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AMENDED AND RESTATED SHAREHOLDERS' AGREEMENT

Shareholder Agreement

AMENDED AND RESTATED SHAREHOLDERS' AGREEMENT | Document Parties: Celanese CORP | BLACKSTONE CAPITAL PARTNERS (CAYMAN) LTD | BA CAPITAL INVESTORS SIDECAR FUND, L.P You are currently viewing:
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Celanese CORP | BLACKSTONE CAPITAL PARTNERS (CAYMAN) LTD | BA CAPITAL INVESTORS SIDECAR FUND, L.P

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Title: AMENDED AND RESTATED SHAREHOLDERS' AGREEMENT
Governing Law: New York     Date: 11/3/2004
Law Firm: Simpson Thacher & Bartlett LLP; Kirkland & Ellis LLP    

AMENDED AND RESTATED SHAREHOLDERS' AGREEMENT, Parties: celanese corp , blackstone capital partners (cayman) ltd , ba capital investors sidecar fund  l.p
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                                                                    Exhibit 4.3

 

 

 

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                              AMENDED AND RESTATED

 

 

                              SHAREHOLDERS' AGREEMENT

 

 

                                  BY AND AMONG

 

 

                           BLACKSTONE CRYSTAL HOLDINGS

                       CAPITAL PARTNERS (CAYMAN) IV LTD.,

 

 

                  BLACKSTONE CAPITAL PARTNERS (CAYMAN) LTD. 1,

 

 

                  BLACKSTONE CAPITAL PARTNERS (CAYMAN) LTD. 2,

 

 

                  BLACKSTONE CAPITAL PARTNERS (CAYMAN) LTD. 3,

 

 

                                       AND

 

 

                     BA CAPITAL INVESTORS SIDECAR FUND, L.P.

 

 

                           DATED AS OF NOVEMBER 1, 2004

 

 

 

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                                TABLE OF CONTENTS

 

                                                                            PAGE

                                                                           ----

 

Article I.         INTRODUCTORY MATTERS.......................................1

         1.1       Defined Terms..............................................1

          1.2       Construction...............................................4

 

Article II.        TRANSFERS..................................................5

         2.1       Limitations on Transfer....................................5

         2.2       Transfers to BACI Affiliate Transferees....................6

         2.3       Right of First Refusal.....................................7

         2.4       Tag-Along Rights...........................................8

         2.5       Drag-Along Rights.........................................10

 

Article III.       CORPORATE GOVERNANCE MATTERS..............................11

         3.1       Board of Directors........................................11

         3.2       Voting of Shares; Action by the Company...................13

 

Article IV.        SUBSCRIPTION RIGHTS.......................................13

         4.1       Subscription Right........................................13

         4.2       Subscription Notices......................................14

 

Article V.         COVENANTS.................................................14

         5.1       Books and Records; Access.................................14

         5.2       Periodic Reporting........................................14

         5.3       Confidentiality...........................................15

         5.4       Indemnification...........................................16

         5.5       Expenses and Fees.........................................16

         5.6       Use of Shareholders' Names................................16

         5.7       Redomiciliation...........................................17

 

Article VI.        MISCELLANEOUS.............................................17

         6.1       Additional Securities Subject to Agreement................17

         6.2       Recapitalization, Exchange, Etc...........................17

         6.3       Termination...............................................17

         6.4       Notices...................................................17

         6.5       Further Assurances........................................18

         6.6       Assignment................................................19

         6.7       Amendment; Waiver.........................................19

         6.8        Third Parties.............................................19

         6.9       Governing Law.............................................19

         6.10      Jurisdiction..............................................19

         6.11      MUTUAL WAIVER OF JURY TRIAL...............................20

         6.12      Specific Performance......................................20

         6.13      Entire Agreement..........................................20

         6.14      Titles and Headings.......................................20

         6.15      Severability..............................................20

         6.16      Counterparts..............................................21

 

Exhibit A.........Restructuring

 

 

                                        i

 

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                  AMENDED AND RESTATED SHAREHOLDERS' AGREEMENT

 

                  AMENDED AND RESTATED SHAREHOLDERS' AGREEMENT, dated as of

November 1, 2004, by and among Blackstone Crystal Holdings Capital Partners

(Cayman) IV Ltd. (the "COMPANY"), Blackstone Capital Partners (Cayman) Ltd. 1

("BCP 1"), Blackstone Capital Partners (Cayman) Ltd. 2 ("BCP 2"), Blackstone

Capital Partners (Cayman) Ltd. 3 ("BCP 3" and, together with BCP 1 and BCP 2 and

their respective successors and Permitted Assigns (as hereinafter defined), the

"BLACKSTONE ENTITIES"), each an exempted company incorporated under the laws of

the Cayman Islands, and BA Capital Investors Sidecar Fund, L.P., a Cayman

Islands limited partnership (together with its successors and Permitted Assigns,

"BACI"). Each of the Blackstone Entities and BACI and their respective

successors and Permitted Assigns are sometimes referred to individually as a

"SHAREHOLDER" and together as the "SHAREHOLDERS."

 

                                   BACKGROUND:

 

                  WHEREAS, in connection with the consummation of the voluntary

public takeover offer by a subsidiary of the Company for all of the outstanding

registered ordinary shares of Celanese AG (the "OFFER"), the Blackstone Entities

and BACI acquired Ordinary Shares, par value $0.01 per share, of the Company

(the "ORDINARY SHARES"),

 

                  WHEREAS, the Blackstone Entities and BACI entered into the

Shareholders' Agreement, dated as of April 6, 2004 (the "ORIGINAL AGREEMENT") to

provide for certain matters relating to their respective holdings of Ordinary

Shares and the governance of the Company,

 

                  WHEREAS, in accordance with Section 6.7 thereof, BCP 1, BCP 2,

BCP 3 and BACI wish to amend and restate the Original Agreement in its entirety,

 

                  NOW, THEREFORE, the parties agree as follows:

 

                         ARTICLE I.   INTRODUCTORY MATTERS

 

                  1.1 DEFINED TERMS. In addition to the terms defined elsewhere

herein, the following terms have the following meanings when used herein with

initial capital letters:

 

                  "AFFILIATE" means, with respect to any Person, (i) any Person

         that directly or indirectly controls, is controlled by or is under

         common control with, such Person or (ii) any director, officer, member,

         partner (including limited partners) or employee of such Person or any

         Person specified in clause (i) above; PROVIDED that officers, directors

         or employees of the Company will be deemed not to be Affiliates of the

         Shareholders for purposes hereof solely by reason of being officers,

         directors or employees of the Company.

 

                  "AGREEMENT" means this Amended and Restated Shareholders'

         Agreement, as the same may be amended, supplemented, restated or

         otherwise modified from time to time in accordance with the terms

         hereof.

 

 

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                  "ASSUMPTION AGREEMENT" means a writing reasonably satisfactory

         in form and substance to the Blackstone Entities whereby a BACI

         Affiliate Transferee becomes a party to, and agrees to be bound to the

         same extent as its transferor, by the terms of this Agreement.

 

                  "BACI" has the meaning set forth in the preamble.

 

                  "BACI AFFILIATE TRANSFEREE" has the meaning set forth in

         Section 2.2.

 

                  "BACI PERMITTED ASSIGN AGREEMENT" means an agreement

         reasonably satisfactory in form and substance to the Blackstone

         Entities whereby such Transferee agrees that it shall be bound by all

         of the provisions of this Agreement as if it were BACI, but shall not

         be entitled to the benefits of Article III hereof.

 

                  "BCP 1" has the meaning set forth in the preamble.

 

                  "BCP 2" has the meaning set forth in the preamble.

 

                  "BCP 3" has the meaning set forth in the preamble.

 

                  "BLACKSTONE ENTITIES" has the meaning set forth in the

         preamble.

 

                  "BLACKSTONE INTERVENING ENTITY" means BCP 1, BCP 2, BCP 3 and

         any other Person created by Blackstone Capital Partners (Cayman) IV

         L.P., Blackstone Capital Partners (Cayman) IV-A L.P., Blackstone Family

         Investment Partnership (Cayman) IV-A L.P. or Blackstone Chemical

         Coinvest Partners Cayman L.P. (collectively, the "Blackstone Funds"),

         but excluding the Blackstone Funds themselves, formed for the purpose

         of making the investment, directly or indirectly, in the Company.

 

                  "BLACKSTONE REPRESENTATIVE" means the Blackstone Entity

         designated from time to time by all of the Blackstone Entities to serve

         as the representative of the Blackstone Entities for certain purposes

         hereunder.

 

                  "BOARD" means the board of directors of the Company.

 

                  "BUSINESS DAY" means a day other than a Saturday, Sunday,

         federal or New York State holiday or other day on which commercial

         banks in New York City are authorized or required by law to close.

 

                  "COMPANY" has the meaning set forth in the preamble.

 

                  "DIRECTOR" means any member of the Board.

 

                  "DRAG-ALONG BUYER" has the meaning set forth in Section

         2.5(a).

 

                  "DRAG-ALONG NOTICE" has the meaning set forth in Section

         2.5(b).

 

                  "DRAG-ALONG SHAREHOLDERS" shall have the meaning as set forth

         in Section 2.5(a).

 

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                  "EXCHANGE ACT" means the Securities Exchange Act of 1934, as

         amended, and the rules and regulations promulgated thereunder, as the

         same may be amended from time to time.

 

                  "HEDGE COST REIMBURSEMENT AGREEMENT" means the Hedge Cost

         Reimbursement Agreement, dated as of April 5, 2004, among the parties

         hereto and Blackstone Management Associates (Cayman) IV L.P.,] as such

          agreement may be amended, supplemented or otherwise modified from time

         to time.

 

                  "INITIAL PUBLIC OFFERING" means the closing of the first sale

         of common equity or equivalent securities of the Company to the public

          pursuant to an effective registration statement (other than a

         registration statement on Form S-4 or S-8 or any similar or successor

         form) filed under the Securities Act.

 

                  "INITIAL SHARE HOLDING PERIOD" has the meaning set forth in

         Section 2.1(a).

 

                  "MAJORITY SHAREHOLDERS" has the meaning set forth in Section

         2.5(a).

 

                  "OFFER" has the meaning set forth in the preamble.

 

                  "OFFER NOTICE" has the meaning set forth in Section 2.3(a).

 

                  "OFFER PERIOD" has the meaning set forth in Section 2.3(a).

 

                  "ORDINARY SHARES" has the meaning set forth in the background

         section.

 

                  "PERMITTED ASSIGNS" means (i) with respect to any Blackstone

         Entity, a Transferee of Ordinary Shares of such Blackstone Entity that

         agrees to become party to, and to be bound to the same extent as its

         transferor by the terms of, this Agreement and (ii) with respect to

         BACI, a BACI Affiliate Transferee or a Transferee of Ordinary Shares of

         BACI that executes and delivers to the Company and each Blackstone

         Entity a BACI Permitted Assign Agreement.

 

                  "PERSON" means any individual, corporation, limited liability

         company, partnership, trust, joint stock company, business trust,

         unincorporated association, joint venture, governmental authority or

         other legal entity of any nature whatsoever.

 

                  "PREFERRED SHARES" means the preferred shares, par value $0.01

         per share, of the Company.

 

                  "PROPOSED SALE" has the meaning set forth in Section 2.4(a).

 

                  "PROPOSED TRANSFEREE" has the meaning set forth in Section

         2.4(a).

 

                  "PUBLIC OFFERING" means a sale of common equity or equivalent

         securities of the Company to the public pursuant to an effective

         registration statement (other than a registration statement on Form S-4

         or S-8 or any similar or successor form) filed under the Securities

         Act.

 

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                  "REDOMICILIATION" has the meaning set forth in Section 5.7.

 

                  "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights

         Agreement dated as of the date hereof among the Company and the

         Shareholders, as such agreement may be amended, supplemented or

         otherwise modified from time to time.

 

                   "RELATED PERSONS" has the meaning set forth in Section 5.4.

 

                  "SECURITIES ACT" means the Securities Act of 1933, as amended,

         and the rules and regulations promulgated thereunder, as the same may

         be amended from time to time.

 

                  "SHARE EQUIVALENTS" has the meaning set forth in Section 4.1.

 

                  "SHAREHOLDER" or "SHAREHOLDERS" has the meaning set forth in

         the preamble.

 

                  "SUBSCRIPTION AGREEMENT" means the Subscription Agreement

         dated April 5, 2004 among the Company and the Shareholders, as such

         agreement may be amended, supplemented or otherwise modified from time

         to time.

 

                  "SUBSCRIPTION NOTICE" has the meaning set forth in Section

         4.2.

 

                  "SUBSCRIPTION OFFER PERIOD" has the meaning set forth in

         Section 4.2.

 

                  "SUBSCRIPTION RIGHT PRO RATA SHARE" has the meaning set forth

         in Section 4.1.

 

                   "TAG-ALONG NOTICE" has the meaning set forth in Section

         2.4(b).

 

                  "TAGGING SHAREHOLDER" has the meaning set forth in Section

         2.4(a).

 

                  "TENDER OFFER CLOSING" means the closing of the first

         acquisition of registered ordinary shares of Celanese AG by BCP Crystal

         Acquisition GmbH & Co. KG pursuant to its voluntary public takeover

         offer published February 2, 2004.

 

                  "TRANSFER" means a transfer, sale, assignment, pledge,

         hypothecation or other disposition, whether directly or indirectly

         pursuant to the creation of a derivative security, the grant of an

         option or other right, the imposition of a restriction on disposition

         or voting or transfer by operation of law. When used as a verb,

         "Transfer" shall have the correlative meaning. In addition,

         "Transferred" and "Transferee" shall have the correlative meanings.

 

                  1.2 CONSTRUCTION. (a) The language used in this Agreement will

be deemed to be the language chosen by the parties to express their mutual

intent, and no rule of strict construction will be applied against any party.

Unless the context otherwise requires: (i) "OR" is disjunctive but not

exclusive, (ii) words in the singular include the plural, and in the plural

include the singular, and (iii) the words "HEREOF", "HEREIN", and "HEREUNDER"

and words of similar import when used in this Agreement refer to this Agreement

as a whole and not to any particular provision of this Agreement, and Section

references are to this Agreement unless otherwise specified.

 

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                             ARTICLE II. TRANSFERS

 

                  2.1 LIMITATIONS ON TRANSFER. Without the prior written consent

of the Blackstone Representative, BACI may not Transfer any Ordinary Shares

prior to the earlier of (x) the fifth (5th) anniversary of the date hereof and

(y) the six (6) month anniversary of the Initial Public Offering (or such

shorter period as the underwriters for such Initial Public Offering shall

require of either the Blackstone Entities or BACI) (the "INITIAL SHARE HOLDING

PERIOD") other than (1) to a BACI Affiliate Transferee in accordance with the

provisions of Section 2.2, (2) to one or more Blackstone Entities pursuant to

Section 2.3, (3) as a Tagging Shareholder pursuant to Section 2.4, (4) as a

Drag-Along Shareholder pursuant to Section 2.5 or (5) pursuant to the rights set

forth in the Registration Rights Agreement. Without limiting BACI's rights to

transfer to a BACI Affiliate Transferee pursuant to clause (1) of the preceding

sentence, in the event of any proposed Transfer by BACI of all of the Ordinary

Shares held by BACI to a Transferee that is an institutional investor of

national reputation and that executes a BACI Permitted Assign Agreement, which

proposed Transfer is subject to the rights set forth in Section 2.3 below, such

consent of the Blackstone Representative shall not be unreasonably withheld or

delayed. After the Initial Share Holding Period, BACI may Transfer its Ordinary

Shares only in accordance with, and subject to the applicable provisions of,

this Article II or pursuant to the rights set forth in the Registration Rights

Agreement. Any Transferee of BACI prior to the six (6) month anniversary of the

Initial Public Offering (or such shorter period as the underwriters for such

Initial Public Offering shall require of either the Blackstone Entities or BACI)

must qualify as a BACI Permitted Assign.

 

                  (b) In the event of any purported Transfer by BACI of any

Ordinary Shares in violation of the provisions of this Agreement, such purported

Transfer will be void and of no effect and the Company will not give effect to

such Transfer.

 

                  (c) Each certificate representing Ordinary Shares held by any

Shareholder will bear a legend substantially to the following effect:

 

         "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A

         SHAREHOLDERS' AGREEMENT AMONG Blackstone Crystal Holdings Capital

         Partners (Cayman) IV Ltd. AND THE SHAREHOLDERS PARTY THERETO, A COPY OF

         WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. THE SHAREHOLDERS'

         AGREEMENT CONTAINS, AMONG OTHER THINGS, CERTAIN PROVISIONS RELATING TO

         THE VOTING AND TRANSFER OF THE SHARES SUBJECT TO THE AGREEMENT. NO

         TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION

         OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY, DIRECTLY OR

         INDIRECTLY, BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH

         SHAREHOLDERS' AGREEMENT. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE

         OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF

         SUCH SHAREHOLDERS' AGREEMENT.

 

         THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED

         UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE

 

 

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         TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THEY HAVE BEEN REGISTERED

         UNDER THAT ACT OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE."

 

This legend will be removed by the Company, with respect to any certificate

representing Ordinary Shares, by the delivery of substitute certificates without

such legend in the event of (i) a Transfer permitted or not prohibited by this

Agreement and in which the Transferee is not required to, pursuant to this

Article II, enter into an Assumption Agreement or a BACI Permitted Assign

Agreement or (ii) the termination of this Agreement pursuant to the terms

hereof, PROVIDED, HOWEVER, that the second paragraph of such legend will only be

removed if at such time it is no longer required for purposes of applicable

securities laws.

 

                  (d) Prior to the earlier of (i) the Initial Public Offering

and (ii) the date on which BA Capital Investors Sidecar Fund, L.P., together

with any BACI Affiliate Transferees, shall no longer be entitled to designate a

Director pursuant to Section 3.1, no Blackstone Entity may Transfer Ordinary

Shares (other than in connection with a drag-along of all of BACI's Ordinary

Shares pursuant to Section 2.5) if, as a result of such Transfer, the Blackstone

Entities would own, in the aggregate, less than a majority of the outstanding

Ordinary Shares, unless such transferee agrees in writing to be bound by such

Blackstone Entity's obligations under Section 3.2 with respect to such

transferred Ordinary Shares, to the same extent applicable to such Blackstone

Entity.

 

                   (e) Any Transfer by a Shareholder permitted under this

Agreement shall be effective only upon receipt by the Company of information

reasonably satisfactory to it, demonstrating that such Transfer is exempt from

or not subject to the provisions of Section 5 of the Securities Act and any

other applicable securities laws (for such purpose, an opinion of Kirkland &

Ellis LLP, or other counsel reasonably acceptable to the Company, to that effect

shall constitute such reasonably satisfactory information), provided that no

such Transfer shall be permitted, except as permitted under the Registration

Rights Agreement, if such Transfer would require the Company to register a class

of equity securities under Section 12 of the Exchange Act under circumstances

where the Company does not then have securities of any class registered under

Section 12 of the Exchange Act and such Transfer would cause such registration

to be required.

 

                  2.2 TRANSFERS TO BACI AFFILIATE TRANSFEREES. During or after

the Initial Share Holding Period, BACI may Transfer Ordinary Shares, subject to

compliance with the other provisions of this Agreement, to an Affiliate of Bank

of America Corporation who duly executes and delivers to the Company and each

Blackstone Entity an Assumption Agreement (a "BACI AFFILIATE TRANSFEREE");

PROVIDED, HOWEVER, that in the event a transaction or event is contemplated in

which any BACI Affiliate Transferee to which Ordinary Shares are Transferred

will cease to qualify as a BACI Affiliate Transferee, other than in connection

with the BONA FIDE sale or other disposition by Bank of America Corporation, or

any of its Affiliates, of a business unit that includes such BACI Affiliate

Transferee, such BACI Affiliate Transferee to which Ordinary Shares are

Transferred shall, and BACI shall cause such BACI Affiliate Transferee to: (i)

promptly notify the Company of the pending occurrence of such transaction or

event; and (ii) prior to the time such BACI Affiliate Transferee ceases to be a

BACI Affiliate Transferee, Transfer back to BA Capital Investors Sidecar Fund,

L.P. (or to another BACI Affiliate

 

                                       6

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Transferee) any Ordinary Shares it owns and such Transferee will execute and

deliver an Assumption Agreement with respect thereto.

 

                  2.3 RIGHT OF FIRST REFUSAL. If at any time (i) during the

Initial Share Holding Period and subject to the prior written consent of the

Blackstone Representative as provided in Section 2.1, or (ii) before the six (6)

month anniversary of the Initial Public Offering (or such shorter period as the

underwriters for such Initial Public Offering shall require of either the

Blackstone Entities or BACI), BACI proposes to Transfer, all or any portion of

the Ordinary Shares held by it (other than (1) to a BACI Affiliate Transferee in

accordance with Section 2.2, (2) as a Tagging Shareholder pursuant to Section

2.4, (3) as a Drag-Along Shareholder pursuant to Section 2.5 or (4) pursuant to

the rights set forth in the Registration Rights Agreement) and BACI has received

a bona fide arm's length offer for the Ordinary Shares subject to such Transfer,

BACI shall deliver to the Blackstone Representative a written notice (the "OFFER

NOTICE") of such proposed transaction, which shall identify the proposed

Transferee and set forth the proposed terms of such Transfer, including the

number of Ordinary Shares proposed to be Transferred and the purchase price

therefor. The Offer Notice shall contain an irrevocable offer to sell to the

Blackstone Entities the Ordinary Shares proposed to be Transferred at a price

equal or equivalent (as determined in the manner set forth below) to the price

contained in, and otherwise on the same terms and conditions of, the Offer

Notice. The Blackstone Entities shall have fifteen (15) Business Days from the

date the Offer Notice is received (the "OFFER PERIOD") to determine whether one

or more of such Blackstone Entities, or one or more of their designees, shall

exercise the right to purchase all (but not less than all) of the Ordinary

Shares subject to the Offer Notice on the terms set forth in such Offer Notice,

PROVIDED, HOWEVER, that if the proposed transaction includes any consideration

other than cash, then, at the sole option of any such Blackstone Entity or

designee, the relevant price shall be the equivalent cash price, determined (x)

in the case of consideration consisting of securities listed or quoted on a

national securities exchange or the Nasdaq National Market System, by the

average daily closing sales price, as reported by Bloomberg L.P. (or if not

reported by Bloomberg L.P., as reported by a reporting service of similar

national reputation), of such securities on their principal trading market for

the ten consecutive trading days preceding the date of receipt of the Offer

Notice and (y) in the case of any other non-cash consideration, by the Board,

acting reasonably and in good faith. If a Blackstone Entity does not respond to

the Offer Notice within the Offer Period, then such Blackstone Entity will be

deemed to have elected not to exercise the right of first refusal specified in

the Offer Notice.

 

                  If one or more of the Blackstone Entities and/or their

respective designees shall have agreed to purchase Ordinary Shares pursuant to

this Section 2.3, the applicable Blackstone Entities and/or their designees

shall consummate such purchase by delivering, against receipt of certificates or

other instruments representing the Ordinary Shares being purchased,

appropriately endorsed by BACI, the purchase price for such Ordinary Shares.

Such closing date will be the later of (i) fifteen (15) Business Days after the

expiration of the Offer Period and (ii) five (5) Business Days after receipt of

all governmental consents and approvals, and the expiration of all governmental

waiting periods, required for such Transfer. BACI shall give participating

Blackstone Entities and/or designees at least five (5) Business Days written

notice of the closing date.

 

                                       7

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                  (b) If none of the Blackstone Entities exercises its right of

first refusal under Section 2.3(a), then BACI shall be permitted to Transfer the

Ordinary Shares subject to the Offer Notice, no later than sixty (60) days after

the expiration of the Offer Period at a price not less than the purchase price

per share set forth in the Offer Notice and on other terms not materially less

favorable to BACI than those terms set forth in the Offer Notice. If BACI does

not Transfer the Ordinary Shares in the time period provided for in this Section

2.3(b), any Transfer by BACI of any such shares after such period shall again be

subject to this Section 2.3.

 

                  2.4 TAG-ALONG RIGHTS. Until the six (6) month anniversary of

the Initial Public Offering (or such shorter period as the underwriters for such

Initial Public Offering shall require of either the Blackstone Entities or

BACI), if any Blackstone Entity (a "SELLING SHAREHOLDER") proposes to Transfer

Ordinary Shares, which Transfer or series of related Transfers relates to more

than 5% of the then-outstanding Ordinary Shares (other than (i) to an Affiliate

that qualifies as a Permitted Assign or (ii) pursuant to the exercise of rights

set forth in Section 2.5 or in the Registration Rights Agreement) (any such

transaction, a "PROPOSED SALE"), then each of the other Shareholders that is not

a Blackstone Entity will have the right to require the proposed Transferee (a

"PROPOSED TRANSFEREE") to purchase from any such other Shareholder who exercises

its rights pursuant to this Section 2.4 (a "TAGGING SHAREHOLDER") up to the

number of Ordinary Shares equal to the product (rounded up to the nearest whole

number) of (x) the quotient determined by DIVIDING (A) the aggregate number of

Ordinary Shares owned by such Tagging Shareholder by (B) the aggregate number of

Ordinary Shares owned by the Selling Shareholder(s) and all Tagging Shareholders

and (y) the total number of Ordinary Shares proposed to be directly or

indirectly Transferred to the Proposed Transferee, at the same price per

Ordinary Share and upon the same terms and conditions (including, without

limitation, time of payment, form of consideration and adjustments to purchase

price) as the Selling Shareholder; PROVIDED that in order to be entitled to

exercise its right to sell Ordinary Shares to the Proposed Transferee pursuant

to this Section 2.4, each Tagging Shareholder shall agree to make to the

Proposed Transferee the same representations, warranties, covenants, indemnities

and agreements as the Selling Shareholder agrees to make in connection with the

Proposed Sale and shall agree to the same conditions to the Proposed Sale as the

Selling Shareholder agrees (except that, in the case of representations,

warranties, conditions, covenants, indemnities and agreements pertaining

specifically to the Selling Shareholder, each Tagging Shareholder shall make

comparable representations, warranties, covenants, indemnities and agreements

and shall agree to comparable conditions, in each case to the extent applicable

and pertaining specifically to itself and only to itself); provided that all

representations, warranties, covenants, indemnities and agreements (other than

those


 
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