Purchase Option Agreement购买选择权协议

-18-PurchaseOptionAgreement购买选择权协议核心提示：ThisPURCHASEOPTIONAGREEMENT(thisAgreement)datedasof_________,_________,_________(M/D/Y)isbyandamongAAA,Inc.,a_________(state)corporation(theGrantee),BBBCo.LLC,a_________(state)limitedliabilitycompany(theCompany),GGG,aThisPURCHASEOPTIONAGREEMENT(thisAgreement)datedasof_________,_________,_________(M/D/Y)isbyandamongAAA,Inc.,a_________(state)corporation(theGrantee),BBBCo.LLC,a_________(state)limitedliabilitycompany(theCompany),GGG,a_________(state)corporation(GGG),CCCCorp.,an_________(state)corporation(CCCand,togetherwithGrantee,theCCCParties),DDDHoldings,Inc.,a_________(state)corporation(DDDHoldings),andDDDInc.,an_________(state)corporation(DDDand,togetherwithDDDHoldings,GrantorortheDDDParties).RECITALSA.MergerAgreement.ConcurrentlywiththeexecutionofthisAgreement,DDD,EEE,Inc.,a_________(state)corporation,FFF,Inc.,an_________(state)corporation,GGG,Inc.,an_________(state)corporation,andCCCenteredintoanAgreementandPlanofMerger(theMergerAgreement).B.EquityInterest.TheCompanyowns100%ofthecapitalstockofGGGHoldingCompany,Inc.,a_________(state)corporation(GGGHolding).GGGHoldingowns100%ofthecommonstock,parvalue$,_________pershare,ofGGG.Granteeisthesolememberof,andownsallofthemembershipinterestsin,theCompany.NOWTHEREFORE,inconsiderationofthemutualagreementshereincontainedandothergoodandvaluableconsideration,thesufficiencyofwhichisherebyacknowledged,thepartiesherebyagreeasfollows:1.CapitalizedTerms.ThosecapitalizedtermsusedinthisAgreementthatarenotdefinedinthisAgreementaredefinedinAnnexAheretoandareusedhereinwiththemeaningsascribedtothemtherein.2.PurchaseOption.2.1.GrantofPurchaseOption.Subjecttothetermsandconditionssetforthherein,(a)DDDHoldingsherebygrantstotheGranteeanirrevocableoptiontopurchaseall,butnotlessthanall,oftheoutstandingmembershipinterestsintheCompany(theOptionInterests)and(b)DDDherebygrantstotheGranteeanirrevocableoptiontopurchaseall,butnotlessthanall,oftheoutstandingsharesofSeriesAPreferredStock(thePreferredShares).TheoptionsofDDDandDDDHoldingsarecollectivelyreferredtohereinasthePurchaseOption.ThePurchaseOptionmustbeexercisedforalltheOptionInterestsandallthePreferredSharessimultaneously.2.2.OptionTerm.ThePurchaseOptionshallbeexercisable(a)untilthelaterof(i)180daysafterthedatehereofand(ii)90daysafteraClosingundertheOptionAgreementuponanexercisepursuanttoSectionthereofor(b)until90daysafteraClosingundertheOptionAgreementpursuanttoSection,orthereof(theOptionTerm).IfthePurchaseOptionhasnotbeenexercisedpriortotheexpirationoftheOptionTerm,thentherightsandobligationssetforthinthisAgreementshallexpireandterminate.2.3.ExercisePriceofPurchaseOption.(a)TheexercisepriceofthePurchaseOptionfortheOptionInterests(theOptionInterestsExercisePrice)shallbethetotalsumof(i)$24million,plus(ii)$950million,minus(iii)theaggregateamountofoutstandingprincipalindebtednessundertheBankCreditFacilityandtheSeniorNotesandanyPermittedRefinancingDebtrelatedtheretoontheClosingDate,plus(iv)thepositiveornegativechangeinWorkingCapitalcalculatedfromtheClosingDateoftheOptionAgreementtotheEstimatedWorkingCapitalbasedonthedefinitionofWorkingCapitalprovidedinthisAgreement,minus(v)anyincreaseinlong-termdebt(otherthanDebtreferredtoin(iii)above)betweentheclosingundertheOptionAgreementandtheClosingunderthisAgreement,plus(vi)anydecreaseinlong-termDebt(otherthanDebtreferredtoin(iii)above)betweentheclosingundertheOptionAgreementandtheClosingunderthisAgreement,plus(vii)anyaccruedbutunpaiddividendsontheSeriesAPreferredStockasoftheClosingundertheOptionAgreement.(b)TheexercisepriceofthePurchaseOptionforallthesharesoftheSeriesAPreferredStock(theSeriesAExercisePrice)shallbe$1.5billion.2.4.WorkingCapitalAdjustment.2.4.1.CalculationofFinalWorkingCapital.Within30daysofClosing,GranteeshallprepareanddelivertoGrantorastatement(theFinalWorkingCapitalStatement)settingforththeamountofFinalWorkingCapital.Grantorshallhave30daystoreviewtheFinalWorkingCapitalStatementandsupportingdocumentationandshallhavereasonableaccesstothebooks,recordsandpersonnelofGranteeandGGGforpurposesofverifyingtheaccuracyofthecalculationofFinalWorkingCapital.Grantee’scalculationofFinalWorkingCapitalshallbedeemedfinalandbindingunlessGrantorraisesanobjectioninwritingwithin30daysofitsreceiptthereof,specifyinginreasonabledetailthenatureandextentofsuchobjection.IfGrantorraisesanobjectiontothecalculationofFinalWorkingCapitalwithinsuch30-dayperiod,andifGrantorandGranteeareunabletoresolvesuchobjectionwithin30daysofthedateGranteereceivessuchobjection,thenthedisputedmattershallbesubmittedfordeterminationtoanaccountingfirmofnationalreputationmutuallyagreeabletoGrantorandGrantee.Thedeterminationofsuchaccountingfirmshallbefinalandbindingforallpurposes.ThefeesandexpensesofsuchaccountingfirmshallbeborneequallybyGrantorandGrantee.2.4.2.SettlementofWorkingCapitalAdjustment.IfFinalWorkingCapitalexceedsEstimatedWorkingCapital,thenGranteewillpayGrantortheamountofsuchexcess.IfFinalWorkingCapitalislessthanEstimatedWorkingCapital,thenGrantorwillpayGranteetheamountofsuchshortfall.Anysuchpaymentswillbemadewithinfive(5)BusinessDaysofthedeterminationoftheadjustmentbywiretransferofimmediatelyavailablefunds.3.ExerciseofPurchaseOption;Conditions;Closing.3.1.Notice;ClosingLocation.IftheGranteewishestoexercisethePurchaseOption,itshallsendawrittennotice(anExerciseNotice)(thedateofwhichbeinghereinreferredtoastheNoticeDate)totheGrantorspecifyingadate(asitmaybeextendedfromtimetotime,theClosingDate)notearlierthanthree(3)BusinessDaysnorlaterthanten(10)BusinessDaysfromtheNoticeDatefortheclosingofthepurchaseandsalepursuanttothePurchaseOption(theClosing).TheClosingwilltakeplaceattheofficesofFFFL.L.P.,_________(ADDRESS).3.2.Extension.IftheClosingcannotbeeffectedbyreasonoftheapplicationofanyLaw,RegulationorOrder,theClosingDateshallbeextendedtothetenthBusinessDayfollowingtheexpirationorterminationoftherestrictionimposedbysuchLaw,RegulationorOrder.Withoutlimitingtheforegoing,ifpriornotificationto,orAuthorizationof,anyGovernmentalAgencyisrequiredinconnectionwiththepurchaseoftheOptionInterestsorthePreferredSharesbyvirtueoftheapplicationofsuchLaw,RegulationorOrder,theGranteeand,ifapplicable,theGrantorandtheCompanyshallpromptlyfiletherequirednoticeorapplicationforAuthorizationandtheGrantee,withthecooperationoftheGrantorandtheCompany,shallexpeditiouslyprocessthesame.3.3.ConditionstoClosing.ItshallbeaconditiontoClosingthat:3.3.1.HSRClearance.ThepartiesshallhaveobtainedclearanceundertheHSRAct,ifrequiredbyLaw,toproceedwiththetransactionscontemplatedhereby.3.3.2.ReleaseofGuarantees.UnlesswaivedbyDDD,itshallbeaconditiontoClosingthat(a)eitheranyguarantybyDDDoranySubsidiaryofDDD(otherthantheCompanyandGGGHolding)ofGGG’sindebtednessundertheBankCreditFacilitybereleasedorallindebtednessundertheBankCreditFacilityberepaideffectiveasoftheClosingand(b)anyguarantybyDDDoranySubsidiaryofDDD(otherthanGGGHolding)oftheCompany’sindebtednesstoGGGbereleasedeffectiveasoftheClosing.3.3.3.Officer’sCertificate.AttheClosing,DDDwilldeliveranOfficer’sCertificatetotheeffectthattheDDDPartieshavethepowertoconveytheOptionInterestsandtheSeriesAStockandsettingforththecapitalizationoftheCompany,GGGHoldingandGGG,andthatfromtheClosingundertheOptionAgreementthroughtheClosinghereunder,GrantorshaveoperatedGGGincompliancewiththeaffirmativecovenantssetforthinSection4.3hereof.3.3.4.NoViolationofLaw[Grantee].UnlesswaivedbyGrantee,theClosingshallnotviolateanyLaw,RegulationorOrderapplicabletoGranteeoranyofitsAffiliates.3.3.5.NoViolationofLaw[Grantor].UnlesswaivedbyGrantor,theClosingshallnotviolateanyLaw,RegulationorOrderapplicabletoGrantororanyofitsAffiliates.3.3.6.AccuracyofCCCandGrantee’sRepresentationsandWarranties.UnlesswaivedbyGrantor,therepresentationsandwarrantiessetforthinSection5.1aretrueandcorrectasoftheClosingDate.3.3.7.AccuracyofDDDParties’RepresentationsandWarranties.UnlesswaivedbyGrantee,therepresentationsandwarrantiessetforthinSection5.2aretrueandcorrectasoftheClosingDate.3.4.PaymentandDeliveryofCertificates.3.4.1.Payment.AttheClosing,theGranteeshallpaytheOptionInterestsExercisePricetoDDDHoldingsandtheSeriesAExercisePricetoDDDinimmediatelyavailablefundsbywiretransfertoabankaccountdesignatedbytheapplicableGrantor.3.4.2.Delivery.AttheClosing,simultaneouslywiththedeliveryofimmediatelyavailablefundsasprovidedabove,DDDHoldingsshalldelivertotheGranteeacertificateorcertificatesrepresentingtheOptionInterestsandDDDshalldelivertoGranteeacertificateorcertificatesrepresentingthePreferredShares,whichOptionInterestsandPreferredSharesshallbedulyauthorized,validlyissued,fullypaidandnonassessableandfreeandclearofallLiens,andtheGranteeshalldelivertoDDDHoldingsitswrittenagreementthattheGranteewillnotoffertosellorotherwisedisposeofsuchOptionInterestsorPreferredSharesinviolationofapplicableLaw.3.5.Certificates.(a)CertificatesfortheOptionInterestsdeliveredattheClosingshallbeendorsedwitharestrictivelegendthatshallreadsubstantiallyasfollows:THETRANSFEROFTHESECURITIESREPRESENTEDBYTHISCERTIFICATEISSUBJECTTORESTRICTIONSARISINGUNDERTHESECURITIESACTOF1933,ASAMENDED,ANDAPPLICABLESTATESECURITIESLAWSANDPURSUANTTOTHETERMSOFANOPTIONAGREEMENTDATEDASOF_________,_________,_________(M/D/Y)ANDAPURCHASEOPTIONAGREEMENTDATEDASOF_________,_________,_________(M/D/Y).ACOPYOFSUCHAGREEMENTSWILLBEPROVIDEDTOTHEHOLDERHEREOFWITHOUTCHARGEUPONRECEIPTBYTHECOMPANYOFAWRITTENREQUESTTHEREFOR.(b)CertificatesforthePreferredSharesdeliveredattheClosingshallbeendorsedwitharestrictivelegendthatshallreadsubstantiallyasfollows:THETRANSFEROFTHESECURITIESREPRESENTEDBYTHISCERTIFICATEISSUBJECTTORESTRICTIONSARISINGUNDERTHESECURITIESACTOF1933,ASAMENDED,ANDAPPLICABLESTATESECURITIESLAWSANDPURSUANTTOTHETERMSOFAPURCHASEOPTIONAGREEMENTDATEDASOF_________,_________,_________(M/D/Y).ACOPYOFSUCHAGREEMENTWILLBEPROVIDEDTOTHEHOLDERHEREOFWITHOUTCHARGEUPONRECEIPTBYTHECOMPANYOFAWRITTENREQUESTTHEREFOR.3.6.UnlegendedCertificates.AnewcertificateorcertificatesevidencingtheOptionInterestsandthePreferredShareswillbeissuedtotheGranteeinlieuofthecertificatebearingtheabovelegend,andsuchnewcertificateshallnotbearsuchlegend,insofarasitappliestotheSecuritiesAct,iftheGranteeshallhavedeliveredtotheCompanyacopyofaletterfromthestaffoftheSEC,oranopinionofcounselinformandsubstancereasonablysatisfactorytotheCompanyanditscounsel,totheeffectthatsuchlegendisnotrequiredforpurposesoftheSecuritiesAct.4.Covenants.4.1.Maintenanceof100%ownershipofOptionInterestsandPreferredShares;noLiens.TheGrantorsherebycovenantthat,fromtheClosingDateundertheOptionAgreementthroughtheendofthePurchaseOptionTerm,DDDHoldingswillmaintainownershipof100%ofthemembershipinterestsoftheCompany,theCompanywillmaintainownershipof100%ofthecapitalstockofGGGHolding,andGGGHoldingwillmaintainownershipof100%ofthecommonstockofGGG.TheGrantorsherebycovenantnottoissueanyequityinterestoranyoptionstopurchase,oranyrightsorwarrantstosubscribefor,oranysecuritiesorobligationsconvertibleinto,oranycontractsorcommitmentstoissueorsell,anyequityinterestintheCompany,GGGHoldingorGGGtoanyentityotherthanGrantorfromthedatehereofthroughtheearlierofClosingDateortheexpirationoftheOptionTerm.Grantors,CCC,theCompany,GGGHolding,andGGGwillnot,directlyorindirectly,offerforsale,contracttosell,sell,distribute,grantanyoption,rightorwarranttopurchase,sufferanyLiensupon,pledge,hypothecateorotherwisedisposeofanyequityinterestintheCompany,GGGHoldingorGGG,anysecuritiesconvertibleinto,orexercisableorexchangeablefor,anequityinterestintheCompany,GGGHoldingorGGG,oranyotherrightstoacquireanequityinterestintheCompany,GGGHoldingorGGG,exceptforLiens,pledgesandhypothecationsintheequityinterestofGGGtosecureDebt.4.2.ReleaseofGuaranty.AfterreceiptofthePurchaseOptionExerciseNotice,andpriortotheClosingDate,GranteeagreestouseitsreasonablecommercialbesteffortstocausethereleaseofDDD’sguarantee,ifany,undertheBankCreditFacility,including,ifrequired,thesubstitutionofCCCoranAffiliateofCCCastheguarantorthereunder.4.3.AffirmativeCovenantsRelatedtoGGG.DDDandtheCompanycovenantthatduringthePurchaseOptionTerm,oriftheOptionsgrantedhereunderareexercised,untiltheClosingDate,theywillcauseGGGto:4.3.1.causeallpropertiesownedbyGGGorusedorheldforuseintheconductofitsbusinesstobemaintainedandkeptingoodcondition,repairandworkingorder(reasonablewearandtearexcepted)andsuppliedwithallnecessaryequipmentandwillcausetobemadeallnecessaryrepairs,renewals,replacements,bettermentsandimprovementsthereof,allasinthejudgmentoftheBoardofDirectorsmaybenecessarysothatthebusinesscarriedoninconnectiontherewithmaybeproperlyandadvantageouslyconductedatalltimes;provided,thattheforegoingshallnotpreventGGGfromdiscontinuingthemaintenanceofanyofsuchpropertiesifsuchdiscontinuanceis,inthejudgmentofthemanagementofGGG,desirableintheconductofitsbusiness;4.3.2.preserveandkeepinfullforceandeffectthecorporateexistence,rights(charterandstatutory),licensesandfranchisesofGGG;provided,thatGGGshallnotberequiredtopreserveanysuchright,licenseorfranchiseiftheBoardofDirectorsshalldeterminethatthepreservationthereofisnolongerdesirableintheconductofthebusinessofGGGasawhole;4.3.3.maintainthebooks,accountsandrecordsofGGGinaccordancewithGAAP;4.3.4.complywithallmateriallegalrequirementsandmaterialcontractualobligationsapplicabletotheoperationsandbusinessofGGGandpayallapplicabletaxesastheybecomedueandpayable;and4.3.5.permitrepresentativesoftheGranteeanditsagents(includingtheircounsel,accountantsandconsultants)tohavereasonableaccessduringbusinesshourstoGGG’sbooks,records,facilities,keypersonnel,officers,directors,customers,independentaccountantsandlegalcounseltotheextentthatsuchaccessisnotprohibitedbyFERCmarketingaffiliaterules.4.4.Negati