As filed with the Securities and Exchange Commission on July 2, 2021
Registration No. 333- 203101
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
POST-EFFECTIVE AMENDMENT No. 1 TO
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ATENTO S.A.
(Exact name of registrant as specified in its charter)
| Luxembourg | N/A | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
| 1 rue Hildegard Von Bingen L-1282, Luxembourg Grand Duchy of Luxembourg |
N/A | |
| (Address of Principal Executive Offices) | (Zip Code) | |
Atento S.A. 2014 Omnibus Incentive Plan
(Full title of the plan)
Corporation Service Company
1180 Avenue of the Americas
Suite 210
New York, New York 10036
(Name and address of agent for service)
(212) 299-5600
(Telephone number, including area code, of agent for service)
Copies to:
Joshua N. Korff
Peter Seligson
Kirkland & Ellis LLP
601 Lexington Avenue
New York, New York 10022
(212) 446-4800
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
| Large accelerated filer | ☐ | Accelerated filer | ☒ | |||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
| Emerging growth company | ☐ | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
EXPLANATORY STATEMENT
This Post-Effective Amendment No. 1 (the “Post-Effective Amendment No. 1”) relates to the Registration Statement on Form S-8 (File No. 333-203101) filed with the Securities and Exchange Commission (the “SEC”) by Atento, S.A. , a public limited liability company (“société anonyme”) governed by the laws of the Grand Duchy of Luxembourg, having its registered office at 1, rue Hildegard Von Bingen, L-1282 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies’ Register (“Registre de Commerce et des Sociétés, Luxembourg”) under the number R.C.S. Luxembourg B 185.761 (the “Company”), on March 30, 2015 (the “2015 Registration Statement”), and is being filed to adjust the number of securities covered by the 2015 Registration Statement pursuant to Rule 416(b) of the Securities Act of 1933, as amended (the “Securities Act”), and related interpretations of the staff of the SEC.
The 2015 Registration Statement registered 7,300,000 ordinary shares without nominal value (the “Ordinary Shares”) under the 2014 omnibus incentive plan (the “2014 Omnibus Incentive Plan”) of the Company. As previously disclosed, on July 28, 2020, the Company completed a reverse share split of its Ordinary Shares using a ratio of conversion of 5.027090466672970 (the “Reverse Share Split”). Accordingly, the purpose of this Post-Effective Amendment No. 1 is to proportionately reduce the number of Ordinary Shares covered by the 2015 Registration Statement. As a result, as of July 28, 2020, the 2015 Registration Statement now covers a maximum of 1,452,132 Ordinary Shares that may be issued under the 2014 Omnibus Incentive Plan.
Except to the extent specified above, the 2015 Registration Statement, as originally filed, is not amended or otherwise affected by this Post-Effective Amendment No. 1.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
| Item 3. | Incorporation of Documents by Reference. |
The following documents, which have been filed by the Company with the Commission, are incorporated in this Registration Statement by reference:
(a) The Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2020, filed with the Commission on March 22, 2021;
(b) The Company’s current reports on Form 6-K filed with the Commission on February 1, 2021, February 2, 2021(two current reports), February 4, 2021 (two current reports), February 10, 2021 (two current reports), February 17, 2021, February 19, 2021, March 4, 2021 (two current reports), March 15, 2021, March 17, 2021, April 7, 2021, May 6, 2021, May 7, 2021 (two current reports), May 10, 2021, June 3, 2021 and June 11, 2021 and the current report on Form 6-K/A filed with the Commission on May 12, 2021.
(c) The description of the Company’s Ordinary Shares contained in the Company’s Registration Statement on Form 8-A (File No. 001-36671) filed with the Commission on September 30, 2014, pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including any amendments or reports filed for the purpose of updating such descriptions; and
All reports and other documents subsequently filed or furnished by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, including any Annual Report on Form 20-F and reports on Form 6-K, after the date of this Registration Statement, but prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing or furnishing, as applicable, of such documents.
Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed or furnished document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
| Item 6. | Indemnification of Directors and Officers. |
Pursuant to Luxembourg law on agency, agents are entitled to be reimbursed any advances or expenses made or incurred in the course of their duties, except in cases of fault or negligence on their part. Luxembourg law on agency is applicable to the mandate of directors and agents of the Company.
Pursuant to Luxembourg law, a company is generally liable for any damage committed by employees in the performance of their functions except where such harmful acts are not in any way linked to the duties of the employee.
The Company’s articles of association provide that directors and officers, past and present, are entitled to indemnification from the Company to the fullest extent permitted by Luxembourg law against liability and all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he is involved by virtue of his being or having been a director or officer and against amounts paid or incurred by him in the settlement thereof.
No indemnification will be provided against any liability to the Company or its shareholders (i) by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties of a director or officer; (ii) with respect to any matter as to which any director or officer shall have been finally adjudicated to have acted in bad faith and not in the interest of the Company; or (iii) in the event of a settlement, unless approved by a court or the board of directors.
The Company has also entered into separate indemnification agreements with its directors and executive officers, in addition to indemnification provided for in the articles of association. These agreements, among other things, provide for indemnification of the Company’s directors and executive officers to the fullest extent permitted by Luxembourg law for expenses, judgments, fines and settlement amounts incurred by this person in any action or proceeding arising out of this person’s services as a director or executive officer or at the Company’s request, subject to certain limitations. The Company believes that these provisions and agreements are necessary to attract and retain qualified persons as directors and executive officers.
The indemnification rights set forth above shall not be exclusive of any other right which any of the Company’s former or current directors and officers may have or hereafter acquire under any statute, provision of the articles of association, agreement, vote of shareholders or disinterested directors or otherwise.
The Company expects to maintain standard policies of insurance that provide coverage (1) to our directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act and (2) to us with respect to indemnification payments that the Company may make to such directors and officers.
| Item 8. | Exhibits |
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Post-Effective Amendment No. 1 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the Grand Duchy of Luxembourg, on July 2, 2021.
| ATENTO S.A. | ||
| By: | /s/ Carlos López-Abadía | |
| Name: | Carlos López-Abadía | |
| Title: | Chief Executive Officer | |
KNOW ALL PERSONS BY THESE PRESENTS, that each officer and director of Atento S.A. (the “Company”) whose signature appears below constitutes and appoints Carlos López-Abadía, José Antonio de Sousa Azevedo and Virginia Beltramini and each of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and revocation, for him or her and in his or her name, place and stead, in any and all capacities, to execute any or all amendments including any post-effective amendments and supplements to this Post-Effective Amendment No. 1 to the Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto such said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 1 to the Registration Statement has been signed by the following persons in the capacities and on the date indicated below:
| Name |
Title |
Date | ||
| /s/ Carlos López-Abadía |
||||
| Carlos López-Abadía | Chief Executive Officer and Director | July 2, 2021 | ||
| /s/ José Antonio de Sousa Azevedo |
||||
| José Antonio de Sousa Azevedo | Chief Financial Officer and principal accounting officer | July 2, 2021 | ||
| /s/ Antonio Viana |
||||
| Antonio Viana | Director | July 2, 2021 | ||
| /s/ Robert Payne |
||||
| Robert Payne | Director | July 2, 2021 | ||
| /s/ John Madden |
Director | July 2, 2021 | ||
| John Madden | ||||
Exhibit 4.1
ATENTO S.A.
Société anonyme
1 rue Hildegard Von Bingen, L-1282 Luxembourg
R.C.S. Luxembourg B185761
STATUTS COORDONNES AU 02 avril 2021
A. NAME - PURPOSE – DURATION - REGISTERED OFFICE
Article 1 Name
There exists a public limited company (société anonyme) under the name “Atento S.A.” (hereinafter the “Company”) which shall be governed by the law of 10 August 1915 concerning commercial companies, as amended (the “Law”), as well as by the present articles of association.
Article 2 Purpose
2.1 The purpose of the Company is the holding of participations in any form whatsoever in Luxembourg and foreign companies and in any other form of investment, the acquisition by purchase, subscription or in any other manner as well as the transfer by sale, exchange or otherwise of securities of any kind and the administration, management, control and development of its portfolio.
2.2 The Company may further guarantee, grant security, grant loans or otherwise assist the companies in which it holds a direct or indirect participation or right of any kind or which form part of the same group of companies as the Company.
2.3 The Company may raise funds especially through borrowing in any form or by issuing any kind of notes, securities or debt instruments, bonds and debentures and generally issue any debt, equity and/or hybrid or other securities of any type in accordance with Luxembourg law.
2.4 The Company may carry out any commercial, industrial, financial, real estate, intellectual property or other activities which it considers useful for the accomplishment of these purposes.
Article 3 Duration
3.1 The Company is incorporated for an unlimited period of time.
3.2 It may be dissolved at any time and with or without cause by a resolution of the general meeting of shareholders adopted in the manner required for an amendment of these articles of association.
Article 4 Registered office
4.1 The registered office of the Company is in the municipality of Luxembourg, Grand Duchy of Luxembourg.
4.2 The board of directors may transfer the registered office of the Company within the same municipality or to any other municipality in the Grand Duchy of Luxembourg and, if necessary, subsequently amend these articles of association to reflect such change of registered office.
4.3 Branches or other offices may be established either in the Grand Duchy of Luxembourg or abroad by a resolution of the board of directors.
4.4 In the event that the board of directors determines that extraordinary political, economic or social circumstances or natural disasters have occurred or are imminent that would interfere with the normal activities of the Company at its registered office, the registered office may be temporarily transferred abroad until the complete cessation of these extraordinary circumstances; such temporary measures shall not affect the nationality of the Company which, notwithstanding the temporary transfer of its registered office, shall remain a Luxembourg company.
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B. SHARE CAPITAL – SHARES
5.1 The Company’s share capital is set at thirty-three thousand nine hundred and seventy-eight euro eighty-five cents (EUR 33,978.85), represented by fifteen million (15,000,000) shares without nominal value.
5.2 The Company’s issued share capital may be increased or reduced (i) by a resolution of the general meeting of shareholders adopted in the manner required for an amendment of these articles of association or (ii) as set out in article 6 hereof.
5.3 Subject to article 6.2 of these articles of association, any new common shares to be paid for in cash will be offered by preference to the existing shareholder(s) in proportion to the number of common shares held by them in the Company’s issued share capital. The board of directors shall determine the period of time during which such preferential subscription right may be exercised. This period may not be less than thirty (30) days from the date of the opening of the subscription as published on the Recueil électronique des sociétés et associations, the central electronic platform of the Grand Duchy of Luxembourg (the “RESA”) and two Luxembourg newspapers in accordance with the Law. However, subject to the provisions of the Law, the general meeting of shareholders called (i) to resolve upon an increase of the Company’s issued share capital or (ii) at the occasion of an authorization granted to the board of directors to increase the Company’s issued share capital, may limit or suppress the preferential subscription right of the existing shareholder(s) or authorize the board of directors to do so. Such resolution shall be adopted in the manner required for an amendment to these articles of association.
Article 6 Authorized Capital and Bonus Shares
6.1 The Company’s authorized capital, excluding the issued share capital, is set at nine hundred ninety-nine million nine hundred ninety-seven thousand and twenty three euro and fifteen cents (EUR 999,997,023.15).
6.2 The board of directors is hereby authorized to issue common shares, to grant options to subscribe for common shares and to issue any other instruments convertible into common shares within the limit of the authorized share capital, to such persons and on such terms as it shall see fit, and specifically to proceed to such issue without reserving a preferential subscription right for the existing shareholders during a period of time of five (5) years starting from the date of publication of the resolutions of the general meeting of the shareholders of the Company held on 31 May 2017 on the RESA.
6.3 The authorized capital of the Company may be increased or reduced by a resolution of the general meeting of shareholders adopted in the manner required for amendments of these articles of association.
6.4 The board of directors is authorized to allocate existing shares of the Company without consideration or to issue new shares (the “Bonus Shares”) paid-up out of available reserves (i) to employees of the Company or to certain classes of such employees, (ii) to employees of companies or economic interest groupings in which the Company holds directly or indirectly at least ten per cent (10%) of the share capital or of the voting rights, (iii) to employees of companies or economic interest groupings which hold directly or indirectly at least ten per cent (10%) of the share capital or of the voting rights of the Company, (iv) to employees of companies or economic interest groupings in which at least fifty per cent (50%) of the share capital or of the voting rights are held, directly or indirectly, by a company holding itself, directly or indirectly, at least fifty per cent (50%) of the share capital of the Company and/or (v) to members of the corporate bodies of the Company or any of the other companies or economic interest groupings referred to under items (ii) to (iv) above (the “Beneficiaries of Bonus Shares”). The board of directors sets the terms and conditions of the allocation of Bonus Shares to the Beneficiaries of Bonus
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Shares, including the period for the final allocation and any minimum period during which such Bonus Shares cannot be transferred by their holders. The preferential subscription right of existing shareholders is automatically cancelled in case of issuance of Bonus Shares.
6.5 The above authorizations may be renewed through a resolution of the general meeting of the shareholders adopted in the manner required for an amendment of these articles of association and subject to the provisions of the Law, each time for a period not exceeding five (5) years.
Article 7 Shares
7.1 The Company’s share capital is divided into common shares, without nominal value.
7.2 The common shares of the Company are in registered form only. No fractional common shares shall be issued.
7.3 The common shares are freely transferable, subject to the provisions of the Law and these articles of association. The Company may repurchase its common shares and hold them in treasury subject to the conditions of the Law.
7.4 The Company will recognize only one holder per share. In case a share is owned by several persons, they shall appoint a single representative who shall represent them towards the Company. The Company has the right to suspend the exercise of all rights attached to that share until such representative has been appointed.
7.5 Death, suspension of civil rights, dissolution, bankruptcy or insolvency or any other similar event regarding any of the shareholders shall not cause the dissolution of the Company
7.6 A register of shares shall be kept at the registered office of the Company, where it shall be available for inspection by any shareholder. Ownership of registered shares will be established by inscription in such register or, in the event separate registrars have been appointed pursuant to article 7.7, in such separate register(s). Certificates of such registration shall be issued by the Company or, as the case may be, the registrar, upon request and at the expense of the relevant shareholder and, in the situation described by article 7.10 of these articles of association, to the Depositary (as defined below).
Without prejudice to the conditions for transfer by book entries provided for in article 7.10 of these articles of association, a transfer of registered common shares shall be carried out by means of a declaration of transfer entered in the relevant register, dated and signed by the transferor and the transferee or by their duly authorized representatives or by the Company upon notification of the transfer or acceptance of the transfer by the Company. The Company may accept and enter in the relevant register a transfer on the basis of correspondence or other documents recording the agreement between the transferor and the transferee.
7.7 The Company may appoint registrars in different jurisdictions who will each maintain a separate register for the registered shares entered therein and the holders of shares may elect to be entered in one of the registers and to be transferred from time to time from one register to another register. The board of directors may however impose transfer restrictions for common shares that are registered, listed, quoted, dealt in or have been placed in certain jurisdictions in compliance with the requirements applicable therein. A transfer to the register kept at the Company’s registered office may always be requested.
7.8 The board of directors may however impose transfer restrictions for common shares that are registered, listed, quoted, dealt in or have been placed in certain jurisdictions in compliance with the requirements applicable therein. A transfer to the register kept at the Company’s registered office may always be requested.
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7.9 Subject to the provisions of article 7.10 and article 7.13, the Company may consider the person in whose name the registered common shares are registered in the register of shareholders as the full owner of such registered common shares. In the event that a holder of registered common shares does not provide an address in writing to which all notices or announcements from the Company may be sent, the Company may permit a notice to this effect to be entered into the register of shareholders and such holder’s address will be deemed to be at the registered office of the Company or such other address as may be so entered by the Company from time to time, until a different address shall be provided to the Company by such holder in writing. The holder may, at any time, change his address as entered in the register of shareholders by means of written notification to the Company.
7.10 The common shares may be held by a holder (the “Holder”) through a securities settlement system or a Depositary (as this term is defined below). Subject to applicable law, the Holder of common shares held in such fungible securities accounts has the same rights and obligations as if such Holder held the common shares directly. The common shares held through a securities settlement system or a Depositary shall be recorded in an account opened in the name of the Holder and may be transferred from one account to another in accordance with customary procedures for the transfer of securities in book-entry form. However, the Company will make dividend payments, if any, and any other payments in cash, common shares or other securities, if any, only to the securities settlement system or Depositary recorded in the register of shareholders or in accordance with the instructions of such securities settlement system or Depositary. Such payment will grant full discharge of the Company’s obligations in this respect.
7.11.The board of directors may decide that no entry shall be made in the share register and no notice of a transfer shall be recognized by the Company and the registrar(s) during the period starting on the Record Date (as defined below) and ending on the closing of the relevant general meeting.
7.12 All communications and notices to be given to a registered shareholder shall be deemed validly made if made to the latest address communicated by the shareholder to the Company in accordance with article 7.9 or, if no address has been communicated by the shareholder, the registered office of the Company or such other address as may be so entered by the Company in the register from time to time according to article 7.10.
7.13 Where common shares are in registered form and are recorded in the Company’s share register in the name of or on behalf of a securities settlement system or the operator of such system and recorded as book-entry interests in the accounts of a financial institution or a professional depositary or sub-depositary (any such institution, depositary and sub-depositary being referred to hereinafter as a “Depositary”), the Company, subject to having received from the Depositary a proper certification of such record position, will permit the depositor of such book-entry interests to exercise the rights attached to the common shares corresponding to the book-entry interests of the relevant depositor, including receiving notices of general meetings, admission to and voting at general meetings, and shall consider the Depositary to be the holder of the common shares corresponding to the book entry interests for purposes of this article 7 of these articles of association (the “Certificates”). The board of directors may determine formal requirements with which such Certificates must comply.
C. GENERAL MEETINGS OF SHAREHOLDERS
Article 8 Powers of the general meeting of shareholders
8.1 The shareholders exercise their collective rights in the general meeting of shareholders. Any regularly constituted general meeting of shareholders of the Company shall represent the entire body of shareholders of the Company. The general meeting of shareholders is vested with the powers expressly reserved to it by the Law and by these articles of association.
8.2 If the Company has only one shareholder, any reference made herein to the “general meeting of
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shareholders” shall be construed as a reference to the “sole shareholder”, depending on the context and as applicable and powers conferred upon the general meeting of shareholders shall be exercised by the sole shareholder.
Article 9 Convening of general meetings of shareholders
9.1 The general meeting of shareholders of the Company may at any time be convened by the board of directors, to be held at such place and on such date as specified in the convening notice of such meeting.
9.2 The general meeting of shareholders must be convened by the board of directors upon request in writing indicating the agenda, addressed to the board of directors by one or several shareholders representing at least ten percent (10%) of the Company’s share capital. In such case, the general meeting of shareholders shall be held within a period of one (1) month from the receipt of such request.
9.3 The convening notice for every general meeting of shareholders shall contain the date, time, place and agenda of the meeting and may be made through announcements filed with the Luxembourg Trade and Companies’ Register and published at least fifteen (15) days before the meeting on the RESA and in a Luxembourg newspaper. In such case, notices by mail shall be sent at least eight (8) days before the meeting to the registered shareholders by ordinary mail (lettre missive). Alternatively, the convening notices may be exclusively made by registered mail or, if the addressees have individually agreed to receive the convening notices by another means of communication ensuring access to the information, by such means of communication.
9.4 In the event the common shares of the Company are listed on a foreign stock exchange, any general meeting of shareholders shall be convened in accordance with the requirements of such foreign stock exchange applicable to the Company.
9.5 In the event the common shares of the Company are not listed on any foreign stock exchange, all shareholders recorded in the register of shareholders on the date of the general meeting of the shareholders are entitled to be admitted to the general meeting of shareholders. If the common shares of the Company are listed on a foreign stock exchange, the board of directors may determine a date and time preceding the general meeting of shareholders as the record date for admission to the general meeting of shareholders (the “Record Date”), which may not be less than five (5) days before the date of the meeting. In such case, any shareholder, Holder or Depositary, as the case may be, who wishes to attend the general meeting must inform the Company thereof no later than three (3) business days prior to the date of such general meeting, in a manner to be determined by the board of directors in the convening notice. In case of common shares held through the operator of a securities settlement system with a Depositary, a shareholder wishing to attend a general meeting of shareholders should either (i) receive from such Depositary one or more Certificates regarding the number of common shares recorded in the relevant account on the Record Date or (ii) provide voting instructions in respect of their common shares to their Depositary. The Certificates should be submitted to the Company (or its agent appointed in the convening notice) no later than three (3) business days prior to the date of the relevant general meeting. Proxies and voting forms relating to such general meeting must be remitted at the same time. The board of directors may set a shorter period for the submission of the Certificates, proxies or voting forms.
Article 10 Conduct of general meetings of shareholders
10.1 The annual general meeting of shareholders shall be held in Luxembourg at the registered office of the Company or at such other place in Luxembourg as may be specified in the convening notice of such meeting. If such day is a legal or banking holiday, the annual general meeting shall be held on the next following business day. Other meetings of shareholders may be held at such place and time as may be specified in the respective convening notices.
10.2 A board of the meeting shall be formed at any general meeting of shareholders, composed of a
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chairman, a secretary and a scrutineer, each of whom shall be appointed by the general meeting of sharesholder and who need neither be shareholders, nor members of the board of directors. The board of the meeting shall especially ensure that the meeting is held in accordance with applicable rules and, in particular, in compliance with the rules in relation to convening, majority requirements, vote tallying and representation of shareholders.
10.3 An attendance list must be kept at any general meeting of shareholders.
10.4 A shareholder (including a Depositary) may act at any general meeting of shareholders by appointing another person as his proxy in writing by a signed document transmitted by mail or by facsimile, electronic mail or any other means of communication authorized by the board of directors. One person may represent several or even all shareholders.
10.5 Shareholders taking part in a meeting of shareholders by conference call, through video conference or by any other means of communication allowing their identification and allowing that all persons taking part in the meeting hear one another on a continuous basis and allowing an effective participation of all such persons in the meeting, are deemed to be present for the computation of the quorums and votes, subject to such means of communication being made available at the place of the meeting.
10.6 Each shareholder may vote at a general meeting through a signed voting form sent by post, electronic mail, facsimile or any other means of communication authorized by the board of directors and delivered to the Company’s registered office or to the address specified in the convening notice. The shareholders may only use voting forms provided by the Company which contain at least the place, date and time of the meeting, the agenda of the meeting, the proposal submitted to the decision of the meeting, as well as for each proposal three boxes allowing the shareholder to vote in favour of, against, or abstain from voting on each proposed resolution by ticking the appropriate box.
10.7 Voting forms which, for a proposed resolution, do not show only (i) a vote in favour or (ii) a vote against the proposed resolution or (iii) an abstention are void with respect to such resolution. The Company shall only take into account voting forms received no later than three (3) business days prior to the general meeting which they relate to. The board of directors may set a shorter period for the submission of voting forms.
10.8 The board of directors may determine other terms or set conditions that must be respected by a shareholder to participate in any meeting of shareholders in the convening notice (including, but not limited to, longer notice periods).
Article 11 Quorum and vote
11.1 Each common share entitles the holder thereof to one vote in any meetings of shareholders, subject to the provisions of Luxembourg law.
11.2 Except as otherwise required by the Law or these articles of association, resolutions at a general meeting of shareholders duly convened shall be adopted by a simple majority of the votes validly cast regardless of the portion of capital represented. Abstentions and nil votes shall not be taken into account for the calculation of the majority.
Article 12 Amendments of the articles of association
Except as otherwise provided herein, these articles of association may be amended by a majority of at least two thirds (2/3) of the votes validly cast at a general meeting at which a quorum of more than half (1/2) of the Company’s share capital is present or represented. If no quorum is reached in a meeting, a second meeting may be convened in accordance with the Law and these articles of association which may deliberate regardless of the quorum and at which resolutions are taken at a majority of at least two-thirds of the votes validly cast. Abstentions and nil votes shall not be taken into account.
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Article 13 Change of nationality
The shareholders may change the nationality of the Company in the manner required for the amendment to the articles of association.
Article 14 Adjournment of general meeting of shareholders
Subject to the provisions of the Law, the board of directors may adjourn any general meeting of shareholders for four (4) weeks. The board of directors shall do so at the request of shareholders representing in the aggregate at least twenty percent (20%) of the issued share capital of the Company. In the event of an adjournment, any resolution already adopted by the general meeting of shareholders shall be cancelled.
Article 15 Minutes of general meetings of shareholders
15.1 The board of any general meeting of shareholders shall draw up minutes of the meeting which shall be signed by the members of the board of the meeting as well as by any shareholder upon its request.
15.2 Any copy and excerpt of such original minutes to be produced in judicial proceedings or to be delivered to any third party, shall be certified as a true copy of the original by the notary having had custody of the original deed, in case the meeting has been recorded in a notarial deed, or shall be signed by the chairman of the board of directors or by any two of its members.
D. MANAGEMENT
Article 16 Composition and powers of the board of directors
16.1 The Company shall be managed by a board of directors composed of at least three (3) but no more than fifteen (15) members. The directors of the Company shall be divided into three (3) classes as nearly equal in size as is practicable, designated Class I, Class II and Class III. Unless revoked in accordance with article 18.4 hereof, the term of office of the initial Class I directors shall expire at the first annual meeting of shareholders occurring after the date of publication of the resolution of the general meeting of shareholders taken on 29 September 2014 on the RESA (the “Filing Date”), the term of office of the initial Class II directors shall expire at the second annual meeting of shareholders occurring after the Filing Date, and the term of office of the initial Class III directors shall expire at the third annual meeting of the shareholders occurring after the Filing Date. Unless revoked in accordance with article 18.4 hereof, at each annual meeting after the first annual meeting of shareholders occurring after the Filing Date, each director appointed to the class of directors expiring at such annual meeting shall be appointed to hold office until the third succeeding annual meeting and until his or her successor shall have been duly elected and qualified, or until his or her earlier death, resignation, removal or retirement. If the number of directors divided into classes as set forth herein is hereafter changed, any newly created directorship(s) or decrease in the number of directors shall be so apportioned among the classes as to make all classes as nearly equal in number as practicable.
16.2 The board of directors is vested with the broadest powers to act in the name of the Company and to take any actions necessary or useful to fulfill the Company’s corporate purpose, with the exception of the powers reserved by the Law or by these articles of association to the general meeting of shareholders.
Article 17 Daily management
17.1 The daily management of the Company as well as the representation of the Company in relation with such daily management may, in accordance with article 60 of the Law, be delegated to one or more directors, officers or other agents, acting individually or jointly. Their appointment, removal and powers shall be determined by a resolution of the board of directors.
17.2 The Company may also grant special powers by notarised proxy or private instrument.
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Article 18 Appointment, removal and term of office of directors
18.1 The directors shall be appointed by the general meeting of shareholders which shall determine their remuneration and term of office.
18.2 The term of office of a director may not exceed six (6) years and each director shall hold office until a successor is appointed. Directors may be re-appointed for successive terms.
18.3 Each director is appointed by a simple majority vote of the shares present or represented in a general meeting.
18.4 Any director may be removed from office at any time with or without cause, at a general meeting called for that purpose, by affirmative votes representing a simple majority of the votes validly cast at the meeting.
18.5 If a legal entity is appointed as director of the Company, such legal entity must designate a private individual as permanent representative who shall perform this role in the name and on behalf of the legal entity. The relevant legal entity may only remove its permanent representative if it appoints a successor at the same time. An individual may only be a permanent representative of one (1) director of the Company and may not be a director of the Company at the same time.
Article 19 Rules of procedure of the board of directors and board committees
19.1 The board of directors determines its rules of conduct in a resolution and establishes such rules in writing.
19.2 The board of directors may (but shall not be obliged to unless required by law) establish one or more committees and for which it shall, if one or more of such committees are set up, appoint the members, who may be, but do not need to be, members of the board of directors (subject always, if the common shares of the Company are listed on a foreign stock exchange, to the requirements of such foreign stock exchange applicable to the Company and/or of such regulatory authority competent in relation to such listing), determine the purpose, powers and authorities as well as the procedures and such other rules as may be applicable thereto.
Article 20 Vacancy in the office of a director
In the event of a vacancy in the office of a director because of death, legal incapacity, bankruptcy, resignation or otherwise, this vacancy may be filled on a temporary basis and for a period of time not exceeding the initial mandate of the replaced director by the remaining directors until the next general meeting of shareholders, which shall resolve on the final appointment in compliance with the applicable legal provisions.
Article 21 Convening meetings of the board of directors
21.1 The board of directors shall meet upon call by the chairman, or by any director. Meetings of the board of directors shall be held at the registered office of the Company unless otherwise indicated in the notice of meeting.
21.2 Written notice of any meeting of the board of directors must be given to directors at least twenty-four (24) hours in advance of the time scheduled for the meeting, except in case of emergency, in which case the nature and the reasons of such emergency must be mentioned in the notice. Such notice may be omitted in case of assent of each director in writing, by facsimile, electronic mail or any other similar means of communication, a copy of such signed document being sufficient proof thereof. No prior notice shall be required for a board meeting to be held at a time and location determined in a prior resolution adopted by the board of directors which has been communicated to all directors.
21.3 No prior notice shall be required in case all the members of the board of directors are present or represented at a board meeting and waive any convening requirement or in the case of resolutions in writing approved and signed by all members of the board of directors.
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Article 22 Conduct of meetings of the board of directors
22.1 The board of directors shall elect among its members a chairman. It may also choose a secretary who does not need to be a director and who shall be responsible for keeping the minutes of the meetings of the board of directors.
22.2 The chairman shall chair all meetings of the board of directors, but in his absence, the board of directors may appoint another director as chairman pro tempore by vote of the majority of directors present at any such meeting.
22.3 Any director may act at any meeting of the board of directors by appointing another director as his proxy in writing, or by facsimile, electronic mail or any other similar means of communication, a copy of the appointment being sufficient proof thereof. A director may represent one or more, but not all of the other directors.
22.4 Meetings of the board of directors may also be held by conference call or video conference or by any other means of communication allowing all persons participating at such meeting to hear one another on a continuous basis and allowing an effective participation in the meeting. The participation in a meeting by these means shall be equivalent to a participation in person at such meeting and the meeting is deemed to be held at the registered office of the Company.
22.5 The board of directors can deliberate or act validly only if at least a majority of the directors are present or represented at a meeting of the board of directors.
22.6 Decisions shall be taken by a majority vote of the directors present or represented at such meeting. In the case of a tie, the chairman shall not have a casting vote.
22.7 Save as otherwise provided by the Law, any director who has, directly or indirectly, an interest in a transaction submitted to the approval of the board of directors which conflicts with the Company’s interest, must inform the board of directors of such conflict of interest and must have his declaration recorded in the minutes of the board meeting. The relevant director may not take part in the discussions on and may not vote on the relevant transaction. Any such conflict of interest must be reported to the next general meeting of shareholders prior to such meeting taking any resolution on any other item.
22.9 The foregoing conflict of interest rules shall not apply where the decision of the board of directors relates to current operations entered into under normal conditions.
22.10 The board of directors may, unanimously, pass resolutions by circular means when expressing its approval in writing, by facsimile, electronic mail or any other similar means of communication. Each director may express his consent separately, the entirety of the consents evidencing the adoption of the resolutions. The date of such resolutions shall be the date of the last signature.
Article 23 Minutes of the meeting of the board of directors
The minutes of any meeting of the board of directors shall be signed by the chairman or, in his absence, by the chairman pro tempore, or by any two (2) directors. Copies or excerpts of such minutes which may be produced in judicial proceedings or otherwise shall be signed by the chairman or by any two (2) directors.
Article 24 Dealing with third parties
24.1 The Company shall be bound towards third parties in all circumstances by (i) the joint signature of any two (2) directors or by (ii) the joint signatures or the sole signature of any person(s) to whom such power may have been delegated by the board of directors within the limits of such delegation.
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24.2 With respect to matters that constitute the daily management of the Company, the Company shall be bound towards third parties by the signature of any person(s) to whom such power may have been delegated, acting individually or jointly in accordance within the limits of such delegation.
Article 25 Indemnification
25.1 The members of the board of directors are not held personally liable for the indebtedness or other obligations of the Company. As agents of the Company, they are responsible for the performance of their duties. Subject to mandatory provisions of law, every person who is, or has been, a member of the board of directors or officer of the Company shall be indemnified by the Company to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding which he becomes involved as a party or otherwise by virtue of his being or having been such a director or officer and against amounts paid or incurred by him in the settlement thereof. The words “claim”, “action”, “suit” or “proceeding” shall apply to all claims, actions, suits or proceedings (civil, criminal or otherwise including appeals) actual or threatened and the words “liability” and “expenses” shall include without limitation attorneys’ fees, costs, judgments, amounts paid in settlement and other liabilities.
25.2 No indemnification shall be provided to any director or officer (i) against any liability to the Company or its shareholders by reason of willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office (ii) with respect to any matter as to which he shall have been finally adjudicated to have acted in bad faith and not in the interest of the Company or (iii) in the event of a settlement, unless the settlement has been approved by a court of competent jurisdiction or by the board of directors.
25.3 The right of indemnification herein provided shall be severable, shall not affect any other rights to which any director or officer may now or hereafter be entitled, shall continue as to a person who has ceased to be such director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person. Nothing contained herein shall affect or limit any rights to indemnification to which corporate personnel, including directors and officers, may be entitled by contract or otherwise under law. The Company shall specifically be entitled to provide contractual indemnification to any corporate personnel, including directors and officers of the Company, as the Company may decide upon from time to time.
25.4 Expenses in connection with the preparation and representation of a defense of any claim, action, suit or proceeding of the character described in this article 25 shall be advanced by the Company prior to final disposition thereof upon receipt of any undertaking by or on behalf of the officer or director, to repay such amount if it is ultimately determined that he is not entitled to indemnification under this article.
Article 26 Conflicts of interest
26.1 To the extent required by law, any director who has, directly or indirectly a personal interest in a transaction submitted to the approval of the board of directors which conflicts with the Company’s interests, such director must inform the board of directors of such conflict of interest and must have his declaration recorded in the minutes of the board meeting. The relevant director may not take part in the discussions on and may not vote on the relevant transaction.
26.2 No contract or other transaction between the Company and any other company or firm shall be affected or invalidated by the fact that a director has a personal interested in, or is a director, associate, officer, agent, adviser or employee of such other company or firm. Any director or officer who serves as a director, officer or employee or otherwise of any company or firm with which the Company shall contract or otherwise engage in business shall not, by reason of such affiliation with such other company or firm only, be prevented from considering and voting or acting upon any matters with respect to such contract or other business.
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E. AUDIT AND SUPERVISION
Article 27 Auditor(s)
27.1 The Company’s annual accounts shall be audited by one or more approved independent auditors (réviseurs d’entreprises agréés) appointed by the general meeting of shareholders only).
The general meeting of shareholders shall determine the number of auditor(s) and the term of their office which shall not exceed one (1) year and may be renewed for successive one (1) year periods.
27.2. An independent auditor may only be removed by the general meeting of shareholders. An auditor may be reappointed.
F. FINANCIAL YEAR – ANNUAL ACCOUNTS – ALLOCATION OF PROFITS – INTERIM DIVIDENDS
Article 28 Financial year
The financial year of the Company shall begin on the first of January of each year and shall end on the thirty-first of December of the same year.
Article 29 Annual accounts and allocation of profits
29.1 At the end of each financial year, the accounts are closed and the board of directors draws up an inventory of the Company’s assets and liabilities, the balance sheet and the profit and loss accounts in accordance with the law.
29.2. From the annual net profits of the Company, five per cent (5%) at least shall be allocated to the legal reserve. This allocation shall cease to be mandatory as soon and as long as the aggregate amount of such reserve amounts to ten per cent (10%) of the share capital of the Company.
29.3 Sums contributed to a reserve of the Company by a shareholder may also be allocated to the legal reserve if the contributing shareholder agrees with such allocation.
29.4 In case of a share capital reduction, the Company’s legal reserve may be reduced in proportion so that it does not exceed ten per cent (10%) of the share capital.
29.5 Upon recommendation of the board of directors, the general meeting of shareholders shall determine how the remainder of the Company’s annual net profits shall be used in accordance with the Law and these articles of association.
29.6 Dividends which have not been claimed within five (5) years after the date on which they became due and payable revert back to the Company.
Article 30 Interim dividends - Share premium and assimilated premiums
30.1 The board of directors may declare and pay interim dividends subject to the provisions of the Law.
30.2 Any share premium, additional premium or other distributable reserve may be freely distributed to the shareholders subject to the provisions of the Law and these articles of association.
G. LIQUIDATION
Article 31 Liquidation
31.1 In the event of dissolution of the Company in accordance with article 3.2 of these articles of association, the liquidation shall be carried out by one or several liquidators, which may be individuals or legal entities, who are appointed by the general meeting of shareholders deciding such dissolution and which shall determine the liquidator’s/liquidators’ powers and their compensation. Unless otherwise provided, the liquidators shall have the most extensive powers for the realisation of the assets and payment of the liabilities of the Company.
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31.2 The surplus resulting from the realisation of the assets and the payment of the liabilities shall be distributed among the shareholders in proportion to the number of shares of the Company held by them.
H. FINAL CLAUSE - GOVERNING LAW
Article 32 Governing law
All matters not governed by these articles of association shall be determined in accordance with the Law.
Suit la traduction en français du texte qui précède :
A. NOM - OBJET - DURÉE - SIÈGE SOCIAL
Article 1 Nom
Il existe une société anonyme dont la dénomination sociale est « Atento S.A. » (ci-après la « Société ») qui sera régie par la loi du 10 août 1915 sur les sociétés commerciales, telle que modifiée (la « Loi »), ainsi que par les présents statuts.
Article 2 Objet
2.1 La Société a pour objet la détention de participations, sous quelque forme que ce soit, dans des entités du Grand-Duché de Luxembourg et dans des entités étrangères, de toute autre forme de placement, acquisition par achat, souscription ou de toute autre manière, de même que le transfert par la vente, échange ou de toute autre manière de valeurs mobilières de tout type, ainsi que l’administration, la gestion, le contrôle et la mise en valeur de son portefeuille.
2.2 La Société peut également garantir, accorder des sûretés, accorder des prêts ou assister de toute autre manière des sociétés dans lesquelles elle détient une participation directe ou indirecte ou un droit de quelque nature que ce soit ou qui font partie du même groupe de sociétés que la Société.
2.3 La Société peut lever des fonds, notamment en faisant des emprunts sous toute forme ou en émettant toute sorte d’obligations, de titres ou d’instruments de dettes, d’obligations garanties ou non garanties, et d’une manière générale en émettant toute sorte de dette, capitaux propres et/ou autres valeurs mobilières de tout type conformément à la loi Luxembourgeoise.
2.4 La Société pourra exercer toute activité de nature commerciale, industrielle, financière, immobilière, de propriété intellectuelle ou d’autres activités qu’elle estime utiles pour l’accomplissement de ces objets.
Article 3 Durée
3.1 La Société est constituée pour une durée illimitée.
3.2 Elle pourra être dissoute à tout moment et sans cause par une décision de l’assemblée générale des actionnaires, prise aux conditions requises pour une modification des présents statuts.
Article 4 Siège social
4.1 Le siège social de la Société est établi dans la commune de Luxembourg, Grand-Duché de Luxembourg.
4.2 Le conseil d’administration peut transférer le siège social de la Société au sein de la même commune ou dans toute autre commune du Grand-Duché de Luxembourg et modifier, si nécessaire, ces statuts afin de refléter le changement de siège social.
4.3 Des succursales ou bureaux peuvent être créés, tant au Grand-Duché de Luxembourg qu’à l’étranger, par décision du conseil d’administration.
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4.4 Dans l’hypothèse où le conseil d’administration estimerait que des événements extraordinaires d’ordre politique, économique ou social ou des catastrophes naturelles se sont produits ou seraient imminents, de nature à interférer avec l’activité normale de la Société à son siège social, il pourra transférer provisoirement le siège social à l’étranger jusqu’à la cessation complète de ces circonstances exceptionnelles ; ces mesures provisoires n’auront toutefois aucun effet sur la nationalité de la Société, laquelle, nonobstant ce transfert provisoire, restera luxembourgeoise.
B. CAPITAL SOCIAL – ACTIONS
Article 5 Capital social
5.1 Le capital social de la Société est de trente-trois mille neuf cent soixante-dix-huit euros et
quatre-vingt-cinq cents (EUR 33.978,85), représenté par quinze millions (15.000.000) actions sans valeur nominale.
5.2 Le capital social émis de la Société peut être (i) augmenté ou réduit par une décision de l’assemblée générale des actionnaires de la Société, prise aux conditions requises pour la modification des présents statuts ou (ii) dans les conditions prévues par l’article 6.
5.3 Sous réserve de l’article 6.2 des présents statuts, toute nouvelle action ordinaire libérée en numéraire doit être proposée par préférence à l’ (aux) actionnaire(s) existant(s) en proportion du nombre d’actions ordinaires qu’ils détiennent dans le capital social émis de la Société. Le conseil d’administration doit déterminer la période durant laquelle ce droit préférentiel de souscription peut être exercé. Cette période ne peut être inférieure à trente (30) jours à compter de l’ouverture de la souscription telle que publiée dans la Gazette Officielle du Grand-duché de Luxembourg, le Recueil électronique des sociétés et associations (le « RESA ») et deux journaux luxembourgeois, conformément à la Loi. Cependant, sous réserve des dispositions de la Loi, l’assemblée générale des actionnaires appelée (i) à statuer sur une augmentation de capital social émis de la Société ou (ii) à l’occasion d’une autorisation donnée au conseil d’administration pour augmenter le capital social émis de la Société ou (ii) à l’occasion d’une autorisation donnée au conseil d’administration pour augmenter le capital social émis de la Société, peut limiter ou supprimer le droit préférentiel de souscription de l’ (des) actionnaire(s) existant(s) ou peut autoriser le conseil d’administration à le faire. Une telle résolution devra être adoptée selon les conditions requises pour la modification des présents statuts.
Article 6 Capital autorisé et actions gratuites
6.1 Le capital social autorisé de la société, excluant le capital social émis, est de neuf cent quatre-vingt-dix-neuf millions neuf cent quatre-vingt-dix-sept mille vingt-trois euros et quinze cents (EUR 999.997.023,15).
6.2 Par les présentes, le conseil d’administration est autorisé à émettre des actions ordinaires, à attribuer des options de souscription d’actions ordinaires et à émettre tout autre type d’instruments convertibles en actions ordinaires dans la limite du capital autorisé aux termes et conditions et au profit de bénéficiaires qu’il jugera opportuns, et plus précisément de procéder à une telle émission sans un droit préférentiel de souscription aux actions nouvelles ne soit réservé aux actionnaires existants pour une durée de cinq (5) ans à compter de la date de publication dans le RESA de la décision des actionnaires prise en assemblée générale des actionnaires le 31 mai 2017.
6.3. Le capital autorisé de la Société peut être augmenté ou réduit par une décision de l’assemblée générale des actionnaires, adoptée aux conditions requises pour la modification des statuts.
6.4 Le conseil d’administration est autorisé à attribuer les actions existantes de la Société sans contrepartie ou d’émettre de nouvelles actions (les « Actions Gratuites ») libérées depuis les réserves disponibles (i) aux employés de la Société ou à certaines catégories de ces employés, (ii) aux employés
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de sociétés ou de groupements d’intérêts économiques dans lesquels la Société détient directement ou indirectement au moins dix pour cent (10%) du capital social ou des droits de vote, (iii) aux employés de sociétés ou de groupements d’intérêts économiques qui détiennent directement ou indirectement au moins dix pour cent (10%) du capital social ou des droits de vote de la Société, (iv) aux employés de sociétés ou de groupements d’intérêts économiques dans lesquels au moins cinquante pour cent (50 %) du capital social ou des droits de vote sont détenus directement ou indirectement, par une société, qui détient elle-même, directement ou indirectement, au moins cinquante pour cent (50%) du capital social de la Société et/ou (v) aux membres des organes sociaux de la Société ou des sociétés ou groupements d’intérêts économiques mentionnés sous les points (ii) à (iv) ci-dessus (les « Bénéficiaires d’Actions Gratuites »). Le conseil d’administration fixe les conditions de distribution des Actions Gratuites aux Bénéficiaires d’Actions Gratuites, incluant la date d’attribution et toute période minimale durant laquelle ces Actions Gratuites ne pourront pas être transférées par leurs propriétaires. Le droit préférentiel de souscription des actionnaires existants est annulé automatiquement dans le cas d’émission d’Actions Gratuites.
6.5 Les autorisations ci-dessus pourront être renouvelées par une décision de l’assemblée générale des actionnaires adoptée aux conditions requises pour une modification des présents statuts et conformément aux dispositions de la Loi, à chaque fois pour une période ne pouvant excéder une durée de cinq (5) ans.
Article 7 Actions
7.1 Le capital social de la Société est divisé en actions ordinaires, sans valeur nominale.
7.2 Les actions ordinaires de la Société sont uniquement sous forme nominative. La Société ne peut pas émettre des fractions d’actions ordinaires.
7.3 Les actions ordinaires sont librement cessibles, conformément aux dispositions de la Loi et des statuts. La Société peut racheter ses actions communes et les mettre en trésorerie dans les conditions prévues par la Loi.
7.4 La Société ne reconnaît qu’un seul titulaire par action. Dans l’hypothèse où une action serait détenue par plusieurs personnes, un représentant unique devra être nommé afin de les représenter vis-à-vis de la Société. La Société a le droit de suspendre l’exercice de tout droit attaché à cette action jusqu’à ce que le représentant soit nommé.
7.5 Le décès, la suspension des droits civils, la dissolution, la faillite ou l’insolvabilité ou tout autre évènement similaire concernant n’importe quel actionnaire n’entraîne pas la dissolution de la Société.
7.6 Un registre d’actions ordinaires sera conservé par la Société et mis à disposition aux fins de consultation par n’importe quel actionnaire. Ce registre contient toutes les informations requises par la Loi et la propriété des actions est établie par inscription dans ledit registre ou dans l’hypothèse de registres séparés ont été décidés conformément à l’article 7.7 dans ces registres. Des certificats d’enregistrement seront émis par la Société à la demande et aux frais de l’actionnaire en question et, dans la situation décrite par l’article 7.10 de ces statuts, au Dépositaire (comme défini ci-dessus).
Sans préjudice des conditions de transfert par inscription prévues par l’article 7.10 de ces statuts, un transfert d’actions nominatives ordinaires se fera par le biais d’une déclaration de transfert dans le registre approprié, daté et signé par le cédant et le cessionnaire ou par leur représentant dûment autorisé ou par la Société après notification du transfert ou de l’acceptation du transfert par la Société. La Société peut accepter et enregistrer dans le registre approprié un transfert sur la base d’une notification ou autre document documentant l’accord entre le cédant et le cessionnaire.
7.7 Le conseil d’administration peut désigner des greffiers au sein de différentes juridictions qui tiendront un registre distinct pour les actions nominatives inscrites dessus et les titulaires de ces actions pourront
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choisir d’être inscrits sur un de ces registres et d’être transférés d’un registre à l’autre. Le conseil d’administration peut cependant imposer des restrictions au transfert des actions ordinaires qui sont inscrites, cotées, négociées ou ont été placées dans certaines juridictions conformément aux conditions applicables à cet égard. Un transfert au registre tenu au siège social de la Société peut toujours être demandé.
7.8 Le conseil d’administration peut cependant imposer des restrictions au transfert des actions ordinaires qui sont inscrites, cotées, négociées ou ont été placées dans certaines juridictions conformément aux conditions applicables à cet égard. Un transfert au registre tenu au siège social de la Société peut toujours être demandé.
7.9 Sous réserve des stipulations des articles 7.10 et 7.13, la Société peut considérer la personne au nom de laquelle les actions ordinaires nominatives sont enregistrées dans le registre d’actionnaires comme le propriétaire de ces actions ordinaires nominatives. Dans l’hypothèse où le titulaire de ces actions ordinaires nominatives ne fournirait pas une adresse par écrit à laquelle toutes les avis et notifications de la Société peuvent être envoyés, la Société pourra autoriser à cet effet l’inscription d’une notification dans le registre d’actionnaires et l’adresse de ce titulaire sera considérée comme étant celle du siège social de la Société ou toute autre adresse indiquée par la Société ultérieurement, jusqu’à ce qu’une adresse différente soit indiquée par écrit par le titulaire des actions à la Société. Le titulaire peut, à tout moment, modifier son adresse telle qu’inscrite dans le registre des actionnaires au moyen d’une notification écrite adressée à la Société.
7.10 Les actions ordinaires peuvent être détenues par un détenteur (le « Détenteur ») par le biais d’un système de règlement-livraison de titres ou un Dépositaire (tel que défini ci-dessous). Sous réserve du droit applicable, le Détenteur d’actions ordinaires détenues dans un tel compte titres fongibles a les mêmes droits et obligations que si le Détenteur détenait les actions directement. Les actions ordinaires détenues à travers un système de règlement-livraison de titres ou un Dépositaire sont enregistrées dans un compte ouvert au nom du Détenteur et peuvent être transférées d’un compte à l’autre conformément aux procédures habituelles pour le transfert des titres enregistrés comme une inscription en compte. Cependant, la société procèdera au versement des dividendes, s’il en existe, et à tout autre versement en numéraire, actions ordinaires ou autres titres, s’il en existe, uniquement au système de règlement-livraison de titres ou au Dépositaire inscrit au registre des actions ou conformément aux instructions de tels systèmes de règlement-livraison de titres ou Dépositaire. Un tel paiement déchargera intégralement la Société de ses obligations à cet égard.
7.11 Le conseil d’administration peut décider qu’aucune inscription ne sera faite dans le registre des actions et qu’aucune notification de transfert ne sera reconnue par la Société et par le(s) greffier(s) à compter de la Date d’Enregistrement (telle que définie ci-dessous) et jusqu’à la levée de séance d’une telle assemblée générale.
7.12 Toute communication et notification devant être envoyée à un actionnaire titulaire d’actions nominatives sera réputée valablement effectuée à la dernière adresse communiquée par cet actionnaire à la Société, conformément à l’article 7.9 ou, si aucune adresse n’a été communiquée par l’actionnaire, le siège social de la Société ou tout autre adresse inscrite par la Société dans le registre à tout moment conformément à l’article 7.10.
7.13 Lorsque les actions sont nominatives et sont enregistrées dans le registre d’actionnaires au nom de ou pour le compte d’un système de règlement-livraison de titres ou l’opérateur d’un tel système et, enregistrées comme une inscription en compte dans les comptes d’un dépositaire professionnel ou de tout sous-dépositaire (tout dépositaire et sous dépositaire étant désignés ci-après comme un « Dépositaire »), la Société, sous réserve d’avoir reçu du Dépositaire un certificat en bonne et due forme, permettra au dépositaire d’une telle inscription en compte d’exercer les droits attachés aux actions ordinaire
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correspondantes à l’inscription en compte du dépositaire concerné, incluant notamment la réception de notification des assemblées générales, l’admission et le vote aux assemblées générales et devra considérer le Dépositaire comme le détenteur des actions ordinaires correspondant à une inscription en compte aux fins de l’article 7 de ces statuts (les «Certificats»). Le conseil d’administration peut déterminer les conditions que ces certificats devront remplir.
C. DECISIONS DES ACTIONNAIRES
Article 8 Pouvoirs de l’assemblée générale d’actionnaires
8.1 Les actionnaires exercent leurs droits collectifs en assemblée générale d’actionnaires. Toute assemblée générale d’actionnaires de la Société régulièrement constituée représente l’ensemble des actionnaires de la Société. L’assemblée générale des actionnaires est investie des pouvoirs qui lui sont expressément réservés par la Loi et par les présents statuts.
8.2 Si la Société a un actionnaire unique, toute référence faite à « l’assemblée générale des actionnaires » devra, selon le contexte et le cas échéant, être entendue comme une référence à « l’actionnaire unique », et les pouvoirs conférés à l’assemblée générale des actionnaires devront être exercés par l’actionnaire unique.
Article 9 Convocation de l’assemblée générale des actionnaires
9.1 L’assemblée générale des actionnaires de la Société peut, à tout moment, être convoquée par le conseil d’administration, aux lieux et date indiqués dans la convocation à une telle assemblée.
9.2 L’assemblée générale des actionnaires doit être convoquée par le conseil d’administration sur demande écrite indiquant l’ordre du jour adressée au conseil d’administration par un ou plusieurs actionnaires représentant au moins dix pour cent (10%) du capital social de la Société. Dans ce cas, l’assemblée générale des actionnaires devra être tenue dans un délai d’un (1) mois à compter de la réception de cette demande.
9.3 Les convocations pour toute assemblée générale des actionnaires contiennent la date, l’heure, le lieu et l’ordre du jour de l’assemblée et pourront être effectuées au moyen d’annonces déposées auprès du Registre de Commerce et des Sociétés et publiées au moins quinze (15) jours avant l’assemblée, au RESA et dans un journal publié au Luxembourg. Dans ce cas, les convocations par lettre doivent être envoyées au moins huit (8) jours avant l’assemblée générale aux actionnaires en nom, par lettre missive. Alternativement, les convocations peuvent être faites uniquement par lettre recommandée ou, si les destinataires ont accepté individuellement de recevoir les convocations par d’autres moyens de communication garantissant l’accès à l’information, par ce moyen de communication.
9.4 Dans l’hypothèse où les actions ordinaires de la Société seraient cotées sur un marché étranger, toute assemblée générale d’actionnaires doit être convoquée dans le respect des exigences d’un tel marché étranger.
9.5 Dans l’hypothèse où les actions ordinaires de la Société ne seraient pas cotées sur un marché étranger, tous les actionnaires inscrits sur le registre des actionnaires le jour de l’assemblée générale des actionnaires ont le droit d’être admis à l’assemblée générale des actionnaires. Si les actions ordinaires de la Société sont cotées sur un marché étranger, le conseil d’administration peut déterminer une date et une heure avant l’assemblée générale comme date d’enregistrement pour l’admission à l’assemblée générale des actionnaires (la « Date d’Enregistrement»). Cette date ne peut être inférieure à cinq (5) jours avant la date de l’assemblée générale. Dans un tel cas, tout actionnaire, Détenteur ou Dépositaire, selon les cas, souhaitant assister à l’assemblée générale doit informer la Société au plus tard trois (3) jours ouvrés avant la date de cette assemblée, selon les modalités précisées par le conseil d’administration dans la convocation. Dans le cas où les actions ordinaires seraient détenues par l’opérateur d’un système de
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règlement-livraison de titres avec un Dépositaire, un actionnaire souhaitant assister à une assemblée générale d’actionnaires doit (i) soit recevoir de ce Dépositaire un ou plusieurs Certificats portant sur le nombre d’actions ordinaires inscrites dans le compte en question à la Date d’Enregistrement soit (ii) fournir les instructions de vote à l’égard des actions ordinaires nominatives à leur Dépositaire. Les Certificats devront être présentés à la Société (ou son agent nommé dans la convocation) au plus tard trois (3) jours ouvrés avant la date de l’assemblée en question. Les procurations et les formulaires de vote ayant trait à cette assemblée générale doivent être remis au même moment. Le conseil d’administration peut raccourcir la période de soumission de tels Certificat, procurations, ou formulaires de vote.
Article 10 Conduite des assemblées générales d’actionnaires
10.1 L’assemblée générale annuelle des actionnaires doit être tenue à Luxembourg, au siège social de la Société ou à tout autre endroit au Luxembourg tel qu’indiqué dans la convocation. Si la date indiquée est un jour férié bancaire, l’assemblée générale des actionnaires aura lieu le jour ouvrable suivant. Les autres assemblées générales d’actionnaires pourront se tenir à l’endroit et l’heure indiqués dans les convocations respectives.
10.2 Un bureau de l’assemblée doit être constitué à chaque assemblée générale d’actionnaires, composé d’un président, d’un secrétaire et d’un scrutateur, chacun devant être nommé par l’assemblée générale des actionnaires et sans qu’il ne soit nécessaire que ces membres du bureau de l’assemblée soient actionnaires ou membres du conseil d’administration. Le bureau doit notamment s’assurer que l’assemblée est tenue en conformité avec les règles applicables et, en particulier, en conformité avec les règles relatives à la convocation, aux conditions de majorité, au partage des voix et à la représentation des actionnaires.
10.3 Une liste de présence doit être tenue à toute assemblée générale d’actionnaires.
10.4 Un actionnaire (y compris un Dépositaire) peut participer à toute assemblée générale des actionnaires en désignant une autre personne comme son mandataire par écrit à l’aide d’un document signé transmis par courrier ou par télécopie, courrier électronique ou par un autre moyen de communication autorisé par le conseil d’administration. Une personne peut représenter plusieurs actionnaires, voire tous.
10.5 Les actionnaires qui prennent part à une assemblée d’actionnaires par conférence téléphonique, vidéoconférence ou par tout autre moyen de communication permettant leur identification et permettant à toutes les personnes participant à l’assemblée de s’entendre mutuellement sans discontinuité, garantissant une participation effective à l’assemblée, sont réputés être présents pour le calcul du quorum et des voix, à condition que de tels moyens de communication soient disponibles sur les lieux de l’assemblée.
10.6 Chaque actionnaire peut voter à une assemblée générale des actionnaires au moyen d’un bulletin de vote signé, envoyé par courrier, courrier électronique, télécopie ou tout autre moyen de communication autorisé par le conseil d’administration et délivrée au siège social de la Société ou à l’adresse indiquée dans la convocation. Les actionnaires ne peuvent utiliser que les bulletins de vote fournis par la Société qui indiquent au moins le lieu, la date et l’heure de l’assemblée, l’ordre du jour de l’assemblée, les résolutions soumises à l’assemblée, ainsi que pour chaque résolution, trois cases à cocher permettant à l’actionnaire de voter en faveur ou contre la résolution proposée, ou d’exprimer une abstention par rapport à chacune des résolutions proposées, en cochant la case appropriée.
10.7 Les bulletins de vote qui, pour une résolution proposée, n’indiquent pas uniquement (i) un vote en faveur ou (ii) contre une résolution proposée ou (iii) exprimant une abstention sont nuls au regard de cette résolution. La Société ne tiendra compte que des bulletins de vote reçus au plus tard trois (3) jours ouvrés avant la tenue de l’assemblée générale des actionnaires à laquelle ils se rapportent. Le conseil d’administration peut choisir un période plus courte pour soumettre les bulletins de vote.
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10.8 Le conseil d’administration peut déterminer dans la convocation d’autres modalités ou établir des conditions devant être respectées par un actionnaire afin de participer à une assemblée d’actionnaires (y compris, mais non limité à des préavis plus importants).
Article 11 Quorum et vote
11.1 Chaque action ordinaire donne droit au détenteur à une voix lors de toute assemblée générale d’actionnaires, conformément aux dispositions de la loi Luxembourgeoise.
11.2 Sauf disposition contraire de la Loi ou des statuts, les décisions prises en assemblée générale d’actionnaires dûment convoquée sont adoptées à la majorité simple des voix valablement exprimées quelle que soit la part du capital social représenté. Les abstentions et les votes blancs ou nuls ne sont pas pris en compte pour le calcul de la majorité.
Article 12 Modification des statuts
Sauf disposition contraire, les présents statuts peuvent être modifiés à la majorité des deux-tiers des voix (2/3) des actionnaires valablement exprimées lors d’une assemblée générale des actionnaires à laquelle plus de la moitié (1/2) du capital social de la Société est présente ou représentée. Si le quorum n’est pas atteint à une assemblée, une seconde assemblée pourra être convoquée dans les conditions prévues par la Loi et les présents statuts qui pourra alors délibérer quel que soit le quorum et au cours de laquelle les décisions seront adoptées à la majorité des deux-tiers des voix valablement exprimées. Les abstentions et les votes blancs ou nuls ne sont pas pris en compte.
Article 13 Changement de nationalité
Les actionnaires peuvent changer la nationalité de la Société aux conditions requises pour la modification des statuts.
Article 14 Ajournement des assemblées générales des actionnaires
Dans les conditions prévues par la Loi, le conseil d’administration peut ajourner de quatre (4) semaines une assemblée générale d’actionnaires. Le conseil d’administration peut prendre une telle décision à la demande des actionnaires représentant au total au moins vingt pour cent (20%) du capital social émis de la Société. Dans l’hypothèse d’un ajournement, toute décision déjà adoptée par l’assemblée générale des actionnaires sera annulée.
Article 15 Procès-verbal des assemblées générales d’actionnaires
15.1 La tenue de toute assemblée générale des actionnaires doit donner suite à un procès-verbal de l’assemblée devant être signé par tous les membres présents à l’assemblée ainsi que par tout autre actionnaire à sa demande.
15.2 Toute copie ou extrait de ces procès-verbaux originaux, à produire dans le cadre de procédures judiciaires ou à remettre à tout tiers devra être certifié(e) conforme à l’original par le notaire dépositaire de l’acte original dans l’hypothèse où l’assemblée aurait été retranscrite dans un acte authentique, ou devra être signé par le président du conseil d’administration ou par deux membres du conseil d’administration.
D. ADMINISTRATION
Article 16 Composition et pouvoirs du conseil d’administration
16.1 La Société est gérée par un conseil d’administration composé d’au moins trois (3) administrateurs et de quinze (15) au plus. Les administrateurs de la Société sont divisés en trois (3) catégories aussi équilibrées en taille que possible, nommées Catégorie I, Catégorie II et Catégorie III. A moins d’être révoqué conformément à l’article 18.4 ci-dessous, le mandat des administrateurs initiaux de Catégorie I
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expire lors de la première assemblée annuelle des actionnaires qui a lieu après la date de publication de la résolution de l’assemblée générale des actionnaires prise le 29 septembre 2014 au RESA (la « Date de Dépôt »), le mandat des administrateurs initiaux de Catégorie II expire à la seconde assemblée annuelle des actionnaires prenant place après la Date de Dépôt, et le mandat des administrateurs initiaux de catégorie III expire lors de la troisième assemblée annuelle des actionnaires prenant place après la Date de Dépôt. Lors de chaque assemblée annuelle après la première assemblée annuelle ayant lieu après la Date de Dépôt, chaque administrateur nommé dans la catégorie d’administrateur expirant lors de cette assemblée sera nommé jusqu’à la troisième assemblée annuelle suivante et jusqu’à ce que son successeur soit dument élu et qualifié, ou jusqu’à sa mort, démission, révocation ou retraite. Si le nombre d’administrateurs divisés en catégories est par la suite modifié, tout poste d’administrateur créé ou une diminution dans le nombre d’administrateurs entrainera un rééquilibrage entre les catégories afin de rendre les catégories aussi égales que possible en termes de nombre. Le conseil d’administration est autorisé à désigner des membres du conseil d’administration déjà en fonction dans leurs catégories respectives.
16.2 Le conseil d’administration est investi des pouvoirs les plus étendus pour agir au nom de la Société et pour prendre toute mesure nécessaire ou utile afin de réaliser l’objet social de la Société, à l’exception des pouvoirs réservés par la Loi ou par les présents statuts à l’assemblée générale des actionnaires.
Article 17 Gestion journalière
17.1 En conformité avec l’article 60 de la Loi, la gestion journalière de la Société ainsi que la représentation de la Société en relation avec cette gestion journalière peut être déléguée à un ou plusieurs administrateurs, dirigeants ou mandataires, agissant individuellement ou conjointement. Leur nomination, leur révocation et leurs pouvoirs seront déterminés par une décision du conseil d’administration.
17.2 La Société peut également conférer des pouvoirs spéciaux au moyen d’une procuration authentique ou d’un acte sous seing privé.
Article 18 Nomination, révocation et durée des mandats des administrateurs
18.1 Les administrateurs sont élus par l’assemblée générale des actionnaires qui détermine leur rémunération et la durée de leur mandat.
18.2 La durée du mandat d’un administrateur ne peut excéder six (6) ans et chaque administrateur doit rester en fonction jusqu’à ce qu’un successeur ait été désigné. Les administrateurs peuvent faire l’objet de réélections successives.
18.3 Chaque administrateur est élu à la majorité simple des actions présentes ou représentées à une assemblée générale des actionnaires.
18.4 Un administrateur peut être révoqué à tout moment et sans motif, lors d’une assemblée générale réunie à cet effet, par le vote positif des détenteurs représentant la majorité simple des voix exprimés lors de la réunion.
18.5 Si une personne morale est nommée en tant qu’administrateur de la Société, cette personne morale doit désigner une personne physique en qualité de représentant permanent qui doit assurer cette fonction au nom et pour le compte de la personne morale. La personne morale peut révoquer son représentant permanent uniquement s’il nomme simultanément son successeur. Une personne physique peut uniquement être le représentant permanent d’un seul (1) administrateur de la Société et ne peut être simultanément un administrateur de la Société.
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Article 19 Règles de procédure du conseil d’administration et des comités du conseil
19.1 Le conseil d’administration détermine ses règles de conduite dans une résolution et établit ces règles par écrit.
19.2 Le conseil d’administration peut (mais n’est pas obligé, à moins que cela ne soit requis par la loi) établir un ou plusieurs comités pour lesquels il peut, si un ou plusieurs comités sont établis, nommer des membres, qui peuvent être des membres du conseil d’administration (toujours conformément aux règles du marché étranger si les actions ordinaires de la Société sont cotées à l’étranger et/ou de l’autorité compétente relative à cette cotation), déterminer leur objet, pouvoirs et autorités ainsi que les procédures et autres règles applicables.
Article 20 Poste vacant d’administrateur
Dans l’hypothèse où un poste d’administrateur deviendrait vacant suite au décès, à l’incapacité juridique, à la faillite, à la retraite ou autre, ce poste vacant pourra être comblée à titre temporaire et pour une durée ne pouvant excéder le mandat initial de l’administrateur qui fait l’objet d’un remplacement par les administrateurs restants jusqu’à la prochaine assemblée générale d’actionnaires, appelée à statuer sur la nomination permanente d’un nouvel administrateur en conformité avec les dispositions légales applicables.
Article 21 Convocation aux conseils d’administration
21.1 Le conseil d’administration se réunit à la demande du président, ou de n’importe quel administrateur. Les réunions du conseil d’administration doivent être tenues au siège social de la Société sauf indication contraire dans la convocation.
21.2 Une convocation écrite à toute réunion du conseil d’administration doit être adressée aux administrateurs au moins vingt-quatre (24) heures avant l’heure prévue pour la réunion, sauf en cas d’urgence, auquel cas la nature et les motifs de cette urgence devront être exposés dans la convocation. Cette convocation peut être omise si chaque administrateur y consent par écrit, par télécopie, courrier électronique ou tout autre moyen de communication, une copie dudit document signé constituant une preuve suffisante d’un tel accord. Aucune convocation préalable ne sera exigée pour toute réunion du conseil d’administration dont l’heure et l’endroit auront été déterminés dans une décision précédente adoptée par le conseil d’administration, qui a été communiquée à l’ensemble des membres du conseil d’administration.
21.3 Aucune convocation préalable n’est requise dans l’hypothèse où tous les membres du conseil d’administration sont présents ou représentés à une réunion du conseil d’administration et renonceraient à toute formalité de convocation ou dans l’hypothèse où des résolutions écrites auraient été approuvées et signées par tous les membres du conseil d’administration.
Article 22 Conduite des réunions du conseil d’administration
22.1 Le conseil d’administration élit parmi ses membres un président. Il peut également élire un secrétaire qui n’a pas besoin d’être un administrateur et qui est chargé de la tenue du procès-verbal de chaque conseil d’administration.
22.2 Le président doit présider toute réunion du conseil d’administration, mais, en son absence, le conseil d’administration peut nommer un autre administrateur en qualité de président temporaire par un vote à la majorité des administrateurs présents.
22.3 Tout administrateur peut participer à toute réunion du conseil d’administration en désignant comme mandataire un autre membre du conseil d’administration par écrit, télécopie, courrier électronique ou tout autre moyen analogue de communication, la copie d’une telle désignation constituant une preuve suffisante d’un tel mandat.
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22.4 Les réunions du conseil d’administration peuvent se tenir par conférence téléphonique, vidéoconférence ou par tout autre moyen de communication autorisant les personnes participant à de telles réunions de s’entendre les unes les autres de manière continue et permettant une participation effective à ces réunions. La participation à une réunion par ces moyens équivaudra à une participation en personne et la réunion devra être considérée comme ayant été tenue au siège social de la Société.
22.5 Le conseil d’administration ne peut valablement délibérer ou statuer que si la moitié au moins des administrateurs est présente ou représentée au conseil d’administration
22.6 Les décisions sont prises à la majorité des voix des administrateurs présents ou représentés. En cas de partage des voix, le président n’a pas de voix prépondérante.
22.7 Sous réserve des dispositions prévues par la Loi, tout administrateur qui a, directement ou indirectement, un intérêt dans une opération soumise à l’autorisation du conseil d’administration qui serait contraire aux intérêts de la Société, doit informer le conseil d’administration de ce conflit d’intérêts et cette déclaration doit être actée dans le procès-verbal du conseil d’administration. L’administrateur concerné ne peut prendre part ni aux discussions relatives à cette opération, ni au vote y afférent. Ce conflit d’intérêts doit également faire l’objet d’une communication aux actionnaires, lors de la prochaine assemblée générale des actionnaires, et avant toute prise de décision de l’assemblée générale des actionnaires sur tout autre point à l’ordre du jour.
22.9 Les règles du conflit d’intérêts qui précèdent ne s’appliquent pas lorsque la décision du conseil d’administration se rapporte à des opérations courantes, conclues à des conditions normales.
22.10 Le conseil d’administration peut, à l’unanimité, adopter des décisions par voie circulaire en exprimant son consentement par écrit, par télécopie, par courrier électronique ou par tout autre moyen analogue de communication. Chaque administrateur peut exprimer son consentement séparément, l’intégralité des consentements constituant une preuve de l’adoption des décisions. La date d’adoption de ces décisions sera la date de la dernière signature.
Article 23 Procès-verbaux des réunions du conseil d’administration
Les procès-verbaux de toute réunion du conseil d’administration doivent être signés par le président du conseil d’administration, ou en son absence, par le président temporaire, ou par deux (2) administrateurs présents. Des copies ou extraits de ces procès-verbaux qui pourront être produits en justice ou d’une autre manière devront être signés par le président du conseil d’administration ou par deux (2) administrateurs.
Article 24 Relations avec les tiers
24.1 La Société est engagée à l’égard des tiers en toutes circonstances par (i) la signature conjointe de deux (2) administrateurs ou par (ii) la signature unique ou les signatures conjointes de toute(s) personne(s) à laquelle (auxquelles) un tel pouvoir aura été délégué par le conseil d’administration dans les limites d’une telle délégation.
24.2 Concernant les questions relatives à la gestion journalière de la Société, la Société est engagée à l’égard des tiers par la signature de toute(s) personne(s) à laquelle (auxquelles) un tel pouvoir aura été délégué par le conseil d’administration, agissant individuellement ou conjointement dans les limites d’une telle délégation.
Article 25 Indemnisation
25.1 Les membres du conseil d’administration ne sont pas tenus personnellement responsables des dettes ou autres obligations de la Société. En tant que mandataires de la Société, ils sont responsables de l’exécution de leurs obligations. Sous réserve des dispositions impératives de la loi, toute personne qui est ou a été membre du conseil d’administration ou dirigeant de la Société, sera indemnisée par la Société
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dans la limite maximale prévue par la loi pour tout engagement et pour toutes les dépenses raisonnablement supportés ou payés par celle-ci en relation avec toute réclamation, action, poursuite ou procédure dans laquelle elle a été impliquée en tant que partie ou autre du fait de ses fonctions d’administrateur ou de dirigeant et pour tout montant payé ou engagé par elle pour le règlement de celles-ci. Les mots « réclamation », « action », « plainte » ou «procédure» s’appliqueront a toutes réclamations, actions poursuites ou procédures (civile, pénale ou autre, comprenant les appels) existantes ou potentielles et les mots « engagements » et « frais » incluront notamment les honoraires d’avocat, les coûts, jugements, montant payés pour le règlement et autres engagements.
25.2 Aucune indemnité ne sera prévue pour tout administrateur ou dirigeant (i) au titre d’une responsabilité vis-vis de la Société ou de ses actionnaires à raison d’une faute intentionnelle, de la mauvaise foi, d’une négligence grave ou d’un manquement délibéré aux devoirs qui lui incombent dans l’exercice de ses fonctions (ii) eu égard à toute situation dans laquelle il aurait finalement été jugé comme ayant agi de mauvaise foi et non dans l’intérêt de la Société ou (iii) dans le cadre d’une transaction, à moins que cette transaction n’ait été approuvée par une juridiction compétente ou par le conseil d’administration.
25.3 Le droit à indemnisation prévu aux présentes sera divisible, n’affectera aucun autre droit dont un administrateur ou un dirigeant bénéficierait aujourd’hui ou bénéficiera à l’avenir, subsistera même si la personne a cessé d’être administrateur ou dirigeant et profitera aux héritiers, exécuteurs testamentaires et administrateurs d’une telle personne. Aucune disposition des présentes ne saurait affecter ou limiter les droits à indemnisation auxquels les salaries de la Société, y compris les administrateurs et les dirigeants de la Société, auraient droit en vertu d’un contrat ou en vertu de la loi. La Société est notamment habilitée à fournir une indemnisation contractuelle a tout salarie de la Société, y compris les administrateurs et les dirigeants de la Société, telle que la Société pourra en décider, en tant que de besoin.
25.4 Les dépenses en relation avec la préparation et la représentation dans le cadre d’une action judiciaire contre toute réclamation, action, poursuite ou procédure ayant le caractère décrit dans le présent article 25 seront avancées par la Société avant tout règlement final de celles-ci sur réception de tout engagement par ou au nom du dirigeant ou de l’administrateur de rembourser ce montant s’il est finalement décidé qu’il n’aura pas droit à être indemnisé en vertu du présent article.
Article 26 Conflits d’intérêt
26.1 Dans la mesure requise par la loi, tout administrateur qui a, directement ou indirectement, un intérêt patrimonial dans une transaction soumise à l’approbation du conseil d’administration qui serait en conflit avec l’intérêt de la Société, doit informer le conseil d’administration d’un tel conflit d’intérêt et doit faire enregistrer sa déclaration dans le procès-verbal de la réunion du conseil d’administration. L’administrateur concerné ne saurait prendre part aux discussions relatives a et ne pourra pas voter sur la transaction concernée.
26.2 Aucun contrat ou autre transaction entre la Société ou toute autre société ou entreprise ne saurait être affectée ou invalidée en raison du fait qu’un ou plusieurs des administrateurs ou dirigeants de la Société a un intérêt dans, ou est un administrateur, collaborateur, dirigeant, mandataire, consultant ou salarié de cette autre société ou entreprise. Tout administrateur ou dirigeant qui est administrateur, dirigeant ou salarié ou autre de toute société ou entreprise avec laquelle la Société conclurait des contrats ou entretiendrait d’autres relations d’affaires ne doit pas, uniquement en raison d’une telle affiliation avec cette autre société ou entreprise, être empêché d’examiner et de voter ou d’agir eu égard à toutes questions concernant ce contrat ou ces affaires.
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E. AUDIT ET SURVEILLANCE DE LA SOCIETE
Article 27 Auditeur (s)
27.1 Les comptes annuels de la Société sont audités par un ou plusieurs auditeurs indépendants (réviseurs d’entreprise agréés) nommés uniquement par l’assemblée générale des actionnaires.
L’assemblée générale des actionnaires détermine le nombre d’auditeur(s) et la durée de leur mandat qui ne peut excéder une (1) année et peut être renouvelé pour des périodes successives de un (1) an.
27.2 Un auditeur indépendant peut uniquement être révoqué par l’assemblée générale des actionnaires. Un auditeur peut être nommé à nouveau.
F. EXERCICE SOCIAL - AFFECTATION DES BENEFICES – ACOMPTES SUR DIVIDENDES
Article 28 Exercice social
L’exercice social de la Société commence le premier janvier de chaque année et se termine le trente-et-un décembre de la même année.
Article 29 Comptes annuels et Affectation des bénéfices
29.1 Au terme de chaque exercice social, les comptes sont clôturés et le conseil d’administration dresse un inventaire de l’actif et du passif de la Société, le bilan et le compte de profits et pertes conformément à la Loi.
29.2 Sur les bénéfices annuels nets de la Société, cinq pour cent (5 %) au moins seront affectés à la réserve légale. Cette affectation cessera d’être obligatoire dès que et tant que le montant total de la réserve légale de la Société atteindra dix pour cent (10%) du capital social de la Société.
29.3 Les sommes apportées à une réserve de la Société par un actionnaire peuvent également être affectées à la réserve légale, si l’actionnaire apporteur y consent.
29.4 En cas de réduction du capital social, la réserve légale de la Société pourra être réduite en proportion afin qu’elle n’excède pas dix pour cent (10%) du capital social.
29.5 Sur proposition du conseil d’administration, l’assemblée générale des actionnaires décide de l’affectation du solde des bénéfices annuels nets de la Société conformément à la Loi et aux présents statuts.
29.6 Les distributions aux actionnaires seront effectuées en proportion du nombre d’actions qu’ils détiennent dans la Société.
Article 30 Acomptes sur dividendes - Prime d’émission et primes assimilées
30.1 Le conseil d’administration déclare et distribue les acomptes sur dividendes dans le respect des conditions prévues par la Loi.
30.2 Toute prime d’émission, prime additionnelle ou autre réserve distribuable peut être librement distribuée aux actionnaires sous réserve des dispositions de la Loi et des présents statuts.
G. LIQUIDATION
Article 31 Liquidation
31.1 En cas de dissolution de la Société, conformément à l’article 3.2 des présents statuts, la liquidation sera effectuée par un ou plusieurs liquidateurs, qui peuvent être des personnes physiques ou morales, nommés par l’assemblée générale des actionnaires ayant décidé la dissolution de la Société et qui fixera les pouvoirs et émoluments du/des liquidateur(s). Sauf disposition contraire, les liquidateurs disposeront des pouvoirs les plus étendus pour la réalisation de l’actif et du passif de la Société.
31.2 Le surplus résultant de la réalisation de l’actif et du passif sera réparti entre les actionnaires en proportion du nombre des actions qu’ils détiennent dans la Société.
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H. DISPOSITION FINALE-LOI APPLICABLE
Article 32 Loi applicable
Tout ce qui n’est pas régi par les présents statuts sera déterminé en conformité avec la Loi.
POUR STATUTS CONFORMES AU 02 AVRIL 2021.
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Exhibit 4.2
Atento S.A.
Société anonyme
Registered office: 1 rue Hildegard Von Bingen,
L-1282 Luxembourg
R.C.S. Luxembourg: B 185761
2014 OMNIBUS INCENTIVE PLAN
ARTICLE I
PURPOSE
The purpose of this Atento S.A. 2014 Omnibus Incentive Plan is to enhance the profitability and value of the Company for the benefit of its shareholders by enabling the Company to offer Eligible Individuals cash and share-based incentives in order to attract, retain and reward such individuals and strengthen the mutuality of interests between such individuals and the Company’s shareholders. The Plan is effective as of the date set forth in Article XV.
ARTICLE II
DEFINITIONS
For purposes of the Plan, the following terms shall have the following meanings:
2.1 “Affiliate” means each of the following: (a) any Subsidiary; (b) any Parent; (c) any company, trade or business (including, without limitation, a partnership or limited liability company) which is directly or indirectly controlled 50% or more (whether by ownership of shares, assets or an equivalent ownership interest or voting interest) by the Company or one of its Affiliates; (d) any trade or business (including, without limitation, a partnership or limited liability company) which directly or indirectly controls 50% or more (whether by ownership of shares, assets or an equivalent ownership interest or voting interest) of the Company; and (e) any other entity in which the Company or any of its Affiliates has a material equity interest and which is designated as an “Affiliate” by resolution of the Board; provided that, unless otherwise determined by the Board, the Common Stock subject to any Award constitutes “service recipient stock” for purposes of Section 409A of the Code or otherwise does not subject the Award to Section 409A of the Code.
2.2 “Award” means any award under the Plan of any Stock Option, Stock Appreciation Right, Restricted Stock Award, Performance Award, Other Stock-Based Award or Other Cash-Based Award. All Awards shall be granted by, confirmed by, and subject to the terms of, a written agreement executed by the Company and the Participant.
2.3 “Award Agreement” means the written or electronic agreement setting forth the terms and conditions applicable to an Award.
2.4 “Board” means the Board of Directors of the Company.
2.5 “Cause” means, unless otherwise determined by the Board in the applicable Award Agreement, with respect to a Participant’s Termination of Employment or Termination of Consultancy, the following: (a) in the case where there is no employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such an agreement but it does not define “cause” (or words of like import)), termination due to a Participant’s insubordination, dishonesty, fraud, incompetence, moral turpitude, willful misconduct, refusal to perform the Participant’s duties or responsibilities for any reason other than illness or incapacity or materially unsatisfactory performance of the Participant’s duties for the Company or an Affiliate, as determined by the Board in its good faith discretion; or (b) in the case where there is an employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award that defines “cause” (or words of like import), “cause” as defined under such agreement; provided, however, that with regard to any agreement under which the definition of “cause” only applies on occurrence of a change in control, such definition of “cause” shall not apply until a change in control actually takes place and then only with regard to a termination thereafter. With respect to a Participant’s Termination of Directorship, “cause” means an act or failure to act that constitutes cause for removal of a director under applicable Luxembourg law.
2.6 “Change in Control” has the meaning set forth in 11.2.
2.7 “Change in Control Price” has the meaning set forth in Section 11.1.
2.8 “Code” means the Internal Revenue Code of 1986, as amended. Any reference to any section of the Code shall also be a reference to any successor provision and any treasury regulation promulgated thereunder.
2.9 “Common Stock” means the ordinary shares of the Company.
2.10 “Company” means Atento S.A. and its successors by operation of law.
2.11 “Consultant” means any natural person who is an advisor or consultant to the Company or its Affiliates.
2.12 “Disability” means, unless otherwise determined by the Board in the applicable Award Agreement, with respect to a Participant’s Termination, a permanent and total disability as defined in Section 22(e)(3) of the Code. A Disability shall only be deemed to occur at the time of the determination by the Board of the Disability. Notwithstanding the foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code.
2.13 “Effective Date” means the effective date of the Plan as defined in Article XV.
2.14 “Eligible Employees” means each employee of the Company or an Affiliate.
2.15 “Eligible Individual” means an Eligible Employee, Non-Employee Director or Consultant who is designated by the Board in its discretion as eligible to receive Awards subject to the conditions set forth herein.
2.16 “Exchange Act” means the Securities Exchange Act of 1934, as amended. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.
2.17 “Fair Market Value” means, for purposes of the Plan, unless otherwise provided in an Award Agreement or required by any applicable provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the Common Stock on the applicable date: (a) as reported on the principal national securities exchange in the United States on which it is then traded or (b) if the Common Stock is not traded, listed or otherwise reported or quoted, the Board shall determine in good faith the Fair Market Value in whatever manner it considers appropriate taking into account the requirements of Section 409A of the Code. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to the date on which the Award is granted.
2.18 “Family Member” means “family member” as defined in Section A.1.(a)(5) of the general instructions of Form S-8.
2.19 “Incentive Stock Option” means any Stock Option awarded to an Eligible Employee of the Company, its Subsidiaries and its Parents (if any) under the Plan intended to be and designated as an “Incentive Stock Option” within the meaning of Section 422 of the Code.
2.20 “Lead Underwriter” has the meaning set forth in Section 14.19.
2.21 “Lock-Up Period” has the meaning set forth in Section 14.19.
2.22 “Non-Employee Director” means a director or a member of the Board of the Company or any Affiliate who is not an active employee of the Company or any Affiliate.
2.23 “Non-Qualified Stock Option” means any Stock Option awarded under the Plan that is not an Incentive Stock Option.
2.24 “Non-Tandem Stock Appreciation Right” shall mean the right to receive an amount in cash and/or shares equal to the difference between (x) the Fair Market Value of a share of Common Stock on the date such right is exercised, and (y) the aggregate exercise price of such right, otherwise than on surrender of a Stock Option.
2.25 “Other Cash-Based Award” means an Award granted pursuant to Section 10.3 of the Plan and payable in cash at such time or times and subject to such terms and conditions as determined by the Board in its sole discretion.
2.26 “Other Extraordinary Event” has the meaning set forth in Section 4.2(b).
2.27 “Other Stock-Based Award” means an Award under Article X of the Plan that is valued in whole or in part by reference to, or is payable in or otherwise based on, Common Stock, including, without limitation, an Award valued by reference to an Affiliate.
2.28 “Parent” means any parent company of the Company within the meaning of Section 424(e) of the Code.
2.29 “Participant” means an Eligible Individual to whom an Award has been granted pursuant to the Plan.
2.30 “Performance Award” means an Award granted to a Participant pursuant to Article IX hereof contingent upon achieving certain Performance Goals.
2.31 “Performance Goals” means goals established by the Board as contingencies for Awards to vest and/or become exercisable or distributable based on one or more of the performance goals set forth in Exhibit A hereto.
2.32 “Performance Period” means the designated period during which the Performance Goals must be satisfied with respect to the Award to which the Performance Goals relate.
2.33 “Plan” means this Atento S.A. 2014 Omnibus Incentive Plan, as amended from time to time.
2.34 “Proceeding” has the meaning set forth in Section 14.8.
2.35 “Reference Stock Option” has the meaning set forth in Section 7.1.
2.36 “Registration Date” means the date on which the Company sells its Common Stock in a bona fide, firm commitment underwriting pursuant to a registration statement under the Securities Act.
2.37 “Restricted Stock” means an Award of shares of Common Stock under the Plan that is subject to restrictions under Article VIII.
2.38 “Restriction Period” has the meaning set forth in Section 8.3(a) with respect to Restricted Stock.
2.39 “Rule 16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision.
2.40 “Section 4.2 Event” has the meaning set forth in Section 4.2(b).
2.41 “Section 162(m) of the Code” means the exception for performance-based compensation under Section 162(m) of the Code and any applicable treasury regulations thereunder.
2.42 “Section 409A of the Code” means the nonqualified deferred compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder.
2.43 “Securities Act” means the Securities Act of 1933, as amended and all rules and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.
2.44 “Stock Appreciation Right” shall mean the right pursuant to an Award granted under Article VII.
2.45 “Stock Option” or “Option” means any option to purchase shares of Common Stock granted to Eligible Individuals granted pursuant to Article VI.
2.46 “Subsidiary” means any subsidiary company of the Company within the meaning of Section 424(f) of the Code.
2.47 “Tandem Stock Appreciation Right” shall mean the right to surrender to the Company all (or a portion) of a Stock Option in exchange for an amount in cash and/or share equal to the difference between (i) the Fair Market Value on the date such Stock Option (or such portion thereof) is surrendered, of the Common Stock covered by such Stock Option (or such portion thereof), and (ii) the aggregate exercise price of such Stock Option (or such portion thereof).
2.48 “Ten Percent Shareholder” means a person owning share possessing more than ten percent (10%) of the total combined voting power of all classes of shares of the Company, its Subsidiaries or its Parent.
2.49 “Termination” means a Termination of Consultancy, Termination of Directorship or Termination of Employment, as applicable.
2.50 “Termination of Consultancy” means: (a) that the Consultant is no longer acting as a consultant to the Company or an Affiliate; or (b) when an entity which is retaining a Participant as a Consultant ceases to be an Affiliate unless the Participant otherwise is, or thereupon becomes, a Consultant to the Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that a Consultant becomes an Eligible Employee or a Non-Employee Director upon the termination of such Consultant’s consultancy, unless otherwise determined by the Board, in its sole discretion, no Termination of Consultancy shall be deemed to occur until such time as such Consultant is no longer a Consultant, an Eligible Employee or a Non-Employee Director. Notwithstanding the foregoing, the Board may otherwise define Termination of Consultancy in the Award Agreement or, if no rights of a Participant are reduced, may otherwise define Termination of Consultancy thereafter, provided that any such change to the definition of the term “Termination of Consultancy” does not subject the applicable Award to Section 409A of the Code.
2.51 “Termination of Directorship” means that the Non-Employee Director has ceased to be a director of the Company; except that if a Non-Employee Director becomes an Eligible Employee or a Consultant upon the termination of such Non-Employee Director’s directorship, such Non-Employee Director’s ceasing to be a director of the Company shall not be treated as a Termination of Directorship unless and until the Participant has a Termination of Employment or Termination of Consultancy, as the case may be.
2.52 “Termination of Employment” means: (a) a termination of employment (for reasons other than a military or personal leave of absence granted by the Company) of a Participant from the Company and its Affiliates; or (b) when an entity which is employing a Participant ceases to be an Affiliate, unless the Participant otherwise is, or thereupon becomes, employed by the Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that an Eligible Employee becomes a Consultant or a Non-Employee Director upon the termination of such Eligible Employee’s employment, unless otherwise determined by the Board, in its sole discretion, no Termination of Employment shall be deemed to occur until such time as such Eligible Employee is no longer an Eligible Employee, a Consultant or a Non-Employee Director. Notwithstanding the foregoing, the Board may otherwise define Termination of Employment in the Award Agreement or, if no rights of a Participant are reduced, may otherwise define Termination of Employment thereafter, provided that any such change to the definition of the term “Termination of Employment” does not subject the applicable Award to Section 409A of the Code.
2.53 “Transfer” means: (a) when used as a noun, any direct or indirect transfer, sale, assignment, pledge, hypothecation, encumbrance or other disposition (including the issuance of equity in any entity), whether for value or no value and whether voluntary or involuntary (including by operation of law), and (b) when used as a verb, to directly or indirectly transfer, sell, assign, pledge, encumber, charge, hypothecate or otherwise dispose of (including the issuance of equity in any entity) whether for value or for no value and whether voluntarily or involuntarily (including by operation of law). “Transferred” and “Transferable” shall have a correlative meaning.
2.54 “Transition Period” means the period beginning with the Registration Date and ending as of the earlier of: (i) the date of the first annual meeting of sharesholders of the Company at which directors are to be elected that occurs after the close of the third calendar year following the calendar year in which the Registration Date occurs; and (ii) the expiration of the “reliance period” under Treasury Regulation Section 1.162-27(f)(2).
ARTICLE III
ADMINISTRATION
3.1 The Board. The Plan shall be administered and interpreted by the Board. To the extent required by applicable law, rule or regulation, it is intended that each member of the Board shall qualify as (a) a “non-employee director” under Rule 16b-3, (b) an “outside director” under Section 162(m) of the Code and (c) an “independent director” under the rules of any national securities exchange or national securities association, as applicable. If it is later determined that one or more members of the Board do not so qualify, actions taken by the Board prior to such determination shall be valid despite such failure to qualify.
3.2 Grants of Awards. The Board shall have full authority to grant, pursuant to the terms of the Plan, to Eligible Individuals: (i) Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock Awards, (iv) Performance Awards; (v) Other Stock-Based Awards; and (vi) Other Cash-Based Awards. In particular, the Board shall have the authority:
(a) to select the Eligible Individuals to whom Awards may from time to time be granted hereunder;
(b) to determine whether and to what extent Awards, or any combination thereof, are to be granted hereunder to one or more Eligible Individuals;
(c) to determine the number of shares of Common Stock to be covered by each Award granted hereunder;
(d) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder (including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any Award and the shares of Common Stock relating thereto, based on such factors, if any, as the Board shall determine, in its sole discretion);
(e) to determine the amount of cash to be covered by each Award granted hereunder;
(f) to determine whether, to what extent and under what circumstances grants of Options and other Awards under the Plan are to operate on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of the Plan;
(g) to determine whether and under what circumstances a Stock Option may be settled in cash, Common Stock and/or Restricted Stock under Section 6.4(d);
(h) to determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option;
(i) to determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of shares acquired pursuant to the exercise of an Award for a period of time as determined by the Board, in its sole discretion, following the date of the acquisition of such Award;
(j) to modify, extend or renew an Award, subject to Article XII and Section 6.4(l), provided, however, that such action does not subject the Award to Section 409A of the Code without the consent of the Participant; and
(k) solely to the extent permitted by applicable law, to determine whether, to what extent and under what circumstances to provide loans (which may be on a recourse basis and shall bear interest at the rate the Board shall provide) to Participants in order to exercise Options under the Plan.
3.3 Guidelines. Subject to Article XII hereof, the Board shall have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by applicable law and applicable shares exchange rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreements relating thereto); and to otherwise supervise the administration of the Plan. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of the Plan. The Board may adopt special guidelines and provisions for persons who are residing in or employed in, or subject to, the taxes of, any domestic or foreign jurisdictions to comply with applicable tax and securities laws of such domestic or foreign jurisdictions. Notwithstanding the foregoing, no action of the Board under this Section 3.3 shall impair the rights of any Participant without the Participant’s consent. To the extent applicable, the Plan is intended to comply with the applicable requirements of Rule 16b-3, and with respect to Awards intended to be “performance-based,” the applicable provisions of Section 162(m) of the Code, and the Plan shall be limited, construed and interpreted in a manner so as to comply therewith.
3.4 Decisions Final. Any decision, interpretation or other action made or taken in good faith by or at the direction of the Company, the Board or the Board (or any of its members) arising out of or in connection with the Plan shall be within the absolute discretion of all and each of them, as the case may be, and shall be final, binding and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors and assigns.
3.5 Procedures. The Board shall hold meetings, subject to the articles of association of the Company, at such times and places as it shall deem advisable, including, without limitation, by telephone conference or by written consent to the extent permitted by applicable law. A majority of the Board members shall constitute a quorum. All determinations of the Board shall be made by a majority of its members. Any decision or determination reduced to writing and signed by all of the Board members in accordance with the articles of association of the Company, shall be fully effective as if it had been made by a vote at a meeting duly called and held. The Board shall keep minutes of its meetings and shall make such rules and regulations for the conduct of its business as it shall deem advisable.
3.6 Designation of Consultants/Liability.
(a) The Board may designate employees of the Company and professional advisors to assist the Board in the administration of the Plan and (to the extent permitted by applicable law and applicable exchange rules) may grant authority to officers to grant Awards and/or execute agreements or other documents on behalf of the Board.
(b) The Board may employ such legal counsel, consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Board or the Board in the engagement of any such counsel, consultant or agent shall be paid by the Company. The Board, its members and any person designated pursuant to sub-section (a) above shall not be liable for any action or determination made in good faith with respect to the Plan. To the maximum extent permitted by applicable law, no officer of the Company or member or former member of the Board or of the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Award granted under it.
3.7 Indemnification. To the maximum extent permitted by applicable law and articles of association of the Company and to the extent not covered by insurance directly insuring such person, each officer or employee of the Company or any Affiliate and member or former member of the Board or the Board shall be indemnified and held harmless by the Company against any cost or expense (including reasonable fees of counsel reasonably acceptable to the Board) or liability (including any sum paid in settlement of a claim with the approval of the Board), and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with the administration of the Plan, except to the extent arising out of such officer’s, employee’s, member’s or former member’s own fraud or bad faith. Such indemnification shall be in addition to any right of indemnification the employees, officers, directors or members or former officers, directors or members may have under applicable law or under the articles of association of the Company or any Affiliate. Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to such individual under the Plan.
ARTICLE IV
SHARE LIMITATION
4.1 Shares. (a) The aggregate number of shares of Common Stock that may be issued or used for reference purposes or with respect to which Awards may be granted under the Plan shall not exceed 4,941,354 shares, subject to any increase or decrease pursuant to Section 4.2) (the “Share Reserve”), which may be either authorized and unissued Common Stock or Common Stock held in or acquired for the treasury of the Company or both. The maximum number of shares of Common Stock with respect to which Incentive Stock Options may be granted under the Plan shall be 4,941,354. With respect to Stock Appreciation Rights settled in Common Stock, upon settlement, only the number of shares of Common Stock delivered to a Participant (based on the difference between the Fair Market Value of the shares of Common Stock subject to such Stock Appreciation Right on the date such Stock Appreciation Right is exercised and the exercise price of each Stock Appreciation Right on the date such Stock Appreciation Right was awarded) shall count against the aggregate and individual share limitations set forth under Sections 4.1(a) and 4.1(b). If any Option, Stock Appreciation Right or Other Stock-Based Awards granted under the Plan expires, terminates or is canceled for any reason without having been exercised in full, the number of shares of Common Stock underlying any unexercised Award shall again be available for the purpose of Awards under the Plan. If any shares of Restricted Stock, Performance Awards or Other Stock-Based Awards denominated in shares of Common Stock awarded under the Plan to a Participant are forfeited for any reason, the number of forfeited shares of Restricted Stock, Performance Awards or Other Stock-Based Awards denominated in shares of Common Stock shall again be available for purposes of Awards under the Plan. If a Tandem Stock Appreciation Right or a Limited Stock Appreciation Right is granted in tandem with an Option, such grant shall only apply once against the maximum number of shares of Common Stock which may be issued under the Plan. Any Award under the Plan settled in cash shall not be counted against the foregoing maximum share limitations. The maximum number of shares of Common Stock subject to any Award of Stock Options, or Stock Appreciation Rights which may be granted under the Plan during any fiscal year of the Company to any Participant shall be 32,000 shares (which shall be subject to any further increase or decrease pursuant to Section 4.2). The maximum grant date fair value of any Award granted to any director during any calendar year shall not exceed $5,000,000.
(b) Individual Participant Limitations. To the extent required by Section 162(m) of the Code for Awards under the Plan to qualify as “performance-based compensation,” the following individual Participant limitations shall only apply after the expiration of the Transition Period:
(i) The maximum number of shares of Common Stock subject to any Award of Stock Options, or Stock Appreciation Rights, or shares of Restricted Stock, or Other Stock-Based Awards for which the grant of such Award or the lapse of the relevant Restriction Period is subject to the attainment of Performance Goals in accordance with Section 8.3(a)(ii) which may be granted under the Plan during any fiscal year of the Company to any Participant shall be 32,000 shares per type of Award (which shall be subject to any further increase or decrease pursuant to Section 4.2), provided that the maximum number of shares of Common Stock for all types of Awards does not exceed 32,000 shares (which shall be subject to any further increase or decrease pursuant to Section 4.2) during any fiscal year of the Company. If a Tandem Stock Appreciation Right is granted or a Limited Stock Appreciation Right is granted in tandem with a Stock Option, it shall apply against the Participant’s individual share limitations for both Stock Appreciation Rights and Stock Options.
(ii) There are no annual individual share limitations applicable to Participants on Restricted Stock or Other Stock-Based Awards for which the grant, vesting or payment (as applicable) of any such Award is not subject to the attainment of Performance Goals.
(iii) The maximum number of shares of Common Stock subject to any Performance Award which may be granted under the Plan during any fiscal year of the Company to any Participant shall be 32,000 shares (which shall be subject to any further increase or decrease pursuant to Section 4.2) with respect to any fiscal year of the Company.
(iv) The maximum value of a cash payment made under a Performance Award which may be granted under the Plan with respect to any fiscal year of the Company to any Participant shall be $5,000,000.
(v) The individual Participant limitations set forth in this Section 4.1(b) (other than Section 4.1(b)(iii)) shall be cumulative; that is, to the extent that shares of Common Stock for which Awards are permitted to be granted to a Participant during a fiscal year are not covered by an Award to such Participant in a fiscal year, the number of shares of Common Stock available for Awards to such Participant shall automatically increase in the subsequent fiscal years during the term of the Plan until used.
4.2 Changes.
(a) The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the shareholders of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any merger or consolidation of the Company or any Affiliate, (iii) any issuance of bonds, debentures, preferred or prior preference shares ahead of or affecting the Common Stock, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or part of the assets or business of the Company or any Affiliate or (vi) any other corporate act or proceeding.
(b) Subject to the provisions of Section 11.1, if there shall occur any such change in the capital structure of the Company by reason of any stock split, reverse stock split, shares dividend, subdivision, combination or reclassification of shares that may be issued under the Plan, any recapitalization, any merger, any consolidation, any spin off, any reorganization or any partial or complete liquidation, or any other corporate transaction or event having an effect similar to any of the foregoing (a “Section 4.2 Event”), then (i) the aggregate number and/or kind of securities that thereafter may be issued under the Plan, (ii) the number and/or kind of securities or other property (including cash) to be issued upon exercise of an outstanding Award granted under the Plan (including as a result of the assumption of the Plan and the obligations hereunder by a successor entity, as applicable), and/or (iii) the purchase price thereof, shall be appropriately adjusted. In addition, subject to Section 11.1, if there shall occur any change in the capital structure or the business of the Company that is not a Section 4.2 Event (an “Other Extraordinary Event”), including by reason of any extraordinary dividend (whether cash or shares), any conversion, any adjustment, any issuance of any class of securities convertible or exercisable into, or exercisable for, any class of hares, or any sale or transfer of all or substantially all of the Company’s assets or business, then the Board, in its sole discretion, may adjust any Award and make such other adjustments to the Plan. Any adjustment pursuant to this Section 4.2 shall be consistent with the applicable Section 4.2 Event or the applicable Other Extraordinary Event, as the case may be, and in such manner as the Board may, in its sole discretion, deem appropriate and equitable to prevent substantial dilution or enlargement of the rights granted to, or available for, Participants under the Plan. Any such adjustment determined by the Board shall be final, binding and conclusive on the Company and all Participants and their respective heirs, executors, administrators, successors and permitted assigns. Any adjustment to, or assumption or substitution of, an Award under this Section 4.2(b) shall be intended to comply with the requirements of Section 409A of the Code and Treasury Regulation §1.424-1 (and any amendments thereto), to the extent applicable. Except as expressly provided in this Section 4.2 or in the applicable Award Agreement, a Participant shall have no rights by reason of any Section 4.2 Event or any Other Extraordinary Event.
(c) Fractional shares of Common Stock resulting from any adjustment in Awards pursuant to Section 4.2(a) or 4.2(b) shall be aggregated until, and eliminated at, the time of exercise or payment by rounding-down for fractions less than one-half and rounding-up for fractions equal to or greater than one-half. No cash settlements shall be required with respect to fractional shares eliminated by rounding. Notice of any adjustment shall be given by the Board to each Participant whose Award has been adjusted and such adjustment (whether or not such notice is given) shall be effective and binding for all purposes of the Plan.
4.3 Minimum Purchase Price. Notwithstanding any provision of the Plan to the contrary, if authorized but previously unissued shares of Common Stock are issued under the Plan, such shares shall not be issued for a consideration that is less than as permitted under applicable law.
ARTICLE V
ELIGIBILITY
5.1 General Eligibility. All current and prospective Eligible Individuals are eligible to be granted Awards. Eligibility for the grant of Awards and actual participation in the Plan shall be determined by the Board in its sole discretion.
5.2 Incentive Stock Options. Notwithstanding the foregoing, only Eligible Employees of the Company, its Subsidiaries and its Parent (if any) are eligible to be granted Incentive Stock Options under the Plan. Eligibility for the grant of an Incentive Stock Option and actual participation in the Plan shall be determined by the Board in its sole discretion.
5.3 General Requirement. The vesting and exercise of Awards granted to a prospective Eligible Individual are conditioned upon such individual actually becoming an Eligible Employee, Consultant or Non-Employee Director, respectively.
ARTICLE VI
STOCK OPTIONS
6.1 Options. Stock Options may be granted alone or in addition to other Awards granted under the Plan. Each Stock Option granted under the Plan shall be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified Stock Option.
6.2 Grants. The Board shall have the authority to grant to any Eligible Employee one or more Incentive Stock Options, Non-Qualified Stock Options, or both types of Stock Options. The Board shall have the authority to grant any Consultant or Non-Employee Director one or more Non- Qualified Stock Options. To the extent that any Stock Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion thereof which does not so qualify shall constitute a separate Non- Qualified Stock Option.
6.3 Incentive Stock Options. Notwithstanding anything in the Plan to the contrary, no term of the Plan relating to Incentive Stock Options shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so exercised, so as to disqualify the Plan under Section 422 of the Code, or, without the consent of the Participants affected, to disqualify any Incentive Stock Option under such Section 422.
6.4 Terms of Options. Options granted under the Plan shall be subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Board shall deem desirable:
(a) Exercise Price. The exercise price per share of Common Stock subject to a Stock Option shall be determined by the Board at the time of grant, provided that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a Ten Percent Shareholder, 110%) of the Fair Market Value of the Common Stock at the time of grant.
(b) Stock Option Term. The term of each Stock Option shall be fixed by the Board, provided that no Stock Option shall be exercisable more than 10 years after the date the Option is granted; and provided further that the term of an Incentive Stock Option granted to a Ten Percent Shareholder shall not exceed five years.
(c) Exercisability. Unless otherwise provided by the Board in accordance with the provisions of this Section 6.4, Stock Options granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Board at the time of grant. If the Board provides, in its discretion, that any Stock Option is exercisable subject to certain limitations (including, without limitation, that such Stock Option is exercisable only in installments or within certain time periods), the Board may waive such limitations on the exercisability at any time at or after the time of grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such Stock Option may be exercised), based on such factors, if any, as the Board shall determine, in its sole discretion.
(d) Method of Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 6.4(c), to the extent vested, Stock Options may be exercised in whole or in part at any time during the Option term, by giving written notice of exercise to the Company specifying the number of shares of Common Stock to be purchased; provided, that unless otherwise provided in the applicable Award Agreement, such written notice of exercise shall be delivered to the Company on the first business day of the applicable month. Such notice shall be accompanied by payment in full of the purchase price (including, if required by applicable law, the accounting par value of the applicable Common Stock), as follows: (i) in cash or by check, bank draft or money order payable to the order of the Company; (ii) solely to the extent permitted by applicable law, if the Common Stock is traded on a national securities exchange, and the Board authorizes, through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Board to deliver promptly to the Company an amount equal to the purchase price; or (iii) on such other terms and conditions as may be acceptable to the Board (including, without limitation, with the consent of the Board, having the Company withhold shares of Common Stock issuable upon exercise of the Stock Option, or by payment in full or in part in the form of Common Stock owned by the Participant, based on the Fair Market Value of the Common Stock on the payment date as determined by the Board). No shares of Common Stock shall be issued until payment therefor, as provided herein, has been made or provided for.
(e) Non-Transferability of Options. No Stock Option shall be Transferable by the Participant other than by will or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the foregoing,
the Board may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise not Transferable pursuant to this Section is Transferable to a Family Member in whole or in part and in such circumstances, and under such conditions, as specified by the Board. A Non-Qualified Stock Option that is Transferred to a Family Member pursuant to the preceding sentence (i) may not be subsequently Transferred other than by will or by the laws of descent and distribution and (ii) remains subject to the terms of the Plan and the applicable Award Agreement. Any shares of Common Stock acquired upon the exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a Transfer after the exercise of the Non-Qualified Stock Option shall be subject to the terms of the Plan and the applicable Award Agreement.
(f) Termination by Death or Disability. Unless otherwise determined by the Board at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination is by reason of death or Disability, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant (or in the case of the Participant’s death, by the legal representative of the Participant’s estate) at any time within a period of one (1) year from the date of such Termination, but in no event beyond the expiration of the stated term of such Stock Options; provided, however, that, in the event of a Participant’s Termination by reason of Disability, if the Participant dies within such exercise period, all unexercised Stock Options held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one (1) year from the date of such death, but in no event beyond the expiration of the stated term of such Stock Options.
(g) Involuntary Termination Without Cause. Unless otherwise determined by the Board at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination is by involuntary termination by the Company without Cause, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at any time within a period of ninety (90) days from the date of such Termination, but in no event beyond the expiration of the stated term of such Stock Options.
(h) Voluntary Resignation. Unless otherwise determined by the Board at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination is voluntary (other than a voluntary termination described in Section 6.4(i)(y) hereof), all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at any time within a period of thirty (30) days from the date of such Termination, but in no event beyond the expiration of the stated term of such Stock Options.
(i) Termination for Cause. Unless otherwise determined by the Board at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination (x) is for Cause or (y) is a voluntary Termination (as provided in Section 6.4(h)) after the occurrence of an event that would be grounds for a Termination for Cause, all Stock Options, whether vested or not vested, that are held by such Participant shall thereupon terminate and expire as of the date of such Termination.
(j) Unvested Stock Options. Unless otherwise determined by the Board at the time of grant, or if no rights of the Participant are reduced, thereafter, Stock Options that are not vested as of the date of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination.
(k) Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under the Plan and/or any other stock option plan of the Company, any Subsidiary or any Parent exceeds $100,000, such Options shall be treated as Non-Qualified Stock Options. In addition, if an Eligible Employee does not remain employed by the Company, any Subsidiary or any Parent at all times from the time an Incentive Stock Option is granted until three months prior to the date of exercise thereof (or such other period as required by applicable law), such Stock Option shall be treated as a Non-Qualified Stock Option. Should any provision of the Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions be required, the Board may amend the Plan accordingly, without the necessity of obtaining the approval of the shareholders of the Company.
(l) Form, Modification, Extension and Renewal of Stock Options. Subject to the terms and conditions and within the limitations of the Plan, Stock Options shall be evidenced by such form of agreement or grant as is approved by the Board, and the Board may (i) modify, extend or renew outstanding Stock Options granted under the Plan (provided that the rights of a Participant are not reduced without such Participant’s consent and provided further that such action does not subject the Stock Options to Section 409A of the Code without the consent of the Participant), and (ii) accept the surrender of outstanding Stock Options (to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised). Notwithstanding the foregoing, an outstanding Option may not be modified to reduce the exercise price thereof nor may a new Option at a lower price be substituted for a surrendered Option (other than adjustments or substitutions in accordance with Section 4.2), unless such action is approved by the shareholders of the Company.
(m) Deferred Delivery of Common Stock. The Board may in its discretion permit Participants to defer delivery of Common Stock acquired pursuant to a Participant’s exercise of an Option in accordance with the terms and conditions established by the Board in the applicable Award Agreement, which shall be intended to comply with the requirements of Section 409A of the Code.
(n) Early Exercise. The Board may provide that a Stock Option include a provision whereby the Participant may elect at any time before the Participant’s Termination to exercise the Stock Option as to any part or all of the shares of Common Stock subject to the Stock Option prior to the full vesting of the Stock Option and such shares shall be subject to the provisions of Article VIII and be treated as Restricted Stock. Unvested shares of Common Stock so purchased may be subject to a repurchase option in favor of the Company or to any other restriction the Board determines to be appropriate.
(o) Other Terms and Conditions. The Board may include a provision in an Award Agreement providing for the automatic exercise of a Non-Qualified Stock Option on a cashless basis on the last day of the term of such Option if the Participant has failed to exercise the Non-Qualified Stock Option as of such date, with respect to which the Fair Market Value of the shares of Common Stock underlying the Non-Qualified Stock Option exceeds the exercise price of such Non-Qualified Stock Option on the date of expiration of such Option, subject to Section 14.3. Stock Options may contain such other provisions, which shall not be inconsistent with any of the terms of the Plan, as the Board shall deem appropriate.
ARTICLE VII
STOCK APPRECIATION RIGHTS
7.1 Tandem Stock Appreciation Rights. Stock Appreciation Rights may be granted in conjunction with all or part of any Stock Option (a “Reference Stock Option”) granted under the Plan (“Tandem Stock Appreciation Rights”). In the case of a Non-Qualified Stock Option, such rights may be granted either at or after the time of the grant of such Reference Stock Option. In the case of an Incentive Stock Option, such rights may be granted only at the time of the grant of such Reference Stock Option.
7.2 Terms and Conditions of Tandem Stock Appreciation Rights. Tandem Stock Appreciation Rights granted hereunder shall be subject to such terms and conditions, not inconsistent with the provisions of the Plan, as shall be determined from time to time by the Board, and the following:
(a) Exercise Price. The exercise price per share of Common Stock subject to a Tandem Stock Appreciation Right shall be determined by the Board at the time of grant, provided that the per share exercise price of a Tandem Stock Appreciation Right shall not be less than 100% of the Fair Market Value of the Common Stock at the time of grant.
(b) Term. A Tandem Stock Appreciation Right or applicable portion thereof granted with respect to a Reference Stock Option shall terminate and no longer be exercisable upon the termination or exercise of the Reference Stock Option, except that, unless otherwise determined by the Board, in its sole discretion, at the time of grant, a Tandem Stock Appreciation Right granted with respect to less than the full number of shares covered by the Reference Stock Option shall not be reduced until, and then only to the extent that the exercise or termination of the Reference Stock Option causes, the number of shares covered by the Tandem Stock Appreciation Right to exceed the number of shares remaining available and unexercised under the Reference Stock Option.
(c) Exercisability. Tandem Stock Appreciation Rights shall be exercisable only at such time or times and to the extent that the Reference Stock Options to which they relate shall be exercisable in accordance with the provisions of Article VI, and shall be subject to the provisions of Section 6.4(c).
(d) Method of Exercise. A Tandem Stock Appreciation Right may be exercised by the Participant by surrendering the applicable portion of the Reference Stock Option. Upon such exercise and surrender, the Participant shall be entitled to receive an amount determined in the manner prescribed in this Section 7.2. Stock Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent that the related Tandem Stock Appreciation Rights have been exercised.
(e) Payment. Upon the exercise of a Tandem Stock Appreciation Right, a Participant shall be entitled to receive up to, but no more than, an amount in cash and/or Common Stock (as chosen by the Board in its sole discretion) equal in value to the excess of the Fair Market Value of one share of Common Stock over the Option exercise price per share specified in the Reference Stock Option agreement multiplied by the number of shares of Common Stock in respect of which the Tandem Stock Appreciation Right shall have been exercised, with the Board having the right to determine the form of payment.
(f) Deemed Exercise of Reference Stock Option. Upon the exercise of a Tandem Stock Appreciation Right, the Reference Stock Option or part thereof to which such Stock Appreciation Right is related shall be deemed to have been exercised for the purpose of the limitation set forth in Article IV of the Plan on the number of shares of Common Stock to be issued under the Plan.
(g) Non-Transferability. Tandem Stock Appreciation Rights shall be Transferable only when and to the extent that the underlying Stock Option would be Transferable under Section 6.4(e) of the Plan.
7.3 Non-Tandem Stock Appreciation Rights. Non-Tandem Stock Appreciation Rights may also be granted without reference to any Stock Options granted under the Plan.
7.4 Terms and Conditions of Non-Tandem Stock Appreciation Rights. Non-Tandem Stock Appreciation Rights granted hereunder shall be subject to such terms and conditions, not inconsistent with the provisions of the Plan, as shall be determined from time to time by the Board, and the following:
(a) Exercise Price. The exercise price per share of Common Stock subject to a Non-Tandem Stock Appreciation Right shall be determined by the Board at the time of grant, provided that the per share exercise price of a Non-Tandem Stock Appreciation Right shall not be less than 100% of the Fair Market Value of the Common Stock at the time of grant.
(b) Term. The term of each Non-Tandem Stock Appreciation Right shall be fixed by the Board, but shall not be greater than 10 years after the date the right is granted.
(c) Exercisability. Unless otherwise provided by the Board in accordance with the provisions of this Section 7.4, Non-Tandem Stock Appreciation Rights granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Board at the time of grant. If the Board provides, in its discretion, that any such right is exercisable subject to certain limitations (including, without limitation, that it is exercisable only in installments or within certain time periods), the Board may waive such limitations on the exercisability at any time at or after grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such right may be exercised), based on such factors, if any, as the Board shall determine, in its sole discretion.
(d) Method of Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 7.4(c), Non-Tandem Stock Appreciation Rights may be exercised in whole or in part at any time in accordance with the applicable Award Agreement, by giving written notice of exercise to the Company specifying the number of Non-Tandem Stock Appreciation Rights to be exercised.
(e) Payment. Upon the exercise of a Non-Tandem Stock Appreciation Right a Participant shall be entitled to receive, for each right exercised, up to, but no more than, an amount in cash and/or Common Stock (as chosen by the Board in its sole discretion) equal in value to the excess of the Fair Market Value of one share of Common Stock on the date that the right is exercised over the Fair Market Value of one share of Common Stock on the date that the right was awarded to the Participant.
(f) Termination. Unless otherwise determined by the Board at grant or, if no rights of the Participant are reduced, thereafter, subject to the provisions of the applicable Award Agreement and the Plan, upon a Participant’s Termination for any reason, Non-Tandem Stock Appreciation Rights will remain exercisable following a Participant’s Termination on the same basis as Stock Options would be exercisable following a Participant’s Termination in accordance with the provisions of Sections 6.4(f) through 6.4(j).
(g) Non-Transferability. No Non-Tandem Stock Appreciation Rights shall be Transferable by the Participant other than by will or by the laws of descent and distribution, and all such rights shall be exercisable, during the Participant’s lifetime, only by the Participant.
7.5 Limited Stock Appreciation Rights. The Board may, in its sole discretion, grant Tandem and Non-Tandem Stock Appreciation Rights either as a general Stock Appreciation Right or as a Limited Stock Appreciation Right. Limited Stock Appreciation Rights may be exercised only upon the occurrence of a Change in Control or such other event as the Board may, in its sole discretion, designate at the time of grant or thereafter. Upon the exercise of Limited Stock Appreciation Rights, except as otherwise provided in an Award Agreement, the Participant shall receive in cash and/or Common Stock, as determined by the Board, an amount equal to the amount (i) set forth in Section 7.2(e) with respect to Tandem Stock Appreciation Rights, or (ii) set forth in Section 7.4(e) with respect to Non-Tandem Stock Appreciation Rights.
7.6 Other Terms and Conditions. The Board may include a provision in an Award Agreement providing for the automatic exercise of a Stock Appreciation Right on a cashless basis on the last day of the term of such Stock Appreciation Right if the Participant has failed to exercise the Stock Appreciation Right as of such date, with respect to which the Fair Market Value of the shares of Common Stock underlying the Stock Appreciation Right exceeds the exercise price of such Stock Appreciation Right on the date of expiration of such Stock Appreciation Right, subject to Section 14.3. Stock Appreciation Rights may contain such other provisions, which shall not be inconsistent with any of the terms of the Plan, as the Board shall deem appropriate.
ARTICLE VIII
RESTRICTED STOCK
8.1 Awards of Restricted Stock. Shares of Restricted Stock may be issued either alone or in addition to other Awards granted under the Plan. The Board shall determine the Eligible Individuals, to whom, and the time or times at which, grants of Restricted Stock shall be made, the number of shares to be awarded, the price (if any) to be paid by the Participant (subject to Section 8.2), the time or times within which such Awards may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards.
The Board may condition the grant or vesting of Restricted Stock upon the attainment of specified performance targets (including, the Performance Goals) or such other factor as the Board may determine in its sole discretion, including to comply with the requirements of Section 162(m) of the Code.
8.2 Awards. Eligible Individuals selected to receive Restricted Stock shall not have any right with respect to such Award, unless and until such Participant has delivered a fully executed copy of the agreement evidencing the Award to the Company, to the extent required by the Board, and has otherwise complied with the applicable terms and conditions of such Award. Further, such Award shall be subject to the following conditions:
(a) Purchase Price. The purchase price of Restricted Stock shall be fixed by the Board. Subject to Section 4.3, the purchase price for shares of Restricted Stock may be zero to the extent permitted by applicable law, and, to the extent not so permitted, such purchase price may not be less than the accounting par value.
(b) Acceptance. Awards of Restricted Stock must be accepted within a period of 60 days (or such shorter period as the Board may specify at grant) after the grant date, by executing a Restricted Stock agreement and by paying whatever price (if any) the Board has designated thereunder.
8.3 Restrictions and Conditions. The shares of Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions and conditions:
(a) Restriction Period. (i) The Participant shall not be permitted to Transfer shares of Restricted Stock awarded under the Plan during the period or periods set by the Board (the “Restriction Period”) commencing on the date of such Award, as set forth in the Restricted Stock Award Agreement and such agreement shall set forth a vesting schedule and any event that would accelerate vesting of the shares of Restricted Stock. Within these limits, based on service, attainment of Performance Goals pursuant to Section 8.3(a)(ii) and/or such other factors or criteria as the Board may determine in its sole discretion, the Board may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any Restricted Stock Award and/or waive the deferral limitations for all or any part of any Restricted Stock Award.
(ii) If the grant of shares of Restricted Stock or the lapse of restrictions is based on the attainment of Performance Goals, the Board shall establish the objective Performance Goals and the applicable vesting percentage of the Restricted Stock applicable to each Participant or class of Participants in writing prior to the beginning of the applicable fiscal year or at such later date as otherwise determined by the Board and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. With regard to a Restricted Stock Award that is intended to comply with Section 162(m) of the Code, to the extent that any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall be of no force or effect.
(b) Rights as a Shareholder. Except as provided in Section 8.3(a) and this Section 8.3(b) or as otherwise determined by the Board in an Award Agreement, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of shares of Common Stock of the Company, including, without limitation, the right to receive dividends, the right to vote such shares and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares. The Board may, in its sole discretion, determine at the time of grant that the payment of dividends shall be deferred until, and conditioned upon, the expiration of the applicable Restriction Period.
(c) Termination. Unless otherwise determined by the Board at grant or, if no rights of the Participant are reduced, thereafter, subject to the applicable provisions of the Award Agreement and the Plan, upon a Participant’s Termination for any reason during the relevant Restriction Period, all Restricted Stock still subject to restriction will be forfeited in accordance with the terms and conditions established by the Board at grant or thereafter.
ARTICLE IX
PERFORMANCE AWARDS
9.1 Performance Awards. The Board may grant a Performance Award to a Participant payable upon the attainment of specific Performance Goals. The Board may grant Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, as well as Performance Awards that are not intended to qualify as “performance-based compensation” under Section 162(m) of the Code. If the Performance Award is payable in shares of Restricted Stock, such shares shall be transferable to the Participant only upon attainment of the relevant Performance Goal in accordance with Article VIII. If the Performance Award is payable in cash, it may be paid upon the attainment of the relevant Performance Goals either in cash or in shares of Restricted Stock (based on the then current Fair Market Value of such shares), as determined by the Board, in its sole and absolute discretion. Each Performance Award shall be evidenced by an Award Agreement in such form that is not inconsistent with the Plan and that the Board may from time to time approve. With respect to Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Board shall condition the right to payment of any Performance Award upon the attainment of objective Performance Goals established pursuant to Section 9.2(c).
9.2 Terms and Conditions. Performance Awards awarded pursuant to this Article IX shall be subject to the following terms and conditions:
(a) Earning of Performance Award. At the expiration of the applicable Performance Period, the Board shall determine the extent to which the Performance Goals established pursuant to Section 9.2(c) are achieved and the percentage of each Performance Award that has been earned.
(b) Non-Transferability. Subject to the applicable provisions of the Award Agreement and the Plan, Performance Awards may not be Transferred during the Performance Period.
(c) Objective Performance Goals, Formulae or Standards. With respect to Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Board shall establish the objective Performance Goals for the earning of Performance Awards based on a Performance Period applicable to each Participant or class of Participants in writing prior to the beginning of the applicable Performance Period or at such later date as permitted under Section 162(m) of the Code and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and only to the extent permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. To the extent that any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall be of no force or effect, with respect to Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code.
(d) Dividends. Unless otherwise determined by the Board at the time of grant, amounts equal to dividends declared during the Performance Period with respect to the number of shares of Common Stock covered by a Performance Award will not be paid to the Participant.
(e) Payment. Following the Board’s determination in accordance with Section 9.2(a), the Company shall settle Performance Awards, in such form (including, without limitation, in shares of Common Stock or in cash) as determined by the Board, in an amount equal to such Participant’s earned Performance Awards; provided that with respect to any Performance Awards settled in shares of Common Stock, the Participant shall, if required by applicable law, provide minimum consideration equal to the accounting par value of such Common Stock. Notwithstanding the foregoing, the Board may, in its sole discretion, award an amount less than the earned Performance Awards and/or subject the payment of all or part of any Performance Award to additional vesting, forfeiture and deferral conditions as it deems appropriate.
(f) Termination. Subject to the applicable provisions of the Award Agreement and the Plan, upon a Participant’s Termination for any reason during the Performance Period for a given Performance Award, the Performance Award in question will vest or be forfeited in accordance with the terms and conditions established by the Board at grant.
(g) Accelerated Vesting. Based on service, performance and/or such other factors or criteria, if any, as the Board may determine, the Board may, at or after grant, accelerate the vesting of all or any part of any Performance Award.
ARTICLE X
OTHER STOCK-BASED AND CASH-BASED AWARDS
10.1 Other Stock-Based Awards. The Board is authorized to grant to Eligible Individuals Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to shares of Common Stock, including but not limited to, shares of Common Stock awarded purely as a bonus and not subject to restrictions or conditions, shares of Common Stock in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company or an Affiliate, stock equivalent units, restricted stock units, and Awards valued by reference to book value of shares of Common Stock. Other Stock-Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under the Plan.
Subject to the provisions of the Plan, the Board shall have authority to determine the Eligible Individuals, to whom, and the time or times at which, such Awards shall be made, the number of shares of Common Stock to be awarded pursuant to such Awards, and all other conditions of the Awards. The Board may also provide for the grant of Common Stock under such Awards upon the completion of a specified Performance Period.
The Board may condition the grant or vesting of Other Stock-Based Awards upon the attainment of specified Performance Goals as the Board may determine, in its sole discretion; provided that to the extent that such Other Stock-Based Awards are intended to comply with Section 162(m) of the Code, the Board shall establish the objective Performance Goals for the grant or vesting of such Other Stock-Based Awards based on a
Performance Period applicable to each Participant or class of Participants in writing prior to the beginning of the applicable Performance Period or at such later date as permitted under Section 162(m) of the Code and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and only to the extent permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. To the extent that any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall be of no force or effect, with respect to Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code.
10.2 Terms and Conditions. Other Stock-Based Awards made pursuant to this Article X shall be subject to the following terms and conditions:
(a) Non-Transferability. Subject to the applicable provisions of the Award Agreement and the Plan, shares of Common Stock subject to Awards made under this Article X may not be Transferred prior to the date on which the shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses.
(b) Dividends. Unless otherwise determined by the Board at the time of Award, subject to the provisions of the Award Agreement and the Plan, the recipient of an Award under this Article X shall not be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents in respect of the number of shares of Common Stock covered by the Award.
(c) Vesting. Any Award under this Article X and any Common Stock covered by any such Award shall vest or be forfeited to the extent so provided in the Award Agreement, as determined by the Board, in its sole discretion.
(d) Price. Common Stock issued under this Article X may be issued for no cash consideration to the extent permitted by applicable law, and, to the extent not so permitted, such purchase price may not be less than the accounting par value. Common Stock purchased pursuant to a purchase right awarded under this Article X shall be priced, as determined by the Board in its sole discretion, which price shall, to the extent required under applicable law, such purchase price shall include, at a minimum, the accounting par value of such Common Stock.
10.3 Other Cash-Based Awards. The Board may from time to time grant Other Cash-Based Awards to Eligible Individuals in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by applicable law, as it shall determine in its sole discretion. Other Cash-Based Awards may be granted subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Board may accelerate the vesting of such Awards at any time in its sole discretion. The grant of an Other Cash-Based Award shall not require a segregation of any of the Company’s assets for satisfaction of the Company’s payment obligation thereunder.
ARTICLE XI
CHANGE IN CONTROL PROVISIONS
11.1 Benefits. In the event of a Change in Control of the Company (as defined below), and except as otherwise provided by the Board in an Award Agreement, a Participant’s unvested Award shall not vest automatically and a Participant’s Award shall be treated in accordance with one or more of the following methods as determined by the Board:
(a) Awards, whether or not then vested, shall be continued, assumed, or have new rights substituted therefor, as determined by the Board in a manner consistent with the requirements of Section 409A of the Code, and restrictions to which shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and the Restricted Stock or other Award shall, where appropriate in the sole discretion of the Board, receive the same distribution as other Common Stock on such terms as determined by the Board; provided that the Board may decide to award additional Restricted Stock or other Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Stock Option shall comply with the requirements of Treasury Regulation Section 1.424-1 (and any amendment thereto).
(b) The Board, in its sole discretion, may provide for the purchase of any Awards by the Company or an Affiliate for an amount of cash equal to the excess (if any) of the Change in Control Price (as defined below) of the shares of Common Stock covered by such Awards, over the aggregate exercise price of such Awards. For purposes hereof, “Change in Control Price” shall mean the highest price per share of Common Stock paid in any transaction related to a Change in Control of the Company.
(c) The Board may, in its sole discretion, terminate all outstanding and unexercised Stock Options, Stock Appreciation Rights, or any Other Stock-Based Award that provides for a Participant elected exercise, effective as of the date of the Change in Control, by delivering notice of termination to each Participant at least twenty (20) days prior to the date of consummation of the Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each such Participant shall have the right to exercise in full all of such Participant’s Awards that are then outstanding (without regard to any limitations on exercisability otherwise contained in the Award Agreements), but any such exercise shall be contingent on the occurrence of the Change in Control, and, provided that, if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void.
(d) Notwithstanding any other provision herein to the contrary, the Board may, in its sole discretion, provide for accelerated vesting or lapse of restrictions, of an Award at any time.
11.2 Change in Control. Unless otherwise determined by the Board in the applicable Award Agreement or other written agreement with a Participant approved by the Board, a “Change in Control” shall be deemed to occur if:
(a) Any “person” (as that term is used in Sections 13 and 14(d)(2) of the Exchange Act or any successors thereto) becomes the “beneficial owner” (as that term is used in Section 13(d) of the Exchange Act or any successor thereto), directly or indirectly, of 50% or more of the Company’s capital stock entitled to vote in the election of directors, excluding any “person” who becomes a “beneficial owner” in connection with a Business Combination (as defined in paragraph (c) below) which does not constitute a Change in Control under said paragraph (c);
(b) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in paragraph (a), (c), or (d) of this Section 11.2 or a director whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such term is used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board) whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board;
(c) consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of outstanding voting securities of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the company resulting from such Business Combination (including, without limitation, a company which, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the outstanding voting securities of the Company; or
(d) a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the Company of all or substantially all of the Company’s assets other than the sale or disposition of all or substantially all of the assets of the Company to a person or persons who beneficially own, directly or indirectly, 50% or more of the combined voting power of the outstanding voting securities of the Company at the time of the sale.
Notwithstanding the foregoing, with respect to any Award that is characterized as “nonqualified deferred compensation” within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such Award unless such event is also a “change in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code.
11.3 Initial Public Offering not a Change in Control. Notwithstanding the foregoing, for purposes of the Plan, the occurrence of the Registration Date or any change in the composition of the Board within one year following the Registration Date shall not be considered a Change in Control.
ARTICLE XII
TERMINATION OR AMENDMENT OF PLAN
12.1 Termination or Amendment. Notwithstanding any other provision of the Plan, the Board may at any time, and from time to time, amend, in whole or in part, any or all of the provisions of the Plan (including any amendment deemed necessary to ensure that the Company may comply with any regulatory requirement referred to in Article XIV or Section 409A of the Code), or suspend or terminate it entirely, retroactively or otherwise; provided, however, that, unless otherwise required by law or specifically provided herein, the rights of a Participant with respect to Awards granted prior to such amendment, suspension or termination, may not be impaired without the consent of such Participant and, provided further, that without the approval of the holders of the Company’s Common Stock entitled to vote in accordance with applicable law, no amendment may be made that would (i) increase the aggregate number of shares of Common Stock that may be issued under the Plan (except by operation of Section 4.2); (ii) increase the maximum individual Participant limitations for a fiscal year under Section 4.1(b) (except by operation of Section 4.2); (iii) change the classification of individuals eligible to receive Awards under the Plan; (iv) decrease the minimum option price of any Stock Option or Stock Appreciation Right; (v) extend the maximum option period under Section 6.4; (vi) alter the Performance Goals for Restricted Stock, Performance Awards or Other Stock-Based Awards as set forth in Exhibit A hereto; (vii) award any Stock Option or Stock Appreciation Right in replacement of a canceled Stock Option or Stock Appreciation Right with a higher exercise price than the replacement award; or (viii) require shareholder approval in order for the Plan to continue to comply with the applicable provisions of Section 162(m) of the Code or, to the extent applicable to Incentive Stock Options, Section 422 of the Code. In no event may the Plan be amended without the approval of the shareholders of the Company in accordance with the applicable laws of the Grand Duchy of Luxembourg to increase the aggregate number of shares of Common Stock that may be issued under the Plan, decrease the minimum exercise price of any Award, or to make any other amendment that would require shareholder approval under Financial Industry Regulatory Authority (FINRA) rules and regulations or the rules of any exchange or system on which the Company’s securities are listed or traded at the request of the Company. Notwithstanding anything herein to the contrary, the Board may amend the Plan or any Award Agreement at any time without a Participant’s consent to comply with applicable law including Section 409A of the Code. The Board may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV or as otherwise specifically provided herein, no such amendment or other action by the Board shall impair the rights of any holder without the holder’s consent.
ARTICLE XIII
UNFUNDED STATUS OF PLAN
The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payment as to which a Participant has a fixed and vested interest but which are not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any right that is greater than those of a general unsecured creditor of the Company.
ARTICLE XIV
GENERAL PROVISIONS
14.1 Plans. Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to shareholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only in specific cases.
14.2 No Right to Employment/Directorship/Consultancy. Neither the Plan nor the grant of any Option or other Award hereunder shall give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment, consultancy or directorship by the Company or any Affiliate, nor shall there be a limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate such employment, consultancy or directorship at any time.
14.3 Withholding of Taxes. The Company or any of its applicable Affiliates shall have the right to deduct from any payment to be made pursuant to the Plan, or to otherwise require, prior to the issuance or delivery of shares of Common Stock or the payment of any cash hereunder, payment by the Participant of, any federal, state or local taxes required by law to be withheld. Upon the vesting of Restricted Stock (or other Award that is taxable upon vesting), or upon making an election under Section 83(b) of the Code (or other applicable law in the relevant jurisdiction), a Participant shall pay all required withholding to the Company (or such Affiliate). Any minimum statutorily required withholding obligation with regard to any Participant may be satisfied, subject to the consent of the Board, by reducing the number of shares of Common Stock otherwise deliverable or by delivering shares of Common Stock already owned. Any fraction of a share of Common Stock required to satisfy such tax obligations shall be disregarded and the amount due shall be paid instead in cash by the Participant, if applicable.
14.4 No Assignment of Benefits. No Award or other benefit payable under the Plan shall, except as otherwise specifically provided by law or permitted by the Board, be Transferable in any manner, and any attempt to Transfer any such benefit shall be void, and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such person.
14.5 Listing and Other Conditions.
(a) Unless otherwise determined by the Board, as long as the Common Stock is listed on a national securities exchange or system sponsored by a national securities association, the issuance of shares of Common Stock pursuant to an Award shall be conditioned upon such shares being listed on such exchange or system. The Company shall have no obligation to issue such shares unless and until such shares are so listed, and the right to exercise any Option or other Award with respect to such shares shall be suspended until such listing has been effected.
(b) If at any time counsel to the Company shall be of the opinion that any sale or delivery of shares of Common Stock pursuant to an Option or other Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under the statutes, rules or regulations of any applicable jurisdiction, the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise, with respect to shares of Common Stock or Awards, and the right to exercise any Option or other Award shall be suspended until, in the opinion of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company.
(c) Upon termination of any period of suspension under this Section 14.5, any Award affected by such suspension which shall not then have expired or terminated shall be reinstated as to all shares available before such suspension and as to shares which would otherwise have become available during the period of such suspension, but no such suspension shall extend the term of any Award.
(d) A Participant shall be required to supply the Company with representations and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent or approval the Company deems necessary or appropriate.
14.6 Shareholders Agreement and Other Requirements. Notwithstanding anything herein to the contrary, as a condition to the receipt of shares of Common Stock pursuant to an Award under the Plan, to the extent required by the Board, the Participant shall execute and deliver a shareholder’s agreement or such other documentation that shall set forth certain restrictions on transferability of the shares of Common Stock acquired upon exercise or purchase, and such other terms as the Board or Board shall from time to time establish. Such shareholder’s agreement or other documentation shall apply to the Common Stock acquired under the Plan and covered by such shareholder’s agreement or other documentation. The Company may require, as a condition of exercise, the Participant to become a party to any other existing shareholder agreement (or other agreement).
14.7 Governing Law. The Plan and actions taken in connection herewith shall be governed and construed in accordance with the laws of the Grand Duchy of Luxembourg (regardless of the law that might otherwise govern under applicable principles of conflict of laws).
14.8 Waiver of Jury Trial. The Company and each Participant shall irrevocably and unconditionally waive all right to trial by jury in any proceeding (whether based on contract, tort or otherwise) arising out of or relating to the Plan or any Award Agreement.
14.9 Construction. Wherever any words are used in the Plan in the masculine gender they shall be construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed as though they were also used in the plural form in all cases where they would so apply.
14.10 Other Benefits. No Award granted or paid out under the Plan shall be deemed compensation for purposes of computing benefits under any retirement plan of the Company or its Affiliates nor affect any benefit under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation.
14.11 Costs. The Company shall bear all expenses associated with administering the Plan, including expenses of issuing Common Stock pursuant to Awards hereunder.
14.12 No Right to Same Benefits. The provisions of Awards need not be the same with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years.
14.13 Death/Disability. The Board may in its discretion require the transferee of a Participant to supply it with written notice of the Participant’s death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as the Board deems necessary to establish the validity of the transfer of an Award. The Board may also require that the agreement of the transferee to be bound by all of the terms and conditions of the Plan.
14.14 Section 16(b) of the Exchange Act. All elections and transactions under the Plan by persons subject to Section 16 of the Exchange Act involving shares of Common Stock are intended to comply with any applicable exemptive condition under Rule 16b-3. The Board may establish and adopt written administrative guidelines, designed to facilitate compliance with Section 16(b) of the Exchange Act, as it may deem necessary or proper for the administration and operation of the Plan and the transaction of business thereunder.
14.15 Section 409A of the Code. The Plan is intended to comply with the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be
paid in a manner that will comply with Section 409A of the Code, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein to the contrary, any provision in the Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with Section 409A of the Code and to the extent such provision cannot be amended to comply therewith, such provision shall be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Board or the Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under Section 409A of the Code, responsibility for payment of such penalties shall rest solely with the affected Participants and not with the Company. Notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) of “nonqualified deferred compensation” (within the meaning of Section 409A of the Code) that are otherwise required to be made under the Plan to a “specified employee” (as defined under Section 409A of the Code) as a result of such employee’s separation from service (other than a payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, the date of death of the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period.
14.16 Successor and Assigns. The Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation, the estate of such Participant and the executor, administrator or trustee of such estate.
14.17 Severability of Provisions. If any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included.
14.18 Payments to Minors, Etc. Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of receipt thereof shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Board, the Board, the Company, its Affiliates and their employees, agents and representatives with respect thereto.
14.19 Lock-Up Agreement. As a condition to the grant of an Award, if requested by the Company and the lead underwriter of any public offering of the Common Stock (the “Lead Underwriter”), a Participant shall irrevocably agree not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of, any interest in any Common Stock or any securities convertible into, derivative of, or exchangeable or exercisable for, or any other rights to purchase or acquire Common Stock (except Common Stock included in such public offering or acquired on the public market after such offering) during such period of time following the effective date of a registration statement of the Company filed under the Securities Act that the Lead Underwriter shall specify (the “Lock-Up Period”). The Participant shall further agree to sign such documents as may be requested by the Lead Underwriter to effect the foregoing and agree that the Company may impose stop-transfer instructions with respect to Common Stock acquired pursuant to an Award until the end of such Lock-Up Period.
14.20 Headings and Captions. The headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan.
14.21 Section 162(m) of the Code. Notwithstanding any other provision of the Plan to the contrary, (i) prior to the Registration Date and during the Transition Period, the provisions of the Plan requiring compliance with Section 162(m) of the Code for Awards intended to qualify as “performance-based compensation” shall only apply to the extent required by Section 162(m) of the Code, and (ii) the provisions of the Plan requiring compliance with Section 162(m) of the Code shall not apply to Awards granted under the Plan that are not intended to qualify as “performance-based compensation” under Section 162(m) of the Code.
14.22 Post-Transition Period. Following the Transition Period, any Award granted under the Plan that is intended to be “performance-based compensation” under Section 162(m) of the Code, shall be subject to the approval of the material terms of the Plan by a majority of the shareholders of the Company in accordance with Section 162(m) of the Code and the treasury regulations promulgated thereunder.
14.23 Company Recoupment of Awards. A Participant’s rights with respect to any Award hereunder shall in all events be subject to (i) any right that the Company may have under any Company recoupment policy or other agreement or arrangement with a Participant, or (ii) any right or obligation that the Company may have regarding the clawback of “incentive-based compensation” under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission.
ARTICLE XV
EFFECTIVE DATE OF PLAN
The Plan shall become effective on the date of its adoption by the Board.
ARTICLE XVI
TERM OF PLAN
No Award shall be granted pursuant to the Plan on or after the tenth anniversary of the earlier of the date that the Plan is adopted or the date of shareholder approval, but Awards granted prior to such tenth anniversary may extend beyond that date; provided that no Award (other than a Stock Option or Stock Appreciation Right) that is intended to be “performance-based compensation” under Section 162(m) of the Code shall be granted on or after the fifth anniversary of the shareholder approval of the Plan unless the Performance Goals are re-approved (or other designated Performance Goals are approved) by the shareholders no later than the first shareholder meeting that occurs in the fifth year following the year in which shareholders approve the Performance Goals.
ARTICLE XVII
NAME OF PLAN
The Plan shall be known as the “Atento S.A. 2014 Omnibus Incentive Plan.”
EXHIBIT A
PERFORMANCE GOALS
To the extent permitted under Section 162(m) of the Code, performance goals established for purposes of Awards intended to be “performance-based compensation” under Section 162(m) of the Code, shall be based on the attainment of certain target levels of, or a specified increase or decrease (as applicable) in one or more of the following performance goals:
| • | earnings per share; |
| • | operating income; |
| • | gross income; |
| • | net income (before or after taxes); |
| • | cash flow; |
| • | gross profit; |
| • | gross profit return on investment; |
| • | gross margin return on investment; |
| • | gross margin; |
| • | operating margin; |
| • | working capital; |
| • | earnings before interest and taxes; |
| • | earnings before interest, tax, depreciation and amortization; |
| • | return on equity; |
| • | return on assets; |
| • | return on capital; |
| • | return on invested capital; |
| • | net revenues; |
| • | gross revenues; |
| • | revenue growth; |
| • | annual recurring revenues; |
| • | recurring revenues; |
| • | license revenues; |
| • | sales or market share; |
| • | total shareholder return; |
| • | economic value added; |
| • | specified objectives with regard to limiting the level of increase in all or a portion of the Company’s bank debt or other long-term or short-term public or private debt or other similar financial obligations of the Company, which may be calculated net of cash balances and/or other offsets and adjustments as may be established by the Board in its sole discretion; |
| • | the fair market value of a share of Common Stock; |
| • | the growth in the value of an investment in the Common Stock assuming the reinvestment of dividends; or |
| • | reduction in operating expenses. |
With respect to Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, to the extent permitted under Section 162(m) of the Code, the Board may, in its sole discretion, also exclude, or adjust to reflect, the impact of an event or occurrence that the Board determines should be appropriately excluded or adjusted, including:
(a) restructurings, discontinued operations, extraordinary items or events, and other unusual or non-recurring charges as described in Accounting Standards Codification 225-20, “Extraordinary and Unusual Items,” and/or management’s discussion and analysis of financial condition and results of operations appearing or incorporated by reference in the Company’s Form 10-K for the applicable year;
(b) an event either not directly related to the operations of the Company or not within the reasonable control of the Company’s management; or
(c) a change in tax law or accounting standards required by generally accepted accounting principles.
Performance goals may also be based upon individual participant performance goals, as determined by the Board, in its sole discretion. In addition, Awards that are not intended to qualify as “performance-based compensation” under Section 162(m) of the Code may be based on the performance goals set forth herein or on such other performance goals as determined by the Board in its sole discretion.
In addition, such performance goals may be based upon the attainment of specified levels of Company (or subsidiary, division, other operational unit, administrative department or product category of the Company) performance under one or more of the measures described above relative to the performance of other companies. With respect to Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, to the extent permitted under Section 162(m) of the Code, but only to the extent permitted under Section 162(m) of the Code (including, without limitation, compliance with any requirements for shareholder approval), the Board may also:
(a) designate additional business criteria on which the performance goals may be based; or
(b) adjust, modify or amend the aforementioned business criteria.
EXHIBIT B
RULES APPLICABLE TO BRAZILIAN EMPLOYEES ONLY
Notwithstanding anything contained in the Plan, for Brazilian employees receiving Awards, the following definitions and conditions shall apply:
| • | All Awards granted shall be subjected to a vesting period of at least twelve (12) months. |
| • | Upon the exercise of an Option, the beneficiary shall pay to the Company an amount in cash equal to the Exercise Price multiplied by the number of shares being exercised. |
| • | The Exercise Price of Options shall correspond to the Fair Market Value. |
| • | Awards can be granted in common or restricted shares. |
| • | No Awards shall be granted in cash. |
| • | The provisions of Articles 482 and 483 of the Brazilian Labor Code will be used to define “Cause” for the termination of employment agreements. |
| • | Brazilian Securities Act shall be understood as the Law 6,385/1976. |
| • | Code shall be understood as the Brazilian Tax Code and regulations. |
| • | Disability shall be understood as the concept set forth in Law 8,213/1991, unless otherwise determined by the Board in the applicable Award Agreement. |
Exhibit 5.1
To:
Atento S.A.
1, rue Hildegard Von Bingen
L-1282 Luxembourg
Grand Duchy of Luxembourg
(the “Addressee”)
By e-mail
Luxembourg, 2 July 2021
Re.: Atento S.A.
Dear Sirs,
| I. | Introduction |
We have been appointed as legal counsel in the Grand Duchy of Luxembourg (“Luxembourg”) in order to provide you with this legal opinion with respect to Atento S.A., a public limited liability company (société anonyme), having its registered office located at 1, rue Hildegard Von Bingen, L-1282 Luxembourg and registered with the Luxembourg Trade and Companies’ Register (“Registre de Commerce et des Sociétés, Luxembourg”) under number R.C.S. Luxembourg B 185.761 (the “Company”) in connection with the post-effective amendment No.1 (the “Amendment”) to the registration statement on Form S-8 (the “Registration Statement”) filed with the United States Securities and Exchange Commission under the United States Securities Act of 1933, as amended (the “Securities Act”), relating to the registration of 7,300,000 ordinary shares of the Company without nominal value (the “Shares”) under the Company’s 2014 omnibus incentive plan. On July 28, 2020, the Company completed a reverse share split of its issued and outstanding ordinary shares of the Company without nominal value using a ratio of conversion of 5.027090466672970 (the “Reverse Share Split”). Accordingly, the Amendment is being filed to proportionately reduce the number of Shares covered by the Registration Statement. As a result, as of July 28, 2020, on a post-reverse split basis, the Registration Statement covers a maximum of 1,452,132 Shares (the “New Shares”). This opinion is being issued pursuant to the requirements of the Securities Act.
This legal opinion is issued by CM Law, a private limited liability company (“société à responsabilité limitée”) incorporated and existing under the laws of Luxembourg, registered with the Luxembourg Bar as lawyers, having its registered office located at 68, rue Marie-Adélaïde, L-2128 Luxembourg, registered with the Luxembourg Trade and Companies’ Register (“Registre de Commerce et des Sociétés, Luxembourg”) under number R.C.S. Luxembourg B 198.369, whose purpose is the exercise of the profession of lawyer in Luxembourg. Individuals that are involved in the services provided by or on behalf of CM Law cannot be held liable in any manner whatsoever.
This legal opinion addresses certain specific matters and has been addressed to the Addressee only in connection with these matters. This legal opinion will therefore not necessarily address all the concerns or interests of the Addressee. We exceptionally accept addressing this legal opinion to the Addressee solely in relation to the matters expressly opined on herein.
Unless otherwise specified in this legal opinion, capitalized terms used but not defined shall have the meaning given in Schedule 1 hereto, which shall form an integral part of this legal opinion.
II. Scope of the legal opinion
| 1. | This legal opinion is strictly confined to the specific matters of Luxembourg law and has been prepared without considering the implications of any laws of any jurisdictions other than Luxembourg and, accordingly, we express no opinion with regard to any systems of law other than the laws of the Luxembourg. |
| 2. | This legal opinion is strictly limited to the matters stated herein and shall not be read as extending by implication to any matters not specifically referred to. Where an assumption is stated to be made in this legal opinion, we have not made any investigation with respect to the matters that are the subject of such assumption. |
| 3. | We have, for the purpose of this legal opinion, solely examined the documents (drafts, originals, copies, translations or facsimile or electronic copies) that are listed in Schedule 1 hereto and referred to as the Examined Documents. |
| 4. | We have not examined and express no opinion herein with respect to any matter which may result from any contractual obligations binding the Company and which may result from any contract, agreement, deed, undertaking or document or any matter in connection therewith of a contractual or legal nature, which is simply referred to in or annexed to the Examined Documents. |
| 5. | We have not referred to or relied upon any documentation other than the Examined Documents and, other than having examined the Examined Documents, we have not made any inquiries or investigations other than those stated in this legal opinion and such other inquiries and investigations as we have deemed necessary to provide the opinions set forth herein. |
| 6. | The declarations made in this legal opinion are stated and are only valid as at the date hereof. |
| 7. | Other than inquiries and investigations stated in this legal opinion as we have deemed relevant and necessary to provide the opinions set forth herein, we are not responsible for (i) investigating and verifying the accuracy of the statements of fact, any statements of opinion, intention and representations and warranties contained in the Examined Documents, (ii) verifying that no material facts or contractual provisions have been omitted and (iii) verifying whether the parties thereto (which for the avoidance of doubt, includes the Company) or any of them have complied, or will comply with them and with the terms and conditions of any obligations binding upon them. |
2
| 8. | We shall have no duty to inform the Addressee of any changes in Luxembourg law, in the legal status of the Company or any other circumstance, occurring after the date of this legal opinion and which may affect the matters addressed herein. |
| 9. | We express no opinion on any applicable licensing or similar requirements of the Company. |
| 10. | We express no opinion in particular on public international law or on the rules of, or promulgated under, any treaty or by any treaty organisation or European law (save for rules implemented into Luxembourg law or directly applicable in Luxembourg), on tax, transfer pricing, regulatory, competition, accounting or administrative law, or as to the consequences thereof. |
| 11. | In this legal opinion, unless otherwise specified, the terms “law”, “laws”, “legislation” and “regulation”, “Luxembourg law” and all other similar terms refer to all laws and regulations that are applicable as at the date hereof in Luxembourg, and deriving from laws enacted by the Luxembourg legislator and/or judgements and orders of Luxembourg courts as long as published. |
| III. | Statements of legal opinion |
On the basis of the Examined Documents and subject to the assumptions and qualifications set out below and to any matters not disclosed to us, we are of the opinion that:
| 1. | The Company is a public limited liability company (“société anonyme”) existing under the laws of Luxembourg. |
| 2. | Based solely on the Certificate of Non-Inscription of a Judicial Decision and the Extract, the Company has not been declared bankrupt or wound-up (in the meaning of voluntary or judicial dissolution and/or liquidation) or applied for the benefit of a controlled management (“gestion contrôlée”), moratorium of payments (“sursis de paiement”) and composition procedures (“concordat préventif de faillite”) and no registration of any judicial decision in relation to the appointment of an interim receiver (“administrateur provisoire”) or receiver (“séquestre”) of the Company, or in relation to any bankruptcy proceedings, arrangement with creditors, or other similar proceedings from jurisdictions other than Luxembourg under the Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings has been made with the Luxembourg Trade and Companies Register (“Registre de Commerce et des Sociétés, Luxembourg”). |
| 3. | Subject to the due and valid passing of resolutions of the board of directors of the Company and the fulfilment of the conditions for the effectiveness of these resolutions in accordance with the Articles of Association and applicable law, the New Shares will be validly allocated or issued (as applicable), fully paid and non-assessable (within the meaning that the holder of such New Shares shall not be liable, solely because of his or her or its shareholder status, for additional payments to the Company or the Company’s creditors). |
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| IV. | Assumptions |
In rendering this legal opinion, we have, without verification or other enquiry, assumed:
| 1. | The genuineness of all signatures, the authenticity, completeness and accuracy of all the Examined Documents as originals, and the conformity with original documents of all Examined Documents submitted to us as copies, electronic or facsimile copies hereof. |
| 2. | That there is no contractual or other prohibition prohibiting the Company from issuing or allocating (as applicable) the New Shares. |
| 3. | That none of the Examined Documents has been amended, supplemented, replaced (including appointment of any other agent for the same mission), renounced, terminated or varied, nor has been revoked as at the date hereof. |
| 4. | That since 1 July 2021, no petition has been filed with a Court for the opening of winding-up (in the meaning of dissolution and/or liquidation), bankruptcy, suspension of payments or similar proceedings against the Company; and that the Company has not been granted a suspension of payments or declared bankrupt or been subject to any similar procedure (which includes, without however limitation, controlled management (“gestion contrôlée”), moratorium of payments (“sursis de paiement”) and composition procedures (“concordat préventif de faillite”); that no interim administrator (“administrateur provisoire”) or receiver (“séquestre”) has been appointed with respect to the Company; and that no decision in relation to any bankruptcy proceedings, arrangement with creditors, or other similar proceedings from jurisdictions other than Luxembourg under the Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings has been made and/or filed with the Luxembourg Trade and Companies Register (“Registre de Commerce et des Sociétés, Luxembourg”) with respect to the Company. |
| 5. | That the information contained in Examined Documents is complete, correct and accurate at the date hereof. |
| 6. | That no proceedings have been instituted or injunction granted against the Company, which might restrain it from issuing or allocating (as applicable) the New Shares. |
| 7. | That the Company has its effective place of management and control in Luxembourg. |
| 8. | That the centre of main interests of the Company within the meaning of Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings is located at the place of its registered office in Luxembourg and the Company has no establishment outside Luxembourg. |
| 9. | That the issuance or allocation (as applicable) of the New Shares is in the best corporate interest of the Company. |
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| 10. | That the issuance or allocation (as applicable) of the New Shares will be conditional upon the due and valid passing of resolutions of the board of directors of the Company and the conditions for the effectiveness of these resolutions will be fulfilled in accordance with the Articles of Association and applicable law. |
| V. | Qualifications |
This legal opinion is subject to the following qualifications:
| 1. | In this legal opinion, some Luxembourg legal concepts are expressed in English terms and not in their original French terms. Terms and expressions of law and of legal concepts as used in this legal opinion have the meaning attributed to them under the laws of Luxembourg and this legal opinion should be read and understood accordingly. The concepts concerned may not be identical to the concepts described by the same English terms as they exist under the laws of other jurisdictions. This legal opinion may, therefore, only be relied upon under the express condition that any issue of interpretation or liability arising hereunder will be governed by Luxembourg law and be brought before a Luxembourg Court. |
| 2. | The Certificate of Non-Inscription of a Judicial Decision only reflects whether a judicial decision according to which the Company is subject to judicial proceedings has been registered with the Luxembourg Trade and Companies’ Register (“Registre de Commerce et des Sociétés, Luxembourg”) on 1 July 2021. It cannot be excluded that a judicial decision (for example a decision opening an insolvency proceedings) against the Company has been taken but does not appear in the Certificate of Non-Inscription of a Judicial Decision. The registration of a matter required to be registered under the law dated 19 December 2002 on the Luxembourg Trade and Companies’ Register and accounting of undertakings, as amended, must be requested by the relevant person at the latest one month after the occurrence of the event subject to registration; as a consequence (i) a delay may exist between the moment a judicial decision has been rendered and is effective and the registration thereof in the Luxembourg Trade and Companies’ Register (“Registre de Commerce et des Sociétés, Luxembourg”), and (ii) it cannot be excluded that no registration has occurred in the Luxembourg Trade and Companies’ Register (“Registre de Commerce et des Sociétés, Luxembourg”) within the period of one month if the request for registration has not been and is not made by the relevant person(s); as a consequence the Certificate of Non-Inscription of a Judicial Decision is not conclusive as to the opening and existence or not of judicial decisions or judicial proceedings and, as to whether or not a petition or request for any of the judicial proceedings has been presented or made. The same shall apply mutatis mutandi for the Extract. |
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| VI. | Benefit of opinion |
This legal opinion is delivered to the Addressee and is only for its use. It may not, without our prior written consent, be relied upon for any other purpose or be disclosed to or relied upon by any other person save that it may be disclosed without such consent to:
| a) | any person to whom disclosure is required to be made by applicable law or Court order or pursuant to the rules or regulations of any supervisory or regulatory body or in connection with any judicial proceedings; |
| b) | the officers, employees, auditors and professional advisers of the Addressee; |
| c) | any affiliate of the Addressee and the officers, employees, auditors and professional advisers of such affiliate; and |
| d) | bank examiners or other regulatory authorities having jurisdiction over the Addressee, |
on the basis that (i) such disclosure is made solely to enable any such person to be informed that an opinion has been given and to be made aware of its terms but not for the purposes of reliance and (ii) we do not assume any duty or liability to any person to whom such disclosure is made.
Without prejudice of the foregoing, we hereby consent to the filing of this legal opinion as an exhibit to the Amendment. In giving such consent we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.
VII. Applicable law and jurisdiction
As stated in paragraph II. 1, this legal opinion herein is exclusively based upon, governed by and shall be construed in accordance with the laws of Luxembourg effective on the date hereof.
Luxembourg Courts shall have exclusive jurisdiction to settle any dispute, proceeding, suit or action that may arise out of or be in connection with this legal opinion.
The right to compensation for damages shall at any rate terminate 36 (thirty-six) months after the date upon which the Addressee discovered, or should reasonably have discovered, the occurrence of the event that caused, whether directly or indirectly, the damages for which CM Law is liable. This shall also apply if compensation is claimed for damages on the grounds of a right taken over or acquired from a third party.
[Remainder of page intentionally left blank – Signature page follows]
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| Yours faithfully, |
| For CM Law |
| /s/ Raphaël Collin |
| Raphaël Collin |
| Avocat à la Cour |
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SCHEDULE 1:
List of Examined Documents
| 1. | A .pdf copy of the updated articles of association of the Company as at 2 April 2021 (the “Articles of Association”); |
| 2. | An extract issued by the Luxembourg Trade and Companies’ Register (“Registre de Commerce et des Sociétés, Luxembourg”) pertaining to the Company dated 2 July 2021 (the “Extract”); and |
| 3. | A certificate of non-inscription of a judicial decision issued by the Luxembourg Trade and Companies’ Register (“Registre de Commerce et des Sociétés, Luxembourg”) pertaining to the Company dated 2 July 2021 (the “Certificate of Non Inscription of a Judicial Decision”). |
The documents listed in items 1. to 3. (both inclusive) shall be referred to as the “Examined Documents”.
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Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement (Post-Effective Amendment No. 1 to Form S-8 No. 333-203101) pertaining to the Atento S.A. 2014 Omnibus Incentive Plan of our reports dated March 22, 2021, with respect to the consolidated financial statements of Atento S.A. and the effectiveness of internal control over financial reporting of Atento S.A. included in its Annual Report (Form 20-F) for the year ended December 31, 2020, filed with the Securities and Exchange Commission.
/s/ ERNST & YOUNG
Auditores Independentes S.S.
São Paulo, Brazil
July 2, 2021