|
|
|
|
Document Preview Put Agreement |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Put Agreement |
|||
|
Entities: |
||||
|
Date: |
2000 |
|||
|
Size: |
Preview shows 5KB of 37KB total |
|||
|
Price: |
$38 |
|||
|
ID: |
#1358098 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
PUT AGREEMENT
THIS PUT AGREEMENT (the "Agreement") is made and entered into as of May
30, 2000, by and between Sonera Holding B.V., a company organized under the laws
of the Netherlands ("Sonera") and Powertel, Inc., a Delaware corporation
("Powertel") (Sonera and Powertel are referred to herein individually as a
"Party" and collectively as the "Parties").
WITNESSETH:
WHEREAS, Sonera has subscribed to purchase 7,525 shares, par value
US$0.01 per share (the "Shares"), of the Series B preferred stock of Eliska
Wireless Ventures I, Inc., a Delaware corporation (the "Company");
WHEREAS, if Sonera consummates the purchase of the Shares, Sonera
desires to have the right to cause Powertel to purchase from Sonera the Shares
and all securities issued as a dividend or distribution with respect thereto or
in exchange or replacement thereof (collectively, with the Shares, the "Subject
Stock") under the terms and conditions set forth herein; and
WHEREAS, Powertel is willing to purchase the Subject Stock from Sonera
on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
SECTION 1. PUT OPTION.
A. For the nine (9) month period beginning on October 1, 2001 and
ending on June 30, 2002, Sonera shall have the right, but not the obligation, to
sell all, but not less than all, of the Subject Stock to Powertel, and Powertel
shall be obligated to purchase the Subject Stock from Sonera for the
consideration and upon the terms and conditions set forth in this Agreement (the
"Put"). Sonera may exercise the Put only by giving effective written notice
thereof (the "Put Exercise Notice") to Powertel on or before June 30, 2002. For
the purposes hereof, the effective date of the Put Exercise Notice shall be
known as the "Put Notice Date."
B. From and after the date of this Agreement until the
termination hereof, if a transaction or event occurs that would cause Powertel
to acquire greater than 50% of the outstanding voting power of the Company
(whether by reason of an acquisition of the Company's stock by Powertel, a
default under indebtedness, or otherwise), Powertel shall deliver notice of such
event to Sonera, and notwithstanding any other provision of this Agreement, and
regardless of whether Sonera's Put is otherwise exercisable at the time of such
event, within ten
1
<PAGE> 2
(10) days after receipt of such notice from Powertel Sonera shall be required to
either: (i) exercise its right to require Powertel to purchase the Subject Stock
pursuant to the Put, upon the terms set forth in this Agreement; or (ii)
irrevocably and forever waive and relinquish all rights to exercise the Put.
C. In payment for the Subject Stock, at the closing that is held
pursuant to Section 1(E) below, Powertel shall deliver to Sonera one million
forty-four thousand five hundred sixty-eight (1,044,568) fully paid and
nonassessable shares of Powertel's common stock, par value $0.01 per share (the
"Powertel Put Shares"). The Parties acknowledge and agree that the Powertel Put
Shares will be "restricted securities" as such term is defined in Rule 144
promulgated pursuant to the Securities Act of 1933, and the certificate
representing the Powertel Put Shares will bear a restrictive legend to such
effect. The number of Powertel Put Shares that is deliverable to Sonera upon
exercise of the Put shall be appropriately adjusted to account for any stock
split, stock dividend, stock combination exchange, recapitalization or similar
transaction involving or relating to the Powertel common stock or Powertel which
occurs between the date hereof and the Put Closing (as defined in Section 1(E)
hereof).
D. Powertel agrees that, in the event that a transaction occurs
whereby all or substantially all of Powertel's stock or assets are sold or
transferred, whether by means of a merger, consolidation, tender offer or
otherwise (collectively, a "Change of Control Transaction"), if the Put is
exercisable or has been exercised, Powertel shall require as a condition to
agreeing to such Change of Control Transaction that this Agreement (including
the registration rights granted hereunder) be specifically assumed in writing by
|
End of Preview |
Home Intelligence Services Subscriptions News About Us