or entity that issued the currency in which the Securities of such series are payable, the payment of which is unconditionally guaranteed by such government, which, in either case, are full faith and credit obligations of the government payable in such currency and are not callable or redeemable at the option of the issuer thereof and will also include a depositary receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depositary receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest or principal of the Government Obligation evidenced by such depositary receipt.
“Guarantee” means the guarantee by the Guarantor of the Company’s obligations under any Security of any applicable series under this Indenture.
“Guaranteed Obligations” has the meaning specified in Section 1501(1).
“Guarantor” means the Person named as the “Guarantor” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” will mean such successor Person.
“Holder” means a Person in whose name a Security is registered in the Security Register.
“Indenture” means this instrument as it may from time to time be supplemented or amended by one or more supplemental indentures entered into pursuant to the applicable provisions hereof. The term “Indenture” will also include the terms of particular series of Securities established as contemplated by Section 301.
“Indexed Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof at original issuance.
“Industrial Development Bonds” means obligations issued by a State, a Commonwealth, a Territory or a possession of the United States of America, or any political subdivision of any of the foregoing, or the District of Columbia, the interest on which is excludable from gross income of the holders thereof pursuant to the provisions of Section 103(a) of the Internal Revenue Code of 1986, as amended (or any similar provision), as in effect at the time of the issuance of such obligations.
“Interest,” when used with respect to an Original Issue Discount Security that by its terms bears interest only after Maturity, means interest payable after Maturity at the rate prescribed in such Original Issue Discount Security.
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“Interest Payment Date,” when used with respect to any Security, means the date specified in such Securities as the fixed date on which an installment of interest is due and payable.
“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of BBB– or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Guarantor under the circumstances permitting the Guarantor to select a replacement rating agency and in the manner for selecting a replacement rating agency, in each case as set forth in the definition of “Rating Agency”).
“Lien” means any pledge, mortgage, lien, encumbrance and security interest.
“Mandatory sinking fund payment” has the meaning specified in Section 1201.
“Market Exchange Rate” means, unless otherwise specified with respect to any Securities pursuant to Section 301, (i) for any conversion involving a currency unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency unit and Dollars or such Foreign Currency calculated by the method specified pursuant to Section 301 for the Securities of the relevant series, (ii) for any conversion of Dollars into any Foreign Currency, the noon (New York City time) buying rate for such Foreign Currency for cable transfers quoted in New York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii) for any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market at which, in accordance with normal banking procedures, the Dollars or Foreign Currency into which conversion is being made could be purchased with the Foreign Currency from which conversion is being made from major banks located in either New York City, London or any other principal market for Dollars or such purchased Foreign Currency, in each case determined by the Exchange Rate Agent. Unless otherwise specified with respect to any Securities pursuant to Section 301, in the event of the unavailability of any of the exchange rates provided for in the foregoing clauses (i), (ii) and (iii), the Exchange Rate Agent shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New York City, London or other principal market for such currency or currency unit in question, or such other quotations as the Exchange Rate Agent will deem appropriate. Unless otherwise specified by the Exchange Rate Agent, if there is more than one market for dealing in any currency or currency unit by reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency or currency unit will be that upon which a nonresident issuer of securities designated in such currency or currency unit would purchase such currency or currency unit in order to make payments in respect of such securities.
“Material Acquisition” means any acquisition by the Guarantor or any of its Subsidiaries of (a) equity interests in any Person if, after giving effect thereto, such Person will become a Subsidiary of the Guarantor or (b) assets comprising all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of) any Person (in the case of clauses (a) and (b), including as a result of a merger or consolidation); provided that, in the case of clauses (a) and (b), the aggregate consideration therefor exceeds $50,000,000.
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“Material Disposition” means any sale, transfer or other disposition by the Guarantor or any of its Subsidiaries of (a) all or substantially all the issued and outstanding equity interests in any Person that are owned by the Guarantor or any of its Subsidiaries or (b) assets comprising all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of) any Person; provided that, in the case of clauses (a) and (b), such sale, transfer or other disposition yields net proceeds to the Guarantor or any of its Subsidiaries in excess of $50,000,000.
“Maturity” means the date on which the principal (or premium, if any) of such Security or an installment of principal becomes due and payable as provided by this Indenture or the Securities, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.
“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.
“Officer’s Certificate” means a certificate signed by the Chairman, Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, the President or a Vice President, the Treasurer, the Controller, the Secretary, the Assistant Secretary or any officer authorized by any of the foregoing to sign such certificate, and delivered to the Trustee. Unless stated otherwise or the context indicates otherwise, this term will refer to an Officer’s Certificate of the Company.
“Opinion of Counsel” means a written opinion of counsel, which may be an employee of or counsel for the Guarantor, any Subsidiary of the Guarantor, including the Company, or any Person of which the Guarantor or the Company is a Subsidiary, and who will be reasonably acceptable to the Trustee. Unless stated otherwise or the context indicates otherwise, this term will refer to an Opinion of Counsel for the Company.