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Title: |
Contingent Value Rights Agreement |
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Entities: |
Citibank, NA; EchoStar Communications Corp.; General Motors Corp.; Hughes Communications Galaxy, Inc.; Hughes Communications, Inc.; Vivendi Universal SA; Cravath, Swaine & Moore LLP; Sullivan & Cromwell |
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Date: |
2002 |
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Size: |
Preview shows 9KB of 53KB total |
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Price: |
$42 |
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ID: |
#288222 |
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Start of Preview |
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between
ECHOSTAR COMMUNICATIONS CORPORATION,
and
VIVENDI UNIVERSAL, S.A.
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Dated as of
January 22, 2002
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================================================================================
{PAGE}
TABLE OF CONTENTS
{Table}
{Caption}
Page
----
{S} {C}
ARTICLE I
TERMS OF THE CVRs
SECTION 1.01. Issuance and Delivery of the CVRs; Form of CVRs.............................................1
SECTION 1.02. Maturity Date; CVR Payment Calculation......................................................2
SECTION 1.03. Roll-Over of the CVRs Upon Consummation of the Merger; Change of Control
Transactions During the Protection Period................................................3
SECTION 1.04. CVRs Not Transferable.......................................................................5
SECTION 1.05. Early Termination of CVRs...................................................................5
SECTION 1.06. Antidilution................................................................................5
SECTION 1.07. Payment Terms...............................................................................6
SECTION 1.08. No Interest on CVR Payments.................................................................6
SECTION 1.09. Determination that No Payment is Due........................................................6
ARTICLE II
COVENANTS
SECTION 2.01. Payment of Amounts, if any, to Holders of CVRs..............................................6
SECTION 2.02. Reservation of Class A Common Shares........................................................6
SECTION 2.03. Antimanipulation............................................................................7
SECTION 2.04. Certain Notices.............................................................................8
ARTICLE III
REMEDIES OF THE HOLDERS OF CVRs ON EVENT OF DEFAULTS
SECTION 3.01. Event of Default Defined; Acceleration of Maturity..........................................8
SECTION 3.02. Remedies Cumulative; Delay or Omission Not Waiver of Default................................9
ARTICLE IV
OTHER CHANGE OF CONTROL TRANSACTIONS
SECTION 4.01. Company May Merge, Etc.....................................................................10
SECTION 4.02. Successor Substituted......................................................................10
SECTION 4.03. Termination................................................................................10
{/Table}
-i-
{PAGE}
{Table}
{S} {C}
ARTICLE V
GENERAL PROVISIONS
SECTION 5.01. Notices....................................................................................11
SECTION 5.02. Interpretation; Exhibits and Schedules; Certain Definitions................................12
SECTION 5.03. Counterparts...............................................................................12
SECTION 5.04. Severability...............................................................................12
SECTION 5.05. Governing Law..............................................................................13
SECTION 5.06. Amendments and Waivers.....................................................................13
{/Table}
-ii-
{PAGE}
CONTINGENT VALUE RIGHTS AGREEMENT (this
"Agreement") dated as of January 22, 2002, between
ECHOSTAR COMMUNICATIONS CORPORATION, a Nevada
corporation (the "Company"), and VIVENDI UNIVERSAL,
S.A., a societe anonyme organized under the laws of
France (the "Investor").
WHEREAS, pursuant to the Investment Agreement dated as of
December 14, 2001 (the "Investment Agreement"), between the Company and the
Investor, and as a condition to the willingness of the Investor to enter into
the Investment Agreement, the Company has agreed to issue and deliver to the
Investor, upon consummation of the transactions contemplated by the Investment
Agreement, one contingent value right having the terms set forth in this
Agreement (the "CVRs") for each share of Class A common stock, par value $0.01
per share, of the Company ("Class A Common Stock", which term shall include any
class of capital stock of the Company into which the Class A Common Stock may be
reclassified, converted or exchanged as contemplated by Section 1.06) issuable
upon the conversion of shares of Series D mandatorily convertible participating
preferred stock, par value $0.01 per share, of the Company (the "Preferred
Stock") purchased by the Investor pursuant to the Investment Agreement;
WHEREAS the Company has duly authorized the creation and issue
of the CVRs, and to provide therefor the Company has duly authorized the
execution and delivery of this Agreement; and
WHEREAS, all things necessary have been done to make the CVRs
the valid obligations of the Company and to make this Agreement a valid
agreement of the Company, in each case in accordance with the terms of this
Agreement.
NOW, THEREFORE, in consideration of the premises and the
consummation of the transactions contemplated by this Agreement and the
Investment Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:
ARTICLE I
Terms of the CVRs
SECTION 1.01. Issuance and Delivery of the CVRs; Form of CVRs.
Effective upon the consummation of the issuance, sale and delivery of the
Preferred Stock to the Investor pursuant to the Investment Agreement, there
shall be issued and delivered to the Investor pursuant to this Agreement,
without any further action on the part of the Company or the Investor, that
number of CVRs as is equal to the number of shares of Class A Common Stock into
which the Preferred Stock is convertible as of the closing date of the purchase
and sale pursuant to the Investment Agreement (the "Initial CVR Amount"). The
CVRs shall be in uncertificated form and shall be evidenced by Schedule I
hereto, and the number of CVRs initially indicated on Schedule I shall be equal
to the Initial CVR Amount. The number of CVRs indicated on Schedule I as being
outstanding and owned by the Investor or its wholly owned
{PAGE}
2
subsidiaries shall be adjusted from time to time (i) in accordance with Section
1.04, based on sales of Class A Common Stock by the Investor or its wholly owned
subsidiaries and (ii) pursuant to the provisions of Section 1.06. The number of
CVRs indicated on Schedule I shall be considered to be "held" by the Investor or
its wholly owned subsidiary and "outstanding", notwithstanding the fact that the
CVRs are in uncertificated form.
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