EXHIBIT 3.8
LIMITED LIABILITY COMPANY AGREEMENT
OF
ALLIANT CONVENTIONAL MUNITIONS LLC
THIS LIMITED LIABILITY COMPANY AGREEMENT made and entered into as of this
12th day of March, 1999 by Alliant Techsystems Inc. ("ATK");
WITNESSETH THAT:
WHEREAS, the Delaware Limited Liability Company Act, as amended (the
"Act"), permits the formation of a limited liability company with a single
member; and
WHEREAS, the undersigned has caused the formation of Alliant Conventional
Munitions LLC, a Delaware limited liability company (the "Company"), of which
the undersigned constitutes the sole member.
NOW, THEREFORE, the undersigned hereby adopts the following Articles,
which shall constitute the "limited liability company agreement" of the Company
within the meaning of Section 18-101(7) of the Act.
Article I.
GENERAL
Section 1.1. RATIFICATION OF CERTIFICATE OF FORMATION, ETC. The Member
hereby adopts, approves and ratifies the execution and filing in the office of
the Secretary of State of the State of Delaware of the certificate of formation
of the Company by Xxxxxxx X. Xxxxx (the "Certificate of Formation") and
acknowledges, approves and ratifies his designation as an "authorized person" of
the Company in the Certificate of Formation as contemplated by Section 18-201(a)
of the Act. This Agreement shall be effective as of the date of filing of the
Certificate of Formation in the office of the Secretary of State, and the Act
shall govern the rights, duties and obligations of the Member, except as
otherwise expressly stated herein.
Section 1.2. NAME. The name of the Company shall be, and the business of
the Company shall be conducted under the name of, "Alliant Conventional
Munitions LLC."
Section 1.3. PRINCIPAL PLACE OF BUSINESS. The location of the principal
place of business of the Company shall be 000 Xxxxxx Xxxxxx X.X., Xxxxxxx,
Xxxxxxxxx 00000 or such other place as the Board of Managers may from time to
time determine (the "Principal Office").
Section 1.4. NAME AND ADDRESS OF MEMBER. The name and address of the
Member are as set forth in Schedule A. The Secretary of the Company shall
maintain a Unit Transfer Record at the Principal Office of the Company. If the
Units held by the Member are transferred as permitted in Section 4.2, the
Secretary shall enter the name and address of the new Member in the Unit
Transfer Record.
Section 1.5. TERM OF EXISTENCE. The Company shall be formed as of the time
of the filing of the Certificate of Formation in the Office of the Secretary of
State of Delaware and its existence shall be perpetual, unless earlier
terminated, dissolved or liquidated in accordance with the provisions of this
Agreement.
Section 1.6. AGENT FOR SERVICE OF PROCESS. The name and address of the
agent for service of process is, until changed by the Board of Managers, The
Corporation Trust Company, located at Corporation Trust Center, 0000 Xxxxxx
Xxxxxx, Xxxxxxxxxx, Xxx Xxxxxx Xxxxxx, Xxxxxxxx 00000.
Section 1.7. DUTIES OF MANAGERS. Each Manager shall owe duties of care and
loyalty to the Company and the Member. A Manager shall not be personally liable
to the Company or the Member for monetary damages for breach of fiduciary duty
as a Manager, except (a) for any breach of the Manager's duty of loyalty to the
Company or the Member; (b) for acts or omissions not in good faith or that
involve intentional misconduct or a knowing violation of law; or (c) for any
transaction from which such Manager derived an improper personal benefit. No
amendment to or repeal of the preceding sentence shall apply to or have any
effect on the liability or alleged liability of any Manager for or with respect
to acts or omissions of such Manager occurring prior to such amendment or
repeal.
Article II.
DEFINITIONS
Unless the context otherwise specifies or requires, the terms defined in
this Article II shall, for the purposes of this Agreement, have the meanings
herein specified. Certain other capitalized terms used herein are defined
elsewhere in the Agreement.
"ACT" is defined in the introduction to Article I.
"AGREEMENT" means this Limited Liability Company Agreement, as it may be
amended or supplemented from time to time.
"ATK" is defined in the introduction to Article I.
"BOARD OF MANAGERS" means the Board of Managers of the Company established
pursuant to Article VI.
"CAPITAL CONTRIBUTION" means the amount of money or the fair market value
of any property contributed to the Company by the Member pursuant to Section
14.1.
"CODE" means the Internal Revenue Code of 1986, as amended, and the
Treasury Regulations promulgated thereunder. All references in this Agreement to
a section of the Code or the Treasury Regulations shall be considered to include
any subsequent amendment or replacement of that section.
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"COMPANY" means Alliant Conventional Munitions LLC, the Delaware limited
liability company formed pursuant to the filing of the Certificate of Formation
in Delaware and the terms of this Agreement.
"COMPANY ASSETS" means all assets and property, whether tangible or
intangible and whether real, personal or mixed, at any time owned by the
Company.
"INDEMNITEE" is defined in Section 8.1.
"MANAGER" or "MANAGERS" means the Person or Persons appointed to the Board
of Managers pursuant to Section 6.2.
"MEMBER" means ATK or any other Person who becomes the Member as permitted
by Article IV.
"NAMED OFFICERS" is defined in Section 7.1.
"PERSON" means any natural person, corporation, limited liability company,
association, partnership (whether general or limited), joint venture,
proprietorship, governmental agency, trust, estate, association, custodian,
nominee or any other individual or entity, whether acting in an individual,
fiduciary, representative or other capacity.
"PRINCIPAL OFFICE" is defined in Section 1.3.
"TREASURY REGULATIONS" or "TREAS. REG." refers to the regulations
promulgated by the United States Treasury Department under the Code.
"UNITS" means the interest of the Member in the Company, which Units
represent the ownership interest of the Member in the Company.
Article III.
PURPOSE AND CHARACTER OF THE BUSINESS
The purpose and character of the business of the Company shall be to
undertake and carry on any lawful business, purpose or activity permitted under
the Act.
Article IV.
MEMBERS; UNITS; DISTRIBUTIONS
Section 4.1. INITIAL SOLE MEMBER. ATK shall be the initial Member of the
Company and shall have all of the rights, powers and privileges of a member
under the Act. ATK initially shall hold the number of Units set forth in
Schedule A to this Agreement as originally executed, which are issued in
exchange for the capital contribution set forth in said Schedule A, the receipt
and sufficiency of which are hereby acknowledged.
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Section 4.2. SUCCESSOR SOLE MEMBERS. ATK or any successor Member may
transfer all, but not less than all, of the Units then held by it to another
Person by means of a written instrument in form and substance reasonably
satisfactory to the Board of Managers. Upon such transfer, the transferee shall
become the Member of the Company for all purposes of this Agreement and the Act.
Upon such transfer, the name and address of the new Member, the number of Units
held by such Member, and the capital contribution attributed to such Member
(which shall be the capital contribution attributed to the predecessor Member
immediately prior to such transfer) shall be entered by the Secretary on the
Unit Transfer Record.
Section 4.3. ISSUANCE OF ADDITIONAL UNITS. The Board of Managers is
authorized to cause to be issued to the Member additional Units as may be
determined from time to time by the Board of Managers. Units may be issued for
any consideration, including, without limitation, cash or other property,
tangible or intangible, received or to be received by the Company or services
rendered or to be rendered to the Company, or for no consideration. At the time
of authorization of the issuance of additional Units, the Board of Managers
shall state, by resolution, its determination of the fair value to the Company
in monetary terms of any consideration other than cash for which Units are to be
issued. Upon such issuance, the Secretary shall make the Unit Transfer Record
reflect the issuance of such additional Units and the receipt of the capital
contribution, if any, therefor.
Section 4.4. DISTRIBUTIONS TO MEMBER. Subject to any restrictions imposed
by the Act (including but not limited to Section 18-607), the Board of Managers
may authorize and cause the Company to make distributions to the Member
whenever, and in such amounts or forms as, in its opinion, are deemed advisable.
Article V.
ADDITIONAL MEMBERS
The Company shall not have more than one Member at any one time unless
this Agreement is amended to make provision therefor.
Article VI.
MANAGEMENT AND OPERATION OF COMPANY BUSINESS
Section 6.1. BOARD OF MANAGERS. The business and affairs of the Company
shall be managed by or under the authority of the Board of Managers, except as
otherwise required by the Act or this Agreement. The Managers, for and on behalf
of the Company, shall have full power and authority, in addition to such powers
and authorities as may be provided by law or elsewhere in this Agreement, at the
expense of the Company (by direct payment or reimbursement):
(a) to make, renew, amend, and cancel leases and other occupancy, use,
easement, and license agreements as to all or any part of the Company property
for such price or consideration, and on such terms, covenants, and conditions as
they deem advisable;
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(b) to sell, exchange, assign, transfer, or convey and otherwise dispose
of or deal with all or any part of the Company property for such price or
consideration as they deem advisable;
(c) to borrow money, and as security therefor to mortgage or otherwise
hypothecate all or any part of the Company property, both real and personal; to
prepay in whole or in part, or refinance, recast, increase, modify, renew or
extend any such mortgage or secured loan, to agree to repay any loan over a term
extending longer than the stated term or extended term of the Company; to
execute mortgage notes, mortgages, collateral assignments of rents and leases,
tax and insurance escrow agreements, and do all such other things in such form
and manner as may be required by any lender; to assign and convey Company
property to a nominee for the purpose of mortgage financing and to reacquire the
Company property from such nominee;
(d) to build upon, remodel, add on, demolish, rebuild and otherwise alter
or improve any Company property and any structures and improvements thereon;
(e) to purchase, lease, or otherwise acquire the ownership or possession
of real property, whether improved or unimproved;
(f) to employ from time to time persons, firms, or corporations for the
operation and management of the Company business or property; and
(g) to do all other things and acts, though not expressly authorized, as
may be reasonably necessary, advisable, or incidental to effectuate any of the
foregoing, and to make, execute, and deliver such instruments and documents as
may be necessary, advisable, or incidental to carry out the foregoing.
Section 6.2. NUMBER, QUALIFICATION; TERM OF OFFICE; VOTE. The number of
members of the initial Board of Managers shall be that number of persons named
as members of the initial Board of Managers in Section 6.3. Each Manager shall
be appointed from time to time by the sole Member. A Manager shall hold office
until such Manager's successor shall have been elected, or until the earlier
death, resignation, removal or disqualification of such Manager. The Member may
increase or decrease the number of Managers at any time or from time to time. At
any time at which there is more than one Manager, each Manager shall have one
vote on all matters to come before the Board of Managers. The provisions of
Sections 6.4 through 6.10 apply (i) when more than one Manager is serving and
(ii) with respect to any committee established by the Board of Managers except
with respect to the committee quorum requirement specified in Section 6.14(b).
Section 6.3. INITIAL BOARD. The initial Board of Managers shall be
comprised of the following individuals:
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Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxx
Xxxx Xxxxx Xxxxxx
Xxxxxxxx X. Xxxxxxxx
Section 6.4. PLACE OF MEETINGS. Meetings of the Board of Managers shall be
held at the principal executive office of the Company or at such other place as
may be agreed by the Managers from time to time.
Section 6.5. CALLING OF MEETINGS. A meeting of the Board of Managers may
be called for any purpose or purposes at any time by the Chairman or any other
Manager or by the Member.
Section 6.6. ADJOURNMENTS. Any meeting of the Board of Managers may be
adjourned from time to time to another date, time and place. If any meeting of
the Board of Managers is so adjourned, no notice as to such adjourned meeting
need be given if the date, time and place at which the meeting will be
reconvened are announced at the time of adjournment.
Section 6.7. NOTICE OF MEETINGS. Unless otherwise required by law, written
or oral notice of each meeting of the Board of Managers, stating the date, time
and place, shall be given at least 24 hours prior to the meeting to every member
of the Board of Managers; provided, that a meeting may be called on such shorter
notice as the person calling such meeting may deem necessary or appropriate in
the circumstances. A member of the Board of Managers may waive notice of the
date, time, and place of a meeting of the Board of Managers. A waiver of notice
is effective whether given before, at or after the meeting, and whether given in
writing, orally or by attendance. Attendance by a member of the Board of
Managers at a meeting is a waiver of notice of that meeting, unless the member
objects at the beginning of the meeting to the transaction of business because
the meeting is not lawfully called or convened, or objects before a vote on an
item of business because the item may not lawfully be considered at that meeting
and does not participate in the consideration of the item at that meeting.
Section 6.8. QUORUM. Members of the Board of Managers representing
one-third of all votes held by the members of the Board of Managers shall
constitute a quorum for the transaction of business at each meeting of the Board
of Managers.
Section 6.9. ABSENT MEMBERS. A member of the Board of Managers may give
advance written consent or opposition to a proposal to be acted on at a meeting
of the Board of Managers. If such member is not present at the meeting, such
consent or opposition to a proposal does not constitute presence for purposes of
determining the existence of a quorum, but such consent or opposition shall be
counted as a vote in favor of or against the proposal and shall be entered in
the minutes or other record of action at the meeting, if the proposal acted on
at the meeting is substantially the same or has substantially the same effect as
the proposal to which the member has consented or objected.
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Section 6.10. CONFERENCE COMMUNICATIONS. Any or all of the members of the
Board of Managers may participate in any meeting of the Board of Managers, or of
any duly constituted committee thereof, by any means of communication through
which such members may simultaneously hear each other during such meeting. For
the purposes of establishing a quorum and taking any action at the meeting,
members of the Board of Managers participating pursuant to this Section 6.10
shall be deemed present in person at the meeting; and the place of the meeting
shall be the place of origination of the conference telephone conversation or
other comparable communication technique.
Section 6.11. REMOVAL. Any Manager may be removed from office at any time,
with or without cause, by the action of the Member.
Section 6.12. ACTS OF MANAGERS. Except as otherwise provided herein or in
applicable law, the Board of Managers shall take action by the affirmative vote
of (i) the sole Manager or (ii) a majority of the Managers present at a meeting
at which a quorum is present, as the case may be, and any such act shall be
deemed to be the action of the Board of Managers for all purposes of this
Agreement and the Act.
Section 6.13. WRITTEN ACTION. Any action which might be taken by the sole
Manager or at a meeting of the Board of Managers, or any duly constituted
committee thereof, may be taken without a meeting if done in writing and signed
by, as the case may be, the sole Manager or a majority of the members of the
Board of Managers or of such committee members.
Section 6.14. COMMITTEES.
(a) A resolution approved by the Board of Managers may establish
committees having the authority of the Board of Managers in the management of
the business of the Company to the extent provided in the resolution. A
committee shall consist of one or more Persons, who need not be members of the
Board of Managers. Committees are subject to the direction and control of, and
vacancies in the membership thereof shall be filled by, the Board of Managers.
(b) A majority of the members of a committee present at a meeting is a
quorum for the transaction of business, unless a larger or smaller proportion or
number is provided in the resolution of the Board of Managers creating the
committee.
Article VII.
OFFICERS
Section 7.1. NUMBER. The officers of the Company, all of whom shall be
natural persons, shall consist of a Chairman, a President, one or more Vice
Presidents, if elected, a Secretary and a Treasurer ("Named Officers"), and any
other officers and agents as the Board of Managers may designate from time to
time. Any person may hold two or more offices.
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Section 7.2. ELECTION, TERM OF OFFICE AND QUALIFICATIONS. Officers may be
elected from time to time by the Board of Managers. Such officers shall hold
office until their successors are elected and qualified, or until such office is
eliminated by amendment of this Agreement, in the case of the Named Officers, or
by action of the Board of Managers, in the case of officers other than Named
Officers. An officer who is a Manager shall hold office until the election and
qualification of his or her successor even though he or she may cease to be a
Manager.
Section 7.3. REMOVAL AND VACANCIES. Any officer may be removed from his or
her office with or without cause by action of the Board of Managers. Such
removal shall be without prejudice to the contract rights, if any, of the person
so removed. A vacancy among the officers by death, resignation, removal or
otherwise shall be filled for the unexpired term by the Board of Managers,
unless such office is eliminated.
Section 7.4. CHAIRMAN. The Chairman shall preside at all meetings of the
Member and Managers and shall have such other duties as may be prescribed, from
time to time, by the Board of Managers. The Chairman shall be a Manager and
shall be elected by the Board of Managers. The initial Chairman shall be Xxxxx
X. Xxxxxxxx.
Section 7.5. PRESIDENT.
(a) DAY-TO-DAY OPERATIONS. The Company shall be managed by a President.
The Board of Managers delegates to the President the authority to oversee and
supervise the Company's business. Except as otherwise provided in this
Agreement, the President shall be authorized to determine all questions relating
to the day-to-day conduct, operation and management of the business of the
Company. The President shall be responsible to the Board of Managers.
(b) GENERAL. The President shall be entitled to delegate such part of his
or her duties as he or she may deem reasonable or necessary in the conduct of
the business of the Company to one or more employees of the Company, who shall
each have such duties and authority as shall be determined from time to time by
the President or as may be set forth in any agreement between such employee and
the Company.
(c) ELECTION. The President shall be elected by the Board of Managers and
shall receive such compensation as may be determined from time to time by the
Board of Managers or as shall be set forth in a written agreement approved by
the Board of Managers. The initial President shall be Xxxxxxxx X. Xxxxxxxx.
Section 7.6. SECRETARY. The Secretary shall be secretary of and shall
attend all meetings of the Member and Board of Managers and shall record all
proceedings of such meetings in the minute book of the Company. He or she shall
give proper notice of meetings of Member and the Board of Managers. He or she
shall perform such other duties as may from time to time be prescribed by the
Board of Managers. The initial Secretary shall be Xxxxxxx X. Xxxxx.
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Section 7.7. TREASURER. The Treasurer shall keep or cause to be kept
accurate accounts of all moneys of the Company received or disbursed. He or she
shall deposit or cause to be deposited all moneys, drafts and checks in the name
of and to the credit of the Company in such banks and depositories as the Board
of Managers shall from time to time designate. He or she shall have power to
endorse or cause to be endorsed for deposit or collection all notes, checks and
drafts received by the Company. He or she shall disburse or cause to be
disbursed the funds of the Company as ordered by the President, making proper
vouchers therefor. He or she shall render to the Board of Managers whenever
required an account of all his or her transactions as Treasurer and of the
financial condition of the Company and shall perform such other duties as may
from time to time be prescribed by the Board of Managers. The initial Treasurer
shall be Xxxxx X. Xxxxx.
Section 7.8. DUTIES OF OTHER OFFICERS. The duties of such other officers
and agents as the Board of Managers may designate shall be as set forth in a
resolution approved by the Board of Managers or as determined from time to time
by the President. Initially, the Company shall have three (3) Vice Presidents
who shall be Xxxxx X. Xxxxx, Xxxxxxx X. Xxxxxxx and Xxxxxxx X. Xxxxx. Such Vice
Presidents shall have such duties as are determined from time to time by the
President.
Section 7.9. COMPENSATION. The officers, agents and employees of the
Company other than the President shall receive such compensation for their
services as may be determined from time to time by the Board of Managers or the
President or as shall be set forth in a written agreement approved by the Board
of Managers or the President.
Article VIII.
INDEMNIFICATION
Section 8.1. INDEMNIFICATION.
(a) To the fullest extent permitted by law, each Manager and Named Officer
(individually, an "Indemnitee") shall be indemnified, held harmless and defended
by the Company from and against any and all losses, claims, damages,
liabilities, whether joint or several, expenses (including legal fees and
expenses), judgments, fines and other amounts paid in settlement, incurred or
suffered by such Indemnitee, as a party or otherwise, in connection with any
threatened, pending or completed claim, demand, action, suit or proceeding,
whether civil, criminal, administrative or investigative, and whether formal or
informal, arising out of or in connection with the business or the operation of
the Company and by reason of the Indemnitee's status as a Manager or Named
Officer regardless of whether the Indemnitee continues to be a Manager or Named
Officer of the Company at the time any such loss, claim, damage, liability or
other expense is paid or incurred if (i) the Indemnitee acted in good faith and
in a manner he or she reasonably believed to be in the best interests of the
Company and, with respect to any criminal proceeding, had no reasonable cause to
believe that his or her conduct was unlawful, (ii) the Indemnitee's conduct did
not constitute intentional misconduct or a material breach of the terms of this
Agreement and (iii) the Indemnitee's conduct did not involve a transaction from
which the Manager or Named Officer derived an improper personal benefit. The
termination of
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any action, suit or proceeding by judgment, order, settlement or upon a plea of
NOLO CONTENDERE, or its equivalent, shall not, of itself, create a presumption
that the Indemnitee acted in a manner contrary to the standards specified in
clauses (i), (ii) or (iii) of this Section 8.1(a).
(b) To the fullest extent permitted by law, expenses incurred by an
Indemnitee in defending any claim, demand, action, suit or proceeding subject to
this Section 8.1 shall, from time to time, be advanced by the Company prior to
the final disposition of such claim, demand, action, suit or proceeding upon
receipt by the Company of an undertaking by or on behalf of the Indemnitee to
repay such amount unless it is determined that such Indemnitee is entitled to be
indemnified therefor pursuant to this Section 8.1.
(c) The indemnification provided by this Section 8.1 shall be in addition
to any other rights to which any Indemnitee may be entitled under any other
agreement, pursuant to any vote of the Managers, as a matter of law or
otherwise, and shall inure to the benefit of the heirs, legal representatives,
successors, assigns and administrators of the Indemnities.
(d) Any indemnification under this Section 8.1 shall be satisfied solely
out of the assets of the Company and no Indemnitee shall have any recourse
against the Member with respect to such indemnification.
(e) An Indemnitee shall not be denied indemnification in whole or in part
under this Section 8.1 merely because the Indemnitee had an interest in the
transaction with respect to which the indemnification applies, if the
transaction was not otherwise prohibited by the terms of this Agreement and the
conduct of the Indemnitee satisfied the conditions set forth in Section 8.1(a).
(f) The Company may, but shall have no obligation to, purchase and
maintain insurance covering any potential liability of the Indemnitees for any
actions or omissions for which indemnification is permitted hereunder, including
such types of insurance (including extended coverage liability and casualty and
workers' compensation) as would be customary for any person engaged in a similar
business, and may name the Indemnitees as additional insured parties thereunder.
Section 8.2. INDEMNIFICATION PROCEDURES; SURVIVAL.
(a) An Indemnitee shall notify the Company in writing within 30 days after
receipt by the Indemnitee of notice of the commencement of any action that may
result in a claim for indemnification pursuant to Section 8.1; PROVIDED,
HOWEVER, that any omission so to notify the Company will not relieve it of any
liability for indemnification hereunder as to the particular item for which
indemnification may then be sought (except to the extent that the failure to
give notice shall have been materially prejudicial to the Company) nor from any
other liability that it may have to any Indemnitee.
(b) An Indemnitee shall have the right to employ separate counsel in any
action as to which indemnification may be sought under any provision of this
Agreement and to
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participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of such Indemnitee unless (i) the Company has agreed in
writing to pay such fees and expenses, (ii) the Company has failed to assume the
defense thereof and employ counsel within a reasonable period of time after
being given the notice required above or (iii) the Indemnitee shall have been
advised by its counsel that representation of such Indemnitee and other parties
by the same counsel would be inappropriate under applicable standards of
professional conduct (whether or not such representation by the same counsel has
been proposed) due to actual or potential differing interests between them. It
is understood, however, that the Company shall, in connection with any one such
action or separate but substantially similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances, be
liable for the reasonable fees and expenses of only one separate firm of
attorneys at any time for all such Indemnitees having actual or potential
differing interests with the Company, unless but only to the extent, the
Indemnitees have actual or potential differing interests with each other.
(c) The Company shall not be liable for any settlement of any such action
effected without its written consent, but if settled with such written consent,
or if there is a final judgment against the Indemnitee in any such action, the
Company agrees to indemnify and hold harmless the Indemnitee to the extent
provided above from and against any loss, claim, damage, liability or expense by
reason of such settlement or judgment.
(d) The indemnification obligations set forth in Section 8.1 and this
Section 8.2 shall survive the termination of this Agreement.
Article IX.
CERTIFICATES
Each interest in the Company (or Unit) shall be represented by a
certificate, shall be a "security" within the meaning of Article 8 of the New
York Uniform Commercial Code (the "NYUCC") and shall be governed by Article 8 of
the NYUCC. A sample certificate is attached hereto as Exhibit A.
Article X.
BOOKS OF ACCOUNT; REPORTS AND FISCAL MATTERS
The Company shall maintain such books of account and such financial
information as may be required by the Member and the Act. The Member or a
designee shall retain a copy of this Agreement and all written actions of the
Member and the Board of Managers at the Principal Office or at such other place
as the Member may designate. The fiscal year of the Company shall end on March
31.
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Article XI.
AMENDMENT
The Certificate of Formation and this Agreement may be amended by the
Member. Any amendment of this Agreement shall be in writing and a copy thereof
shall be kept with a copy of this Agreement at the Principal Office of the
Company.
Article XII.
LIABILITY; TAX STATUS
Section 12.1. LIABILITY OF THE MEMBER. Except as otherwise provided in the
Act, the Member, as such, shall have no personal liability whatsoever to the
Company or any of the creditors of the Company for the debts, liabilities,
contracts or other obligations of the Company or any of the Company's losses
beyond the Member's Capital Contribution and, solely to the extent and for the
period required by applicable law, the amount of the Member's Capital
Contribution, if any, which is returned to it.
Section 12.2. TAX STATUS. The Member intends that the Company will be
classified solely for federal income tax purposes as an "eligible entity" that
is disregarded as an entity separate from its owner as provided in Treasury
Regulations Section 301.7701-3(a).
Article XIII.
DISSOLUTION AND LIQUIDATION
Section 13.1. EVENTS OF DISSOLUTION. The Company shall be dissolved upon
the occurrence of any of the following events:
(a) The written consent of the Member; or
(b) The entry of a decree of judicial dissolution under Section. 18-802
of the Act.
Section 13.2. CONTINUATION OF BUSINESS. Upon the occurrence of any event
described in Section 18-801(4) of the Act, or any successor provision, the
Company shall continue unless dissolved by the Member pursuant to Section
13.1(a).
Section 13.3. LIQUIDATION AND WINDING UP. If dissolution of the Company
should be caused by reason of any of the events set forth in paragraphs (a) or
(b) of Section 13.1 hereof, the Company shall be liquidated and the Person
designated at such time by the Board of Managers (or other Person or Persons
designated by a decree of court) shall wind up the affairs of the Company. The
Person or Persons winding up the affairs of the Company shall promptly proceed
to the liquidation of the Company Assets and, in settling the accounts of the
Company, the Company Assets shall be distributed in the following order of
priority:
(a) To creditors to the extent otherwise permitted by law, in satisfaction
of liabilities of the Company (whether by payment or the making of reasonable
provision for
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payment thereof), other than liabilities for which reasonable provision for
payment has been made and liabilities for distributions to the Member;
(b) To the repayment of outstanding loans from the Member to the Company;
and
(c) The balance, if any, to the Member.
Article XIV.
CAPITAL
Section 14.1. CAPITAL CONTRIBUTIONS. The Member shall make such Capital
Contributions as it may determine from time to time. Such Capital Contributions
may be made in exchange for the issuance of additional Units or otherwise. The
Unit Transfer Record shall reflect the making of such Capital Contributions.
Section 14.2. LOANS TO THE COMPANY. The Member may make loans to the
Company from time to time. Any such loans shall not be treated as Capital
Contributions to the Company for any purpose hereunder, but the Company shall be
obligated to the Member for the amount of any such loans pursuant to the terms
thereof.
Section 14.3. CREDITOR'S INTEREST IN THE COMPANY. No creditor who makes a
loan to the Company shall have or acquire at any time as a result of making the
loan any direct or indirect interest in the profits, capital or property of the
Company, other than such interest as may be accorded to a secured creditor.
Notwithstanding the foregoing, this provision shall not prohibit in any manner
whatsoever a secured creditor from participating in the profits of operation or
gross or net sales of the Company or in the gain on sale or refinancing of the
Company, all as may be provided in its loan or security agreements.
Article XV.
ALLOCATION OF INCOME, GAINS AND LOSSES;
DISTRIBUTIONS
The income, profits, gains, losses tax credits of the Company and
distributions of cash or property of the Company to the Member shall be treated
for federal income tax purposes as if the Company were a division of the Member
in accordance with Treasury Regulation Section 301.7701-2(a).
Article XVI.
MISCELLANEOUS PROVISIONS
Section 16.1. PRONOUNS. All pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine, neuter, singular or plural, as the
identity of the person or entity may require.
13
Section 16.2. HEADINGS. Article and Section headings contained in this
Agreement are inserted for convenience of reference only, shall not be deemed to
be a part of this Agreement for any purpose, and shall not in any way define or
affect the meaning, construction or scope of any of the provisions hereof.
Section 16.3. GOVERNING LAW. This Agreement, the rights and obligations of
the parties hereto, and any claims or disputes relating thereto, shall be
governed by and construed in accordance with the laws of the State of Delaware
(but not including the choice of law rules thereof).
IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the
date first above written.
ALLIANT TECHSYSTEMS INC.
By /s/ Xxxxxxx X. Xxxxx
---------------------------------------
Its Vice President and Secretary
14
SCHEDULE A
NAME AND ADDRESS OF CAPITAL AGREED FAIR
MEMBER CONTRIBUTION MARKET VALUE UNITS
------ ------------ ------------- --------
Alliant Techsystems Inc. $1,000 100
000 Xxxxxx Xxxxxx X.X.
Xxxxxxx, Xxxxxxxxx 00000
EXHIBIT A TO
CONSENT OF THE SOLE MEMBER OF
ALLIANT CONVENTIONAL MUNITIONS LLC
AUGUST 24, 1999
RESOLVED, by the sole Member of Alliant Southern Composites Company LLC
(the "Company") that, pursuant to Article XI of the Limited Liability Company
Agreement (the "Agreement") of the Company, the Agreement is hereby amended as
follows:
o Section 7.2 of Article VII is amended in its entirety to read as follows:
Officers may be elected from time to time by the Board of Managers. Each of the
Chairman and the President shall have the power to appoint officers, other than
the Chairman, President, Secretary and Treasurer. The term of each officer
elected by the Board of Managers shall be until their successor is elected and
qualified unless sooner terminated as provided in this Agreement or by law, or
until their office is eliminated by amendment of this Agreement, in the case of
the Named Officers, or by action of the Board of Managers, in the case of
officers other than the Named Officers. The term of each officer appointed by
the Chairman or the President shall be until terminated as provided in this
Agreement or by law, or until their office is eliminated by amendment of this
Agreement, in the case of the Named Officers, or by action of the Board of
Managers, in the case of officers other than the Named Officers. The term of an
officer who is a Manager shall not be affected by the termination of the
officer's Managership.
o Section 7.3 of Article VII is amended by amending the first sentence
thereof in its entirety to read as follows:
Any officer may be removed from his or her office with or without cause by
action of the Board of Managers; and any officer appointed by either the
Chairman or the President may also be removed from his or her office with or
without cause by action of either the Chairman or the President.
o Section 7.8 of Article VII is amended by amending the first sentence
thereof in its entirety to read as follows:
The duties of such other officers and agents as the Board of Managers may
designate, or as the Chairman or the President may appoint, shall be as set
forth in a resolution approved by the Board of Managers or as determined from
time to time by the Chairman or the President.
