LIMITED LIABILITY PARTNERSHIP
AGREEMENT
Dated as of December 28,
2003
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
|
|
|
|
|
FORMATION
|
|
|
1
|
|
|
|
|
Formation and
Name of Partnership
|
|
|
1
|
|
|
|
|
Purpose and
Powers
|
|
|
1
|
|
|
|
|
Term
|
|
|
1
|
|
|
|
|
Registered
Office and Resident Agent
|
|
|
1
|
|
|
|
|
PARTNERSHIP
INTERESTS
|
|
|
2
|
|
|
|
|
Classes
|
|
|
2
|
|
|
|
|
CAPITAL
ACCOUNTS
|
|
|
2
|
|
|
|
|
Capital
Accounts
|
|
|
2
|
|
|
|
|
Profits and
Losses
|
|
|
2
|
|
|
|
|
MANAGEMENT OF
THE PARTNERSHIP; MANAGERS; OFFICERS
|
|
|
2
|
|
|
|
|
Managers
|
|
|
2
|
|
|
|
|
(a) Generally
|
|
|
2
|
|
|
|
|
(b)
Meetings
|
|
|
2
|
|
|
|
|
(c)
Quorum
|
|
|
2
|
|
|
|
|
(d)
Participation by Telephone
|
|
|
3
|
|
|
|
|
(e)
Action by Written Consent
|
|
|
3
|
|
|
|
|
Officers
|
|
|
3
|
|
|
|
|
(a)
Generally
|
|
|
3
|
|
|
|
|
(b) The Chief Executive
Officer
|
|
|
3
|
|
|
|
|
(c) Other Officers
|
|
|
3
|
|
|
|
|
ACCOUNTING
PROVISIONS
|
|
|
3
|
|
|
|
|
Fiscal and
Taxable Year
|
|
|
3
|
|
|
|
|
Books and
Accounts
|
|
|
3
|
|
|
|
|
(a) Generally
|
|
|
3
|
|
|
|
|
(b) Bank Accounts
|
|
|
4
|
|
|
|
|
ANNUAL
REPORT
|
|
|
4
|
|
|
|
|
General
|
|
|
4
|
|
|
|
|
DISSOLUTION AND
LIQUIDATION OF THE PARTNERSHIP
|
|
|
4
|
|
|
|
|
General
|
|
|
4
|
|
TABLE OF CONTENTS
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
|
|
|
|
|
INDEMNIFICATION
AND LIMITATION OF LIABILITY OF MANAGERS AND OFFICERS
|
|
|
5
|
|
|
|
|
Indemnification
|
|
|
5
|
|
|
|
|
Manager’s
or Officer’s Liability to the Partnership and
Partners
|
|
|
5
|
|
|
|
|
MISCELLANEOUS
PROVISIONS
|
|
|
5
|
|
|
|
|
Governing Law;
Consent to Jurisdiction
|
|
|
5
|
|
|
|
|
Entire
Agreement
|
|
|
5
|
|
|
|
|
Notices
|
|
|
6
|
|
|
|
|
Captions
|
|
|
6
|
|
|
|
|
Pronouns
|
|
|
6
|
|
|
|
|
Execution
|
|
|
6
|
|
|
|
|
Amendments and
Waivers
|
|
|
6
|
|
|
|
|
Binding
Effect
|
|
|
6
|
|
|
|
|
Severability
|
|
|
6
|
|
|
|
|
Further
Assurances
|
|
|
6
|
|
|
|
|
No Third Party
Beneficiaries
|
|
|
6
|
|
LIMITED LIABILITY PARTNERSHIP
AGREEMENT
OF
MOTT’S LLP
A Delaware Limited Liability
Partnership
THIS LIMITED
LIABILITY PARTNERSHIP AGREEMENT is dated as of December 28,
2003 (this “ Agreement ”) by and between Snapple
Beverage Corp. and Nantucket Allserve, Inc. (collectively, the
“ Partners ”).
WHEREAS, the
Partners hereto have joined together in a limited liability
partnership for the purpose of carrying on a business in common
with a view to profit as hereinafter set forth.
NOW, THEREFORE, in
consideration of the mutual promises contained herein and for other
good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, it is agreed as follows:
1.1 Formation
and Name of Partnership . On the date hereof, the Partners
formed a limited liability partnership under and pursuant to the
Delaware Revised Uniform Partnership Act (the “ Act
”) under the name “Mott’s LLP” (the “
Partnership ”) and filed a Statement of Qualification
(the “ Statement ”) with the Delaware Secretary
of State. The business office of the Partnership shall be at such
place or places as the Board (as hereinafter defined) may from time
to time designate.
1.2 Purpose and
Powers . The purposes for which the Partnership has been formed
are to engage in any lawful act or activity for which limited
liability partnerships may be formed under the Act, as such acts or
activities may be determined by the Board. The Partnership shall
have the authority to do all things necessary or convenient to
accomplish its purpose and operate its business.
1.3 Term .
The term of the Partnership shall commence on the date first
written above. The Partnership shall have perpetual existence
unless the Partnership is earlier dissolved in accordance with
either the terms of this Agreement or the Act (such term of
existence, the “ Term ”).
1.4 Registered
Office and Resident Agent . The registered office and resident
agent of the Partnership shall be as designated in the Statement or
any amendment thereto, and may be changed from time to time in
accordance with the Act. If the resident agent shall ever resign,
then the Board shall promptly appoint a successor.
2.1 Classes
. The partnership interests of the Partnership shall consist of one
class designated as the “Interests”.
3.1 Capital
Accounts . A capital account shall be established and
maintained for each Partner on the books of the Partnership
initially in the amounts set forth on Exhibit A hereto.
Each of the Partners’ accounts shall be: (a) increased
by the amount of money, or the fair market value of property,
contributed as additional partnership capital, if any, made from
time to time by such Partner; (b) increased by such
Partner’s allocation of Partnership profits; (c) decreased by
the amount of money withdrawn by such Partner from the Partnership;
(d) decreased by the fair market value of property distributed
to such Partner by the Partnership (net of liabilities secured by
such distributed property); and (e) decreased by allocations
to such Partner of partnership losses, expenses and
deductions.
3.2 Profits and
Losses . Each Partner shall be entitled or shall bear such
Partner’s share of all partnership items of profits, losses,
distributions, deductions, expenses, credits or allowances, if any,
for any period or year pro rata in accordance with such
Partner’s respective percentage of partnership
interests.
MANAGEMENT OF THE PARTNERSHIP;
MANAGERS; OFFICERS
(a)
Generally . The business and affairs of the Partnership
shall be managed by or under the direction of a Board of Managers
(the “ Board ”), none of whom need be Partners.
The number of managers constituting the Board (the “
Managers ”) shall be determined by resolution of the
Partners. The Managers shall be appointed by the Partners, and
shall hold office until their respective successors are elected and
qualified or until their earlier resignation or removal. The
Partners may remove, with or without cause, any Manager and fill
the vacancy created by such removal.
(b)
Meetings . The Board may hold its meetings in such place or
places in the State of Delaware or outside the State of Delaware as
the Board from time to time shall determine. Regular meetings of
the Board shall be held at such times and places as the Board from
time to time by resolution shall determine. No notice shall be
required for any regular meeting of the Board.
2
(c)
Quorum . One half of the members of the Board in office
shall constitute a quorum for the transaction of business and the
vote of the majority of the Managers present at any meeting of the
Board at which a quorum is present shall be the act of the
Board.
(d)
Participation by Telephone . The Managers may participate in
a meeting of the Board by means of conference telephone or similar
communications equipment by means of which all persons
participating in the meeting can hear each other, and such
participation shall constitute presence in person at such
meeting.
(e)
Action by Written Consent . Any action required or permitted
to be taken at any meeting of the Board may be taken without a
meeting if all Managers of the Board consent thereto in writing and
the writing or writings are filed with the minutes of proceedings
of the Board.
(a)
Generally . The officers of the Partnership shall be a Chief
Executive Officer and such additional officers, if any, as shall be
elected by the Board pursuant to the provisions of
Section 4.2(c), shall be elected by the Board. All officers
shall hold office at the pleasure of the Board. Any officer may
resign at any time upon written notice to the Partnership. Officers
may, but need not, be Managers. Any number of offices may be held
by the same person. All officers, agents and employees of the
Partnership shall be subject to removal, with or without cause, at
any time by the Board. Any vacancy caused by the death,
resignati
|