Exhibit 1.1
10,000,000 Shares
WEIGHT WATCHERS INTERNATIONAL, INC.
Common Stock
FORM OF UNDERWRITING AGREEMENT
March [ ], 2006
CREDIT SUISSE SECURITIES (USA) LLC,
Eleven Madison Avenue,
New York, N.Y. 10010-3629
UBS SECURITIES LLC,
299 Park Avenue,
New York, N.Y.
10171-0026,
As Representatives of the Several
Underwriters
Dear Sirs:
1.
Introductory . The shareholders listed
in Schedule A
hereto (the
“ Selling
Shareholders ”) propose to sell (the
“ Offering
”) to the
several underwriters named in Schedule B hereto (the “
Underwriters ”) an aggregate of
10,000,000 outstanding shares (the “ Firm Securities ”) of the Common Stock,
no par value (the “ Securities ”), of Weight Watchers
International, Inc., a Virginia corporation (the
“ Company
”), and
the Selling Shareholders also propose to sell to the Underwriters,
at the option of the Underwriters, an aggregate of not more than
1,500,000 additional outstanding shares (the “
Optional Securities
”) of the
Company’s Securities as set forth below. The Firm Securities
and the Optional Securities are herein collectively called the
“ Offered
Securities ”. The Company and the
Selling Shareholders hereby agree with the several Underwriters as
follows:
2.
Representations and Warranties of the Company and the Selling
Shareholders . (a) The Company
represents and warrants to, and agrees with, the several
Underwriters that:
(i) A
registration statement (No. 333-127819) relating to the
Offered Securities, including a form of prospectus, has been
filed with the United States Securities and Exchange Commission
(“ Commission
”) and
either (A) has been declared effective under the Securities
Act of 1933, as amended (the “ Act ”), and is not
proposed to be amended or (B) is proposed to be amended by
amendment or post-effective amendment. If such registration
statement (the “ initial registration statement
”) has been
declared effective, either (A) an additional registration
statement (the “ additional registration statement
”) relating
to the Offered Securities may have been filed with the
Commission pursuant to Rule 462(b) (“
Rule 462(b) ”) under the Act and,
if so filed, has become effective upon filing pursuant to such
Rule and the Offered Securities all have been duly registered
under the Act pursuant to the initial registration statement and,
if applicable, the additional registration statement or
(B) such an additional registration statement is proposed to
be filed with the Commission pursuant to Rule 462(b) and
will become effective upon filing pursuant to such Rule and,
upon such filing, the Offered Securities will all have been duly
registered under the Act pursuant to the initial registration
statement and such additional registration statement. If the
Company does not propose to amend the initial registration
statement or if an additional registration statement has been filed
and the Company does not propose to amend it, and if any
post-effective amendment to either such registration statement has
been filed with the Commission prior to the execution and delivery
of this Agreement, the most recent
amendment (if
any) to each such registration statement has been declared
effective by the Commission or has become effective upon filing
pursuant to Rule 462(c) (“ Rule 462(c) ”) under the Act or, in
the case of the additional registration statement,
Rule 462(b). For purposes of this Agreement, “
Effective Time ” with respect to the
initial registration statement or, if filed prior to the execution
and delivery of this Agreement, the additional registration
statement means (A) if the Company has advised Credit Suisse
Securities (USA) LLC (“ CS ”) and UBS Securities
LLC (“ UBS
”), as
representatives of the several Underwriters (the “
Representatives ”), that it does not
propose to amend such registration statement, the date and time as
of which such registration statement, or the most recent
post-effective amendment thereto (if any) filed prior to the
execution and delivery of this Agreement, was declared effective by
the Commission or has become effective upon filing pursuant to
Rule 462(c), or (B) if the Company has advised the
Representatives that it proposes to file an amendment or
post-effective amendment to such registration statement, the date
and time as of which such registration statement, as amended by
such amendment or post-effective amendment, as the case
may be, is declared effective by the Commission. If an
additional registration statement has not been filed prior to the
execution and delivery of this Agreement but the Company has
advised the Representatives that it proposes to file one,
“ Effective Time
” with
respect to such additional registration statement means the date
and time as of which such registration statement is filed and
becomes effective pursuant to Rule 462(b). “
Effective Date ” with respect to the
initial registration statement or the additional registration
statement (if any) means the date of the Effective Time thereof.
The initial registration statement, as amended at its Effective
Time, including all information incorporated by reference therein,
and including all information contained in the additional
registration statement (if any) and deemed to be a part of the
initial registration statement as of the Effective Time of the
additional registration statement pursuant to the General
Instructions of the Form on which it is filed and including
all information (if any) deemed to be a part of the initial
registration statement as of its Effective Time pursuant to
Rule 430A(b) (“ Rule 430A(b) ”) under the Act, is
hereinafter referred to as the “ Initial Registration Statement
”. The
additional registration statement, as amended at its Effective
Time, including the contents of the initial registration statement
incorporated by reference therein and including all information (if
any) deemed to be a part of the additional registration
statement as of its Effective Time pursuant to Rule 430A(b),
is hereinafter referred to as the “ Additional Registration Statement
”. The
Initial Registration Statement and the Additional Registration
Statement are herein referred to collectively as the “
Registration Statements
” and
individually as a “ Registration Statement ”. “
Registration Statement
” without
reference to a time means the Registration Statement as of its
Effective Time. “ Registration Statement ” as of any time means
the initial registration statement and any additional registration
statement in the form then filed with the Commission,
including any amendment thereto, any document incorporated by
reference therein and any prospectus deemed or retroactively deemed
to be a part thereof that has not been superseded or modified.
For purposes of the previous sentence, information contained in a
form of prospectus or prospectus supplement that is deemed
retroactively to be a part of the Registration Statement
pursuant to Rule 430A shall be considered to be included in
the Registration Statement as of the time specified in
Rule 430A. “ Statutory Prospectus ” as of any time means
the prospectus included in the Registration Statement immediately
prior to that time, including any document incorporated by
reference therein and any prospectus deemed to be a
part thereof that has not been superseded or modified. For
purposes of the preceding sentence, information contained in a
form of prospectus that is deemed retroactively to be a
part of the Registration Statement pursuant to Rule 430A
shall be considered to be included in the Statutory Prospectus as
of the actual time that form of prospectus is filed with the
Commission pursuant to Rule 424(b) (“
Rule 424(b) ”) under the Act.
“ Prospectus
” means
the Statutory Prospectus that discloses the public offering price
and other final terms of the Offered Securities and otherwise
satisfies Section 10(a) of the Act. “
Issuer Free Writing
Prospectus ” means any
“issuer free writing prospectus,” as defined in
Rule 433 (including each road show (as defined in
Rule 433) that is a written communication (as defined in
Rule 405)), relating to the Offered Securities in the
form filed or required to be filed with the Commission or, if
not required to be filed, in the form retained in the
Company’s records pursuant to Rule 433(g).
“ General Use Issuer
Free Writing Prospectus ” means any Issuer
Free Writing Prospectus that is intended for general distribution
to prospective investors, as evidenced by its being specified
on Schedule C
to
this Agreement.
“ Limited Use Issuer
Free Writing Prospectus ” means any Issuer Free
Writing Prospectus that is not a General Use Issuer Free Writing
Prospectus. “ Applicable Time ” means [:00 [a/p]m]
(Eastern time) on the date of this Agreement.
(ii) If
the Effective Time of the Initial Registration Statement is prior
to the execution and delivery of this Agreement: (A) on the
Effective Date of the Initial Registration Statement, the Initial
Registration Statement conformed in all material respects to the
requirements of the Act and the rules and regulations of the
Commission (the “ Rules and Regulations ”) and did not contain
any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make
the statements therein not misleading, (B) on the Effective
Date of the Additional Registration Statement (if any), each
Registration Statement conformed, or will conform, in all material
respects to the requirements of the Act and the Rules and
Regulations and did not contain, or will not contain, any untrue
statement of a material fact and did not omit, or will not omit, to
state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and (C) on the
date of this Agreement, the Initial Registration Statement and, if
the Effective Time of the Additional Registration Statement, if
any, is prior to the execution and delivery of this Agreement, the
Additional Registration Statement each conforms, and at the time of
filing of the Prospectus pursuant to Rule 424(b) or (if
no such filing is required) at the Effective Date of the Additional
Registration Statement in which the Prospectus is included, each
Registration Statement and the Prospectus will conform, in all
material respects, to the requirements of the Act and the
Rules and Regulations, and neither of such documents contains,
or will contain, any untrue statement of a material fact or omits,
or will omit, to state any material fact required to be stated
therein or necessary to make the statements therein (in the case of
the Prospectus or any amendment or supplement thereto, in light of
the circumstances under which they were made) not misleading. If
the Effective Time of the Initial Registration Statement is
subsequent to the execution and delivery of this Agreement: on the
Effective Date of the Initial Registration Statement, the Initial
Registration Statement and the Prospectus will conform, in all
material respects, to the requirements of the Act and the
Rules and Regulations, neither of such documents will contain
any untrue statement of a material fact or will omit to state any
material fact required to be stated therein or necessary to make
the statements therein (in the case of the Prospectus or any
amendment or supplement thereto, in light of the circumstances
under which they were made) not misleading, and no Additional
Registration Statement has been or will be filed. The two preceding
sentences do not apply to statements in or omissions from a
Registration Statement or the Prospectus based upon written
information furnished to the Company by any Underwriter through the
Representatives specifically for use therein, it being understood
and agreed that the only such information is that described as such
in Section 8(c) hereof.
(iii)
(i) At the time of filing the Registration Statement and
(ii) at the date of this Agreement, the Company was not and is
not an “ineligible issuer”, as defined in
Rule 405, including (x) the Company or any other
subsidiary in the preceding three years not having been convicted
of a felony or misdemeanor or having been made the subject of a
judicial or administrative decree or order as described in
Rule 405 and (y) the Company in the preceding three years
not having been the subject of a bankruptcy petition or insolvency
or similar proceeding, not having had a registration statement be
the subject of a proceeding under Section 8 of the Act and not
being the subject of a proceeding under Section 8A of the Act
in connection with the offering of the Offered Securities, all as
described in Rule 405. At the time the Company or any person
acting on its behalf (within the meaning, for this sentence only,
of Rule 163(c)) made any offer in reliance on the exemption of
Rule 163, the Company was a “well-known seasoned
issuer” as defined in Rule 405, including not having
been an “ineligible issuer” as defined in
Rule 405.
(iv) As of
the Applicable Time, neither (i) the General Use Issuer Free
Writing Prospectus(es) issued at or prior to the Applicable Time,
if any, the Statutory Prospectus and the pricing information
contained in the document attached to this Agreement as
Annex II, all considered together (collectively, the
“ General Disclosure
Package ”), nor (ii) any
individual Limited Use Issuer Free Writing Prospectus, if any, when
considered together with the General
Disclosure
Package, included any untrue statement of a material fact or
omitted to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which
they were made, not misleading. The preceding sentence does not
apply to statements in or omissions from any prospectus included in
the Registration Statement or any Issuer Free Writing Prospectus in
reliance upon and in conformity with written information furnished
to the Company by any Underwriter through the Representatives
specifically for use therein, it being understood and agreed that
the only such information furnished by any Underwriter consists of
the information described as such in
Section 8(c) hereof.
(v) Each
Issuer Free Writing Prospectus, as of its issue date and at all
subsequent times through the completion of the public offer and
sale of the Offered Securities or until any earlier date that the
Company notified or notifies the Representatives as described in
the next sentence, did not, does not and will not include any
information that conflicted, conflicts or will conflict with the
information then contained in the Registration Statement or the
Prospectus. If at any time following issuance of an Issuer Free
Writing Prospectus there occurred or occurs an event or development
as a result of which such Issuer Free Writing Prospectus conflicted
or would conflict with the information then contained in the
Registration Statement or included or would include an untrue
statement of a material fact or omitted or would omit to state a
material fact necessary in order to make the statements therein, in
the light of the circumstances prevailing at that subsequent time,
not misleading, (i) the Company has promptly notified or will
promptly notify the Representatives and (ii) the Company has
promptly amended or will promptly amend or supplement such Issuer
Free Writing Prospectus to eliminate or correct such conflict,
untrue statement or omission. The foregoing two sentences do not
apply to statements in or omissions from any Issuer Free Writing
Prospectus in reliance upon and in conformity with written
information furnished to the Company by any Underwriter through the
Representatives specifically for use therein, it being understood
and agreed that the only such information furnished by any
Underwriter consists of the information described as such in
Section 8(c) hereof.
(vi) The
Company has been duly incorporated and is an existing corporation
in good standing under the laws of the Commonwealth of Virginia,
with power and authority (corporate and other) to own its
properties and conduct its business as described in the General
Disclosure Package and is duly qualified to do business as a
foreign corporation in good standing in all other jurisdictions in
which its ownership or lease of property or the conduct of its
business requires such qualification, except where such failure to
be so qualified, be in good standing or have such power or
authority would not individually or in the aggregate have a
material adverse effect on the condition (financial or other),
business, properties or results of operations of the Company and
its subsidiaries taken as a whole (“ Material Adverse Effect ”).
(vii) Each
subsidiary of the Company that is a “ significant subsidiary ” as defined in
Rule 1-02(w) of Regulation S-X under the Act (the
“ Significant
Subsidiaries ”) has been duly
incorporated or organized and is an existing corporation or other
entity, as the case may be, in good standing under the laws of
the jurisdiction of its incorporation or organization, if
applicable, with power and authority (corporate and other) to own
its properties and conduct its business as described in the General
Disclosure Package and is duly qualified to do business as a
foreign corporation, or other entity, as the case may be, in
good standing in all other jurisdictions in which its ownership or
lease of property or the conduct of its business requires such
qualification, except where the failure to be so qualified, be in
good standing or have such power or authority would not
individually or in the aggregate have a Material Adverse Effect;
all of the issued and outstanding capital stock or other ownership
interests of each Significant Subsidiary has been duly authorized
and validly issued and is fully paid and nonassessable; and, except
for pledges in favor of (i) The Bank of Nova Scotia, as
administrative agent for the lenders, under the Fifth Amended and
Restated Credit Agreement dated as of January 21, 2004, as
supplemented as of October 19, 2004, amended as of
June 24, 2005 or otherwise amended, supplemented or modified
from time to time, among the Company, WW Funding Corp., The
Bank of Nova Scotia, as administrative agent, Credit Suisse
(formerly known as Credit Suisse First Boston), Cayman Islands
Branch, as syndication agent, and the various financial
institutions named therein and (ii) Credit Suisse,
Cayman Islands
Branch, as administrative agent for the lenders under the First
Lien Credit Agreement and the Second Lien Credit Agreement, dated
as of December 16, 2005 or otherwise amended, supplemented or
modified from time to time, among WeightWatchers.com, Credit
Suisse, Cayman Islands Branch, as administrative agent and
syndication agent, and the various financial institutions named
therein, the capital stock or other ownership interests of each
Significant Subsidiary owned by the Company, directly or through
subsidiaries, is owned free from liens, encumbrances and defects.
Annex I attached hereto sets forth a true and complete list of all
of the Significant Subsidiaries.
(viii) The
Offered Securities and all other outstanding shares of capital
stock of the Company have been duly authorized and are validly
issued, fully paid and nonassessable and conform to the
description thereof contained in the Prospectus; and the
stockholders of the Company have no preemptive rights with respect
to the Securities.
(ix)
Except as disclosed in the General Disclosure Package, there are no
contracts, agreements or understandings between the Company and any
person that would give rise to a valid claim against the Company or
any Underwriter for a brokerage commission, finder’s fee or
other like payment in connection with this offering.
(x) Except
as disclosed in the General Disclosure Package, there are no
contracts, agreements or understandings between the Company and any
person granting such person the right to require the Company to
file a registration statement under the Act with respect to any
securities of the Company owned or to be owned by such person or to
require the Company to include such securities in the securities
registered pursuant to a Registration Statement or in any
securities being registered pursuant to any other registration
statement filed by the Company under the Act.
(xi) The
Offered Securities have been approved for listing on the New York
Stock Exchange.
(xii) No
consent, approval, authorization, or order of, or filing with, any
governmental agency or body or any court is required to be obtained
or made by the Company for the consummation of the transactions
contemplated by this Agreement in connection with the sale of the
Offered Securities, except such as (A) have been obtained and
made under the Act, (B) may be required under state
securities laws and (C) may be required by the securities
laws of any jurisdiction outside of the United States of
America.
(xiii) The
execution, delivery and performance of this Agreement, and the
consummation of the transactions herein contemplated will not
result in a breach or violation of any of the terms and provisions
of, or constitute a default under, (A) any material statute,
rule, regulation or order of any governmental agency or body or any
court, domestic or foreign, having jurisdiction over the Company or
any subsidiary of the Company or any of their respective
properties, or (B) any agreement or instrument to which the
Company or any such subsidiary is a party or by which the Company
or any such subsidiary is bound or to which any of the properties
of the Company or any such subsidiary is subject, except where such
breach, violation or default would not individually or in the
aggregate have a Material Adverse Effect or (C) the charter or
by-laws of the Company or any such subsidiary.
(xiv) This
Agreement has been duly authorized, executed and delivered by the
Company.
(xv)
Except as disclosed in the General Disclosure Package, the Company
and its subsidiaries have good and marketable title to all real
properties and all other properties and assets owned by them, in
each case free from liens, encumbrances and defects that would
materially affect the value thereof or materially interfere with
the use made or to be made thereof by them, except where such
failure would not individually or in the aggregate have a Material
Adverse Effect; and except as disclosed in the General Disclosure
Package, the Company and its
subsidiaries hold
any leased real or personal property under valid and enforceable
leases with no exceptions that would materially interfere with the
use made or to be made thereof by them, except where such failure
would not individually or in the aggregate have a Material Adverse
Effect.
(xvi) The
Company and its subsidiaries possess adequate certificates,
authorities or permits issued by appropriate governmental agencies
or bodies necessary to conduct the business now operated by them,
in each case except to the extent where such failure to do so would
not individually or in the aggregate have a Material Adverse
Effect, and neither the Company nor any subsidiary of the Company
has received any notice of proceedings relating to the revocation
or modification of any such certificate, authority or permit that,
if determined adversely to the Company or any of its subsidiaries,
would individually or in the aggregate have a Material Adverse
Effect.
(xvii) No
labor dispute with the employees of the Company or any subsidiary
exists or, to the knowledge of the Company, is threatened that
would have a Material Adverse Effect.
(xviii)
The Company and its subsidiaries own, possess or can acquire on
reasonable terms, all material trademarks, trade names and other
rights to inventions, know-how, patents, copyrights, confidential
information and other intellectual property (collectively,
“ intellectual property
rights ”) necessary to conduct
the business now operated by them, or presently employed by them,
and have not received any notice of infringement of or conflict
with asserted rights of others with respect to any intellectual
property rights that, if determined adversely to the Company or any
of its subsidiaries, would individually or in the aggregate have a
Material Adverse Effect.
(xix)
Except as disclosed in the General Disclosure Package, neither the
Company nor any of its subsidiaries is in violation of any statute,
any rule, regulation, decision or order of any governmental agency
or body or any court, domestic or foreign, relating to the use,
disposal or release of hazardous or toxic substances or relating to
the protection or restoration of the environment or human exposure
to hazardous or toxic substances (collectively, “
environmental laws
”), owns or
operates any real property contaminated with any substance that is
subject to any environmental laws, is liable for any off-site
disposal or contamination pursuant to any environmental laws, or is
subject to any claim relating to any environmental laws, which
violation, contamination, liability or claim would individually or
in the aggregate have Material Adverse Effect; and the Company is
not aware of any pending investigation which might lead to such a
claim.
(xx)
Except as disclosed in the General Disclosure Package, there are no
pending actions, suits or proceedings against or affecting the
Company, any of its subsidiaries or any of their respective
properties that, if determined adversely to the Company or any of
its subsidiaries, would individually or in the aggregate have a
Material Adverse Effect, or would materially and adversely affect
the ability of the Company to perform its obligations under
this Agreement, or which are otherwise material in the context of
the sale of the Offered Securities; and no such actions, suits or
proceedings are threatened or, to the Company’s knowledge,
contemplated.
(xxi) The
financial statements included in the Registration Statement and the
Prospectus, present fairly in all material respects the financial
position of the Company and its consolidated subsidiaries as of the
dates shown and their results of operations and cash flows for the
periods shown, and, except as otherwise disclosed in the
Prospectus, such financial statements have been prepared in
conformity with the generally accepted accounting principles in the
United States applied on a consistent basis; the schedules included
in the Registration Statement present fairly the information
required to be stated therein.
(xxii)
Except as disclosed in the General Disclosure Package, since the
date of the latest audited financial statements included in the
Prospectus there has been no material adverse change,
nor any
development or event involving a prospective material adverse
change, in the condition (financial or other), business, properties
or results of operations of the Company and its subsidiaries taken
as a whole, and, except as disclosed in or contemplated by the
General Disclosure Package, there has been no dividend or
distribution of any kind declared, paid or made by the Company on
any class of its capital stock.
(xxiii)
The Company is subject to the reporting requirements of either
Section 13 or Section 15(d) of the Securities
Exchange Act of 1934 and files reports with the Commission on the
Electronic Data Gathering, Analysis, and Retrieval (EDGAR)
system.
(xxiv) The
Company is not an “ investment company ” or a “
business development company
” as
defined in the Investment Company Act of 1940, as
amended.
(xxv) The
Company has not received any written comments from the Commission
staff in connection with the Company’s reports under the
Exchange Act that remain unresolved.
(b) Each
Selling Shareholder, severally and not jointly, represents and
warrants to, and agrees with, the several Underwriters
that:
(i) Such
Selling Shareholder is validly existing and, to the extent such
concept exists in the relevant jurisdiction, in good standing under
the laws of the jurisdiction of its organization.
(ii) This
Agreement has been duly authorized, executed and delivered by such
Selling Shareholder.
(iii) The
execution and delivery by such Selling Shareholder, and the
performance by such Selling Shareholder of its obligations under,
this Agreement will not contravene any provision of applicable law
or the organizational documents of such Selling Shareholder or any
agreement or other instrument binding upon such Selling Shareholder
or any of its assets or any judgment, order or decree of any
governmental body, agency or court having jurisdiction over such
Selling Shareholder or any of its assets, except where such
contravention would not individually or in the aggregate materially
adversely affect the ability of such Selling Shareholder to
consummate the transactions contemplated hereby, and no consent,
approval, authorization, or order of, or filing with, any
governmental agency or body or any court is required to be obtained
or made by such Selling Shareholder for the performance by such
Selling Shareholder of its obligations under this Agreement, except
(A) such as have been obtained or made, (B) such as
may be required under state securities laws and (C) such
as may be required by the securities laws of any jurisdiction
outside the United States of America.
(iv) Such
Selling Shareholder has and on each Closing Date hereinafter
mentioned will have valid and unencumbered title to the Offered
Securities to be delivered by such Selling Shareholder on such
Closing Date, and full right, power and authority to enter into
this Agreement and to sell, assign, transfer and deliver the
Offered Securities to be delivered by such Selling Shareholder on
such Closing Date hereunder; and upon the delivery of and payment
for the Offered Securities on each Closing Date hereunder the
several Underwriters will acquire valid and unencumbered title to
the Offered Securities to be delivered by such Selling Shareholder
on such Closing Date and no action based on an adverse claim
may be asserted against the Underwriters with respect to such
Offered Securities.
(v) If the
Effective Time of the Initial Registration Statement is prior to
the execution and delivery of this Agreement: (A) on the
Effective Date of the Initial Registration Statement, the Initial
Registration Statement did not contain any untrue statement of a
material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not
misleading, (B) on the Effective Date of the Additional
Registration Statement (if any), no Registration Statement
contained, or will contain, any untrue statement of a material fact
and did
not omit, or will
not omit, to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, and
(C) on the date of this Agreement, neither the Initial
Registration Statement nor, if the Effective Time of the Additional
Registration Statement, if any, is prior to the execution and
delivery of this Agreement, the Additional Registration Statement
contains, and at the time of filing of the Prospectus pursuant to
Rule 424(b) or (if no such filing is required) at the
Effective Date of the Additional Registration Statement in which
the Prospectus is included, no Registration Statement or Prospectus
contains, or will contain, any untrue statement of a material fact
or omits, or will omit, to state any material fact required to be
stated therein or necessary to make the statements therein (in the
case of the Prospectus or any amendment or supplement thereto, in
light of the circumstances under which they were made) not
misleading. If the Effective Time of the Initial Registration
Statement is subsequent to the execution and delivery of this
Agreement: on the Effective Date of the Initial Registration
Statement, neither the Initial Registration Statement nor the
Prospectus will contain any untrue statement of a material fact or
will omit to state any material fact required to be stated therein
or necessary to make the statements therein (in the case of the
Prospectus or any amendment or supplement thereto, in light of the
circumstances under which they were made) not misleading, and no
Additional Registration Statement has been or will be filed. The
two preceding sentences apply only to the extent statements in or
omissions from a Registration Statement or the Prospectus are based
upon written information furnished to the Company by such Selling
Shareholder specifically for use therein, it being understood and
agreed that the only such information furnished by a particular
Selling Shareholder (the “ Selling Shareholder Information
” of such
Selling Shareholder) consists of the name of such Selling
Shareholder, the number of Offered Securities to be offered by such
Selling Shareholder and the address and other information with
respect to such Selling Shareholder (excluding any percentages)
which appear in the table (and the corresponding footnotes thereto)
under the caption “Principal and Selling Shareholders”
in the Prospectus. Such Selling Shareholder has not and will not
sell any Offered Securities or Optional Securities based on any
information that is not either (i) publicly available (or
contained in a registration statement or prospectus for the Offered
Securities) or (ii) not material with respect to the Company
or its subsidiaries or any of the Company’s securities for
purposes of United States Federal securities laws.
(vi) As of
the Applicable Time, neither (i) the General Disclosure
Package nor (ii) any individual Limited Use Issuer Free
Writing Prospectus, when considered together with the General
Disclosure Package, included any untrue statement of a material
fact or omitted to state any material fact necessary in order to
make the statements therein, in the light of the circumstances
under which they were made, not misleading. The preceding sentence
applies only to the extent statements in or omissions from the
General Disclosure Package or any individual Limited Use Issuer
Free Writing Prospectus are based upon Selling Shareholder
Information.
(vii) All
Selling Shareholder Information contained in any Issuer Free
Writing Prospectus, as of its issue date and at all subsequent
times through the completion of the public offer and sale of the
Offered Securities or until any earlier date that the Selling
Shareholders notified or notify the Company and the Representatives
as described in the next sentence, did not, does not and will not
include any information that conflicted, conflicts or will conflict
with the information then contained in the Registration Statement.
If at any time following issuance of an Issuer Free Writing
Prospectus there occurred or occurs an event or development as a
result of which such Selling Shareholder Information conflicted or
would conflict with the information then contained in the
Registration Statement or included or would include an untrue
statement of a material fact or omitted or would omit to state a
material fact necessary in order to make the statements therein, in
the light of the circumstances prevailing at that subsequent time,
not misleading, such Selling Shareholder has promptly notified or
will promptly notify the Company and the Representatives and will
provide the Company with all necessary information so as to correct
such untrue statement or omission.
(viii)
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