EXHIBIT 10.14
STOCKHOLDER AGREEMENT
BETWEEN
TELEPARBS PARTICIPACOES LTDA. (RBS)
AND
INTERNATIONAL WIRELESS COMMUNICATION, INC. (IWC)
AUGUST 31/ST/, 1995
TABLE OF CONTENTS
Page
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1. FORMATION OF NEWCO AND SUBSCRIPTION OF NEWCO'S CAPITAL............ 1
1.1. Formation.................................................. 1
1.2. Shares Bound to this Agreement............................. 1
1.3. NEWCO's Capital Upon Formation - RBS Ownership............. 2
1.4. NEWCO's Capital Increase - IWC and IWC Nominee Ownership... 2
1.5. Purchase of Xxxxx.......................................... 3
1.6. No Contingency............................................. 3
1.7. Ownership Structure........................................ 3
1.8. RBS Option................................................. 3
1.9. Organization, Good Standing and Qualification.............. 4
1.10 NEWCO's Stock.............................................. 4
2. BUSINESS PLAN..................................................... 4
3. REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS................ 5
3.1. Authorization.............................................. 5
3.2. Purchase Entirely for Own Account.......................... 5
4. CONDITIONS OF STOCKHOLDERS' OBLIGATIONS AT FORMATION.............. 5
4.1. By-Laws.................................................... 5
4.2. Proceedings and Documents.................................. 5
4.3. Business Plan.............................................. 6
5. COVENANTS OF NEWCO................................................ 6
5.1. Subsequent Business Plan................................... 6
5.2. Supermajority Approval by Stockholders of Certain Actions.. 6
5.3. Board of Directors......................................... 7
5.4. Delivery of Financial Statements........................... 9
5.5. Inspection................................................. 10
5.6. Registration Rights........................................ 11
6. COVENANTS OF STOCKHOLDERS......................................... 11
6.1. Election of Directors...................................... 11
6.2. Right of First Refusal..................................... 11
6.3. Co-Sale Rights............................................. 13
6.4. Resource commitments....................................... 16
6.5. Participation Rights....................................... 16
7. TERM AND TERMINATION....... ...................................... 17
7.1. Term ...................................................... 17
7.2. Terminating Events......................................... 17
7.3. Effect of Terminating Event................................ 17
7.4. Fair Market Value of Capital Stock of NEWCO................ 18
7.5. Material Breach............................................ 18
8. Miscellaneous........................................................ 18
8.1. Survival of Warranties........................................ 18
8.2. Successors and Assigns........................................ 18
8.3. Governing Law and Jurisdiction................................ 18
8.4. Counterparts.................................................. 19
8.5. Title and Subtitles........................................... 19
8.6. Notices....................................................... 19
8.7. Finder's Fee.................................................. 19
8.8. Remedies...................................................... 19
8.9. Expenses...................................................... 19
8.10 Amendments and Waivers........................................ 20
8.11 Severability.................................................. 20
8.12 Aggregation of Stock.......................................... 20
8.13 Entire Agreement.............................................. 20
8.14 Language...................................................... 20
THIS STOCKHOLDER AGREEMENT is made as of the 31/st/ day of August 1995, by
and between INTERNATIONAL WIRELESS COMMUNICATIONS, INC., a Delaware corporation
("IWC"), and TELEPARBS - PARTICIPACOES LTDA., a Brazilian company wholly owned
by Rede Brasil Sul ("RBS"), ("RBS" and "IWC and/or its nominees" collectively,
the "Stockholders").
RECITALS
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WHEREAS, NEWCO will be incorporated through the joint efforts of the
Stockholders as a joint venture company to conduct the business to offer
wireless trunking services in 000 xXX xxx 000 xXX xx Xxxxxx;
WHEREAS, RBS a radio and television broadcast organization, wholly owns the
companies Telcom, Rede Sul, Sulitel and Teleporto (the latter a company under
formation resulting from the split off of Portofino) and owns 50% of the capital
of Sao Paulo Sistemas (SPS) (collectively referred to as the "Companies") which
have been granted trunking licenses listed on Schedule A hereto (the "RBS
Licenses");
[ ]
WHEREAS, IWC, an international trunking operator, indirectly owns trunking
licenses, through SRC, a Brazilian company and its recently acquired subsidiary
Xxxxx, another Brazilian subsidiary, whose licenses are listed on Schedule B
hereto (the "Xxxxx Licenses");
WHEREAS, another Brazilian company, wholly owned by IWC or an individual
selected by IWC (the "IWC Nominee") will participate in the NEWCO;
WHEREAS, RBS and SRC have additional applications for licenses at 400 mHz
and 800 mHz in the Brazilian Ministry of Telecommunications listed on Schedule C
hereto (the "SRC & RBS Applications for Licenses");
THE PARTIES HEREBY AGREE AS FOLLOWS:
1. FORMATION OF NEWCO AND SUBSCRIPTION OF NEWCO'S CAPITAL
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1.1. Formation. NEWCO shall be formed as a "sociedade anonima" pursuant
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to Law no. 6404, of 12.15.76, and its acts for incorporation shall be filed with
the Board of Trade of the State of Rio Grande do Sul, Brazil, within thirty days
after the execution of this Agreement.
1.2. Shares Bound to this Agreement. All Shares of NEWCO's capital stock
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subscribed to by the Stockholders as provided for in
this section 1 or which may be owned by the Stockholders in the future,
including, without limitation, by means of subscription, acquisition, bonus
distribution, split or reverse split (the "Shares") are bound to this Agreement.
Subscribed, acquired and bonus Shares are covered by the definition of Shares,
unless otherwise expressly excluded in the context.
1.3. NEWCO's Capital Upon Formation - RBS Ownership. Upon NEWCO's
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formation, RBS shall subscribe to all NEWCO's initial capital stock represented
by 300,000 common Shares, all of them registered and without par value (except
for one Share which shall be subscribed to by a person designated by RBS and
shall be considered for the purposes hereof as owned by RBS). Such NEWCO's
initial capital stock shall be totally paid up by RBS by means of the transfer
to NEWCO of all the quotas of the Companies held by RBS (i.e. excluding 50% of
the quotas of SPS which are held by third parties) evaluated for such purposes
based on their book value on the date of such transfer.
1.4. NEWCO's Capital Increase - IWC and IWC Nominee Ownership. IWC alone
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or jointly with its nominees shall make an initial contribution equivalent to
US$10,600,000.00 at the commercial exchange rate, as follows:
(a) RBS agrees to hold a general stockholders meeting of NEWCO
within 30 days following the date of its formation ("Effective Date") and
approve with its voting rights a capital increase of NEWCO by the issuance
of 700,000 new common Shares, all of them registered and without par value.
(b) IWC and or its nominee shall contribute a total amount,
including cash, the cost of equipment already purchased by IWC, and the
cost of equipment committed to be purchased by IWC, whose value in
Brazilian currency shall be equivalent to US$2,100,000.00, within 10 days
from the capital increase.
(c) So long as NEWCO is in compliance with this Agreement hereof,
IWC and IWC Nominee shall pay up the remaining amount of such subscription
price in two installments, the first one in the amount in Brazilian
currency equivalent to US$5,850,000.00 (including the US$2,100,000.00 as
defined in paragraph 1.4(b)) until December 31, 1996, and the second
installment in the amount in Brazilian currency equivalent to
US$4,750,000.00 until December 31, 1997, all pursuant to the document
called "Newco Business Plan 1995-1997" (the "Business Plan") which is
initialed by the Stockholders and attached to this Agreement;
(d) All unpaid Shares to be subscribed hereunder shall enjoy the
same rights as paid-in Shares and no suspension or restriction to the
voting and other rights shall apply.
1.5. Purchase of Xxxxx. So long as the parties are in compliance with the
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above sections, NEWCO will purchase, on the Effective Date, 100% of SRC capital
stock for the aggregate price in Brazilian currency equivalent to R$1.00. IWC
declares that SRC, on the effective Date will not have any asset or liability
other than SRC applications and the Xxxxx quotas. IWC shall cause SRC to be
split off so that all assets and liabilities unrelated to the trunking business
are delivered to a new company resulting from the split off. After such purchase
of the capital stock of SRC, NEWCO will indirectly hold all the rights of SRC in
respect to applications for Licenses, and also acquire Xxxxx and the Xxxxx
licenses.
1.6. No Contingency. As a condition for IWC joining NEWCO, RBS warrants
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that the Companies (including the company which resulted from the partial split
off of its subsidiary Portofino) have the licenses for the exploitation of
trunking mentioned in Schedule A hereto free and clear or any liens or third
party rights, whether from the other company which resulted from the split of
Portofino or others. IWC provides the same warranties as to the Xxxxx'x
Licenses. RBS further guarantees that NEWCO and the Companies shall not have
obligations or contingencies whatsoever, including without limitation tax
liabilities (FISTEL and others), agreeing to keep IWC and its nominees, and
NEWCO harmless and protected from any complaints, suits or claims arising from
possible and past contingencies.
[ ]
1.7. Ownership Structure. On the Effective Date, after the general
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stockholders meeting provided for in Section 1.4. above is hold, the subscribed
capital of NEWCO will be owned by the Stockholders as follows:
Nr. of
Stockholders Shares %
------------ ------ ----
IWC and IWC Nominee 700,000 70%
RBS 300,000 30%
TOTAL 1,000,000 100%
1.8. RBS Option. RBS will have an option to subscribe to an additional
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400,000 Shares of NEWCO at a price of US16.30 per Share, so that its total
Shares may reach up to 50% plus one of the voting Shares of the Common Stock of
NEWCO. Such RBS option shall be effective (i) until September 1st, 1997; or (ii)
30 days from IWC's providing all of the Additional Funds, whichever occurs
earlier, provided, however that the option will in any event not be exercisable
until January 1st, 1997.
If RBS exercises its option to acquire a 50.1% ownership interest in NEWCO,
RBS will work with IWC in good faith to provide a mechanism whereby IWC will be
able to satisfy the U.S. Investment Act of 1940 with regard to the IWC ownership
interest in connection with exercising such option, which mechanism shall be the
creation of one non-voting Share to be subscribed for a nominal value by IWC so
that the economic interest of IWC is 50% of the Share ownership of NEWCO while
its voting interest remains at 49.9% of NEWCO.
Each Stockholder hereby agrees to vote in favor of and take any other
action reasonable requested in connection with the exercise by RBS of such
option to subscribe NEWCO's new Shares, including, but not limited to, approve
the issue of such new Shares at the general stockholders meetings to be held for
such purpose and waive any preemptive right it may be entitled to.
1.9. Organization, Good Standing and Qualification. On the Effective
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Date, NEWCO will be a corporation duly organized under the laws of Brazil and
will have full corporate power and authority to carry on its business as
proposed to be conducted in its Business Plan. On the Effective Date, NEWCO will
not have any asset or liability other than RBS licenses and certain expenses
incurred in connection with its formation. NEWCO will be duly qualified to
transact business and in good standing in each jurisdiction in which the failure
to so qualify would have a material adverse effect on its business or
properties.
1.10. NEWCO's Stock. The Shares when issued and subscribed to in
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accordance with the terms of this Agreement for the consideration expressed
herein will be duly and validly issued, fully paid, and nonassessable, and will
be free of restrictions on transfer other than restrictions on transfer under
this Agreement and under the applicable Brazilian laws. Except for (i) the
Shares to be issued to RBS, IWC and IWC Nominee and the option to be granted to
RBS under this Section 1 and (ii) the rights provided for in this Agreement,
there will not be outstanding any other options, warrants, rights (including
conversion or preemptive rights) or agreements for the subscription or
acquisition from NEWCO of any Shares of its capital stock. NEWCO is not a party
or subject to any Agreement or understanding and, to the best of the
Stockholder's knowledge, there is no (x) agreement or understanding between any
persons or entities which effects or relates to the voting or giving of written
consents with respect to any security or by a director of NEWCO or (z) any buy-
sell agreements.
2. BUSINESS PLAN
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The Business Plan of NEWCO delivered to the Stockholders has been
prepared in good faith by the Joint Venture partners, RBS and
IWC. NEWCO will be operated in accordance with the initial Business Plan and a
successor Annual Business Plan. NEWCO will prepare the annual Business Plan for
each year at least 60 days prior to commencement of the year.
3. REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS.
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The Stockholders hereby represents and warrants that:
3.1. Authorization. The Stockholders have full power and authority
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to enter into the agreements, and each such agreements constitutes their valid
and legally binding obligation, enforceable in accordance with their terms and
constitutes valid and legally binding obligations of the Stockholders,
enforceable in accordance with their respective terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of
general application affecting enforcement of creditors rights generally, and
(ii) as limited by laws relating to the availability of specific performance,
injunctive relief, or other equitable remedies.
3.2. Purchase Entirely for Own Account. This Agreement is made with
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such Stockholders, which by such Stockholders' execution of this Agreement such
Stockholders hereby confirm, that the Shares will be acquired for investment for
such Stockholders' own account, not as a nominee or agent but for and within the
overall corporate and shareholders of each party, and not with a view to the
resale or distribution of any part thereof, and that such Stockholders have no
present intention of selling, granting any participation in, or otherwise
distributing the same. By executing this Agreement, such Stockholders further
represent that such Stockholders do not have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant
participation to such person or to any third person, with respect to any of the
Shares.
4. CONDITIONS OF STOCKHOLDERS' OBLIGATIONS AT FORMATION.
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The obligations of the Stockholders of this Agreement are subject to
the fulfillment on or before the formation of each of the following conditions,
the waiver of which shall not be effective against the Stockholder if it does
not consent in writing thereto.
4.1. By-Laws. The By-Laws of NEWCO shall have been approved by the
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Stockholders, at the general stockholders meeting to be held on the Effective
Date in accordance with section 1.4. above, which By-laws shall contain the
provisions required under sections 6.2, and 6.3 hereof.
4.2. Proceedings and Documents. All corporate and other proceeding
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in connection with the transactions contemplated at the
formation and all documents incident thereto shall be reasonably satisfactory in
form and substance to Stockholders' counsel, and they shall have received all
such counterpart original and certified or other copies of such documents as
they may reasonably request.
4.3. Business Plan. The Business Plan shall have been approved by
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each of the Stockholders. Each Business Plan shall include operations, sales and
also an annual expenditure and investment budget and subsequent capital
investments, financial and dividend policies, remuneration of officers and their
participation in the profits (if any), and major disbursements. Any amendments
to the Business Plan shall only be valid after approval by NEWCO's Board. The
management of NEWCO shall conduct NEWCO's activities in strict compliance with
the Business Plan. NEWCO's Board shall have the option to replace any executive
whose acts violate the Business Plan. Any contracts or transactions unrelated to
the Business Plan or not provided therein shall be subject to the approval of
both parties.
5. COVENANTS OF NEWCO
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5.1. Subsequent Business Plan. On or before sixty (60) days before
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the beginning of each fiscal year of NEWCO, the Board of Directors of NEWCO
shall adopt and approve a Business Plan for the next two fiscal years of NEWCO's
operations (each one a "Subsequent Business Plan"). Each Subsequent Business
Plan shall set forth the financial and business plan for NEWCO for the next two-
year period in such detail as NEWCO Board shall determine appropriate. Each
Subsequent Business Plan shall be subject to approval by IWC and RBS, which
approval shall not be unreasonably withheld.
5.2. Supermajority Approval by Stockholders of Certain Actions.
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NEWCO's By-laws shall contain a provision establishing that the following
decisions shall require the approval of Stockholders representing at least
seventy-five percent (75%) of the NEWCO's whole voting capital stock.
(i) any significant change in NEWCO's By-laws, including any
change in provisions regarding the supermajority approval by Stockholders and by
the Board of Directors;
(ii) any increase of NEWCO's stock capital (except the capital
increase for the incorporation of reserves or by legal imposition or for the
compliance with the options set forth in Section 1.3. above), including any
decision to raise capital or debt in excess of debt/equity ratio of 2/1 or
equity capital, split or reverse split of Shares, redemption or purchase of
Shares for cancellation or keeping at treasury, issuance or sale by NEWCO of any
securities convertible into Shares, including, but not limited to,
subscription bonds, beneficiary parts or call options or Shares subscription
rights;
(iii) any corporate conversion, merger, consolidation, split or
reorganization;
(iv) enter into ownership, management or operation of any
business other than SMR services;
(v) termination of NEWCO's operations;
(vi) sale, transfer or waiver of any rights of NEWCO regarding
the RBS Licenses and/or Xxxxx Licenses and/or SRC and RBS Applications for
Licenses; or a sale of all or substantially all of NEWCO;
(vii) the reduction of the minimum mandatory dividend
provided for in NEWCO's By-laws, which cannot be lower than 25% of NEWCO's net
profits;
(viii) the authorization to the officers of NEWCO to confess
bankruptcy or to enter into general composition with creditors.
5.3. Board of Directors.
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(a) The Board of Directors of NEWCO shall be comprised of four
(04) members. RBS shall be entitled to elect, in separate voting, two members of
the Board, one of them to be the Chairman of the Board. The designation of such
Chairman by RBS shall be subject to the prior approval of IWC. Each of IWC and
IWC Nominee shall be entitled to elect, in separate voting, one (01) member of
the Board of Directors.
(b) The Stockholders agree to exercise the voting rights
attached to their Shares so that the members indicated in accordance with item
(a) above are elected for the Board of Directors of NEWCO.
(c) In the event the shareholding of any Stockholder (jointly
with any permitted nominee), for any reason whatsoever, becomes less than ten
percent (10%) of the total capital stock of NEWCO, the members of the Board of
Directores elected by such Stockholder shall be removed at the first NEWCO's
general meeting held after such reduction of shareholding.
(d) The Stockholders hereby undertake to do their best to
ensure that members appointed by them be present to all meetings of NEWCO's
Board of Directors. In the event of absence or impediment of any of the Board of
Directors' members, such member
shall appoint another member of the Board of Directors who shall vote on behalf
of such member as if he were present at the meeting as may be specified by
written instructions of the absent member. In the event of resignation or
permanent impediment of any member during the term of office to which he was
elected, his substitute shall be appointed by the same Stockholder that had
appointed the replaced member.
(e) The resolutions of the Board of Directors shall be taken upon
the favorable votes of the majority of the members or by the unanimous decision
if one member elected by RBS and one member elected by IWC or its nominee have
attended the meeting. However, the following matters shall require, for their
approval the favorable votes of at least three (03) members, by themselves or
represented pursuant to item (d) above:
(i) Election or replacement of NEWCO's officers, provided that
no Directors should unreasonably withhold his approval for the election of any
officer;
(ii) Approval of the Business Plan and Annual Budget and any
subsequent Business Plan;
(iii) Any extension or material changes to the Service
Agreement with related entities;
(iv) Acquisition, sale and/or creation of liens on assets of
NEWCO which value represents more than US$1,000,000.00 (or the equivalent in
Brazilian currency), or sale of all or substantially all of NEWCO's assets;
(v) Any major business decision or action not provided for in
the Business Plan or any Subsequent Business Plan.
(vi) Appoint special attorneys-in-fact to represent the Company
in the performance of the acts or activities listed hereafter for periods in
excess of twelve (12) months. Judicial powers of attorney may be of indefinite
duration and may be granted without a quotaholders' approval;
(vii) Establish new businesses unrelated to the Company's
existing business;
(viii) Cause the Company to merge with other entities, or to
sell, encumber, or acquire an interest in another business or entity, whether a
corporation, partnership, sole proprietorship, or other enterprise;
(ix) Vote, encumber, transfer, or dispose of shares or quotas
owned by the Company in other related or unrelated companies;
(x) Issue or redeem Company securities or obligations in
excess of the Brazilian currency equivalent of US$100,000.00);
(xi) Guarantee loans or other obligations of any party, whether
an individual or an entity;
(xii) Lend money (other than to NEWCO's customers in the
normal course of business), borrow money, or transfer, issue, or otherwise deal
in any debt instruments of the Company in excess of the Brazilian currency
equivalent of US$1,000,000.00;
(xiii) Organize, dissolve, or liquidate subsidiary companies;
(xiv) Purchase, sell, mortgage, or otherwise dispose of or
encumber any of its assets having a fair market value in excess of the Brazilian
currency equivalent of US$100,000.00;
(xv) Execute any contracts or agreements (including lease
agreements, distribution agreements, real estate contracts, agreements with
related parties etc.) whose value exceeds the Brazilian currency equivalent of
US$50,000.00 or which is for a term of one (1) year or longer;
(xvi) License the use of or otherwise disclose in any manner
patented or unpatented technology, technical data, know-how, or other
confidential information that may be known to the Company;
(xvii) Cause the Company to be dissolved or liquidated, or
appoint a liquidator, or petition for the Company's bankruptcy;
(xviii) Reinvest profits or distribute dividends; and
(xix) Increase or decrease NEWCO's capital;
5.4. Delivery of Financial Statements. NEWCO shall deliver to each
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Stockholder:
(a) as soon as practicable, but in any event within ninety
(90) days after the end of each fiscal year of NEWCO, an income statement
for such fiscal year, a balance sheet of NEWCO and a statement of
stockholder's equity as of such year-end, and a statement of cash flows for
such year, including notes thereto, such year-end financial reports to be
in reasonable detail, prepared in accordance with Brazilian generally
accepted accounting principles on the basis of the constant currency
methodology required by the Brazilian Securities Commission-CVM for public-
held companies (the "Accounting Principles"), and audited and certified by
independent public accountants of international recognized standing
selected by NEWCO;
(b) within fifteen (15) days of the end of each month, an
unaudited income statement, a balance sheet an a statement of cash flows
for and as of the end of such month, in reasonably detail;
(c) within fifteen (15) days of the end of each calendar
quarter, a quarterly operations report summarizing activities during the
preceding quarter;
(d) with respect to the financial statements called for in
subsection (b) of this Section 6.4, an instrument executed by the Chief
Financial Officer or President of NEWCO certifying that such financials
were prepared in accordance with Brazilian generally accepted accounting
principles on the basis of the constant currency methodology required by
the Brazilian Securities Commission-CVM for public-held companies
consistently applied with prior practice for earlier periods and fairly
present the financial condition of NEWCO and its results of operation for
the period specified, subject to quarterly review and year-end audit
adjustment; and
(e) such other information relating to the financial
condition, business, prospects, or corporate affairs of NEWCO as the
Stockholders may from time to time request, provided, however, that NEWCO
shall not be obligated under this subsection (e) or any other subsection of
Section 6.4 to provide information which it deems in good faith to be a
trade secret or similar confidential information which it deems in good
faith to be a trade secret or similar confidential information. The
covenant set forth in this Section 6.4 shall terminate and be of no further
force or effect if IWC and RBS shall no longer control NEWCO due to the
legitimate sale of Common Stock of NEWCO to third parties, without
prejudice of each Stockholder rights under the applicable Brazilian
legislation.
5.5. Inspection. NEWCO will also permit each Stockholder and its
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authorized representatives, at all reasonable times and as often as reasonably
requested, to visit and inspect, at the expense of such Stockholders, any of the
properties of NEWCO, to inspect its books and records and to make extracts
therefrom, and to discuss the affairs, finances and accounts of NEWCO with its
officers and consult with and advise the officers of NEWCO as to the a
management of NEWCO, provided that the Stockholders shall maintain the
confidentiality of any proprietary information of NEWCO thereby obtained and
provided further that the Stockholders shall conduct all such inspections in a
manner that is not disruptive to the employees or operations of NEWCO. The
covenant set forth in this Section 6.5 shall terminate and be of no further
force or effect if IWC and RBS shall not longer control NEWCO due to the
legitimate sale of Common Stock of NEWCO to third parties, without prejudice of
each Stockholder rights under the applicable Brazilian legislation.
5.6. Registration Rights.
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(a) It will be the intent of NEWCO within 5 years of its
formation or sooner as the Board of Directors may provide to raise
additional capital for the NEWCO and its Stockholders through an Initial
Public Offering (IPO) in Brazil or through private equity transactions.
After NEWCO has completed three (03) years of profitable operations, each
Stockholder holding at least 30% (thirty percent) of the total NEWCO's
Common Stock may sell, in whole or in part, the Shares then held by such
Stockholder pursuant to a public offering ("Public Sale") under the
Brazilian securities laws or other applicable Brazilian laws ("Brazilian
Securities Laws"), and each Stockholder hereby agrees to exercise the vote
of its shares and take all necessary or desirable actions to cause NEWCO
(at NEWCO's expense) to become a publicly-held company under the Brazilian
Securities Laws and to enable such Stockholder to consummate a Public Sales
as soon as possible after such request. NEWCO, for such purpose, shall
assist such Stockholder in connection with such Public Sale and shall
furnish all information which the Stockholder or the managing underwriters
deem necessary or desirable to be disclosed in a prospectus to be
distributed in connection with a Public Sale.
(b) Except as provided in this Agreement, NEWCO shall not grant
to any other person the right to request or require NEWCO to become a
publicly-held company, or the right to consent that NEWCO becomes a
publicly-held company.
6. COVENANTS OF STOCKHOLDERS.
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6.1. Election of Directors. Each of the Stockholders hereby
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covenants that it shall vote its Shares in a manner so as to maintain the
composition of the Board of Directors described in Section 5.3 hereof. In the
event of any vacancy on NEWCO's Board of Directors, such vacancy shall be filled
in a manner consistent with Section 5.3. In all events, the election will be
consistent with Brazilian law regarding foreign ownership (if any).
6.2. Right of First Refusal. No sale of Shares or transfer of
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preemptive rights by either Party can take place without (i) the express written
approval of the other Party or (ii) the selling Party's first offering the
Shares to the other Party pursuant to the terms hereof.
(a) In the event a Stockholder (a "Seller") desires to accept
a bona fide third-party offer for the transfer of any or all of the Shares
(the shares subject to such offer to be hereafter called the "Target
Shares"), the Seller shall promptly deliver to each of the Stockholders
written notice of the intended disposition ("Disposition
Notice") and the basic terms and conditions thereof, including the identity
of the proposed purchaser.
(b) The Stockholders shall, for a period of thirty (30) days
from receipt of the Disposition Notice, have the right to purchase the
Target Shares, upon issuing an Exercise Notice, upon substantially the same
terms and conditions specified in the Disposition Notice.
(c) Subject to the Stockholders' co-sale rights described in
Section 6.3 below, in the event the Exercise Notice with respect to the
Target Shares is not given to the Seller within thirty (30) days following
the date of such Stockholders' receipt of the Disposition Notice, the
Seller shall have a period of thirty (30) days thereafter in which to sell
all the Target Shares upon terms and conditions (including the purchase
price) not more favorable to the third-party transferee than those
specified in the Disposition Notice. The third-party transferee shall
furnish the remaining Stockholders with a written agreement to be bound by
and comply with all other provisions of this Agreement. In the event the
Seller does not notify the Stockholders, and consummate the sale or
disposition of the Target Shares within the thirty (30) day period, NEWCO
shall not register any attempted disposition of the Target Shares. The
parties shall cause NEWCO to execute a copy hereof, maintain a copy in its
head offices and observe its obligations hereunder.
(d) The right of first refusal granted hereunder to the
Stockholders shall be allocated among such parties pro rata based on their
respective aggregate holdings of NEWCO's issued and outstanding Common
Stock and shall be limited by the applicable Brazilian securities laws
regarding foreign ownership (if any). The sale and/or transfer of
Brazilian-owned equity shall be according to such laws so as not to allow
foreign ownership to increase above permitted levels (if any).
(e) In the event that the Stockholders do not exercise the
right of first refusal pursuant to this Section 6.2 with respect to all
Target Shares described in a particular Disposition Notice, then such right
shall not apply to any Target Shares described in such Disposition Notice.
(f) The rights of an Stockholder under this Section and the
correlative obligations of each Stockholder terminate upon the occurrence
of any of the following events :
(1) the liquidation, dissolution or indefinite cessation
of the business operations of NEWCO;
(2) the execution by NEWCO of a general assignment for the
benefit of creditors or the appointment of a receiver or trustee to take
possession of the property and assets of NEWCO;
(3) immediately prior to the Sale and Purchase of a bona
fide firm commitment underwritten public offering of NEWCO's Common Stock
is registered.
Notwithstanding the foregoing, either of the parties may sell,
transfer or otherwise dispose of all its shares in NEWCO in favor of any of its
wholly-owned subsidiaries or its shareholders, and such transfer shall not be
subject to or give rise to any right of first refusal or co-sale, provided that
the potential acquiring parties shall be previously notified by the Seller of
the terms of this Agreement, and, as a condition for the validity of the
acquisition, the potential acquiring party shall assume, in writing, prior to
the transfer becoming effective, all the rights and obligations contained in
this Agreement and any amendments thereto. The same first refusal or co-sale
rights hereunder shall apply in case of change of control of any of the
Stockholders (except for a transfer of Shares from IWC nominees to any IWC
controlled entity or affiliate) .
6.3. Co-Sale Rights. [ ] Subject to the right to
--------------
first refusal provisions in Section 6.2, if a Seller proposes to enter into a
transaction regarding the sale of Common Stock, which, if consummated, would
result in aggregate sales of Common Stock by such Seller in excess of 5% of its
Shares in any calendar year, each Stockholder, though limited by the applicable
Brazilian securities laws regarding foreign ownership (if any) and the sale
and/or transfer of Brazilian-owned equity which shall be according to such laws
so as not to allow foreign ownership to increase above permitted levels (if
any), shall have such right exercisable upon written notice to Seller within
thirty (30) days after receipt of the Seller's Disposition Notice, to
participate in such sale of the Target Stock on the same terms and conditions as
those set forth in the Disposition Notice. To the extent one or more of the
Stockholders exercise such right of participation, the number of shares of
Target Stock that the Seller may sell in the transaction shall be
correspondingly reduced, but within the Brazilian ownership requirements (if
any). The right of participation of each of the Stockholders shall be subject to
the terms and conditions set forth in this Section. In all events, the election
will be consistent with Brazilian law regarding foreign ownership.
(a) Each Stockholder shall be deemed to own the number of shares
of Common Stock that such Stockholder actually holds plus the number of
shares of Common Stock that are issuable upon
conversion of any Shares of Preferred Stock then held by such Stockholder
(as the case may be).
(b) Each of the Stockholders may sell all or any part of the
number of shares of Common Stock of NEWCO up to the portion corresponding
to the ratio of Common Shares then owned by the Stockholder in relation to
the total number of NEWCO's issued and outstanding Shares.
(c) To the extent a Stockholder elects not to sell the full
number of shares it is entitled to sell pursuant to subparagraph (b) above,
the other Stockholders' rights to participate in the sale shall be
increased pro rata by a corresponding number of Shares.
(d) Each of the Stockholders may effect its participation in the
sale by delivering to the Seller for transfer to the purchase offeror one
or more certificates, properly endorsed for transfer (or a commitment to
execute the respective entries in NEWCO's Share Registry Book, whichever is
applicable), which represent the number of Shares of Common Stock that the
party elects to sell pursuant to Section 6.3.
(e) The stock certificates that the Stockholders deliver to such
Seller (or the execution of entries in NEWCO's Share Registry Book,
whichever is applicable) pursuant to Section 6.3 shall be performed by the
Seller to the purchase offeror in consummation of the sale of the Common
Stock pursuant to the terms and conditions specified in the Disposition
Notice, and such Seller shall promptly thereafter remit to each Stockholder
that portion of the sale proceeds to which the Stockholder is entitled by
reason of its participation in such sale.
(f) The exercise or non-exercise of the rights of the
Stockholders hereunder to participate in one or more sales of Target Shares
shall not adversely affect their rights to participate in subsequent Common
Stock sales by the Seller.
(g) In the event a Seller should sell any Shares in contravention
of the co-sale rights of the Stockholder under this Section (a "Prohibited
Transfer"), the Stockholders, in addition to such other remedies as may be
available at law, in equity or hereunder, and the nondefaulting party shall
have the put option provided below, and the Seller shall be bound by the
applicable provisions of such option.
(h) In the event of a Prohibited Transfer, each Stockholder shall
have the right to sell to the Seller the type and number of Shares equal to
the number of shares each Stockholder would
have been entitled to transfer to the purchaser had the Prohibited Transfer
been effected pursuant to and in compliance with the terms hereof. Such
sale shall be made on the following terms and conditions:
(1) The price per share at which the shares are to be sold
to the Seller shall be equal to the price per share paid by the purchaser
to the Seller at the actual market price in the Prohibited Transfer. The
Seller shall also reimburse each Stockholder for any and all fees and
expense, including legal fees and expense, incurred to the exercise or the
attempted exercise of the Stockholders rights under this Section 6.3.
(2) Within 90 days after the later of the dates on which the
Stockholder (A) received notice of the Prohibited Transfer or (B) otherwise
become aware of the Prohibited Transfer, each Stockholder shall, if
exercising the option created here, deliver to the Seller the certificate
or certificates representing shares to be sold, each certificate to be
properly endorsed for transfer (or deliver a commitment to execute the
respective entries in NEWCO's Share Registry Book, whichever is
applicable).
(3) The Seller shall, upon receipt of the certificate or
certificates for the shares (or a commitment to execute the respective
entries in NEWCO's Share Registry Book, whichever is applicable) to be sold
by a Stockholder, pursuant to this subsection 6.3(h), pay the aggregate
purchase price therefor and the amount of reimbursable fees and expense, as
specified in clause (1) of this subsection 6.3(h), in each or by other
means acceptable to the Stockholder.
(4) Notwithstanding the foregoing, any attempt by a Seller
to transfer Shares in violation of this Section 6.3 hereof shall be void
and NEWCO agrees it will not effect such a transfer nor will it treat any
alleged transferee as the holder of such shares without the written consent
of a majority in interest of the Stockholders.
(i) The Nominative Shares Register Book of NEWCO, on the margin
of each Shares' registration, and the certificates representing the Shares,
if issued, shall bear the following legend: "The Shares represented by this
registry (or certificate) are subject to the condition specified in the
Stockholders Agreement dated as of August 31, 1995. Such legend shall be
removed upon termination of this Agreement."
(j) NEWCO shall register this Stockholders Agreement in its head-
office and shall fully comply with the obligations undertaken herein.
Transfers of Shares or of securities convertible
into Shares or, further, the creation of any lies or encumbrance upon them
in disagreement with the provisions of this Agreement shall not be valid
and effective, and NEWCO shall refrain from registering them.
(k) The covenant set forth in this Section 6.3 shall terminate on
the earlier of the date when either party owns less than 10% of NEWCO's
Shares or the date on which NEWCO's Common Stock is subject to the
reporting requirements of the Brazilian securities laws.
6.4. Resource commitments. Each of the Stockholders hereby covenants
--------------------
that it will contribute adequate resources required for the successful operation
of NEWCO, provided, however, that NEWCO pays the Stockholders reasonable
compensations mutually agreed upon by NEWCO and the Stockholders for any of the
Stockholders' additional contribution of resources to NEWCO. This will be done
under a Service Agreement that the parties agree to negotiate in good faith. The
parties agree that they will offer NEWCO resources to make its successful and
such resources will be offered at cost including access to RBS transmission
sites and microwave networks.
6.5. Participation Rights. It will be the long term goal of NEWCO to
--------------------
gain additional channels to reach up to 1,000 or more channels in major cities
in Brazil and also to gain adequate coverage along major highways and in
secondary cities between the major cities in Brazil to accomplish this
objective. It may be necessary to partner with other license holders or to buy
other licenses. This will ordinarily require payments to the license holders
and/or require provision of capital for infrastructure and working capital. RBS
will be given the opportunity to participate in these investments to the extent
of its then interest in NEWCO (30% to 51%). Should RBS choose not to
participate, IWC may choose to go ahead with the investment. In this case, IWC
may elect to manage the new investment together with the channels owned by NEWCO
with a fair sharing of costs and revenue and the intention to maximize the value
of all channels.
Further, if either of the parties contemplate engaging in other wireless
telecommunications related business (except for the RBS commitments to Bellsouth
in cellular radio), the other party shall be entitled to participate as follows.
RBS will have a participation right to acquire an equity interest in each new
wireless communication project in which IWC acquires an equity interest within
Brazil within 45 days from IWC's respective offer. The amount of the equity
interest that may be acquired in the new project will be negotiated on a case by
case basis. In return, RBS declares that it will consider IWC as a possible
partner including for new businesses and new projects of telecommunications.
7. TERM AND TERMINATION
--------------------
7.1. Term. Except as otherwise expressly set forth herein, this
----
Agreement shall enter into force on the date hereof and shall be valid for a
period of twelve (12) years from this date. In addition, each Stockholder shall
have the right to withdraw from this Agreement in whole or any part at any time
after NEWCO has become public-held company under Brazilian securities laws by
given written notice to NEWCO and to all other Stockholders.
7.2. Terminating Events. NEWCO and each of the Stockholders agree
------------------
that each of the events set forth below shall constitute a Terminating Event if
a party hereto, which is entitle to give such notice with respect to such event
pursuant to Section 8.3 below, elects to terminate this agreement upon the
occurrence of such event:
(a) The commission of a Material Breach (as defined below in
Section 8.5) by one of the parties hereto);
(b) The adjudication by a court or tribunal of competent
jurisdiction that one of such other parties is insolvent;
(c) The filing of petition in bankruptcy by one of the order
parties on its own behalf or the filing of any such petition against such
party by a third party if the proceedings is not dismissed or withdrawn
within sixty (60) days thereafter;
(d) An assignment by one of the other parties for the benefit
of its creditors;
(e) the commencement of dissolution or liquidation of one of
the other parties or than in consequence of a merger, amalgamation, or
other corporate reorganization to which is a party; and
(f) The enactment of any law or the existence of any court
decree which prevents or materially impairs NEWCO from engaging in the
wireless communication business.
If a party ("Defaulting Party") hereto should suffer any event
described in subparagraphs (a) through (f), that party shall immediately notify
the other parties (Non-Defaulting Parties) of the occurrence of such event.
7.3. Effect of Terminating Event. Upon the occurrence of a
---------------------------
Terminating Event, the parties shall have the rights as follows:
(a) As to a Terminating Event as described in subparagraphs
(c) through 8.2(f), the Non-Defaulting Parties shall
have the right to purchase the capital stock of NEWCO held by the
Defaulting Party for an amount equal to the fair market value of such
stock, as determined in accordance with Section 8.4 below;
(b) As to the Terminating Event described in subparagraph
8.2(g), NEWCO shall be dissolved and liquidated.
7.4. Fair Market Value of Capital Stock of NEWCO. The fair market
-------------------------------------------
value of the capital stock of NEWCO held by the defaulting Party shall be
determined by arm's-length agreement between the Defaulting Party and the Non-
Defaulting Parties. If no such agreement can be reached between the parties, the
fair market, the fair market value of such interest shall be determined on the
basis of the appraisal procedure as follows: The Defaulting Party and the Non-
Defaulting Parties shall each appoint an appraiser and such appraisers acting
together shall appoint a third appraiser. Each such appraiser shall be
independent of and not affiliated with any of the Stockholders and shall be
qualified to appraise the fair market value pursuant to this Section 8.4 shall
be conclusive and binding on all parties hereto.
7.5. Material Breach. As used in this Section 8, any breach of the
---------------
provisions hereof which is not cured within thirty (30) days following notice
thereof to the Defaulting Party by any Non-Defaulting Parties shall constitute a
"Material Breach."
8. Miscellaneous.
-------------
8.1. Survival of Warranties. The warranties, representations and
----------------------
covenants of NEWCO and the Stockholders contained in or made pursuant to this
Agreement shall survive the execution and delivery of this Agreement and the
Formation and shall in no way be affected by any investigation of the subject
matter thereof made by or on behalf of the Stockholders or NEWCO.
8.2. Successors and Assigns. Except as otherwise provided herein,
----------------------
the terms and conditions of this Agreement shall inure to the benefit of and any
be binding upon the respective successors and assigns of the parties (including
transferee of any Securities). Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or their
respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.
8.3. Governing Law and Jurisdiction. This Agreement shall be
------------------------------
governed by and construed under the laws of Brazil as applied to agreements
among Brazilian residents entered into and to be entirely within Brazil the
parties hereof elect the Courts of the City of Porto
Alegre, Brazil, to settle any disputes arising herefrom, and hereby waives any
other Courts, as privileged as they may be.
8.4. Counterparts. This Agreement may be executed in two or more
------------
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
8.5. Titles and Subtitles. The titles and subtitles used in this
--------------------
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.
8.6. Notices. Unless otherwise provided, any notice required or
-------
permitted under this Agreement shall be given in writing and shall be deemed
effectively given upon person delivery to the party to be notified or upon
deposit with the Post Office, by registered or certified mail, postage prepaid
and addressed to the party to be notified at the address indicated for such
party on the signature page hereof, or at such other address as such party may
designate by ten (10) days' advance written notice to the other parties.
8.7. Finder's Fee. Each party represents that it neither is not will
------------
be obligated for any finder's fee or commission in connection with this
transaction. The Stockholder agrees to indemnify and to hold harmless NEWCO from
any liability for any commission or compensation in the nature of a finder's
fees (and the costs and expenses of defending against such liability or asserted
liability) for which the Stockholder or any of its officers, partners,
employees, or representatives is responsible. NEWCO agrees to indemnify and hold
harmless the Stockholder from any liability for any commission or compensation
in the nature of finder's fee (and the costs and expenses of defending against
such liability or asserted liability) for which NEWCO or any of its officers,
employees or representatives responsible.
8.8. Remedies. The Stockholders shall be entitled to enforce their
--------
rights under this Agreement specifically, to recover damage by reason of any
breach of any provision of this Agreement and to exercise all other rights
existing in their favor in law or otherwise. The parties hereto agree and
acknowledge that money damages would not be an adequate remedy for any breach of
the provisions of this agreement and any Stockholder may apply for specific
performance in order to enforce or prevent any violation of the provision of
this Agreement.
8.9. Expenses. Each party will pay its own expenses for costs
--------
incurred prior to incorporation of NEWCO. The costs of registering the
resolutions whereby IWC shall become a shareholder and shall be
borne 70% by IWC and 30% by RBS. Subsequent costs shall be borne by NEWCO. If
any action at law or in equity is necessary to enforce or interpret the terms of
the Agreements, the prevailing party shall be entitled to reasonable attorney's
fees, costs and necessary disbursements in addition to any other relief to which
such party may be entitled.
8.10. Amendments and Waivers. Any term of this Agreement may be
----------------------
amended and the observance of any terms of this Agreement may be waived (either
generally or in a particular instance and either retroactively or
prospectively), only with the written consent of NEWCO and all the Stockholders.
Any amendment or waiver effected in accordance with this section shall be
binding upon each holder of any securities purchased under this Agreement at the
time outstanding (including securities are convertible), each future holder of
all such securities, and NEWCO.
8.11. Severability. If one more provisions of this Agreement are
------------
held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if
such provision were so excluded and shall be enforceable in accordance with it
items.
8.12. Aggregation of Stock. All shares of the Common Stock held or
--------------------
acquired by affiliated entities or persons shall be aggregate together for the
purpose of determining the availability of any rights under this Agreement.
8.13. Entire Agreement. This Agreement and the agreements and
----------------
documents referred to herein constitute the entire agreement among the parties
and no party shall be liable or bound to any other party in any manner by any
warranties, representations, or covenants except as specifically set forth
herein or therein.
8.14. Language. This Agreement is executed in Portuguese and
--------
English and in case of discrepancy the version in Portuguese shall prevail.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.
IWC RBS
By: /s/ By: /s/
--------------------------------- -----------------------------------
Name: Xxxx X. Xxxxxxx Name:
------------------------------ ---------------------------------
Title: President Title:
----------------------------- -------------------------------
Witnesses:
/s/
------------------------------------
SCHEDULES A & B
TRUNKING LICENSES GRANTED
CITIES POPS RBS CHANNELS XXXXX CHANNELS TOTAL
Belo Horizonte 2038000 20 20
Vitoria 544000 20 20
Rio 6000000 20 20
Xxxxx de Caxias 673000 20 20
Sao Paulo 11000000 10 10
Campinas 932000 15 15
Jundiai 291000 40 20 60
Xxxxxx 909000 40 40
Americana 369000 20 20
Piracicaba 285000 00 00
Xxx Xxxx xxx Xxxxxx 000000 25 25
Sao Jese Rio Preto 430000 0 20 20
Sorocoba 388000 20 20 40
Bauru 267000 20 20
Ribeirao Preto 441000 10 10
Curitiba 1533000 20 20
Florianapolis 415000 20 20 40
Joinville 362000 25 25
Blumenau 216000 20 20
Criciuma 150000 5 5
Itajai 122000 5 5
Tuburao 81000 5 5
Porto Alegre 1641000 60 20 80
Xxxxxx xx Xxx 000000 00 00
Xxxx Xxxxxxxx 387000 20 20
Xxxxxx 52000 20 20
Santa Xxxxx 218000 20 20
Salvador 1100000 0 20 20
Fortaleza 230000 20 20
TOTAL 31,994,000 550 140 690
---------- --- --- ---
(Cities only)
Page 1
Schedule C (800 MHz)
CVA - SERVICOS DE RADIOCOMUNICAOES S/C LTDA.
000 XXx XXXXXXXXXXX
XXXXXXX
XX. CITIES PROTOCOLO DATE STATE
01 Sao Paulo 53.000.00875/92 17/12/92 SP
1651 Xxxxxx 53.000.00875/92 17/12/92 SP
1652 Jundiai 53.000.00875/92 17/12/92 SP
0000 Xxxxxxxx 53.000.00875/92 17/12/92 SP
1654 Xxxxxx xx Xxx 00.000.00000/00 00/00/00 XX
0000 Xxxxx Alegre 53.000.00875/92 17/12/92 RS
1656 Criciuma 53.000.00875/92 17/12/92 SC
1657 Florianopolis 53.000.00875/92 17/12/92 SC
1658 Florianopolis - Gov. Xxxxx Xxxxx 53.000.00875/92 17/12/92 SC
0000 Xxxxxxxx 53.000.00875/92 17/12/92 SC
1660 ltajai 53.000.00875/92 17/12/92 SC
1661 Blumenau 53.000.00875/92 17/12/92 SC
1662 Joinville 53.000.00875/92 17/12/92 SC
1663 Ribeirao Preto 53.000.00875/92 17/12/92 SP
1664 Sao Xxxx do Rio Preto 53.000.00875/92 17/12/92 SP
0000 Xxxxxx 53.000.00875/92 17/12/92 SP
1666 Uberaba 53.000.00875/92 17/12/92 MG
0000 Xxxxxxxxxx 53.000.00875/92 17/12/92 MG
1668 Goiania 53.000.00875/92 17/12/92 GO
1669 Anapolis 53.000.00875/92 17/12/92 GO
1670 Laguna 53.000.00875/92 17/12/92 SC
1671 Juiz de Fora 53.000.00875/92 17/12/92 MG
1672 Aguas de Lindoia 01/6/93 SP
1673 Altinopolis 01/6/93 SP
1674 Alto Alegre 01/6/93 SP
1675 Americana 01/6/93 SP
1676 Xxxxxx 01/6/93 SP
1677 Aracatuba 01/6/93 SP
1678 Araraquara 01/6/93 SP
1679 Avanhandava 01/6/93 SP
1680 Bariri 01/6/93 SP
1681 Xxxxx Xxxxxx 01/6/93 SP
1682 Barretos 01/6/93 SP
1683 Batatais 01/6/93 SP
1684 Bauru 01/6/93 SP
1685 Bebedouro 01/6/93 SP
1686 Bilac 01/6/93 SP
1687 Birigui 01/6/93 SP
1688 Botucatu 01/6/93 SP
1689 Brauna 01/6/93 SP
1690 Xxxxxx 00/0/00 XX
0000 Xxxxxxxxx 01/6/93 SP
1692 Cajuru 01/6/93 SP
1693 Capivari 01/6/93 SP
1694 Charqueada 01/6/93 SP
1695 Colina 01/6/93 SP
Page 1
Schedule C (800 MHz)
CVA - SERVICOS DE RADIOCOMUNICAOES S/C LTDA.
000 XXx XXXXXXXXXXX
XXXXXXX
XX. CITIES PROTOCOLO DATE STATE
1696 Cosmopolis 01/6/93 SP
1697 Cravinhos 01/6/93 SP
1698 Descalvado 01/6/93 SP
1699 Dourado 01/6/93 SP
1700 Xxxxxx 01/6/93 SP
1701 Xxxxxxxx Xxxxxxx 01/6/93 SP
1702 Garca 01/6/93 SP
1703 Getulina 01/6/93 SP
1704 Guaira 01/6/93 SP
1705 Guapiacu 01/6/93 SP
1706 Guara 01/6/93 SP
1707 Xxxxxxx 00/0/00 XX
0000 Xxxxxxxxxx 01/6/93 SP
1709 Iacanga 01/6/93 SP
1710 Ibate 01/6/93 SP
1711 Ibitinga 01/6/93 SP
1712 Itapira 01/6/93 SP
1713 Itapolis 01/6/93 SP
1714 Ituverava 01/6/93 SP
1715 Jaborandi 01/6/93 SP
1716 Jabuticabal 01/6/93 SP
1717 Jau 01/6/93 SP
1718 Xxxx Xxxxxxxxx 01/6/93 SP
1719 Lencois Paulista 01/6/93 SP
1720 Lindoia 01/6/93 SP
1721 Lins 01/6/93 SP
1722 Marilia 01/6/93 SP
1723 Matao 01/6/93 SP
1724 Miguelopolis 01/6/93 SP
1725 Monte Aprazivel 01/6/93 SP
1726 Morro Xxxxx 01/6/93 SP
1727 Morungaba 01/6/93 SP
1728 Nova Granada 01/6/93 SP
1729 Orlandia 01/6/93 SP
1730 Xxxxxxxxxx Paulista 01/6/93 SP
1731 Pedregulho 01/6/93 SP
1732 Xxxxxxxxx 00/0/00 XX
0000 Xxxxxxx 01/6/93 SP
1734 Pinhal - Espirito Santo do 01/6/93 SP
1735 Piracicaba 01/6/93 SP
1736 Pirajui 01/6/93 SP
1737 Pirangi 01/6/93 SP
0000 Xxxxxxxxxxx 01/6/93 SP
1739 Pradopolis 01/6/93 SP
1740 Xxxxxxxx 01/6/93 SP
1741 Rafard 01/6/93 SP
Page 2
Schedule C (800 MHz)
CVA - SERVICOS DE RADIOCOMUNICAOES S/C LTDA.
000 XXx XXXXXXXXXXX
XXXXXXX
XX. CITIES PROTOCOLO DATE STATE
1742 Ribeirao Corrente 01/6/93 SP
1743 Santa Xxxxxxx X'Xxxxx 01/6/93 SP
1744 Sao Xxxxxx 01/6/93 SP
1745 Sao Xxxxxxx xx Xxxxx 01/6/93 SP
1746 Sao Xxxxx 01/6/93 SP
1747 Sao Simao 01/6/93 SP
1748 Serra Negra 01/6/93 SP
1749 Sertaozinho 01/6/93 SP
1750 Xxxxxxx 01/6/93 SP
1751 Xxxxx Xxxxxxx 01/6/93 SP
1752 Valinhos 01/6/93 SP
1753 Valparaiso 01/6/93 SP
Page 3
Schedule C (400 MHz)
RELACAO DAS LOCALIDADES -- PROJETO TRUNKING
400 MHZ E-SMR
REDE 01
--------------------------------------------------------------------------------------------------------------------------
NR. CODIGO
ESTA PROTO- DO H1 H2 XXXX-
XXX LOCALIDADE ENDERECO COLO UF CEP MUNICIPIO (m) (m) UACAO
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Xx. Xxxxxxxx, 0000 - Xxxx
00 Xxx Xxxxx Vista 007007 SP 01310-200 3550308-09 10 95 5,52
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Xxxx-Xxxxxxxxxxx,
00 Xxxx xxx Xxxxxx Xx 9 - Cocuera 007011 SP 13730-000 3530607 10 75 4,61
--------------------------------------------------------------------------------------------------------------------------
Sao Xxxx xxx
00 Xxxxxx Xxxxx xx Xxxxxxxx - Xxxxxx 000000 SP 13720-000 3549904 10 55 3,89
--------------------------------------------------------------------------------------------------------------------------
Av. Xxxxxxxxx X. de
04 Taubate Xxxxxxxx, 475 007013 SP 12010-600 3554102 10 45 3,53
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Xxxxxxxxxx Xxxxx,
00 Xxxxxxxxxxxxx Xx 59,8 007014 SP 12500-000 3518404 10 55 3,89
--------------------------------------------------------------------------------------------------------------------------
Xxx Xxx. Xxxxxxx Xxxx
00 Xxxxxx Xxxxxx, 96 007015 SP 12600-000 3527207 10 55 3,89
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx Xxxxxxxxxx Xxxxx,
00 Xxxxxx Xx 14,6 007016 SP 12800-000 3541901 10 55 3,89
--------------------------------------------------------------------------------------------------------------------------
Fazenda Ribeirlo Xxxx, SIN -
08 Resende Resende 005420 RJ 27534-970 3304201 10 55 3,89
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx XX-0 00, Xx 299 -
09 Barra Mansa Barra Mansa 005421 RJ 27301-970 3300407 10 55 3,89
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx XX-000, Xx 000 -
00 Xxxxx Xxxxxxx Xxxxx Xxxxxxx 005422 RJ 27292-970 3306305 10 45 3,53
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx XX-0 00, Xx 000 -
00 Xxxxx Xxxxx 000000 XX 00000-000 3304003 10 65 4,25
---------------------------------------------------------------------------------------------------------------------------
Serra da Xxxxxxxxx, XXX -
00 Xxxx Xxxxxx Xxxxxxxx - Xxxx Xxxxxx 000000 RJ 26255-350 3303500-25 10 35 3,17
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx do Exceisior SIN,
Alto da Boa Vista - Sumare -
13 Rio de Janeiro Xxx xx Xxxxxxx 000000 XX 00000-000 3304557 10 35 3,17
--------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
NR. ALTURA
ESTA ALTI- XX
XXX LOCALIDADE RAIO TUDE ANTENA LATITUDE LONGITUDE
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
01 Sao Paulo 25 820 90 23S 34' 00" 46W 39' 00"
-----------------------------------------------------------------------------------------
02 Mogi das Cruzes 10 749 70 23S 31' 22" 46W 11' 00"
------------------------------------------------------------------------------------------
Sao Xxxx xxx
00 Xxxxxx 00 000 00 23S 10' 46" 45W 54' 28"
------------------------------------------------------------------------------------------
04 Taubate 10 681 40 23S 01' 30" 45W 31' 30"
------------------------------------------------------------------------------------------
05 Guaratingueta 25 540 50 22S 47' 47" 45W 56' 32"
------------------------------------------------------------------------------------------
06 Xxxxxx 25 525 50 22S 43' 51" 45W 07' 29"
------------------------------------------------------------------------------------------
07 Queiuz 15 500 50 22S 32' 13" 44W 46' 26"
------------------------------------------------------------------------------------------
08 Resende 20 500 50 22S 33' 10" 44W 25' 45"
------------------------------------------------------------------------------------------
09 Barra Mansa 20 450 50 22S 32' 15" 44W 09' 45"
------------------------------------------------------------------------------------------
10 Xxxxx Xxxxxxx 25 500 40 22S 29' 20" 44W 06' 15"
------------------------------------------------------------------------------------------
11 Pirai 25 500 60 22S 40' 00" 43W 50' 20"
------------------------------------------------------------------------------------------
12 Nova Iguacu 24 500 30 22S 47' 00" 43W 28' 50"
------------------------------------------------------------------------------------------
13 Xxx xx Xxxxxxx 00 000 00 22S 58' 00" 43W 13' 45"
------------------------------------------------------------------------------------------
Page 1
Schedule C (400 MHz)
RELACAO DAS LOCALIDADES -- PROJETO TRUNKING
400 MHZ E-SMR
REDE 01
--------------------------------------------------------------------------------------------------------------------------
NR. CODIGO
ESTA PROTO- DO H1 H2 XXXX-
XXX LOCALIDADE ENDERECO COLO UF CEP MUNICIPIO (m) (m) UACAO
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx XX-000, Xx 00 -
00 Xxxxxxxxxx Xxxxxxxxxx 000000 XX 25662-970 3303906 10 65 4,25
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx XX-000, Xx 00 -
00 xxxxxxxx xxxxxxxx 000000 RJ 25741-970 3303906-15 10 75 4,61
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx XX-000, Xx 0 00 -
00 Xxxxx Xxxxx 000000 XX 25845-000 3306008-10 10 65 4,25
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx XX-000, Xx 0 0 0 -
00 Xxxx Xxxx Tres Xxxx 005429 RJ 25802-970 3306008 10 35 3,17
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx XX-000, Xx 00 -
00 Xxxxx xx Xxxxx Xxxxx do Pirai 005430 RJ 27101-970 3300308 10 55 3,89
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxx XX-000, Xx 00 -
00 Xxxxxxx Xxxxx Xxxxxxx Xxxxx 005431 RJ 27770-000 3306206-10 10 35 3,17
--------------------------------------------------------------------------------------------------------------------------
20 Juiz de Fora Av. Xxxxxxx Xxxxxx, 181 007017 MG 36010-110 3136702 10 45 3,53
--------------------------------------------------------------------------------------------------------------------------
21 Xxxxxx Xxxxxx Xxxxxxx XX-000, Xx 000 000000 MG 36240-000 3160702 10 45 3,53
--------------------------------------------------------------------------------------------------------------------------
Xxx Xxxx xxx Xxxxx, Xxxxxx
00 Xxxxxxxxx Xx 699 - BR-040 007019 MG 36200-000 3105608 10 35 3,17
--------------------------------------------------------------------------------------------------------------------------
Xxxxxxxxxxx
00 Xxxxxxxx Xxxxxxx XX-000, Xx 645,5 007020 MG 36400-000 3118304 10 45 3,53
--------------------------------------------------------------------------------------------------------------------------
Xxx xx Xxxxx, 0000 -
00 Xxxx Xxxxxxxxx Xxxxxx 000000 MG 30160-011 3106200 10 81 5,01
--------------------------------------------------------------------------------------------------------------------------
25 Betim Pca. Xxxxxx Xxxxxx, 62 007026 MG 32510-140 3106705 10 45 3,53
--------------------------------------------------------------------------------------------------------------------------
26 ltaguara Xxxxxxx XX-000, Xx 000 000000 MG - 3132206 10 65 4.43
--------------------------------------------------------------------------------------------------------------------------
00 Xxxxxxxx Xx. Xxxxxxxx, 000 000000 MG 35540-000 3145604 10 55 3,89
--------------------------------------------------------------------------------------------------------------------------
28 Perdoes Xxxxxxx XX-000, Xx 000,0 000000 MG 37260-000 3149903 10 60 4,25
--------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
NR. ALTURA
ESTA ALTI- XX
XXX LOCALIDADE RAIO TUDE ANTENA LATITUDE LONGITUDE
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
14 Petropolis 25 1200 60 22S 32' 15" 43W 09' 15"
----------------------------------------------------------------------------------------------
15 ltaipava 20 1400 70 22S 22' 30' 43W 08' 20"
----------------------------------------------------------------------------------------------
16 Areal 23 500 60 22S 13' 50" 43W 06' 25"
----------------------------------------------------------------------------------------------
17 Tres Xxxx 18 300 30 22S 05' 40" 43W 12' 50"
----------------------------------------------------------------------------------------------
18 Barra do Piral 25 400 50 22S 29' 00" 44W 49' 00"
----------------------------------------------------------------------------------------------
19 Xxxxxxx Xxxxx 21 400 30 22S 14' 30" 43W 25' 35"
----------------------------------------------------------------------------------------------
20 Juiz de Fora 25 800 40 21S 45' 51" 43W 21' 01"
----------------------------------------------------------------------------------------------
21 Xxxxxx Xxxxxx 15 840 40 21S 27' 24" 43W 33' 09"
----------------------------------------------------------------------------------------------
22 Barbacena 30 1180 30 21S 13' 33" 43W 46' 25"
----------------------------------------------------------------------------------------------
Conselheiro
23 Lafaiete 35 995 40 20S 39' 37" 43W 47' 10"
----------------------------------------------------------------------------------------------
24 Belo Horizonte 15 861 76 19S 49' 01" 43W 57' 23
----------------------------------------------------------------------------------------------
25 Betim 20 860 40 19S 58' 04" 44W 11' 54"
----------------------------------------------------------------------------------------------
26 ltaguara 20 840 60 20S 23' 32" 44W 29' 15"
----------------------------------------------------------------------------------------------
27 Otiveira 25 980 50 20S 41' 47" 44W 49' 48"
----------------------------------------------------------------------------------------------
28 Perdoes 25 945 55 2lS 05' 27" 45W 05' 29"
----------------------------------------------------------------------------------------------
Page 2
Schedule C (400 MHz)
RELACAO DAS LOCALIDADES -- PROJETO TRUNKING
400 MHZ E-SMR
REDE 01
------------------------------------------------------------------------------------------------------------------------------------
NR. CODIGO
ESTA PROTO- DO H1 H2 XXXX-
XXX LOCALIDADE ENDERECO COLO UF CEP MUNICIPIO (m) (m) UACAO
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
29 Carmo da Cachoeira Xxxxxxx XX-000, Xx 000,0 000000 MG - 3114006 10 60 4,25
------------------------------------------------------------------------------------------------------------------------------------
30 Sao Goncalo do
Sapucai Xxxxxxx XX-000, Xx 000,0 000000 MG - 3162005 10 65 4,43
------------------------------------------------------------------------------------------------------------------------------------
31 Pouso Alegre Av. Xx. Xxxx Xxxxxxx, 460 007028 MG 37550-000 3152501 10 65 4,43
------------------------------------------------------------------------------------------------------------------------------------
32 Cambul Xxxxxxx XX-000 000000 MG - 3110608 10 55 3,89
------------------------------------------------------------------------------------------------------------------------------------
00 xxxxxxx Xx. Xxxxxxxxxxx Xxxxxxxx
Lobo, 197 007030 SP 18400-000 3522406 10 75 4,61
------------------------------------------------------------------------------------------------------------------------------------
34 Branganga Paulista Rua Xxxxxx Xxxxxx
Xxxxxxxxx, 151 007031 SP 12900-000 3507605 10 75 4,61
------------------------------------------------------------------------------------------------------------------------------------
35 Juquitiba Xxxxxxx Xxxxx, Xx 000,0 000000 XX 06950-000 3526209 10 75 4,61
------------------------------------------------------------------------------------------------------------------------------------
36 Xxxxx xx Xxxxxx Xxxxxxx XX-0 00 - Xxxxx xx
Xxxxxx 000000 SP - - 10 80 4,97
------------------------------------------------------------------------------------------------------------------------------------
37 Juguit Xxxxxxx Xx-0 00, Xx 382,7 007008 SP - 3526100 10 80 4,97
------------------------------------------------------------------------------------------------------------------------------------
38 Registro Xxxxxxx XX-0 00, Xx 442,5 007033 SP 11900-000 3542602 10 65 4,43
------------------------------------------------------------------------------------------------------------------------------------
39 Cajati Xxxxxxx XX-0 00, Xx 508 007034 SP - - 10 80 4,97
------------------------------------------------------------------------------------------------------------------------------------
40 Rio Vermelho Xxxxxxx XX-0 00 - Xxx
Xxxxxxxx XX-000, SIN- 007035 SP - - 10 65 4,43
------------------------------------------------------------------------------------------------------------------------------------
41 Cachoeira de Cima Xxxxxxxxx xx Xxxx 000000 XX 00000-000 - 10 125 6,60
------------------------------------------------------------------------------------------------------------------------------------
00 Xxxxxxxx Xx. Xxxxxxxx Xxxxxxx, 000 000000 XX 80020-320 4106902 10 100 5,70
------------------------------------------------------------------------------------------------------------------------------------
43 Paranagut Xxxxxxx Xxxxxxxxx, Xx 00-
Xxxxxxxxx 000000 XX 00000-000 4118204-10 10 70 4,61
------------------------------------------------------------------------------------------------------------------------------------
44 Joinville Xxx xx Xxxxxxx, Xxxxx xx
Xxxxxxx - Xxx 000000 SC 89600-000 4209102 10 40 3,53
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
NR. ALTURA
ESTA ALTI- XX
XXX LOCALIDADE RAIO TUDE ANTENA LATITUDE LONGITUDE
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
29 Carmo da Cachoeira 20 945 55 21 S 27' 39" 45W 13' 25"
-------------------------------------------------------------------------------------------------------------------------------
30 Sao Goncalo do
Sapucai 20 868 60 21 S 53' 32" 45W 35' 43"
-------------------------------------------------------------------------------------------------------------------------------
31 Pouso Alegre 25 832 60 22 S 13' 48" 45W 56' 11"
-------------------------------------------------------------------------------------------------------------------------------
32 Cambul 25 900 50 22 S 36' 44" 46W 03' 27"
-------------------------------------------------------------------------------------------------------------------------------
33 ltapeva 25 685 70 23 S 58' 56" 48W 58' 32"
-------------------------------------------------------------------------------------------------------------------------------
34 Branganga Paulista 18 820 70 22 S 57' 07" 46W 32' 31"
-------------------------------------------------------------------------------------------------------------------------------
35 Juquitiba 10 685 70 23 S 55' 54" 47W 04' 36"
-------------------------------------------------------------------------------------------------------------------------------
36 Xxxxx xx Xxxxxx 15 75 75 24 S 14' 51" 47W 22' 22"
-------------------------------------------------------------------------------------------------------------------------------
37 Juguit 20 70 75 24 S 19' 15" 47W 38' 05"
-------------------------------------------------------------------------------------------------------------------------------
38 Registro 30 45 60 24 S 29' 15" 47W 50' 37"
-------------------------------------------------------------------------------------------------------------------------------
39 Cajati 25 75 75 24 S 44' 10" 48W 07' 22"
-------------------------------------------------------------------------------------------------------------------------------
40 Rio Vermelho 10 850 60 24 S 57' 22" 48W 30' 42"
-------------------------------------------------------------------------------------------------------------------------------
41 Cachoeira de Cima 15 650 120 25 S 13' 55" 48W 45' 27"
-------------------------------------------------------------------------------------------------------------------------------
42 Curitiba 35 950 95 25 S 25' 40" 49W 16' 23"
-------------------------------------------------------------------------------------------------------------------------------
43 Paranagut 30 1000 65 25 S 32' 42" 48W 38' 33"
-------------------------------------------------------------------------------------------------------------------------------
44 Joinville 35 229 35 26 S 18' 16" 48W 50' 44"
-------------------------------------------------------------------------------------------------------------------------------
Page 3
Schedule C (400 MHz)
RELACAO DAS LOCALIDADES -- PROJETO TRUNKING
400 MHZ E-SMR
REDE 01
------------------------------------------------------------------------------------------------------------
NR. CODIGO
ESTA PROTO- DO H1 H2
CAO LOCALIDADE ENDERECO COLO UF CEP MUNICIPIO (m) (m)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Xx. Xxx. Xxxx Xxxxxxx, XXX
00 Xxxxxx - Xxx Xxxxxxx 000000 SP 11370-500 3551009 10 40
------------------------------------------------------------------------------------------------------------
Xx. Xxxxxxx Xxxxxxxxx
00 Jundial Ozanan, 600 007041 SP 13219-000 3525904 10 75
------------------------------------------------------------------------------------------------------------
Xxx Xxxxxx Xxxxxxx, 00 -
00 Xxxxxxxx xxxxxxx 000000 SP 13023-030 3509502 10 55
------------------------------------------------------------------------------------------------------------
00 Xxxxxxx Xxxxxxxxx xx Xx Xxx, 000 000000 SP 13610-000 3526902 10 70
------------------------------------------------------------------------------------------------------------
Av. Jos6 Xxxxxxx de
49 Leme Lisboa, 740 007044 SP 13610-000 3526704 10 75
------------------------------------------------------------------------------------------------------------
50 Porto Xxxxxxxx Xx. 00 de Outubro, 1140 007045 SP 13660-000 3540705 10 55
------------------------------------------------------------------------------------------------------------
51 Cravinhos Fazenda Cravinhos - SP-050 007046 SP - 3513108 10 65
------------------------------------------------------------------------------------------------------------
52 Orlandia Xxx Xx, 000 000000 SP 14620-000 3534302 10 55
------------------------------------------------------------------------------------------------------------
53 Ituverava Xxx xxxxx, 00 000000 XX 14500-000 3524006 10 55
------------------------------------------------------------------------------------------------------------
54 Igarapava Fazenda Sao Xxxxxxxx 007049 SP - 3520103 10 65
------------------------------------------------------------------------------------------------------------
Xxxxx xx Xxxxx Xxxxxxx -
00 Xxxxxxx Xxxxxx 000000 MG 36504-000 3170107 10 65
------------------------------------------------------------------------------------------------------------
Xxx Xxxxx xx Xxxxxx, 000 -
00 Xxxxxxxxxx Xxxxxx 000000 MG 38400-066 3170206 10 75
------------------------------------------------------------------------------------------------------------
00 XxxxxXx Xx. Xxxx Xxxxxxxxx, 000 000000 GO 76313-000 5205109 10 75
------------------------------------------------------------------------------------------------------------
58 Cristalina Pca. Xxxx Xxxxxx. 34 007054 GO 73850-000 5206206 10 55
------------------------------------------------------------------------------------------------------------
Tore de TV e
00 Xxx xx Xxxxxxx Xxxxxxxxxxxxxxxx Xxxxxx 000000 XX 70332-000 5300108 10 55
------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
NR. ALTURA
XXXX XXXX- ALTI- XX
XXX LOCALIDADE UACAO RAIO TUDE ANTENA LATITUDE LONGITUDE
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
45 Xxxxxx 4,61 40 22 70 23S 57' 47" 46W 23' 31"
---------------------------------------------------------------------------------------------
46 Jundial 3,89 20 761 50 23S 11' 11" 46W 53' 03"
---------------------------------------------------------------------------------------------
47 Campinas 4,61 20 703 65 22S 54' 20" 47W 04' 35"
---------------------------------------------------------------------------------------------
48 Limeira 4,61 30 570 70 22S 33' 53" 47W 24' 06"
---------------------------------------------------------------------------------------------
49 Leme 3,89 30 619 50 22S 11' 08" 47W 23' 25"
---------------------------------------------------------------------------------------------
50 Porto Xxxxxxxx 4,43 30 560 60 21S 51' 14" 47W 28' 45"
---------------------------------------------------------------------------------------------
51 Cravinhos 3,89 30 788 50 21S 20' 55" 47W 43' 46"
---------------------------------------------------------------------------------------------
52 Orlandia 3,89 30 695 50 20S 43' 13" 47W 53' 12"
---------------------------------------------------------------------------------------------
53 Ituverava 4,43 30 605 60 20S 20' 22" 47W 46' 50"
---------------------------------------------------------------------------------------------
54 Igarapava 4,43 30 575 60 20S 02' 18" 47W 44' 49"
---------------------------------------------------------------------------------------------
55 Uberaba 4,61 10 841 70 19S 44' 54" 47W 55' 55"
---------------------------------------------------------------------------------------------
56 Uberlandia 4,61 10 874 70 18S 55' 09" 48W 16' 38"
---------------------------------------------------------------------------------------------
57 CatalAo 3,89 18 835 50 18S 10' 12" 47W 56' 31"
---------------------------------------------------------------------------------------------
58 Cristalina 3,89 15 1150 50 16S 46' 07" 47W 36' 49"
---------------------------------------------------------------------------------------------
59 Xxx xx Xxxxxxx 0,00 00 0000 00 15S 46' 47" 47W 55' 47"
---------------------------------------------------------------------------------------------
Page 4
