PUT AND CALL OPTION AGREEMENT BY AND BETWEEN
Exhibit 2.3
PUT AND CALL OPTION AGREEMENT
BY AND BETWEEN
Vistaprint Italy S.r.l., a company incorporated under the laws of Italy, having its registered office in Milan, Piazza Filippo Meda 3 (Italy), tax code and registration number with the Companies’ Register of Milan ###-###-####, represented by Marcus Harrie Wisznievski, duly authorized by virtue of a special power of attorney signed on April 2, 2014 (“VP”);
Vistaprint N.V., a company incorporated under the laws of The Netherlands, having its registered office at Venlo, Hudsonweg 8, The Netherlands, and its seat in Amsterdam, registered in the trade register under number 14117527, represented by Marcus Harrie Wisznievski duly authorized by virtue of a special power of attorney signed on April 2, 2014 (“VPNV”)
- on one side -
and
ALESSANDRO TENDERINI, born in Venice on 2 July 1966 and residing in Mira (VE), Via Capuana n. 2/F, tax code TNDLSN66LO2L736Q (the “CEO”);
- on the other side -
(for the purposes of this Agreement (as defined below), VP and the CEO are hereinafter jointly referred to as the “Parties” and each of them also as a “Party”)
WHEREAS
| (a) | Pixartprinting S.r.l. (the “Company”) is a company incorporated under the laws of Italy, having its registered office at Via 1 Maggio s.n.c., Quarto D’Altino (VE), tax code and registration number with the Companies’ Register of Venice 04061550274 which is engaged, among others, in the business of digital printing and offset printing; |
| (b) | on 1 April 2014 VP, on one side, entered into a share sale and purchase agreement (the “SPA”) with Alcedo SGR S.p.A. (“Alcedo”), Cap2 S.r.l.(“Cap2”) and the CEO (Alcedo, Cap2 and the CEO, collectively, the “Sellers”), on the other side, regarding the acquisition by VP from the Sellers of 97% of the outstanding share capital of the Company; |
| (c) | on 13 May 2013, the CEO, on one side, and Alcedo and Cap2, on the other side, entered into a stock option plan (the “SOP”), according to which, upon occurrence of certain conditions such as the sale of the entire share capital of the Company, the CEO would have been entitled to purchase up to 4% (four per cent) of the corporate capital of the Company from Alcedo and Cap2 (the “CEO Vested Options”). Furthermore, in accordance with the SOP, the CEO had the right to - and Alcedo and Cap2 have the right to cause the CEO to - sell the share so acquired to VP, alongside Alcedo and Cap2, at the same terms and conditions. |
| (d) | on 1 April 2014, the CEO, Alcedo and Cap2, and VP entered into an agreement to: (i) amend and supplement certain provisions of the SOP; and (ii) assign certain obligations of Alcedo and Cap2 to VP (the “SOP Assignment and Supplementing Agreement” |
| and, together with the SOP, the “SOP Agreements” attached hereto as Exhibit A). In accordance with the SOP Agreements: (i) the CEO exercised, prior to Closing Date (as defined in the SPA), the right to purchase from Alcedo and Cap2 a share equal to 3% of the share capital of the Company, which have been sold to VP, alongside Alcedo and Cap2; and (ii) on the first anniversary of Closing Date, the CEO shall have the right to (subject to certain conditions) purchase from VP, a share in the corporate capital of the Company equal to 1%, at a price of Euro 10,000 (the “CEO Contingent Share”); |
| (e) | on the date hereof, VP and the Sellers have consummated the closing under the SPA (the “Closing”) and VP purchased a share equal to 97% of the Company’s corporate capital; |
| (f) | at Closing, a shareholders’ meeting of the Company has resolved to change its corporate form from a “società a responsabilità limitata” into a “società per azioni” and to adopt new by-laws in the form attached hereto as Exhibit B. The relevant resolution is in the process of being registered in the public records, in accordance with art. 2436 of the Code; |
| (g) | The SOP Agreements provide that, at Closing of the SPA, VP and the CEO shall, among other things, enter into the present agreement (the “Agreement”) whereby they intend to grant each other certain put and call option rights over the CEO Contingent Shares (as defined above), at the below terms and conditions; |
NOW, THEREFORE, in consideration of the premises (which constitute an integral part of this Agreement) the Parties hereby covenant and agree as follows.
| 1. | DEFINITION |
For the purposes of this Agreement, the following words and terms, where written with an initial capital letter, shall have the meaning set forth below.
“Accounting Principles” shall have the same meaning as in the SPA.
“Affiliate” shall mean, with respect to any Person (as defined below), an individual, corporation, partnership, firm, association, unincorporated organization or other entity directly or indirectly controlled by such Person.
“Agreement” shall mean this put and call option agreement.
“Annual Financial Statements” shall mean, when referring to any year, the audited annual financial statements of the Company (composed of a balance sheet, a loss & profit account and an explanatory note) related to the Company’s fiscal year ending in such year, drafted in accordance with the Accounting Principles and approved by the shareholder’s meeting of the Company, it being in any event agreed and understood that the Annual Financial Statements shall always be prepared to cover a 12-month period (therefore, should at any moment the Company change its fiscal year end, the Annual Financial Statements shall refer to the fiscal years ending at such new fiscal year ends, but shall in any event cover a 12 month period; for any fiscal year of the Company that may result shorter or longer than twelve months as a result of the change, the Annual Financial Statements shall be prepared on a 12-month-period basis, in accordance with the Accounting Principles, audited and approved by the board of directors of the Company rather than by the shareholder’s meeting).
“Business” shall mean the business currently carried out by the Company of digital printing and offset printing.
“Business Day” shall mean any calendar day other than Saturdays, Sundays and any other days on which commercial banks are authorized to close in Milan (Italy).
“Call Option” shall have the meaning set forth in section 2.1(b).
“Call Option Periods” shall mean any of the following periods:
| (a) | the period starting from the Purchase Price Determination Date regarding the Company’s Fiscal Year 2017 and ending 30 (thirty) Business Days thereafter; |
| (b) | the period starting from the Purchase Price Determination Date regarding the Company’s Fiscal Year 2018 and ending 30 (thirty) Business Days thereafter; |
| (c) | the period between the date VP has sent the Significant Transaction Notice to the CEO in accordance with section 5.3(a) below and 15 (fifteen) Business Days from the date of receipt by the CEO of such Significant Transaction Notice, in accordance with the terms of section 5.3(b) below; |
| (d) | the period between the termination of the Employment Relationship for whatsoever reason and 30 (thirty) Business Days thereafter, as provided in section 5.3(a) below. |
| (e) | any other different period when the Call Option may become exercisable under this Agreement (therefore including the specific cases provided in sections 5.1). |
“CEO” shall means Mr Alessandro Tenderini, as set forth in the preamble.
“CEO Contingent Share” shall mean a share in the corporate capital of the Company equal to 1%, that the CEO shall be entitled to purchase from VP (subject to certain conditions) on the first anniversary of the Closing Date, at a price of Euro 10,000, in accordance with the SOP Agreements.
“Closing Date” shall mean the date when VP and the Sellers have consummated the closing under the SPA.
“Closing of an Option” shall mean, upon exercise of an Option, the purchase and sale of the CEO Contingent Shares, the payment of the Purchase Price and the endorsement and delivery to VP of the certificates representing the CEO Contingent Shares in order to Transfer full title to all the Contingent CEO Share to VP, in all cases free of any Encumbrances, as well as all the other actions to be taken at Closing as indicated in section 4 below.
“Closing of an Option Date” shall mean the date set forth, as the case may be, in section 2.2, when the Closing of an Option shall be perfected.
“Code” shall mean the Italian Civil Code, as currently in force.
“Company” shall mean Pixartprinting S.r.l., as set forth in the preamble.
“Control” shall mean the right to, directly or indirectly, control or cast a majority of the voting rights exercisable at a shareholders’ meeting (or its equivalent) of the Person concerned; or the possession, directly or indirectly, whether individually or jointly with another Person, of the ability or power to direct or procure the direction of the management and policies of such Person, whether through the ownership of shares or other equity interests, by contract or otherwise, in accordance with Article 2359 of the Code.
“Employment Relationship” shall have the meaning set forth in section 5.3(a).
“Encumbrances” shall mean any encumbrance, lien, charge, security, mortgage, pledge, usufruct, pre-emptive right, option, right of first refusal, reservation, order, decree, judgment, condition, claim or any kind of restriction or third-party right, as the context may require.
“Expert” shall mean Deloitte & Touche S.p.A., it being understood that, should the Expert, for any reason, refuse or declare to be unable to perform or complete the performance of the services in accordance with this Agreement within 10 (ten) Business Days of being requested to do so in writing by the Parties, unless they agree on its replacement within the following 10 (ten) Business Days, either Party shall have the right to request the President of the Court of Treviso to appoint the Expert chosen among the accounting firms of international standing and reputation, with the exclusion of the auditing firm that, from time to time, is in charge of auditing the accounts of any of the Parties. In any case, the engagement of the Expert shall be governed by the applicable provisions of this Agreement and by the terms and conditions generally applied by the Expert to similar engagements, to the extent that such terms and conditions do not conflict with the provisions of this Agreement, which the Parties covenant to accept (including any provision regarding limitations of liability and indemnities). The execution of any engagement letter or similar document with the Expert will not be a condition to the effectiveness of the provisions of section 3.6.
“Fiscal Year” shall mean, when used with reference to any Annual Financial Statements and/or Reported Ebitda, a 12-month period ending on the relevant fiscal year end (e.g., assuming the Company will change its current fiscal year end from December 31, to June 30, and the new fiscal year end after December 31, 2014 will be June 30, 2015, the Fiscal Year 2015, for purpose of the 2015 Annual Financial Statements and the 2015 Reported Ebitda, shall be the period between July 1, 2014 and June 30, 2015; should the fiscal year end remain December 31, the Fiscal Year 2015 shall be the period from January 1, 2015 to December 31, 2015).
“Notice of Disagreement” shall have the meaning set forth in section 3.2.
“Notice of Exercise” shall mean a notice substantially in the form set out in Exhibit C notifying the addressee of the exercise of an Option, and specifying the place, in all cases in the city of Milan, where the relevant Closing of the Option shall occur on the Closing of the Option Date.
“Options” shall mean, jointly, the Call Option and Put Option (and each of them, individually, an “Option”).
“Option Periods” shall mean, jointly, the Call Option Periods and the Put Option Periods (and each of them, an “Option Period”).
“CEO Contingent Shares” shall mean the shares representing in the aggregate, 1% of the entire outstanding corporate capital of the Company which may be purchased by the CEO pursuant to the options granted under the SOP Agreements,.
“Party/ies” shall have the meaning set forth in the preamble.
“Person” shall mean any individual, corporation (including the Company), partnership, firm, association, unincorporated organization or other entity.
“Purchase Price” shall mean the price, to be calculated pursuant to the provisions of Article 3.7, due by VP to the CEO for all the CEO Contingent Shares sold by the CEO to VP upon exercise of an Option, equal to:
| (a) | if the Reported Ebitda is lower or equal to € 20.300.000 (twenty million three hundred thousand euros): |
[(Reported Ebitda x 7.9) - Net Financial Position] x Participation Percentage
| (b) | if the Reported Ebitda is higher than € 20.300.000 (twenty million three hundred thousand euros): |
Participation Pertage x {€160,370,000 + [(Reported Ebitda - €20.300.000) x 10] - Net Financial Position}
where
“Net Financial Position” shall have the same meaning as Exhibit D.
“Participation Percentage” shall mean the percentage that the CEO Contingent Shares will represent of the outstanding corporate capital of the Company at the Closing of the Option Date (without prejudice to what is provided in section 5.3 (b) (iii) below);
it being further understood that, in any event, should an Option be exercised at any time before the end of 2015 Fiscal Year, the Purchase Price shall be equal to the purchase Price Under the SPA (as below defined).
“Purchase Price Determination Date” shall mean the date on which the Reported Ebitda and the Net Financial Position related to each relevant Fiscal Year shall become final and definitive as provided under section 3.7 below.
“Purchase Price Notice” shall have the meaning set forth in Section 3.1
“Purchase Price Under the SPA” shall be equal to Euro [—], plus 1% percent of the Earn-Out (as defined in the SPA).
“Put Option” shall have the meaning set forth in section 2.1(a).
“Put Option Periods” shall mean any of the following periods:
| (a) | the period starting from the Purchase Price Determination Date regarding the Company’s Fiscal Year 2015 ending 30 (thirty) Business Days thereafter; |
| (b) | the period starting from the Purchase Price Determination Date regarding the Company’s Fiscal Year 2016 ending 30 (thirty) Business Days thereafter, |
| (c) | the period starting from the Purchase Price Determination Date regarding the Company’s Fiscal Year 2017 ending 30 (thirty) Business Days thereafter; |
| (d) | the period between the date VP has sent the Significant Transaction Notice to the CEO in accordance with section 5.3 (a) below and 15 (fifteen) Business Days from the date of receipt by the CEO of such Significant Transaction Notice, in accordance with the terms of section 5.3(b) below; |
| (e) | the period of 20 (twenty) Business Days from the date of registration of the corporate resolution approving a capital increase, as provided by, and in accordance with the terms of section 5.3(c) below. |
“Reported Ebitda” shall have the meaning as indicated in Exhibit E.
“Related Party” shall have the meaning ascribed to it under IAS 24.
“Significant Transaction” shall mean the signing of a binding agreement or other equivalent binding document (regardless of whether it may be subject to condition precedents, including the exercise of an Option in accordance herewith)
| (a) | with a third party contemplating the Transfer by VP to, or the acquisition by such third party of, whether by way of a share purchase, merger, spin-off, contribution in kind, dedicated capital increase, or any other similar transaction, a substantial participation (i.e., at least 33%) in the corporate capital of the Company (or of any entity where the Company’s Business may result to be transferred as effect of such merger, spin-off or similar transaction), or any transaction whose effect would be for VP or VP’s Affiliates or Related Parties to be no longer in Control of the Company or its Business, or |
| (b) | with one or more VP Affiliates engaged in industrial or commercial operations, contemplating a merger of the Company with such Affiliate/s, provided the merger would be justified by a valid business reason and would result in a combination of the Company’s Business with the significant business of such VP’s Affiliates. |
“Significant Transaction Notice” shall mean a written notice of a Significant Transaction sent by VP to the CEO by registered mail with return receipt, in accordance with section 5.3 (a) below and which shall include a copy of the relevant binding agreement (or equivalent binding document) and indicate a brief description of the envisaged Significant Transaction, with the amount of shares to be transferred to/acquired by the third party, and the identity of such third party.
“Significant Transaction Date” shall mean the date when a binding agreement (or equivalent binding document) related to a Significant Transaction has been signed by all the relevant parties thereto.
“SPA” shall have the meaning set forth in whereas clause (b).
“Transfer” shall mean, when referred to participation in a company, any legal transaction or act (“negozio giuridico”) between living persons (“inter vivos”), either for free or against consideration, in whatever form and howsoever made (including the sale, the gift, the exchange, the swap, the contribution in kind, the merger, the demerger or the distribution in the context of the company’s liquidation process) and/or fact causing or howsoever determining, directly or indirectly, the transfer (also on a temporary basis, subject to a term or by way of a trust or fiduciary registration) or the obligation to transfer rights over the participation. The verb to Transfer should be construed accordingly.
“VP” shall have the meaning set forth in the preamble or, in the event that VP has availed itself of the right provided in section 2.5 to designate another Person for the purposes of this Agreement, “VP” shall mean, where the context so requires, also the Person so designated.
| 2. | PUT AND CALL OPTIONS |
| 2.1 | The Options |
Upon the terms and conditions of this Agreement, and pursuant to section 1331 of the Code:
| (a) | VP hereby grants to the CEO an irrevocable option whereby the CEO shall have the right, but shall not be obliged, to sell to VP, which shall be instead obliged to purchase, all (but no less than all) the CEO Contingent Shares, for an aggregate consideration equal to the Purchase Price (the “Put Option”); and |
| (b) | the CEO hereby grants to VP an irrevocable option whereby VP shall have the right, but shall not be obliged, to purchase from the CEO, which shall be instead obliged to sell, all (but no less than all) the CEO Contingent Shares, for an aggregate consideration equal to the Purchase Price (the “Call Option”). |
| 2.2 | Exercise of the Options |
Save as otherwise expressly indicated in this Agreement, (i) the Put Option may only be exercised during any of the Put Option Periods and shall become of no further effect for such period if not exercised by the end of such period, and (ii) the Call Option may only be exercised during any of the Call Option Periods and shall become of no further effect for such period if not exercised by the end of such period.
Either Option will be exercised by sending to the relevant Party a Notice of Exercise, which, once delivered, shall be irrevocable.
The Transfer of the CEO Contingent Shares and the other activities required for the Closing of the Option shall take place on the 10th Business Day from the receipt of the Notice of Exercise by the relevant Party (“Closing of the Option Date”) and in accordance with section 4 below (it being understood that, in case a Notice of Exercise is being validly sent by both Parties for both a Put and a Call Option, the 10 Business Days shall start running from the earlier date when the first Notice of Exercise is received).
| 2.3 | Condition precedent |
The effectiveness of this Agreement is conditional upon the circumstance that the CEO Contingent Shares have been purchased by the CEO as effect of the option exercised in accordance with the terms and conditions of the SOP Agreements, it being further understood that (i) any withholding due on the exercise of such option in relation to the Contingent Share that cannot be withheld from the compensation due to the CEO in connection with the Employment Relationship, shall be procured within 7 (seven) Business Days of the relevant request by the CEO to Company or the Buyer, depending on which will be responsible to make the payment of such withholding amount to the relevant tax authorities.
| 2.4 | Consideration for granting of the Options |
The Parties hereby acknowledge that (i) a satisfactory consideration for the granting of the Call Option is constituted by the granting of the Put Option and vice versa and that (ii) no other consideration shall be due by either Party to the other in respect of the granting of the respective Option.
| 2.5 | Right of designation of VP |
VP shall have the right to designate an Affiliate of VP, pursuant to section 1401 of the Code, to purchase and pay for the CEO Contingent Shares in accordance with the terms hereof, provided that such designation is made in compliance with the following provisions:
| (a) | anything in any applicable provisions of law to the contrary notwithstanding, such designation will be validly and sufficiently made if notified in writing to the CEO together with the written acceptance of the Affiliate so designated; |
| (b) | any designation pursuant to preceding paragraph shall be submitted to the CEO no later than 5 (five) Business Days prior to the Closing of the Option Date; |
| (c) | the Affiliate so designated shall be a company controlled, directly or indirectly, by VP, or under the same control of VP; |
| (d) | VP and the Person so designated shall be jointly and severally liable to the CEO for any obligation arising from this Agreement. |
In case of exercise of the Call Option under section 5.3(a), VP shall have the right to also designate the third party in a Significant Transaction, provided that, in such case, the designation shall be made in compliance with (a), (b) and (d) above.
| 3. | DETERMINATION OF THE PURCHASE PRICE IN CASE OF EXERCISE OF THE OPTIONS |
| 3.1 | For so long as a particular Option remains exercisable, within 120 days as of the end of each Fiscal Year 2015, 2016, 2017 and (with respect to the Call Option) 2018, VP shall deliver to the CEO: |
| (a) | the Annual Financial Statements of the relevant Company’s Fiscal Year that has been just closed; |
| (b) | the Reported Ebitda and the Net Financial Position, calculated from such Financial Statements in accordance with this Agreement, including a breakdown of the value of the items on the basis of which they have been determined; |
| (c) | the Purchase Price for the CEO Contingent Shares, calculated in accordance with this Agreement. |
(the “Purchase Price Notice”).
| 3.2 | In the event the CEO intends to dispute the Annual Financial Statements or to object in any way to the determination of Reported Ebitda or of the Net Financial Position as determined by VP, the CEO shall deliver to VP, within 20 (twenty) Business Days of the date of receipt of the Purchase Price Notice, a notice of disagreement (the “Notice of Disagreement”), containing the indication of all objected items (the “Items of Disagreement”), as well as of the reasons underlying any and all Items of Disagreement. |
| 3.3 | During the period between the issuance of the Purchase Price Notice and the expiration of the term set forth in section 3.2 above, VP shall, and shall cause the Company to, provide the CEO with all information, documents, assistance and cooperation (including access to the management and the Company’s premises, upon reasonable notice and during normal business hours, and accompanied by the Company’s board member(s) designated by VP) that the CEO will reasonably request for the purpose of verifying, directly or through his advisors, the information provided by VP pursuant to section 3.1 above. |
| 3.4 | It is understood that, absent a Notice of Disagreement being duly and timely delivered as provided above, the determination of the Reported Ebitda and of the Net Financial Position made in the Purchase Price Notice shall become final and binding for all the Parties, in accordance with section 3.7 below. |
| 3.5 | If the CEO delivers to VP a Notice of Disagreement, VP and the CEO shall attempt, within 10 (ten) Business Days of the date of receipt of the Notice of Disagreement by the CEO, to settle in good faith the Items of Disagreement resulting from the Notice of Disagreement. |
| 3.6 | In the event that, the term under section 3.5 above lapses without all Items of Disagreement having been agreed to by the Parties in writing, the outstanding Items of Disagreement shall be submitted, by the most diligent Party, to the determinations and evaluations of the Expert, pursuant to the following: |
| (a) | the Expert’s determination shall be limited to the Items of Disagreement that were not agreed to by the Parties, and shall not state upon any other item or issue. The Expert shall be entitled to resolve any dispute among VP and the CEO on the interpretation of the provisions of this Agreement as necessary to the determination of the items and amounts provided for under section 3.1 above, to the extent that the resolution of such dispute is necessary for, or instrumental to, the delivery of the Expert’s determination; |
| (b) | decide on the Items of Disagreement in accordance with the Accounting Principles and the provisions of this Agreement (including Exhibit D and Exhibit E) and make such modifications to the Reported Ebitda and the Net Financial Position as are needed to be consistent with such decisions; |
| (c) | VP shall, and shall cause the Company to, provide the Expert with all information, documents, assistance and cooperation (including access to the management and the Company’s premises upon reasonable notice and during normal business hours) that the Expert will reasonably require for the purpose of fulfilling its duties hereunder; |
| (d) | without prejudice to VP’s undertakings under letter (c) preceding, the Parties shall actively and promptly cooperate with the Expert in connection with all matters contemplated under this section 3.6; |
| (e) | the Expert will act as a contractual expert (“perito contrattuale”) and not as an arbitrator (“arbitrore”); |
| (f) | any fees or expenses in relation to the activities of the Expert shall be borne equally by VP and the CEO in equal parts; and |
| (g) | the Expert shall issue its determination and deliver it to both VP and the CEO within 20 (twenty) Business Days from the date on which the request pursuant to this Section 3.6 was submitted. |
| 3.7 | The Parties agree that the purchase Price shall be calculated based on the Reported Ebitda and the Net Financial Position of the relevant Annual Financial Statements as follows: |
| (a) | should no Notice of Disagreement be duly and timely delivered in accordance with above provisions, the Purchase Price shall be that indicated in the Purchase Price Notice (in such case, the Purchase Price Determination Date shall be considered to fall 10 Business Days after the receipt of the Purchase Price Notice); or |
| (b) | should a Notice of Disagreement be duly and timely delivered in accordance with above provisions, the Purchase Price shall be equal to: |
| (i) | the Purchase Price as agreed by the Parties in writing (in such case, the Purchase Price Determination Date shall be considered to be the date when the Parties have entered into the written agreement in this respect); or, absent such written agreement, |
| (ii) | the Purchase Price resulting from the Reported EBITDA and the Net Financial Position as determined by the Expert, in accordance with the above provisions (in such case, the Purchase Price Determination Date shall be the 3rd (third) Business Day after the later of the following dates: (x) the expiration of the 20-(twenty)-Business-Day term indicated in section 3.6 (g) above for the Expert to issue its determination and deliver it to VP and the CEO or (y) the actual delivery of such written determination to both of them). |
| 4. | THE CLOSING OF THE OPTION |
| 4.1 | Date and Place of Closing of the Option |
Subject to an Option having been timely and validly exercised through the service of a Notice of Exercise, the Closing of the Option shall take place on the Closing of the Option Date in Milan (or in the other place agreed in writing between the Parties), at the address and time as indicated in the relevant Notice of Exercise, or at such other place, date and time as the Parties may thereafter agree in writing.
| 4.2 | Transfer of Title |
Upon the occurrence of the Closing of the Option, VP will acquire title to the CEO Contingent Shares, together with all rights attaching thereto (including the right to receive all distributions and dividends declared in respect thereof, if any, it being understood, for purpose of clarity, that any undistributed dividend related to any previous fiscal year up to and including the fiscal year on which the Purchase Price has been determined shall be for the account of VP) starting from the Closing of the Option Date.
| 4.3 | Deliveries |
At the Closing of the Option:
| (a) | VP shall: |
| (i) | pay the Purchase Price to the CEO by wire transfer of immediately available funds on the bank account that shall be communicated in writing by the CEO by and no later than 5 (five) Business Days before the Closing of the Option Date. |
| (b) | The CEO shall: |
| (i) | should the CEO be a director of the Company, deliver to VP the its resignation letter as director of the Company, such letter to declare that he shall not have any rights or claims against the Company deriving from his having served as director of the Company (except for any expense incurred but not yet reimbursed); |
| (ii) | save for what provided in section 4.5 below, endorse and deliver to VP, before the notary public that shall be designated by VP in writing no later than 5 (five) Business Days prior to the Closing of the Option Date, the share certificates representing all, and no less than all, of the CEO Contingent Shares in order to transfer full title to all of the CEO Contingent Shares to VP, free and clear of any Encumbrances (subject to fulfillment by VP of its obligations under Paragraph 4.3(a)(i)); |
| (iii) | execute and deliver such instruments in respect of the purchase and sale of the CEO Contingent Shares as may be necessary, under the applicable provisions of law, to properly effect the purposes of this Agreement; |
| 4.4 | One Transaction |
All actions and transactions constituting the Closing of the Option pursuant to section 4.3 above shall be regarded as one single transaction, so that, at the option of the Party having interest in the performance of any relevant specific action or transaction, no action or transaction constituting the Closing of the Option shall be deemed to have taken place if and until all other actions and transactions constituting the Closing of the Option shall have been properly performed in accordance with the provisions of this Agreement.
| 4.5 | Further undertakings of the CEO |
| (a) | The Parties acknowledge that the SPA already provides that, subject to the condition precedent of the exercise of the Option by either Party, all the representations and warranties and indemnification obligations of the CEO vis-à-vis VP and the Company under the SPA shall also extend, at the same terms and conditions, to the 1% portion of the corporate capital of the Company represented by the CEO Contingent Shares at the date of the Closing under the SPA, as if such CEO Contingent Shares had also been transferred to VP at such date as part of the CEO Share (as defined in the SPA). It is therefore hereby understood and agreed that, subject to the above condition precedent: |
| (i) | all the representations and warranties and the indemnification obligations of the CEO under the SPA shall be considered as rendered to VP and the Company with reference only to the period until the date of the Closing under the SPA and not for the period thereafter; |
| (ii) | the Parties acknowledge and agree that VP or the Company shall be entitled to raise a claim for indemnification in accordance with the terms and conditions of the SPA also before the exercise of any Option and, therefore, also with respect to the CEO Contingent Shares, while the above mentioned condition is still pending. With respect to any Loss that should result to be due by the Sellers to VP or the Company as consequence of any such claim under the SPA, a portion corresponding to 1% of such a Loss would automatically become due by the CEO to the Buyer contingent upon the exercise of the Option by either the CEO or VP, and the payment due for such portion of the Loss can be subtracted from the payment of the Purchase Price due by VP to the CEO hereunder, (any balance to be paid in cash as provided under the SPA). |
| (b) | In addition and without prejudice to the representation and warranties made by the CEO under the SPA and under Paragraph (a) above, the CEO hereby further makes the following representations and give the following warranties to VP, each of which shall be true and correct as of, and as though made on, the date of this Agreement and the Closing of an Option Date: |
| (i) | The CEO is and will be, at the Closing of an Option Date, the absolute legal, beneficial and exclusive (not “in comunione dei beni”) owner of the CEO Contingent Shares, which are and will be free from any security or other right of any third party (other than the pledge under the Pledge Agreement and save for what provided under this Agreement), and are |
| and will not be subject to any attachment, foreclosure (pignoramento), seizure (sequestro) or to any other measure restraining the capacity to dispose of or benefit from the CEO Contingent Shares or which may adversely affect the ability of VP to exercise the Option and become the unconditional owner thereof. |
| (c) | The CEO shall fully indemnify VP or the Company for any breach of the above representations and warranties, on a Euro by Euro basis and for the entire duration of the relevant corresponding statute of limitation, if any. |
| (d) | It is further agreed that the Parties’ obligations to proceed with the Closing of the Option hereunder as consequence of the exercise of an Option shall in no manner be conditioned, refused, delayed or suspended as consequence of any dispute that may arise under the SPA and that the exercise of the Option and the enforcement of the parties’ rights to proceed with the Closing of the Option shall be considered as separate and stand alone obligations/rights independent from the SPA and from any event related to it. |
| 5. | OTHER PROVISIONS REGARDING THE CEO CONTINGENT SHARES |
| 5.1 | Lock-up obligations |
Without prejudice to the other provisions of this Agreement, during the term of 5 (five) years from the date hereof, the CEO shall not Transfer, or permit the Transfer, in any manner or for any cause whatsoever, the right of ownership (“proprietà”) or the bare ownership (“nuda proprietà”) over any interest in (including, therefore, any option right to subscribe for new shares) the CEO Contingent Shares.
Any breach of this Section 5.1 shall trigger (x) the automatic loss of any right of the CEO to exercise any Put Option and (y) the right (but not the obligation) for VP to exercise the Call Option at any time, starting immediately from the moment VP becomes aware of the breach, i.e., also before the Call Option Period, through the sending of the relevant Notice of Exercise. In such case, the Purchase Price will be calculated based on the Annual Financial Statements and the relevant Reported Ebitda and Net Financial Position of the Fiscal Year immediately before the year when the Call Option is so exercised (as determined pursuant to section 3.7 above), it being further agreed that, (i) should the Annual Financial Statements for such prior year not yet be approved or should the Reported Ebitda and the Net Financial Position related to such Annual Financial Statements not yet be finally determined between the Parties pursuant to section 3.7 above, the Closing of the Option Date shall automatically be considered to be 10 Business Days from the relevant Purchase Price Determination Date, and (ii) in any event, should the Option be exercised at any time before the end of 2015 Fiscal Year, the Purchase Price shall be equal to the Purchase Price Under the SPA.
| 5.2 | Pre-emption Right |
The Parties agree that the by-laws adopted by the Company at Closing include a pre-emption clause which has been inserted exclusively in the interest of VP and as a protection for VP against possible Transfers of the CEO Contingent Shares to
unapproved third parties. The CEO hereby agrees and accepts that, should VP so decide in the future, the clause can be removed from the by-laws, also without the agreement of the CEO in this respect and that the CEO shall have no right to withdraw from the Company as effect of such a resolution. It is also further understood that in case of any inconsistency between the provisions of the Company’s by-laws and the provisions of this Agreement, the latter shall prevail.
| 5.3 | Put and Call Options triggered by specific events |
The parties agree on the following:
| (a) | should, at any moment and for whatsoever reason, the CEO cease to be an employee of the Company, or of any company controlling, controlled by, or under common control with, the Company (the “Employment Relationship”), VP shall have the right exercise the Call Option, by sending to the CEO a Notice of Exercise within 30 (thirty) Business Days as from the date of termination. |
The relevant Purchase Price of the Call Option shall be determined as follows:
| (i) | should the Employment Relationship be terminated before the end of the Fiscal Year 2015, the Purchase Price shall be equal to the Purchase Price Under the SPA; |
| (ii) | should the Employment Relationship be terminated after the end of the Fiscal Year 2015, the Purchase Price shall be determined in accordance with paragraph 3 above; |
| (b) | should VP, at any moment during the term of 5 years from the date hereof, enter into a Significant Transaction, the CEO and VP shall have the right to exercise, respectively, the Put and the Call Option over the CEO Contingent Shares, in accordance with the following provisions: |
| (i) | VP shall notify the CEO of the existence of such Significant Transaction within 20 (twenty) Business Days from the Significant Transaction Date, by sending a Significant Transaction Notice within the same term; |
| (ii) | VP and the CEO shall have the right to exercise, respectively, the Call Option and the Put Option by sending to the other Party a Notice of Exercise during the period between the date VP has sent the Significant Transaction Notice to the CEO in accordance with (a) above and 20 (twenty) Business Days from the date of receipt by the CEO of such Significant Transaction Notice; |
| (iii) | in either case, the relevant Purchase Price shall be the higher of: |
| (x) | the purchase price of the Company offered by the third party, attributable to the percentage of the corporate capital of the Company represented by the CEO Contingent Share; and |
| (y) | the Purchase Price derived from the Reported Ebitda and the Net Financial Position of the relevant Annual Financial Statements of the Fiscal Year immediately prior to the year when the Option is so exercised, it being further understood that, should the relevant Annual Financial Statements not yet been approved or should the Reported Ebitda and the Net Financial Position related to such Annual Financial Statements of such prior year not yet been finally determined between the Parties pursuant to section 3.7 above, the Closing of the Option Date shall automatically be considered to fall on the 10th Business Day after the relevant Purchase Price Determination Date; |
| (c) | should the Company, at any moment during the term of five years from the date hereof, resolve upon any capital increase (other than (a) capital increases required under mandatory provisions of law in case of the Company’s losses, in order to reconstitute the Company’s capital and maintain it up to the minimum level provided by the law; or (b) capital increases contemplated by any Significant Transaction) which, if not subscribed by the CEO, would determine a dilution of his participation in the Company, the CEO, as an alternative to his right to subscribe for his portion of such capital increase in accordance with applicable laws (or should such right of the CEO to subscribe be excluded for any reason), shall have the right to exercise the Put Option in accordance with the following provisions: |
| (i) | The Put Option shall be exercised during the period of 20 (twenty) Business Days from the date of registration of the relevant resolution of the capital increase in the Companies’ Register, by sending to VP a Notice of Exercise within such term (it being understood that VP shall cause the Company not to set the term for the subscription of the capital increase prior to the expiration of such term); |
| (ii) | in such case, should the Option be exercised, the Purchase Price will be calculated based on the Annual Financial Statements and the relevant Reported Ebitda and Net Financial Position of the Fiscal Year immediately before the year when the relevant shareholders’ resolution resolving upon such capital increase has been adopted (as determined pursuant to section 3.7 above), it being further agreed that: |
| (a) | unless the capital increase is required under mandatory provisions of law in case of the Company’s losses, in order to reconstitute the Company’s capital from the minimum required by the law up to the current level of € 1 million of nominal value, the Purchase Price shall be determined according to the following formula: |
[(Reported Ebitda x 10) - Net Financial Position] x Participation Percentage
it being understood that the Participation Percentage shall in any event be equal to the percentage of the corporate capital of the Company represented by the CEO Contingent Shares prior to the execution of the capital increase (and therefore without giving effect to any possible dilution deriving therefrom); and
| (b) | should the Annual Financial Statements for such prior year not yet be approved, or should the Reported Ebitda and the Net Financial Position related to such Annual Financial Statements not yet be finally determined between the Parties pursuant to section 3.7 above, the Closing of the Option Date shall automatically be postponed to the 10th Business Day following the Purchase Price Determination Date. |
| 5.4 | Exemptions |
Neither the lock-up obligations under section 5.1 above, nor the Pre-emption Right under section 5.2 shall apply:
| (a) | to any Transfer of the CEO Contingent Shares by the CEO to VP or to VP’s Affiliates or Related Parties or as consequence of the exercise of an Option; |
| (b) | to any Transfer of CEO Contingent Shares that has been authorized beforehand in writing by VP (in its sole discretion), provided that the prior authorization of a Transfer as exception of the CEO’s lock-up obligations under section 5.1 above shall not constitute a waiver of the Pre-emption Right and that the authorized third party shall have to adhere to this Agreement so as to be bound by the terms of this Agreement applicable to the CEO (which shall remain jointly liable with such authorized third party for the relevant compliance). |
| 6. | DURATION |
All the provisions of this Agreement shall have duration according to their respective terms.
In particular, the undertakings of the CEO under section 4.5 are to be considered as independent and autonomous obligations with respect to the Transfer of the CEO Contingent Shares and as such the VP’s rights under such section 4.5 shall not be subject to the statute of limitations and decadence set out in art. 1495 of the Code.
| 7. | MISCELLANEOUS PROVISIONS |
| 7.1 | Confidential Information |
The CEO hereby agrees that, without VP’s prior written consent, from the date hereof to the 2nd anniversary of the Closing of the Option Date, he shall keep secret and confidential all information in his possession relating to the Company, with the exception of information that: (a) is, or subsequently becomes, available to the public, or is otherwise disclosed to third parties, through no fault of the CEO, (b) is independently developed by the CEO, or (c) must be released or disclosed pursuant to the provisions or requirements of any provisions of law enacted or rule issued by any competent authority or other regulatory or stock exchange authority having jurisdiction on the CEO.
| 7.2 | Announcements |
Except as otherwise required under any applicable provisions of law or rule issued by a competent authority or other regulatory or stock exchange authority (including, the U.S. Securities and Exchange Commission or the Nasdaq Stock Market) having jurisdiction on VP or its Affiliates, no publicity, release or announcement concerning the execution or delivery of this Agreement, any of the provisions contained herein or the transactions contemplated hereby will be issued without the prior written consent and approval, as to both form and content, of the other Party, provided that such consent or approval shall not be unreasonably withheld or delayed.
| 7.3 | Changes in Writing |
This Agreement:
| (a) | constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements relating to the same subject matter; |
| (b) | may not be waived, changed, modified or discharged orally, but only by an agreement in writing signed by the Party against whom enforcement of any such waiver, change, modification or discharge is sought. |
| 7.4 | No Assignment |
This Agreement and all of the terms and conditions hereof shall be binding upon, and inure to the benefit of, each of the Parties hereto and their respective successors. Neither Party may assign any of its rights, interests or obligations hereunder without the prior written consent of the other Party, which will not be unreasonably withheld, except that VP shall be entitled to assign all its rights and obligations hereunder to any Affiliate, provided that, in such case, VP shall remain jointly liable with such Affiliate for any obligations vis-à-vis the CEO hereunder.
| 7.5 | Notices |
Any communication or notice required or permitted to be given under this Agreement shall be made in writing by registered mail with return receipt or by facsimile confirmed by the transmission report or by internationally recognized courier (return receipt requested) (and shall be deemed to have been duly and validly given upon the signing of the return receipt by the recipient or upon the date of the fax transmission report), addressed as follows:
| (a) | if to VP, to: |
Vistaprint Italy S.r.l.
to the attention of: Ernst Teunissen
Piazza Filippo Meda 3
20121, Milan
Email: ***@***
With copy to, which shall not constitute notice
Studio Professionale Associato a Baker&McKenzie
To the attention of Alberto Semeria
Piazza Filippo Meda 3
20121, Milan
Telefax: +39 02 76231622
***@***
| (b) | if to the CEO: |
Alessandro Tenderini
Via Capuana n. 2/F
30034 Mira (VE)
Email: ***@***
With copy, which shall not constitute notice, to
Bonelli Erede Pappalardo
Via Barozzi 1
20122 Milan
Telefax: +39 02 77113260
To the attention of: Eliana Catalano
Email: ***@***
or at such other address as any Party may hereafter furnish to the other by written notice, as provided herein.
| 7.6 | Taxes and Other Expenses |
Any cost, tax, duty or charge arising in connection with the transactions contemplated by this Agreement, shall be borne and paid as follows:
| (a) | any income tax or capital gain due as a consequence of the sale and purchase of the CEO Contingent Shares shall be borne and paid for by the CEO; |
| (b) | the CEO shall pay its own fees, expenses and disbursements incurred in connection with the negotiation, preparation and implementation of this Agreement (including and any fees and disbursements owing to its auditors, advisors and legal counsel); |
| (c) | VP shall pay its own fees, expenses and disbursements incurred in connection with the negotiation, preparation and implementation of this Agreement and any fees and disbursements owing to its auditors, advisors and legal counsel; |
| (d) | all costs and expenses (including notarial fees), transfer and registration taxes, duties or charges (including and taxes due according to Article 1, paragraph 491 and subsequent of Law no. 228/2012 (“tobin tax”)) for the sale and purchase of the CEO Contingent Shares shall be borne and paid for by VP; |
| (e) | for the avoidance of doubt, any and all costs and expenses relating to the auditing of the Annual Financial Statements shall be borne by the Company. |
| 7.7 | Severability |
If any of the provisions of this Agreement is or becomes invalid, illegal or unenforceable under the applicable provisions of law, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or impaired. The Parties shall nevertheless negotiate in good faith in order to agree on the terms of mutually satisfactory provisions achieving, as closely as possible, the same commercial effect, to be substituted for the provisions found to be void or unenforceable.
| 7.8 | Joint liability |
The Parties hereby agree that VPNV shall be jointly and severally liable (“resposnabilità solidale”) with VP for all the obligations of the latter hereunder.
| 7.9 | Further Assurances |
The Parties covenant and agree that they will, at the request and expense of any requesting Party, execute and deliver such documents and do all such other acts and things as the requesting Party, acting reasonably, may from time to time request to be executed or done in order to better evidence or perfect or effectuate any provision of this Agreement or of any agreement or other document to be executed pursuant to this Agreement.
| 7.10 | Payments |
Unless otherwise provided for in this Agreement, any payment due by a Party to the other Party, according to the provisions of this Agreement shall be made on the due date thereof, with value on such date, in immediately available funds by wire transfer to the bank account designated by the payee at least 3 (three) Business Days prior to the date on which the payment is due.
| 7.11 | Interpretative Matters |
For the purposes of this Agreement the following rules of interpretation shall apply.
| (a) | Gender and Number. Any reference in this Agreement to gender shall include all genders, and terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa. |
| (b) | Headings. The division of this Agreement into Articles, sections, paragraphs and other subdivisions and the insertion of headings are for convenience of reference only and shall not be utilized in construing or interpreting this Agreement. |
| (c) | Paragraph/Section/Exhibit/Article. All references in this Agreement to any “paragraph”, “section”, “Exhibit” and/or “article” are to the corresponding paragraph, section, Exhibit and/or article, respectively, of this Agreement. |
| (d) | Herein and similar. Words such as “herein”, “hereinafter”, “hereof” and “hereunder” refer to this Agreement as a whole and not to any particular provision hereof. |
| (e) | Exhibits. The Exhibits attached to this Agreement shall be construed with, and as an integral part of, this Agreement. |
| (f) | Including. Words such as “including” or “included” shall be deemed to have been followed by the expression “without limitation”. |
| 7.12 | Survival |
The provisions included in sections 4.3, 7.1, 7.2, 7.4, 7.6 and, in general, all other clauses of this Agreement providing for any obligation of the Parties to be performed after the Closing of the Option Date shall remain in full force and effect after (and notwithstanding the occurrence of) the Closing of the Option, without the need for any of the Parties to reiterate or otherwise confirm their commitment with respect thereto.
| 8. | APPLICABLE LAW |
This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of Italy.
| 9. | ARBITRATION |
Any dispute arising out of or related to this Agreement shall be finally settled by arbitration under the Rules of the Milan Chamber of Arbitration, by three arbitrators appointed in accordance with such Rules. The arbitration shall take place in Milan.
The arbitration shall be in accordance with the rules of the Italian code of civil procedure (‘rituale’) and in accordance with the Italian law (‘secondo diritto’). The language of the arbitration shall be Italian (although documents must also be submitted in English).
Without prejudice to the above, in respect of any dispute arising out of or related to this Agreement that, according to the provision of the applicable law, cannot be deferred to arbitration, the Court of Treviso shall have the exclusive jurisdiction.
EXHIBIT A
SOP Agreements
EXHIBIT B
New By-laws of the Company
STATUTO
Articolo 1 – Denominazione sociale
| 1.1 | È costituita una società per azioni denominata Pixartprinting S.p.A. (la “Società”). |
Articolo 2 – Sede
| 2.1 | La Società ha sede legale nel comune di Quarto d’Altino (VE) all’indirizzo che sarà comunicato dall’organo amministrativo al Registro delle Imprese di competenza. |
| 2.2 | L’organo amministrativo ha facoltà di istituire e di sopprimere ovunque unità locali operative (ad esempio, succursali, filiali o uffici amministrativi senza stabile rappresentanza) ovvero di trasferire la sede legale nell’ambito del Comune sopra indicato. |
Articolo 3 - Durata
| 3.1 | La durata della Società è stabilita fino al 31 dicembre 2050 salvo proroghe o anticipato scioglimento. |
Articolo 4 – Domicilio degli azionisti
| 4.1 | II domicilio degli azionisti (per tale intendendosi anche il numero di fax e l’indirizzo di posta elettronica), per qualsiasi rapporto con la società è quello risultante dal libro soci. E’ onere dell’azionista comunicare il cambiamento del proprio domicilio. |
| 4.2 | Salvo il caso in cui il presente Statuto richieda uno specifico mezzo di comunicazione, le comunicazioni ai soci di qualsiasi tipo sono effettuate con i seguenti mezzi: |
| (a) | lettera raccomandata o telegramma inviati all’indirizzo risultante dal libro soci; |
| (b) | fax o messaggio di posta elettronica inviati agli azionisti al numero di fax o all’indirizzo di posta elettronica indicati dagli azionisti alla Società; |
| (c) | lettera raccomandata consegnata a mani. |
| 4.3 | Resta fermo che quelli tra gli azionisti che non intendono indicare un’utenza fax, o un indirizzo di posta elettronica, o revocano l’indicazione effettuata in precedenza, hanno diritto di ricevere la comunicazione a mezzo raccomandata A.R., telegramma o raccomandata a mani. |
| 4.4 | Tutte le comunicazioni per le quali non vi sia prova di ricezione da parte del destinatario, si considerano validamente effettuate ove il destinatario stesso dia atto di averle effettivamente ricevute. |
Articolo 5 – Oggetto sociale
| 5.1 | La società ha per oggetto sociale lo svolgimento, in Italia e all’estero, delle seguenti attività, da svolgersi direttamente o per il tramite di partecipazioni in società, enti, consorzi o altre entità dalla stessa partecipate: |
| (a) | l’attività di stampa digitale e con qualsiasi altra tecnologia e forma; |
| (b) | la realizzazione di espositori, imballi e prodotti per il packaging ed il marketing; |
| (c) | l’elaborazione di dati per conto terzi e l’esplicazione di servizi amministrativi, commerciali e contabili nel rispetto delle norme di legge in materia. |
| 5.2 | La Società, in via non prevalente e del tutto accessoria e strumentale, per il raggiungimento dell’oggetto sociale potrà effettuare tutte le operazioni commerciali, industriali, e immobiliari, nonché, con espressa esclusione di qualsiasi attività svolta nei confronti del pubblico, effettuare operazioni finanziarie e mobiliari, concedere prestazioni di garanzia (fidejussioni, avalli, ipoteche, pegni e simili) a favore di soci e di terzi, nonché assumere, sia direttamente che indirettamente interessenze e partecipazioni in società, imprese, consorzi, associazioni e |
| comunque in altri soggetti giuridici aventi oggetto e/o finalità eguali, simili, complementari, accessorie, strumentali o affini ai propri, nonché costituire e/o liquidare Ì soggetti predetti. 3.3 La società potrà ottenere prestiti dai soci sia fruttiferi che infruttiferi di interessi e ciò secondo quanto consentito dalla normativa vigente. Resta esclusa qualsiasi forma di sollecitazione del pubblico risparmio. |
Articolo 6 – Capitale sociale
| 6.1 | Il capitale è di Euro 1.000.000,00 (un milione/00) suddiviso in n. 1.000.000 di azioni del valore nominale di Euro 1 (uno/00) cadauna. |
| 6.2 | Il capitale sociale può essere aumentato anche con conferimenti in natura e di crediti.. |
Articolo 7- Disciplina delle azioni
| 7.1 | Le Azioni sono nominative. Ciascuna dà diritto ad un voto. |
| 7.2 | Ogni azione è indivisibile. Il suo possesso implica adesione incondizionata al presente statuto. |
Articolo 8 – Diritto di prelazione
| 8.1 | Ai fini del presente art. 8, per: |
| (A) | “Azioni” si intendono le azioni, di qualsiasi categoria, nel capitale della Società; |
| (B) | “Partecipazioni” si intendono (i) le Azioni, (ii) qualsiasi diritto reale o personale, anche di garanzia, relativo alle Azioni (inclusi usufrutto e pegno), (iii) i diritti di opzione o sottoscrizione relativi alle Azioni (iv) ogni strumento di partecipazione nel capitale sociale della Società diverso dalle Azioni, (v) ogni altro titolo o diritto relativo all’acquisizione o alla sottoscrizione di Azioni o di diritti relativi ad Azioni o di strumenti di partecipazione nel capitale della Società; |
| (C) | “Trasferimento” e “Trasferire” e i termini derivati si intendono comprensivi di qualsiasi negozio inter vivos, sia a titolo oneroso sia a titolo gratuito ed in qualsiasi forma ed in qualsiasi modo effettuato (ivi inclusi, senza limitazione, la vendita, donazione, permuta, conferimento in società, fusione, scissione o assegnazione nell’ambito di liquidazione della Società) e/o fatto in forza del quale si consegua, direttamente o indirettamente, il risultato del trasferimento (anche a temporaneo, a termine o fiduciario) o dell’impegno al trasferimento, di diritti sulle Partecipazioni. |
| 8.2 | In caso di Trasferimento di Partecipazioni da parte di un azionista a terzi diversi dagli altri soci della stessa, è riservato agli altri azionisti il diritto di prelazione in conformità alle disposizioni che seguono (“Diritto di Prelazione”): |
| (A) | qualora un azionista intenda Trasferire a terzi (“Azionista Cedente”), in tutto o in parte, le proprie Partecipazioni, l’Azionista dovrà darne comunicazione, mediante lettera raccomandata con avviso di ricevimento, agli altri Azionisti, che dovrà contenere informazioni in merito all’identità del potenziale cessionario (“Potenziale Cessionario”), l’ammontare delle Partecipazioni oggetto di potenziale Trasferimento e il relativo corrispettivo, nonché ogni altro termine e condizione applicabile a tale Trasferimento concordato con il Potenziale Cessionario (“Offerta”); |
| (B) | ciascun azionista che voglia esercitare il proprio Diritto di Prelazione dovrà, entro 30 (trenta) giorni dalla data di ricevimento dell’Offerta (“Termine di Prelazione”), inviare una comunicazione scritta, mediante lettera raccomandata con avviso di ricevimento all’Azionista Cedente e, in copia, agli altri azionisti, al fine di manifestare la propria volontà di esercitare la prelazione per le Partecipazioni offerte alle medesime condizioni indicate nell’Offerta (“Comunicazione di Esercizio”), a condizione che il Diritto di Prelazione sia esercitato da ciascun azionista per tutte (e non meno di tutte) le Partecipazioni offerte dall’Azionista Cedente; |
| (C) | nel caso in cui ciascun azionista abbia esercitato il Diritto di Prelazione ai sensi del presente articolo 8.2, la vendita delle Partecipazioni per le quali sia stato esercitato il Diritto di Prelazione dovrà essere perfezionata entro e non oltre 25 (venticinque) giorni dal ricevimento della Comunicazione di Esercizio; |
| (D) | qualora gli altri azionisti non esercitino il Diritto di Prelazione ai sensi del presente articolo 8.2, le Partecipazioni dell’Azionista Cedente potranno essere liberamente trasferite al Potenziale Cessionario, purché tale Trasferimento avvenga entro 30 (trenta) giorni dalla scadenza del Termine di Prelazione e ai medesimi termini e condizioni indicate dall’Azionista Cedente nell’Offerta. Qualora tale Trasferimento (intendendosi per tale la stipula di un contratto di compravendita vincolante avente ad oggetto il Trasferimento delle Partecipazioni interessate) non avvenga entro 30 (trenta) giorni dal Termine di Prelazione, le Partecipazioni dell’Azionista Cedente saranno nuovamente soggette al Diritto di Prelazione; |
| (E) | nel caso in cui (i) il corrispettivo per il Trasferimento delle Partecipazioni oggetto del Diritto di Prelazione non sia costituito integralmente da denaro (ivi incluso – a mero titolo esemplificativo e non tassativo – nel caso di permute, conferimento in natura, fusione, scissione, trasferimento, conferimento o affitto di azienda o ramo di azienda) ovvero (ii) tale Trasferimento avvenga gratuitamente o senza alcun corrispettivo, ovvero (iii) tale Trasferimento consegua alla fusione o scissione (anche parziale) in altra società dell’Azionista Cedente (ove tale azionista sia una persona giuridica), ovvero all’intervenuto scioglimento di quest’ultimo, mediante cessione o assegnazione dei beni dello stesso socio ad altro soggetto, l’Azionista Cedente dovrà indicare nell’Offerta l’equivalente valore in denaro del corrispettivo attribuibile alle Partecipazioni Trasferende ovvero, nel caso sub (iii) della lettera (E) del presente art. 8.2, il valore in denaro delle Partecipazioni Trasferende per le quali il Diritto di Prelazione potrà essere esercitato. In mancanza dell’indicazione di tale valore, l’Offerta sarà considerata priva di effetti e come non effettuata. |
Ove un azionista non sia d’accordo sul valore in denaro indicato dall’Azionista Cedente nei casi sub (i), (ii) e (iii) della lettera (E) del presente art. 8.2, tale azionista dovrà comunicare il suo disaccordo a pena di decadenza – entro e non oltre 30 (trenta) giorni dalla data di ricezione dell’Offerta – mediante lettera raccomandata con avviso di ricevimento (“Comunicazione di Disaccordo”) all’Azionista Cedente e, in copia, agli altri azionisti. In difetto di accordo tra le parti su tale valore entro i 10 (dieci) giorni successivi alla ricezione della Comunicazione di Disaccordo, il valore in denaro sarà determinato in modo definitivo e vincolante da un esperto (“Esperto”) ai sensi dell’art. 1349, primo comma, Cod. Civ.. L’Esperto dovrà comunicare per iscritto a tutti i soci la sua determinazione entro 30 (trenta) giorni dal ricevimento dell’incarico a mezzo di raccomandata con avviso di ricevimento.
| (F) | Ove si applichi la suddetta procedura, il Termine di Prelazione resterà sospeso dal momento di invio della Comunicazione di Disaccordo fino al momento della notifica da parte dell’Esperto della propria determinazione. I costi e le spese dell’Esperto saranno suddivisi in maniera paritetica tra l’azionista dissenziente e l’Azionista Cedente. L’Esperto procederà a determinare con equo apprezzamento, ai sensi dell’art. 1349, primo comma, Cod. Civ., il valore in denaro del corrispettivo attribuibile alle Partecipazioni oggetto di Trasferimento al Potenziale Cessionario nei casi sub (i) o (ii) ovvero delle medesime Partecipazioni nel caso sub (iii) della lettera (E) del presente art. 8.2. La determinazione dell’Esperto sarà definitiva e vincolante per i soci interessanti, fatto salvo quanto previsto dall’art. 1349, primo comma, Cod. Civ.. |
| (G) | Ottenuta la determinazione del prezzo da parte dell’Esperto, il Termine di Prelazione comincerà di nuovo a decorrere e ad ogni modo, nel caso in cui il Trasferimento sia effettuato come risultato dell’esercizio del Diritto di Prelazione, dovrà essere effettuato al prezzo più basso tra quello determinato dall’Esperto e il corrispettivo indicato nell’Offerta. |
| 8.3 | Il presente Articolo 8 non troverà applicazione nelle ipotesi di Trasferimento da parte degli Azionisti in favore di società proprie affiliate, intendendosi per affiliate le persone giuridiche che, direttamente o indirettamente, esercitino un controllo sugli stessi o siano soggette a controllo dagli stessi ai sensi dell’art. 2359 del codice civile. |
Articolo 9 - Obbligazioni
| 9.1 | Salvo il caso di obbligazioni convertibili per le quali è competente l’assemblea straordinaria dei soci, la Società può emettere obbligazioni con deliberazione del consiglio di amministrazione, a norma dell’art. 2410 Cod. Civ. e nei limiti previsti dall’art. 2412 Cod. Civ. La deliberazione del consiglio di amministrazione dovrà risultare da verbale redatto da notaio. |
Articolo 10 - Assemblea
| 10.1 | L’assemblea è ordinaria e straordinaria ai sensi di legge e del presente statuto e rappresenta l’universalità dei soci e le sue deliberazioni, prese in conformità alla legge ed al presente statuto, obbligano tutti i soci ancorché non intervenuti o dissenzienti. |
| 10.2 | Ogni socio ha diritto ad un voto per ogni azione di cui sia titolare. |
| 10.3 | Le assemblee ordinarie e straordinarie sono convocate anche in luogo diverso dalla sede sociale, purché in Italia, in altro stato membro dell’Unione Europea o negli Stati Uniti di America. |
| 10.4 | La convocazione è effettuata da uno degli amministratori, con lettera raccomandata inviata ai soci almeno otto giorni prima dell’adunanza, oppure mediante telefax o posta elettronica trasmessi almeno cinque giorni prima dell’adunanza, purché venga assicurata la prova dell’avvenuto ricevimento, almeno cinque giorni prima dell’adunanza. |
| 10.5 | Ai sensi dell’art. 2367 Cod. Civ., gli amministratori devono convocare senza ritardo l’assemblea quando ne è fatta domanda da tanti soci che rappresentino almeno il decimo (1/10) del capitale sociale. La convocazione su richiesta dei soci non è ammessa per argomenti sui quali l’assemblea delibera, a norma di legge, su proposta degli amministratori o sulla base di un progetto o di una relazione da essi predisposta. |
| 10.6 | Nell’avviso di convocazione dovranno essere indicati il giorno, il luogo, l’ora dell’adunanza e l’elenco delle materie da trattare. Nell’avviso di convocazione potrà essere prevista una data di seconda convocazione, in ogni caso da tenersi entro 30 (trenta) giorni dalla data fissata per la prima, per il caso in cui nell’adunanza prevista in prima convocazione l’assemblea non risultasse legalmente costituita. |
| 10.7 | Anche in mancanza di formale convocazione l’assemblea si reputa regolarmente costituita quando è rappresentato l’intero capitale sociale e partecipa all’assemblea, anche mediante mezzi di telecomunicazione, la maggioranza dei componenti del consiglio di amministrazione e del collegio sindacale. Tuttavia, in tale ipotesi ciascuno dei partecipanti può opporsi alla discussione degli argomenti sui quali non si ritenga sufficientemente informato. |
Articolo 11 – Svolgimento dell’assemblea
| 11.1 | L’assemblea è presieduta dal presidente del consiglio di amministrazione o, in caso di assenza, impedimento o rinuncia ovvero nei casi di cui all’art. 12 che segue, da altra persona designata dall’assemblea stessa a maggioranza dei presenti. |
| 11.2 | Possono intervenire all’assemblea i soci cui spetta il diritto di voto e che risultino regolarmente iscritti a libro soci. Ogni socio che abbia diritto di intervenire in assemblea, mediante apposita delega scritta da conservarsi agli atti della Società, potrà farsi rappresentare in assemblea da un altro azionista o anche da terzi, nel rispetto delle limitazioni di cui all’art. 2372 Cod. Civ |
| 11.3 | Spetta al presidente dell’assemblea verificare la regolarità della costituzione, accertare l’identità e la legittimazione dei presenti, constatare la regolarità delle deleghe e regolare lo svolgimento dell’assemblea accertando i risultati delle votazioni. E’ facoltà del presidente di proporre all’assemblea che sia ammessa in assemblea la presenza di soggetti esterni alla compagine azionaria ed al consiglio di amministrazione. |
| 11.4 | L’assemblea, su proposta del presidente, nomina un segretario, anche non socio, che ne redige il verbale, sottoscritto dallo stesso e dal presidente. Nei casi di legge, o quando è ritenuto opportuno dal presidente dell’assemblea, il verbale è redatto da un notaio. |
| 11.5 | L’assemblea della Società sia in prima che in seconda convocazione e sia in sede ordinaria che in sede straordinaria, è validamente costituita e delibera con le maggioranze previste dalla legge. |
| 11.6 | Le deliberazioni dell’assemblea devono constare da verbali sottoscritti dal presidente e dal segretario. Il verbale deve indicare la data dell’assemblea e, anche in allegato, l’identità dei partecipanti e il capitale rappresentato da ciascuno; deve altresì indicare le modalità e il risultato delle votazioni e deve consentire l’identificazione dei soci favorevoli, astenuti o dissenzienti. Nel verbale devono essere riassunte, su richiesta dei soci, le loro dichiarazioni pertinenti all’ordine del giorno. Il verbale dell’assemblea, anche se redatto per atto pubblico, dovrà essere trascritto, senza indugio, nel relativo libro sociale. |
| 11.7 | L’assemblea ordinaria deve essere convocata almeno una volta l’anno, entro 120 (centoventi) giorni dalla chiusura dell’esercizio sociale. Qualora la Società sia tenuta alla redazione del bilancio consolidato o quando lo richiedano particolari esigenze relative alla struttura ed all’oggetto della Società, l’assemblea può essere convocata entro 180 (centottanta) giorni dalla chiusura dell’esercizio sociale. |
| 11.8 | L’assemblea straordinaria delibera sulle modificazioni dello statuto, con il voto favorevole di più della metà del capitale sociale. In seconda convocazione l’assemblea straordinaria è regolarmente costituita col la partecipazione di oltre un terzo del capitale sociale e delibera con il voto favorevole di almeno i due terzi del capitale rappresentato in assemblea. |
Articolo 12 – Assemblea mediante mezzi di teleconferenza
| 12.1 | Le assemblee dei soci possono svolgersi anche per videoconferenza o audioconferenza, a condizione che tutti i partecipanti possano essere identificati e sia loro consentito di seguire la discussione e di intervenire simultaneamente alla trattazione degli argomenti discussi, nonché visionare i documenti in tempo reale. Verificandosi tali presupposti, l’assemblea si considera tenuta nel luogo in cui si trovano il presidente dell’adunanza ed il segretario dell’adunanza, onde consentire la stesura e la sottoscrizione del verbale sul relativo libro. |
Articolo 13 – Consiglio di amministrazione
| 13.1 | La Società è amministrata da un consiglio di amministrazione formato da un numero di componenti variabile da 3 (tre) a 7 (sette) secondo la determinazione dell’assemblea. |
| 13.2 | I componenti del consiglio di amministrazione possono essere anche non soci, durano in carica per un periodo massimo di 3 (tre) esercizi sociali, salvo diversa determinazione dell’assemblea all’atto di nomina, e scadono alla data dell’assemblea convocata per l’approvazione del bilancio relativo all’ultimo esercizio della loro carica e sono rieleggibili. |
| 13.3 | Il consiglio di amministrazione della Società, se non vi ha già provveduto l’assemblea all’atto di nomina, provvede, con le maggioranze di cui al successivo art. 15 ad eleggere tra i suoi membri un presidente ed eventualmente un vice-presidente che potrà sostituire il presidente in casi di assenza o impedimento. |
| 13.4 | La cessazione degli amministratori per scadenza del termine ha effetto dal momento in cui il nuovo organo amministrativo è stato ricostituito. Qualora per dimissioni o per altra causa venissero a mancare almeno 2 (due) consiglieri, l’intero consiglio di amministrazione si intenderà decaduto e dovrà essere convocata senza ritardo, e comunque entro 20 (venti) |
| giorni, l’assemblea per la nomina del nuovo consiglio di amministrazione. Nelle more della convocazione dell’assemblea, il consiglio di amministrazione potrà porre in essere solo atti rientranti nell’ambito dell’ordinaria amministrazione della Società. |
Articolo 14 – Quorum per le decisioni del consiglio di amministrazione
| 14.1 | Il consiglio di amministrazione delibera con il voto favorevole della maggioranza assoluta degli amministratori in carica. |
| 14.2 | Le deliberazioni del consiglio di amministrazione devono risultare da verbali redatti, approvati e sottoscritti dal presidente della riunione e dal segretario, che vengono trascritti sul libro sociale prescritto dalla legge. |
Articolo 15 – Riunioni del consiglio di amministrazione
| 15.1 | Il consiglio di amministrazione si riunisce presso la sede della Società od altrove, anche all’estero, purché in uno stato membro dell’Unione Europea o negli Stati Uniti di America, su convocazione del presidente o, in caso di sua assenza o impedimento, dal vice-presidente o dall’amministratore delegato (se nominati), di propria iniziativa ovvero su richiesta di almeno un consigliere. |
| 15.2 | La convocazione si effettua mediante avviso scritto contenente l’indicazione del giorno, dell’ora e del luogo della riunione così come del relativo ordine del giorno, da inviarsi a ciascun amministratore e sindaco effettivo in carica almeno 5 (cinque) giorni prima di quello fissato per la riunione e, in caso di urgenza, almeno 48 (quarantotto) ore prima; la comunicazione può essere inviata mediante lettera raccomandata con avviso di ricevimento spedita all’indirizzo di ciascun dall’interessato, oppure con qualsiasi altro mezzo che garantisca la prova dell’avvenuto ricevimento. |
| 15.3 | Tuttavia, anche in mancanza di dette formalità, il consiglio potrà validamente deliberare qualora siano presenti tutti gli amministratori in carica ed i sindaci effettivi ne siano informati. |
| 15.4 | Le riunioni del consiglio di amministrazione sono presiedute dal presidente, ovvero, in caso di sua assenza o impedimento, dal vice-presidente o dall’amministratore delegato (se nominati), ovvero, in caso di assenza o impedimento di questi ultimi, nonché nei casi previsti dall’art. 17 che segue, dalla persona designata a maggioranza dagli intervenuti. Il segretario di ogni riunione, viene nominato, di volta in volta, a maggioranza dei presenti. |
| 15.5 | E’ facoltà del presidente di proporre al consiglio di amministrazione che sia ammessa alla riunione la presenza di soggetti esterni al consiglio stesso. |
Articolo 16 – Riunioni del consiglio di amministrazione mediante mezzi di teleconferenza
| 16.1 | Le riunioni del consiglio di amministrazione possono tenersi anche per videoconferenza o audioconferenza, a condizione che tutti i partecipanti possano essere identificati e sia loro consentito di seguire la discussione e di intervenire simultaneamente alla trattazione degli argomenti discussi, nonché visionare i documenti in tempo reale. Verificandosi tali presupposti, la riunione del consiglio si considererà tenuta nel luogo in cui si trova il presidente della riunione ed il segretario della riunione, onde consentire la stesura e la sottoscrizione del verbale sul relativo libro. |
Articolo 17 – Compensi del consiglio di amministrazione
| 17.1 | Il compenso spettante ai membri del consiglio di amministrazione, se del caso, è stabilito di volta in volta dall’assemblea dei soci che delibera in merito alla loro nomina.. |
| 17.2 | L’eventuale remunerazione dei membri del consiglio di amministrazione investiti di particolari cariche, se del caso, è stabilita dal consiglio di amministrazione, sentito il parere del collegio sindacale. |
Articolo 18 – Poteri del consiglio di amministrazione
| 18.1 | Al consiglio di amministrazione spettano tutti i poteri per la gestione ordinaria e straordinaria della Società, con espressa facoltà di compiere tutti gli atti ritenuti opportuni per il raggiungimento dell’oggetto sociale, esclusi soltanto quelli che la legge ed il presente statuto sociale riservano all’assemblea. Il consiglio di amministrazione può, con l’esclusione dei poteri relativi alle materie non delegabili per disposizione di legge, delegare le proprie attribuzioni ad uno o più amministratori, i quali assumono la carica di amministratore delegato ai sensi del presente statuto, determinando contestualmente mansioni, poteri e attribuzioni. La carica di presidente è cumulabile con quella di amministratore delegato. I consiglieri cui siano state conferite deleghe curano che l’assetto organizzativo, amministrativo e contabile sia adeguato alla natura e alle dimensioni dell’impresa e, in particolare, curano l’osservanza e l’applicazione delle norme e dei regolamenti applicabili alla Società e riferiscono al consiglio di amministrazione ed al collegio sindacale - in maniera tempestiva e, comunque, con periodicità almeno trimestrale - sulle operazioni di maggior rilievo economico, finanziario e patrimoniale per la Società e le società controllate e sul generale andamento della gestione e sulla sua prevedibile evoluzione. |
| 18.2 | Il consiglio di amministrazione può nominare direttori generali e può nominare e revocare procuratori per singoli atti o categorie di atti determinandone mansioni, poteri, attribuzioni e compensi. |
Articolo 19 – Rappresentanza legale
| 19.1 | La rappresentanza della Società, nei confronti di terzi ed anche in giudizio, spetta, a seconda dei casi, al presidente del consiglio di amministrazione. Essa spetta anche agli amministratori delegati, ove nominati, nonché a ciascuno dei direttori e procuratori, se nominati, nei limiti dei poteri ad essi conferiti. |
Articolo 20 – Collegio sindacale
| 20.1 | Il controllo della Società ai sensi dell’art. 2403 Cod. Civ. è affidato ad un collegio sindacale è composto da tre sindaci effettivi e due supplenti, nominati ai sensi di legge, i quali durano in carica tre esercizi, sono rieleggibili e scadono alla data dell’assemblea convocata per l’approvazione del bilancio relativo al terzo esercizio della carica. L’assemblea che procede alla nomina designerà il presidente del collegio sindacale e fisserà la retribuzione dei sindaci. La cessazione dei sindaci per scadenza del termine ha effetto dal momento il cui il collegio sindacale è stato ricostituito. I sindaci sono rieleggibili. |
| 20.2 | I poteri ed i doveri del collegio sindacale sono determinati dalla legge. L’emolumento del collegio sindacale viene determinato dall’assemblea dei soci a norma di legge. |
| 20.3 | Le riunioni del Collegio Sindacale possono tenersi anche per videoconferenza o audio conferenza, a condizione che tutti i partecipanti possano essere identificati e sia loro consentito di seguire la discussione e di intervenire simultaneamente alla trattazione degli argomenti discussi, nonché visionare i documenti in tempo reale. Verificandosi questi requisiti, la riunione si considera tenuta nel luogo in cui si trova il presidente o, in sua assenza, il sindaco più anziano di età. |
| 20.4 | L’assemblea ordinaria può stabilire che la revisione legale dei conti venga affidata al collegio sindacale oppure ad un revisore legale o ad una società di revisione legale, in conformità alle applicabili disposizioni di legge. Nel caso in cui la revisione legale dei conti venga affidata al collegio sindacale, tutti i sindaci dovranno essere revisori legali iscritti nell’apposito registro. Qualora la Società sia tenuta alla redazione del bilancio consolidato e negli altri casi previsti dalla legge, la revisione legale dei conti deve essere attribuita ad un revisore legale dei conti o da una società di revisione legale. Le funzioni della società di revisione legale o del revisore legale dei conti sono determinati dalla legge. |
Articolo 21 – Bilancio ed utili
| 21.1 | L’esercizio sociale chiude al 30 (trenta) giugno di ogni anno. Alla fine di ogni esercizio l’organo amministrativo procede alla formazione del bilancio, completo del conto economico e della nota integrativa, nonché di tutti gli altri documenti e prospetti richiesti dalla legge. |
| 21.2 | L’utile netto risultante dal bilancio annuale è così ripartito: |
| (A) | almeno la ventesima parte alla riserva legale, fino a quando essa abbia raggiunto il quinto del capitale; |
| (B) | il residuo ai soci con delibera assembleare, in proporzione alle quote di capitale sociale rispettivamente possedute, salvo diversa deliberazione dell’assemblea in sede di approvazione del bilancio cui tali utili netti si riferiscono, che ne determina altresì le modalità di pagamento. |
Articolo 22 - Foro competente
| 22.1 | Qualsiasi controversia dovesse insorgere tra i soci ovvero tra i soci e la Società che abbia ad oggetto diritti disponibili relativi al rapporto sociale dovrà essere devoluta alla competenza esclusiva del Foro del luogo ove è posta la sede legale della Società. |
| 22.2 | Sono soggette alla disciplina sopra prevista anche le controversie promosse da amministratori, liquidatori e sindaci ovvero quelle promosse nei loro confronti, che abbiano a oggetto diritti disponibili relativi al rapporto sociale. |
Articolo 23 – Rinvio alle norme applicabili
| 23.1 | Per tutto quanto non espressamente previsto nel presente statuto si fa rinvio alla legge. |
EXHIBIT C
Notice of Exercise
EXHIBIT D
Net Financial Position
The Net Financial Position of the Company shall be determined as the algebraic sum of the following items, as resulting from the relevant Financial Statements:
| (i) | bonds and convertible bonds, listed respectively in article D), number 1) and number 2), of the balance sheet liabilities; |
| (ii) | short term and long term bank debts, listed in article D) number 4) of the balance sheet liabilities; |
| (iii) | finance leases, calculated in accordance with the principles from the International Accounting Standard - IFRS 17; |
| (iv) | bank overdrafts; |
| (v) | amounts related to discount on bills of exchange, sale of receivables and factoring connected to a financial advance in favor of the Company, unless the related effects or credits have been removed from the financial statements, (cessione pro soluto); |
| (vi) | fair value of derivative financial instruments with negative net exposure to the counterparty determined in accordance with the International Accounting Standards - IFRS 39, valued at the termination date thereof; |
| (vii) | shareholder loans or other financing provided by Vistaprint or any other entity belonging to the Vistaprint group; |
| (viii) | minus total cash and cash equivalents, listed in article IV) of the balance sheet assets; |
| (ix) | minus other short term financial assets, including without limitation, any advanced payments to suppliers, advance payments for capital expenditures and deposit made in connection with real estate lease agreements. |
It is understood that, unless otherwise agreed in writing between the Parties:
| - | the amount of any indebtedness (including any shareholder’s loan or financing provided by Vistaprint or any other entity belonging to the Vistaprint group) incurred by the Company in connection with the acquisitions of participations or other interests in other companies or in connection with, or as a consequence of, any other extraordinary transaction (e.g. merger) shall be excluded from the Net Financial Position; and |
| - | the EBITDA deriving from the above acquisitions of participations or other interests in other companies or in connection with, or as a consequence of, any other extraordinary transaction)shall not contribute to the EBITDA of the Company. |
EXHIBIT E
Reported Ebitda definition
For the purpose of this document, “EBITDA” shall mean, the earnings before interest, taxes, depreciation, and amortization of the Company in such fiscal period as derived from the Company’s statutory annual report, including impact of IAS 17 for financial leases, starting with net earnings and calculated in accordance with the Accounting Principles, subject to the following adjustments:
Include:
| • | an adjustment of Euro 195.000 to reflect EBITDA related to sales of goods invoiced in 2013 and shipped in 2014; (based on revenue of Euro 518,000 at 37,7% margin) |
| • | the personnel costs related to employees transferred from the Company to the Buyer in the amount set forth in the 2014 Budget (as defined in the SPA). |
Exclude:
| • | any gain (net of losses, if any) on the sale or other disposition of any assets relating to financial leases of any of the Company or the Company’s Subsidiary (as defined in the SPA) except for the first Euro 50,000; |
| • | any additional costs incurred by the Company in relation with the CEO Price (as defined in the SPA); |
| • | any compensation fees to the management or the directors which are incurred by the Company and are not in line with the 2014 Company Budget (as defined in the SPA); and |
| • | the management fee charged by the Buyer to the Company related to the continued cost of transferred employees provided that such fee is included in the above adjustments |
| • | any shareholders fee (both Sellers and/or Buyer) |
| • | unusual revenues not deriving from the core business operation and/or expenses or provisions not recurring in both prior two fiscal years, or related to circumstances not occurred in both prior two fiscal years. |
Alessandro Tenderini
Via Capuana n. 2/F
30034 Mira (VE)
Milan, April 3, 2014
Dear Sir
Re: Put and Call Option Agreement
We hereby propose you to enter into the put and call option agreement as set forth below.
* * *
If you agree with the foregoing (including all of the Annexes hereto), please transcribe in full the text of this letter (including all of the Annexes hereto) and return it to us, initialled on each page and fully signed at the end by your duly authorized representatives for full acceptance of this agreement (including all of the Annexes hereto).
Yours sincerely,
Vistaprint Italy S.r.l.
| /s/Marcus Harrie Wisznievski |
| Marcus Harrie Wisznievski |
Vistaprint N.V.
| /s/Marcus Harrie Wisznievski |
| Marcus Harrie Wisznievski |
Vistaprint Italy S.r.l.
Piazza Filippo Meda 3
20121 Milano
Vistaprint N.V.
Hudsonweg 8
Venlo, The Netherlands
Milan, April 3, 2014
Dear Sirs:
Re: Put and Call Option Agreement
We refer to your letter on the date hereof, which we reproduce in its full text and execute in token of full and unconditioned acceptance thereof:
* * *
In full and unconditional acceptance of the above.
| /s/Alessandro Tenderini |
| Alessandro Tenderini |
