Supplement No. 1 to Equity Distribution Agreement, dated November 20, 2017, by and among Douglas Emmett, Inc., Douglas Emmett Management, Inc., Douglas Emmett Properties, LP, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC
Exhibit 1.1
DOUGLAS EMMETT, INC.
SUPPLEMENT NO. 1
TO
EQUITY DISTRIBUTION AGREEMENT
November 20, 2017
Wells Fargo Securities, LLC
375 Park Avenue
New York, New York 10152
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
One Bryant Park
New York, New York 10036
J.P. Morgan Securities LLC
383 Madison Avenue
40th Floor
New York, NY 10179
Ladies and Gentlemen:
Reference is made to the Equity Distribution Agreement, dated August 4, 2017 (the Equity Distribution Agreement), among Douglas Emmett, Inc., a Maryland corporation (the Company), Douglas Emmett Management, Inc., a Delaware corporation (DEM) and Douglas Emmett Properties, LP, a Delaware limited partnership (the Operating Partnership and, collectively with the Company and DEM, the Transaction Entities) and the managers signatory thereto (the Managers), pursuant to which the Company agreed to sell through or to the Managers, as sales agents, shares of common stock of the Company, $0.01 par value per share (Common Stock), having an aggregate gross sales price of up to $400,000,000. All capitalized terms used in this Supplement No. 1 to the Equity Distribution Agreement among the Transaction Entities and the Managers (this Supplement) and not otherwise defined shall have the respective meanings assigned to them in the Equity Distribution Agreement. The Transaction Entities and the Managers agree as follows:
A. Amendments to Equity Distribution Agreement. The Equity Distribution Agreement is amended as follows:
1. | The first sentence of the first paragraph of Section 1 of the Equity Distribution Agreement is amended to read as follows: |
The Company proposes to issue and sell through or to the Managers, as sales agents, shares of common stock of the Company, $0.01 par value per share (Common Stock),
having an aggregate gross sales price of up to $400.0 million (the Shares), from time to time during the term of this Agreement and on the terms set forth in Section 3 of this Agreement. Such amount of Shares available for issue and sale pursuant to the Equity Distribution Agreement are in addition to the $249,996,591 of Common Stock sold by the Company prior to September 30, 2017 under the Prospectus Supplement filed by the Company on August 4, 2017.
2. | This Agreement shall mean the Equity Distribution Agreement, dated August 4, 2017, by and among the Transaction Entities and the Managers, as amended by Supplement No. 1 to Equity Distribution Agreement, dated November 20, 2017, by and among the Transaction Entities and the Managers (Supplement No. 1). |
3. | The definition of Execution Time is amended to read as follows: |
Execution Time shall mean the date and time that Supplement No. 1 is executed and delivered by and among the Transaction Entities and the Managers.
B. No Other Amendments. Except as set forth in Part A above, all the terms and provisions of the Equity Distribution Agreement shall continue in full force and effect.
C. Applicable Law. This Supplement and any claim, controversy or dispute arising under or related to this Supplement will be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed within the State of New York.
D. Counterparts. This Supplement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Supplement by one party to the other may be made by facsimile or email transmission.
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If the foregoing correctly sets forth the understanding among the parties hereto, please so indicate in the space provided below for that purpose, whereupon this Supplement shall constitute a binding agreement among the parties hereto.
Very truly yours, | ||
DOUGLAS EMMETT, INC. | ||
By: | /s/ Mona M. Gisler | |
Name: Mona M. Gisler | ||
Title: Chief Financial Officer | ||
DOUGLAS EMMETT MANAGEMENT, INC. | ||
By: | /s/ Mona M. Gisler | |
Name: Mona M. Gisler | ||
Title: Chief Financial Officer | ||
DOUGLAS EMMETT PROPERTIES, LP | ||
By: | Douglas Emmett Management, Inc., | |
its Managing General Partner | ||
By: | /s/ Mona M. Gisler | |
Name: Mona M. Gisler | ||
Title: Chief Financial Officer |
[Signature page to Supplement No. 1 to the Equity Distribution Agreement]
ACCEPTED as of the date first above written | ||
WELLS FARGO SECURITIES, LLC | ||
By: | /s/ Elizabeth Alvarez | |
Name: Elizabeth Alvarez | ||
Title: Managing Director | ||
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | ||
By: | /s/ Evan Ladouceur | |
Name: Evan Ladouceur | ||
Title: Managing Director | ||
J.P. MORGAN SECURITIES LLC | ||
By: | /s/ Adam Rosenbluth | |
Name: Adam Rosenbluth | ||
Title: Executive Director |
[Signature page to Supplement No. 1 to the Equity Distribution Agreement]