0001193125-14-298414.txt : 20140806 0001193125-14-298414.hdr.sgml : 20140806 20140806170056 ACCESSION NUMBER: 0001193125-14-298414 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 55 FILED AS OF DATE: 20140806 DATE AS OF CHANGE: 20140806 GROUP MEMBERS: PS MANAGEMENT GP, LLC GROUP MEMBERS: WILLIAM A. ACKMAN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ALLERGAN INC CENTRAL INDEX KEY: 0000850693 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 951622442 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-40724 FILM NUMBER: 141020688 BUSINESS ADDRESS: STREET 1: 2525 DUPONT DRIVE CITY: IRVINE STATE: CA ZIP: 92612 BUSINESS PHONE: 7142464500 MAIL ADDRESS: STREET 1: P.O. BOX 19534 CITY: IRVINE STATE: CA ZIP: 92713-9534 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Pershing Square Capital Management, L.P. CENTRAL INDEX KEY: 0001336528 IRS NUMBER: 383694136 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 888 SEVENTH AVENUE STREET 2: 42ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-813-3700 MAIL ADDRESS: STREET 1: 888 SEVENTH AVENUE STREET 2: 42ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 SC 13D/A 1 d767190dsc13da.htm AMENDMENT NO. 10 TO SCHEDULE 13D Amendment No. 10 to Schedule 13D

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Schedule 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d-2(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Amendment No. 10

 

 

ALLERGAN, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

018490102

(CUSIP Number)

Roy J. Katzovicz, Esq.

Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, New York 10019

212-813-3700

with a copy to:

Stephen Fraidin, Esq.

Richard M. Brand, Esq.

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

212-446-4800

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

August 6, 2014

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box  ¨.

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

 

 

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 

Page 1 of 10 Pages


CUSIP No. 018490102   13D   Page 2 of 10 Pages

 

  1   

NAME OF REPORTING PERSON

 

Pershing Square Capital Management, L.P.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  x        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (See Item 3)

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

¨

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7    

SOLE VOTING POWER

 

0

     8   

SHARED VOTING POWER

 

28,878,538

     9   

SOLE DISPOSITIVE POWER

 

0

   10   

SHARED DISPOSITIVE POWER

 

28,878,538

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

 

28,878,638

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

¨

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

9.7%1

14  

TYPE OF REPORTING PERSON

 

IA

 

1 Calculated based on 297,183,809 shares of common stock, $0.01 par value, of Allergan, Inc., outstanding as of July 31, 2014, as reported in Allergan, Inc.’s Quarterly Report on Form 10-Q for the period ended June 30, 2014, as filed with the Securities and Exchange Commission on August 5, 2014.


CUSIP No. 018490102   13D   Page 3 of 10 Pages

 

  1   

NAMES OF REPORTING PERSON

 

PS Management GP, LLC

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  x        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS

 

OO (See Item 3)

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

¨

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7    

SOLE VOTING POWER

 

NONE

     8   

SHARED VOTING POWER

 

28,878,538

     9   

SOLE DISPOSITIVE POWER

 

NONE

   10   

SHARED DISPOSITIVE POWER

 

28,878,538

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

28,878,638

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

¨

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

9.7%2

14  

TYPE OF REPORTING PERSON

 

OO

 

2 Calculated based on 297,183,809 shares of common stock, $0.01 par value, of Allergan, Inc., outstanding as of July 31, 2014, as reported in Allergan, Inc.’s Quarterly Report on Form 10-Q for the period ended June 30, 2014, as filed with the Securities and Exchange Commission on August 5, 2014.


CUSIP No. 018490102   13D   Page 4 of 10 Pages

 

  1   

NAME OF REPORTING PERSON

 

William A. Ackman

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  x        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (See Item 3)

  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)

 

¨

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7    

SOLE VOTING POWER

 

NONE

     8   

SHARED VOTING POWER

 

28,878,538

     9   

SOLE DISPOSITIVE POWER

 

NONE

   10   

SHARED DISPOSITIVE POWER

 

28,878,538

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

 

28,878,638

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

¨

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

9.7%3

14  

TYPE OF REPORTING PERSON

 

IN

 

3 Calculated based on 297,183,809 shares of common stock, $0.01 par value, of Allergan, Inc., outstanding as of July 31, 2014, as reported in Allergan, Inc.’s Quarterly Report on Form 10-Q for the period ended June 30, 2014, as filed with the Securities and Exchange Commission on August 5, 2014.


  Item 1. Security and Issuer.

This amendment No. 10 to Schedule 13D (this “Amendment No. 10”), which amends and supplements the statement on Schedule 13D filed on April 21, 2014 (the “Original 13D”), as amended and supplemented by amendment No. 1 (“Amendment No. 1”), filed on May 2, 2014, amendment No. 2 (“Amendment No. 2”), filed on May 5, 2014, amendment No. 3 (“Amendment No. 3”), filed on May 12, 2014, amendment No. 4 (“Amendment No. 4”), filed on May 19, 2014, amendment No. 5 (“Amendment No. 5”), filed on May 21, 2014, amendment No. 6 (“Amendment No. 6”), filed on June 2, 2014, amendment No. 7 (“Amendment No. 7”), filed on June 13, 2014, amendment No. 8 (“Amendment No. 8”), filed on June 30, 2014 and amendment No. 9 (“Amendment No. 9”), filed on July 17, 2014 (the Original 13D as amended and supplemented by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7, Amendment No. 8, Amendment No. 9 and this Amendment No. 10, the “Schedule 13D”), by (i) Pershing Square Capital Management, L.P., a Delaware limited partnership (“Pershing Square”); (ii) PS Management GP, LLC, a Delaware limited liability company (“PS Management”) and (iii) William A. Ackman, a citizen of the United States (together with Pershing Square and PS Management, the “Reporting Persons”) relates to the common stock, par value $0.01 per share (the “Common Stock”), of Allergan, Inc., a Delaware corporation (the “Issuer”). The principal executive offices of the Issuer are located at: 2525 Dupont Drive, Irvine, California, 92612.

Capitalized terms not defined in this Amendment No. 10 shall have the meaning ascribed to them in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified.

Explanatory Note

Pershing Square has decided to file a copy of a confidentiality agreement between it and Valeant and copies of agreements for call options and forward purchase contracts with a bank counterparty. The existence of such agreements and their material terms have all previously been disclosed (and forms of the confirmations referred to below have previously been filed). Pershing Square does not believe it is required to file these agreements, but it is doing so to provide greater transparency on its investment in Allergan.

 

  Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

The inclusion of the descriptions of the attached documents in this Item shall not be deemed an admission that such documents are responsive to such Item.

The Share Call Option Master Confirmation Agreement, dated as of February 27, 2014, with respect to the call options entered into between PS Fund 1 and Nomura International plc, and amendment thereto, dated as of April 17, 2014 (together, the “Share Call Option Master Confirmation Agreement”), is filed as Exhibit 99.17, and is incorporated herein by reference.

Share Call Option Supplemental Confirmations with respect to the call options entered into between PS Fund 1 and Nomura International plc are filed as Exhibits 99.18—Exhibit 99.32, and are incorporated herein by reference.

The Share Forward Master Confirmation Agreement, dated as of April 21, 2014, with respect to the forward purchase contracts between PS Fund 1 and Nomura International plc, (the “Share Forward Master Confirmation Agreement”), is filed as Exhibit 99.33 and is incorporated herein by reference.

 

Page 5 of 10 Pages


The Share Forward Supplemental Confirmation with respect to the forward purchase contracts between PS Fund 1 and Nomura International plc, dated as of April 21, 2014 (the “Share Forward Supplemental Confirmation Agreement”), is filed as Exhibit 99.34 and is incorporated herein by reference.

The Guarantee, dated as of April 17, 2014, by and among Pershing Square, L.P., Pershing Square II, L.P., Pershing Square International, Ltd., and Pershing Square Holdings, Ltd. and Nomura International plc, with respect to the guarantee of obligations and payment of all amounts payable by PS Fund 1 under that certain ISDA 2002 Master Agreement, Schedule and Credit Support Annex thereto, as modified from time to time (the “Guarantee”) is filed as Exhibit 99.35 and is incorporated herein by reference.

The Confidentiality Agreement, dated as of February 9, 2014, by and among Pershing Square and Valeant, and amendment thereto, dated as of February 20, 2014 (together, the “Confidentiality Agreement”) is filed as Exhibit 99.36 and is incorporated herein by reference.

 

  Item 7. Material to be Filed as Exhibits.

 

Exhibit

  

Description

Exhibit 99.17    Share Call Option Master Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of February 27, 2014, and Amendment to Share Call Option Master Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 17, 2014.
Exhibit 99.18    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 3, 2014.
Exhibit 99.19    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 6, 2014.
Exhibit 99.20    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 11, 2014.
Exhibit 99.21    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 14, 2014.
Exhibit 99.22    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 19, 2014.
Exhibit 99.23    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 24, 2014.
Exhibit 99.24    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 27, 2014.
Exhibit 99.25    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 1, 2014.
Exhibit 99.26    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 4, 2014.
Exhibit 99.27    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 8, 2014.
Exhibit 99.28    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 11, 2014.
Exhibit 99.29    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 14, 2014.    
Exhibit 99.30    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 15, 2014.

 

Page 6 of 10 Pages


Exhibit 99.31    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 16, 2014.
Exhibit 99.32    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 17, 2014.
Exhibit 99.33    Share Forward Master Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 21, 2014
Exhibit 99.34    Share Forward Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 21, 2014.
Exhibit 99.35    Guarantee, by and among Pershing Square, L.P., Pershing Square II, L.P., Pershing Square International, Ltd., and Pershing Square Holdings, Ltd. and Nomura International plc, dated as of April 17, 2014.
Exhibit 99.36    Confidentiality Agreement, by and among Pershing Square Capital Management, L.P. and Valeant Pharmaceuticals International, Inc., dated as of February 9, 2014, and Amended and Restated Confidentiality Agreement, by and among Pershing Square Capital Management, L.P. and Valeant Pharmaceuticals International, Inc., dated as of February 20, 2014.

 

Page 7 of 10 Pages


SIGNATURES

After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certify that the information set forth in this statement is true, complete and correct.

Date: August 6, 2014

 

PERSHING SQUARE CAPITAL MANAGEMENT, L.P.
By:   PS Management GP, LLC, its General Partner
By:   /s/ William A. Ackman
 

Name: William A. Ackman

Title: Managing Member

PS MANAGEMENT GP, LLC
By:   /s/ William A. Ackman
  Name: William A. Ackman
  Title: Managing Member
By:   /s/ William A. Ackman
  Name: William A. Ackman

 

Page 8 of 10 Pages


EXHIBIT INDEX

 

Exhibit

  

Description

Exhibit 99.1    Joint Filing Agreement, dated as of April 21, 2014, among Pershing Square Capital Management, L.P., PS Management GP, LLC and William A. Ackman.*
Exhibit 99.2    Trading data.*
Exhibit 99.3    Letter Agreement, dated as of February 25, 2014, among Pershing Square Capital Management, L.P. and Valeant Pharmaceuticals International, Inc.*
Exhibit 99.4    Amended and Restated Limited Liability Company Agreement of PS Fund 1, LLC, dated as of April 3, 2014, by and among Pershing Square Capital Management, L.P., Pershing Square L.P., Pershing Square II, L.P., Pershing Square International, Ltd., Pershing Square Holdings, Ltd., and Valeant Pharmaceuticals International.*
Exhibit 99.5    Letter to Michael R. Gallagher from Pershing Square Capital Management, L.P., dated as of May 5, 2014.*
Exhibit 99.7    Letter to Allergan, Inc. Board of Directors from Pershing Square Capital Management, L.P., dated as of May 19, 2014.*
Exhibit 99.8    Letter to Allergan, Inc. Board of Directors from Pershing Square Capital Management, L.P., dated as of May 21, 2014.*
Exhibit 99.9    Letter Agreement, dated as of May 30, 2014, between Pershing Square Capital Management, L.P. and Valeant Pharmaceuticals International, Inc.*
Exhibit 99.10    Press Release, dated June 13, 2014.*
Exhibit 99.11    Press Release, dated June 27, 2014.*
Exhibit 99.12    Stipulation and Order Regarding Application of Allergan Rights Plan and Dismissal Without Prejudice, dated June 28, 2014.*
Exhibit 99.13    Letter to Allergan, Inc. Board of Directors from Pershing Square Capital Management, L.P., dated as of July 16, 2014.*
Exhibit 99.14    Form of Share Call Option Master Confirmation and Form of Amendment to Share Call Option Master Confirmation.*
Exhibit 99.15    Form of Share Forward Master Confirmation.*
Exhibit 99.16    Letter Agreement, dated as of July 15, 2014, between Pershing Square Capital Management, L.P. and Valeant Pharmaceuticals, Inc.*
Exhibit 99.17    Share Call Option Master Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of February 27, 2014, and Amendment to Share Call Option Master Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 17, 2014.
Exhibit 99.18    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 3, 2014.
Exhibit 99.19    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 6, 2014.
Exhibit 99.20    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 11, 2014.
Exhibit 99.21    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 14, 2014.
Exhibit 99.22    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 19, 2014.

 

Page 9 of 10 Pages


Exhibit 99.23    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 24, 2014.
Exhibit 99.24    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of March 27, 2014.
Exhibit 99.25    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 1, 2014.
Exhibit 99.26    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 4, 2014.
Exhibit 99.27    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 8, 2014.
Exhibit 99.28    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 11, 2014.
Exhibit 99.29    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 14, 2014.
Exhibit 99.30    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 15, 2014.
Exhibit 99.31    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 16, 2014.
Exhibit 99.32    Share Call Option Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 17, 2014.
Exhibit 99.33    Share Forward Master Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 21, 2014
Exhibit 99.34    Share Forward Supplemental Confirmation, by and among PS Fund 1 and Nomura International plc, dated as of April 21, 2014.
Exhibit 99.35    Guarantee, by and among Pershing Square, L.P., Pershing Square II, L.P., Pershing Square International, Ltd., and Pershing Square Holdings, Ltd. and Nomura International plc, dated as of April 17, 2014.
Exhibit 99.36    Confidentiality Agreement, by and among Pershing Square Capital Management, L.P. and Valeant Pharmaceuticals International, Inc., dated as of February 9, 2014, and Amended and Restated Confidentiality Agreement, by and among Pershing Square Capital Management, L.P. and Valeant Pharmaceuticals International, Inc., dated as of February 20, 2014.

 

* Previously Filed.

 

Page 10 of 10 Pages

EX-99.17 2 d767190dex9917.htm EX-99.17 EX-99.17

Exhibit 99.17

 

         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

To    PS FUND 1, LLC
Attention    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019

 

From    Operations    Department    Derivatives
Direct Tel    +91 22 6723 4534    Direct Fax    +44 (0)20 7102 9404
Page 1 of    19    Date    February 27, 2014

 

SHARE CALL OPTION MASTER CONFIRMATION

Dear Sir/Madam:

The purpose of this Share Option Master Confirmation (this “Master Confirmation”) is to set forth the general terms and conditions of one or more Transactions (each a “Transaction”) that may be entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified in a Supplemental Confirmation, each substantially in the form of Schedule A hereto, confirming the specific terms and conditions of a particular Transaction (each a “Supplemental Confirmation”). Each Transaction, if executed, will be a Call Option, the terms of which are specified in the Master Confirmation as supplemented by the Supplemental Confirmation (together, the “Confirmation”). The entry into this Master Confirmation does not obligate either party to enter into any Transaction.

This Confirmation constitutes a “Confirmation” as referred to in the Agreement specified below. This Confirmation hereby incorporates by reference the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”) and the 2006 ISDA Definitions (the “Swap Definitions”), each as published by the International Swaps and Derivatives Association, Inc. In the event of any inconsistency between the Equity Definitions and the Swap Definitions, the Equity Definitions will govern. In the event of any inconsistency between either the Equity Definitions or the Swap Definitions and this Confirmation, this Confirmation will govern. For purposes of the Equity Definitions, each Transaction shall be a Share Option Transaction.

The Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which the Confirmation relates. The Confirmation shall supplement, form a part of and be subject to the 2002 ISDA Master Agreement (the “Agreement”) as published by ISDA entered into between the parties on February 25, 2014, including the Schedule thereto and the 1994 Credit Support Annex (Bilateral Form—New York Law) (the “CSA”) to such Schedule. In the event of any inconsistency between the provisions of the Agreement or the CSA and the Confirmation, the Confirmation will govern for the purpose of the Transaction to which the Confirmation relates.

 

1/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         [GRAPHIC APPEARS HERE]
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

1. The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

  

As specified in the relevant Supplemental Confirmation

Expiration Date:

  

As specified in the relevant Supplemental Confirmation

Shares:

  

The common stock of Allergan, Inc. (the “Issuer”)

  

(ticker symbol: “AGN”)

Exchange:

  

New York Stock Exchange

Related Exchange:

  

None

Premium:

  

As specified in the relevant Supplemental Confirmation

Premium Payment Date:

  

One Exchange Business Day following the Trade Date, or if such date is not a Currency Business Day, the next following Currency Business Day

  

Counterparty shall pay Dealer the Premium on the Premium Payment Date.

Option Style:

  

American

Option Type:

  

Call

Buyer:

  

Counterparty

Seller:

  

Dealer

Number of Options:

  

As specified in the relevant Supplemental Confirmation

Option Entitlement:

  

1 Share per Option

Strike Price:

  

As specified in the relevant Supplemental Confirmation

 

2/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         [GRAPHIC APPEARS HERE]
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

General Exercise Terms:   

Condition to Physical Settlement:

  

The Buyer of the Call Option may not exercise any Options with Physical Settlement under the Transaction until any required filings and any applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, relating to the transactions contemplated hereby, shall have been made or shall have expired or been terminated, as applicable (the “Physical Settlement Condition”). Any such exercise shall constitute a representation by the Buyer that such filings have been made and any such waiting periods have expired.

Condition to Cash Settlement:

  

Upon the exercise of the Call Option by the Buyer, the Buyer represents to the Seller that the election by Buyer of Cash Settlement is not in violation of Section 10(b) of the Securities Exchange Act of 1934, as amended (the “1934 Act”).

  

In any event, upon a Cash Settlement, the Buyer will represent to the Seller that either (1) Buyer is an “affiliate” (as defined under Rule 144 under the Securities Act of 1933, as amended (the “1933 Act”)) of the Issuer, (2) Buyer is not an “affiliate” of the Issuer, or (3) Buyer should be deemed an “affiliate” of the Issuer solely for purposes of this Transaction.

 

Procedures for Exercise:

  

Latest Exercise Time:

  

The scheduled closing time of the Exchange.

Expiration Time:

  

The scheduled closing time of the Exchange.

Multiple Exercise:

  

Applicable

Minimum Number of Options:

  

1

Integral Multiple:

  

1

Maximum Number of Options:

  

The number of unexercised Options

Automatic Exercise:

  

Not Applicable

 

3/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Settlement Terms:   

Settlement Method:

  

Physical Settlement (unless Cash Settlement is elected by the Counterparty in accordance with the terms hereof); provided that, in respect of Physical Settlement, clause (a) of Section 9.4 of the Equity Definitions is hereby amended by adding the words “as soon as practicable, but in any event no later than” before the words “one Settlement Cycle”.

Default Settlement Method:

  

Physical Settlement

Settlement Method Election:

  

Applicable

Electing Party:

  

Buyer of the Call Option

Settlement Method Election Date(s):

  

Any Scheduled Trading Day following the Commencement Date

Cash Settlement Terms:

  

Number of Options Exercised:

  

The number of Options exercised (or deemed exercised) on an Exercise Date, as communicated by Buyer to Seller by the Latest Exercise Time; provided that the valuation related to such Number of Options exercised will occur as set forth under “Cash Settlement Procedures” below.

Cash Settlement Procedures:

  

On an Exercise Date where Cash Settlement is elected, the Calculation Agent will determine the Number of Options Exercised (which may be all such Number of Options Exercised) subject to cash settlement (the “Settled Number of Options”) in its good faith and commercially reasonable discretion (which may, for the avoidance of doubt, be exercised in consideration of advice of counsel to Counterparty and counsel to Dealer and in consideration of other market activity or derivative transaction or unwind activity by Counterparty as well as any legal considerations applicable to Counterparty, including, but not limited to, considerations related to the fact that Counterparty may be an “insider” or “affiliate” of the Issuer and the application, if any, of any related securities laws (such considerations, the “Unwind Parameters”)), and will notify Dealer and Counterparty of such determination. The Calculation Agent will include in such notice the number of Averaging Dates (“Determined Averaging Date Number”) and the initial Averaging Date for such

 

4/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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EC4R 3AB    Web site    www.nomura.com   

 

 

  

settlement which will be the first Scheduled Trading Day after the related Exercise Date (each such date, an “Initial Averaging Date”). In respect of the settlement on the Expiration Date, the Initial Averaging Date will be the Expiration Date.

  

The Calculation Agent will ensure that the Determined Averaging Date Number is equal to or greater than (and is by no more than 5 Scheduled Trading Days less) than a number equal to the quotient of (a) the Settled Number of Options divided by (b) the ADTV Limit, with any fractional Determined Averaging Date Number being rounded up to the next whole number. “ADTV Limit” means a number equal to the product of (i) 20%, and (ii) the trailing average daily composite trading volume for the most recent 30-day period, determined by the Calculation Agent as of the Exercise Date.

  

Such settlement shall proceed under the Equity Definitions as if (i) the Settled Number of Options were the number of Options exercised for purposes of Section 8.2 of the Equity Definitions (“Option Cash Settlement Amount”), (ii) the Averaging Dates were a number of consecutive Exchange Business Days beginning on, and including, the Initial Averaging Date for such settlement, which number shall be equal to Determined Averaging Date Number, and (iii) the Valuation Date were the final Averaging Date for the calculation of the Option Cash Settlement Amount.

  

Following each such settlement, the Transaction will continue with a Number of Options reduced by the amounts so settled, and the Calculation Agent will select subsequent Initial Averaging Date(s) (in conjunction with a related Determined Averaging Date Number) in a good faith and commercially reasonable manner (taking into account the Unwind Parameters) until the total of all Settled Number of Options equals the Number of Options Exercised. For the avoidance of doubt, the Calculation Agent may select a Settled Number of Options for the first settlement hereunder that equals the total Number of Options Exercised, in which case there shall be only one such settlement hereunder.

Valuation Date:

  

In respect of a Settled Number of Options, the final Averaging Date in respect of such Settled Number of Options.

 

5/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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EC4R 3AB    Web site    www.nomura.com   

 

 

Cash Settlement Payment Date:

  

In respect of a Settled Number of Options and an Exercise Date, three (3) Currency Business Days following the related Valuation Date.

 

General Valuation Terms:

  

Market Disruption Event:

  

Section 6.3(a) of the Equity Definitions is hereby amended by replacing clause (ii) thereof in its entirety with the following: “(ii) an Exchange Disruption, or” and inserting immediately following clause (iii) thereof the following: “; in each case that the Calculation Agent determines is material.”

  

Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.

Averaging Date Disruption:

  

Modified Postponement; provided that Section 6.7(c)(iii)(A) of the Equity Definitions is hereby modified by inserting the words “the Calculation Agent may determine in its discretion that” after the word “then” in the sixth line thereof. Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Averaging Date, the Calculation Agent may determine that such Averaging Date is a Disrupted Day only in part, in which case (i) such day shall be an Averaging Date and the Scheduled Trading Day immediately following the date that would otherwise be the last Averaging Date shall be an additional Averaging Date; (ii) the Calculation Agent shall determine the VWAP Price on the Averaging Date that is a partially Disrupted Day on the basis of transactions in the Shares on the Exchange on such Averaging Date, taking into account the nature and duration of the relevant Market Disruption Event; and (iii) the Calculation Agent shall determine the Settlement Price using an appropriately weighted average of VWAP Prices on the Averaging Dates instead of the arithmetic average.

  

Section 6.6(a) of the Equity Definitions is hereby amended by replacing the word “shall” in the fifth line

 

6/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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EC4R 3AB    Web site    www.nomura.com   

 

 

  

thereof with the word “may,” and by deleting clause (i) thereof. Section 6.7(c)(iii)(A) of the Equity Definitions is hereby amended by replacing the word “shall” in the sixth and eighth line thereof with the word “may.”

Settlement Currency:

  

USD

Option Cash Settlement Amount:

  

As set forth in Section 8.2 of the Equity Definitions.

Relevant Price:

  

For purposes of Section 6.7 of the Equity Definitions, with respect to any Options for which Cash Settlement is elected, a price calculated based on the relevant date of determination’s VWAP Price, excluding trades on the Exchange below the Limit Price, minus $0.02.

Limit Price:

  

The Counterparty may communicate to Dealer on any Averaging Date prices above which the Settlement Price is acceptable to Counterparty, it being understood that the Calculation Agent may have to increase the Determined Averaging Date Number in a commercially reasonable manner to reflect market liquidity above such prices.

VWAP Price:

  

For any Exchange Business Day, the volume-weighted average price per Share, as displayed on Bloomberg Page “AGN <Equity> AQR” (or any successor thereto) with respect to such Exchange Business Day, as determined by the Calculation Agent, or in the event such price is not so reported for such day for any reason or is manifestly erroneous, as reasonably determined by the Calculation Agent; provided that, when Shares trade above or below a certain price are excluded from the calculation of such volume-weighted average price, the Calculation Agent will modify the calculation commands on Bloomberg to calculate such price to reflect the agreement by the parties.

 

Dividends:

  

Ordinary Dividend Amount:

  

USD0.00.

Extraordinary Dividend:

  

Any dividend or distribution on the Shares (other than any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) or (B) of the Equity Definitions) the Ex-Dividend Date for which occurs during the Dividend Period and the amount or value of which differs from the Ordinary Dividend Amount, as determined by the Calculation Agent.

 

7/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Extraordinary Dividend Adjustment:

  

If the ex-date for an Extraordinary Dividend occurs during the Dividend Period, the Calculation Agent shall adjust:

  

(i) the Strike Price such that the Strike Price in effect on the ex-date of such Extraordinary Dividend shall be equal to the Strike Price in effect immediately preceding such ex-date divided by the Dividend Ratio, and

  

(ii) the Number of Options such that the Number of Options in effect on the ex-date of such Extraordinary Dividend shall be equal to the Number of Options in effect immediately preceding such ex-date multiplied by the Dividend Ratio;

  

provided that if the ex-date for an Extraordinary Dividend occurs during any initial delta hedging period or any Averaging Date, the Calculation Agent will adjust the Strike Price and/or the Number of Options in a commercially reasonable manner to reflect the then Hedge Position of Dealer. The immediately preceding sentence shall apply to successive Extraordinary Dividends. For the avoidance of doubt, the Strike Price may never be less than zero.

Dividend Recovery:

  

In the event that the declared dividend is different from the actual dividend paid by the Issuer, and the Calculation Agent has previously adjusted the Strike Price and the Number of Options as set forth in “Extraordinary Dividend Adjustment” then the Calculation Agent will either (a) adjust the terms of the Transaction, or (b) determine an amount to be paid by one party to the other party, in each case to account for the discrepancy between the declared dividend and the actual dividend paid by the Issuer. This provision will survive the termination of any relevant Transaction, it be understood that if clause (b) of the previous sentence applies, the party obligated pay such amount will do so in accordance with the instructions of the Calculation Agent.

Dividend Period:

  

The period from but excluding the Trade Date to and including the Valuation Date.

 

8/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Nomura International plc          Urgent
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London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Dividend Ratio:

  

One plus the quotient of (A) the Extraordinary Dividend divided by (B) the difference between (x) the Reference Level minus (y) the Extraordinary Dividend.

Reference Level:

  

The closing price of the Shares on the Exchange Business Day immediately preceding the relevant Ex-Dividend Date.

 

Adjustments:

  

Method of Adjustment:

  

Calculation Agent Adjustment; provided that, notwithstanding any provision to the contrary in the Equity Definitions, the adjustments pursuant to Section 11.2(c) thereof in respect of an Extraordinary Dividend shall be as set forth above under “Dividends”.

Diluting Event:

  

Any event described in the definition of “Potential Adjustment Event” in Section 11.2(e) of the Equity Definitions, or any similar event, that subjects the Hedging Party (relative to other holders of Shares) to any disadvantage as a result of any action or any person, including, but not limited to, a “poison pill” or other plan that has the effect of shareholder rights being distributed or separated from the Shares. To the extent that an event may be a Potential Adjustment Event and a Diluting Event, the parties agree to treat such event as a Diluting Event.

Diluting Event Consequence:

  

Upon the occurrence of a Diluting Event, the Calculation Agent will adjust the terms of this Transaction to reflect, to the extent practicable, any mutual agreement of Dealer and Counterparty, it being understood that the Calculation Agent will attempt, to the extent practicable to address the economic effect on the parties from the Diluting Event by (i) extending the Expiration Date to a date up to 24 months after the original Expiration Date, and (ii) adjusting the terms of the Transaction to reflect such extension, including, but not limited to, the Strike Price and the payment of any additional Premium.

 

Extraordinary Events:

  

Consequences of Merger Events:

  

Share-for-Share:

  

Calculation Agent Adjustment

 

9/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Nomura International plc          Urgent
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EC4R 3AB    Web site    www.nomura.com   

 

 

Share-for-Other:

  

Calculation Agent Adjustment

Share-for-Combined:

  

Calculation Agent Adjustment

Tender Offer:

  

Applicable

Consequences of Tender Offer:

  

Share-for-Share:

  

Calculation Agent Adjustment

Share-for-Other:

  

Calculation Agent Adjustment

Share-for-Combined:

  

Calculation Agent Adjustment

Composition of Combined Consideration:

  

Applicable

Nationalization, Insolvency or Delisting:

  

Cancellation and Payment (Calculation Agent Determination)

 

Additional Disruption Events:

  

Change in Law:

  

Applicable; provided that Section 12.9(a)(ii) is hereby amended by (A) adding the words “or any Hedge Positions” after the word “Shares” in the clause (X) thereof; (B) deleting clause (Y) thereto; and (C) adding the words “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof; provided that any determination as to whether (i) the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law) or (ii) the promulgation of or any change in or public announcement of the formal or informal interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), in each case, constitutes a “Change in Law” shall be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any derivatives legislation enacted after the Trade Date of the Transaction that affects the Hedging Party.

 

10/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Failure to Deliver:

  

Applicable

Insolvency Filing:

  

Not Applicable

Determining Party:

  

Calculation Agent

Hedging Party:

  

Dealer

 

Additional Representations, Agreements and Acknowledgments:

 

Non-Reliance:

  

Applicable

Agreements and Acknowledgments Regarding Hedging Activities:

  

Applicable

Additional Acknowledgments:

  

Applicable

Eligible Contract Participant:

  

Each party represents to the other party that it is an “eligible contract participant” as defined in the U.S. Commodity Exchange Act (as amended)

 

Rebate Amount:

 

  

Payment of Rebate Amount:

  

Upon the exercise of the Call Option prior to the Expiration Date, Dealer will pay to Counterparty on a related Cash Settlement Payment Date or Settlement Date (as applicable) the Rebate Amount determined on the Exercise Date (in the case of Physical Settlement) or on the final Averaging Date (in the case of Cash Settlement).

Rebate Amount:

  

In respect of a Number of Options Exercised, an amount equal to the product of (a) the Remaining Fraction, (b) Rebate Percentage, (c) the Number of Options Exercised, (d) Rebate Level, and (e) the Strike Price.

Remaining Fraction:

  

On any Exercise Date, the quotient of (a) the number of calendar days remaining between such Exercise Date and the Expiration Date, and (b) the number of calendar days from, and including, the Trade Date to, and excluding, the Expiration Date.

Rebate Percentage:

  

As specified in the relevant Supplemental Confirmation.

Rebate Level:

  

As specified in the relevant Supplemental Confirmation.

 

11/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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2. Calculation Agent: Dealer, provided however that Counterparty may challenge any determination or calculation made by the Calculation Agent within two Business Days following receipt by Counterparty of such determination or calculation, subject to providing in reasonable details the material reasons for the dispute and suggesting an alternative calculation or determination. If the parties are unable to agree on such determination or calculation within one Business Day, (i) the relevant party shall pay the amount, if any, which is not in dispute and (ii) a mutually acceptable third party will be appointed by the parties within two Business Days following such challenge to act as Substitute Calculation Agent and make the relevant determination or calculation. If the parties are unable within two Business Days to agree on, or to appoint, such third party, then each party will, within two Business Days select a leading, independent dealer in instruments of the type covered by this Confirmation and such dealers shall agree on a third party who shall also be a leading, independent dealer in instruments of the type covered by this Confirmation to act as Substitute Calculation Agent. Subject to the above, all determinations and calculations by the Substitute Calculation Agent will be binding and conclusive in the absence of manifest error. The costs, fees and expenses (if any) relating to the appointment of a third party shall be borne equally by both parties.

 

3.     Address for Notices:

 

  

Notice to Dealer:

 

Nomura Global Financial Products Inc.

Worldwide Plaza

309 West 49th Street

5th Floor

New York, NY 10019

Attention: James Chenard

 

with a copy to:

 

Nomura Global Financial Products Inc.

Worldwide Plaza

309 West 49th Street

24th Floor

New York, NY 10019

Attention: Michael Ena

  

 

12/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Notice to Counterparty:

 

Steve Milankov

c/o Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, NY 10019

 

with a copy to:

 

Ramy Saad

c/o Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, NY 10019

 

4.     Account Details:   

Account details for Dealer:

   To be advised.      

Account details for Counterparty:

   To be advised.      

5.     Other Provisions:

  

 

(a)

Independent Amount. The Independent Amount for a relevant Transaction with respect to the Counterparty is equal to 25% of the Premium of the relevant Transaction and is payable by the Counterparty to the Dealer in accordance with the CSA. In respect of the Transactions under this Master Confirmation only, Paragraph 6(c) will not apply to Party B; provided that, Party B may invest any Collateral held by Party B in Eligible Collateral.

 

(b)

Additional Representations and Warranties of Counterparty.

Counterparty hereby represents and warrants to Dealer as of the date hereof, and as of each date on which a Transaction (the “Proposed Transaction”) is executed hereunder, and covenants with Dealer, as follows:

 

  (i)

The execution of the Transaction by it is not in violation of Section 10(b) of the 1934 Act. In addition, if the Counterparty seeks to amend any Transaction, the Counterparty will be deemed to represent that the Counterparty is not in violation of Section 10(b) of the 1934 Act.

 

  (ii)

Counterparty is aware of its obligations under the United States Federal securities laws in respect of the Shares, including without limitation under Sections 9 and 10(b) of the 1934 Act, as amended, and the rules and regulations thereunder, and during the term of the Transaction will not take any action that does not comply with those obligations.

 

  (iii)

Without limiting the generality of Section 3(a)(iii) of the Agreement, Counterparty is and, after giving effect to the Transaction, will be in compliance with any reporting obligations under Section 16, Section 13(d) and Section 13(g) of the 1934 Act it has with respect to the Shares.

 

13/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Nomura International plc          Urgent
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London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

  (iv)

Counterparty is not and, after giving effect to the transactions contemplated hereby, will not be required to register as an “investment company” under, and as such term is defined in, the Investment Company Act of 1940, as amended.

 

  (v)

Counterparty is, and shall be as of the date of any payment or delivery by Counterparty hereunder, solvent and able to pay its debts as they come due, with assets having a fair value greater than liabilities and with capital sufficient to carry on the businesses in which it engages.

 

  (vi)

Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that (A) Dealer is not making any representations or warranties or giving any advice with respect to the legal, regulatory, accounting or tax treatment of the Transaction, and Counterparty has consulted with its own legal, regulatory, accounting and tax advisors with respect to the Transaction, and (B) none of Dealer and its affiliates has acted or will act as Counterparty’s fiduciary in any way, or has any fiduciary duties to Counterparty; and Counterparty is not relying, has not relied and will not rely upon any communication (written or oral) of Dealer or any of its affiliates. Counterparty has made or will make its own independent decision to enter into the Transaction based upon its own judgment and upon advice of such advisors as Counterparty deems necessary.

 

  (vii)

Counterparty is not an “affiliate” (as defined in Rule 144) of the Issuer.

 

  (viii)

Counterparty is not an “insider” of the Issuer. An “insider” is a person “who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security” of an issuer, or “who is a director or an officer” of an issuer (as such terms, as applicable, are defined in Rule 16a-1 under the 1934 Act).

 

  (ix)

Counterparty does not have economic exposure (including economic exposure held by any of its affiliates) to the Shares (including any synthetic positions, all Transactions hereunder and giving effect to the execution of the Proposed Transaction) equal or exceeding 9.5% of the Issuer’s outstanding shares.

 

(c)

Private Placement.

Buyer represents and warrants to Seller that (i) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the 1933 Act, (ii) it is entering into the Transaction for its own account without a view to the distribution or resale thereof and (iii) it understands that the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the 1933 Act.

 

14/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Nomura International plc          Urgent
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London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

(d)

Matters relating to Dealer and the Agent.

 

  (i)

Dealer is not registered as a broker or dealer under the 1934 Act. Nomura Securities International, Inc. (“Agent”) has acted solely as agent for Dealer and Counterparty to the extent required by law in connection with the Transaction and has no obligations, by way of issuance, endorsement, guarantee or otherwise, with respect to the performance of either party under the Transaction. The parties agree to proceed solely against each other, and not against Agent, in seeking enforcement of their rights and obligations with respect to the Transaction, including their rights and obligations with respect to payment of funds and delivery of securities.

 

  (ii)

Agent may have been paid a fee by Dealer in connection with the Transaction. Further details will be furnished upon written request.

 

  (iii)

The time of the Transaction will be furnished by Agent upon written request.

 

(e)

Acknowledgments Regarding Hedging.

Counterparty acknowledges that:

 

  (i)

during the term of the Transaction, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect to the Transaction;

 

  (ii)

Dealer and its affiliates may also be active in the market for the Shares and derivatives linked to the Shares other than in connection with hedging activities in relation to the Transaction, including acting as agent or as principal and for its own account or on behalf of customers;

 

  (iii)

Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in Counterparty’s securities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Transaction;

 

  (iv)

any market activities of Dealer and its affiliates with respect to the Shares may affect the market price and volatility of the Shares, each in a manner that may be adverse to Counterparty; and

 

  (v)

the Transaction is a derivatives transaction in which it has purchased from Dealer an option; Dealer may purchase or sell Shares for its own account at an average price that may be greater than, or less than, the price paid to Counterparty under the terms of the Transaction.

 

(f)

Miscellaneous.

Counterparty and Dealer understand that there may exist one or more confidentiality agreement(s) between Counterparty and Dealer. With respect to any rights or obligations thereunder to maintain the confidential nature of confidential information (as defined therein), the parties agree to continue to maintain the confidential nature of confidential information.

 

15/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Notwithstanding anything to the contrary contained herein, any party (or such party’s affiliates) may disclose to any and all persons, without limitation of any kind, the United States tax treatment (federal, state and local) and tax structure of any transaction contemplated hereunder and all materials of any kind relating to such tax treatment and tax structure. However, any information relating to the United States federal, state or local tax treatment or tax structure shall remain subject to the applicable confidentiality provisions (and the preceding sentence shall not apply) to the extent reasonably necessary to enable any person to comply with applicable securities laws. “Tax treatment” or “tax structure” is limited to any facts relevant to the United States federal, state or local tax treatment of any Transaction contemplated hereunder and specifically does not include information relating to the identity of Counterparty or any of its affiliates.

 

(g)

No Arrangements.

Counterparty and Dealer each acknowledge and agree that: (i) there are no voting, hedging or settlement arrangements between Counterparty and Dealer with respect to any Shares or the Issuer, other than those set forth herein; (ii) although Dealer may hedge its risk under the Transactions in any way Dealer determines, Dealer has no obligation to hedge with the purchase or maintenance of any Shares; (iii) Counterparty will not be entitled to any voting rights in respect of any of the Shares underlying the Options in the Transaction (other than upon an exercise of the Options for Physical Settlement resulting in the delivery of Shares); and (iv) the Counterparty will not influence Dealer with respect to the voting of any Hedge Positions of Dealer that are Shares (if any).

 

16/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
  Name:   Bruce Railton
  Title:   Authorised Signatory

 

Confirmed as of the date first written above:
PS FUND 1, LLC
By: Pershing Square Capital Management, L.P., as its Investment Manager
By: PS Management GP, LLC, its General Partner
By:   LOGO
Name:   William A. Ackman
Title:   Managing Member

Signature Page to the Share Call Option Master Confirmation


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

SCHEDULE A

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number [    ])

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   February     , 2014

Expiration Date:

   [March     , 2016]

Premium:

   USD [        ]

Premium Payment Date:

   [DATE]

Number of Options:

   [            ]

Strike Price:

   USD [            ]

Rebate Percentage:

   [    ]

Rebate Level:

   [    ]

 

18/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA GLOBAL FINANCIAL PRODUCTS INC.
By:  

 

  Name:
  Title:

 

Confirmed as of the date first written above:
By:  

 

  Name:
  Title:

 

19/19

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


AMENDMENT AGREEMENT

AMENDMENT AGREEMENT (the “Amendment”) dated as of April 17, 2014 between NOMURA INTERNATIONAL PLC (“Dealer”) and PS FUND 1, LLC (“Counterparty”).

WITNESSETH

WHEREAS, Dealer and Counterparty have entered into a 2002 ISDA Master Agreement dated as of February 25, 2014 (the Agreement”) and

WHEREAS, Dealer and Counterparty have entered into a Share Option Master Confirmation dated as of February 27, 2014 (the “Master Confirmation”) and

WHEREAS, Dealer and Counterparty wish to amend the Master Confirmation and to have the Master Confirmation, as amended herein, govern the rights and obligations of Dealer and Counterparty with respect to each and every Transaction under the Master Confirmation, which is either (a) outstanding on the date hereof, or (b) entered into on or after the date hereof,

NOW, THEREFORE, in consideration of the mutual agreements herein contained, Dealer and Counterparty hereby acknowledge and agree as follows:

1. Certain Definitions. Unless otherwise defined herein, capitalized terms used herein have the meanings specified in or pursuant to the Agreement and Master Confirmation.

2. Amendments.

Section 5(a) of the Master Confirmation is hereby amended by deleting it in its entirety and replacing it with the following:

 

  “(a)

Credit Support.

 

  (i)

Credit Support Document. For the purposes of all Transactions under this Master Confirmation, in respect of Counterparty, the definition of “Credit Support Document” includes the Guarantee, dated as of April 17, 2014, of Pershing Square, L.P., Pershing Square II, L.P., Pershing Square International, Ltd., and Pershing Square Holdings, Ltd. (each a “Guarantor”) in favour of Nomura International plc.

 

  (ii)

Credit Support Provider. For the purposes of all Transactions under this Master Confirmation, in respect of Counterparty, the “Credit Support Provider” means each of the Guarantors.

 

  (iii)

Independent Amount. The Independent Amount for a relevant Transaction with respect to Counterparty is equal to 25% of the Premium of the relevant Transaction and is payable by Counterparty to Dealer in accordance with the CSA.”

3. Except as specifically amended hereby, all of the terms and conditions of the Master Confirmation shall continue to be in full force and effect and shall be binding upon the parties in accordance with their respective terms.

4. Each of the parties makes to each of the other parties those representations and warranties set forth in Section 3(a) of the Agreement with references in such Section to “this Agreement” or “any Credit Support Document” being deemed references to this Amendment alone.

5. This Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.

6. This Amendment shall be construed in accordance with and be governed by the governing law of the Agreement.

 

1


IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers or authorized representatives as of the day and year first above written.

 

NOMURA INTERNATIONAL PLC     PS FUND 1, LLC
  Dealer     Counterparty

By:

  LOGO     By: Pershing Square Capital Management L.P.,

Name:

  Ehsan Haque     its Investment Manager

Title:

Date:

 

Authorised Signatory

Nomura International Plc

   

 

By: PS Management GP LLC, its General Partner

 

      By:   LOGO
      Name:   William A. Ackman
      Title:   Managing Member

 

2

EX-99.18 3 d767190dex9918.htm EX-99.18 EX-99.18

Exhibit 99.18

 

         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   March 3, 2014

Expiration Date:

   March 4, 2015

Premium:

   USD 158,199,423.59

Premium Payment Date:

   March 4, 2014

Number of Options:

   1,239,000

Strike Price:

   USD 1.2717

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
  Name:   Bruce Railton
  Title:   Authorised Signatory

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:   LOGO
  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.19 4 d767190dex9919.htm EX-99.19 EX-99.19

Exhibit 99.19

 

         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   March 6, 2014

Expiration Date:

   March 9, 2015

Premium:

   USD 111,382,404.60

Premium Payment Date:

   March 7, 2014

Number of Options:

   863,000

Strike Price:

   USD 1.2855

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
  Name:   Bruce Railton
  Title:   Authorised Signatory

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:   LOGO
  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.20 5 d767190dex9920.htm EX-99.20 EX-99.20

Exhibit 99.20

 

         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   March 11, 2014

Expiration Date:

   March 12, 2015

Premium:

   USD 100,165,611.70

Premium Payment Date:

   March 12, 2014

Number of Options:

   779,000

Strike Price:

   USD 1.2807

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and retaining it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
  Name:   Bruce Railton
  Title:   Authorised Signatory

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management,

L.P., as its Investment Manager

By: PS Management GP, LLC, its General

Partner

By:   LOGO
  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.21 6 d767190dex9921.htm EX-99.21 EX-99.21

Exhibit 99.21

 

         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   March 14, 2014

Expiration Date:

   March 16, 2015

Premium:

   USD 182,527,497.60

Premium Payment Date:

   March 17, 2014

Number of Options:

   1,416,000

Strike Price:

   USD 1.2839

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
  Name:   Bruce Railton
  Title:   Authorised Signatory

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:   LOGO
  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.22 7 d767190dex9922.htm EX-99.22 EX-99.22

Exhibit 99.22

 

         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below, This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   March 19, 2014

Expiration Date:

   March 20, 2015

Premium:

   USD 177,816,130.80

Premium Payment Date:

   March 20, 2014

Number of Options:

   1,353,000

Strike Price:

   USD 1.3090

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
  Name:   Bruce Railton
  Title:   Authorised Signatory

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:   LOGO
  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.23 8 d767190dex9923.htm EX-99.23 EX-99.23

Exhibit 99.23

 

         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

General Terms:

 

Trade Date:    March 24, 2014
Expiration Date:    March 25, 2015
Premium:    USD 273,944,412.00
Premium Payment Date:    March 25, 2014
Number of Options:    2,130,000
Strike Price:    USD 1.2810
Rebate Percentage:    1.00%
Rebate Level:    100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
 

 

  Name:  

Bruce Railton

  Title:   Authorised Signatory

Confirmed as of the date first written above:

 

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:   LOGO
 

 

  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.24 9 d767190dex9924.htm EX-99.24 EX-99.24

Exhibit 99.24

 

         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty’) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   March 27, 2014

Expiration Date:

   March 30, 2015

Premium:

   USD 318,646,987.20

Premium Payment Date:

   March 28, 2014

Number of Options:

   2,578,000

Strike Price:

   USD 1.2311

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
 

 

  Name:   Bruce Railton
  Title:   Authorised Signatory

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:   LOGO
 

 

  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.25 10 d767190dex9925.htm EX-99.25 EX-99.25

Exhibit 99.25

 

         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this ‘‘Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   April 1, 2014

Expiration Date:

   April 2, 2015

Premium:

   USD 214,115,962.60

Premium Payment Date:

   April 2, 2014

Number of Options:

   1,733,000

Strike Price:

   USD 1.2306

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
 

 

  Name:   Bruce Railton
  Title:   Authorised Signatory

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:

 

LOGO

 

 

  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.26 11 d767190dex9926.htm EX-99.26 EX-99.26

Exhibit 99.26

 

         LOGO
Nomura International plc         
1 Angel Lane    Telephone    +91 22 6723 4534    Urgent
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   April 4, 2014

Expiration Date:

   April 6, 2015

Premium:

   USD 131,335,969.20

Premium Payment Date:

   April 7, 2014

Number of Options:

   1,046,000

Strike Price:

   USD 1.2506

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
 

 

  Name:   Andrew Maclean
  Title:   Authorised Signatory

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management,

L.P., as its Investment Manager

By: PS Management GP, LLC, its General

Partner

By:   LOGO
 

 

  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.27 12 d767190dex9927.htm EX-99.27 EX-99.27

Exhibit 99.27

 

         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   April 8, 2014

Expiration Date:

   April 9, 2015

Premium:

   USD 145,238,584.93

Premium Payment Date:

   April 9, 2014

Number of Options:

   1,191,107

Strike Price:

   USD 1.2145

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
 

 

  Name:   Andrew Maclean
  Title:   Authorised Signatory

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:   LOGO
 

 

  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.28 13 d767190dex9928.htm EX-99.28 EX-99.28

Exhibit 99.28

 

         LOGO
        
Nomura International plc         

Urgent

1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   April 11, 2014

Expiration Date:

   April 13, 2015

Premium:

   USD 304,426,946.10

Premium Payment Date:

   April 16, 2014

Number of Options:

   2,523,000

Strike Price:

   USD 1.2018

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
 

 

  Name:   Ehsan Haque
  Title:   Authorised Signatory
    Nomura International Plc

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:   LOGO
 

 

  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.29 14 d767190dex9929.htm EX-99.29 EX-99.29

Exhibit 99.29

 

         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   April 14, 2014

Expiration Date:

   April 15, 2015

Premium:

   USD 270,057,278.40

Premium Payment Date:

   April 17, 2014

Number of Options:

   2,184,000

Strike Price:

   USD 1.2316

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
 

 

  Name:   Ehsan Haque
  Title:   Authorised Signatory
    Nomura International Plc

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:   LOGO
 

 

  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.30 15 d767190dex9930.htm EX-99.30 EX-99.30

Exhibit 99.30

 

         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   April 15, 2014

Expiration Date:

   April 16, 2015

Premium:

   USD 232,258,730.30

Premium Payment Date:

   April 21, 2014

Number of Options:

   1,843,000

Strike Price:

   USD 1.2552

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
 

 

  Name:   Ehsan Haque
  Title:   Authorised Signatory
    Nomura International Plc

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:   LOGO
 

 

  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.31 16 d767190dex9931.htm EX-99.31 EX-99.31

Exhibit 99.31

 

         LOGO
        
Nomura International plc         

Urgent

1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   April 16, 2014

Expiration Date.

   April 17, 2015

Premium:

   USD 291,294,180.10

Premium Payment Date:

   April 22, 2014

Number of Options:

   2,233,000

Strike Price:

   USD 1.2993

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
 

 

  Name:   Ehsan Haque
  Title:   Authorised Signatory
    Nomura International Plc

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management,

L.P., as its Investment Manager

By: PS Management GP, LLC, its General

Partner

By:   LOGO
 

 

  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.32 17 d767190dex9932.htm EX-99.32 EX-99.32

Exhibit 99.32

 

         LOGO
        
Nomura International plc         

Urgent

1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

SHARE CALL OPTION SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019
Re:    OTC Share Call Option (Reference Number 11003793)

Dear Sir/Madam:

The purpose of this Share Option Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated February 27, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms:   

Trade Date:

   April 17, 2014

Expiration Date:

   April 20, 2015

Premium:

   USD 230,503,908.00

Premium Payment Date:

   April 23, 2014

Number of Options:

   1,720,000

Strike Price:

   USD 1.3348

Rebate Percentage:

   1.00%

Rebate Level:

   100

 

1/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc          Urgent
1 Angel Lane    Telephone    +91 22 6723 4534   
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com   

 

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,
NOMURA INTERNATIONAL PLC
By:   LOGO
 

 

  Name:   Ehsan Haque
  Title:   Authorised Signatory
    Nomura International Plc

 

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:   LOGO
 

 

  Name:   William A. Ackman
  Title:   Managing Member

 

2/2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.33 18 d767190dex9933.htm EX-99.33 EX-99.33

Exhibit 99.33

 

Nomura International plc         
1 Angel Lane    Telephone    +91 22 6723 4534    Urgent
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com     

 

To: PS FUND 1, LLC
Attention: c/o Pershing Square Capital Management, L.P.
  888 Seventh Avenue, 42nd Floor
  New York, NY 10019

 

From    Operations    Department    Derivatives
        
Direct Tel    +91 22 6723 4534    Direct Fax    +44 (0)20 7102 9404
        
Page 1 of    17    Date    April 21, 2014

SHARE FORWARD MASTER CONFIRMATION

Dear Sir/Madam:

The purpose of this Share Forward Master Confirmation (this “Master Confirmation”) is to set forth the general terms and conditions of one or more Transactions (each a “Transaction”) that may be entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date Specified in a Supplemental Confirmation, each substantially in the form of Schedule A hereto, confirming the specific terms and conditions of a particular Transaction (each a “Supplemental Confirmation”). Each Transaction, if executed, will be a Forward, the terms of which are specified in the Master Confirmation as supplemented by the Supplemental Confirmation (together, the “Confirmation”). The entry into this Master Confirmation does not obligate either party to enter into any Transaction.

This Confirmation constitutes a “Confirmation” as referred to in the Agreement specified below. This Confirmation hereby incorporates by reference the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions)” and the 2006 ISDA Definitions (the “Swap Definitions”), each as published by the International Swap and Derivatives Association, Inc. In the event of any inconsistency between the Equity Definitions and the Swap Definitions, the Equity Definitions will govern. In the event of any inconsistency between either the Equity Definitions or the Swap Definitions and this Confirmation, this Confirmation will govern. For purposes of the Equity Definitions, each Transaction shall be a Share Forward Transaction.

The Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which the Confirmation relates. The Confirmation shall supplement, form a part of and be subject to the 2002 ISDA Master Agreement (the “Agreement”) as published by ISDA entered into between the parties on February 25, 2014, including the Schedule thereto and the 1994 Credit Support Annex (Bilateral Form—New York Law) (the “CSA”) to such Schedule. In the event of any inconsistency between the provisions of the Agreement or the CSA and the Confirmation, the Confirmation will govern for the purpose of the Transaction to which the Confirmation relates.

1. The terms of the particular Transaction to which this Confirmation relates are as follows:

General Terms:

 

   Trade Date:    As specified in the relevant Supplemental Confirmation
     
   Valuation Date:    As Specified in the relevant Supplemental Confirmation

 

1/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc         
1 Angel Lane    Telephone    +91 22 6723 4534    Urgent
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com     

 

Shares:

  

The common stock of Allergan, Inc. (the “Issuer”) (ticker symbol: “AGN”)

Exchange:

  

New York Stock Exchange

Related Exchange:

  

None

Buyer:

  

Counterparty

Seller:

  

Dealer

Number of Shares:

  

As specified in the relevant Supplemental Confirmation

Prepayment:

  

Not Applicable

Variable Obligation:

  

Not Applicable

Reference Price:

  

As specified in the relevant Supplemental Confirmation

Forward Price:

  

As specified in the relevant Supplemental Confirmation

General Settlement Terms:

  

Condition to Physical Settlement:

  

The Buyer may not early terminate this Transaction or proceed with Physical Settlement on the Settlement Date until and unless any required filings and any applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, relating to the transactions contemplated hereby, shall have been made or shall have expired or been terminated, as applicable (the “Physical Settlement Condition”). Any such early termination or settlement shall constitute a representation by the Buyer that such filings have been made and any such waiting periods have expired.

Condition to Cash Settlement:

  

The Buyer represents to the Seller that the election by Buyer of Cash Settlement (either upon early termination or on the Settlement Date) is not in violation of Section 10(b) of the Securities Exchange Act of 1934, as amended (the “1934 Act”)

  

In any event, upon a Cash Settlement, the Buyer will represent to the Seller that either (1) Buyer is or has been for the preceding three months an “affiliate” (as defined under Rule 144 under the Securities Act of 1933, as amended (the “1933 Act”)) of the Issuer, (2) Buyer is not and has not been for the proceeding three months an

 

2/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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“affiliate” of the Issuer, or (3) Buyer should be deemed an “affiliate” of the Issuer solely purposes of all Transactions under this Master Confirmation.

Procedures for Early Termination:   

Latest Early Termination Time:

  

The scheduled closing time of the Exchange.

Early Termination Right:

  

The Buyer may early terminate this Transaction (in whole or in part) by notice to the Seller prior to the Latest Early Termination Time on or before the Valuation Date (such date, the “Early Termination Date”). In such case, the Valuation Date will be deemed to be the Early Termination Date and the portion of the Number of Shares subject to early termination will be settled in accordance with the terms of this Master Confirmation with the remaining portion of the Number of Shares (if any) continuing under the terms of this Confirmation.

Settlement Terms:   

Settlement Method:

  

Physical Settlement (unless Cash Settlement is elected by Counterparty in accordance with the terms hereof); provided that, in respect of Physical Settlement, clause (a) of Section 9.4 of the Equity Definitions is hereby amended by adding the words “as soon as practicable, but in any event no later than” before the words “one Settlement Cycle”.

Default Settlement Method:

  

Physical Settlement

Settlement Method Election:

  

Applicable

Electing Party:

  

Buyer

Settlement Method Election Date(s):

  

Any Scheduled Trading Day following the Trade Date

Cash Settlement Terms:

  

Number of Cash-Settled Shares:

  

The Number of Shares (or in the case of an early termination, the portion of the Number of Shares subject to early termination on an Early Termination Date); provided that the valuation related to such Number of Cash-Settled Shares will occur as set forth under “Cash Settlement Procedures” below.

 

3/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Cash Settlement Procedures:

  

On a Valuation Date (or deemed Valuation Date) where Cash Settlement is elected, the Calculation Agent will determine the portion of the Number of Cash-Settled Shares (which may be all such Number of Cash-Settled Shares) subject to cash settlement (the “Settled Number of Shares”) in its good faith and commercially reasonable discretion (which may, for the avoidance of doubt, be exercised in consideration of advice of counsel to Counterparty and counsel to Dealer and in consideration of other market activity or derivative transaction or unwind activity by Counterparty as well as any legal considerations applicable to Counterparty, including, but not limited to, considerations related to the fact that Counterparty may be an “insider” or “affiliate” of the Issuer and the application, if any, of any related securities laws (such considerations, the “Unwind Parameters”)), and will notify Dealer and Counterparty of such determination. The Calculation Agent will include in such notice the number of Averaging Dates (“Determined Averaging Date Number”) and the initial Averaging Date for such settlement which will be the first Scheduled Trading Day after the related Valuation Date (each such date, an “Initial Averaging Date”). In respect of the settlement on the Valuation Date, the Initial Averaging Date will be the Valuation Date.

 

The Calculation Agent will ensure that the Determined Averaging Date Number is equal to or greater than (or is by no more than 5 Scheduled Trading Days less than) a number equal to the quotient of (a) the Settled Number of shares divided by (b) the ADTV Limit, with any fractional Determined Averaging Date Number being rounded up to the next whole number. “ADTV Limit” means a number equal to the product of (i) 20%, and (ii) the trailing average daily composite trading volume for the most recent 30-day period, determined by the Calculation Agent as of the Valuation Date.

 

Such cash settlement shall proceed under the Equity Definition as if (i) the Settled Number of shares were the Number of Shares for purposes of Section 8.4 (“Cash Settlement of Forward Transactions”) and Section 8.5 of the Equity Definitions (“Forward Cash Settlement Amount”), (ii) the Averaging Dates were a number of consecutive Exchange Business Days beginning on, and including, the Initial Averaging Date for such settlement,

 

4/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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which number shall be equal to Determined Averaging Date Number, and (iii) the Cash Settlement Payment Date were as defined below.

  

Following each such settlement, the Transaction will continue with a Number of Shares reduced by the amounts so settled, and the Calculation Agent will select subsequent Initial Averaging Date(s) (in conjunction with a related Determined Averaging Date Number) in a good faith and commercially reasonable manner (taking into account the Unwind Parameters) until the total of all Settled Number of Shares equals the original Number of Cash-Settled Shares. For the avoidance of doubt, the Calculation Agent may select a Settled Number of Shares for the first settlement hereunder that equals the total Number of Cash-Settled Shares, in which case there shall be such settlement hereunder.

Cash Settlement Payment Date:

  

In respect of a Settled Number of Shares, three (3) Currency Business Days following the final Averaging Date.

General Valuation Terms:

  

Market Disruption Event:

  

Section 6.3(a) of the Equity Definitions is hereby amended by replacing clause (ii) thereof in its entirety with the following: “(ii) an Exchange Disruption, or” and inserting immediately following clause (iii) thereof the following: “; in each case that the Calculation Agent determines is material.”

  

Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.

Averaging Date Disruption:

  

Modified Postponement; provided that Section 6.7(c)(iii)(A) of the Equity Definitions is hereby modified by inserting the words “the Calculation Agent may determine in its discretion that” after the word “then” in the sixth line thereof. Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Averaging Date, the Calculation Agent may determine that such Averaging Date is a Disrupted Day only in part, in which case (i) such day shall be an Averaging Date and the Scheduled Trading Day immediately

 

5/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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following the date that would otherwise be the last Averaging Date shall be an additional Averaging Date; (ii) the Calculation Agent shall determine the VWAP price on the Averaging Date that is a partially Disrupted Day on the basis of transactions in the Shares on the Exchange on such Averaging Date, taking into account the nature and duration of the relevant Market Disruption Event; and (iii) the Calculation Agent shall determine the Settlement Price using an appropriately weighted average of VWAP Prices on the Averaging Dates instead of the arithmetic average.

  

Section 6.6(a) of the Equity Definitions is hereby amended by replacing the word “shall” in the fifth line thereof with the word “may,” and by deleting clause (i) thereof. Section 6.7(c)(iii)(A) of the Equity Definitions is hereby amended by replacing the word “shall” in the sixth and eight line thereof with the word “may.”

Settlement Currency:

  

USD

Relevant Price:

  

For purposes of Section 6.7 of the Equity Definitions with respect to any Number of Shares for which Cash Settlement is elected, a price calculated based on the relevant date of determination’s VWAP price excluding trades on the Exchange below the Limit Price minus $0.02.

Limit Price:

  

Counterparty may communicate to Dealer on any Averaging Date prices above which the Settlement Price is acceptable to Counterparty it being understood that the Calculation Agent may have to increase the Determined Averaging Date Number in a commercially reasonable manner to reflect market liquidity above such price.

VWAP Price:

  

For any Exchange Business Day, the volume-weighted average price per Share, as displayed on Bloomberg Page “AGN <Equity> AQR” (or any successor thereto) with respect to such Exchange Business Day, as determined by the Calculation Agent, or in the event such price is not so reported for such day for any reason or is manifestly erroneous, as reasonably determined the Calculation Agent; provided that, when Shares trade above or below a certain price are excluded from the calculation of such volume-weighted average price, the Calculation Agent will modify the calculation commands on Bloomberg to calculate such price to reflect the agreement by the parties.

 

6/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Dividends:   

Ordinary Dividend Amount:

  

USD 0.00.

Extraordinary Dividend:

  

Any dividend or distribution on the Shares (other than any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) or (B) of the Equity Definitions) the ex-date for which occurs during the Dividend Period and the amount or value of which differs from the Ordinary Dividend Amount, as determined by the Calculation Agent.

Dividend Recovery:

  

In the event that the declared dividend is different from the actual dividend paid by the Issuer, and the Calculation Agent has previously adjusted the terms of the Transaction then the Calculation Agent will either (a) adjust the terms of the Transaction, or (b) determine an amount to be paid by one party to the other party, in each case to account for the discrepancy between the declared dividend and the actual dividend paid by the Issuer. This provision will survive the termination of any relevant Transaction, it be understood that if clause (b) of the previous sentence applies, the party obligated pay such amount will do so in accordance with the instruction of the Calculation Agent.

Adjustments:   

Method of Adjustment:

  

Calculation Agent Adjustment.

Diluting Event:

  

Any event described in the definition of “Potential Adjustment Event” in Section 11.2(e) of the Equity Definitions, or any similar event, that subject the Hedging Party or any person (relative to other holders of Shares) to any disadvantage as a result of any action, including, but not limited to, a “poison pill” or other plan that has the effect of shareholder rights being distributed or separated from the Shares. To the extent that an event may be a Potential Adjustment Event and a Diluting Event, the parties agree to treat such event as a Diluting Event.

Diluting Event Consequence:

  

Upon the occurrence of a Diluting Event, the Calculation Agent will adjust the terms of the Transaction to reflect, to the extent practicable, any mutual agreement of

 

7/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Dealer and Counterparty, it being understood that the Calculation Agent will attempt, to the extent practicable, to address the economic effect on the parties from the Diluting Event by (i) extending the Valuation Date to a date up to 24 months after the original Expiration Date, and (ii) adjusting the terms of the Transaction to reflect such extension, including, but not limited to, the Forward Price and the Number of Shares.

Extraordinary Events:   

Consequences of Merger Events:

  

Share-for-Share:

  

Calculation Agent Adjustment

Share-for-Other:

  

Calculation Agent Adjustment

Share-for-Combined:

  

Calculation Agent Adjustment

Tender Offer:

  

Applicable

Consequences of Tender Offer:

  

Share-for-Share:

  

Calculation Agent Adjustment

Share-for-Other:

  

Calculation Agent Adjustment

Share-for-Combined:

  

Calculation Agent Adjustment

Composition of Combined Consideration:

  

Applicable

Nationalization, Insolvency or Delisting:

  

Cancellation and Payment (Calculation Agent Determination)

Additional Disruption Events:   

Change in Law:

  

Applicable; provided that Section 12.9(a)(ii) is hereby amended by (A) adding the words “or any Hedge Positions” after the word “Shares” in the clause (X) thereof; (B) deleting clause (Y) thereto; and (C) adding the words “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof; provided that any determination as to whether (i) the

 

8/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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adoption of or any change in any applicable law or regulation (including, without limitation, any tax law) or (ii) the promulgation of or any change in or public announcement of the formal or informal interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), in each case, constitutes a “Change in Law” shall be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any derivatives legislation enacted after the date of this Master Confirmation that affects the Heading Party.

Failure to Deliver:

  

Applicable

Insolvency Filling:

  

Not Applicable

Determining Party:

  

Calculation Agent

Hedging Party:

  

Dealer

Additional Representation, Agreement and Acknowledgement:

Non-Reliance:

  

Applicable

Agreements and Acknowledgements Regarding Hedging Activities:

  

Applicable

Additional Acknowledgements:

  

Applicable

Eligible Contract Participant:

  

Each party represents to the other party that it is an “eligible contract participant” as defined in the U.S. Commodity Exchange Act (as amended)

Rebate Amount:   

Payment of Rebate Amount:

  

Upon an early termination (if any) prior to the original Valuation Date, Dealer will pay to Counterparty on a related Cash Settlement Payment Date or Settlement Date (as applicable) the Rebate Amount determined on the Early Termination Date (in the case of Physical Settlement) or on the final Averaging Date (in the case of Cash Settlement).

Rebate Amount:

  

In respect of a Number of Shares subject to early

 

9/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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termination, an amount equal to the product of (a) the Remaining Fraction, (b) Rebate Percentage, (c) the Number of Shares subject to early termination, and (d) the Reference Price.

Remaining Fraction:

  

On any Early Termination Date, the quotient of (a) the number of calendar days remaining between such Early Termination Date and the original Valuation Date, and (b) the number of calendar days from, and including, the Trade Date to, and excluding, the original Valuation Date.

Rebate Percentage:

  

As specified in the relevant Supplemental Confirmation.

2. Calculation Agent: Dealer, provided however that Counterparty may challenge any determination or calculation made by the Calculation Agent within two Business Days following receipt by Counterparty of such determination or calculation, subject to providing in reasonable details the material reasons for the dispute and suggesting an alternative calculation or determination. If the parties are unable to agree on such determination or calculation within one Business Day, (i) the relevant party shall pay the amount, if any, which is not in dispute and (ii) a mutually acceptable third party will be appointed by the parties within two Business Days following such challenge to act as Substitute Calculation Agent and make the relevant determination or calculation. If the parties are unable within two Business Days to agree on, or to appoint, such third party, then each party will, within two Business Days select a leading, independent dealer in instruments of the type covered by this Confirmation and such dealers shall agree on a third party who shall also be a leading, independent dealer in instruments of the type covered by this Master Confirmation to act as Substitute Calculation Agent. Subject to the above, all determinations and calculations by the Substitute Calculation Agent will be binding and conclusive in the absence of manifest error. The costs, fees and expenses (if any) relating to the appointment of the Substitute Calculation Agent shall be borne equally by both parties.

3. Address for Notices:

Notice to Dealer:

Worldwide Plaza

309 West 49th Street

5th Floor

New York, NY 10019

Attention: James Chenard

With a copy to:

Worldwide Plaza

309 West 49th Street

24th Floor

New York, NY 10019

Attention: Michael Ena

 

10/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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Notice to Counterparty:

Steve Milankov

c/o Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, NY 10019

with a copy to:

Ramy Saad

c/o Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, NY 10019

 

4. Account Details:

 

        Account details for Dealer:    To be advised.
        Account details for Counterparty:    To be advised.

 

5. Other Provisions:

 

(a) Credit Support.

 

  (i)

Credit Support Document. For the purpose of all Transactions under this Master Confirmation, in respect of Counterparty, the definition of “Credit Support Document” includes the Guarantee, dated as of April 17, 2014, of Pershing Square, L.P., Pershing Square II, L.P., Pershing Square International, Ltd., and Pershing Square Holdings, Ltd. (each a “Guarantor”) in favour of Nomura International plc.

 

  (ii)

Credit Support Provider. For the purposes of all Transactions under this Master Confirmation, in respect of Counterparty, the “Credit Support Provider means each of the Guarantors.

 

  (iii)

Independent Amount. The Independent Amount for a relevant Transaction with respect to Counterparty is equal to 25% of the Forward Price of the relevant Transaction and is payable by Counterparty to Dealer in accordance with the CSA.

 

(b)

Additional Representations and Warranties of Counterparty.

Counterparty hereby represents and warrants to Dealer as of the date hereof, and as of each date on which a Transaction (the “Proposed Transaction”) is executed hereunder, and covenants with Dealer, as follows:

 

  (i)

Counterparty represents that the execution of the Transaction by it is not in violation of Section 10(b) of the 1934 Act. In addition, if Counterparty seeks to amend any Transaction, Counterparty will be deemed to represent that Counterparty is not in violation of Section 10(b) of the 1934 Act.

 

11/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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  (ii)

Counterparty is aware of its obligations under the United States Federal securities laws in respect of the Shares, including without limitation under Sections 9 and 10(b) of the 1934 Act, as amended, and the rules and regulations thereunder, and during the term of the Transaction will not take any action that does not comply with those obligations.

 

  (iii)

Without limiting the generality of Section 3(a)(iii) of the Agreement, Counterparty is and, after giving effect to the Transaction, will be in compliance with any reporting obligations under Section 16, Section 13(d) and Section 13(g) of the 1934 Act it has with respect to the Shares.

 

  (iv)

Counterparty is not and, after giving effect to the transactions contemplated hereby, will not be required to register as an “investment company” under, and as such term is defined in, the Investment Company Act of 1940, as amended.

 

  (v)

Counterparty is, and shall be as of the date of any payment or delivery by Counterparty hereunder, solvent and able to pay its debts as they come due, with assets having a fair value greater than liabilities and with capital sufficient to carry on the businesses in which it engages.

 

  (vi)

Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that (A) Dealer is not making any representations or warranties or giving any advice with respect to the legal, regulatory, accounting or tax treatment of the Transaction, and Counterparty has consulted with its own legal, regulatory, accounting and tax advisors with respect to the Transaction, and (B) none of Dealer and its affiliates has acted or will act as Counterparty’s fiduciary in any way, or has any fiduciary duties to Counterparty; and Counterparty is not relying, has not relied and will not rely upon any communication (written or oral) of Dealer or any of its affiliates. Counterparty has made or will make its own independent decision to enter into the Transaction based upon its own judgment and upon advice of such advisors as Counterparty deems necessary.

 

  (vii)

Counterparty is not and has not been for the preceding three months an “affiliate” (as defined in Rule 144 under the 1933 Act) of the Issuer.

 

  (viii)

Counterparty is not an “insider” of the Issuer. An “insider” is a person “who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security” of an issuer, or “who is a director or an officer” of an issuer (as such terms, as applicable, are defined in Rule 16a-1 under the 1934 Act).

 

  (ix)

Counterparty does not have economic exposure (including economic exposure held by any of its affiliates) to the Shares (including any synthetic positions, all Transactions hereunder and giving effect to the execution of the Proposed Transaction) equal or exceeding 9.9% of the Issuer’s outstanding shares.

 

12/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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EC4R 3AB    Web site    www.nomura.com     

 

(c) Private Placement.

Buyer represents and warrants to Seller that (i) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the 1933 Act, (ii) it is entering into the Transaction for its own account without a view to the distribution or resale thereof and (iii) it understands that the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the 1933 Act.

 

(d)

Matters relating to Dealer and the Agent.

 

  (i)

Dealer is not registered as a broker or dealer under the 1934 Act. Nomura Securities International, Inc. (“Agent”) has acted solely as agent for Dealer and Counterparty to the extent required by law in connection with the Transaction and has no obligations, by way of issuance, endorsement, guarantee or otherwise, with respect to the performance of either party under the Transaction. The parties agree to proceed solely against each other, and not against Agent, in seeking enforcement of their rights and obligations with respect to the Transaction, including their rights and obligations with respect to payment of funds and delivery of securities.

 

  (ii)

Agent may have been paid a fee by Dealer in connection with the Transaction. Further details will be furnished upon written request.

 

  (iii)

The time of the Transaction will be furnished by Agent upon written request.

 

(e)

Acknowledgments Regarding Hedging.

Counterparty acknowledges that:

 

  (i)

during the term of the Transaction, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect to the Transaction;

 

  (ii)

Dealer and its affiliates may also be active in the market for the Shares and derivatives linked to the Shares other than in connection with hedging activities in relation to the Transaction, including acting as agent or as principal and for its own account or on behalf of customers;

 

  (iii)

Dealer shall make its own determination as to whether, when or in what manner any of its hedging or market activities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Transaction;

 

  (iv)

any market activities of Dealer and its affiliates with respect to the Shares may affect the market price and volatility of the Shares, each in a manner that may be adverse to Counterparty; and

 

  (v)

the Transaction is a derivatives transaction in which it has purchased from Dealer a Share Forward Transaction; Dealer may purchase or sell shares for its own account at an average price that may be greater than, or less than, the price paid by Counterparty under the terms of the Transaction.

 

13/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


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EC4R 3AB    Web site    www.nomura.com     

 

(f) Miscellaneous.

Counterparty and Dealer understand that there may exist one or more confidentiality agreement(s) between Counterparty and Dealer. With respect to any rights or obligations thereunder to maintain the confidential nature of confidential information (as defined therein), the parties agree to continue to maintain the confidential nature of confidential information.

Notwithstanding anything to the contrary contained herein, any party (or such party’s affiliates) may disclose to any and all persons, without limitation of any kind, the United States tax treatment (federal, state and local) and tax structure of any transaction contemplated hereunder and all materials of any kind relating to such tax treatment and tax structure. However, any information relating to the United States federal, state or local tax treatment or tax structure shall remain subject to the applicable confidentiality provisions (and the preceding sentence shall not apply) to the extent reasonably necessary to enable any person to comply with applicable securities laws. “Tax treatment” or “tax structure” is limited to any facts relevant to the United States federal, state or local tax treatment of any Transaction contemplated hereunder and specifically does not include information relating to the identity of Counterparty or any of its affiliates.

 

(g)

No Arrangements.

Counterparty and Dealer each acknowledge and agree that: (i) there are no voting, hedging or settlement arrangements between Counterparty and Dealer with respect to any Shares or the Issuer, other than those set forth herein; (ii) although Dealer may hedge its risk under the Transactions in any way Dealer determines, Dealer has no obligation to hedge with the purchase or maintenance of any Shares; (iii) Counterparty will not be entitled to any voting rights in respect of any of the Shares underlying the Transaction (other than upon an early termination or at maturity where Physical Settlement applies resulting in the delivery of Shares); and (iv) Counterparty will not influence Dealer with respect to the voting of any Hedge Positions of Dealer that are Shares (if any).

 

14/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc         
1 Angel Lane    Telephone    +91 22 6723 4534    Urgent
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com     

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,

 

NOMURA INTERNATIONAL PLC

By:    /s/ Ehsan Haque
  Name: Ehsan Haque
  Title: Authorised Signatory
            Nomura International Plc

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P., as

its Investment Manager

By: PS Management GP, LLC, its General Partner

By:    /s/ William A. Ackman
  Name: William A. Ackman
  Title: Managing Member

 

15/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc         
1 Angel Lane    Telephone    +91 22 6723 4534    Urgent
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com     

 

SCHEDULE A

SHARE FORWARD SUPPLEMENTAL CONFIRMATION

 

To: PS FUND 1, LLC
Attention: c/o Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, NY 10019

Dear Sir/Madam:

The purpose of this Share Forward Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated April 21, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

General Terms:

 

Trade Date:    April     , 2014
Valuation Date:    [April     , 2016]
Number of Shares:    [            ]
Reference Price:    USD [            ]
Forward Price:    USD [            ]
Rebate Percentage:    [    ]%

 

16/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
        
Nomura International plc         
1 Angel Lane    Telephone    +91 22 6723 4534    Urgent
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com     

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,

 

NOMURA INTERNATIONAL PLC

By:     
  Name:
  Title:

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P.,

as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:     
  Name: William A. Ackman
  Title: Managing Member

 

17/17

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.34 19 d767190dex9934.htm EX-99.34 EX-99.34

Exhibit 99.34

 

Nomura International plc         
1 Angel Lane    Telephone    +91 22 6723 4534    Urgent
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com     

SHARE FORWARD SUPPLEMENTAL CONFIRMATION

 

To:    PS FUND 1, LLC
Attention:    c/o Pershing Square Capital Management, L.P.
   888 Seventh Avenue, 42nd Floor
   New York, NY 10019

Dear Sir/Madam:

The purpose of this Share Forward Supplemental Confirmation (this “Supplemental Confirmation”) is to confirm the specific terms and conditions of the Transactions (“Transaction”) entered into between you (“Counterparty”) and us (“Dealer”) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated April 21, 2014.

The terms of the particular Transaction to which this Confirmation relates are as follows:

General Terms:

 

Trade Date:

     April 21, 2014   

Valuation Date:

     April 22, 2015   

Number of Shares:

     3,450,000   

Reference Price:

     USD 138.7020   

Forward Price:

     USD 140.3664   

Rebate Percentage:

     1.00

1 /2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies


         LOGO
Nomura International plc         
1 Angel Lane    Telephone    +91 22 6723 4534    Urgent
London    Facsimile    +44 (0)20 7102 9404    Please deliver immediately
EC4R 3AB    Web site    www.nomura.com     

 

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us.

 

Yours faithfully,

 

NOMURA INTERNATIONAL PLC

By:    /s/ Ehsan Haque
  Name: Ehsan Haque
  Title: Authorised Signatory
            Nomura International Plc

Confirmed as of the date first written above:

PS FUND 1, LLC

By: Pershing Square Capital Management, L.P.,

as its Investment Manager

By: PS Management GP, LLC, its General Partner

By:    /s/ William A. Ackman
  Name: William A. Ackman
  Title: Managing Member

 

2 /2

Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies

EX-99.35 20 d767190dex9935.htm EX-99.35 EX-99.35

Exhibit 99.35

EXECUTION COPY

GUARANTEE, dated as of April 17, 2014, of Pershing Square, L.P., Pershing Square II, L.P., Pershing Square International, Ltd., and Pershing Square Holdings, Ltd. (each a “Guarantor”), in favor of Nomura International plc (the “Counterparty”).

1. Guarantee. In order to induce the Counterparty to enter into certain Transactions evidenced by one or more Confirmations under an ISDA 2002 Master Agreement, Schedule and Credit Support Annex thereto, as modified from time to time (collectively, the “Agreement”), with the Guarantors’ subsidiary PS Fund 1, LLC, a Delaware limited liability company (“Primary Obligor”), each Guarantor irrevocably and unconditionally guarantees, subject to Section 7 of this Guarantee, to the Counterparty, its successors and permitted assigns, as primary obligor and not as a surety, the prompt and complete performance of all obligations and payment of all amounts payable by Primary Obligor under the Agreement (whether now in existence or hereafter arising), whether due or to become due, secured or unsecured, joint or several together with any and all expenses referred to under Section 11 of the Agreement incurred by the Counterparty in enforcing the Counterparty’s rights under this Guarantee (the “Obligations”) all without regard to any counterclaim, set-off, deduction or defense of any kind which Primary Obligor or the Guarantor may have or assert, and without abatement, suspension, deferment or diminution on account of any event or condition whatsoever; provided however, that each Guarantor guarantees only its Pro-rata Obligation (as defined below); and provided further that each Guarantor’s Pro-rata Obligation under this Guarantee shall be subject to (a) the Primary Obligor’s defenses, rights to set-off, counterclaim, deductions or withhold payment as provided in the Agreement, and (b) the defense that the Obligations have been incurred by the Primary Obligor after the date on which the Guarantee has been revoked by the Guarantors pursuant to Section 7 hereof.


2. Limitation of Each Guarantor’s Guarantee to its Pro-rata Obligation. Notwithstanding that the Obligations exceed any single Pro-rata Obligation (as defined below), this Guarantee is a guarantee of each Guarantor of the portion of the Obligations pro-rata (the “Pro-rata Obligation”) to the proportionate share that such Guarantor’s capital account in PS Fund 1, LLC is to the total capital accounts of all Guarantors. Such Pro-rata Obligation will be determined on any date on which the Counterparty makes a demand hereunder by reference the immediately preceding business day’s capital account balances (it being understood that the total of all capital accounts of the Guarantors for this purpose will equal 100%). Each Pro-rata Obligation may only be satisfied by the assets of the relevant Guarantor; the Guarantors are not jointly liable under this Guarantee, and under no circumstances will the Counterparty have any recourse for unpaid Pro-rata Obligation of a Guarantor to the assets of another Guarantor.

3. Nature of Guarantee. This Guarantee is a guarantee of payment and not of collection. The Counterparty shall not be obligated, as a condition precedent to performance by the Guarantor hereunder, to file any claim relating to the Obligations in the event that Primary Obligor becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Counterparty to file a claim shall not affect the Guarantors’ obligations hereunder. This Guarantee shall continue to be effective or be reinstated if any payment to the Counterparty by Primary Obligor on account of any Obligation is returned to Primary Obligor or is rescinded upon the insolvency, bankruptcy or reorganization of Primary Obligor.

4. Consents, Waivers and Renewals. Each Guarantor agrees that the Counterparty may at any time and from time to time, either before or after the maturity thereof, without notice to or further consent of the Guarantors, change the time, manner or place of payment or any other term of, any Obligation, exchange, release, nonperfection or surrender any collateral for, or renew or change any term of any of the Obligations owing to it, and may also enter into a written agreement with Primary Obligor or with any other party to the Agreement or person liable on any

 

2


Obligation, or interested therein, for the extension, renewal, payment, compromise, modification, waiver, discharge or release thereof, in whole or in part, without impairing or affecting this Guarantee. The Obligations of each Guarantor under this Guarantee are absolute and unconditional, subject to the proportionate limitation in Section 2 hereof, irrespective of the value, genuineness, validity, or enforceability of the Obligations, any law regulation or order of any jurisdiction or any other event affecting the term of any Obligation or of the Counterparty’s rights with respect thereto and to the fullest extent permitted by applicable law, any other circumstance which might constitute a defense available to, or a discharge of, a Guarantor, including (a) any law rule or policy that is now or hereafter promulgated by any governmental authority (including any central bank) or regulatory body that may adversely affect the Counterparty’s ability or obligation to make or receive such payments, (b) any nationalization, expropriation, war, riot, civil commotion or other similar event, (c) any inability to convert any currency into the currency of payment of such obligation, (d) any inability to transfer funds in the currency of payment of such obligation to the place of payment therefore. Each Guarantor agrees that the Counterparty may have recourse to such Guarantor for payment of its Pro-rata Obligation, whether or not the Counterparty has proceeded against any collateral security or any obligor principally or secondarily obligated for any Obligation. To the extent permitted by law, each Guarantor waives demands, promptness, diligence and all notices that may be required by law or to perfect the Counterparty’s rights hereunder except notice to such Guarantor of a default by Primary Obligor under the Agreement; provided however that any delay in the delivery of notice shall in no way invalidate the enforceability of this Guarantee. No failure, delay or single or partial exercise by the Counterparty of its rights or remedies hereunder shall operate as a waiver of such rights or remedies. All rights and remedies hereunder or allowed by law shall be cumulative and exercisable from time to time.

 

3


5. Representations and Warranties. Each Guarantor hereby represents and warrants as of the date hereof that:

(i) the Guarantor is an “eligible contract participant” within the meaning of Section 1a(18) of the Commodity Exchange Act;

(ii) the Guarantor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization;

(iii) the Guarantor has the requisite corporate power and authority to issue this Guarantee and to perform its obligations hereunder, and has duly authorized, executed and delivered this Guarantee;

(iv) the Guarantor is not required to obtain any authorization, consent, approval, exemption or license from, or to file any registration with, any government authority as a condition to the validity of, or to the execution, delivery or performance of, this Guarantee;

(v) as of the date of this Guarantee, there is no action, suit or proceeding pending or threatened against the Guarantor before any court or arbitrator or any governmental body, agency or official in which there is a reasonable possibility of an adverse decision which could affect, in a materially adverse manner, the ability of the Guarantor to perform any of its obligations under, or which in any manner questions the validity of, this Guarantee;

(vi) the execution, delivery and performance of this Guarantee by the Guarantor does not contravene or constitute a default under any statute, regulation or rule of any governmental authority or under any provision of the Guarantor’s certificate of incorporation or formation or by-laws or any contractual restriction binding on the Guarantor; and

(vii) this Guarantee constitutes the legal, valid and binding obligation of the Guarantor enforceable in accordance with its terms, subject to the effect of any bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally, and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

4


6. Subrogation. Upon payment by a Guarantor of any sums to the Counterparty under this Guarantee, all rights of such Guarantor against Primary Obligor arising as a result thereof by way of right of subrogation or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full of all the obligations of Primary Obligor under the Agreement, including all Transactions then in effect between Primary Obligor and the Counterparty.

7. Termination. This Guarantee is a continuing guarantee and shall remain in full force and effect until the payment in full of the Obligations or, if earlier, until time five (5) business days’ after the Counterparty receives from the Guarantors written notice of termination of this Guarantee and until all Obligations owing in respect of all Transactions entered into prior to such termination has been paid or satisfied. Notwithstanding anything to the contrary in this Section 7, this Guarantee shall terminate, and Guarantor shall be released from all of its Pro-rata Obligation hereunder with respect to any Transaction(s), immediately upon the transfer or assignment of such Transaction(s) to an entity which is not an Affiliate of Primary Obligor (as such term is defined in Section 14 of the Agreement), if such transfer or assignment is completed in accordance with the provisions of Section 7 of the Agreement.

8. Notices. If to the Primary Obligor, any notice or communication required or permitted to be made shall be made in the same manner and with the same effect, unless otherwise specifically provided herein, as set forth in the Agreement. If to the Guarantors, any notice or communication required or permitted to be made hereunder shall be made to:

PS Fund 1, LLC

Attention: Nicholas A. Botta

888 Seventh Avenue, 42nd Floor

New York, NY 10019

Botta@persq.com

 

5


9. GOVERNING LAW; JURISDICTION. This Guarantee shall be governed by and construed in accordance with the laws of the State of New York. The Counterparty and each Guarantor hereby irrevocably consents to, for the purposes of any proceeding arising out of this Guarantee, the exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the borough of Manhattan in New York City.

10. Waiver of Immunity. To the extent that any Guarantor or the Counterparty has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to it or its property, such party hereby irrevocably waives such immunity in respect of its rights and obligations under this Guaranty.

11. Waiver of Jury Trial. The Counterparty and each Guarantor hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Guarantee or the negotiation, administration or enforcement hereof.

12. General. The parties additionally agree as follows.

(i) Section 8 (Contractual Currency) and Sections 9(a)-(d) and (f)-(g) (Miscellaneous) of the Agreement shall apply to this Guarantee and the Guarantors as though references in those Sections of the Agreement to the “Agreement” where to this Guarantee.

(ii) Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Agreement. As used in this Guarantee, the term “business day” means a day on which commercial banks and foreign exchange markets settle payments both in New York and in the financial center for the settlement currency.

 

6


(iii) In the event that any provision of this Guarantee is declared to be illegal, invalid, or otherwise unenforceable by a court of competent jurisdiction or regulatory authority, the remainder of this Guarantee shall not be affected except to the extent necessary to delete such illegal, invalid, or unenforceable provision unless the deletion of such provision would substantially impair the respective benefits of the remaining portions of this Guarantee.

12. Miscellaneous. Each reference herein to the Guarantors, the Counterparty or Primary Obligor shall be deemed to include their respective successors and assigns. The provisions hereof shall inure in favor of each such permitted successor or assign. This Guarantee (i) shall supersede any prior or contemporaneous representations, statements or agreements, oral or written, made by or between the parties with regard to the subject matter hereof, (ii) may be amended only by a written instrument executed by each Guarantor and the Counterparty and (iii) may not be assigned by either party without the prior written consent of the other party.

13. Limitation of Liability. Notwithstanding anything to the contrary contained herein or in the Agreement, whether express or implied, the Guarantors shall in no event be required to pay or be liable to the Counterparty for any consequential, indirect or punitive damages, opportunity costs or lost profits.

IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of the date first set forth above.

 

PERSHING SQUARE, L.P.
By: Pershing Square GP, LLC, its general partner

/s/ William A. Ackman

Name:   William A. Ackman
Title:   Managing Member

 

7


PERSHING SQUARE II, L.P.
By: Pershing Square GP, LLC, its general partner

/s/ William A. Ackman

Name:   William A. Ackman
Title:   Managing Member
PERSHING SQUARE INTERNATIONAL, LTD.
By: Pershing Square Capital Management, L.P., its investment manager
By: PS Management GP, LLC, its general partner

/s/ William A. Ackman

Name:   William A. Ackman
Title:   Managing Member
PERSHING SQUARE HOLDINGS, LTD.
By: Pershing Square Capital Management, L.P., its investment manager
By: PS Management GP, LLC, its general partner

/s/ William A. Ackman

Name:   William A. Ackman
Title:   Managing Member

 

8

EX-99.36 21 d767190dex9936.htm EX-99.36 EX-99.36

Exhibit 99.36

Execution Version

 

     

February 9, 2014

  

Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, New York 10019

Attention: William A. Ackman

Mr. Ackman:

Valeant Pharmaceuticals International, Inc. (together with its controlled affiliates, and including any successor thereto, “we” or the “Company”) will simultaneously with the execution of this letter agreement (this “Agreement”) disclose to you the name of a company (together with its subsidiaries, “Target”) with respect to which the Company is considering a transaction (a “Transaction”).

1. Confidentiality.

(a) You (together with your controlled affiliates and including any successor thereto, “you” or “Poseidon” and together with the Company, the “Parties”) agree to keep confidential and to not use (except in discussions with us and for the purposes of evaluating a Transaction) (i) the fact that discussions or negotiations may take place, are taking place or have taken place concerning a Transaction (including discussions between us and you) or any of the terms or other facts relating thereto, including the status thereof, (ii) the existence or the terms of this Agreement or (iii) that the Company may have any interest in a Transaction or has taken with respect to Target; provided, however, you may disclose such information (i) to your officers and other senior employees who need to know such information in connection with discussing a Transaction with us (such persons in their capacity as such being generally referred to herein as “Representatives”) so long as you cause your Representatives to treat such information in a confidential manner and in accordance with the terms hereof (it being understood that you will be responsible for any breach of the terms of this Agreement by your Representatives) and (ii) as provided in Section 1(b). In the event that you or any of your Representatives or affiliates is required to disclose any such information in connection with a judicial or administrative


proceeding (by oral questions, interrogatories, requests for information or documents, subpoena, Civil Investigation Demand or similar process) or pursuant to a formal request from a regulatory examiner, to such regulatory examiner, you will provide us with prompt and, to the extent legally permissible, prior notice of such requirement(s). You also agree to cooperate with us (at our expense) to the extent we may seek to limit such disclosure, including, if requested, taking all reasonable steps (at our expense) to resist or avoid any such judicial or administrative proceedings referred to above. If and to the extent, in the absence of a protective order or the receipt of a waiver from us after a request in writing therefor is made by you (such request to be made as soon as practicable to allow us a reasonable amount of time to respond thereto), you or your Representatives or affiliates are legally required as advised by counsel to disclose such as contemplated by this Section 1(b), you will limit such disclosure to that which is legally required and will use reasonable efforts as practicable to obtain assurances that confidential treatment will be accorded to information that you are required to disclose, and thereafter you may disclose such information without liability hereunder. In addition, you may disclose information to the extent you have received the opinion of its outside counsel that you are required to make such disclosure in order to avoid violating the federal securities laws or rules of a national securities exchange to which it is subject, and the requirement to make such disclosure does not arise from your breach of this Agreement or as a result of your unilateral actions; provided, however, that to the extent legally permissible you will notify us prior to making any such disclosure at least 24 hours prior to making the disclosure, and will seek to narrow the intended disclosure to the extent we request.

2. Securities Matters. In connection with the disclosure being made in connection with this Agreement, you agree that you shall not, and shall cause your Representatives and affiliates not to (and you and they will not assist or form a group, within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to act in concert or participate with or encourage other persons to), directly or indirectly, acquire or offer to acquire, seek, propose or agree to acquire, by means of a purchase, tender or exchange offer, business combination or in any other manner, beneficial ownership (within the meaning of Section 13(d)(1) of the Exchange Act) or constructive economic ownership, including through any option, warrant, convertible security, stock appreciation right swap agreement or other security, contract right or derivative position, whether or not presently exercisable, that has an exercise or conversion privilege or a settlement payment or other mechanism at a price related to the value of equity securities of the Company or Target, as the case may be, or a value determined in whole or part with reference to, or derived in whole or in part from, the value of equity securities of the Company or Target, as the case may be, and that increases in value as the value of equity securities of the Company or Target, as the case may be, increases or that provides to the holder an opportunity, directly or indirectly, to profit or share in any profit derived from any increase or decrease in the value of equity securities of the Company or Target, as the case may be, in any case without regard to whether (i) such derivative conveys any voting rights in such securities to such person, (ii) the derivative is required to be, or capable of being, settled through delivery of such securities or (iii) such person may have entered into other transactions that hedge the

 

2


economic effect of such derivative, but not including any interests, rights, options or other securities set forth in Rule 16a-l(c)(l)-(5) or (7) under the Exchange Act, of any equity securities of the Company or Target, as the case may be, including rights or options to acquire such ownership. In addition, Poseidon shall disclose to the Company its beneficial ownership or constructive economic ownership of any equity securities of the Target or any of its affiliates within 48 hours of the Company providing Poseidon with the identity of the Target.

3. Equitable Relief. We, without prejudice to any rights to judicial relief we may otherwise have, shall be entitled to seek equitable relief (at our cost or expense), including injunction and/or specific performance, in the event of any breach or threatened breach of the provisions of this Agreement. You agree that you will not oppose the granting of such relief on the basis that we have an adequate remedy at law. You also agree that you will not seek and agree to waive any requirement for the securing or posting of a bond in connection with our seeking or obtaining such relief. You acknowledge that the provisions of this Agreement which we would seek to specifically enforce are valuable and unique and that any such breach of this Agreement will result in irreparable injury to us.

4. Compliance with Law.

(a) You hereby confirm that you are aware and that your Representatives have been advised that the United States securities laws prohibit any person who has material non-public information about a company from purchasing or selling securities of such company on the basis of such information or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person may purchase or sell such securities.

(b) You hereby confirm that you and your affiliates will take any action necessary or appropriate to prevent the use by you and them of any information disclosed in connection with this Agreement in a way that would reasonably be expected to violate any antitrust or other applicable law, including the federal securities laws.

5. Miscellaneous.

(a) The term “person” as used in this Agreement shall be broadly interpreted to include the media and any corporation, company, group, partnership, joint venture, limited liability company, trust, governmental entity or individual. The term “affiliate” as used in this Agreement shall mean a Person that directly or indirectly controls such Person (control means ownership, directly or through one or more Affiliates, of fifty percent (50%) or more of the shares of stock entitled to vote for the election of directors, in the case of a corporation, or fifty percent (50%) or more of the equity interests in the case of any other type of legal entity, or status as a general partner in any partnership, or any other arrangement whereby a party controls or has the right to control the Board of Directors or equivalent governing body of a corporation or other entity). The term “including” and any variation thereof shall be deemed to be followed by the words “without limitation” except where the meaning clearly indicates otherwise.

 

3


(b) It is agreed that no failure or delay by the Company in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege.

(c) It is understood and agreed that if any provision contained in this Agreement or the application thereof to you, the Company, or any other person or circumstance shall be invalid, illegal or unenforceable in any respect under any applicable law as determined by a court of competent jurisdiction, the validity, legality and enforceability of the remaining provisions contained in this Agreement, or the application of such provision to such persons or circumstances other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. In the case of any such invalidity, illegality or unenforceability, a suitable and equitable provision shall be substituted therefore in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and this Agreement.

(d) This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York, without regard to the conflict of laws principles thereof to the extent that such principles would direct a matter to another jurisdiction.

(e) Each Party agrees that it shall bring any action or proceeding in respect of any claim arising out of or related to this Agreement exclusively in the United States District Court for the Southern District of New York or any New York State court sitting in New York City (the “Chosen Courts”), and solely in connection with claims arising under this Agreement (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to laying venue in any such action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any Party and (iv) agrees that service of process upon such party in any such action or proceeding shall be effective if notice is given in accordance with Section 9(f). Each Party irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement. Each of the Parties agrees that a final judgment in any lawsuit, action or other proceeding arising out of or relating to this Agreement brought in the Chosen Courts shall be conclusive and binding upon each of the Parties and may be enforced in any other courts the jurisdiction of which each of the Parties is or may be subject, by suit upon such judgment.

 

4


(f) Any notice hereunder shall be made in writing by overnight courier, personal delivery or facsimile, in each case to:

If to the Company:

Valeant Pharmaceuticals International, Inc.

700 Route 202/206 North

Bridgewater, New Jersey 08807

Attention: General Counsel

Facsimile: (949) 461-6609

If to you:

Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, New York 10019

Attention: William A. Ackman; Roy J. Katzovicz

Facsimile: (212) 286-1133

(g) This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all other prior agreements and understandings, both written and verbal, between the Parties with respect to the subject matter hereof, including any click-thru or other agreement effected by the use of an electronic data room.

(h) This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. Any assignment of this Agreement without the prior written consent of the other Party shall be void.

(i) This Agreement may only be amended by a separate writing signed by the Company and you expressly so amending this Agreement. Any provision of this Agreement may be waived by the Party entitled to the benefit thereof, if in writing and signed by the Party entitled to the benefit thereof.

(j) This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement.

(k) Unless earlier terminated in a writing executed by the Parties, this Agreement shall terminate upon the earlier of (i) two years from the date of this Agreement or (ii) the consummation of a Transaction.

[The next page is the signature page]

 

5


If you are in agreement with the foregoing, please so indicate by signing and returning one copy of this Agreement, whereupon this Agreement will constitute our agreement with respect to the subject matter hereof.

 

Very truly yours,
VALEANT PHARMACEUTICALS INTERNATIONAL, INC.
By  

/s/ Robert R.Chai-Onn

  Name: Robert R.Chai-Onn
  Title: General Counsel

 

CONFIRMED AND AGREED TO:

 

PERSHING SQUARE CAPITAL

MANAGEMENT, L.P.

By: PS Management GP, LLC, its

General Partner

 

By  

 

 

Name: William A. Ackman

 

Title: Managing Member

 

Dated:                                         


If you are in agreement with the foregoing, please so indicate by signing and returning one copy of this Agreement, whereupon this Agreement will constitute our agreement with respect to the subject matter hereof.

 

Very truly yours,
VALEANT PHARMACEUTICALS INTERNATIONAL, INC.
By  

 

  Name: Robert R. Chai-Onn
  Title: General Counsel

 

CONFIRMED AND AGREED TO:

 

PERSHING SQUARE CAPITAL

MANAGEMENT, L.P.

By: PS Management GP, LLC, its

General Partner

By  

/s/ William A. Ackman

 

Name: William A. Ackman

 

Title: Managing Member

 

Dated: February 9, 2014


EXECUTION VERSION

CONFIDENTIAL

 

   February 9, 2014                    

Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, New York 10019

Attention: William A. Ackman

Mr. Ackman:

Valeant Pharmaceuticals International, Inc. (together with its controlled affiliates, and including any successor thereto, “we” or the “Company”) and you (together with your controlled affiliates, and including any successor thereto, “you” or “Pershing Square” and, together with the Company, the “Parties”) are discussing the possibility of a transaction involving Allergan, Inc. (together with its subsidiaries, “Target”) and a potential equity investment by you in the Company (together, the “Transaction”).

1. Confidentiality.

(a) You agree to keep confidential and to not use (except in discussions with us and for the purposes of evaluating a Transaction) (i) the fact that discussions or negotiations may take place, are taking place or have taken place concerning a Transaction (including discussions between us and you) or any of the terms or other facts relating thereto or in connection therewith, including the status thereof; (ii) the existence or the terms of this letter agreement (this “Agreement”); (iii) the fact that the Company may have any interest in a Transaction or has taken any action with respect to Target; or (iv) any non-public and confidential technical, scientific, trade secret or other proprietary information (including forecasts, financial data or statements and business development plans or strategies) of the Company or any of its affiliates provided to you or your Representatives (as defined herein) by the Company or its Representatives, whether provided before or after the date of this Agreement and whether oral, written or electronic, together with any reports, analyses, summaries, memoranda, notes, studies or any other written or electronic materials to the extent such materials contain, reflect or


are based upon such information prepared by any person; provided, however, that such information does not include any information that (A) is or becomes generally available to the public other than as a result of your or your Representatives’ breach of this Agreement, (B) is obtained by you or your Representatives on a non-confidential basis from a third party that, to your or your Representatives’ knowledge, was not contractually restricted from disclosing such information, (C) was in your or your Representatives’ possession prior to the Company’s or its Representative’s disclosure hereunder or (D) was or is independently developed by you or your Representatives without using any such information; provided, further, however, you may disclose such information (i) to your officers and other senior employees and outside counsel who need to know such information in connection with discussing a Transaction with us (such persons in their capacity as such, and the directors, officers and other senior employees and outside counsel of the Company and other representatives, being referred to herein as its “Representatives,” as the context requires) so long as you cause your Representatives to treat such information in a confidential manner and in accordance with the terms hereof (it being understood that you will be responsible for any breach of the terms of this Agreement by your Representatives) and (ii) as provided in Section 1(b).

(b) If you or any of your Representatives or affiliates is required to disclose any such information in connection with a judicial or administrative proceeding (by oral questions, interrogatories, requests for information or documents, subpoena, Civil Investigation Demand or similar process) or pursuant to a formal request from a regulatory examiner, to such regulatory examiner, you will provide us with prompt and, to the extent legally permissible, prior notice of such requirement(s). You also agree to cooperate with us (at our expense) to the extent we may seek to limit such disclosure, including, if requested, taking all reasonable steps (at our expense) to resist or avoid any such judicial or administrative proceedings referred to above. If and to the extent, in the absence of a protective order or the receipt of a waiver from us after a request in writing therefor is made by you (such request to be made as soon as practicable to allow us a reasonable amount of time to respond thereto), you or your Representatives or affiliates are legally required as advised by counsel to disclose such as contemplated by this Section 1(b), you will limit such disclosure to that which is legally required and will use reasonable efforts as practicable to obtain assurances that confidential treatment will be accorded to information that you are required to disclose, and thereafter you may disclose such information without liability hereunder. In addition, you may disclose information to the extent you have received the opinion of its outside counsel that you are required to make such disclosure in order to avoid violating the federal securities laws or rules of a national securities exchange to which it is subject, and the requirement to make such disclosure does not arise from your breach of this Agreement or as a result of your unilateral actions; provided, however, that to the extent legally permissible you will notify us prior to making any such disclosure at least 24 hours prior to making the disclosure, and will seek to narrow the intended disclosure to the extent we request.

 

2


2. Securities Matters. In connection with the disclosure being made in connection with this Agreement, you agree that you shall not, and shall cause your Representatives and affiliates not to (and you and they will not assist or form a group, within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to act in concert or participate with or encourage other persons to), directly or indirectly, acquire or offer to acquire, seek, propose or agree to acquire, by means of a purchase, tender or exchange offer, business combination or in any other manner, beneficial ownership (within the meaning of Section 13(d)(1) of the Exchange Act) or constructive economic ownership, including through any option, warrant, convertible security, stock appreciation right swap agreement, any of the deemed securities for purposes of section 76(6) of the Securities Act (Ontario) or other security, contract right or derivative position, whether or not presently exercisable, that has an exercise or conversion privilege or a settlement payment or other mechanism at a price related to the value of equity securities of the Company or Target, as the case may be, or a value determined in whole or part with reference to, or derived in whole or in part from, the value of equity securities of the Company or Target, as the case may be, and that increases in value as the value of equity securities of the Company or Target, as the case may be, increases or that provides to the holder an opportunity, directly or indirectly, to profit or share in any profit derived from any increase or decrease in the value of equity securities of the Company or Target, as the case may be, in any case without regard to whether (i) such derivative conveys any voting rights in such securities to such person, (ii) the derivative is required to be, or capable of being, settled through delivery of such securities or (iii) such person may have entered into other transactions that hedge the economic effect of such derivative, but not including any interests, rights, options or other securities set forth in Rule 16a-1(c)(1)-(5) or (7) under the Exchange Act, any trading referred to in section 189.1 of the Securities Act (Quebec) or use of the privileged information in a manner other than permitted therein, of any equity securities of the Company or Target, as the case may be, including rights or options to acquire such ownership. In addition, Pershing Square has disclosed to the Company, as of the date of this Agreement, its true and correct beneficial ownership or constructive economic ownership of any equity securities of the Target or any of its affiliates.

3. Equitable Relief. We, without prejudice to any rights to judicial relief we may otherwise have, shall be entitled to seek equitable relief (at our cost or expense), including injunction and/or specific performance, in the event of any breach or threatened breach of the provisions of this Agreement. You agree that you will not oppose the granting of such relief on the basis that we have an adequate remedy at law. You also agree that you will not seek and agree to waive any requirement for the securing or posting of a bond in connection with our seeking or obtaining such relief. You acknowledge that the provisions of this Agreement which we would seek to specifically enforce are valuable and unique and that any such breach of this Agreement will result in irreparable injury to us.

 

3


4. Compliance with Law.

(a) You hereby confirm that you are aware and that your Representatives have been advised that the United States and Canadian securities laws prohibit any person who has material non-public information about a company (in the case of Canadian securities laws, where the company is a reporting issuer) from purchasing or selling securities of such company on the basis of such information or under United States securities laws from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person may purchase or sell such securities, and under Canadian securities laws from disclosing certain information subject to prescribed exceptions under such laws.

(b) You hereby confirm that you and your affiliates will take any action necessary or appropriate to prevent the use by you and them of any information disclosed in connection with this Agreement in a way that would reasonably be expected to violate any antitrust or other applicable law, including the federal securities laws of the United States and Canadian securities laws.

5. Miscellaneous.

(a) The term “person” as used in this Agreement shall be broadly interpreted to include the media and any corporation, company, group, partnership, joint venture, limited liability company, trust, governmental entity or individual. The term “affiliate” as used in this Agreement shall mean a Person that directly or indirectly controls such Person (control means ownership, directly or through one or more Affiliates, of fifty percent (50%) or more of the shares of stock entitled to vote for the election of directors, in the case of a corporation, or fifty percent (50%) or more of the equity interests in the case of any other type of legal entity, or status as a general partner in any partnership, or any other arrangement whereby a party controls or has the right to control the Board of Directors or equivalent governing body of a corporation or other entity). The term “including” and any variation thereof shall be deemed to be followed by the words “without limitation” except where the meaning clearly indicates otherwise.

(b) It is agreed that no failure or delay by the Company in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege.

(c) It is understood and agreed that if any provision contained in this Agreement or the application thereof to you, the Company, or any other person or circumstance shall be invalid, illegal or unenforceable in any respect under any applicable law as determined by a court of competent jurisdiction, the validity, legality and enforceability of the remaining provisions contained in this Agreement, or the application of such provision to such persons or circumstances other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. In the case of any such invalidity, illegality or unenforceability, a suitable and equitable provision shall be substituted therefore in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and this Agreement.

 

4


(d) This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York, without regard to the conflict of laws principles thereof to the extent that such principles would direct a matter to another jurisdiction.

(e) Each Party agrees that it shall bring any action or proceeding in respect of any claim arising out of or related to this Agreement exclusively in the United States District Court for the Southern District of New York or any New York State court sitting in New York City (the “Chosen Courts”), and solely in connection with claims arising under this Agreement (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to laying venue in any such action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any Party and (iv) agrees that service of process upon such party in any such action or proceeding shall be effective if notice is given in accordance with Section 5(f). Each Party irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement. Each of the Parties agrees that a final judgment in any lawsuit, action or other proceeding arising out of or relating to this Agreement brought in the Chosen Courts shall be conclusive and binding upon each of the Parties and may be enforced in any other courts the jurisdiction of which each of the Parties is or may be subject, by suit upon such judgment.

(f) Any notice hereunder shall be made in writing by overnight courier, personal delivery or facsimile, in each case to:

If to the Company:

Valeant Pharmaceuticals International, Inc.

700 Route 202/206 North

Bridgewater, New Jersey 08807

Attention: General Counsel

Facsimile: (949) 461-6609

with a copy to:

Sullivan & Cromwell LLP

1888 Century Park East

Los Angeles, California 90067

Attention: Alison M. Ressler; Eric M. Krautheimer

Facsimile: (310) 712-8800

with a copy to:

Osler, Hoskin & Harcourt LLP

100 King Street West

1 First Canadian Place

Suite 4600, P.O. Box 50

Toronto ON M5X 1B8

Attention: Clay Horner

Facsimile: (416) 862-6666

 

5


If to you:

Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, New York 10019

Attention: William A. Ackman; Roy J. Katzovicz

Facsimile: (212) 286-1133

with a copy to:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attention: Stephen Fraidin; Ross M. Leff

Facsimile: (212) 446-4900; (212) 446-6460

with a copy to:

Davies Ward Phillips & Vineberg LLP

155 Wellington Street West

Toronto ON M5V 3J7 Canada

Attention: Patricia L. Olasker

Facsimile: (416) 863-0871

(g) This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all other agreements and understandings, both written and verbal, between the Parties with respect to the subject matter hereof executed or agreed to prior to the date of this Agreement.

(h) This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. Any assignment of this Agreement without the prior written consent of the other Party shall be void.

(i) This Agreement may only be amended by a separate writing signed by the Company and you expressly so amending this Agreement. Any provision of this Agreement may be waived by the Party entitled to the benefit thereof, if in writing and signed by the Party entitled to the benefit thereof.

(j) This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement.

 

6


(k) Unless earlier terminated in a writing executed by the Parties, this Agreement shall terminate upon the earlier of (i) two years from the date of this Agreement or (ii) the consummation of a Transaction; provided that any obligations with respect to information described in Section 1(a)(iv) shall terminate two years from the date of this Agreement.

[The next page is the signature page]

 

91


If you are in agreement with the foregoing, please so indicate by signing and returning one copy of this Agreement, whereupon this Agreement will constitute our agreement with respect to the subject matter hereof.

 

Very truly yours,

 

VALEANT PHARMACEUTICALS

INTERNATIONAL, INC.
By   /s/ Robert R. Chai-Onn
 

Name: Robert R. Chai-Onn

 

Title:   General Counsel

 

CONFIRMED AND AGREED TO:

 

PERSHING SQUARE CAPITAL

MANAGEMENT, L.P.
By: PS Management GP, LLC, its
General Partner
By   /s/ Roy J. Katzovicz
 

Name: Roy J. Katzovicz

 

Title:   Chief Legal Officer

Dated:

 

2/19/2014

By   /s/ Timothy L. Barefield
 

Name: Timothy L. Barefield

 

Title:   Chief Operating Officer

Dated:

 

2/20/14

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