FIRST SUPPLEMENTAL INDENTURE
Exhibit 4.1
THIS FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”) dated as of August 3, 2022 between MERITOR, INC. (the “Company”) and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, successor in
interest to U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”). All capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the
Indenture (as defined below).
W I T N E S S E T H :
WHEREAS, the Company and the Trustee have heretofore executed and delivered an indenture, dated as of September 22, 2017 (the “Indenture”), relating to the Company’s 3.25% Convertible Senior Notes due 2037 (the “Notes”);
WHEREAS, the Company is a party to that certain Agreement and Plan of Merger, dated as of February 21, 2022 (the “Merger Agreement”), by and among the Company, Cummins, Inc., an Indiana corporation (“Parent”)
and Rose Newco, Inc., an Indiana corporation and a wholly-owned subsidiary of Parent (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and wholly-owned
subsidiary of the Parent (the “Merger”);
WHEREAS, subject to the terms and conditions contained in the Merger Agreement, each issued and outstanding share of common stock, par value $1.00 per share, of the Company, (each a “Share” and, collectively, the
“Shares”) will be converted into the right to receive $36.50 in cash, without interest (the “Merger Consideration”);
WHEREAS, the Merger will constitute a Merger Event under the Indenture;
WHEREAS, in connection with the foregoing, Section 14.07(a) of the Indenture provides that the Company shall execute a supplemental indenture providing that each Note shall, without the consent of any Holders, become
convertible into Reference Property (as defined below);
WHEREAS, pursuant to Section 10.01 of the Indenture, the parties hereto are authorized to execute and deliver this First Supplemental Indenture;
WHEREAS, the Company desires that the Trustee join with it in execution and delivery of this First Supplemental Indenture, and in accordance with Sections 10.05 and 17.05 of the Indenture, has delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel responsive to and in compliance with the matters stated therein; and
WHEREAS, each party hereto has duly authorized the execution and delivery of this First Supplemental Indenture and has done all things necessary to make this First Supplemental Indenture a valid agreement in accordance
with its terms.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company and the Trustee mutually covenant and agree for the equal and
ratable benefit of the Holders of the Notes as follows:
ARTICLE I
Defined Terms
Section 1.01. Defined Terms. As used in this First Supplemental Indenture, terms defined in the Indenture or in the preamble or recital thereto are used herein as therein defined. The words “herein,” “hereof”
and “hereby” and other words of similar import used in this First Supplemental Indenture refer to this First Supplemental Indenture as a whole and not to any particular section hereof.
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ARTICLE II
Effect of Merger
Section 2.01. Conversion of Notes. In accordance with Section 14.07(a) of the Indenture, from and after the effective time of the Merger, the right to convert each $1,000 principal amount of the Notes shall be
changed to a right to convert such principal amount of Notes into cash (the “Reference Property”) in an amount initially equal to (x) the Conversion Rate in effect immediately prior to the Merger (as increased, pursuant to Section 14.03 of the
Indenture for any conversions during the Make-Whole Fundamental Change Period), multiplied by (y) the Merger Consideration. The provisions of the Indenture, as modified herein, shall continue to apply, mutatis mutandis, to the Holders’ right to
convert the Notes into the Reference Property.
Section 2.02. Effectiveness. This First Supplemental Indenture shall become effective upon its execution and delivery by the Company and the Trustee and as of the date hereof. The Trustee accepts the Indenture,
as supplemented hereby, and agrees to perform the same upon the terms and conditions set forth herein, as supplemented hereby.
ARTICLE III
Miscellaneous
Section 3.01. Governing Law. This First Supplemental Indenture, and any claim, controversy or dispute arising under or related to the Indenture or the Notes, shall be governed by, and construed in accordance
with, the laws of the State of New York, (without regard to the conflicts of laws provisions thereof).
Section 3.02. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 3.03. Jurisdiction. The Company hereby irrevocably consents to the jurisdiction of the courts of the State of New York and the courts of the United States of America located in the City of New York and
the County of New York, over any suit, action or proceeding with respect to the Indenture or the Notes or the transactions contemplated hereby. The Company waives any objection that it may have to the venue of any suit, action or proceeding with
respect to the Indenture or the Notes or the transactions contemplated hereby in the courts of the State of New York or the courts of the United States of America, in each case, located in the City of New York and County of New York, or that such
suit, action or proceeding brought in the courts of the State of New York or the United States of America, in each case, located in the City of New York and County of New York was brought in an inconvenient court and agrees not to plead or claim the
same.
Section 3.04. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as supplemented hereby, the Indenture, as amended and supplemented by this First Supplemental Indenture, is in all
respects ratified and confirmed, and this First Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided.
Section 3.05. Benefits of First Supplemental Indenture. Nothing in this First Supplemental Indenture, express or implied, is intended or shall be construed to give any person, other than the parties hereto, any
agent, any registrar, any successors to the foregoing hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim in respect of this First Supplemental Indenture or the Indenture or any provision herein or therein
contained.
Section 3.06. Counterparts. This First Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, and such counterparts shall together constitute but one and the
same instrument.
Section 3.07. Effect on Successors and Assigns. All agreements of the Company and the Trustee in this First Supplemental Indenture and the Notes shall bind their respective successors.
Section 3.08. Trustee’s Disclaimer. The recitals contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the
correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the Notes.
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IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be duly executed as of the date first written above.
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MERITOR, INC., as the Company
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By:
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/s/ Xxxxx X. Xxxxxx
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Name: Xxxxx X. Xxxxxx
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Title: Vice President and Interim General Counsel & Corporate Secretary
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(Signature Page to First Supplemental Indenture)
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U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
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By:
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/s/ Xxxxx Xxxxxxxx
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Name: Xxxxx Xxxxxxxx
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Title: Vice President
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(Signature Page to First Supplemental Indenture)
