CONTRIBUTION AND EXCHANGE AGREEMENT Dated as of December 2, 2008 by and among Icahn Enterprises L.P., Barberry Corp., and Thornwood Associates Limited Partnership
Dated
as
of December 2, 2008
by
and
among
Barberry
Corp.,
and
Thornwood
Associates Limited Partnership
TABLE
OF CONTENTS
Page
ARTICLE
I TERMS OF THE TRANSACTION
|
1
|
|
1.1
|
Contribution
of Contribution Stock.
|
1
|
1.2
|
Consideration.
|
1
|
1.3
|
Closing.
|
1
|
1.4
|
Actions
at the Closing.
|
2
|
1.5
|
Adjustments.
.
|
2
|
1.6
|
Tax
Treatment.
|
2
|
1.7
|
704(c)
Methods.
|
2
|
ARTICLE
II REPRESENTATIONS AND WARRANTIES OF CONTRIBUTOR RELATING TO
CONTRIBUTOR
|
3 | |
2.1
|
Organization
of Contributor.
|
3
|
2.2
|
Authority.
|
3
|
2.3
|
Title.
|
3
|
2.4
|
No
Conflicts.
|
3
|
2.5
|
Governmental
Consents and Approvals.
|
4
|
2.6
|
Brokers.
|
4
|
ARTICLE
III REPRESENTATIONS AND WARRANTIES OF CONTRIBUTOR RELATING TO THE
CORPORATION AND ITS SUBSIDIARIES
|
4
|
|
3.1
|
Due
Organization.
|
5
|
3.2
|
Capitalization.
|
5
|
3.3
|
SEC
Filings.
|
6
|
3.4
|
Governmental
Approvals; No Violations.
|
6
|
3.5
|
No
Adverse Effects or Changes.
|
6
|
3.6
|
Title
to Properties.
|
7
|
3.7
|
Taxes.
|
7
|
3.8
|
Employee
Matters/Employee Benefit Plans.
|
7
|
3.9
|
Litigation.
|
9
|
3.10
|
Claims
Against Officers and Directors.
|
9
|
3.11
|
Insurance.
|
9
|
3.12
|
Compliance
with Law.
|
10
|
3.13
|
Undisclosed
Liabilities.
|
10
|
3.14
|
Related
Parties.
|
10
|
3.15
|
Intellectual
Property.
|
10
|
3.16
|
Environmental
Matters.
|
11
|
3.17
|
Contracts.
|
11
|
i
3.18
|
Accuracy
of Statements.
|
12
|
3.19
|
Investor
Representation.
|
12
|
ARTICLE
IV REPRESENTATIONS AND WARRANTIES OF BARBERRY
|
12
|
|
4.1
|
Organization
of Barberry.
|
12
|
4.2
|
Authority.
|
13
|
4.3
|
No
Conflicts.
|
13
|
4.4
|
Governmental
Consents and Approvals.
|
13
|
4.5
|
Solvency
of Barberry.
|
13
|
4.6
|
Brokers.
|
13
|
ARTICLE
V REPRESENTATIONS AND WARRANTIES OF IEP
|
14
|
|
5.1
|
Organization
of IEP.
|
14
|
5.2
|
Authority.
|
14
|
5.3
|
No
Conflicts.
|
14
|
5.4
|
Consents
and Approvals.
|
15
|
5.5
|
Brokers.
|
15
|
5.6
|
Investor
Representation.
|
15
|
5.7
|
Title.
|
15
|
5.8
|
Tax.
|
15
|
ARTICLE
VI INDEMNIFICATION
|
15
|
|
6.1
|
Indemnification
by Barberry.
|
15
|
6.2
|
Claims.
|
16
|
6.3
|
Notice
of Third Party Claims; Assumption of Defense.
|
17
|
6.4
|
Settlement
or Compromise.
|
17
|
6.5
|
Failure
of Barberry to Act.
|
18
|
6.6
|
Tax
Character.
|
18
|
6.7
|
Sole
and Exclusive Remedy.
|
18
|
ARTICLE
VII DEFINITIONS
|
18
|
|
7.1
|
Defined
Terms.
|
18
|
ARTICLE
VIII MISCELLANEOUS
|
25
|
|
8.1
|
Investigation.
|
25
|
8.2
|
Survival
of Representations and Warranties.
|
25
|
8.3
|
Entire
Agreement.
|
25
|
8.4
|
Waiver.
|
25
|
8.5
|
Amendment.
|
25
|
8.6
|
No
Third Party Beneficiary.
|
25
|
8.7
|
Assignment;
Binding Effect.
|
25
|
8.8
|
Headings.
|
25
|
ii
8.9
|
Invalid
Provisions.
|
25
|
8.10
|
Governing
Law.
|
26
|
8.11
|
Counterparts.
|
26
|
8.12
|
Waiver
of Jury Trial.
|
26
|
8.13
|
Consent
to Jurisdiction.
|
26
|
8.14
|
Expenses.
|
27
|
8.15
|
Notices.
|
27
|
8.16
|
Further
Assurances.
|
28
|
THIS
CONTRIBUTION AND EXCHANGE AGREEMENT (this “Agreement”),
dated
as of December 2, 2008, is by and among Icahn Enterprises L.P., a Delaware
limited partnership (“IEP”),
Thornwood Associates Limited Partnership, a Delaware limited partnership
(“Contributor”),
and
Barberry Corp., a Delaware corporation and the general partner of Contributor
(“Barberry”).
Capitalized terms not otherwise defined herein have the meanings set forth
in
Article
VII.
Recitals:
WHEREAS,
Contributor owns 24,491,924 shares of common stock of Federal-Mogul Corporation,
a Delaware corporation (the “Corporation”),
which
shares currently represent approximately 24.64% of the total issued and
outstanding shares of capital stock of the Corporation (the “FMO
Stock”);
WHEREAS,
Contributor acquired such FMO Stock pursuant to and in connection with the
FMO
Bankruptcy Plan in respect of certain securities of the Corporation held by
Contributor prior to the Corporation’s reorganization; and
WHEREAS,
Contributor desires to contribute to IEP, and IEP desires to receive from
Contributor, all of Contributor’s FMO Stock (the “Contribution
Stock”)
upon
the terms and subject to the conditions in this Agreement;
NOW,
THEREFORE, the parties hereto agree as follows:
ARTICLE
I
TERMS
OF THE TRANSACTION
1.1 Contribution
of Contribution Stock.
At
the
Closing, and on the terms set forth in this Agreement, Contributor shall cause
the Contribution Stock to be contributed, assigned, transferred, conveyed and
delivered to IEP, and IEP shall receive and accept the Contribution
Stock.
1.2 Consideration.
The
consideration to be issued, transferred, conveyed and delivered by IEP to the
Contributor at the Closing in exchange for the contribution of the Contribution
Stock to IEP shall equal 0.175 fully paid and non-assessable IEP Units for
each
share of Contribution Stock, for an aggregate consideration of 4,286,087 IEP
Units (the “Exchange
Units”).
1.3 Closing. The
closing of the transactions contemplated by Section
1.1
and
Section
1.2
hereof
(the “Closing”)
shall
take place (a) at the offices of IEP, located at White Plains Plaza, 000
Xxxxxxxx Xxxxxx - Xxxxx 0000, Xxxxx Xxxxxx, XX 00000 or such other place as
the
parties may agree, at 10:00 a.m., local time, on the date hereof or (b) at
such other time, date or place as Contributor and IEP may agree. The date on
which the Closing occurs is herein referred to as the “Closing
Date”.
The
Closing shall be deemed effective for all accounting, financial and reporting
purposes as of the close of business on the Closing Date.
1
1.4 Actions
at the Closing. At
the
Closing: (i) IEP shall issue and deliver to Contributor a certificate or
certificates representing the Exchange Units or, in the case of any Exchange
Units that are held in book-entry form, IEP shall cause such Exchange Units
to
be transferred to the account designated in writing by Contributor; (ii)
Contributor shall deliver to IEP the Contribution Stock, together with
instruments of transfer satisfactory to IEP or, in the case of any Contribution
Stock that is held in book-entry form, Contributor shall cause such Contribution
Stock to be transferred to the account designated in writing by IEP; (iii)
Contributor shall deliver to IEP a statement, meeting the requirements of
section 1.1445-2(b)(2) of the Treasury regulations, to the effect that
Contributor is not a foreign person; (iv) IEP and Contributor shall enter into
the Second FMO Registration Rights Assignment Agreement; (v) pursuant to Section
5.1 of the IEP Registration Rights Agreement, Contributor shall deliver to
IEP
an executed signature page to the IEP Registration Rights Agreement (the
“IEP
Registration Rights Joinder”);
(vi)
IEP shall acknowledge, by signing the IEP Registration Rights Joinder, that,
as
a result of Contributor’s delivery of the IEP Registration Rights Joinder,
Contributor shall be and shall be deemed to be a “Holder” under the IEP
Registration Rights Agreement for all purposes thereunder; and (vii) IEP shall
deliver or cause to be delivered to Contributor evidence that the NYSE has
approved the Exchange Units for listing, subject only to official notice of
issuance, in form and substance reasonably acceptable to
Contributor.
1.5 Adjustments.
In the
event that the number of shares of FMO Stock or IEP Units, or securities
convertible or exchangeable into or exercisable for FMO Stock or IEP Units,
issued and outstanding prior to the Closing Date changes as a result of a
reclassification, stock or unit split (including a reverse stock or unit split),
stock or unit dividend or stock or unit distribution, recapitalization, merger,
subdivision, issuer tender or exchange offer, or other similar transaction,
the
FMO Stock and/or IEP Units to be delivered as consideration hereunder, as
applicable, shall be proportionately and equitably adjusted to account for
such
change.
1.6 Tax
Treatment.
Contributor and IEP agree and acknowledge that the contribution of the
Contribution Stock to IEP in exchange for the Exchange Units is intended to
qualify as a tax-free contribution to a partnership under Code Section 721(a)
and no party, on a Tax Return or otherwise, shall, except to the extent required
by Law, take any position inconsistent with such treatment.
1.7 704(c)
Methods.
Contributor will cause the general partner of IEP, to the extent possible,
to
take such action as is necessary, including selecting methods under Code Section
704(c), to cause each Exchange Unit to have the same economic and tax
characteristics to any purchaser or acquiror thereof as each other IEP Unit,
provided that Contributor consults with the Audit Committee with respect to
all
Code Section 704(c) elections relating to this transaction.
2
ARTICLE
II
REPRESENTATIONS
AND WARRANTIES OF CONTRIBUTOR
RELATING TO CONTRIBUTOR
Except
as
set forth on the Contributor disclosure schedule delivered by Contributor to
IEP
concurrently with the execution and delivery of this Agreement (the
“Contributor
Disclosure Schedule”),
Contributor hereby makes the following representations and warranties contained
in this Article II to IEP. The Contributor Disclosure Schedule is arranged
and
numbered to correspond to the numbered and lettered paragraphs contained in
this
Article II. Unless otherwise specified herein, disclosure made in any particular
Section of the Contributor Disclosure Schedule shall be deemed made in any
other
Section or Sections of the Contributor Disclosure Schedule to which the
relevance of such disclosure is readily apparent on its face from the text
of
such disclosure.
2.1 Organization
of Contributor.
Contributor
is a limited partnership duly organized, validly existing and in good standing
under the Laws of the State of Delaware. Contributor has full organizational
power and authority to execute and deliver this Agreement and to perform its
obligations hereunder and to consummate the transactions contemplated
hereby.
Contributor is an Affiliate (as defined under the IEP Registration Rights
Agreement) of a Holder (as defined under the IEP Registration Rights
Agreement).
2.2 Authority.
The
execution and delivery by Contributor of this Agreement, and the performance
by
Contributor of its obligations hereunder, have been duly and validly authorized
by Contributor’s general partner and no other action on the part of Contributor
or its general partner is necessary for such execution, delivery or performance.
This Agreement has been duly and validly executed and delivered by Contributor
and constitutes a legal, valid and binding obligation of Contributor,
enforceable against Contributor in accordance with its terms.
2.3 Title.
Contributor
is the sole owner of the Contribution Stock and has good and valid title to
the
Contribution Stock, free and clear of all Liens. The delivery of the
Contribution Stock and other instruments of transfer delivered by Contributor
to
IEP at the Closing will transfer to IEP good and valid title to the Contribution
Stock owned by Contributor immediately prior to the Closing, free and clear
of
all Liens.
2.4 No
Conflicts.
The
execution and delivery by Contributor of this Agreement do not, and the
performance by Contributor of its obligations under this Agreement and the
consummation of the transactions contemplated hereby will not:
(a) conflict
with or result in a violation or breach of any of the terms, conditions or
provisions of the organizational documents of Contributor;
(b) conflict
with or result in a violation or breach of any term or provision of any Law
or
Order applicable to Contributor;
3
(c) (i)
conflict with or result in a violation or breach of, (ii) constitute (with
or
without notice or lapse of time or both) a default under, (iii) require
Contributor to obtain any consent, approval or action of, make any filing (other
than with the SEC pursuant to Section 13 and Section 16 of the Exchange Act)
with or give any notice to any Person, as a result or under the terms of, or
(iv) result in or give to any Person any right of termination, cancellation,
acceleration or modification in or with respect to, any Contract or License
to
which Contributor is a party; or
(d) result
in
the creation or imposition of any Lien upon the Contribution Stock.
2.5 Governmental
Consents and Approvals.
Other
than (i) compliance with any applicable foreign or state securities or blue
sky
Laws and (ii) the filings or notices that are required and customary pursuant
to
any state environmental transfer statutes, no consent, authorization or approval
of, filing (other than with the SEC pursuant to Section 13 and Section 16 of
the
Exchange Act) or registration with, or cooperation from, any Governmental or
Regulatory Authority is necessary in connection with the execution, delivery
and
performance by Contributor of this Agreement or the consummation of the
transactions contemplated hereby.
2.6 Brokers.
Contributor
has not used any broker or finder in connection with the transactions
contemplated hereby, and neither IEP nor any Affiliate of IEP has or shall
have
any liability or otherwise suffer or incur any Loss as a result of or in
connection with any brokerage or finder’s fee or other commission of any Person
retained or purporting to be retained by Contributor in connection with any
of
the transactions contemplated by this Agreement.
ARTICLE
III
REPRESENTATIONS
AND WARRANTIES OF CONTRIBUTOR RELATING TO THE CORPORATION AND ITS
SUBSIDIARIES
Except
as
(i) disclosed in the Current FMO SEC Documents (other than any disclosures
set
forth in any risk factor section or in any section relating to forward-looking
statements, and any other disclosures included therein to the extent they are
forward-looking in nature, whether or not appearing in such sections), (ii)
disclosed in the FMO Bankruptcy Plan and (iii) set forth on the Corporation
disclosure schedule delivered by Contributor to IEP concurrently with the
execution and delivery of this Agreement (the “Corporation
Disclosure Schedule”),
Contributor hereby makes the following representations and warranties contained
in this Article
III
to IEP.
The Corporation Disclosure Schedule is arranged and numbered to correspond
to
the numbered and lettered paragraphs contained in this Article
III.
Unless
otherwise specified herein, disclosure made in any particular Section of the
Corporation Disclosure Schedule shall be deemed made in any other Section or
Sections of the Corporation Disclosure Schedule to which the relevance of such
disclosure is readily apparent on its face from the text of such disclosure.
Notwithstanding anything to the contrary in this Agreement or the Corporation
Disclosure Schedule, each of the representations and warranties contained in
this Article
III
shall be
deemed to be qualified in its entirety as to the Knowledge of Contributor (such
qualification shall be referred to herein as the “General
Knowledge Qualifier”;
provided,
however,
that the express use of the word “Knowledge” contained in Sections 3.8(a),
3.8(b),
3.8(g),
3.9,
3.10,
3.12,
3.15(a),
3.16(a),
3.16(b),
3.16(c)
and
3.17(b)
hereof
shall, in each instance, be deemed not to be part of the General Knowledge
Qualifier).
4
3.1 Due
Organization.
(a) The
Corporation is duly incorporated and validly existing under the laws of its
jurisdiction of incorporation, with all requisite power and authority to own,
lease and operate its properties and to carry on its business as it is now
being
owned, leased, operated and conducted. The Corporation is licensed or qualified
to do business and is in good standing (where the concept of “good standing” is
applicable) as a foreign corporation in each jurisdiction where the nature
of
its Assets and Properties require such licensing or qualification, except where
the failure to be so licensed or qualified would not, individually or in the
aggregate, be reasonably likely to have a Material Adverse Effect on the
Corporation.
(b) Each
Subsidiary of the Corporation that was required to be listed in Exhibit 21
to
the Corporation’s most recent Annual Report on Form 10-K was so listed. Each
Subsidiary of the Corporation has been duly incorporated or organized and is
validly existing under the laws of the jurisdiction of its incorporation or
organization, with all requisite power and authority to own, lease and operate
its properties and to carry on its business as it is now being owned, leased,
operated and conducted,
except
where the failure to be so duly incorporated or organized or validly existing,
or to have all such requisite power or authority, would not, individually or
in
the aggregate, be reasonably likely to have a Material Adverse Effect.
Each
Subsidiary is licensed
or qualified
to do business as a foreign corporation and is in good standing (where
the concept of “good standing” is applicable) as a foreign corporation in each
jurisdiction where the nature of its Assets and Properties require such
licensing or qualification, except where the failure to be so licensed or
qualified would not, individually or in the aggregate, be reasonably likely
to
have a Material Adverse Effect.
3.2 Capitalization.
(a) As
of the
date hereof, the authorized capital stock of the Corporation consists of
450,100,000 shares of common stock and 90,000,000 shares of preferred stock,
of
which (i) 99,404,500 shares of common stock are issued and outstanding as of
the
date hereof, and (ii) 1,095,500 shares of treasury stock are issued as of the
date hereof. As of the date hereof, the shares listed in clause (i) of the
preceding sentence represent all of the outstanding capital stock of the
Corporation, and the shares listed in clause (i) of the preceding sentence
and
clause (ii) of the preceding sentence, collectively, represent all of the issued
capital stock of the Corporation. All of the shares of Contribution Stock have
been duly authorized and are validly issued, fully paid and
nonassessable.
(b) No
Person
holds any option, warrant, convertible security or other right to acquire any
capital stock or other securities of the Corporation. There are no obligations,
contingent or otherwise, of the Corporation to repurchase, redeem or otherwise
acquire any ownership interests of the Corporation or to provide funds to or
make any material investment (in the form of a loan, capital contribution or
otherwise) in any Person.
5
3.3 SEC
Filings.
(a) The
Corporation has timely filed all Required FMO SEC Documents.
(b) As
of
their respective filing dates, the Current FMO SEC Documents complied in all
material respects with the requirements of the Securities Act, the Exchange
Act
and the Xxxxxxxx-Xxxxx Act of 2002 applicable to such Current FMO SEC
Documents.
(c) The
Current FMO SEC Documents, when filed pursuant to the Securities Act or Exchange
Act, as the case may be, did not contain any untrue statement of a material
fact
or omit to state any material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading.
(d) Each
of
the financial statements (including the related notes) of the Corporation
included in the Current FMO SEC Documents complied at the time it was filed
as
to form in all material respects with the applicable accounting requirements
and
the published rules and regulations of the SEC with respect thereto in effect
at
the time of such filing, had been prepared in accordance with GAAP (except,
in
the case of unaudited statements, as permitted by the rules and regulations
of
the SEC) applied on a consistent basis during the periods involved (except
as
may be indicated in the notes thereto) and fairly presented in all material
respects the consolidated financial position of the Corporation and its
consolidated Subsidiaries as of the dates thereof and the consolidated results
of their operations and cash flows for the periods then ended (subject, in
the
case of unaudited statements, to normal year-end audit adjustments).
3.4 Governmental
Approvals; No Violations.
Other
than (i) compliance with any applicable foreign or state securities or blue
sky
Laws and (ii) the filings or notices that are required and customary pursuant
to
any state environmental transfer statutes, no notices, reports or other filings
are required to be made by the Corporation with, nor are any consents,
registrations, approvals, permits or authorizations required to be obtained
by
the Corporation from, any Governmental or Regulatory Authority or any other
Person in connection with the execution, delivery and performance of this
Agreement by the Corporation and the consummation of the transactions
contemplated hereby.
3.5 No
Adverse Effects or Changes.
Since
December 27, 2007, (i) the Corporation and its Subsidiaries, taken as a whole,
have not suffered any Material Adverse Effect; (ii) there has been no change,
event, development, damage or circumstance affecting the Corporation and its
Subsidiaries, taken as a whole, that, individually or in the aggregate would
reasonably be expected to have a Material Adverse Effect on the Corporation
and
its Subsidiaries, taken as a whole; (iii) there has not been any material change
by the Corporation in its accounting methods, principles or practices, or any
material revaluation by the Corporation of any of its assets, including material
writing down the value of inventory or material writing off notes or accounts
receivable; and (iv) each of the Corporation and its Subsidiaries has conducted
its business only in the ordinary course of business consistent with past
practice, except as would not, individually or in the aggregate, be reasonably
likely to have a Material Adverse Effect.
6
3.6 Title
to Properties.
Each
of
the Corporation and its Subsidiaries has good and marketable title to, and
each
of them is the lawful owner of, all of their property (real and personal) owned
by each of them, free and clear of all Liens, except where the failure to
possess good and marketable title would not, individually or in the aggregate,
adversely affect in any material respect the ability of the Corporation and
its
Subsidiaries, taken as a whole, to conduct their business in the ordinary
course, consistent with past practice; all the property held under lease by
the
Corporation and its Subsidiaries is held thereby under valid, subsisting and
enforceable leases, assuming the due and valid execution by the lessors thereto,
except where the failure to have valid, subsisting and enforceable leases would
not, individually or in the aggregate, adversely affect in any material respect
the ability of the Corporation and its Subsidiaries to conduct their business
in
the ordinary course, consistent with past practice.
3.7 Taxes.
(a) The
Corporation and each Subsidiary has duly and timely filed with the appropriate
taxing authorities all material Tax Returns required to have been filed. Such
Tax Returns are complete and accurate in all material respects. All
Taxes
shown as due and payable on such Tax Returns have been paid
and all
other material Taxes for which either the Corporation or any Subsidiary is
liable that are due and payable have been paid or adequately reserved for on
the
financial statements of the Corporation.
(b) Neither
the IRS nor any other taxing authority (whether domestic or foreign) has
asserted in writing against the Corporation or any Subsidiary any material
deficiency or material claim for Taxes in excess of the reserves established
therefor.
(c) The
contribution of the Contribution Stock by Contributor to IEP in exchange for
the
Exchange Units has not and will not result in any material income Taxes payable
by the Corporation or any Subsidiary, other than as a result of the loss,
reduction, or limitation of any net operating losses, credits, deductions,
carryforwards of such or other items, or other Tax attributes.
3.8 Employee
Matters/Employee Benefit Plans.
Except
for matters which would not, individually, or in the aggregate, be reasonably
likely to have a Material Adverse Effect:
(a) Except
as
accrued thereafter in accordance with the terms of the Plans as of the date
hereof, neither the Corporation nor any of its Subsidiaries has incurred any
material liability, and no event, transaction or condition has occurred or
exists that could result in any material liability, on account of any Plans,
including but not limited to liability for (i) additional contributions
required to be made under the terms of any Plan or its related trust, insurance
contract or other funding arrangement with respect to periods ending on or
prior
to the date hereof which are not reflected, reserved against or accrued in
the
Corporation’s financial statements; or (ii) breaches by the Corporation,
or, to the Knowledge of Contributor, the trustees under the trusts created
under
the Plans, or any other Persons under ERISA or any other applicable Law. Each
of
the Plans has been operated and administered in material compliance with its
terms, all applicable Laws and, if applicable, collective bargaining agreements.
Since December 27, 2007, neither the Corporation nor any of its Subsidiaries
has
communicated to any current or former director, officer, employee or consultant
thereof any intention or commitment to amend or modify any Plan, or to establish
or implement any other employee or retiree benefit or compensation plan or
arrangement, which would materially increase the cost to the Corporation and
the
Subsidiaries, taken as a whole.
7
(b) Each
Plan
which is intended to be “qualified” within the meaning of Section 401(a) of the
Code, and the trust (if any) forming a part thereof has received or requested
a
favorable determination letter or is covered by an opinion letter from the
Internal Revenue Service and, to the Knowledge of Contributor, no event has
occurred and no condition exists which could reasonably be expected to result
in
the revocation of any such determination. All amendments and actions required
to
bring each Plan into conformity with the applicable provisions of ERISA, the
Code, and any other applicable Laws have been made or taken.
(c) There
are
no pending or threatened claims by or on behalf of any participant in any of
the
Plans, or otherwise involving any such Plan or the assets of any Plan, other
than routine claims for benefits in the ordinary course. The Plans are not
presently under audit or examination (nor has notice been received of a
potential audit or examination) by the Internal Revenue Service or the
Department of Labor.
(d) None
of
the Plans provides benefits of any kind with respect to current or former
employees, officers, or directors (or their beneficiaries) of the Corporation
or
any of its Subsidiaries beyond their retirement or other termination of
employment, other than (i) coverage for benefits mandated by Section 4980B
of
the Code, (ii) death benefits or retirement benefits under an employee pension
benefit plan (as defined by Section 3(2) of ERISA), or (iii) benefits, the
full
cost of which is borne by such current or former employees, officers, directors,
or beneficiaries.
(e) No
Plan
sponsored by the Corporation is a “multiemployer plan” within the meaning of
Section 4001(a)(3) of ERISA or a “multiple employer plan” as addressed in
section 4063 or 4064 of ERISA. No Plan sponsored by the Corporation is subject
to Title IV of ERISA.
(f) The
consummation of the transactions contemplated by this Agreement will not (alone
or in combination with any other event, including, without limitation, the
passage of time) result in (i) any payment (including, without limitation,
severance, unemployment compensation, golden parachute, bonus payments or
otherwise) becoming due under any agreement or oral arrangement to any current
or former director, officer, employee or consultant of the Corporation or any
of
its Subsidiaries, (ii) any increase in the amount of salary, wages or other
benefits payable to any director, officer, employee or consultant of the
Corporation or any of its Subsidiaries, or (iii) any acceleration of the vesting
or timing of payment of any benefits or compensation (including, without
limitation, any increased or accelerated funding obligation) payable to any
director, officer, employee or consultant of the Corporation or any of its
Subsidiaries.
8
(g) There
is,
and since December 27, 2007 there has been, to the Knowledge of Contributor,
(i)
(A) no unfair labor practice complaint pending or threatened against the
Corporation before the National Labor Relations Board, and no grievance or
arbitration proceeding arising out of or under collective bargaining agreements
is pending or threatened, (B) no strike, labor dispute, slowdown or stoppage
pending or threatened against the Corporation or any of its Subsidiaries and
(C)
no union representation dispute currently existing concerning the employees
of
the Corporation or any of its Subsidiaries, and (ii) (A) no union
organizing activities are currently taking place concerning the employees of
the
Corporation or any of its Subsidiaries and (B) there has been no violation
of
any federal, state, local or foreign law relating to discrimination in the
hiring, promotion or pay of employees, any applicable wage or hour
laws.
3.9 Litigation.
There
are
no material actions, suits, arbitrations, regulatory proceedings or other
litigation, proceedings or governmental investigations pending or, to the
Knowledge of Contributor, threatened against or affecting the Corporation or
any
Subsidiary or any of their officers, directors, employees or agents in their
capacity as such, or any of the Corporation’s or any of its Subsidiaries’
respective Assets and Properties or the respective businesses of the Corporation
or its Subsidiaries that, if determined adversely to the Corporation or such
Subsidiary or any of their officers, directors, employees or agents in their
capacity as such would be reasonably expected to be material to the Corporation
and its Subsidiaries, and to the Knowledge of Contributor, there are no facts
or
circumstances which may give rise to any of the foregoing. Neither the
Corporation nor any Subsidiary is subject to any order, judgment, decree,
injunction, stipulation or consent order of or with any court or other
Governmental or Regulatory Authority.
3.10 Claims
Against Officers and Directors.
There
are
no pending or, to the Knowledge of Contributor, threatened claims against any
current or former director, officer, employee or agent of the Corporation,
any
of its Subsidiaries or any other Person, which could give rise to any claim
for
indemnification against the Corporation or any of its Subsidiaries or cause
the
Corporation or any of its Subsidiaries to incur any liability or otherwise
suffer or incur any Loss.
3.11 Insurance.
The
Corporation and its Subsidiaries, as the case may be, maintain insurance
policies that provide adequate and suitable insurance coverage for their
respective businesses and are on such terms, cover such risks and are in such
amounts as the insurance customarily carried by comparable companies of
established reputation similarly situated and carrying on the same or similar
business. All such insurance is fully in force on the date hereof except where
the failure to maintain such insurance would not, individually or in the
aggregate, be reasonably likely to have a Material Adverse Effect.
9
3.12 Compliance
with Law.
To
the
Knowledge of Contributor, each of the Corporation and its Subsidiaries is in
material compliance and, at all times since December 27, 2007, has been in
compliance in all material respects with all applicable Laws relating to each
of
them or their respective Assets and Properties or business. No investigation
or
review by any Governmental or Regulatory Authority or self-regulatory authority
is pending or, to the Knowledge of Contributor, threatened, nor has any such
authority indicated in writing to Contributor or the Corporation or any of
its
Subsidiaries an intention to conduct an investigation or review of the
Corporation or any of its Subsidiaries.
3.13 Undisclosed
Liabilities.
Neither
the Corporation nor any of its Subsidiaries has any material liabilities or
obligations of any nature, whether known or unknown, absolute, accrued,
contingent or otherwise and whether due or to become due, other than liabilities
and obligations incurred after June 30, 2008 in the ordinary course of business
consistent with past practice (including as to amount and nature).
3.14 Related
Parties.
Since
December 27, 2007, there have been no transactions with “related persons” (as
such term is defined by Item 404 of Regulation S-K promulgated under the
Securities Act (“Item
404”)
of the
Corporation that would be required to be disclosed pursuant to Item 404 that
have not been disclosed as required by Item 404.
3.15 Intellectual
Property.
(a) The
Corporation and its Subsidiaries own or have obtained valid and enforceable
licenses for, or other rights to use, the inventions, patent applications,
patents, trademarks (both registered and unregistered), tradenames, service
names, copyrights, trade secrets and other proprietary information
(collectively, “Intellectual
Property”)
owned
or licensed by them or which are necessary for the conduct of their respective
businesses, except where the failure to own, license or have such rights would
not, individually or in the aggregate, adversely affect the ability of the
Corporation and its Subsidiaries to conduct their business in the ordinary
course, consistent with past practice; (i) to the Knowledge of Contributor,
there are no third parties who have, or will be able to establish, rights to
any
Intellectual Property, except for the ownership rights of the owners of the
Intellectual Property which is licensed to the Corporation or any of its
Subsidiaries; (ii) to Contributor’s Knowledge, there is no infringement by third
parties of any Intellectual Property; (iii) there is no pending or, to
Contributor’s Knowledge, threatened action, suit, proceeding or claim by others
challenging the Corporation’s or any of its Subsidiaries’ rights in or to any
Intellectual Property; (iv) there is no pending or, to Contributor’s Knowledge,
threatened action, suit, proceeding or claim by others challenging the validity
or scope of any Intellectual Property, and to Contributor’s Knowledge, there are
no facts which could form a reasonable basis for any such claim; and (v) there
is no pending or, to Contributor’s Knowledge, threatened action, suit,
proceeding or claim by others that the Corporation or any of its Subsidiaries
infringes or otherwise violates any patent, trademark, copyright, trade name,
service name, trade secret or other proprietary rights of others, and to
Contributor’s Knowledge there are no facts which could form a reasonable basis
for any such action, suit, proceeding or claim;
10
(b) All
Intellectual Property has been duly registered with, filed in or issued by
the
relevant filing offices, domestic or foreign, to the extent necessary or
desirable to ensure full protection under any applicable Law, and such
registrations, filings or issuances remain in full force and effect, other
than
as would not, individually or in the aggregate, adversely affect the ability
of
the Corporation and its Subsidiaries to conduct their business in the ordinary
course, consistent with past practice.
3.16 Environmental
Matters.
(a) The
Corporation and its Subsidiaries and their Assets and Properties and operations
are and, to the Knowledge of Contributor, have been in compliance with, and
hold
all permits, authorizations and approvals required under, Environmental Laws,
except to the extent that failure to so comply or to hold such permits,
authorizations or approvals would not, individually or in the aggregate,
adversely affect the ability of the Corporation and it Subsidiaries to conduct
their business in the ordinary course, consistent with past
practice.
(b) Except
as
would not, individually or in the aggregate, adversely affect the ability of
the
Corporation and its Subsidiaries to conduct their business in the ordinary
course, consistent with past practice, there are no past, present or, to the
Knowledge of Contributor, reasonably anticipated future events, conditions,
circumstances, activities, practices, actions, omissions or plans that could
reasonably be expected to give rise to any material costs or material
liabilities to the Corporation or any of its Subsidiaries under, or to
materially interfere with or materially prevent compliance by the Corporation
or
any of its Subsidiaries with, Environmental Laws.
(c) Except
as
would not, individually or in the aggregate, adversely affect the ability of
the
Corporation and its Subsidiaries to conduct their business in the ordinary
course, consistent with past practice, none of the Corporation or any of its
Subsidiaries (i) to the Knowledge of Contributor, is the subject of any
investigation, (ii) has received any written notice or claim, (iii) is a party
to or affected by any pending, or to the Knowledge of Contributor, threatened
action, suit or proceeding, (iv) is bound by any judgment, decree or order
or
(v) has entered into any agreement, in each case relating to any alleged
material violation of any Environmental Law or any actual or alleged material
release or threatened material release or cleanup at any location of any
Hazardous Materials.
3.17 Contracts.
(a) The
agreements, contracts or instruments filed with the SEC as exhibits to the
Current FMO SEC Documents or that are attached as exhibits to the FMO Bankruptcy
Plan (the “Material
Contracts”)
are
the only material agreements, contracts or instruments that are binding upon
the
Corporation and its Subsidiaries that are material to the operation of the
business of the Corporation and its Subsidiaries, taken as a whole.
The
Material Contracts filed with the SEC as exhibits to the Current FMO SEC
Documents are the only agreements, contracts or instruments required to be
disclosed by the Corporation under Item 601 of Regulation S-K promulgated under
the Securities Act.
11
(b) To
the
Knowledge of Contributor, prior to the date hereof, true, correct and complete
copies of each Material Contract have been delivered or made available to IEP.
Each such Contract is in full force and effect and constitutes a legal, valid
and binding agreement, enforceable in accordance with its terms, of the
Corporation or any of the Subsidiaries, as the case may be, and, to the
Knowledge of Contributor, of each other party thereto; and neither the
Corporation nor any of the Subsidiaries nor, to the Knowledge of Contributor,
any other party to such Contract, is in violation or breach of or default under
any such Contract (or with notice or lapse of time or both, would be in
violation or breach of or default under any such Contract).
3.18 Accuracy
of Statements.
Neither
this Agreement nor any schedule, exhibit, statement, list, document, certificate
or other information furnished or to be furnished by or on behalf of Contributor
to IEP or any representative or Affiliate of IEP in connection with this
Agreement or any of the transactions contemplated hereby, nor any of the matters
disclosed in the Current FMO SEC Documents, contains or will contain any untrue
statement of a material fact or omits or will omit to state a material fact
necessary to make the statements contained herein or therein, in light of the
circumstances in which they are made, not misleading.
3.19 Investor
Representation.
Contributor
will acquire the IEP Units for its own account, for investment purposes only
and
not with a view toward, or for sale in connection with, any distribution
thereof, nor with any present intention of distributions or selling the IEP
Units in violation of the federal securities Laws or any applicable foreign
or
state securities Laws, and understands that the IEP Units will be sold without
registration under the federal and applicable state securities Laws in reliance
upon such representation. Contributor will not offer to sell or otherwise
dispose of the IEP Units acquired by it hereunder in violation of any of the
registration requirements of the Securities Act or any comparable state
Laws.
ARTICLE
IV
REPRESENTATIONS
AND WARRANTIES OF BARBERRY
Except
as
set forth on the Barberry disclosure schedule delivered by Barberry to IEP
concurrently with the execution and delivery of this Agreement (the
“Barberry
Disclosure Schedule”),
Barberry hereby makes the following representations and warranties contained
in
this Article
IV
to IEP.
The Barberry Disclosure Schedule is arranged and numbered to correspond to
the
numbered and lettered paragraphs contained in this Article
IV.
Unless
otherwise specified herein, disclosure made in any particular Section of the
Barberry Disclosure Schedule shall be deemed made in any other Section or
Sections of the Barberry Disclosure Schedule to which the relevance of such
disclosure is readily apparent on its face from the text of such
disclosure.
4.1 Organization
of Barberry.
Barberry
is a corporation duly organized, validly existing and in good standing under
the
Laws of the State of Delaware. Barberry has full organizational power and
authority to execute and deliver this Agreement and to perform its obligations
hereunder and to consummate the transactions contemplated hereby.
12
4.2 Authority.
The
execution and delivery by Barberry of this Agreement, and the performance by
Barberry of its obligations hereunder, have been duly and validly authorized
by
Barberry’s board of directors and no other action on the part of Barberry is
necessary for such execution, delivery or performance. This Agreement has been
duly and validly executed and delivered by Barberry and constitutes a legal,
valid and binding obligation of Barberry, enforceable against Barberry in
accordance with its terms.
4.3 No
Conflicts.
The
execution and delivery by Barberry of this Agreement do not, and the performance
by Barberry of its obligations under this Agreement and the consummation of
the
transactions contemplated hereby will not:
(a) conflict
with or result in a violation or breach of any of the terms, conditions or
provisions of the organizational documents of Barberry;
(b) conflict
with or result in a violation or breach of any term or provision of any Law
or
Order applicable to Barberry; or
(c) (i)
conflict with or result in a violation or breach of, (ii) constitute (with
or
without notice or lapse of time or both) a default under, (iii) require Barberry
to obtain any consent, approval or action of, make any filing (other than with
the SEC pursuant to Section 13 and Section 16 of the Exchange Act) with or
give
any notice to any Person, as a result or under the terms of, (iv) result in
or
give to any Person any right of termination, cancellation, acceleration or
modification in or with respect to, or (v) result in the creation or imposition
of any Lien under, any Contract or License to which the Contribution Stock
is
bound.
4.4 Governmental
Consents and Approvals.
No
consent, authorization or approval of, filing (other than with the SEC pursuant
to Section 13 and Section 16 of the Exchange Act) or registration with, or
cooperation from, any Governmental or Regulatory Authority is necessary in
connection with the execution, delivery and performance by Barberry of this
Agreement or the consummation of the transactions contemplated
hereby.
4.5 Solvency
of Barberry.
Section
4.5
of the
Barberry Disclosure Schedule sets forth the net worth of Barberry as of the
date
hereof.
4.6 Brokers.
Barberry
has not used any broker or finder in connection with the transactions
contemplated hereby, and neither IEP nor any Affiliate of IEP has or shall
have
any liability or otherwise suffer or incur any Loss as a result of or in
connection with any brokerage or finder’s fee or other commission of any Person
retained or purporting to be retained by Barberry in connection with any of
the
transactions contemplated by this Agreement.
13
ARTICLE
V
REPRESENTATIONS
AND WARRANTIES OF IEP
Except
as
set forth on the IEP disclosure schedule delivered by IEP to Contributor
concurrently with the execution and delivery of this Agreement (the
“IEP
Disclosure Schedule”),
IEP
hereby makes the following representations and warranties contained in this
Article
V
to
Contributor. The IEP Disclosure Schedule is arranged and numbered to correspond
to the numbered and lettered paragraphs contained in this Article
V.
Unless
otherwise specified herein, disclosure made in any particular Section of the
IEP
Disclosure Schedule shall be deemed made in any other Section or Sections of
the
IEP Disclosure Schedule to which the relevance of such disclosure is readily
apparent on its face from the text of such disclosure.
5.1 Organization
of IEP.
IEP
is a
limited partnership duly formed, validly existing and in good standing under
the
Laws of the State of Delaware. IEP has full organizational power and authority
to execute and deliver this Agreement and to perform its respective obligations
hereunder and to consummate the transactions contemplated hereby.
5.2 Authority.
The
execution and delivery by IEP of this Agreement, and the performance by IEP
of
its obligations hereunder, have been duly and validly authorized and no other
action on the part of IEP or IEP’s general partner is necessary. This Agreement
has been duly and validly executed and delivered by IEP and constitutes a legal,
valid and binding obligation of IEP enforceable against IEP in accordance with
its terms.
5.3 No
Conflicts.
The
execution and delivery by IEP of this Agreement do not, and the performance
by
IEP of its obligations under this Agreement and the consummation of the
transactions contemplated hereby, will not:
(a) conflict
with, or result in a violation or breach of, any of the terms, conditions or
provisions of the organizational documents of IEP;
(b) conflict
with, or result in a violation or breach of, any term or provision of any Law
or
Order applicable to IEP (other than such conflicts, violations or breaches
which
would not, individually or in the aggregate, be reasonably likely to have a
Material Adverse Effect on IEP); or
(c) (i)
conflict with, or result in a violation or breach of, (ii) constitute (with
or
without notice or lapse of time or both) a default under, (iii) require IEP
to
obtain any consent, approval or action of, make any filing (other than with
the
SEC pursuant to Section 13 and Section 16 of the Exchange Act) with or give
any
notice to any Person as a result or under the terms of, (iv) result in or give
to any Person any right of termination, cancellation, acceleration or
modification in or with respect to, or (v) result in the creation or imposition
of any Lien upon IEP or any of its Assets and Properties under, any Contract
or
License to which IEP is a party or by which any of its Assets and Properties
are
bound.
14
5.4 Consents
and Approvals.
No
consent, authorization or approval of, filing (other than with the SEC pursuant
to Section 13 and Section 16 of the Exchange Act) or registration with, or
cooperation from, any Governmental or Regulatory Authority or any other Person
not a party to this Agreement is necessary in connection with the execution,
delivery and performance by IEP of this Agreement or the consummation of the
transactions contemplated hereby.
5.5 Brokers.
IEP
has
not used any broker or finder in connection with the transactions contemplated
hereby, and neither Contributor nor the Corporation nor any Affiliate of
Contributor or the Corporation has or shall have any liability or otherwise
suffer or incur any Loss as a result of or in connection with any brokerage
or
finder’s fee or other commission of any Person retained or purporting to be
retained by IEP in connection with any of the transactions contemplated by
this
Agreement.
5.6 Investor
Representation.
IEP
will
acquire the Contribution Stock for its own account, for investment purposes
only
and not with a view toward, or for sale in connection with, any distribution
thereof, nor with any present intention of distributions or selling the
Contribution Stock in violation of the federal securities Laws or any applicable
foreign or state securities Laws, and understands that the Contribution Stock
will be sold without registration under the federal and applicable state
securities Laws in reliance upon such representation. IEP will not offer to
sell
or otherwise dispose of the Contribution Stock acquired by it hereunder in
violation of any of the registration requirements of the Securities Act or
any
comparable state Laws.
5.7 Title.
The
Exchange Units have been duly authorized by all required action on the part
of
IEP. The delivery of the Exchange Units delivered by IEP to Contributor at
the
Closing will transfer to Contributor good and valid title to the Exchange Units
free and clear of all Liens, other than any Liens created by the
Contributor.
5.8 Tax.
(a) IEP
is
classified as a partnership and not an association taxable as a corporation
for
U.S. federal income Tax purposes.
(b) IEP
has
timely filed all material Tax Returns required to be filed through the date
of
this Agreement with respect to the income, properties or operations of IEP
and
its Subsidiaries. All such returns are true, correct and complete in all
material respects under applicable U.S. federal, state, local or foreign Tax
Laws.
ARTICLE
VI
INDEMNIFICATION
6.1 Indemnification
by Barberry.
(a) Barberry
agrees to indemnify IEP, its Affiliates and their respective officers,
directors, employees, independent contractors, stockholders, principals,
partners, agents, or representatives (other than Xxxx Xxxxx and his Affiliates
other than Icahn Enterprises G.P. Inc. and its controlled Affiliates;
provided,
however, that for all purposes of this Article
VI,
neither
the Corporation nor any of its controlled Affiliates shall be deemed to be
Affiliates of Icahn Enterprises G.P. Inc.) (each an “Indemnified
Person”
and
collectively, the “Indemnified
Persons”)
against, and to hold each Indemnified Person harmless from, any and all Losses
incurred or suffered by any Indemnified Person relating to or arising out of
or
in connection with (i) any breach of or any inaccuracy in any representation
or
warranty made by Contributor in this Agreement, (ii) any breach of or failure
by
Contributor to perform any of its covenants or obligations set out or
contemplated in this Agreement, (iii) any Contract that Xxxx Xxxxx or any of
his
Affiliates entered into prior to the date hereof in connection with or relating
to the FMO Bankruptcy Plan or (iv) 1879 Hall, LLC, including (A) any disputes
directly or indirectly related thereto (including any items disclosed in
Section
2.3
of the
Contributor Disclosure Schedule) or (B) the Chelonian Assignment and Assumption
Agreement.
15
(b) Notwithstanding
any provisions to the contrary contained herein, (x) indemnification for Losses
under Section
6.1(a)
shall be
payable by Barberry only if the aggregate amount of all Losses by the
Indemnified Persons shall exceed the Contribution Basket Amount, at which time
all such Losses, including any Losses comprising the Contribution Basket Amount,
shall be recoverable, and (y) the aggregate liability of Barberry for
indemnification under Section
6.1(a)(i)
and
Section
6.1(a)(ii)
shall in
no event exceed the Contribution Cap Amount.
(c) For
purposes of this Article
VI,
(i) any
inaccuracy in or breach of any representation or warranty shall be determined
without regard to any materiality, “Material Adverse Effect”, “Material Adverse
Change” or similar qualification, and without regard to any qualification or
requirement that a matter be or not be “reasonably expected” to occur, contained
in or otherwise applicable to such representation or warranty and (ii) any
qualification of any representations and warranties by reference to the General
Knowledge Qualifier shall be disregarded in determining whether any such
representations or warranties have been breached and in the calculation of
the
amount of any Losses resulting therefrom.
6.2 Claims.
As
promptly as is reasonably practicable after becoming aware of a claim for
indemnification under this Agreement, the Indemnified Person shall promptly
give
notice to Barberry of such claim and the amount the Indemnified Person will
be
entitled to receive hereunder from Barberry; provided that the failure of the
Indemnified Person to promptly give notice shall not relieve Barberry of its
obligations except to the extent (if any) that Barberry shall have been
prejudiced thereby. If Barberry does not object in writing to such
indemnification claim within thirty (30) days of receiving notice thereof,
the
Indemnified Person shall be entitled to recover, on the thirty-fifth day after
such notice was given, from Barberry the amount of such claim, and no later
objection by Barberry shall be permitted; if Barberry agrees that it has an
indemnification obligation but objects that it is obligated to pay only a lesser
amount, the Indemnified Person shall nevertheless be entitled to recover, on
the
thirty-fifth day after such notice was given, from Barberry the lesser amount,
without prejudice to the Indemnified Person’s claim for the difference. In
addition to the amounts recoverable by the Indemnified Person from Barberry
pursuant to the foregoing provisions, the Indemnified Person shall also be
entitled to recover from Barberry interest on such amounts at the rate of Two
Times Prime from, and including, the thirty-fifth day after such notice of
an
indemnification claim is given to, but not including, the date such recovery
is
actually made by the Indemnified Person.
16
6.3 Notice
of Third Party Claims; Assumption of Defense. The
Indemnified Person shall give notice as promptly as is reasonably practicable
to
Barberry of the assertion of any claim, or the commencement of any suit, action
or proceeding, by any Person not a party hereto (a “Third
Party Claim”)
in
respect of which indemnity may be sought under this Agreement; provided that
the
failure of the Indemnified Person to promptly give notice shall not relieve
Barberry of its obligations except to the extent (if any) that Barberry shall
have been prejudiced thereby. Barberry may, at its own expense, participate
in
the defense of any Third Party Claim, suit, action or proceeding (a) upon
notice to the Indemnified Person and (b) upon delivery by Barberry to the
Indemnified Person a written agreement that the Indemnified Person is entitled
to indemnification for all Losses arising out of such Third Party Claim, suit,
action or proceeding and that Barberry shall be liable for the entire amount
of
any Loss, at any time during the course of any such Third Party Claim, suit,
action or proceeding, assume the defense thereof; provided, however, that (i)
Barberry’s counsel is reasonably satisfactory to the Indemnified Person, and
(ii) Barberry shall thereafter consult with the Indemnified Person upon the
Indemnified Person’s reasonable request for such consultation from time to time
with respect to such Third Party Claim, suit, action or proceeding. If Barberry
assumes such defense, the Indemnified Person shall have the right (but not
the
duty) to participate in the defense thereof and to employ counsel, at its own
expense, separate from the counsel employed by Barberry. If, however, the
Indemnified Person reasonably determines in its judgment that representation
by
Barberry’s counsel of both Barberry and the Indemnified Person would present
such counsel with a conflict of interest, then such Indemnified Person may
employ separate counsel to represent or defend it in any such Third Party Claim,
action, suit or proceeding and Barberry shall pay all of the fees and
disbursements in connection with the retention of such separate counsel. If
Barberry fails to promptly notify the Indemnified Party that Barberry desires
to
defend the Third Party Claim pursuant, or if Barberry gives such notice but
fails to prosecute vigorously and diligently or settle the Third Party Claim,
then the Indemnified Party will have the right to defend, at the sole cost
and
expense of Barberry, the Third Party Claim by all appropriate proceedings,
which
proceedings will be prosecuted by the Indemnified Person in good faith or will
be settled at the discretion of the Indemnified Person (with the consent of
Barberry, which consent will not be unreasonably withheld). The Indemnified
Person will have full control of such defense and proceedings, including any
compromise or settlement thereof. Whether or not Barberry chooses to defend
or
prosecute any such Third Party Claim, suit, action or proceeding, all of the
parties hereto shall cooperate in the defense or prosecution thereof.
6.4 Settlement
or Compromise.
Any
settlement or compromise made or caused to be made by the Indemnified Person
or
Barberry, of any claim, suit, action or proceeding shall also be binding upon
Barberry or the Indemnified Person, as the case may be, in the same manner
as if
a final judgment or decree had been entered by a court of competent jurisdiction
in the amount of such settlement or compromise thereof; provided, however,
that
no obligation, restriction or Loss shall be imposed on the Indemnified Person
as
a result of such settlement without its prior written consent. The Indemnified
Person will give Barberry at least thirty (30) days notice of any proposed
settlement or compromise of any Third Party Claim, suit, action or proceeding
it
is defending, during which time Barberry may reject such proposed settlement
or
compromise; provided, however, that from and after such rejection, Barberry
shall be obligated to assume the defense of and full and complete liability
and
responsibility for such Third Party Claim, suit, action or proceeding and any
and all Losses in connection therewith in excess of the amount of
unindemnifiable Losses which the Indemnified Person would have been obligated
to
pay under the proposed settlement or compromise.
17
6.5 Failure
of Barberry to Act.
In
the
event that Barberry does not assume the defense of any Third Party Claim, suit,
action or proceeding brought against an Indemnified Person, then any failure
of
the Indemnified Person to defend or to participate in the defense of any such
Third Party Claim, suit, action or proceeding or to cause the same to be done,
shall not relieve Barberry of any of its obligations under this
Agreement.
6.6 Tax
Character.
Barberry, Contributor and IEP agree that any payments pursuant to this
Article
VI
will be
treated for federal and state income tax purposes as a tax-free contribution
to
IEP in exchange for the Exchange Units under Code Section 721(a) and no party,
on a Tax Return or otherwise, shall, except to the extent required by Law,
take
any position inconsistent with such treatment.
6.7 Sole
and Exclusive Remedy.
The
indemnification remedy provided to the Indemnified Persons under this
Article
VI
shall be
the sole and exclusive remedy to which IEP and each other Indemnified Person
shall be entitled after the Closing under this Agreement.
ARTICLE
VII
DEFINITIONS
7.1 Defined
Terms.
As
used
in this Agreement, the following defined terms have the meanings indicated
below:
“Affiliate”
means, with respect to any specified Person, any other Person that, directly
or
indirectly, owns or controls, is under common ownership or control with, or
is
owned or controlled by, such specified Person.
“Agreement”
has the meaning ascribed to it in the recitals.
“Assets
and Properties” of any Person means all assets and properties of every kind,
nature, character and description (whether real, personal or mixed, whether
tangible or intangible, and wherever situated), including the goodwill related
thereto, operated, owned or leased by such Person.
18
“Audit
Committee” means the Audit Committee of the Board of Directors of the general
partner of IEP, as the same may be constituted from time to time.
“Barberry”
has the meaning ascribed to it in the recitals.
“Barberry
Disclosure Schedule” has the meaning ascribed to it in the introductory
paragraph of Article
IV.
“Business
Day” means any day of the year other than (i) any Saturday or Sunday or (ii) any
other day on which commercial banks located in New York City are generally
closed for business.
“Business
or Condition” of any Person means the business, condition (financial or
otherwise), properties, assets or results of operations or prospects of such
Person, taken as a whole.
“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability
Act
of 1980, as amended, or any successor statutes and any regulations promulgated
thereunder.
“Chelonian
Assignment and Assumption Agreement” means that certain Assignment and
Assumption Agreement, dated as of July 3, 2008, by and among Contributor,
Chelonian Subsidiary, LLC (“Chelonian”)
and
IEH Holdings, pursuant to which, among other things (i) each of Contributor
and
Chelonian transferred and conveyed all of their right, title and interest in,
to
and under certain agreements described therein, and (ii) IEH Holdings accepted
all of Contributor’s and Chelonian’s right, title and interest, and assumed all
of Contributor’s and Chelonian’s obligations and responsibilities, in, to and
under such agreements, upon the terms and subject to the conditions
thereof.
“Closing”
has the meaning ascribed to it in Section
1.3.
“Closing
Date” has the meaning ascribed to it in Section
1.3.
“Code”
means the Internal Revenue Code of 1986, as amended.
“Contract”
means any contract, lease, commitment, understanding, sales order, purchase
order, agreement, indenture, mortgage, note, bond, right, warrant, instrument,
plan, permit or license, whether written or oral, which is intended or purports
to be binding and enforceable and to which either the Corporation or any of
its
Subsidiaries is a party.
“Contribution
Basket Amount” means Twenty Five Million Dollars ($25,000,000).
“Contribution
Cap Amount” shall be equal to One Hundred Twenty Seven Million Seventy One
Thousand Seven Hundred Fifty Five Dollars ($127,071,755) hereunder.
“Contribution
Stock” has the meaning ascribed to it in the recitals.
“Contributor”
has the meaning ascribed to it in the recitals.
19
“Contributor
Disclosure Schedule” has the meaning ascribed to it in the introductory
paragraph of Article
II.
“control”
(including the terms “controlled by” and “under common control with”) means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.
“Corporation”
has the meaning ascribed to it in the recitals.
“Corporation
Disclosure Schedule” has the meaning ascribed to it in the introductory
paragraph of Article
III.
“Current
FMO SEC Documents” means, when taken as a whole: (i) all reports, schedules,
forms, statements and other documents (including exhibits and other information
incorporated therein) filed by the Corporation with the SEC since December
18,
2007; and (ii) any documents (including exhibits and other information
incorporated therein) furnished by the Corporation with the SEC since December
18, 2007 on a voluntary basis on Current Reports on Form 8-K.
“Dollars”
or numbers proceeded by the symbol “$” means amounts in United States
Dollars.
“Environmental
Claim” means any action, lawsuit, claim or proceeding (including, without
limitations, actions, lawsuits, claims or proceedings by private individuals,
Governmental or Regulatory Authorities and employees) arising under any
Environmental Law. An Environmental Claim includes, but is not limited to,
a
common law action, as well as a proceeding to issue, modify or terminate an
Environmental Permit.
“Environmental
Law” means all applicable foreign, federal, state, district, and local civil and
criminal laws (including common law), regulations, rules, ordinances, codes,
decrees, judgments, injunctions, judicial or administrative orders, and
contractual obligations relating to public health, welfare and the environment,
or for the safety and health of employees or individuals, including, without
limitation, those requirements relating to the storage, handling and use of
chemicals and other Hazardous Materials, those relating to the generation,
processing, treatment, storage, transport, investigation and remediation, or
other management of waste materials of any kind, and those relating to the
protection of environmentally sensitive species or areas. Environmental Laws
include but are not limited to OSHA, CERCLA, the Clean Air Act, as amended,
the
Federal Water Pollution Control Act, as amended, the Rivers and Harbors Act
of
1899, as amended, the Safe Drinking Water Act, as amended, the Superfund
Amendments and Reauthorization Act of 1986 (“XXXX”), as amended, the Resource
Conservation and Recovery Act of 1976 (“RCRA”), as amended, the Hazardous and
Solid Waste Amendments Act of 1984, as amended, the Toxic Substances Control
Act, as amended, the Oil Pollution Act of 1990 (“OPA”), as amended, the
Hazardous Materials Transportation Act, as amended, the Endangered Species
Act
of 1973, and the state analogs to these.
“Environmental
Permit” means any permit, license, approval, registration or other authorization
required under any Environmental Law.
20
“ERISA”
means the Employee Retirement Income Security Act of 1974, as
amended.
“Exchange
Act” means the Securities Exchange Act of 1934, as amended, including the rules
and regulations promulgated thereunder.
“Exchange
Units” has the meaning ascribed to it in Section
1.2.
“FMO
Bankruptcy Plan” shall mean the Fourth Amended Joint Plan of Reorganization for
Debtors and Debtors-in-Possession (as Modified) of the Corporation under Chapter
11 of Title 11 of the United States Code, which became effective on December
27,
2007, and all exhibits, schedules and other documents ancillary thereto and/or
incorporated therein.
“FMO
Registration Rights Agreement” means the Registration Rights Agreement, dated as
of December 27, 2007, by and among the Corporation, Contributor and certain
other parties.
“FMO
Stock” has the meaning ascribed to it in the recitals.
“GAAP”
means U.S. generally accepted accounting principles at the time in
effect.
“General
Knowledge Qualifier” has the meaning ascribed to it in the introductory
paragraph of Article
III.
“Governmental
or Regulatory Authority” means any court, tribunal, arbitrator, authority,
administrative or other agency, commission, authority, licensing board official
or other instrumentality of the United States or any state, county, city or
other political subdivision thereof, or of any foreign government having
competent jurisdiction over the Business or Condition of any Person.
“Hazardous
Material” means “hazardous substance” and “pollutant or contaminant,” as those
terms are defined or used in Section 101 of CERCLA and any other substances
or
chemicals regulated because of their effect or potential effect on public health
and the environment, or the health and safety of employees or individuals,
including, without limitation, (i) petroleum, petroleum hydrocarbons, or any
fraction or byproduct thereof, (ii) natural gas liquids, (iii) polychlorinated
byphenyls in any form or condition, (iv) lead paint, (v) asbestos containing
materials in any form or condition, (vi) urea formaldehyde, (vi) radioactive
materials, including any naturally occurring radioactive material, and any
source, special or byproduct material, and (vii) putrescible and infectious
materials.
“IEH”
means Icahn Enterprises Holdings L.P., a Delaware limited partnership and an
Affiliate of IEP.
“IEH
Agreement” means that certain Stock Purchase Agreement dated as of July 3, 2008,
by and among IEH Holdings, IEH, Barberry and Contributor.
“IEH
Holdings” means IEH FM Holdings LLC, a Delaware limited liability company and an
Affiliate of IEP.
“IEP”
has
the meaning ascribed to it in the recitals.
21
“IEP
Disclosure Schedule” has the meaning ascribed to it in the introductory
paragraph of Article
V.
“IEP
Registration Rights Agreement” means that certain Registration Rights Agreement
dated as of June 30, 2005 by and among American Real Estate Partners, L.P.
(now
known as IEP), Highcrest Investors Corp., Arnos Corp., Cyprus, LLC and Xxxxxx
Partners, as amended by Amendment No. 1 thereto, dated as of August 8,
2007.
“IEP
Registration Rights Joinder” has the meaning ascribed to it in Section
1.4.
“IEP
Units” means the depositary units representing limited partner interests of
IEP.
“Indemnified
Person” or “Indemnified Persons” have the respective meanings ascribed to them
in Section
6.1(a).
“Intellectual
Property” has the meaning ascribed to it in Section
3.15(a).
“Item
404” has the meaning ascribed to it in Section
3.14.
“Knowledge”
means, with respect to (i) Contributor, the actual knowledge of the persons
listed in Section
1.1
of the
Contributor Disclosure Schedule under “Contributor’s Knowledge Parties” and (ii)
IEP, the actual knowledge of the persons listed in Section
1.1
of the
IEP Disclosure Schedule under “IEP’s Knowledge Parties”.
“Laws”
means all laws, statutes, rules, regulations, ordinances and other
pronouncements having the effect of law of the United States or any state,
county, city or other political subdivision or of any Governmental or Regulatory
Authority.
“License”
means licenses, permits, certificates of authority, authorizations, approvals,
registrations, findings of suitability, variances, exemptions, certificates
of
occupancy, orders, franchises and similar consents granted or issued by any
Governmental or Regulatory Authority.
“Lien”
means any mortgage, lien (except for any lien for Taxes not yet due and
payable), charge, restriction, pledge, security interest, option, lease or
sublease, claim, right of any third party, easement, encroachment, encumbrance
or other adverse claim of any kind or description.
“Loss”
or
“Losses” means any and all liabilities, losses, costs, claims, obligations,
damages (including consequential damages if and to the extent actually paid
to a
third party in connection with a Third Party Claim, amounts paid in settlement,
and reasonable expenses of investigation, enforcement and collection), penalties
and expenses (including attorneys’ and accountants’ fees and expenses and costs
of investigation and litigation), whether absolute, accrued, conditional or
otherwise; provided,
however, that the Losses for which any Indemnified Person shall be entitled
to
indemnification with respect to any claim hereunder shall be net of any (i)
tax
benefit, (ii) insurance proceeds and (iii) other amounts, including without
limitation, payments for indemnification pursuant to the IEH Agreement, in
each
case to the extent actually realized or received, as applicable, at any time
and
from time to time by such Indemnified Person by reason of or in connection
with
the same matters, facts or circumstances giving rise to such claim for
indemnification hereunder (including without limitation any future such
recoveries); and provided
further,
that, for the avoidance of doubt and without otherwise limiting any of the
limitations set forth in this Agreement or the IEH Agreement, in no event shall
Barberry be responsible, in the aggregate under this Agreement and the IEH
Agreement, for indemnification in an amount greater than the sum of (x) the
Contribution Cap Amount hereunder and (y) the Cap Amount under the IEH
Agreement.
22
“Material
Adverse Effect” or “Material Adverse Change,” as to any Person, means a material
adverse change (or circumstance involving a prospective change) in the Business
or Condition of such Person. Unless the context otherwise indicates or requires,
any reference herein to a “Material Adverse Effect” or “Material Adverse Change”
shall mean a “Material Adverse Effect” or “Material Adverse Change” with respect
to the Corporation and its Subsidiaries, taken as a whole.
“Material
Contracts” have the meaning ascribed to it in Section
3.17.
“NYSE”
means the New York Stock Exchange.
“Order”
means any writ, judgment, decree, injunction or similar order of any
Governmental or Regulatory Authority (in each such case whether preliminary
or
final).
“OSHA”
means the Occupational Safety and Health Act, as amended, or any successor
statute, and any regulations promulgated thereunder.
“Person”
means any natural person, corporation, limited liability company, general
partnership, limited partnership, proprietorship, other business organization,
trust, union, association or Governmental or Regulatory Authority.
“Plans”
shall mean all material pension and profit sharing, retirement and post
retirement welfare benefit, health insurance benefit (medical, dental and
vision), disability, life and accident insurance, sickness benefit, vacation,
bonus, incentive, deferred compensation, workers compensation, stock purchase,
stock option, phantom stock and other equity-based, severance, employment,
change of control or fringe benefit plans, programs, arrangements or agreements,
whether written or oral, including any employee benefit plans defined in Section
3(3) of ERISA, maintained or contributed to by the Corporation or any of its
Subsidiaries.
“Required
FMO SEC Documents” means all reports, schedules, forms, statements and other
documents (including exhibits and other information incorporated therein)
required to be filed by the Corporation with the SEC since December 18,
2007.
“Securities
Act” means the Securities Act of 1933, as amended, including the rules and
regulations promulgated thereunder.
“SEC”
means the Securities and Exchange Commission.
“Second
FMO Registration Rights Assignment Agreement” means an agreement to be entered
into between IEP and Contributor, pursuant to which all rights and obligations
of Contributor under the FMO Registration Rights Agreement, solely with respect
to the Contribution Stock, shall be assigned by Contributor to, and assumed
by,
IEP. It
is the
intent of IEP and Contributor that the Second
FMO Registration
Rights Assignment Agreement shall constitute a contractual assignment from
Contributor to IEP for purposes of the FMO Registration Rights Agreement, such
that, after giving effect to the Second
FMO
Registration Rights Assignment Agreement, the shares that are the subject of
such agreement shall be deemed “Registrable Securities” as defined in the FMO
Registration Rights Agreement, and Contributor and IEP agree to use commercially
reasonable efforts to cause the Second
FMO Registration
Rights Assignment Agreement to have such effect.
23
“Subsidiary”
means,
with
respect to any Person at any date, any corporation, limited or general
partnership, limited liability company, trust, association or other entity
(i)
the
accounts of which would be consolidated with those of such Person in such
Person’s consolidated financial statements if such financial statements were
prepared in accordance with GAAP or (ii)
of
which more than 50% of (A)
the
outstanding capital stock having (in the absence of contingencies) ordinary
voting power to elect a majority of the board of directors of such corporation,
(B)
the
interest in the capital or profits of such partnership or limited liability
company or (C)
the
beneficial interest in such trust or estate is, at the time of determination,
owned or controlled directly or indirectly through one or more intermediaries,
by such Person.
“Tax”
or
“Taxes” means any and all taxes, charges, fees, levies, duties, liabilities,
impositions or other assessments, including, without limitation, income, gross
receipts, profits, excise, real or personal property, environmental, recapture,
sales, use, value-added, withholding, social security, retirement, employment,
unemployment, occupation, service, license, net worth, payroll, franchise,
gains, stamp, transfer and recording taxes, fees and charges, imposed by a
Tax
Authority, whether computed on a separate, consolidated, unitary, combined
or
any other basis; and such term shall include any interest whether paid or
received, fines, penalties or additional amounts attributable to, or imposed
upon, or with respect to, any such taxes, charges, fees, levies, duties,
liabilities, impositions or other assessments.
“Tax
Authority” means the U.S. Internal Revenue Service or any other taxing authority
(whether domestic or foreign including, without limitation, any state, county,
local or foreign government or any subdivision or taxing agency thereof
(including a United States possession)).
“Tax
Return” means any report, return, document, declaration or other information or
filing required to be supplied to any taxing authority or jurisdiction (foreign
or domestic) with respect to Taxes, including attachments thereto and amendments
thereof, and including, without limitation, information returns, any documents
with respect to or accompanying payments of estimated Taxes, or with respect
to
or accompanying requests for the extension of time in which to file any such
report, return, document, declaration or other information.
“Third
Party Claim” has the meaning ascribed to it in Section
6.3.
“Two
Times Prime” means two times the prime rate published by Citibank,
N.A.
24
ARTICLE
VIII
MISCELLANEOUS
8.1 Investigation.
It
shall be no defense to an action for breach of this Agreement that IEP or its
agents have (or have not) made investigations into the affairs of the
Corporation or have Knowledge of a misrepresentation or breach of warranty
or
that the Corporation or Contributor could not have known of the
misrepresentation or breach of warranty.
8.2 Survival
of Representations and Warranties.
The
representations and warranties of the parties hereunder shall survive the
Closing for the shorter of (i) a period of six (6) years from the Closing Date
or (ii) for so long as any claim may be made in respect of such matters under
any applicable statute of limitations, as it may be extended.
8.3 Entire
Agreement.
This
Agreement, including the schedules and exhibits hereto, which are incorporated
herein and made an integrated part hereof, constitutes the entire agreement
between the parties hereto and supersedes any and all prior discussions and
agreements between the parties relating to the subject matter
hereof.
8.4 Waiver.
Any
term
or condition of this Agreement may be waived at any time by the party that
is
entitled to the benefit thereof, but no such waiver shall be effective unless
set forth in a written instrument duly executed by or on behalf of the party
waiving such term or condition. No waiver by any party of any term or condition
of this Agreement, in any one or more instances, shall be deemed to be or
construed as a waiver of the same or any other term or condition of this
Agreement on any future occasion. All remedies, either under this Agreement
or
by Law or otherwise afforded, will be cumulative and not
alternative.
8.5 Amendment.
This
Agreement may be amended, supplemented or modified only by a written instrument
duly executed by or on behalf of each party hereto.
8.6 No
Third Party Beneficiary.
The
terms
and provisions of this Agreement are intended solely for the benefit of each
party hereto and their respective successors or permitted assigns, and it is
not
the intention of the parties to confer third party beneficiary rights upon
any
other Person, except that each Indemnified Person shall be a third party
beneficiary of Article
VI.
8.7 Assignment;
Binding Effect.
No
party
may assign this Agreement or any right, interest or obligation hereunder without
the prior written consent of the other Parties. This Agreement is binding upon,
inures to the benefit of and is enforceable by the parties hereto and their
respective successors and assigns.
8.8 Headings.
The
headings used in this Agreement have been inserted for convenience of reference
only and do not define or limit the provisions hereof.
8.9 Invalid
Provisions.
If
any
provision of this Agreement is held to be illegal, invalid or unenforceable
under any present or future Law, and if the rights or obligations of any party
hereto under this Agreement will not be materially and adversely affected
thereby, (a) such provision will be fully severable, (b) this Agreement will
be
construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part hereof, and (c) the remaining provisions of this
Agreement will remain in full force and effect and will not be affected by
the
illegal, invalid or unenforceable provision or by its severance
herefrom.
25
8.10 Governing
Law.
This
Agreement shall be governed by and construed in accordance with the laws of
the
State of New York without giving effect to the conflicts of laws principles
thereof, except as to matters relating to the internal affairs of IEP,
Contributor or Barberry, which shall be governed by the respective law of their
organization or incorporation, as the case may be.
8.11 Counterparts.
This
Agreement may be executed in any number of counterparts, each of which will
be
deemed an original, but all of which together will constitute one and the same
instrument.
8.12 Waiver
of Jury Trial.
EACH
PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM BROUGHT BY ANY OF THEM AGAINST ANY OTHER ARISING OUT OF OR IN
ANY
WAY CONNECTED WITH THIS AGREEMENT, OR ANY OTHER AGREEMENTS EXECUTED IN
CONNECTION HEREWITH OR THE ADMINISTRATION THEREOF OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREIN OR THEREIN. No party to this Agreement shall seek a jury
trial in any lawsuit, proceeding, counterclaim, or any other litigation
procedure based upon, or arising out of, this Agreement or any related
instruments or the relationship between the parties. No party will seek to
consolidate any such action in which a jury trial has been waived with any
other
action in which a jury trial cannot be or has not been waived. THE PROVISIONS
OF
THIS SECTION HAVE BEEN FULLY DISCUSSED BY THE PARTIES HERETO, AND THESE
PROVISIONS SHALL BE SUBJECT TO NO EXCEPTIONS. NO PARTY HAS IN ANY WAY AGREED
WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS SECTION
WILL
NOT BE FULLY ENFORCED IN ALL INSTANCES.
8.13 Consent
to Jurisdiction.
Each
party irrevocably submits to the exclusive jurisdiction of any New York State
Court in the County of New York or any courts of the United States of America
located in the Southern District of New York, and each party hereby agrees
that
all suits, actions and proceedings brought by such party hereunder shall be
brought in any such court. Each party irrevocably waives, to the fullest extent
permitted by law, any objection which it may now or hereafter have to the laying
of the venue of any such suit, action or proceeding brought in any such court,
any claim that any such suit, action or proceeding brought in such a court
has
been brought in an inconvenient forum and the right to object, with respect
to
any such suit, action or proceeding brought in any such court, that such court
does not have jurisdiction over such party or the other party. In any such
suit,
action or proceeding, each party waives, to the fullest extent it may
effectively do so, personal service of any summons, complaint or other process
and agrees that the service thereof may be made by any means permitted by
Section
8.15
(other
than facsimile transmission). Each party agrees that a final non-appealable
judgment in any such suit, action or proceeding brought in such a court shall
be
conclusive and binding.
26
8.14 Expenses.
All
expenses, costs and fees in connection with the transactions contemplated hereby
(including fees and disbursements of counsel, consultants and accountants)
incurred by (a) Contributor shall be paid and borne exclusively by Contributor,
(b) IEP shall be paid and borne exclusively by IEP, and (c) Barberry shall
be paid and borne exclusively by Barberry. All transfer, documentary, sales,
use, stamp and registration Taxes imposed with respect to the contribution
and
exchange of the Contribution Stock shall be borne by Contributor.
8.15 Notices.
All
notices, request, demands and other communications hereunder shall be in writing
and shall be delivered personally, by certified or registered mail, return
receipt requested, and postage prepaid, by courier, or by facsimile
transmission, addressed as follows:
If
to
Contributor:
Thornwood
Associates Limited Partnership
White
Plains Plaza
000
Xxxxxxxx Xxxxxx - Xxxxx 0000
Xxxxx
Xxxxxx, XX 00000
Attn:
Xxxxx Xxxxx
With
a
copy to:
Icahn
Associates Corp.
000
Xxxxx
Xxxxxx
Xxx
Xxxx,
XX 00000
Attn:
Xxxxxx Xxxxxxxx
And
to:
Xxxxx
Xxxxxxx LLP
Xxx
Xxxxxxxxx Xxxxxx
Xxxxxx,
XX 00000
Attn:
Xxxxxx X. Xxxxx
If
to
Barberry:
Barberry
Corp.
White
Plains Plaza
000
Xxxxxxxx Xxxxxx - Xxxxx 0000
Xxxxx
Xxxxxx, XX 00000
Attn:
Xxxxx Xxxxx
With
a
copy to:
27
Icahn
Associates Corp.
000
Xxxxx
Xxxxxx
Xxx
Xxxx,
XX 00000
Attn:
Xxxxxx Xxxxxxxx
If
to
IEP:
x/x
Xxxxx
Xxxxxxxxxxx X.X.
Xxxxx
Xxxxxx Xxxxx
000
Xxxxxxxx Xxxxxx - Xxxxx 0000
Xxxxx
Xxxxxx, XX 00000
Attn:
Xxxxx Xxxx
With
a
copy to:
Debevoise
& Xxxxxxxx LLP
000
Xxxxx
Xxxxxx
Xxx
Xxxx,
XX 00000
Attn:
Xxxxxxx X. Xxxxxx
And
to:
Proskauer
Rose LLP
0000
Xxxxxxxx
Xxx
Xxxx,
XX 00000
Attn:
Xxxxx X. Xxxxx
or
to
such other address as a party may from time to time designate in writing in
accordance with this Section
8.15.
Each
notice or other communication given to any party hereto in accordance with
the
provisions of this Agreement shall be deemed to have been received (a) on the
Business Day it is sent, if sent by personal delivery, (b) the earlier of
receipt of three Business Days after having been sent by certified or registered
mail, return receipt requested and postage prepaid, (c) on the Business Day
it is sent, if sent by facsimile transmission and an activity report showing
the
correct facsimile number of the party on whom notice is served and the correct
number of pages transmitted is obtained by the sender (provided, however, that
such notice or other communication is also sent by some other means permitted
by
this Section
8.15,
or (d)
on the first Business Day after sending, if sent by courier or overnight
delivery.
8.16 Further
Assurances.
Each
of
the parties hereto covenants and agrees that, from time to time subsequent
to
Closing, it will, at the request of the other party, execute and deliver all
such documents, including, without limitation, all such additional conveyances,
transfers, consents and other assurances and do all such other acts and things
as such other party may from time to time request be executed or done in order
to better evidence, perfect or effect any provision of this Agreement, or of
any
agreement or other document executed pursuant to this Agreement, or any of
the
respective obligations intended to be created hereby or thereby.
28
IN
WITNESS WHEREOF, this Agreement has been duly executed and delivered by the
duly
authorized officer of each party hereto as of the date first above
written.
Barberry Corp. | ||
|
|
|
By: | /s/ Xxxxx Xxxxx | |
Name: Xxxxx Xxxxx | ||
Title: Secretary and Treasurer |
Thornwood
Associates Limited Partnership
By:
Barberry Corp., its general partner
|
||
|
|
|
By: | /s/ Xxxxx Xxxxx | |
Name: Xxxxx Xxxxx | ||
Title: Secretary and Treasurer |
By:
Icahn Enterprises G.P. Inc., its general partner
|
||
|
|
|
By: | /s/ Xxxxx X. Xxxx | |
Name: Xxxxx X. Xxxx | ||
Title: President |
[Signature
Page to the Contribution and Exchange Agreement - Thornwood and IEP]