SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO § 240.13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. )*
Under the Securities Exchange Act of 1934
Zoetis Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
98978V103
(CUSIP Number)
Roy J. Katzovicz
Pershing Square Capital Management, L.P.
888 Seventh Avenue, 42nd Floor
New York, New York 10019
(212) 813-3700
With a
copy to:
Alan Sinsheimer
Sullivan & Cromwell LLP
125 Broad Street
New
York, New York 10004
(212) 558-4000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
November 3, 2014
(Date
of Event which Requires Filing of this Statement)
If the filing person has
previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for
other parties to whom copies are to be sent.
* |
The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not
be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
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1 |
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NAME OF
REPORTING PERSON Pershing Square Capital Management, L.P. |
2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (SEE INSTRUCTIONS)
(a) ¨ (b) x |
3 |
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SEC USE ONLY
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO (See Item 3) |
5 |
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CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨ |
6 |
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CITIZENSHIP OR PLACE OF
ORGANIZATION Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH
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7 |
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SOLE VOTING POWER
NONE |
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8 |
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SHARED VOTING POWER
41,823,145 |
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9 |
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SOLE DISPOSITIVE POWER
NONE |
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10 |
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SHARED DISPOSITIVE POWER
41,823,145 |
11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
41,823,145 |
12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
x |
13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 8.3% |
14 |
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TYPE OF REPORTING PERSON (SEE
INSTRUCTIONS) IA |
* |
This calculation is based on 501,324,843 shares of Common Stock, par value $0.01 per share (Common Stock), outstanding as of November 7, 2014 as reported in the Issuers Quarterly Report on Form
10-Q filed on November 10, 2014. |
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1 |
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NAME OF
REPORTING PERSON PS Management GP, LLC |
2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (SEE INSTRUCTIONS)
(a) ¨ (b) x |
3 |
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SEC USE ONLY
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO (See Item 3) |
5 |
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CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨ |
6 |
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CITIZENSHIP OR PLACE OF
ORGANIZATION Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH
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7 |
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SOLE VOTING POWER
NONE |
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8 |
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SHARED VOTING POWER
41,823,145 |
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9 |
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SOLE DISPOSITIVE POWER
NONE |
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10 |
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SHARED DISPOSITIVE POWER
41,823,145 |
11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
41,823,145 |
12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
x |
13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 8.3% |
14 |
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TYPE OF REPORTING PERSON (SEE
INSTRUCTIONS) OO |
* |
This calculation is based on 501,324,843 shares of Common Stock outstanding as of November 7, 2014 as reported in the Issuers Quarterly Report on Form 10-Q filed on November 10, 2014. |
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1 |
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NAME OF
REPORTING PERSON William A. Ackman |
2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP (SEE INSTRUCTIONS)
(a) ¨ (b) x |
3 |
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SEC USE ONLY
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO (See Item 3) |
5 |
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CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) ¨ |
6 |
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CITIZENSHIP OR PLACE OF
ORGANIZATION United States |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH
REPORTING PERSON WITH
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7 |
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SOLE VOTING POWER
NONE |
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8 |
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SHARED VOTING POWER
41,823,145 |
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9 |
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SOLE DISPOSITIVE POWER
NONE |
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10 |
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SHARED DISPOSITIVE POWER
41,823,145 |
11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
41,823,145 |
12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
x |
13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11) 8.3% |
14 |
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TYPE OF REPORTING PERSON (SEE
INSTRUCTIONS) IN |
* |
This calculation is based on 501,324,843 shares of Common Stock outstanding as of November 7, 2014 as reported in the Issuers Quarterly Report on Form 10-Q filed on November 10, 2014. |
Item 1. |
Security and Issuer |
This statement on Schedule 13D relates to the common stock, par
value $0.01 per share (the Common Stock), of Zoetis Inc., a Delaware corporation (the Issuer). The principal executive offices of the Issuer are located at 100 Campus Drive, Florham Park, New Jersey 07932.
The Reporting Persons (as defined below) beneficially own 41,823,145 shares of Common Stock (the Subject Shares), which
number includes 27,986,283 shares underlying forward purchase contracts and 8,300,000 shares underlying delayed settlement puts written by the Pershing Square Funds and exercised by the counterparty. The Subject Shares represent approximately 8.3%
of the outstanding shares of Common Stock based on 501,324,843 shares of Common Stock outstanding as of November 7, 2014 as reported in the Issuers Quarterly Report on Form 10-Q filed on November 10, 2014. The Pershing Square Funds also have
economic exposure to 995,602 notional shares of Common Stock under cash-settled total return swaps, bringing their total economic exposure to 42,818,747 shares of Common Stock (representing approximately 8.5% of the outstanding shares of Common
Stock on the same basis).
Item 2. |
Identity and Background |
(a), (f) This statement is being filed by:
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(i) |
Pershing Square Capital Management, L.P., a Delaware limited partnership (Pershing Square); |
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(ii) |
PS Management GP, LLC, a Delaware limited liability company (PS Management); and |
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(iii) |
William A. Ackman, a citizen of the United States of America (together with Pershing Square and PS Management, the Reporting Persons). |
The Reporting Persons have entered into a joint filing agreement, dated as of November 11, 2014, a copy of which is filed herewith as Exhibit
99.1.
(b) The address of the principal business and principal office of each of the Reporting Persons is 888 Seventh Avenue, 42nd Floor,
New York, New York 10019.
(c) Pershing Squares principal business is to serve as investment advisor to certain affiliated funds,
including Pershing Square, L.P., a Delaware limited partnership (PS), Pershing Square II, L.P., a Delaware limited partnership (PS II), Pershing Square International, Ltd., a Cayman Islands exempted company
(PS International), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey (PSH and together with PS, PS II and PS International, the Pershing Square Funds).
PS Managements principal business is to serve as the sole general partner of Pershing Square.
The principal occupation of William A. Ackman is to serve as the Chief Executive Officer of Pershing Square and the managing member of PS
Management.
(d), (e) During the last five years, none of the Reporting Persons (i) has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or (ii) was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.
Item 3. |
Source and Amount of Funds or Other Consideration |
The Pershing Square Funds purchased
5,536,862 shares of Common Stock for an aggregate consideration (including brokerage commission) of $181,582,363. The Pershing Square Funds entered into forward purchase contracts providing for the purchase of 27,986,283 shares of Common Stock for
an aggregate purchase price of $1,059,615,643 (less rebate amounts for early settlement). In addition, the Pershing Square Funds wrote European-style delayed settlement puts referencing 22,400,000 notional shares of Common Stock for an aggregate
consideration of $9,761,000. On the expiration date of these puts, the puts that were in-the-money were exercised and as a result, the Pershing Square Funds expect to purchase 8,300,000 shares of Common Stock on a delayed settlement basis for an
aggregate purchase price of $310,963,000 (plus interest).
The Pershing Square Funds funded or will fund these amounts out of their
capital and from $9,761,000 in aggregate proceeds they received for writing the delayed settlement puts.
See Item 6 for information
about the forward purchase contracts and delayed settlement puts referred to above.
Item 4. |
Purpose of Transaction |
The Reporting Persons believe that the Issuers Common
Stock is undervalued and is an attractive investment.
The Reporting Persons intend to engage in discussions with the Issuer and
Issuers management and board of directors, other stockholders of the Issuer and other interested parties that may relate to the business, management, operations (including cost structure), assets, capitalization, financial condition, strategic
plans, governance and board composition and the future of the Issuer.
The Reporting Persons may also take one or more of the actions
described in subsections (a) through (j) of Item 4 of Schedule 13D and may discuss such actions with the Issuer and Issuers management and the board of directors, other stockholders of the Issuer and other interested parties.
The Reporting Persons intend to review their investments in the Issuer on a continuing basis. Depending on various factors and subject to
the obligations described herein, including, without limitation, the Issuers financial position and strategic direction, actions taken by the board, price levels of shares of Common Stock, other investment opportunities available to the
Reporting Persons, concentration of positions in the portfolios managed by the Reporting Persons, market conditions and general economic and industry conditions, the Reporting Persons may take such actions with respect to their investments in the
Issuer as they deem appropriate, including, without limitation, purchasing additional shares of Common Stock or other financial instruments related to the Issuer or selling some or all of their beneficial or economic holdings, engaging in hedging or
similar transactions with respect to the securities relating to the Issuer and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D.
See Item 6 for information about the relationship between the Reporting Persons and Sachem Head Capital Management LP, a Delaware limited
partnership (SHCM).
Item 5. |
Interest in Securities of the Issuer |
(a), (b) Information about the number and
percentage of shares of Common Stock beneficially owned by the Reporting Persons is set forth in Item 1, and that information is incorporated by herein reference.
Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to have the shared power to vote or direct the vote of
(and the shared power to dispose or direct the disposition of) the Subject Shares. As the general partner of Pershing Square, PS Management may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or
direct the disposition of) the Subject Shares. By virtue of William A. Ackmans position as the Chief Executive Officer of Pershing Square and managing member of PS Management, William A. Ackman may be deemed to have the shared power to vote or
direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares.
See Item 6 for information about shares of Common Stock beneficially owned by SHCM. The
Reporting Persons expressly disclaim beneficial ownership of, and thus the Subject Shares reported herein do not include, shares beneficially owned by SHCM.
(c) Exhibit 99.2 filed herewith, which is incorporated herein by reference, describes all of the transactions in shares of or derivatives
relating to Common Stock that were effected in the past sixty days by the Reporting Persons. Those transactions were effected for the accounts of the Pershing Square Funds, as further specified in Exhibit 99.2.
(d) The Pershing Square Funds have the right to receive dividends from, and the proceeds from the sale of, the Subject Shares.
(e) Not applicable.
Item 6. |
Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
On October 1, 2014, Pershing Square (on behalf of the Pershing Square Funds) and SHCM entered into a letter agreement pursuant to which
the Pershing Square Funds agreed to pay SHCM an incentive fee with respect to their stake in the Issuer and SHCM agreed that for a period of time neither it nor its affiliates will trade with respect to any investment in the Issuer (other than
ordinary course rebalancing transactions among SHCM affiliates). The foregoing summary of the letter agreement is qualified in its entirety by reference to the actual language of that agreement, a copy of which is filed herewith as Exhibit 99.3 and
is incorporated herein by reference.
Until the Reporting Persons or SHCM notify the other that they no longer wish to do so, the
Reporting Persons and SHCM intend to consult with each other on strategic matters relating to the Issuer and their respective investments in the Common Stock.
SHCM is filing a separate Schedule 13D reporting beneficial ownership of shares of Common Stock (SHCM Shares). As a result
of the letter agreement referred to above and the relationship the Reporting Persons have with SHCM, the Reporting Persons may be deemed to have beneficial ownership (within the meaning of Section 13(d) of the Securities Exchange Act of 1934)
of the SHCM Shares, but the Reporting Persons expressly disclaim beneficial ownership of those shares. The Reporting Persons are responsible for the completeness and accuracy of the information concerning the Reporting Persons contained herein, but
are not responsible for the completeness and accuracy of the information concerning SHCM contained herein or in SHCMs Schedule 13D relating to the SHCM Shares.
The Pershing Square Funds entered into forward purchase contracts with Nomura International PLC (Nomura) providing for the
purchase of an aggregate of 27,986,283 shares of Common Stock for an aggregate purchase price of $1,059,615,643 (less rebate amounts for early settlement). In addition, the Pershing Square Funds wrote European-style delayed settlement puts to Nomura
referencing 22,400,000 notional shares of Common Stock for an aggregate consideration of $9,761,000. On the expiration date of these puts, the puts that were in-the-money to Nomura were exercised and as a result, the Pershing Square Funds expect to
purchase 8,300,000 shares of Common Stock on a delayed settlement basis for an aggregate purchase price of $310,963,000 (plus interest). The forward purchase contracts are scheduled to settle on dates ranging from August 10, 2015 through November
17, 2015 and the delayed settlement puts are scheduled to settle on April 28, 2015; each may be settled early and each may be settled in cash or through physical delivery of shares (though Pershing Square currently expects all will be settled
through physical delivery of shares).
The Pershing Square Funds entered into cash-settled total return swap agreements with UBS AG
(UBS). The swaps constitute economic exposure to 995,602 notional shares of Common Stock with a reference price and expiration date set forth on Exhibit 99.2. The swaps do not give the Reporting Persons direct or indirect voting,
investment or dispositive control over any securities of the Issuer and do not require the counterparty thereto to acquire, hold, vote or dispose of any securities of the Issuer. Accordingly, the Reporting Persons disclaim any beneficial ownership
of any shares of Common Stock that may be referenced in the swap contracts or shares of Common Stock or other securities or financial instruments that may be held from time to time by UBS.
The foregoing summary of the forward purchase contracts, delayed settlement puts and swaps referred to above is qualified in its entirety by
reference to the actual language of the relevant confirmations, forms of which are filed herewith as Exhibits 99.4, 99.5, and 99.6 and are incorporated by reference herein.
Except as described herein, the Reporting Persons have no contracts, arrangements, understandings
or relationships (legal or otherwise) with any person respect to any securities of the Issuer.
Item 7. |
Material to be Filed as Exhibits |
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Exhibit 99.1 |
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Joint Filing Agreement, dated as of November 11, 2014, among Pershing Square, PS Management and William A. Ackman. |
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Exhibit 99.2 |
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Trading data. |
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Exhibit 99.3 |
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Letter Agreement, dated October 1, 2014, among Pershing Square on behalf of the Pershing Square Funds and SHCM. |
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Exhibit 99.4 |
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Form of Confirmation for Forward Purchase Contracts. |
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Exhibit 99.5 |
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Form of Confirmation for Delayed Settlement Puts. |
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Exhibit 99.6 |
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Form of Confirmation for Cash-Settled Swap Agreements. |
SIGNATURE
After reasonable inquiry and to the best of each of the undersigneds knowledge and belief, each of the undersigned certify that the
information set forth in this statement is true, complete and correct.
Dated: November 11, 2014
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PERSHING SQUARE CAPITAL
MANAGEMENT, L.P. |
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By: PS Management GP, LLC, its General Partner |
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By |
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/s/ William A. Ackman |
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Wiiliam A. Ackman |
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Managing Member |
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PS MANAGEMENT GP, LLC |
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By |
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/s/ William A. Ackman |
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William A. Ackman |
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Managing Member |
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/s/ William A. Ackman |
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William A. Ackman |
INDEX TO EXHIBITS
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Exhibit Number |
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Description of Exhibits |
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Exhibit 99.1 |
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Joint Filing Agreement, dated as of November 11, 2014, among Pershing Square, PS Management and William A. Ackman. |
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Exhibit 99.2 |
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Trading data. |
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Exhibit 99.3 |
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Letter Agreement, dated October 1, 2014, among Pershing Square on behalf of the Pershing Square Funds and SHCM. |
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Exhibit 99.4 |
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Form of Confirmation for Forward Purchase Contracts. |
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Exhibit 99.5 |
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Form of Confirmation for Delayed Settlement Puts. |
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Exhibit 99.6 |
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Form of Confirmation for Cash-Settled Swap Agreements. |
Exhibit 99.1
JOINT FILING AGREEMENT
In accordance
with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, each of the undersigned hereby agrees to the joint filing, along with all other such undersigned, on behalf of the Reporting Persons (as defined in the joint filing), of a
statement on Schedule 13D (including amendments thereto) with respect to the common stock, par value $0.01 per share, of Zoetis Inc., and that this agreement be included as an Exhibit 99.1 to such joint filing. This agreement may be executed in any
number of counterparts, all of which taken together shall constitute one and the same instrument. The undersigned acknowledge that each shall be responsible for the timely filing of any amendments, and for the completeness and accuracy of the
information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others.
IN WITNESS WHEREOF, each of the undersigned hereby executes this agreement as of this 11th day of November, 2014.
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PERSHING SQUARE CAPITAL MANAGEMENT, L.P. |
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By: |
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PS Management GP, LLC, |
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its General Partner |
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By: |
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/s/ William A. Ackman |
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William A. Ackman |
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Managing Member |
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PS MANAGEMENT GP, LLC |
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By: |
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/s/ William A. Ackman |
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William A. Ackman |
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Managing Member |
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/s/ William A. Ackman |
WILLIAM A. ACKMAN |
Exhibit 99.2
TRADING DATA
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Name |
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Trade Date |
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Buy/Sell/ Exercise |
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No. of Shares / Quantity |
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Unit Cost |
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Strike Price |
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Trade Amount |
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Security |
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Expiration Date |
Pershing Square International, Ltd. |
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September 15, 2014 |
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Buy |
|
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132,096 |
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|
$ |
36.70 |
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N/A |
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N/A |
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OTC Equity Forward |
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September 16, 2015 |
Pershing Square International, Ltd. |
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September 16, 2014 |
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Buy |
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116,986 |
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$ |
36.87 |
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N/A |
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N/A |
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OTC Equity Forward |
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September 17, 2015 |
Pershing Square International, Ltd. |
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September 17, 2014 |
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Buy |
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93,923 |
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$ |
36.95 |
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N/A |
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N/A |
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OTC Equity Forward |
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September 18, 2015 |
Pershing Square International, Ltd. |
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September 19, 2014 |
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Buy |
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712,042 |
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$ |
37.74 |
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N/A |
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N/A |
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OTC Equity Forward |
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September 21, 2015 |
Pershing Square International, Ltd. |
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September 22, 2014 |
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Buy |
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827,591 |
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$ |
37.25 |
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N/A |
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N/A |
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OTC Equity Forward |
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September 23, 2015 |
Pershing Square International, Ltd. |
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September 23, 2014 |
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Buy |
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6,266 |
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$ |
36.93 |
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N/A |
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N/A |
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OTC Equity Forward |
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September 24, 2015 |
Pershing Square International, Ltd. |
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September 24, 2014 |
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Sell to Open |
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42,300 |
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$ |
0.54 |
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$ |
36.08 |
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$ |
22,631 |
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OTC Put Option |
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November 3, 2014 |
Pershing Square International, Ltd. |
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September 24, 2014 |
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Sell to Open |
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84,600 |
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$ |
0.54 |
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$ |
36.20 |
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$ |
45,261 |
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OTC Put Option |
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November 3, 2014 |
Pershing Square International, Ltd. |
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September 24, 2014 |
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Sell to Open |
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42,300 |
|
|
$ |
0.54 |
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|
$ |
36.25 |
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$ |
22,631 |
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OTC Put Option |
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November 3, 2014 |
Pershing Square International, Ltd. |
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September 24, 2014 |
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Sell to Open |
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42,300 |
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$ |
0.54 |
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$ |
36.35 |
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$ |
22,631 |
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OTC Put Option |
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November 3, 2014 |
Pershing Square International, Ltd. |
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September 24, 2014 |
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Sell to Open |
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42,300 |
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$ |
0.54 |
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$ |
36.43 |
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$ |
22,631 |
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OTC Put Option |
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November 3, 2014 |
Pershing Square International, Ltd. |
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September 24, 2014 |
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Sell to Open |
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84,602 |
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$ |
0.54 |
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$ |
36.46 |
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$ |
45,262 |
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OTC Put Option |
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November 3, 2014 |
Pershing Square International, Ltd. |
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September 24, 2014 |
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Sell to Open |
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211,504 |
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$ |
0.54 |
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$ |
36.49 |
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$ |
113,155 |
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OTC Put Option |
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November 3, 2014 |
Pershing Square International, Ltd. |
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September 24, 2014 |
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Sell to Open |
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126,901 |
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|
$ |
0.54 |
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|
$ |
36.53 |
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$ |
67,892 |
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OTC Put Option |
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November 3, 2014 |
Pershing Square International, Ltd. |
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September 24, 2014 |
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Sell to Open |
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42,300 |
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$ |
0.54 |
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$ |
36.47 |
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$ |
22,631 |
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OTC Put Option |
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November 3, 2014 |
Pershing Square International, Ltd. |
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September 24, 2014 |
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Sell to Open |
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|
507,608 |
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$ |
0.54 |
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|
$ |
36.54 |
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$ |
271,570 |
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OTC Put Option |
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November 3, 2014 |
Pershing Square International, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
84,602 |
|
|
$ |
0.54 |
|
|
$ |
36.57 |
|
|
$ |
45,262 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
84,602 |
|
|
$ |
0.54 |
|
|
$ |
36.58 |
|
|
$ |
45,262 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
126,901 |
|
|
$ |
0.54 |
|
|
$ |
36.59 |
|
|
$ |
67,892 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
126,901 |
|
|
$ |
0.54 |
|
|
$ |
36.62 |
|
|
$ |
67,892 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 25, 2014 |
|
Sell to Open |
|
|
85,159 |
|
|
$ |
0.53 |
|
|
$ |
36.33 |
|
|
$ |
44,708 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 25, 2014 |
|
Sell to Open |
|
|
85,159 |
|
|
$ |
0.53 |
|
|
$ |
36.38 |
|
|
$ |
44,708 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 26, 2014 |
|
Sell to Open |
|
|
84,321 |
|
|
$ |
0.52 |
|
|
$ |
36.53 |
|
|
$ |
43,425 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 26, 2014 |
|
Sell to Open |
|
|
84,321 |
|
|
$ |
0.52 |
|
|
$ |
36.57 |
|
|
$ |
43,425 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 26, 2014 |
|
Sell to Open |
|
|
126,481 |
|
|
$ |
0.50 |
|
|
$ |
36.62 |
|
|
$ |
63,451 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 26, 2014 |
|
Sell to Open |
|
|
84,321 |
|
|
$ |
0.52 |
|
|
$ |
36.39 |
|
|
$ |
43,425 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 26, 2014 |
|
Sell to Open |
|
|
84,321 |
|
|
$ |
0.50 |
|
|
$ |
36.70 |
|
|
$ |
41,739 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 29, 2014 |
|
Sell to Open |
|
|
84,780 |
|
|
$ |
0.48 |
|
|
$ |
36.43 |
|
|
$ |
40,694 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 29, 2014 |
|
Sell to Open |
|
|
84,780 |
|
|
$ |
0.48 |
|
|
$ |
36.62 |
|
|
$ |
40,694 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 29, 2014 |
|
Sell to Open |
|
|
84,780 |
|
|
$ |
0.48 |
|
|
$ |
36.70 |
|
|
$ |
40,694 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 29, 2014 |
|
Sell to Open |
|
|
84,780 |
|
|
$ |
0.48 |
|
|
$ |
36.60 |
|
|
$ |
40,694 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 29, 2014 |
|
Sell to Open |
|
|
84,780 |
|
|
$ |
0.48 |
|
|
$ |
36.73 |
|
|
$ |
40,694 |
|
|
OTC Put Option |
|
November 3, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name |
|
Trade Date |
|
Buy/Sell/ Exercise |
|
No. of Shares / Quantity |
|
|
Unit Cost |
|
|
Strike Price |
|
|
Trade Amount |
|
|
Security |
|
Expiration Date |
Pershing Square International, Ltd. |
|
September 29, 2014 |
|
Sell to Open |
|
|
169,560 |
|
|
$ |
0.48 |
|
|
$ |
36.78 |
|
|
$ |
81,389 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 30, 2014 |
|
Sell to Open |
|
|
20,800 |
|
|
$ |
0.47 |
|
|
$ |
36.90 |
|
|
$ |
9,776 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 30, 2014 |
|
Sell to Open |
|
|
41,602 |
|
|
$ |
0.47 |
|
|
$ |
37.01 |
|
|
$ |
19,553 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 30, 2014 |
|
Sell to Open |
|
|
10,400 |
|
|
$ |
0.47 |
|
|
$ |
37.09 |
|
|
$ |
4,888 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 30, 2014 |
|
Sell to Open |
|
|
10,400 |
|
|
$ |
0.47 |
|
|
$ |
36.93 |
|
|
$ |
4,888 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
September 30, 2014 |
|
Sell to Open |
|
|
10,400 |
|
|
$ |
0.47 |
|
|
$ |
37.05 |
|
|
$ |
4,888 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 1, 2014 |
|
Sell |
|
|
496,169 |
|
|
$ |
36.95 |
|
|
|
N/A |
|
|
$ |
18,333,445 |
|
|
Common Stock* |
|
N/A |
Pershing Square International, Ltd. |
|
October 1, 2014 |
|
Sell |
|
|
712,042 |
|
|
$ |
37.74 |
|
|
|
N/A |
|
|
$ |
432,946 |
|
|
OTC Equity Forward* |
|
September 21, 2015 |
Pershing Square International, Ltd. |
|
October 1, 2014 |
|
Sell |
|
|
275,195 |
|
|
$ |
37.25 |
|
|
|
N/A |
|
|
$ |
34,400 |
|
|
OTC Equity Forward* |
|
September 23, 2015 |
Pershing Square International, Ltd. |
|
October 1, 2014 |
|
Sell to Open |
|
|
158,130 |
|
|
$ |
0.46 |
|
|
$ |
36.73 |
|
|
$ |
72,740 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 1, 2014 |
|
Sell to Open |
|
|
316,260 |
|
|
$ |
0.46 |
|
|
$ |
36.78 |
|
|
$ |
145,480 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 1, 2014 |
|
Sell to Open |
|
|
158,130 |
|
|
$ |
0.46 |
|
|
$ |
36.99 |
|
|
$ |
72,740 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 2, 2014 |
|
Sell to Open |
|
|
59,047 |
|
|
$ |
0.45 |
|
|
$ |
36.62 |
|
|
$ |
26,571 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 2, 2014 |
|
Sell to Open |
|
|
236,188 |
|
|
$ |
0.45 |
|
|
$ |
36.70 |
|
|
$ |
106,285 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 2, 2014 |
|
Sell to Open |
|
|
59,047 |
|
|
$ |
0.45 |
|
|
$ |
36.73 |
|
|
$ |
26,571 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 2, 2014 |
|
Sell to Open |
|
|
59,047 |
|
|
$ |
0.45 |
|
|
$ |
36.78 |
|
|
$ |
26,571 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 2, 2014 |
|
Sell to Open |
|
|
118,094 |
|
|
$ |
0.45 |
|
|
$ |
36.90 |
|
|
$ |
53,142 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 2, 2014 |
|
Sell to Open |
|
|
118,094 |
|
|
$ |
0.45 |
|
|
$ |
36.88 |
|
|
$ |
53,142 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 3, 2014 |
|
Sell to Open |
|
|
69,991 |
|
|
$ |
0.44 |
|
|
$ |
37.09 |
|
|
$ |
30,796 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 3, 2014 |
|
Sell to Open |
|
|
139,982 |
|
|
$ |
0.44 |
|
|
$ |
37.05 |
|
|
$ |
61,592 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 3, 2014 |
|
Sell to Open |
|
|
279,964 |
|
|
$ |
0.44 |
|
|
$ |
37.37 |
|
|
$ |
123,184 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 3, 2014 |
|
Sell to Open |
|
|
209,973 |
|
|
$ |
0.44 |
|
|
$ |
37.51 |
|
|
$ |
92,388 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 3, 2014 |
|
Sell to Open |
|
|
209,973 |
|
|
$ |
0.44 |
|
|
$ |
37.61 |
|
|
$ |
92,388 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 3, 2014 |
|
Sell to Open |
|
|
69,991 |
|
|
$ |
0.44 |
|
|
$ |
37.70 |
|
|
$ |
30,796 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 6, 2014 |
|
Sell to Open |
|
|
70,300 |
|
|
$ |
0.42 |
|
|
$ |
37.70 |
|
|
$ |
29,526 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 6, 2014 |
|
Sell to Open |
|
|
140,600 |
|
|
$ |
0.42 |
|
|
$ |
37.91 |
|
|
$ |
59,052 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 6, 2014 |
|
Sell to Open |
|
|
210,900 |
|
|
$ |
0.42 |
|
|
$ |
37.81 |
|
|
$ |
88,578 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 7, 2014 |
|
Sell to Open |
|
|
196,695 |
|
|
$ |
0.41 |
|
|
$ |
37.51 |
|
|
$ |
80,645 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 8, 2014 |
|
Sell to Open |
|
|
64,475 |
|
|
$ |
0.40 |
|
|
$ |
36.73 |
|
|
$ |
25,790 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 8, 2014 |
|
Sell to Open |
|
|
128,950 |
|
|
$ |
0.40 |
|
|
$ |
36.90 |
|
|
$ |
51,580 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 8, 2014 |
|
Sell to Open |
|
|
161,187 |
|
|
$ |
0.40 |
|
|
$ |
36.99 |
|
|
$ |
64,475 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 8, 2014 |
|
Sell to Open |
|
|
322,375 |
|
|
$ |
0.40 |
|
|
$ |
37.51 |
|
|
$ |
128,950 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 8, 2014 |
|
Sell to Open |
|
|
225,661 |
|
|
$ |
0.40 |
|
|
$ |
37.19 |
|
|
$ |
90,264 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 8, 2014 |
|
Sell to Open |
|
|
193,425 |
|
|
$ |
0.40 |
|
|
$ |
37.26 |
|
|
$ |
77,370 |
|
|
OTC Put Option |
|
November 3, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name |
|
Trade Date |
|
Buy/Sell/ Exercise |
|
No. of Shares / Quantity |
|
|
Unit Cost |
|
|
Strike Price |
|
|
Trade Amount |
|
|
Security |
|
Expiration Date |
Pershing Square International, Ltd. |
|
October 30, 2014 |
|
Sell to Open |
|
|
271,917 |
|
|
$ |
0.17 |
|
|
$ |
37.34 |
|
|
$ |
46,226 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 30, 2014 |
|
Sell to Open |
|
|
271,917 |
|
|
$ |
0.17 |
|
|
$ |
37.36 |
|
|
$ |
46,226 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
October 30, 2014 |
|
Sell to Open |
|
|
543,834 |
|
|
$ |
0.15 |
|
|
$ |
37.31 |
|
|
$ |
81,575 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square International, Ltd. |
|
November 3, 2014 |
|
Assign Buy |
|
|
3,217,525 |
|
|
$ |
37.45 |
|
|
|
N/A |
|
|
$ |
120,500,982 |
|
|
Delayed Settlement Stock** |
|
N/A |
Pershing Square International, Ltd. |
|
November 3, 2014 |
|
Buy |
|
|
657,521 |
|
|
$ |
37.91 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square International, Ltd. |
|
November 4, 2014 |
|
Buy |
|
|
1,338,367 |
|
|
$ |
39.35 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square International, Ltd. |
|
November 5, 2014 |
|
Buy |
|
|
1,604,786 |
|
|
$ |
39.72 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square International, Ltd. |
|
November 6, 2014 |
|
Buy |
|
|
357,875 |
|
|
$ |
40.14 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square International, Ltd. |
|
November 7, 2014 |
|
Buy |
|
|
482,651 |
|
|
$ |
40.61 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square International, Ltd. |
|
November 10, 2014 |
|
Buy |
|
|
748,946 |
|
|
$ |
40.72 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square International, Ltd. |
|
November 11, 2014 |
|
Buy |
|
|
338,981 |
|
|
$ |
40.22 |
|
|
|
N/A |
|
|
|
N/A |
|
|
Cash-Settled Total Return Swap |
|
November 30, 2016 |
Pershing Square, L.P. |
|
September 15, 2014 |
|
Buy |
|
|
108,636 |
|
|
$ |
36.70 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 16, 2015 |
Pershing Square, L.P. |
|
September 16, 2014 |
|
Buy |
|
|
96,643 |
|
|
$ |
36.87 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 17, 2015 |
Pershing Square, L.P. |
|
September 17, 2014 |
|
Buy |
|
|
77,123 |
|
|
$ |
36.95 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 18, 2015 |
Pershing Square, L.P. |
|
September 19, 2014 |
|
Buy |
|
|
587,001 |
|
|
$ |
37.74 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 21, 2015 |
Pershing Square, L.P. |
|
September 22, 2014 |
|
Buy |
|
|
683,178 |
|
|
$ |
37.25 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 23, 2015 |
Pershing Square, L.P. |
|
September 23, 2014 |
|
Buy |
|
|
4,814 |
|
|
$ |
36.93 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 24, 2015 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
417,806 |
|
|
$ |
0.54 |
|
|
$ |
36.54 |
|
|
$ |
223,526 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
69,634 |
|
|
$ |
0.54 |
|
|
$ |
36.57 |
|
|
$ |
37,254 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
69,634 |
|
|
$ |
0.54 |
|
|
$ |
36.58 |
|
|
$ |
37,254 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
104,452 |
|
|
$ |
0.54 |
|
|
$ |
36.59 |
|
|
$ |
55,882 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
104,452 |
|
|
$ |
0.54 |
|
|
$ |
36.62 |
|
|
$ |
55,882 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
34,817 |
|
|
$ |
0.54 |
|
|
$ |
36.08 |
|
|
$ |
18,627 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
69,634 |
|
|
$ |
0.54 |
|
|
$ |
36.20 |
|
|
$ |
37,254 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
34,817 |
|
|
$ |
0.54 |
|
|
$ |
36.25 |
|
|
$ |
18,627 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
34,817 |
|
|
$ |
0.54 |
|
|
$ |
36.35 |
|
|
$ |
18,627 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
34,817 |
|
|
$ |
0.54 |
|
|
$ |
36.43 |
|
|
$ |
18,627 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
69,634 |
|
|
$ |
0.54 |
|
|
$ |
36.46 |
|
|
$ |
37,254 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
174,085 |
|
|
$ |
0.54 |
|
|
$ |
36.49 |
|
|
$ |
93,135 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
104,452 |
|
|
$ |
0.54 |
|
|
$ |
36.53 |
|
|
$ |
55,882 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
34,817 |
|
|
$ |
0.54 |
|
|
$ |
36.47 |
|
|
$ |
18,627 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 25, 2014 |
|
Sell to Open |
|
|
69,720 |
|
|
$ |
0.53 |
|
|
$ |
36.33 |
|
|
$ |
36,603 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 25, 2014 |
|
Sell to Open |
|
|
69,720 |
|
|
$ |
0.53 |
|
|
$ |
36.38 |
|
|
$ |
36,603 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 26, 2014 |
|
Sell to Open |
|
|
69,810 |
|
|
$ |
0.52 |
|
|
$ |
36.57 |
|
|
$ |
35,952 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 26, 2014 |
|
Sell to Open |
|
|
104,715 |
|
|
$ |
0.50 |
|
|
$ |
36.62 |
|
|
$ |
52,532 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 26, 2014 |
|
Sell to Open |
|
|
69,810 |
|
|
$ |
0.52 |
|
|
$ |
36.53 |
|
|
$ |
35,952 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 26, 2014 |
|
Sell to Open |
|
|
69,810 |
|
|
$ |
0.52 |
|
|
$ |
36.39 |
|
|
$ |
35,952 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 26, 2014 |
|
Sell to Open |
|
|
69,810 |
|
|
$ |
0.50 |
|
|
$ |
36.70 |
|
|
$ |
34,556 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 29, 2014 |
|
Sell to Open |
|
|
69,730 |
|
|
$ |
0.48 |
|
|
$ |
36.62 |
|
|
$ |
33,470 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 29, 2014 |
|
Sell to Open |
|
|
69,730 |
|
|
$ |
0.48 |
|
|
$ |
36.43 |
|
|
$ |
33,470 |
|
|
OTC Put Option |
|
November 3, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name |
|
Trade Date |
|
Buy/Sell/ Exercise |
|
No. of Shares / Quantity |
|
|
Unit Cost |
|
|
Strike Price |
|
|
Trade Amount |
|
|
Security |
|
Expiration Date |
Pershing Square, L.P. |
|
September 29, 2014 |
|
Sell to Open |
|
|
69,730 |
|
|
$ |
0.48 |
|
|
$ |
36.70 |
|
|
$ |
33,470 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 29, 2014 |
|
Sell to Open |
|
|
69,730 |
|
|
$ |
0.48 |
|
|
$ |
36.60 |
|
|
$ |
33,470 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 29, 2014 |
|
Sell to Open |
|
|
69,730 |
|
|
$ |
0.48 |
|
|
$ |
36.73 |
|
|
$ |
33,470 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 29, 2014 |
|
Sell to Open |
|
|
139,460 |
|
|
$ |
0.48 |
|
|
$ |
36.78 |
|
|
$ |
66,941 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 30, 2014 |
|
Sell to Open |
|
|
38,040 |
|
|
$ |
0.47 |
|
|
$ |
36.90 |
|
|
$ |
17,879 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 30, 2014 |
|
Sell to Open |
|
|
76,078 |
|
|
$ |
0.47 |
|
|
$ |
37.01 |
|
|
$ |
35,757 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 30, 2014 |
|
Sell to Open |
|
|
19,020 |
|
|
$ |
0.47 |
|
|
$ |
37.09 |
|
|
$ |
8,939 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 30, 2014 |
|
Sell to Open |
|
|
19,020 |
|
|
$ |
0.47 |
|
|
$ |
36.93 |
|
|
$ |
8,939 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
September 30, 2014 |
|
Sell to Open |
|
|
19,020 |
|
|
$ |
0.47 |
|
|
$ |
37.05 |
|
|
$ |
8,939 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 1, 2014 |
|
Sell |
|
|
407,253 |
|
|
|
36.95 |
|
|
|
N/A |
|
|
$ |
15,047,998 |
|
|
Common Stock* |
|
N/A |
Pershing Square, L.P. |
|
October 1, 2014 |
|
Sell |
|
|
587,001 |
|
|
$ |
37.74 |
|
|
|
N/A |
|
|
$ |
356,916 |
|
|
OTC Equity Forward* |
|
September 21, 2015 |
Pershing Square, L.P. |
|
October 1, 2014 |
|
Sell |
|
|
29,509 |
|
|
$ |
37.25 |
|
|
|
N/A |
|
|
$ |
3,689 |
|
|
OTC Equity Forward* |
|
September 23, 2015 |
Pershing Square, L.P. |
|
October 1, 2014 |
|
Sell to Open |
|
|
132,074 |
|
|
$ |
0.46 |
|
|
$ |
36.73 |
|
|
$ |
60,754 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 1, 2014 |
|
Sell to Open |
|
|
264,148 |
|
|
$ |
0.46 |
|
|
$ |
36.78 |
|
|
$ |
121,508 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 1, 2014 |
|
Sell to Open |
|
|
132,074 |
|
|
$ |
0.46 |
|
|
$ |
36.99 |
|
|
$ |
60,754 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 2, 2014 |
|
Sell to Open |
|
|
52,025 |
|
|
$ |
0.45 |
|
|
$ |
36.62 |
|
|
$ |
23,411 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 2, 2014 |
|
Sell to Open |
|
|
208,100 |
|
|
$ |
0.45 |
|
|
$ |
36.70 |
|
|
$ |
93,645 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 2, 2014 |
|
Sell to Open |
|
|
52,025 |
|
|
$ |
0.45 |
|
|
$ |
36.73 |
|
|
$ |
23,411 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 2, 2014 |
|
Sell to Open |
|
|
52,025 |
|
|
$ |
0.45 |
|
|
$ |
36.78 |
|
|
$ |
23,411 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 2, 2014 |
|
Sell to Open |
|
|
104,050 |
|
|
$ |
0.45 |
|
|
$ |
36.90 |
|
|
$ |
46,823 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 2, 2014 |
|
Sell to Open |
|
|
104,050 |
|
|
$ |
0.45 |
|
|
$ |
36.88 |
|
|
$ |
46,823 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 3, 2014 |
|
Sell to Open |
|
|
59,774 |
|
|
$ |
0.44 |
|
|
$ |
37.09 |
|
|
$ |
26,301 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 3, 2014 |
|
Sell to Open |
|
|
119,548 |
|
|
$ |
0.44 |
|
|
$ |
37.05 |
|
|
$ |
52,601 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 3, 2014 |
|
Sell to Open |
|
|
239,096 |
|
|
$ |
0.44 |
|
|
$ |
37.37 |
|
|
$ |
105,202 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 3, 2014 |
|
Sell to Open |
|
|
179,322 |
|
|
$ |
0.44 |
|
|
$ |
37.51 |
|
|
$ |
78,902 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 3, 2014 |
|
Sell to Open |
|
|
179,322 |
|
|
$ |
0.44 |
|
|
$ |
37.61 |
|
|
$ |
78,902 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 3, 2014 |
|
Sell to Open |
|
|
59,774 |
|
|
$ |
0.44 |
|
|
$ |
37.70 |
|
|
$ |
26,301 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 6, 2014 |
|
Sell to Open |
|
|
59,730 |
|
|
$ |
0.42 |
|
|
$ |
37.70 |
|
|
$ |
25,087 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 6, 2014 |
|
Sell to Open |
|
|
119,460 |
|
|
$ |
0.42 |
|
|
$ |
37.91 |
|
|
$ |
50,173 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 6, 2014 |
|
Sell to Open |
|
|
179,190 |
|
|
$ |
0.42 |
|
|
$ |
37.81 |
|
|
$ |
75,260 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 7, 2014 |
|
Sell to Open |
|
|
170,526 |
|
|
$ |
0.41 |
|
|
$ |
37.51 |
|
|
$ |
69,916 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 8, 2014 |
|
Sell to Open |
|
|
55,961 |
|
|
$ |
0.40 |
|
|
$ |
36.73 |
|
|
$ |
22,384 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 8, 2014 |
|
Sell to Open |
|
|
111,922 |
|
|
$ |
0.40 |
|
|
$ |
36.90 |
|
|
$ |
44,769 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 8, 2014 |
|
Sell to Open |
|
|
139,902 |
|
|
$ |
0.40 |
|
|
$ |
36.99 |
|
|
$ |
55,961 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 8, 2014 |
|
Sell to Open |
|
|
279,805 |
|
|
$ |
0.40 |
|
|
$ |
37.51 |
|
|
$ |
111,922 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 8, 2014 |
|
Sell to Open |
|
|
195,862 |
|
|
$ |
0.40 |
|
|
$ |
37.19 |
|
|
$ |
78,345 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 8, 2014 |
|
Sell to Open |
|
|
167,883 |
|
|
$ |
0.40 |
|
|
$ |
37.26 |
|
|
$ |
67,153 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 30, 2014 |
|
Sell to Open |
|
|
222,902 |
|
|
$ |
0.17 |
|
|
$ |
37.34 |
|
|
$ |
37,893 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 30, 2014 |
|
Sell to Open |
|
|
222,902 |
|
|
$ |
0.17 |
|
|
$ |
37.36 |
|
|
$ |
37,893 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
October 30, 2014 |
|
Sell to Open |
|
|
445,804 |
|
|
$ |
0.15 |
|
|
$ |
37.31 |
|
|
$ |
66,871 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square, L.P. |
|
November 3, 2014 |
|
Assign Buy |
|
|
2,721,578 |
|
|
$ |
37.45 |
|
|
|
N/A |
|
|
$ |
101,929,960 |
|
|
Delayed Settlement Stock** |
|
N/A |
Pershing Square, L.P. |
|
November 3, 2014 |
|
Buy |
|
|
704,102 |
|
|
$ |
37.91 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square, L.P. |
|
November 4, 2014 |
|
Buy |
|
|
1,164,172 |
|
|
$ |
39.35 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square, L.P. |
|
November 5, 2014 |
|
Buy |
|
|
1,394,216 |
|
|
$ |
39.72 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square, L.P. |
|
November 6, 2014 |
|
Buy |
|
|
309,597 |
|
|
$ |
40.14 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name |
|
Trade Date |
|
Buy/Sell/ Exercise |
|
No. of Shares / Quantity |
|
|
Unit Cost |
|
|
Strike Price |
|
|
Trade Amount |
|
|
Security |
|
Expiration Date |
Pershing Square, L.P. |
|
November 7, 2014 |
|
Buy |
|
|
419,166 |
|
|
$ |
40.61 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square, L.P. |
|
November 10, 2014 |
|
Buy |
|
|
650,874 |
|
|
$ |
40.72 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square, L.P. |
|
November 11, 2014 |
|
Buy |
|
|
295,157 |
|
|
$ |
40.22 |
|
|
|
N/A |
|
|
|
N/A |
|
|
Cash-Settled Total Return Swap |
|
November 30, 2016 |
Pershing Square II, L.P. |
|
September 15, 2014 |
|
Buy |
|
|
2,422 |
|
|
$ |
36.70 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 16, 2015 |
Pershing Square II, L.P. |
|
September 16, 2014 |
|
Buy |
|
|
2,136 |
|
|
$ |
36.87 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 17, 2015 |
Pershing Square II, L.P. |
|
September 17, 2014 |
|
Buy |
|
|
1,680 |
|
|
$ |
36.95 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 18, 2015 |
Pershing Square II, L.P. |
|
September 19, 2014 |
|
Buy |
|
|
13,003 |
|
|
$ |
37.74 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 21, 2015 |
Pershing Square II, L.P. |
|
September 22, 2014 |
|
Buy |
|
|
15,088 |
|
|
$ |
37.25 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 23, 2015 |
Pershing Square II, L.P. |
|
September 23, 2014 |
|
Buy |
|
|
131 |
|
|
$ |
36.93 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 24, 2015 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
9,307 |
|
|
$ |
0.54 |
|
|
$ |
36.54 |
|
|
$ |
4,979 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
1,551 |
|
|
$ |
0.54 |
|
|
$ |
36.57 |
|
|
$ |
830 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
1,551 |
|
|
$ |
0.54 |
|
|
$ |
36.58 |
|
|
$ |
830 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
2,327 |
|
|
$ |
0.54 |
|
|
$ |
36.59 |
|
|
$ |
1,245 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
2,327 |
|
|
$ |
0.54 |
|
|
$ |
36.62 |
|
|
$ |
1,245 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
776 |
|
|
$ |
0.54 |
|
|
$ |
36.08 |
|
|
$ |
415 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
1,552 |
|
|
$ |
0.54 |
|
|
$ |
36.20 |
|
|
$ |
830 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
776 |
|
|
$ |
0.54 |
|
|
$ |
36.25 |
|
|
$ |
415 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
776 |
|
|
$ |
0.54 |
|
|
$ |
36.35 |
|
|
$ |
415 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
776 |
|
|
$ |
0.54 |
|
|
$ |
36.43 |
|
|
$ |
415 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
1,551 |
|
|
$ |
0.54 |
|
|
$ |
36.46 |
|
|
$ |
830 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
3,878 |
|
|
$ |
0.54 |
|
|
$ |
36.49 |
|
|
$ |
2,075 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
2,327 |
|
|
$ |
0.54 |
|
|
$ |
36.53 |
|
|
$ |
1,245 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 24, 2014 |
|
Sell to Open |
|
|
776 |
|
|
$ |
0.54 |
|
|
$ |
36.47 |
|
|
$ |
415 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 25, 2014 |
|
Sell to Open |
|
|
1,507 |
|
|
$ |
0.53 |
|
|
$ |
36.33 |
|
|
$ |
791 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 25, 2014 |
|
Sell to Open |
|
|
1,507 |
|
|
$ |
0.53 |
|
|
$ |
36.38 |
|
|
$ |
791 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 26, 2014 |
|
Sell to Open |
|
|
1,554 |
|
|
$ |
0.52 |
|
|
$ |
36.57 |
|
|
$ |
800 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 26, 2014 |
|
Sell to Open |
|
|
2,331 |
|
|
$ |
0.50 |
|
|
$ |
36.62 |
|
|
$ |
1,169 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 26, 2014 |
|
Sell to Open |
|
|
1,554 |
|
|
$ |
0.52 |
|
|
$ |
36.53 |
|
|
$ |
800 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 26, 2014 |
|
Sell to Open |
|
|
1,554 |
|
|
$ |
0.52 |
|
|
$ |
36.39 |
|
|
$ |
800 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 26, 2014 |
|
Sell to Open |
|
|
1,554 |
|
|
$ |
0.50 |
|
|
$ |
36.70 |
|
|
$ |
769 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 29, 2014 |
|
Sell to Open |
|
|
1,538 |
|
|
$ |
0.48 |
|
|
$ |
36.62 |
|
|
$ |
738 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 29, 2014 |
|
Sell to Open |
|
|
1,538 |
|
|
$ |
0.48 |
|
|
$ |
36.43 |
|
|
$ |
738 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 29, 2014 |
|
Sell to Open |
|
|
1,538 |
|
|
$ |
0.48 |
|
|
$ |
36.70 |
|
|
$ |
738 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 29, 2014 |
|
Sell to Open |
|
|
1,538 |
|
|
$ |
0.48 |
|
|
$ |
36.60 |
|
|
$ |
738 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 29, 2014 |
|
Sell to Open |
|
|
1,538 |
|
|
$ |
0.48 |
|
|
$ |
36.73 |
|
|
$ |
738 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 29, 2014 |
|
Sell to Open |
|
|
3,076 |
|
|
$ |
0.48 |
|
|
$ |
36.78 |
|
|
$ |
1,476 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 30, 2014 |
|
Sell to Open |
|
|
922 |
|
|
$ |
0.47 |
|
|
$ |
36.90 |
|
|
$ |
433 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 30, 2014 |
|
Sell to Open |
|
|
1,842 |
|
|
$ |
0.47 |
|
|
$ |
37.01 |
|
|
$ |
866 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 30, 2014 |
|
Sell to Open |
|
|
461 |
|
|
$ |
0.47 |
|
|
$ |
37.09 |
|
|
$ |
217 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 30, 2014 |
|
Sell to Open |
|
|
461 |
|
|
$ |
0.47 |
|
|
$ |
36.93 |
|
|
$ |
217 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
September 30, 2014 |
|
Sell to Open |
|
|
461 |
|
|
$ |
0.47 |
|
|
$ |
37.05 |
|
|
$ |
217 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 1, 2014 |
|
Sell |
|
|
21,578 |
|
|
|
36.82 |
|
|
|
N/A |
|
|
$ |
794,428 |
|
|
Common Stock |
|
N/A |
Pershing Square II, L.P. |
|
October 1, 2014 |
|
Sell to Open |
|
|
2,936 |
|
|
$ |
0.46 |
|
|
$ |
36.73 |
|
|
$ |
1,351 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 1, 2014 |
|
Sell to Open |
|
|
5,872 |
|
|
$ |
0.46 |
|
|
$ |
36.78 |
|
|
$ |
2,701 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 1, 2014 |
|
Sell to Open |
|
|
2,936 |
|
|
$ |
0.46 |
|
|
$ |
36.99 |
|
|
$ |
1,351 |
|
|
OTC Put Option |
|
November 3, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name |
|
Trade Date |
|
Buy/Sell/ Exercise |
|
No. of Shares / Quantity |
|
|
Unit Cost |
|
|
Strike Price |
|
|
Trade Amount |
|
|
Security |
|
Expiration Date |
Pershing Square II, L.P. |
|
October 2, 2014 |
|
Sell to Open |
|
|
1,108 |
|
|
$ |
0.45 |
|
|
$ |
36.62 |
|
|
$ |
499 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 2, 2014 |
|
Sell to Open |
|
|
4,432 |
|
|
$ |
0.45 |
|
|
$ |
36.70 |
|
|
$ |
1,994 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 2, 2014 |
|
Sell to Open |
|
|
1,108 |
|
|
$ |
0.45 |
|
|
$ |
36.73 |
|
|
$ |
499 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 2, 2014 |
|
Sell to Open |
|
|
1,108 |
|
|
$ |
0.45 |
|
|
$ |
36.78 |
|
|
$ |
499 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 2, 2014 |
|
Sell to Open |
|
|
2,216 |
|
|
$ |
0.45 |
|
|
$ |
36.90 |
|
|
$ |
997 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 2, 2014 |
|
Sell to Open |
|
|
2,216 |
|
|
$ |
0.45 |
|
|
$ |
36.88 |
|
|
$ |
997 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 3, 2014 |
|
Sell to Open |
|
|
1,361 |
|
|
$ |
0.44 |
|
|
$ |
37.09 |
|
|
$ |
599 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 3, 2014 |
|
Sell to Open |
|
|
2,722 |
|
|
$ |
0.44 |
|
|
$ |
37.05 |
|
|
$ |
1,198 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 3, 2014 |
|
Sell to Open |
|
|
5,444 |
|
|
$ |
0.44 |
|
|
$ |
37.37 |
|
|
$ |
2,395 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 3, 2014 |
|
Sell to Open |
|
|
4,083 |
|
|
$ |
0.44 |
|
|
$ |
37.51 |
|
|
$ |
1,797 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 3, 2014 |
|
Sell to Open |
|
|
4,083 |
|
|
$ |
0.44 |
|
|
$ |
37.61 |
|
|
$ |
1,797 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 3, 2014 |
|
Sell to Open |
|
|
1,361 |
|
|
$ |
0.44 |
|
|
$ |
37.70 |
|
|
$ |
599 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 6, 2014 |
|
Sell to Open |
|
|
1,443 |
|
|
$ |
0.42 |
|
|
$ |
37.70 |
|
|
$ |
606 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 6, 2014 |
|
Sell to Open |
|
|
2,886 |
|
|
$ |
0.42 |
|
|
$ |
37.91 |
|
|
$ |
1,212 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 6, 2014 |
|
Sell to Open |
|
|
4,329 |
|
|
$ |
0.42 |
|
|
$ |
37.81 |
|
|
$ |
1,818 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 7, 2014 |
|
Sell to Open |
|
|
3,660 |
|
|
$ |
0.41 |
|
|
$ |
37.51 |
|
|
$ |
1,501 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 8, 2014 |
|
Sell to Open |
|
|
1,234 |
|
|
$ |
0.40 |
|
|
$ |
36.73 |
|
|
$ |
494 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 8, 2014 |
|
Sell to Open |
|
|
2,468 |
|
|
$ |
0.40 |
|
|
$ |
36.90 |
|
|
$ |
987 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 8, 2014 |
|
Sell to Open |
|
|
3,084 |
|
|
$ |
0.40 |
|
|
$ |
36.99 |
|
|
$ |
1,234 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 8, 2014 |
|
Sell to Open |
|
|
6,170 |
|
|
$ |
0.40 |
|
|
$ |
37.51 |
|
|
$ |
2,468 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 8, 2014 |
|
Sell to Open |
|
|
4,318 |
|
|
$ |
0.40 |
|
|
$ |
37.19 |
|
|
$ |
1,727 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 8, 2014 |
|
Sell to Open |
|
|
3,702 |
|
|
$ |
0.40 |
|
|
$ |
37.26 |
|
|
$ |
1,481 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 30, 2014 |
|
Sell to Open |
|
|
5,181 |
|
|
$ |
0.17 |
|
|
$ |
37.34 |
|
|
$ |
881 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 30, 2014 |
|
Sell to Open |
|
|
5,181 |
|
|
$ |
0.17 |
|
|
$ |
37.36 |
|
|
$ |
881 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
October 30, 2014 |
|
Sell to Open |
|
|
10,362 |
|
|
$ |
0.15 |
|
|
$ |
37.31 |
|
|
$ |
1,554 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square II, L.P. |
|
November 3, 2014 |
|
Assign Buy |
|
|
62,203 |
|
|
$ |
37.46 |
|
|
|
N/A |
|
|
$ |
2,329,829 |
|
|
Delayed Settlement Stock** |
|
N/A |
Pershing Square II, L.P. |
|
November 3, 2014 |
|
Buy |
|
|
13,136 |
|
|
$ |
37.91 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square II, L.P. |
|
November 4, 2014 |
|
Buy |
|
|
25,901 |
|
|
$ |
39.35 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square II, L.P. |
|
November 5, 2014 |
|
Buy |
|
|
31,005 |
|
|
$ |
39.72 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square II, L.P. |
|
November 6, 2014 |
|
Buy |
|
|
7,146 |
|
|
$ |
40.14 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square II, L.P. |
|
November 7, 2014 |
|
Buy |
|
|
9,576 |
|
|
$ |
40.61 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square II, L.P. |
|
November 10, 2014 |
|
Buy |
|
|
14,310 |
|
|
$ |
40.72 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square II, L.P. |
|
November 11, 2014 |
|
Buy |
|
|
6,525 |
|
|
$ |
40.22 |
|
|
|
N/A |
|
|
|
N/A |
|
|
Cash-Settled Total Return Swap |
|
November 30, 2016 |
Pershing Square Holdings, Ltd. |
|
September 15, 2014 |
|
Buy |
|
|
69,246 |
|
|
$ |
36.70 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 16, 2015 |
Pershing Square Holdings, Ltd. |
|
September 16, 2014 |
|
Buy |
|
|
60,835 |
|
|
$ |
36.87 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 17, 2015 |
Pershing Square Holdings, Ltd. |
|
September 17, 2014 |
|
Buy |
|
|
48,274 |
|
|
$ |
36.95 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 18, 2015 |
Pershing Square Holdings, Ltd. |
|
September 19, 2014 |
|
Buy |
|
|
370,954 |
|
|
$ |
37.74 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 21, 2015 |
Pershing Square Holdings, Ltd. |
|
September 22, 2014 |
|
Buy |
|
|
431,143 |
|
|
$ |
37.25 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 23, 2015 |
Pershing Square Holdings, Ltd. |
|
September 23, 2014 |
|
Buy |
|
|
2,977 |
|
|
$ |
36.93 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
September 24, 2015 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
265,279 |
|
|
$ |
0.54 |
|
|
$ |
36.54 |
|
|
$ |
141,924 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
44,213 |
|
|
$ |
0.54 |
|
|
$ |
36.57 |
|
|
$ |
23,654 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
44,213 |
|
|
$ |
0.54 |
|
|
$ |
36.58 |
|
|
$ |
23,654 |
|
|
OTC Put Option |
|
November 3, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name |
|
Trade Date |
|
Buy/Sell/ Exercise |
|
No. of Shares / Quantity |
|
|
Unit Cost |
|
|
Strike Price |
|
|
Trade Amount |
|
|
Security |
|
Expiration Date |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
66,320 |
|
|
$ |
0.54 |
|
|
$ |
36.59 |
|
|
$ |
35,481 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
66,320 |
|
|
$ |
0.54 |
|
|
$ |
36.62 |
|
|
$ |
35,481 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
22,107 |
|
|
$ |
0.54 |
|
|
$ |
36.08 |
|
|
$ |
11,827 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
44,214 |
|
|
$ |
0.54 |
|
|
$ |
36.20 |
|
|
$ |
23,654 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
22,107 |
|
|
$ |
0.54 |
|
|
$ |
36.25 |
|
|
$ |
11,827 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
22,107 |
|
|
$ |
0.54 |
|
|
$ |
36.35 |
|
|
$ |
11,827 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
22,107 |
|
|
$ |
0.54 |
|
|
$ |
36.43 |
|
|
$ |
11,827 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
44,213 |
|
|
$ |
0.54 |
|
|
$ |
36.46 |
|
|
$ |
23,654 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
110,533 |
|
|
$ |
0.54 |
|
|
$ |
36.49 |
|
|
$ |
59,135 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
66,320 |
|
|
$ |
0.54 |
|
|
$ |
36.53 |
|
|
$ |
35,481 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 24, 2014 |
|
Sell to Open |
|
|
22,107 |
|
|
$ |
0.54 |
|
|
$ |
36.47 |
|
|
$ |
11,827 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 25, 2014 |
|
Sell to Open |
|
|
43,614 |
|
|
$ |
0.53 |
|
|
$ |
36.33 |
|
|
$ |
22,897 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 25, 2014 |
|
Sell to Open |
|
|
43,614 |
|
|
$ |
0.53 |
|
|
$ |
36.38 |
|
|
$ |
22,897 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 26, 2014 |
|
Sell to Open |
|
|
44,315 |
|
|
$ |
0.52 |
|
|
$ |
36.57 |
|
|
$ |
22,822 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 26, 2014 |
|
Sell to Open |
|
|
66,473 |
|
|
$ |
0.50 |
|
|
$ |
36.62 |
|
|
$ |
33,347 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 26, 2014 |
|
Sell to Open |
|
|
44,315 |
|
|
$ |
0.52 |
|
|
$ |
36.53 |
|
|
$ |
22,822 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 26, 2014 |
|
Sell to Open |
|
|
44,315 |
|
|
$ |
0.52 |
|
|
$ |
36.39 |
|
|
$ |
22,822 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 26, 2014 |
|
Sell to Open |
|
|
44,315 |
|
|
$ |
0.50 |
|
|
$ |
36.70 |
|
|
$ |
21,936 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 29, 2014 |
|
Sell to Open |
|
|
43,952 |
|
|
$ |
0.48 |
|
|
$ |
36.62 |
|
|
$ |
21,097 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 29, 2014 |
|
Sell to Open |
|
|
43,952 |
|
|
$ |
0.48 |
|
|
$ |
36.43 |
|
|
$ |
21,097 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 29, 2014 |
|
Sell to Open |
|
|
43,952 |
|
|
$ |
0.48 |
|
|
$ |
36.70 |
|
|
$ |
21,097 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 29, 2014 |
|
Sell to Open |
|
|
43,952 |
|
|
$ |
0.48 |
|
|
$ |
36.60 |
|
|
$ |
21,097 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 29, 2014 |
|
Sell to Open |
|
|
43,952 |
|
|
$ |
0.48 |
|
|
$ |
36.73 |
|
|
$ |
21,097 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 29, 2014 |
|
Sell to Open |
|
|
87,904 |
|
|
$ |
0.48 |
|
|
$ |
36.78 |
|
|
$ |
42,194 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 30, 2014 |
|
Sell to Open |
|
|
340,238 |
|
|
$ |
0.47 |
|
|
$ |
36.90 |
|
|
$ |
159,912 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 30, 2014 |
|
Sell to Open |
|
|
680,478 |
|
|
$ |
0.47 |
|
|
$ |
37.01 |
|
|
$ |
319,825 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 30, 2014 |
|
Sell to Open |
|
|
170,119 |
|
|
$ |
0.47 |
|
|
$ |
37.09 |
|
|
$ |
79,956 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 30, 2014 |
|
Sell to Open |
|
|
170,119 |
|
|
$ |
0.47 |
|
|
$ |
36.93 |
|
|
$ |
79,956 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
September 30, 2014 |
|
Sell to Open |
|
|
170,119 |
|
|
$ |
0.47 |
|
|
$ |
37.05 |
|
|
$ |
79,956 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 1, 2014 |
|
Buy |
|
|
21,578 |
|
|
$ |
36.90 |
|
|
|
N/A |
|
|
$ |
796,302 |
|
|
Common Stock |
|
N/A |
Pershing Square Holdings, Ltd. |
|
October 1, 2014 |
|
Buy |
|
|
903,422 |
|
|
$ |
36.95 |
|
|
|
N/A |
|
|
$ |
33,381,443 |
|
|
Common Stock* |
|
N/A |
Pershing Square Holdings, Ltd. |
|
October 1, 2014 |
|
Buy |
|
|
1,299,043 |
|
|
$ |
37.74 |
|
|
|
N/A |
|
|
$ |
(789,862 |
) |
|
OTC Equity Forward* |
|
September 21, 2015 |
Pershing Square Holdings, Ltd. |
|
October 1, 2014 |
|
Buy |
|
|
304,704 |
|
|
$ |
37.25 |
|
|
|
N/A |
|
|
$ |
(38,089 |
) |
|
OTC Equity Forward* |
|
September 23, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name |
|
Trade Date |
|
Buy/Sell/ Exercise |
|
No. of Shares / Quantity |
|
|
Unit Cost |
|
|
Strike Price |
|
|
Trade Amount |
|
|
Security |
|
Expiration Date |
Pershing Square Holdings, Ltd. |
|
October 1, 2014 |
|
Sell to Open |
|
|
106,860 |
|
|
$ |
0.46 |
|
|
$ |
36.73 |
|
|
$ |
49,156 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 1, 2014 |
|
Sell to Open |
|
|
213,720 |
|
|
$ |
0.46 |
|
|
$ |
36.78 |
|
|
$ |
98,311 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 1, 2014 |
|
Sell to Open |
|
|
106,860 |
|
|
$ |
0.46 |
|
|
$ |
36.99 |
|
|
$ |
49,156 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 2, 2014 |
|
Sell to Open |
|
|
87,820 |
|
|
$ |
0.45 |
|
|
$ |
36.62 |
|
|
$ |
39,519 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 2, 2014 |
|
Sell to Open |
|
|
351,280 |
|
|
$ |
0.45 |
|
|
$ |
36.70 |
|
|
$ |
158,076 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 2, 2014 |
|
Sell to Open |
|
|
87,820 |
|
|
$ |
0.45 |
|
|
$ |
36.73 |
|
|
$ |
39,519 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 2, 2014 |
|
Sell to Open |
|
|
87,820 |
|
|
$ |
0.45 |
|
|
$ |
36.78 |
|
|
$ |
39,519 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 2, 2014 |
|
Sell to Open |
|
|
175,640 |
|
|
$ |
0.45 |
|
|
$ |
36.88 |
|
|
$ |
79,038 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 2, 2014 |
|
Sell to Open |
|
|
175,640 |
|
|
$ |
0.45 |
|
|
$ |
36.90 |
|
|
$ |
79,038 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 3, 2014 |
|
Sell to Open |
|
|
68,874 |
|
|
$ |
0.44 |
|
|
$ |
37.09 |
|
|
$ |
30,305 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 3, 2014 |
|
Sell to Open |
|
|
137,748 |
|
|
$ |
0.44 |
|
|
$ |
37.05 |
|
|
$ |
60,609 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 3, 2014 |
|
Sell to Open |
|
|
275,496 |
|
|
$ |
0.44 |
|
|
$ |
37.37 |
|
|
$ |
121,218 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 3, 2014 |
|
Sell to Open |
|
|
206,622 |
|
|
$ |
0.44 |
|
|
$ |
37.51 |
|
|
$ |
90,914 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 3, 2014 |
|
Sell to Open |
|
|
206,622 |
|
|
$ |
0.44 |
|
|
$ |
37.61 |
|
|
$ |
90,914 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 3, 2014 |
|
Sell to Open |
|
|
68,874 |
|
|
$ |
0.44 |
|
|
$ |
37.70 |
|
|
$ |
30,305 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 6, 2014 |
|
Sell to Open |
|
|
68,527 |
|
|
$ |
0.42 |
|
|
$ |
37.70 |
|
|
$ |
28,781 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 6, 2014 |
|
Sell to Open |
|
|
137,054 |
|
|
$ |
0.42 |
|
|
$ |
37.91 |
|
|
$ |
57,563 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 6, 2014 |
|
Sell to Open |
|
|
205,581 |
|
|
$ |
0.42 |
|
|
$ |
37.81 |
|
|
$ |
86,344 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 7, 2014 |
|
Sell to Open |
|
|
229,119 |
|
|
$ |
0.41 |
|
|
$ |
37.51 |
|
|
$ |
93,939 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 8, 2014 |
|
Sell to Open |
|
|
78,330 |
|
|
$ |
0.40 |
|
|
$ |
36.73 |
|
|
$ |
31,332 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 8, 2014 |
|
Sell to Open |
|
|
156,660 |
|
|
$ |
0.40 |
|
|
$ |
36.90 |
|
|
$ |
62,664 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 8, 2014 |
|
Sell to Open |
|
|
195,827 |
|
|
$ |
0.40 |
|
|
$ |
36.99 |
|
|
$ |
78,331 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 8, 2014 |
|
Sell to Open |
|
|
391,650 |
|
|
$ |
0.40 |
|
|
$ |
37.51 |
|
|
$ |
156,660 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 8, 2014 |
|
Sell to Open |
|
|
274,159 |
|
|
$ |
0.40 |
|
|
$ |
37.19 |
|
|
$ |
109,664 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
October 8, 2014 |
|
Sell to Open |
|
|
234,990 |
|
|
$ |
0.40 |
|
|
$ |
37.26 |
|
|
$ |
93,996 |
|
|
OTC Put Option |
|
November 3, 2014 |
Pershing Square Holdings, Ltd. |
|
November 3, 2014 |
|
Assign Buy |
|
|
2,298,694 |
|
|
$ |
37.50 |
|
|
|
N/A |
|
|
$ |
86,202,228 |
|
|
Delayed Settlement Stock** |
|
N/A |
Pershing Square Holdings, Ltd. |
|
November 3, 2014 |
|
Buy |
|
|
1,555,241 |
|
|
$ |
37.91 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square Holdings, Ltd. |
|
November 4, 2014 |
|
Buy |
|
|
1,404,560 |
|
|
$ |
39.35 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square Holdings, Ltd. |
|
November 5, 2014 |
|
Buy |
|
|
1,693,993 |
|
|
$ |
39.72 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square Holdings, Ltd. |
|
November 6, 2014 |
|
Buy |
|
|
380,382 |
|
|
$ |
40.14 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square Holdings, Ltd. |
|
November 7, 2014 |
|
Buy |
|
|
506,607 |
|
|
$ |
40.61 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square Holdings, Ltd. |
|
November 10, 2014 |
|
Buy |
|
|
834,465 |
|
|
$ |
40.72 |
|
|
|
N/A |
|
|
|
N/A |
|
|
OTC Equity Forward |
|
November 17, 2015 |
Pershing Square Holdings, Ltd. |
|
November 11, 2014 |
|
Buy |
|
|
354,939 |
|
|
$ |
40.22 |
|
|
|
N/A |
|
|
|
N/A |
|
|
Cash-Settled Total Return Swap |
|
November 30, 2016 |
* |
Trade represents a rebalance between entities to keep all funds pari passu. |
** |
Purchase of Common Stock expected to settle after expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. |
Exhibit 99.3
October 1, 2014
Scott Ferguson
Sachem Head Capital Management LP
399 Park Avenue
32nd Floor
New York, NY 10022
Dear Scott,
Pershing Square Capital Management, L.P. (PSCM), on behalf of the undersigned funds managed by PSCM (the PS Funds), and
Sachem Head Capital Management LP (SHCM) have agreed and hereby confirm as follows with respect to a company that you and we have been referring to as Superman:
1. Promote.
(a) Within
three business days after the Final Calculation Date, the PS Funds will pay SHCM 10% of the net profit on a $500 million investment in Superman shares (or such lesser investment in Superman shares as the PS Funds actually invest in Superman
securities), calculated as though Superman shares were purchased at the PS Funds weighted average cost in purchasing Superman shares, and sold at the PS Funds weighted average sale price in selling Superman shares. Final
Calculation Date is the earlier of (i) December 28, 2015 and (ii) the first date on which the PS Funds no longer own any investment in Superman securities, or such earlier date as the parties may agree in writing.
(b) For purposes of the calculation contemplated above:
|
|
|
In determining the PS Funds weighted average cost or sale price in purchasing or selling Superman shares, PSCM management and incentive fees shall be disregarded. |
|
|
|
In determining the PS Funds weighted average cost in purchasing Superman shares, any Superman shares the PS Funds purchase or are deemed (under the bullets below) to purchase after PSCM files a Schedule 13D with
respect to Superman shares (other than Superman shares purchased on exercise of options or settlement of forwards that pre-date the initial filing of the Schedule 13D) shall be disregarded. |
|
|
|
The PS Funds will be deemed to have purchased notional Superman shares underlying their Superman total return swaps at a cost equal to the aggregate reference price of those swaps, and will be deemed to have purchased
any Superman shares purchased on exercise of their Superman call options at the aggregate strike prices of those options plus the aggregate cost of buying those options. |
|
|
|
The PS Funds weighted average cost in purchasing shares and/or notional shares underlying swaps will reflect all third-party fees and expenses incurred by or on behalf of the PS Funds relating to their investments
in Superman, including without limitation financing costs. |
|
|
|
If the PS Funds cash settle any swaps on Superman shares, they will be deemed to have sold the underlying notional shares for the price used to calculate the swap settlement payment. |
|
|
|
On the Final Calculation Date, if the PS Funds hold any Superman shares (or total return swaps on any Superman shares), they will be deemed to have sold those shares (and cash settled those swaps) at 98% of the
volume-weighted average trading price for the Superman shares during the ten consecutive trading days ending on and including the Final Calculation Date. |
|
|
|
If, between the date of this letter agreement and the Final Calculation Date, the PS Funds realize any profits or losses on financial instruments related to Superman shares not captured by the foregoing calculation,
PSCM will adjust the amount otherwise payable under Section 1(a) in a good faith reasonable manner financially consistent with the calculations described above in order to reflect appropriately reflect those profits or losses. Examples of
financial instruments covered by the preceding sentence include, without limitation: Superman call options that expire unexercised, are sold to third parties or are still held at the Final Calculation Date, Superman options written by the PS Funds
and Superman swaptions. |
2. SHCM Stake. SHCM represents that, as of July 22, 2014, SHCM and its affiliates owned
4,395,000 Superman shares and cash-settled total return swaps referencing 3,400,000 notional Superman shares and no other direct or indirect interest in or economic exposure to Superman. From July 22, 2014 and through the date that is 30 days
after the Final Calculation Date, neither SHCM nor any of its affiliates has traded nor will directly or indirectly trade with respect to any investment in Superman (other than in ordinary course rebalancing transactions among SHCM affiliates that
do not change the aggregate investment in Superman owned by SHCM and its affiliates) without the prior consent of PSCM; provided, however, if either party notifies the other that it has determined no longer to consult with the other with
respect to its investment in Superman (and has amended its Schedule 13D, if any, with respect to Superman shares to report that fact), SHCM shall thereafter be permitted in its discretion to liquidate some or all of the investments it and its
affiliates have in Superman without PSCMs consent.
3. Expenses. SHCM, PSCM and their respective affiliates shall each bear its own expenses
incurred in connection with investments in Superman; provided, however, that the parties shall, going forward, discuss the possibility that PSCM may share some SHCM costs and if, as a result of those discussions, PSCM determines to do so, it
shall reimburse SHCM for 50% of SHCM costs to be mutually agreed, up to a maximum reimbursement of $1.5 million.
4. Information
Relating to Filings. Until 30 days after the Final Calculation Date, PSCM and SHCM each agrees to provide in a timely manner upon request of the other the information necessary for it to file and keep current any report on Schedule 13D
that it has filed or will file with the Securities and Exchange Commission relating to Superman, and PSCM and SHCM each represents and warrants to the other that the information it shall provide to the other pursuant to this Section 4 shall be
accurate in all material respects.
5. No Partnership, Etc. The parties acknowledge and agree that the relationship
created by this letter agreement is not a relationship of partnership or agency, that neither party may bind the other or hold itself out as a partner with respect to that relationship and that neither party may do anything else inconsistent with
the foregoing acknowledgement and agreement. PSCM and SHCM each acknowledges and agrees that it is making its own investment decisions with respect to Superman and is not relying on advice from the other. PSCM and SHCM each further acknowledges and
agrees that the other owes no fiduciary duties of any kind in connection with Superman and that the obligations with respect to matters contemplated by this letter agreement are solely as explicitly set forth herein.
6. Miscellaneous. This letter agreement will be governed by and construed in accordance with the laws of the State of New
York applicable to contracts made and to be entirely performed in that State. This letter agreement may be executed in one or more counterparts. This letter agreement may be amended only by a written instrument signed by both parties.
If the foregoing is in accordance with our understanding, please sign in the space indicated for SHCM below whereupon this letter will become
a binding agreement among us.
|
|
|
Very truly yours, |
|
ON BEHALF OF: PERSHING
SQUARE, L.P. PERSHING SQUARE II, L.P. PERSHING SQUARE
INTERNATIONAL, LTD. PERSHING SQUARE HOLDINGS, LTD. |
By: |
|
PERSHING SQUARE CAPITAL MANAGEMENT, L.P. |
By: |
|
PS MANAGEMENT GP, LLC, its General Partner |
|
|
By: |
|
/s/ William A. Ackman |
|
|
|
|
|
Name: William A. Ackman |
|
|
Title: Managing Member |
|
|
|
AGREED: |
SACHEM HEAD CAPITAL MANAGEMENT LP |
|
|
By: |
|
/s/ Scott Ferguson |
|
|
Scott Ferguson |
Exhibit 99.4
|
|
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|
|
|
Nomura International plc |
|
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|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
|
|
|
|
|
To: Attention: |
|
PERSHING SQUARE FUNDS c/o Pershing
Square Capital Management, L.P. 888 Seventh Avenue, 42nd Floor
New York, NY 10019 |
|
|
|
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|
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|
|
From |
|
Operations |
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Department |
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Derivatives |
Direct Tel |
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+91 22 6723 4534 |
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Direct Fax |
|
+44 (0)20 7102 9404 |
Page 1 of |
|
17 |
|
Date |
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August 7, 2014 |
SHARE FORWARD MASTER CONFIRMATION
Dear Sir/Madam:
The purpose of this Share Forward Master
Confirmation (this Master Confirmation) is to set forth the general terms and conditions of one or more Transactions (each a Transaction) that may be entered into between you (Counterparty)
and us (Dealer) on the Trade Date specified in a Supplemental Confirmation, each substantially in the form of Schedule A hereto, confirming the specific terms and conditions of a particular Transaction (each a
Supplemental Confirmation). Each Transaction, if executed, will be a Forward, the terms of which are specified in the Master Confirmation as supplemented by the Supplemental Confirmation (together, the
Confirmation). The entry into this Master Confirmation does not obligate either party to enter into any Transaction.
This Confirmation
constitutes a Confirmation as referred to in the Agreement specified below. This Confirmation hereby incorporates by reference the 2002 ISDA Equity Derivatives Definitions (the Equity Definitions) and the 2006 ISDA
Definitions (the Swap Definitions), each as published by the International Swaps and Derivatives Association, Inc. In the event of any inconsistency between the Equity Definitions and the Swap Definitions, the Equity Definitions
will govern. In the event of any inconsistency between either the Equity Definitions or the Swap Definitions and this Confirmation, this Confirmation will govern. For purposes of the Equity Definitions, each Transaction shall be a Share Forward
Transaction.
The Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which the
Confirmation relates. The Confirmation shall supplement, form a part of and be subject to the 2002 ISDA Master Agreement (the Agreement) as published by ISDA entered into between the parties on June 18, 2014, including the
Schedule thereto and the 1994 Credit Support Annex (Bilateral FormNew York Law) (the CSA) to such Schedule. In the event of any inconsistency between the provisions of the Agreement or the CSA and the Confirmation, the
Confirmation will govern for the purpose of the Transaction to which the Confirmation relates.
1/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
1. The terms of the particular Transaction to which this Confirmation relates are as follows:
General Terms:
|
|
|
Trade Date: |
|
As specified in the relevant Supplemental Confirmation |
|
|
Valuation Date: |
|
As specified in the relevant Supplemental Confirmation |
|
|
Shares: |
|
The common stock of Zoetis Inc. (the Issuer) (ticker symbol: ZTS) |
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Exchange: |
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New York Stock Exchange |
|
|
Related Exchange: |
|
None |
|
|
Buyer: |
|
Counterparty |
|
|
Seller: |
|
Dealer |
|
|
Number of Shares: |
|
As specified in the relevant Supplemental Confirmation |
|
|
Prepayment: |
|
Not Applicable |
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|
Variable Obligation: |
|
Not Applicable |
|
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Reference Price: |
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As specified in the relevant Supplemental Confirmation. |
|
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Forward Price: |
|
As specified in the relevant Supplemental Confirmation. |
|
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General Settlement Terms: |
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|
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Condition to Physical Settlement: |
|
The Buyer may not early terminate this Transaction or proceed with Physical Settlement on the Settlement Date until and unless any required filings and any applicable waiting periods under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, relating to the transactions contemplated hereby, shall have been made or shall have expired or been terminated, as applicable (the Physical Settlement Condition). Any such early termination
or settlement shall constitute a representation by the Buyer that such filings have been made and any such waiting periods have expired. |
|
|
Condition to Cash Settlement: |
|
The Buyer represents to the Seller that the election by Buyer of Cash Settlement (either upon early termination or on the Settlement Date) is not in violation of Section 10(b) of the Securities Exchange Act of 1934, as amended (the
1934 Act). |
2/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
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Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
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|
In any event, upon a Cash Settlement, the Buyer will represent to the Seller that either (1) Buyer is or has been for the preceding three months an affiliate (as defined under Rule 144 under the Securities Act of 1933,
as amended (the 1933 Act)) of the Issuer, (2) Buyer is not and has not been for the preceding three months an affiliate of the Issuer, or (3) Buyer should be deemed an affiliate of the Issuer
solely for purposes of all Transactions under this Master Confirmation. |
|
|
Procedures for Early Termination: |
|
|
|
|
Latest Early Termination Time: |
|
The scheduled closing time of the Exchange. |
|
|
Early Termination Right: |
|
The Buyer may early terminate this Transaction (in whole or in part) by notice to the Seller prior to the Latest Early Termination Time on or before the Valuation Date (such date, the Early Termination Date). In
such case, the Valuation Date will be deemed to be the Early Termination Date and the portion of the Number of Shares subject to early termination will be settled in accordance with the terms of this Master Confirmation with the remaining portion of
the Number of Shares (if any) continuing under the terms of this Confirmation. |
|
|
Settlement Terms: |
|
|
|
|
Settlement Method: |
|
Physical Settlement (unless Cash Settlement is elected by Counterparty in accordance with the terms hereof); provided that, in respect of Physical Settlement, clause (a) of Section 9.4 of the Equity Definitions is hereby
amended by adding the words as soon as practicable, but in any event no later than before the words one Settlement Cycle. |
|
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Default Settlement Method: |
|
Physical Settlement |
|
|
Settlement Method Election: |
|
Applicable |
|
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Electing Party: |
|
Buyer |
|
|
Settlement Method Election Date(s): |
|
Any Scheduled Trading Day following the Trade Date |
|
|
Cash Settlement Terms: |
|
|
|
|
Number of Cash-Settled Shares: |
|
The Number of Shares (or in the case of an early termination, the portion of the Number of Shares subject to early termination on an Early Termination Date); provided that the valuation related to such Number of Cash-Settled
Shares will occur as set forth under Cash Settlement Procedures below. |
3/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
|
|
|
Cash Settlement Procedures: |
|
On a Valuation Date (or deemed Valuation Date) where Cash Settlement is elected, the Calculation Agent will determine the portion of the Number of Cash-Settled Shares (which may be all such Number of Cash-Settled Shares) subject to
cash settlement (the Settled Number of Shares) in its good faith and commercially reasonable discretion (which may, for the avoidance of doubt, be exercised in consideration of advice of counsel to Counterparty and counsel to
Dealer and in consideration of other market activity or derivative transaction or unwind activity by Counterparty as well as any legal considerations applicable to Counterparty, including, but not limited to, considerations related to the fact that
Counterparty may be an insider or affiliate of the Issuer and the application, if any, of any related securities laws (such considerations, the Unwind Parameters)), and will notify Dealer and Counterparty
of such determination. The Calculation Agent will include in such notice the number of Averaging Dates (Determined Averaging Date Number) and the initial Averaging Date for such settlement which will be the first Scheduled Trading
Day after the related Valuation Date (each such date, an Initial Averaging Date). In respect of the settlement on the Valuation Date, the Initial Averaging Date will be the Valuation Date. |
|
|
|
|
The Calculation Agent will ensure that the Determined Averaging Date Number is equal to or greater than (or is by no more than 5 Scheduled Trading Days less than) a number equal to the quotient of (a) the Settled Number of
Shares divided by (b) the ADTV Limit, with any fractional Determined Averaging Date Number being rounded up to the next whole number. ADTV Limit means a number equal to the product of (i) 20%, and (ii) the
trailing average daily composite trading volume for the most recent 30-day period, determined by the Calculation Agent as of the Valuation Date. |
4/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
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|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
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|
Such cash settlement shall proceed under the Equity Definitions as if (i) the Settled Number of Shares were the Number of Shares for purposes of Section 8.4 (Cash Settlement of Forward Transactions) and Section
8.5 of the Equity Definitions (Forward Cash Settlement Amount), (ii) the Averaging Dates were a number of consecutive Exchange Business Days beginning on, and including, the Initial Averaging Date for such settlement, which number
shall be equal to Determined Averaging Date Number, and (iii) the Cash Settlement Payment Date were as defined below. |
|
|
|
|
Following each such settlement, the Transaction will continue with a Number of Shares reduced by the amounts so settled, and the Calculation Agent will select subsequent Initial Averaging Date(s) (in conjunction with a related
Determined Averaging Date Number) in a good faith and commercially reasonable manner (taking into account the Unwind Parameters) until the total of all Settled Number of Shares equals the original Number of Cash-Settled Shares. For the avoidance of
doubt, the Calculation Agent may select a Settled Number of Shares for the first settlement hereunder that equals the total Number of Cash-Settled Shares, in which case there shall be only one such settlement hereunder. |
|
|
Cash Settlement Payment Date: |
|
In respect of a Settled Number of Shares, three (3) Currency Business Days following the final Averaging Date. |
|
|
General Valuation Terms: |
|
|
|
|
Market Disruption Event: |
|
Section 6.3(a) of the Equity Definitions is hereby amended by replacing clause (ii) thereof in its entirety with the following: (ii) an Exchange Disruption, or and inserting immediately following clause (iii) thereof the
following: ; in each case that the Calculation Agent determines is material. |
|
|
|
|
Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term Scheduled Closing Time in the fourth line thereof. |
|
|
Averaging Date Disruption: |
|
Modified Postponement; provided that Section 6.7(c)(iii)(A) of the Equity Definitions is hereby modified by inserting the words the Calculation Agent may determine in its discretion that after the word
then in the sixth line thereof. Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Averaging Date, the Calculation Agent may determine that such Averaging Date
is a Disrupted Day only in part, in which case (i) such day shall be an Averaging Date and the Scheduled Trading Day immediately following the date that would otherwise be the last Averaging Date shall be an additional Averaging Date; (ii) the
Calculation Agent shall determine the VWAP Price on the Averaging Date that is a partially Disrupted Day on the basis of transactions in the Shares on the Exchange on such Averaging Date, taking into account the nature and duration of the relevant
Market Disruption Event; and (iii) the Calculation Agent shall determine the Settlement Price using an appropriately weighted average of VWAP Prices on the Averaging Dates instead of the arithmetic
average. |
5/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
|
|
|
|
|
|
|
Section 6.6(a) of the Equity Definitions is hereby amended by replacing the word shall in the fifth line thereof with the word may, and by deleting clause (i) thereof. Section 6.7(c)(iii)(A) of the Equity
Definitions is hereby amended by replacing the word shall in the sixth and eighth line thereof with the word may. |
|
|
Settlement Currency: |
|
USD |
|
|
Relevant Price: |
|
For purposes of Section 6.7 of the Equity Definitions, with respect to any Number of Shares for which Cash Settlement is elected, a price calculated based on the relevant date of determinations VWAP Price excluding trades on
the Exchange below the Limit Price minus $0.02. |
|
|
Limit Price: |
|
Counterparty may communicate to Dealer on any Averaging Date prices above which the Settlement Price is acceptable to Counterparty it being understood that the Calculation Agent may have to increase the Determined Averaging Date
Number in a commercially reasonable manner to reflect market liquidity above such prices. |
|
|
VWAP Price: |
|
For any Exchange Business Day, the volume-weighted average price per Share, as displayed on Bloomberg Page [] (or any successor thereto) with respect to such Exchange Business Day, as determined by the Calculation
Agent, or in the event such price is not so reported for such day for any reason or is manifestly erroneous, as reasonably determined by the Calculation Agent; provided that, when Shares trade above or below a certain price are excluded from
the calculation of such volume-weighted average price, the Calculation Agent will modify the calculation commands on Bloomberg to calculate such price to reflect the agreement by the
parties. |
6/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
|
|
|
Dividends: |
|
|
|
|
Ordinary Dividend Amount: |
|
USD 0.00. |
|
|
Extraordinary Dividend: |
|
Any dividend or distribution on the Shares (other than any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) or (B) of the Equity Definitions) the ex-date for which occurs during the
Dividend Period and the amount or value of which differs from the Ordinary Dividend Amount, as determined by the Calculation Agent. |
|
|
Dividend Recovery: |
|
In the event that the declared dividend is different from the actual dividend paid by the Issuer, and the Calculation Agent has previously adjusted the terms of the Transaction then the Calculation Agent will either (a) adjust the
terms of the Transaction, or (b) determine an amount to be paid by one party to the other party, in each case to account for the discrepancy between the declared dividend and the actual dividend paid by the Issuer. This provision will survive the
termination of any relevant Transaction, it be understood that if clause (b) of the previous sentence applies, the party obligated pay such amount will do so in accordance with the instructions of the Calculation Agent. |
|
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Adjustments: |
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Method of Adjustment: |
|
Calculation Agent Adjustment. |
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Diluting Event: |
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Any event described in the definition of Potential Adjustment Event in Section 11.2(e) of the Equity Definitions, or any similar event, that subjects the Hedging Party or any person (relative to other holders of
Shares) to any disadvantage as a result of any action, including, but not limited to, a poison pill or other plan that has the effect of shareholder rights being distributed or separated from the Shares. To the extent that an event may
be a Potential Adjustment Event and a Diluting Event, the parties agree to treat such event as a Diluting Event. |
7/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
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Diluting Event Consequence: |
|
Upon the occurrence of a Diluting Event, the Calculation Agent will adjust the terms of the Transaction to reflect, to the extent practicable, any mutual agreement of Dealer and Counterparty, it being understood that the Calculation
Agent will attempt, to the extent practicable, to address the economic effect on the parties from the Diluting Event by (i) extending the Valuation Date to a date up to 24 months after the original Expiration Date, and (ii) adjusting the terms of
the Transaction to reflect such extension, including, but not limited to, the Forward Price and the Number of Shares. |
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Extraordinary Events: |
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Consequences of Merger Events: |
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Share-for-Share: |
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Calculation Agent Adjustment |
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Share-for-Other: |
|
Calculation Agent Adjustment |
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Share-for-Combined: |
|
Calculation Agent Adjustment |
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Tender Offer: |
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Applicable |
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Consequences of Tender Offer: |
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Share-for-Share: |
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Calculation Agent Adjustment |
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Share-for-Other: |
|
Calculation Agent Adjustment |
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Share-for-Combined: |
|
Calculation Agent Adjustment |
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Composition of Combined Consideration: |
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Applicable |
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Nationalization, Insolvency or Delisting: |
|
Cancellation and Payment (Calculation Agent Determination) |
8/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
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Additional Disruption Events: |
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Change in Law: |
|
Applicable; provided that Section 12.9(a)(ii) is hereby amended by (A) adding the words or any Hedge Positions after the word Shares in the clause (X) thereof; (B) deleting clause (Y) thereto; and (C)
adding the words (including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute) after the word regulation in the second line thereof;
provided that any determination as to whether (i) the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law) or (ii) the promulgation of or any change in or public announcement of the formal
or informal interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), in each case, constitutes a Change in Law shall
be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any derivatives legislation enacted after the date of this Master Confirmation that affects
the Hedging Party. |
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Failure to Deliver: |
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Applicable |
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Insolvency Filing: |
|
Not Applicable |
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Determining Party: |
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Calculation Agent |
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Hedging Party: |
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Dealer |
|
Additional Representations, Agreements and Acknowledgments: |
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Non-Reliance: |
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Applicable |
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Agreements and Acknowledgments
Regarding Hedging Activities: |
|
Applicable |
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Additional Acknowledgments: |
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Applicable |
|
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Eligible Contract Participant: |
|
Each party represents to the other party that it is an eligible contract participant as defined in the U.S. Commodity Exchange Act (as amended) |
|
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Rebate Amount: |
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Payment of Rebate Amount: |
|
Upon an early termination (if any) prior to the original Valuation Date, Dealer will pay to Counterparty on a related Cash Settlement Payment Date or Settlement Date (as applicable) the Rebate Amount determined on the Early
Termination Date (in the case of Physical Settlement) or on the final Averaging Date (in the case of Cash Settlement). |
9/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
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Rebate Amount: |
|
In respect of a Number of Shares subject to early termination, an amount equal to the product of (a) the Remaining Fraction, (b) Rebate Percentage, (c) the Number of Shares subject to early termination, and (d) the Reference
Price. |
|
|
Remaining Fraction: |
|
On any Early Termination Date, the quotient of (a) the number of calendar days remaining between such Early Termination Date and the original Valuation Date, and (b) the number of calendar days from, and including, the Trade Date
to, and excluding, the original Valuation Date. |
|
|
Rebate Percentage: |
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As specified in the relevant Supplemental Confirmation. |
2. Calculation Agent: Dealer, provided however that Counterparty may challenge any determination or calculation
made by the Calculation Agent within two Business Days following receipt by Counterparty of such determination or calculation, subject to providing in reasonable details the material reasons for the dispute and suggesting an alternative calculation
or determination. If the parties are unable to agree on such determination or calculation within one Business Day, (i) the relevant party shall pay the amount, if any, which is not in dispute and (ii) a mutually acceptable third party will
be appointed by the parties within two Business Days following such challenge to act as Substitute Calculation Agent and make the relevant determination or calculation. If the parties are unable within two Business Days to agree on, or to appoint,
such third party, then each party will, within two Business Days select a leading, independent dealer in instruments of the type covered by this Confirmation and such dealers shall agree on a third party who shall also be a leading, independent
dealer in instruments of the type covered by this Master Confirmation to act as Substitute Calculation Agent. Subject to the above, all determinations and calculations by the Substitute Calculation Agent will be binding and conclusive in the absence
of manifest error. The costs, fees and expenses (if any) relating to the appointment of the Substitute Calculation Agent shall be borne equally by both parties.
Notice to Dealer:
Worldwide Plaza
309 West 49th
Street
5th Floor
New York,
NY 10019
Attention: James Chenard
10/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
|
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|
|
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Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
with a copy to:
Worldwide Plaza
309 West 49th
Street
24th Floor
New York,
NY 10019
Attention: Michael Ena
Notice to Counterparty:
Steve
Milankov
c/o Pershing Square Capital Management, L.P.
888 Seventh Avenue, 42nd Floor
New York, NY 10019
with a copy
to:
Ramy Saad
c/o Pershing
Square Capital Management, L.P.
888 Seventh Avenue, 42nd Floor
New York, NY 10019
4. Account Details:
|
|
|
Account details for Dealer: |
|
To be advised. |
|
|
Account details for Counterparty: |
|
To be advised. |
5. Other Provisions:
Independent Amount. The Independent Amount for a relevant
Transaction with respect to Counterparty is equal to 22.5% of the Forward Price of the relevant Transaction multiplied by the Number of Shares in respect of such Transaction and is payable by Counterparty to Dealer in accordance with the CSA.
(b) |
Additional Representations and Warranties of Counterparty. |
Counterparty hereby
represents and warrants to Dealer as of the date hereof, and as of each date on which a Transaction (the Proposed Transaction) is executed hereunder, and covenants with Dealer, as follows:
|
(i) |
Counterparty represents that the execution of the Transaction by it is not in violation of Section 10(b) of the 1934 Act. In addition, if Counterparty seeks to amend any Transaction, Counterparty will be deemed to
represent that Counterparty is not in violation of Section 10(b) of the 1934 Act. |
11/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
|
(ii) |
Counterparty is aware of its obligations under the United States Federal securities laws in respect of the Shares, including without limitation under Sections 9 and 10(b) of the 1934 Act, as amended, and the rules and
regulations thereunder, and during the term of the Transaction will not take any action that does not comply with those obligations. |
|
(iii) |
Without limiting the generality of Section 3(a)(iii) of the Agreement, Counterparty is and, after giving effect to the Transaction, will be in compliance with any reporting obligations under Section 16,
Section 13(d) and Section 13(g) of the 1934 Act it has with respect to the Shares. |
|
(iv) |
Counterparty is not and, after giving effect to the transactions contemplated hereby, will not be required to register as an investment company under, and as such term is defined in, the Investment Company
Act of 1940, as amended. |
|
(v) |
Counterparty is, and shall be as of the date of any payment or delivery by Counterparty hereunder, solvent and able to pay its debts as they come due, with assets having a fair value greater than liabilities and with
capital sufficient to carry on the businesses in which it engages. |
|
(vi) |
Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that (A) Dealer is not making any representations or warranties or giving any advice with respect to the
legal, regulatory, accounting or tax treatment of the Transaction, and Counterparty has consulted with its own legal, regulatory, accounting and tax advisors with respect to the Transaction, and (B) none of Dealer and its affiliates has acted
or will act as Counterpartys fiduciary in any way, or has any fiduciary duties to Counterparty; and Counterparty is not relying, has not relied and will not rely upon any communication (written or oral) of Dealer or any of its affiliates.
Counterparty has made or will make its own independent decision to enter into the Transaction based upon its own judgment and upon advice of such advisors as Counterparty deems necessary. |
|
(vii) |
Counterparty is not and has not been for the preceding three months an affiliate (as defined in Rule 144 under the 1933 Act) of the Issuer. |
|
(viii) |
Counterparty is not an insider of the Issuer. An insider is a person who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security of
an issuer, or who is a director or an officer of an issuer (as such terms, as applicable, are defined in Rule 16a-1 under the 1934 Act). |
|
(ix) |
Counterparty does not have economic exposure (including economic exposure held by any of its affiliates) to the Shares (including any synthetic positions, all Transactions hereunder and giving effect to the execution of
the Proposed Transaction) equal or exceeding 9.9% of the Issuers outstanding Shares. |
12/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
Buyer represents and warrants to Seller that (i) it is an
accredited investor as that term is defined in Regulation D as promulgated under the 1933 Act, (ii) it is entering into the Transaction for its own account without a view to the distribution or resale thereof and (iii) it
understands that the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the 1933 Act.
(d) |
Matters relating to Dealer and the Agent. |
|
(i) |
Dealer is not registered as a broker or dealer under the 1934 Act. Nomura Securities International, Inc. (Agent) has acted solely as agent for Dealer and Counterparty to the extent required by law in
connection with the Transaction and has no obligations, by way of issuance, endorsement, guarantee or otherwise, with respect to the performance of either party under the Transaction. The parties agree to proceed solely against each other, and not
against Agent, in seeking enforcement of their rights and obligations with respect to the Transaction, including their rights and obligations with respect to payment of funds and delivery of securities. |
|
(ii) |
Agent may have been paid a fee by Dealer in connection with the Transaction. Further details will be furnished upon written request. |
|
(iii) |
The time of the Transaction will be furnished by Agent upon written request. |
(e) |
Acknowledgments Regarding Hedging. |
Counterparty acknowledges (and in the case of clause
(vi) below, Dealer and Counterparty acknowledge) that:
|
(i) |
during the term of the Transaction, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to
establish, adjust or unwind its hedge position with respect to the Transaction; |
|
(ii) |
Dealer and its affiliates may also be active in the market for the Shares and derivatives linked to the Shares other than in connection with hedging activities in relation to the Transaction, including acting as agent
or as principal and for its own account or on behalf of customers; |
|
(iii) |
Dealer shall make its own determination as to whether, when or in what manner any of its hedging or market activities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and
market risk with respect to the Transaction; |
|
(iv) |
any market activities of Dealer and its affiliates with respect to the Shares may affect the market price and volatility of the Shares, each in a manner that may be adverse to Counterparty; |
13/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
|
(v) |
the Transaction is a derivatives transaction in which it has purchased from Dealer a Share Forward Transaction; Dealer may purchase or sell Shares for its own account at an average price that may be greater than, or
less than, the price paid by Counterparty under the terms of the Transaction; and |
|
(vi) |
without limiting the generality of the foregoing, any initial price of the Transaction is not the execution price of any initial hedge of the Dealer (if the Dealer chooses to hedge any risk with respect to the
Transaction), taking into account any applicable fees or commissions, but rather is an initial price that is at risk to the Dealer (as determined by the Dealer in its sole discretion). |
Counterparty and Dealer understand that there may exist one or more
confidentiality agreement(s) between Counterparty and Dealer. With respect to any rights or obligations thereunder to maintain the confidential nature of confidential information (as defined therein), the parties agree to continue to maintain the
confidential nature of confidential information.
Notwithstanding anything to the contrary contained herein, any party (or such
partys affiliates) may disclose to any and all persons, without limitation of any kind, the United States tax treatment (federal, state and local) and tax structure of any transaction contemplated hereunder and all materials of any kind
relating to such tax treatment and tax structure. However, any information relating to the United States federal, state or local tax treatment or tax structure shall remain subject to the applicable confidentiality provisions (and the preceding
sentence shall not apply) to the extent reasonably necessary to enable any person to comply with applicable securities laws. Tax treatment or tax structure is limited to any facts relevant to the United States federal, state
or local tax treatment of any Transaction contemplated hereunder and specifically does not include information relating to the identity of Counterparty or any of its affiliates.
Counterparty and Dealer each acknowledge and agree that:
(i) there are no voting, hedging or settlement arrangements between Counterparty and Dealer with respect to any Shares or the Issuer, other than those set forth herein; (ii) although Dealer may hedge its risk under the Transactions in any
way Dealer determines, Dealer has no obligation to hedge with the purchase or maintenance of any Shares; (iii) Counterparty will not be entitled to any voting rights in respect of any of the Shares underlying the Transaction (other than upon an
early termination or at maturity where Physical Settlement applies resulting in the delivery of Shares); and (iv) Counterparty will not influence Dealer with respect to the voting of any Hedge Positions of Dealer that are Shares (if any).
(h) |
Withholding Tax Imposed on Certain Dividend Equivalent Payments. |
(i) For purposes of
any Payer Tax Representation, the words any Tax from any payment shall not include any tax imposed by the Internal Revenue Code of 1986, as amended (or United States Treasury regulations or other guidance issued or any agreements entered
into thereunder) with respect to dividend equivalent payments (Dividend Equivalent Withholding Tax); (ii) for the avoidance of doubt, the parties agree that for purposes of Section 2(d) of the Agreement the deduction or
withholding of Dividend Equivalent Withholding Tax is required by applicable law; and (iii) the definition of Indemnifiable Tax under the Agreement shall not include any Dividend Equivalent Withholding Tax.
14/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this
Confirmation and returning it to us.
|
|
|
Yours faithfully,
NOMURA INTERNATIONAL PLC |
|
|
By: |
|
|
|
|
Name: |
|
|
Title: |
Confirmed as of the date first written above:
|
|
|
PERSHING SQUARE FUNDS
By: Pershing Square Capital Management, L.P., as its Investment Manager
By: PS Management GP, LLC, its General Partner |
|
|
By: |
|
|
|
|
Name: William A. Ackman |
|
|
Title: Managing Member |
15/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
SCHEDULE A
SHARE FORWARD SUPPLEMENTAL CONFIRMATION
To: |
[PERSHING SQUARE FUNDS] |
Attention: |
c/o Pershing Square Capital Management, L.P. |
888 Seventh Avenue, 42nd Floor
New York, NY 10019
Dear Sir/Madam:
The purpose of this Share Forward Supplemental Confirmation (this Supplemental Confirmation) is to confirm the specific terms and conditions
of the Transactions (Transaction) entered into between you (Counterparty) and us (Dealer) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation
between you and us dated August 7, 2014.
The terms of the particular Transaction to which this Confirmation relates are as follows:
General Terms:
|
|
|
|
|
Trade Date: |
|
August __, 2014 |
|
|
Valuation Date: |
|
[August ___, 2015] |
|
|
Number of Shares: |
|
[ ] |
|
|
Reference Price: |
|
USD [ ] |
|
|
Forward Price: |
|
USD [ ] |
|
|
Rebate Percentage: |
|
[ ]% |
16/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this
Confirmation and returning it to us.
|
|
|
Yours faithfully,
NOMURA INTERNATIONAL PLC |
|
|
By: |
|
|
|
|
Name: |
|
|
Title: |
Confirmed as of the date first written above:
|
|
|
[PERSHING SQUARE FUNDS]
By: Pershing Square Capital Management, L.P., as its Investment Manager
By: PS Management GP, LLC, its General Partner |
|
|
By: |
|
|
|
|
Name: William A. Ackman |
|
|
Title: Managing Member |
17/17
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
Exhibit 99.5
|
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|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
SHARE PUT OPTION MASTER CONFIRMATION
|
|
|
|
|
|
|
|
|
To: |
|
PERSHING SQUARE FUNDS |
Attention: |
|
c/o Pershing Square Capital Management, L.P. |
|
|
888 Seventh Avenue, 42nd Floor |
|
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|
New York, NY 10019 |
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From: |
|
Operations |
|
Department: |
|
Derivatives |
Direct Tel: |
|
+91 22 6723 4534 |
|
Direct Fax: |
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September 24, 2014 |
Dear Sir/Madam:
The purpose of
this Share Put Option Master Confirmation (this Master Confirmation) is to set forth the general terms and conditions of one or more Transactions (each a Transaction) that may be entered into between you
(Counterparty) and us (Dealer) on the Trade Date specified in a Supplemental Confirmation, each substantially in the form of Schedule A hereto, confirming the specific terms and conditions of a particular
Transaction (each a Supplemental Confirmation). Each Transaction, if executed, will be a Put Option, the terms of which are specified in the Master Confirmation as supplemented by an applicable Supplemental Confirmation (together,
the Confirmation), wherein more than one Transaction may be referenced. The entry into this Master Confirmation does not obligate either party to enter into any Transaction.
Each Confirmation constitutes a Confirmation as referred to in the Agreement specified below. This Master Confirmation hereby incorporates by
reference the 2002 ISDA Equity Derivatives Definitions (the Equity Definitions) and the 2006 ISDA Definitions (the Swap Definitions), each as published by the International Swaps and Derivatives Association,
Inc. In the event of any inconsistency between the Equity Definitions and the Swap Definitions, the Equity Definitions will govern. In the event of any inconsistency between either the Equity Definitions or the Swap Definitions and any Confirmation,
such Confirmation will govern for purposes of the Transaction to which such Confirmation relates. For purposes of the Equity Definitions, each Transaction shall be a Share Option Transaction.
Each Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which the Confirmation
relates. Each Confirmation shall supplement, form a part of and be subject to the 2002 ISDA Master Agreement (the Agreement) as published by ISDA entered into between the parties on June 18, 2014, including the Schedule
thereto and the 1994 Credit Support Annex (Bilateral FormNew York Law) (the CSA) to such Schedule. In the event of any inconsistency between the provisions of the Agreement or the CSA and any Confirmation, the Confirmation
will govern for the purpose of the Transaction to which the Confirmation relates.
1/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
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Telephone |
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+91 22 6723 4534 |
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London |
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Facsimile |
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+44 (0)20 7102 9404 |
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EC4R 3AB |
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Web site |
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www.nomura.com |
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1. |
The terms of the particular Transaction to which this Confirmation relates are as follows: |
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General Terms: |
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Trade Date: |
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As specified in the relevant Supplemental Confirmation |
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Expiration Date: |
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As specified in the relevant Supplemental Confirmation |
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Shares: |
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The common stock of Zoetis Inc. (the Issuer) (ticker symbol: ZTS) |
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Exchange: |
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New York Stock Exchange |
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Related Exchange: |
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None |
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Premium: |
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As specified in the relevant Supplemental Confirmation |
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Premium Payment Date: |
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Three Exchange Business Day following the Trade Date, or if such date is not a Currency Business Day, the next following Currency Business Day |
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The Buyer shall pay the Seller the Premium on the Premium Payment Date. |
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Option Style: |
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European |
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Option Type: |
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Put |
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Buyer: |
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Dealer |
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Seller: |
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Counterparty |
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Number of Options: |
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As specified in the relevant Supplemental Confirmation |
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Option Entitlement: |
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1 Share per Option |
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Strike Price: |
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As specified in the relevant Supplemental Confirmation |
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Procedures for Exercise: |
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Latest Exercise Time: |
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9:35 am (New York time) on the Expiration Date. |
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Expiration Time: |
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9:35 am (New York time) on the Expiration Date. |
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Multiple Exercise: |
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Not Applicable |
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Automatic Exercise: |
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Applicable |
2/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
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Telephone |
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+91 22 6723 4534 |
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London |
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Facsimile |
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+44 (0)20 7102 9404 |
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EC4R 3AB |
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Web site |
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www.nomura.com |
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Settlement Terms: |
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Settlement Method: |
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Physical Settlement subject to: (i) Settlement Method Election, and (ii) the next succeeding paragraph; provided that, in respect of Physical Settlement, clause (a) of Section 9.4 of the Equity Definitions is hereby amended
by deleting: the date that falls one Settlement Cycle following the Exercise Date and adding the following words in their place: the Scheduled Trading Day that is 120 Scheduled Trading Days after the Exercise Date (such
period, the Deferred Settlement Period). Prior to the end of the Deferred Settlement Period, Counterparty shall notify Dealer if the Physical Settlement Condition is satisfied and, if the Physical
Settlement Condition is not satisfied as of the end of the Deferred Settlement Period or if Counterparty does not so notify Dealer, then the terms under Contingent Cash Settlement shall apply and the end of the Deferred Settlement
Period shall be deemed to be the Contingent Cash Settlement Election Date. |
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Counterparty may accelerate the Deferred Settlement Period either by: (1) notifying Dealer that the Physical Settlement Condition is satisfied and Counterparty wishes to proceed with Physical Settlement, which settlement shall occur
promptly after the date of such notification, but no later than one Settlement Cycle after such notification; or (2) notifying Dealer that Counterparty elects Contingent Cash Settlement, in which case the terms under Contingent Cash
Settlement shall apply (such date of notification, the Contingent Cash Settlement Election Date). |
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Physical Settlement Condition: |
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Any required filings and any applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, relating to the transactions contemplated hereby, as applicable to Counterparty, shall have been
made or shall have expired or been terminated, as applicable (the Physical Settlement Condition). |
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Settlement Method Election: |
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Applicable in respect of the Expiration Date, and in addition, either: (i) Mandatory Cash Settlement Election may apply (if the terms below under Mandatory Cash Settlement Election are satisfied), or (ii)
Alternate Cash Settlement Election may apply (if the terms below under Alternate Cash Settlement Election are elected by Counterparty) |
3/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
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Telephone |
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+91 22 6723 4534 |
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London |
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Facsimile |
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+44 (0)20 7102 9404 |
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EC4R 3AB |
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Web site |
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www.nomura.com |
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For the avoidance of doubt, Counterparty may elect Contingent Cash Settlement during the Deferred Settlement Period only while Mandatory Cash Settlement Election and Alternate Cash
Settlement Election may only apply to the Expiration Date. |
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Electing Party: |
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Seller of the Put Option |
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Blocker Clause: |
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On the date of this Master Confirmation, Counterparty represents and warrants to Dealer that Counterparty does not beneficially own (as such term is defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the
1934 Act)) in excess of 4.99% of the outstanding Shares of the Issuer. |
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Mandatory Cash Settlement Election: |
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If on any Expiration Date, the aggregate Number of Options under all Transactions hereunder exceeds the Physical Share Cap, then the number of Options equal to such excess, automatically selected in ascending order of Strike Price
and then among Options with the same Strike Price, in chronological order based on the date and time in which the relevant Transactions were executed (the Blocker Number of Options) will be permitted to be settled solely through
Cash Settlement and thus will be irrevocably deemed to be subject to Cash Settlement if exercised and the terms under Regular Cash Settlement below will apply to those Blocker Number of Options. As used herein, Physical
Share Cap means 25,059,668; provided, however, if before such Expiration Time the Issuer publicly files a form or a report with the U.S. Securities and Exchange Commission indicating that the number of Shares outstanding as of a
date after August 8, 2014 is different from the number reported in the Issuers Form 10-Q for the period ended June 29, 2014 (or Counterparty knows or has reason to know that the number of Shares outstanding as of a date after August 8, 2014 is
different from that reported number and Counterparty delivers to Dealer a written notice stating that fact and specifying the number of Shares Counterparty then believes to be outstanding), Physical Share Cap means (a) 9.9% of the number specified
in that notice (rounded down to the nearest whole number) minus (b) 25,059,668. |
4/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
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Telephone |
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+91 22 6723 4534 |
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London |
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Facsimile |
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+44 (0)20 7102 9404 |
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EC4R 3AB |
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Web site |
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www.nomura.com |
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Alternate Cash Settlement Election: |
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If, on any Scheduled Trading Day during the term of any Transaction hereunder (excluding the latest Expiration Date for such Transactions), the representation in the Blocker Clause would be untrue if made as of such Scheduled
Trading Day, as determined by Counterparty, on advice of counsel, then Counterparty will be irrevocably deemed to have elected Cash Settlement with respect to a Number of Options equal to the Alternate Number of Options. |
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Alternate Number of Options: |
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An amount equal to the difference between: |
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(a) the sum of: |
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(i) the number of notional Shares represented by the total Number of Options under all Transactions
hereunder, plus |
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(ii) the number of Shares beneficially owned (as such term is defined in Rule 13d-3 under the 1934 Act) by
Counterparty, minus |
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(b) the product of: |
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(i) 9.9%, multiplied by |
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(ii) the number of outstanding Shares of the Issuer. |
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For the avoidance of doubt, the terms under Regular Cash Settlement below will apply to all such Alternate Number of Options (as notified by Counterparty to Dealer prior to any market activity that would render
the representation in the Blocker Clause untrue, as determined by Counterparty, on advice of counsel, if such representation were made as of any day during the term of the Transaction, excluding the latest Expiration Date for the Transactions
hereunder). |
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Deferral Amount: |
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Payment of Deferral Amount: |
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In respect of the Deferred Settlement Period, Counterparty will pay to Dealer on the Settlement Date (in the case of Physical Settlement) or on a related Cash Settlement Payment Date (in the case of Cash Settlement) the Deferral
Amount determined as of the Settlement Date (in the case of Physical Settlement) or on the final Averaging Date (in the case of Cash Settlement). |
5/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
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Telephone |
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+91 22 6723 4534 |
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London |
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Facsimile |
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+44 (0)20 7102 9404 |
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EC4R 3AB |
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Web site |
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www.nomura.com |
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Deferral Amount: |
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An amount equal to the product of: (a) the Number of Shares to be Delivered, (b) Strike Price, (c) the Floating Rate, and (d) the Day Count Fraction. |
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Day Count Fraction: |
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The quotient of: (a) the number of calendar days between such Expiration Date and the Settlement Date (in the case of Physical Settlement) or the final Averaging Date (in the case of Cash Settlement), divided by (b)
360. |
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Floating Rate: |
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An amount notified by Dealer to Counterparty on the Expiration Date, but in no event more than LIBOR plus 1.0%. |
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General Exercise Terms: |
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Regular Cash Settlement: |
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Number of Options Exercised: |
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The number of Options exercised (or deemed exercised) on the Expiration Date, which shall include the Blocker Number of Options and the Alternate Number of Options (if any), as communicated by Buyer to Seller by the Latest Exercise
Time; provided that the valuation related to such number of Options exercised will occur as set forth under Cash Settlement Procedures below. |
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Option Cash Settlement Amount: |
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As set forth in Section 8.2 of the Equity Definitions |
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Cash Settlement Procedures: |
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On the Expiration Date where Cash Settlement is elected, the Calculation Agent will determine the Number of Options Exercised (which may be the full amount) subject to cash settlement (the Settled Number of
Options) in its good faith and commercially reasonable discretion (which may, for the avoidance of doubt, be exercised in consideration of advice of counsel to Counterparty and counsel to Dealer and in consideration of other unwind
activity by Counterparty as well as any legal considerations applicable to Counterparty, including, but not limited to, considerations related to the fact that Counterparty may be an insider or affiliate of the Issuer and the
application, if any, of any related securities laws (such considerations, the Unwind Parameters)), and will notify Dealer and Counterparty of such determination. The Calculation Agent will include in such notice the number of
Averaging Dates (Determined Averaging Date Number) and the initial Averaging Date for such settlement (each such date, an Initial Averaging Date). In respect of the settlement related to the Expiration Date, the
Initial Averaging Date will be the Expiration Date. |
6/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
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Telephone |
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+91 22 6723 4534 |
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London |
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Facsimile |
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+44 (0)20 7102 9404 |
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EC4R 3AB |
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Web site |
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www.nomura.com |
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The Calculation Agent will ensure that the Determined Averaging Date Number is equal to (or is by no more than 5 Scheduled Trading Days greater than or less than) a number equal to the quotient of (a) the Settled Number of Options
divided by (b) the ADTV Limit, with any fractional Determined Averaging Date Number being rounded up to the next whole number. ADTV Limit means a number equal to the product of (i) 25%, and (ii) the trailing average daily
composite trading volume for the most recent 30-day period, determined by the Calculation Agent as of the Initial Averaging Date. |
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Such settlement shall proceed under the Equity Definitions as if: (i) the Settled Number of Options were the number of Options exercised for purposes of Section 8.2 of the Equity Definitions (Option Cash
Settlement Amount), (ii) the Averaging Dates were a number of consecutive Exchange Business Days beginning on, and including, the Initial Averaging Date for such settlement, which number shall be equal to Determined Averaging Date
Number, and (iii) the Valuation Date were the final Averaging Date for the calculation of the Option Cash Settlement Amount. |
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Following each such settlement, the Transaction will continue with a Number of Options Exercised reduced by the amounts so settled, and the Calculation Agent will select subsequent Initial Averaging Date(s) (in conjunction with a
related Determined Averaging Date Number) in a good faith and commercially reasonable manner (taking into account the Unwind Parameters) until the total of all Settled Number of Options equals the original Number of Options Exercised. For the
avoidance of doubt, the Calculation Agent may select a Settled Number of Options for the first settlement hereunder that equals the total Number of Options Exercised, in which case there shall be only one such settlement
hereunder. |
7/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
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Telephone |
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+91 22 6723 4534 |
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London |
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Facsimile |
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+44 (0)20 7102 9404 |
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EC4R 3AB |
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Web site |
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www.nomura.com |
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Contingent Cash Settlement: |
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Contingent Cash Settlement: |
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If Counterparty makes an election pursuant to clause (2) under Settlement Method above, (a) Counterparty will make the representations to Dealer that are set forth under Contingent Cash Settlement
Condition and (b) notwithstanding Article 8 of the Equity Definitions, the Cash Settlement Amount will be paid on the Cash Settlement Payment Date as set forth under Cash Settlement Amount below. |
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Cash Settlement Amount: |
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An amount equal to the product of: |
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(1) the difference between: |
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(a) the arithmetic mean of the Relevant Prices (for all Averaging Dates applicable to Contingent Cash Settlement minus |
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(b) the Strike Price, multiplied by |
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(2) the Settled Number of Shares. |
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If the Cash Settlement Amount is positive, Dealer shall pay Counterparty such amount. If the Cash Settlement Amount is negative, Counterparty shall pay Dealer the absolute value of such amount. |
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Contingent Cash Settlement Condition: |
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Upon the election of Contingent Cash Settlement by Counterparty, Counterparty represents to Dealer that its election is not in violation of Section 10(b) of the 1934 Act. |
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In any event, upon such settlement, Counterparty will represent to Dealer that either (1) Counterparty is an affiliate (as defined under Rule 144 under the Securities Act of 1933, as amended (the 1933
Act)) of the Issuer, (2) Counterparty is not an affiliate of the Issuer, or (3) Counterparty should be deemed an affiliate of the Issuer solely for purposes of the Transaction. |
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Cash Settlement Procedures: |
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The Cash Settlement Procedures described above under Regular Cash Settlement will apply to Contingent Cash Settlement; provided
that: |
8/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
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Telephone |
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+91 22 6723 4534 |
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London |
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Facsimile |
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+44 (0)20 7102 9404 |
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EC4R 3AB |
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Web site |
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www.nomura.com |
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(1) references to Expiration Date will be deemed to be references to Contingent Cash Settlement Election Date; |
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(2) references to Number of Options Exercised will be deemed to be references to Number of Shares to be Delivered; |
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(3) references to Settled Number of Options will be deemed to be references to Settled Number of Shares; |
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(4) clause (i) of the third full paragraph will be deleted; and |
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(5) references to Option Cash Settlement Amount will be deemed to be references to Cash Settlement Amount. |
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General Cash Settlement Terms: |
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Valuation Date: |
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In respect of a Settled Number of Shares or a Settled Number of Options (as applicable), the final Averaging Date in respect of such settlement. |
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Cash Settlement Payment Date: |
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In respect of a Settled Number of Shares or a Settled Number of Options (as applicable), three (3) Currency Business Days following the related Valuation Date. |
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For the avoidance of doubt, there may be more than one Valuation Date and/or Cash Settlement Payment Date. |
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General Valuation Terms: |
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Market Disruption Event: |
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Section 6.3(a) of the Equity Definitions is hereby amended by replacing clause (ii) thereof in its entirety with the following: (ii) an Exchange Disruption, or and inserting immediately following clause (iii) thereof the
following: ; in each case that the Calculation Agent determines is material. |
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Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term Scheduled Closing Time in the fourth line
thereof. |
9/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
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Telephone |
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+91 22 6723 4534 |
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London |
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Facsimile |
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+44 (0)20 7102 9404 |
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EC4R 3AB |
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Web site |
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www.nomura.com |
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Averaging Date Disruption: |
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Modified Postponement; provided that Section 6.7(c)(iii)(A) of the Equity Definitions is hereby modified by inserting the words the Calculation Agent may determine in its discretion that after the word
then in the sixth line thereof. Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Averaging Date, the Calculation Agent may determine that such Averaging Date
is a Disrupted Day only in part, in which case (i) such day shall be an Averaging Date and the Scheduled Trading Day immediately following the date that would otherwise be the last Averaging Date shall be an additional Averaging Date; (ii) the
Calculation Agent shall determine the VWAP Price on the Averaging Date that is a partially Disrupted Day on the basis of transactions in the Shares on the Exchange on such Averaging Date, taking into account the nature and duration of the relevant
Market Disruption Event; and (iii) the Calculation Agent shall determine the Settlement Price using an appropriately weighted average of VWAP Prices on the Averaging Dates instead of the arithmetic average. |
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Section 6.6(a) of the Equity Definitions is hereby amended by replacing the word shall in the fifth line thereof with the word may, and by deleting clause (i) thereof. Section 6.7(c)(iii)(A) of the Equity
Definitions is hereby amended by replacing the word shall in the sixth and eighth line thereof with the word may. |
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Settlement Currency: |
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USD |
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Relevant Price: |
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For purposes of Section 6.7 of the Equity Definitions, and with respect to any Cash Settlement, a price calculated based on the relevant date of determinations VWAP Price excluding trades on the Exchange below the Limit Price
minus USD 0.02. |
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Limit Price: |
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Counterparty may communicate to Dealer on any Averaging Date prices above which the Settlement Price is acceptable to Counterparty it being understood that the Calculation Agent may have to increase the Determined Averaging Date
Number in a commercially reasonable manner to reflect market liquidity above such prices. |
10/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
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Web site |
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www.nomura.com |
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VWAP Price: |
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For any Exchange Business Day, the volume-weighted average price per Share, as displayed on Bloomberg Page [] (or any successor thereto) with respect to such Exchange Business Day, as determined by the Calculation
Agent, or in the event such price is not so reported for such day for any reason or is manifestly erroneous, as reasonably determined by the Calculation Agent; provided that, when Shares trade above or below a certain price are excluded from
the calculation of such volume-weighted average price, the Calculation Agent will modify the calculation commands on Bloomberg to calculate such price to reflect the agreement by the parties. |
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Dividends: |
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Ordinary Dividend Amount: |
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USD 0.00 |
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Extraordinary Dividend: |
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Any dividend or distribution on the Shares (other than any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) or (B) of the Equity Definitions) the ex-date for which occurs during the term
of the Transaction and the amount or value of which differs from the Ordinary Dividend Amount, as determined by the Calculation Agent. |
|
|
Dividend Recovery: |
|
In the event that the declared dividend is different from the actual dividend paid by the Issuer, and the Calculation Agent has previously adjusted the terms of the Transaction then the Calculation Agent will either (a) adjust the
terms of the Transaction, or (b) determine an amount to be paid by one party to the other party, in each case to account for the discrepancy between the declared dividend and the actual dividend paid by the Issuer. This provision will survive the
termination of any relevant Transaction, it be understood that if clause (b) of the previous sentence applies, the party obligated pay such amount will do so in accordance with the instructions of the Calculation Agent. |
|
|
Adjustments: |
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Method of Adjustment: |
|
Calculation Agent Adjustment. |
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Diluting Event: |
|
Any event described in the definition of Potential Adjustment Event in Section 11.2(e) of the Equity Definitions, or any similar event, that subjects the Hedging Party or any person (relative to other holders of
Shares) to any disadvantage as a result of any action, including, but not limited to, a poison pill or other plan that has the effect of shareholder rights being distributed or separated from the Shares. To the extent that an event may
be a Potential Adjustment Event and a Diluting Event, the parties agree to treat such event as a Diluting Event. |
11/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
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Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
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Diluting Event Consequence: |
|
Upon the occurrence of a Diluting Event, the Calculation Agent will adjust the terms of the Transaction to reflect, to the extent practicable, any mutual agreement of Dealer and Counterparty, it being understood that the Calculation
Agent will attempt, to the extent practicable, to address the economic effect on the parties from the Diluting Event by (i) extending the Expiration Date or the Deferred Settlement Period to a date up to 24 months after the original Expiration Date
or the original Deferred Settlement Period, and (ii) adjusting the terms of the Transaction to reflect such extension, including, but not limited to, the Strike Price, the Deferral Amount and the payment of any additional Premium. |
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Extraordinary Events: |
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Consequences of Merger Events: |
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Share-for-Share: |
|
Calculation Agent Adjustment |
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Share-for-Other: |
|
Calculation Agent Adjustment |
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Share-for-Combined: |
|
Calculation Agent Adjustment |
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Tender Offer: |
|
Applicable |
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Consequences of Tender Offer: |
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Share-for-Share: |
|
Calculation Agent Adjustment |
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Share-for-Other: |
|
Calculation Agent Adjustment |
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Share-for-Combined: |
|
Calculation Agent Adjustment |
|
|
Composition of Combined Consideration: |
|
Applicable |
|
|
Nationalization, Insolvency or
Delisting: |
|
Cancellation and Payment (Calculation Agent Determination) |
12/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
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Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
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|
Additional Disruption Events: |
|
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Change in Law: |
|
Applicable; provided that Section 12.9(a)(ii) is hereby amended by (A) adding the words or any Hedge Positions after the word Shares in the clause (X) thereof; (B) deleting clause (Y) thereto; and (C)
adding the words (including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute) after the word regulation in the second line thereof;
provided that any determination as to whether (i) the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law) or (ii) the promulgation of or any change in or public announcement of the formal
or informal interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), in each case, constitutes a Change in Law shall
be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any derivatives legislation enacted after the date of this Master Confirmation that affects
the Hedging Party. |
|
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Failure to Deliver: |
|
Applicable |
|
|
Insolvency Filing: |
|
Not Applicable |
|
|
Determining Party: |
|
Calculation Agent |
|
|
Hedging Party: |
|
Dealer |
|
Additional Representations, Agreements and Acknowledgments: |
|
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Non-Reliance: |
|
Applicable |
|
|
Agreements and Acknowledgments |
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Regarding Hedging Activities: |
|
Applicable |
|
|
Additional Acknowledgments: |
|
Applicable |
|
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Eligible Contract Participant: |
|
Each party represents to the other party that it is an eligible contract participant as defined in the U.S. Commodity Exchange Act (as amended). |
13/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
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|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
2. Calculation Agent: Dealer, provided, however, that Counterparty may challenge any
determination or calculation made by the Calculation Agent within two Business Days following receipt by Counterparty of such determination or calculation, subject to providing in reasonable details the material reasons for the dispute and
suggesting an alternative calculation or determination. If the parties are unable to agree on such determination or calculation within one Business Day, (i) the relevant party shall pay the amount, if any, which is not in dispute and
(ii) a mutually acceptable third party will be appointed by the parties within two Business Days following such challenge to act as Substitute Calculation Agent and make the relevant determination or calculation. If the parties are unable
within two Business Days to agree on, or to appoint, such third party, then each party will, within two Business Days select a leading, independent dealer in instruments of the type covered by this Confirmation and such dealers shall agree on a
third party who shall also be a leading, independent dealer in instruments of the type covered by this Master Confirmation to act as Substitute Calculation Agent. Subject to the above, all determinations and calculations by the Substitute
Calculation Agent will be binding and conclusive in the absence of manifest error. The costs, fees and expenses (if any) relating to the appointment of a Substitute Calculation Agent shall be borne equally by both parties.
3. Address for Notices:
Notice to Dealer:
Nomura Global
Financial Products Inc.
Worldwide Plaza
309 West 49th Street
5th Floor
New York, NY 10019
Attention: James Chenard
with a
copy to:
Worldwide Plaza
309 West 49th Street
24th Floor
New York, NY 10019
Attention: Michael Ena
Notice
to Counterparty:
Steve Milankov
c/o Pershing Square Capital Management, L.P.
888 Seventh Avenue, 42nd Floor
New York, NY 10019
with a copy
to:
Ramy Saad
c/o Pershing
Square Capital Management, L.P.
888 Seventh Avenue, 42nd Floor
New York, NY 10019
14/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
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|
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|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
4. Account Details:
|
|
|
Account details for Dealer: |
|
To be advised. |
|
|
Account details for Counterparty: |
|
To be advised. |
5. Other Provisions:
(a) |
Independent Amount. For any Put Option Transaction, the Independent Amount with respect to Dealer will be zero and the Independent Amount with respect to Counterparty will be equal to 22.5% of the product of the
Strike Price and the Number of Options. |
For any Put Option Transactions that are exercised, through to the Settlement Date,
the Independent Amount with respect to Dealer will be zero and the Independent Amount with respect to Counterparty will be equal to 22.5% of the product of the Strike Price and the Number of Shares to be Delivered.
(b) |
Additional Representations and Warranties of Counterparty. |
Counterparty hereby
represents and warrants to Dealer as of the date hereof, and as of each date on which a Transaction (the Proposed Transaction) is executed hereunder, and covenants with Dealer, as follows:
|
(i) |
Counterparty represents that the execution of the Transaction by it is not in violation of Section 10(b) of the 1934 Act. In addition, if Counterparty seeks to amend any Transaction, Counterparty will be deemed to
represent that Counterparty is not in violation of Section 10(b) of the 1934 Act. |
|
(ii) |
Counterparty is aware of its obligations under the United States Federal securities laws in respect of the Shares, including without limitation under Sections 9 and 10(b) of the 1934 Act and the rules and regulations
thereunder, and during the term of the Transaction will not take any action that does not comply with those obligations. |
|
(iii) |
Without limiting the generality of Section 3(a)(iii) of the Agreement, Counterparty is and, after giving effect to the Transaction, will be in compliance with any reporting obligations under Section 16,
Section 13(d) and Section 13(g) of the 1934 Act it has with respect to the Shares. |
|
(iv) |
Counterparty is not and, after giving effect to the transactions contemplated hereby, will not be required to register as an investment company under, and as such term is defined in, the Investment Company
Act of 1940, as amended. |
|
(v) |
Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that (A) Dealer is not making any representations or warranties or giving any advice with respect to the
legal, regulatory, accounting or tax treatment of the Transaction, and Counterparty has consulted with its own legal, regulatory, accounting and tax advisors with respect to the Transaction, and (B) none of Dealer and its affiliates has acted
or will act as Counterpartys fiduciary in any way, or has any fiduciary duties to Counterparty; and Counterparty is not relying, has not relied and will not rely upon any communication (written or oral) of Dealer or any of its affiliates.
Counterparty has made or will make its own independent decision to enter into the Transaction based upon its own judgment and upon advice of such advisors as Counterparty deems necessary. |
15/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
|
(vi) |
Counterparty is not, and has not been for the preceding three months, an affiliate (as defined in Rule 144) of the Issuer. |
|
(vii) |
Counterparty is not an insider of the Issuer. An insider is a person who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security of
an issuer, or who is a director or an officer of an issuer (as such terms, as applicable, are defined in Rule 16a-1 under the 1934 Act). |
|
(viii) |
Counterparty does not have economic exposure (including economic exposure held by any of its affiliates or affiliated persons with whom the Counterparty may consult) to the Shares (including any synthetic positions but
excluding any Transactions hereunder and any put options) equal to or exceeding 9.9% of the Issuers outstanding Shares. |
Buyer represents and warrants to Seller that (i) it is an
accredited investor as that term is defined in Regulation D as promulgated under the 1933 Act, (ii) it is entering into the Transaction for its own account without a view to the distribution or resale thereof and (iii) it
understands that the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the 1933 Act.
(d) |
Matters relating to Dealer and the Agent. |
|
(i) |
Dealer is not registered as a broker or dealer under the 1934 Act. Nomura Securities International, Inc. (Agent) has acted solely as agent for Dealer and Counterparty to the extent required by law in
connection with the Transaction and has no obligations, by way of issuance, endorsement, guarantee or otherwise, with respect to the performance of either party under the Transaction. The parties agree to proceed solely against each other, and not
against Agent, in seeking enforcement of their rights and obligations with respect to the Transaction, including their rights and obligations with respect to payment of funds and delivery of securities. |
|
(ii) |
Agent may have been paid a fee by Dealer in connection with the Transaction. Further details will be furnished upon written request. |
|
(iii) |
The time of the Transaction will be furnished by Agent upon written request. |
(e) |
Acknowledgments Regarding Hedging. |
Counterparty acknowledges (and in the case of clause
(vi) below, Dealer and Counterparty acknowledge) that:
|
(i) |
during the term of the Transaction, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to
establish, adjust or unwind its hedge position with respect to the Transaction; |
16/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
|
(ii) |
Dealer and its affiliates may also be active in the market for the Shares and derivatives linked to the Shares other than in connection with hedging activities in relation to the Transaction, including acting as agent
or as principal and for its own account or on behalf of customers; |
|
(iii) |
Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in Issuers securities shall be conducted and shall do so in a manner that it deems appropriate to
hedge its price and market risk with respect to the Transaction; |
|
(iv) |
any market activities of Dealer and its affiliates with respect to the Shares may affect the market price and volatility of the Shares, each in a manner that may be adverse to Counterparty; |
|
(v) |
the Transaction is a derivatives transaction in which it has purchased from Dealer an option; Dealer may purchase or sell Shares for its own account at an average price that may be greater than, or less than, the price
paid to Counterparty under the terms of the Transaction; and |
|
(vi) |
without limiting the generality of the foregoing, any initial price of the Transaction is not the execution price of any initial hedge of the Dealer (if the Dealer chooses to hedge any risk with respect to the
Transaction), taking into account any applicable fees or commissions, but rather is an initial price that is at risk to the Dealer (as determined by the Dealer in its sole discretion). |
Counterparty and Dealer understand that there may exist one or more
confidentiality agreement(s) between Counterparty and Dealer. With respect to any rights or obligations thereunder to maintain the confidential nature of confidential information (as defined therein), the parties agree to continue to maintain the
confidential nature of confidential information.
Notwithstanding anything to the contrary contained herein, any party (or such
partys affiliates) may disclose to any and all persons, without limitation of any kind, the United States tax treatment (federal, state and local) and tax structure of any transaction contemplated hereunder and all materials of any kind
relating to such tax treatment and tax structure. However, any information relating to the United States federal, state or local tax treatment or tax structure shall remain subject to the applicable confidentiality provisions (and the preceding
sentence shall not apply) to the extent reasonably necessary to enable any person to comply with applicable securities laws. Tax treatment or tax structure is limited to any facts relevant to the United States federal, state
or local tax treatment of any Transaction contemplated hereunder and specifically does not include information relating to the identity of Counterparty or any of its affiliates.
17/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
Counterparty and Dealer each acknowledge and agree that:
(i) there are no voting, hedging or settlement arrangements between Counterparty and Dealer with respect to any Shares or the Issuer, other than those set forth herein; (ii) although Dealer may hedge its risk under the Transactions in any
way Dealer determines, Dealer has no obligation to hedge with the purchase or maintenance of any Shares; (iii) Counterparty will not be entitled to any voting rights in respect of any of the Shares underlying the Options in the Transaction
including upon the exercise of any Put Options by Dealer until, if applicable, the delivery of any Shares to Counterparty after the Deferred Settlement Period; and (iv) Counterparty will not influence Dealer with respect to the voting of any
Hedge Positions of Dealer that are Shares (if any) or, prior to the end of the Deferred Settlement Period, the Number of Shares to be Delivered (if any Put Options are exercised).
18/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this
Confirmation and returning it to us.
|
|
|
Yours faithfully, |
|
NOMURA INTERNATIONAL PLC |
|
|
By: |
|
|
|
|
Name: |
|
|
Title: |
|
|
|
Confirmed as of the date first written above: |
|
PERSHING SQUARE FUNDS |
|
By: Pershing Square Capital Management, L.P., as
its Investment Manager |
By: |
|
PS Management GP, LLC, its General Partner |
|
|
By: |
|
|
|
|
Name: William A. Ackman |
|
|
Title: Managing Member |
19/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
SCHEDULE A
SHARE PUT OPTION SUPPLEMENTAL CONFIRMATION
|
|
|
To: |
|
[PERSHING SQUARE FUNDS] |
Attention: |
|
c/o Pershing Square Capital Management, L.P. |
|
|
888 Seventh Avenue, 42nd Floor |
|
|
New York, NY 10019 |
Dear Sir/Madam:
The purpose of this Share Option Supplemental
Confirmation (this Supplemental Confirmation) is to confirm the specific terms and conditions of one or more Transaction(s) (each a Transaction) entered into between you (Counterparty) and us
(Dealer) on the Trade Date specified below. This Supplemental Confirmation supplements the Master Confirmation between you and us dated September 24, 2014.
The terms of the particular Transaction(s) to which this Supplemental Confirmation relates are as follows:
|
|
|
|
|
|
|
|
|
|
|
Trade Date |
|
Expiration Date |
|
Number of Options |
|
Strike Price |
|
Premium |
|
Dealer Reference Number |
[ ], 2014 |
|
[ ] |
|
[ ] |
|
USD [ ] |
|
USD [ ] |
|
[ ] |
|
|
|
|
|
|
[ ], 2014 |
|
[ ] |
|
[ ] |
|
USD [ ] |
|
USD [ ] |
|
[ ] |
|
|
|
|
|
|
[ ], 2014 |
|
[ ] |
|
[ ] |
|
USD [ ] |
|
USD [ ] |
|
[ ] |
20/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
|
|
|
|
|
|
|
Nomura International plc |
|
|
|
|
|
Urgent Please
deliver immediately |
1 Angel Lane |
|
Telephone |
|
+91 22 6723 4534 |
|
London |
|
Facsimile |
|
+44 (0)20 7102 9404 |
|
EC4R 3AB |
|
Web site |
|
www.nomura.com |
|
Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this
Confirmation and returning it to us.
|
|
|
Yours faithfully, |
|
NOMURA INTERNATIONAL PLC |
|
|
By: |
|
|
|
|
Name: |
|
|
Title: |
Confirmed as of the date first written above:
|
|
|
[PERSHING SQUARE FUNDS] |
|
By: Pershing Square Capital Management, L.P., as its Investment Manager |
By: PS Management GP, LLC, its General Partner |
|
|
By: |
|
|
|
|
Name: William A. Ackman |
|
|
Title: Managing Member |
21/21
Nomura International plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Member of the London Stock Exchange. Registered in England no. 1550505 VAT No. 447 2492 35. Registered Office: 1 Angel Lane, London EC4R 3AB, United Kingdom A member of the Nomura group of companies
Exhibit 99.6
[Dealer Letterhead]
SHARE SWAP MASTER CONFIRMATION
|
|
|
To: |
|
[PERSHING SQUARE, L.P. |
|
|
PERSHING SQUARE II, L.P. |
|
|
PERSHING SQUARE INTERNATIONAL, LTD. |
|
|
PERSHING SQUARE HOLDINGS, LTD.] |
|
|
Attention: |
|
c/o Pershing Square Capital Management, L.P. |
|
|
888 Seventh Avenue, 42nd Floor |
|
|
New York, NY 10019 |
Dear Sir/Madam:
The purpose of
this Share Swap Master Confirmation (this Master Confirmation) is to set forth the general terms and conditions of one or more Transactions (each a Transaction) that may be entered into between you
(Counterparty) and us (Dealer) on the Trade Date specified in a Supplemental Confirmation, each substantially in the form of Schedule A hereto, confirming the specific terms and conditions of a particular
Transaction (each a Supplemental Confirmation). Each Transaction, if executed, will be a Swap Transaction, the terms of which are specified in the Master Confirmation as supplemented by an applicable Supplemental Confirmation
(together, the Confirmation), wherein more than one Transaction may be referenced. The entry into this Master Confirmation does not obligate either party to enter into any Transaction.
Each Confirmation constitutes a Confirmation as referred to in the Agreement specified below. This Master Confirmation hereby incorporates by
reference the 2002 ISDA Equity Derivatives Definitions (the Equity Definitions) and the 2006 ISDA Definitions (the Swap Definitions), each as published by the International Swaps and Derivatives Association,
Inc. In the event of any inconsistency between the Equity Definitions and the Swap Definitions, the Equity Definitions will govern. In the event of any inconsistency between either the Equity Definitions or the Swap Definitions and any Confirmation,
such Confirmation will govern for purposes of the Transaction to which such Confirmation relates. For purposes of the Equity Definitions, each Transaction shall be a Share Swap Transaction.
Each Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which the Confirmation
relates. Each Confirmation shall supplement, form a part of and be subject to the [1992 ISDA Master Agreement (MulticurrencyCross Border)][2002 ISDA Master Agreement] (the Agreement) as published by ISDA entered into between
the parties on [INSERT DATE], including the Schedule thereto and the 1994 Credit Support Annex (Bilateral FormNew York Law) (the CSA) to such Schedule. In the event of any inconsistency between the provisions of the
Agreement or the CSA and any Confirmation, the Confirmation will govern for the purpose of the Transaction to which the Confirmation relates.
1. The terms of the particular Transaction to which this Confirmation relates are as follows:
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General Terms: |
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Trade Date: |
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As specified in the relevant Supplemental Confirmation |
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Effective Date: |
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One Settlement Cycle following the Trade Date |
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Termination Date: |
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The final Cash Settlement Payment Date |
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Shares: |
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The common stock of (the Issuer) (ticker symbol:
) |
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Exchange(s): |
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[New York Stock Exchange][NASDAQ] |
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Related Exchange(s): |
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All Exchanges |
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Equity Amounts: |
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Equity Amount Payer: |
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Dealer |
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Number of Shares: |
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As specified in the relevant Supplemental Confirmation |
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Equity Notional Amount: |
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The product of the Number of Shares and the Initial Price |
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Initial Price: |
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As specified in the relevant Supplemental Confirmation |
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Equity Notional Reset: |
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[If bullet swap:][Not Applicable] |
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[If resetting swap:][Applicable] |
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Type of Return: |
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Total Return |
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Valuation Date: |
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[If bullet swap:][In respect of each Settled Notional Amount (as defined under Settlement Procedures), the final Averaging Date related to such Settled Notional Amount] |
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[If resetting swap:][In respect of each interim valuation, the dates specified in the relevant Supplemental Confirmation. |
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In respect of the final valuations, and each Settled Notional Amount (as defined under Settlement Procedures), the final Averaging Date related to such Settled Notional Amount] |
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Settlement Procedures: |
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Prior to the First Initial Averaging Date, the Calculation Agent will determine the Equity Notional Amount subject to settlement (the Settled Notional Amount) in its good faith and commercially reasonable
discretion (which may, for the avoidance of doubt, be exercised in consideration of advice of counsel to Counterparty and counsel to Dealer and in consideration of other market activity by Counterparty as well as any legal considerations applicable
to Counterparty, including, but not limited to, considerations related to the fact that Counterparty may be an insider or affiliate of the Issuer and the application, if any, of any related securities laws (such
considerations, the Unwind Parameters)), and will notify Dealer and Counterparty of such determination. The Calculation Agent will include in such notice the number of Averaging Dates (Determined Averaging Date
Number) and an initial Averaging Date for such settlement (each such date, an Initial Averaging Date). The Initial Averaging Date for the first such settlement shall be the First Initial Averaging
Date. |
2
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The Calculation Agent will ensure that the Determined Averaging Date Number is equal to (or is by no more than 5 Scheduled Trading Days greater than or less than) a number equal to the quotient of (a) the Settled Notional
Amount divided by (b) the ADTV Limit, with any fractional Determined Averaging Date Number being rounded up to the next whole number. ADTV Limit means a number equal to the product of (i) 25%, and (ii) the
trailing average daily composite trading volume for the most recent 30-day period, determined by the Calculation Agent as of the Initial Averaging Date. |
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Such settlement shall proceed under the Equity Definitions as if (i) the Equity Notional Amount and the Notional Amount were the Settled Notional Amount, (ii) the Number of Shares were a proportional portion of the total
Number of Shares, (iii) the Averaging Dates were a number of consecutive Exchange Business Days beginning on, and including, the Initial Averaging Date for such settlement, which number shall be equal to Determined Averaging Date Number, and
(iv) the Valuation Date were the final Averaging Date for such Settled Notional Amount. |
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Following each such settlement, the Transaction will continue with an Equity Notional Amount, Notional Amount and Number of Shares reduced by the amounts so settled, and the Calculation Agent will select subsequent Initial Averaging
Date(s) in a good faith and commercially reasonable manner (taking into account the Unwind Parameters) until the total of all Settled Notional Amounts equals the total Equity Notional Amount hereunder. For the avoidance of doubt, the Calculation
Agent may select a Settled Notional Amount for the first settlement hereunder that equals the total Equity Notional Amount hereunder, in which case there shall be only one such settlement
hereunder. |
3
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[If bullet swap:][Subject to Optional Early Termination below, the Settled Notional Amounts shall be aggregated (if there are more than one Settled Notional Amounts) by the Calculation Agent, will accrue
interest at an applicable LIBOR (plus the Spread), and then paid in accordance with the terms hereof on the Cash Settlement Payment Date.] |
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[If resetting swap:][Subject to Optional Early Termination below, the Settled Notional Amounts shall be paid in accordance with the terms hereof on the related Cash Settlement Payment Date.] |
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First Initial Averaging Date: |
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As specified in the relevant Supplemental Confirmation |
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Cash Settlement Representation: |
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Prior to the settlement of any Settled Notional Amount, the Counterparty will represent to the Dealer that either (1) Counterparty is or has been for the preceding three months an affiliate (as defined under Rule 144
under the Securities Act of 1933, as amended (Rule 144)) of the Issuer, (2) Buyer is not and has not been for the preceding three months an affiliate of the Issuer, or (3) Buyer should be deemed an
affiliate of the Issuer solely for purposes of such settlement. |
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Relevant Price: |
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For purposes of Section 6.7 of the Equity Definitions, and with respect to any Cash Settlement, a price calculated based on the relevant date of determinations VWAP Price excluding trades on the Exchange below the Limit
Price minus USD 0.02. |
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Limit Price: |
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Counterparty may communicate to Dealer on any Averaging Date prices above which the Final Price is acceptable to Counterparty it being understood that the Calculation Agent may have to increase the Determined Averaging Date
Number in a commercially reasonable manner to reflect market liquidity above such prices. |
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VWAP Price: |
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For any Exchange Business Day, the volume-weighted average price per Share, as displayed on Bloomberg Page <Equity> AQR (or any successor thereto) with respect to
such Exchange Business Day, as determined by the Calculation Agent, or in the event such price is not so reported for such day for any reason or is manifestly erroneous, as reasonably determined by the Calculation Agent; provided that, when
Shares trade above or below a certain price are excluded from the calculation of such volume-weighted average price, the Calculation Agent will modify the calculation commands on Bloomberg to calculate such price to reflect the agreement by the
parties. |
4
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Floating Amounts: |
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Floating Amount Payer: |
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Counterparty |
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Notional Amount: |
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The Equity Notional Amount |
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Calculation Period: |
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Each period from, and including, one Period End Date to, but excluding, the next following Period End Date, except that (a) the initial Calculation Period will commence on, and include, the Effective Date, and (b) the final
Calculation Period will end on, but exclude, the Termination Date |
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Period End Dates: |
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As specified in the relevant Supplemental Confirmation |
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Payment Date: |
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[If bullet swap:][The Cash Settlement Payment Date] |
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[If resetting swap:][Each Cash Settlement Payment Date] |
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Floating Rate Option: |
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USD-LIBOR-BBA |
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Designated Maturity: |
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One month |
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Spread: |
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As specified in the relevant Supplemental Confirmation |
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Floating Rate Day Count Fraction: |
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Actual/360 |
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Reset Dates: |
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The first day of each Calculation Period |
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Compounding: |
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Flat Compounding |
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Business Days: |
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New York |
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Business Day Convention: |
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Modified Following |
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Adjustment of Notional Amount: |
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In respect of each day in any Calculation Period that overlaps with the period beginning on, and including, an Initial Averaging Date and ending on, and including, the Valuation Date for any Settled Notional Amount as described
under Settlement Procedures above, the Calculation Agent will adjust the Notional Amount (and the resulting Floating Amount) on each Averaging Date in such Calculation Period to reflect a decrease on each such Averaging Date in an
amount equal to the product of: (a) the Settled Notional Amount for such settlement and (b) a fraction the numerator of which is one and the denominator of which is the Determined Averaging Date Number for such settlement (as adjusted by the
Calculation Agent for any Disrupted Days or partially Disrupted Days), without duplication to the reduction(s) in the Notional Amount described under Settlement Procedures
above |
5
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Settlement Terms: |
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Cash Settlement: |
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Applicable |
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Settlement Currency: |
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USD |
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Cash Settlement Payment Date: |
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[If bullet swap:][For all Equity Amounts related to a Settled Notional Amount (as defined under Settlement Procedures), the date that is one Settlement Cycle following the final Valuation Date relating
to the very last Settled Notional Amount (unless otherwise agreed by the parties)] |
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[If resetting swap:][In respect of each interim valuation, the date that is one Settlement Cycle after each specified date under the definition of Valuation Date above. In respect of the final
valuations, and each Equity Amount related to a Settled Notional Amount (as defined under Settlement Procedures), the date that is one Settlement Cycle following the final Averaging Date related to such Settled Notional Amount
(unless otherwise agreed by the parties)] |
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Settlement Method Election: |
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Not Applicable |
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Market Disruption Events: |
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Market Disruption Event: |
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Section 6.3(a) of the Equity Definitions is hereby amended by replacing clause (ii) thereof in its entirety with the following: (ii) an Exchange Disruption, or and inserting immediately following clause (iii) thereof
the following: ; in each case that the Calculation Agent determines is material. |
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Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term Scheduled Closing Time in the fourth line thereof. |
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Averaging Date Disruption: |
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Modified Postponement; provided that Section 6.7(c)(iii)(A) of the Equity Definitions is hereby modified by inserting the words the Calculation Agent may determine in its discretion that after the word
then in the sixth line thereof. Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Averaging Date, the Calculation Agent may determine that such Averaging Date
is a Disrupted Day only in part, in which case (i) such day shall be an Averaging Date and the Scheduled Trading Day immediately following the date that would otherwise be the last Averaging Date shall be an additional Averaging Date; (ii) the
Calculation Agent shall determine the VWAP Price on the Averaging Date that is a partially Disrupted Day on the basis of transactions in the Shares on the Exchange on such Averaging Date, taking into account the nature and duration of the relevant
Market Disruption Event; and (iii) the Calculation Agent shall determine the Final Price using an appropriately weighted average of VWAP Prices on the Averaging Dates instead of the arithmetic
average. |
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Section 6.6(a) of the Equity Definitions is hereby amended by replacing the word shall in the fifth line thereof with the word may, and by deleting clause (i) thereof. Section 6.7(c)(iii)(A) of the Equity
Definitions is hereby amended by replacing the word shall in the sixth and eighth line thereof with the word may. |
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Dividends: |
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Dividend Period: |
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Second Period |
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Dividend Amount: |
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The product of the Ex Amount and the Number of Shares; provided that if the gross cash dividend per Share actually paid by the Issuer is less than the relevant Ex Amount, then the Calculation Agent shall reduce such Ex
Amount to equal the amount actually paid by the Issuer |
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Each Dividend Amount will accrue interest from, and including, the relevant Issuer Dividend Date to, and excluding, the succeeding Cash Settlement Payment Date at an applicable LIBOR (plus the Spread), as determined by the
Calculation Agent. |
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Issuer Dividend Dates: |
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The date on which the Issuer pays a dividend to holders of record of the Shares |
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Dividend Payment Date: |
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[If bullet swap:][The Cash Settlement Payment Date] |
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[If resetting swap:][Each Cash Settlement Payment Date] |
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On the Dividend Payment Date, the Equity Amount Payer will pay to the Equity Amount Receiver all Dividend Amounts that have occurred prior to such date |
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Averaging Date Dividends: |
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If an ex-dividend date occurs on any Averaging Date for any settlement as described under Settlement Procedures above, the Calculation Agent will adjust the Number of Shares for purposes of calculating the
amount payable pursuant to Section 8.6(b) of the Equity Definitions to reflect, as of such Averaging Date, the remaining number of Shares related to the proportion of the Transactions that are not yet settled (without duplication to the reduction(s)
in the Number of Shares described under Settlement Procedures above) |
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Re-investment of Dividends: |
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Not Applicable |
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Adjustments: |
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Method of Adjustment: |
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Calculation Agent Adjustment; provided, that the only adjustment for any Spin-off shall be as specified under Spin-off and Consequences of Spin-off below. |
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Diluting Event: |
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Any event described in the definition of Potential Adjustment Event in Section 11.2(e) of the Equity Definitions, or any similar event, that subjects the Hedging Party or any person (relative to other holders
of Shares) to any disadvantage as a result of any action, including, but not limited to, a poison pill or other plan that has the effect of shareholder rights being distributed or separated from the Shares. To the extent that an event
may be a Potential Adjustment Event and a Diluting Event, the parties agree to treat such event as a Diluting Event. |
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Diluting Event Consequence: |
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Upon the occurrence of a Diluting Event, the Calculation Agent will adjust the terms of the Transaction to reflect, to the extent practicable, any mutual agreement of Dealer and Counterparty, it being understood that the
Calculation Agent will attempt, to the extent practicable, to address the economic effect on the parties from the Diluting Event by (i) extending the term of the Transaction(s) to a date up to 24 months after the original First Initial Averaging
Date, and (ii) adjusting the terms of the Transaction(s) to reflect such extension, including, but not limited to, the credit terms and funding costs applicable to Counterparty in connection with such adjustments. |
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Spin-off: |
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A distribution of Spin-off Shares to holders of the Shares (the Original Shares). Spin-off Shares means shares of a subsidiary of the Issuer or any other entity in which the Issuer has an
equity investment (the Spin-off Company) that are, or that as of the ex-dividend date of a distribution of such shares to holder of the Original Shares are, scheduled to be publicly quoted, trade or listed on an United States securities
exchange or quotation system. Notwithstanding anything else to the contrary in the Equity Definitions, a distribution of Spin-off Shares will in every case require the Calculation Agent to take the actions specified under Consequences of
Spin-off below and the Calculation Agent will not adjust the Transaction in any other manner. |
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Consequences of Spin-off: |
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Following the occurrence of a Spin-off, the Calculation Agent shall adjust the Transaction on account of such distribution of Spin-off Shares. Notwithstanding anything else to the contrary in the Equity Definitions, the Calculation
Agents adjustment must continue the Transaction as two separate Transactions in respect of the Original Shares and the Spin-off Shares with substantially similar terms; provided, that the Calculation Agent shall make such adjustments to
the terms of the Transactions as the Calculation Agent determines appropriate to account for the economic effect on the original Transaction of such Spin-off. |
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Extraordinary Events: |
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Consequences of Merger Events: |
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(a) Share-for-Share: |
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Alternative Obligation |
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(b) Share-for-Other: |
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Cancellation & Payment |
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(c) Share-for-Combined: |
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Component Adjustment |
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Composition of Combined |
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Consideration: |
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Not Applicable |
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Tender Offer: |
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Not Applicable |
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Determining Party: |
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Calculation Agent |
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Nationalization, Insolvency or Delisting: |
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Cancellation and Payment |
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Additional Disruption Events: |
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Change in Law: |
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Applicable; provided that Section 12.9(a)(ii) is hereby amended by (A) adding the words or any Hedge Positions after the word Shares in the clause (X) thereof; (B) deleting clause (Y) thereto; and (C)
adding the words (including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute) after the word regulation in the second line thereof;
provided that any determination as to whether (i) the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law) or (ii) the promulgation of or any change in or public announcement of the formal
or informal interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), in each case, constitutes a Change in Law shall
be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any derivatives legislation enacted after the date of this Master Confirmation that affects
the Hedging Party |
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Insolvency Filing: |
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Not Applicable |
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Hedging Disruption: |
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Not Applicable |
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Increased Cost of Hedging: |
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Not Applicable |
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Hedging Party: |
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Dealer for all applicable events |
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Determining Party: |
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The Calculation Agent for all applicable events |
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Optional Early Termination: |
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So long as no Termination Event or Event of Default (as such terms are defined in the Agreement) shall have occurred and then be continuing with respect to Counterparty, Counterparty may, upon one Scheduled Trading Days
prior notice to Dealer, terminate the Transaction, in whole or in part, by designating a Scheduled Trading Day occurring prior to the First Initial Averaging Date as the Optional Early Initial Averaging Date, in which
event: |
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(i) the relevant Optional Early Initial Averaging Date shall be deemed to be the First Initial Averaging Date and the other terms herein in respect of Settlement Procedures above shall apply; |
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(ii) in the case of a partial optional early termination, a Cash Settlement Payment Date shall be deemed to occur (one Settlement Cycle after the final Averaging Date related to such Settled Notional Amount) for the Settled
Notional Amount that is subject to the optional early termination notice, with the remaining Equity Notional Amount continuing under the terms of this Confirmation; and (iii) Counterparty shall be deemed to represent to Dealer that such election is
in compliance with Section 10(b) of the Securities Exchange Act of 1934, as amended (the Exchange Act). |
10
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Non-Reliance: |
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Applicable |
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Agreements and Acknowledgments |
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Regarding Hedging Activities: |
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Applicable |
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Additional Acknowledgments: |
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Applicable |
2. Calculation Agent:
Dealer, provided however that Counterparty may challenge any determination or calculation made by the Calculation Agent within two Business Days
following receipt by Counterparty of such determination or calculation, subject to providing in reasonable details the material reasons for the dispute and suggesting an alternative calculation or determination. If the parties are unable to agree on
such determination or calculation within one Business Day, (i) the relevant party shall pay the amount, if any, which is not in dispute and (ii) a mutually acceptable third party will be appointed by the parties within two Business Days
following such challenge to act as Substitute Calculation Agent and make the relevant determination or calculation. If the parties are unable within two Business Days to agree on, or to appoint, such third party, then each party will, within two
Business Days select a leading, independent dealer in instruments of the type covered by this Confirmation and such dealers shall agree on a third party who shall also be a leading, independent dealer in instruments of the type covered by this
Confirmation to act as Substitute Calculation Agent. Subject to the above, all determinations and calculations by the Substitute Calculation Agent will be binding and conclusive in the absence of manifest error. The costs, fees and expenses (if any)
relating to the appointment of a third party shall be borne equally by both parties.
3. Collateral:
Dealer and Counterparty agree to provide Eligible Collateral in accordance with the CSA.
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Independent Amount: |
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The Independent Amount with respect to Counterparty and any Transaction shall be specified in the relevant Supplemental Confirmation. |
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4. Notices and Account Details: |
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Account Details for Dealer: |
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As separately notified |
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Account Details for Counterparty: |
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As separately notified |
Notice to Dealer:
[To be provided]
with a copy to:
[To be provided]
11
Notice to Counterparty:
Steve Milankov
c/o Pershing
Square Capital Management, L.P.
888 Seventh Avenue, 42nd Floor
New York, NY 10019
with a copy
to:
Ramy Saad
c/o Pershing
Square Capital Management, L.P.
888 Seventh Avenue, 42nd Floor
New York, NY 10019
5. Additional
Provisions:
(a) Securities Contract.
The parties
hereto intend that Dealer be a financial institution, swap participant and financial participant within the meaning of Sections 101(22), 101(53C) and 101(22A) of the Bankruptcy Code. The parties hereto further
intend that (A) this Confirmation and the Transaction will each be a swap agreement, as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection
herewith is transfer within the meaning of Section 546 of the Bankruptcy Code, (B) the rights given to Dealer hereunder and under the Agreement upon the occurrence of an Event of Default, Termination Event or Extraordinary
Event constitute a contractual right to cause the liquidation, termination or acceleration of, and to offset or net out termination values, payment amounts and other transfer obligations under or in connection with a swap
agreement and a contractual right under a security agreement or arrangement forming a part of or related to a swap agreement as such terms are used in Sections 555, 560, 561, 362(b)(6) and 362(b)(17) of the Bankruptcy
Code, and (C) Dealer is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(o), 546(e), 546(g), 548(d)(2), 555, 560 and 561 of the Bankruptcy Code.
(b) Agreements and Acknowledgements Regarding Hedging.
Counterparty understands, acknowledges and agrees (and in the case of clause (vi) below, Dealer and Counterparty understand, acknowledge and agree) that:
(i) At any time on and prior to any Valuation Date for the Transaction, Dealer and its affiliates may buy or sell Shares or other
securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its hedge position with respect to any Transaction;
(ii) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to any
Transaction;
(iii) Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in
securities of the Issuer shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Transaction;
12
(iv) Any market activities of Dealer and its affiliates with respect to Shares may affect the
market price and volatility of Shares, including any VWAP Price, each in a manner that may be adverse to Counterparty;
(v) Each
Transaction is a derivatives transaction in which it has purchased from Dealer a Swap; Dealer may purchase or sell Shares for its own account at an average price that may be greater than, or less than, the price paid to Counterparty under the terms
of any Transaction; and
(vi) Without limiting the generality of the foregoing, any initial price of any Transaction is not the execution
price of any initial hedge of the Dealer (if the Dealer chooses to hedge any risk with respect to such Transaction), taking into account any applicable fees or commissions, but rather is an initial price that is at risk to the Dealer (as determined
by the Dealer in its sole discretion).
(c) Matters relating to Dealer and the Agent.
(i) Dealer is not registered as a broker or dealer under the Exchange Act. BROKER SUBSIDIARY (Agent) has acted solely as
agent for Dealer to the extent required by law in connection with the Transaction and has no obligations, by way of issuance, endorsement, guarantee or otherwise, with respect to the performance of either party under the Transaction. The parties
agree to proceed solely against each other, and not against Agent, in seeking enforcement of their rights and obligations with respect to the Transaction, including their rights and obligations with respect to payment of funds and delivery of
securities.
(ii) Agent may have been paid a fee by Dealer in connection with the Transaction. Further details will be furnished upon
written request.
(iii) The time of the Transaction will be furnished by Agent upon written request.
6. Additional Representations, Warranties and Covenants of the Parties.
(a) Counterparty hereby represents and warrants to Dealer, as of the date hereof, and as of each date on which a Transaction is executed hereunder, that
(1) the execution of a Transaction by it is not in violation of Section 10(b) of the Exchange Act, and (2) it is not an affiliate (as defined in Rule 144) of the Issuer.
(b) Counterparty and Dealer each acknowledge and agree that, under any Transaction, Counterparty will not be entitled to any voting rights in respect of any of
the Shares in connection with such Transaction.
(c) Counterparty and Dealer each acknowledge and agree that there are no voting, hedging or settlement
arrangements between Counterparty and Dealer with respect to any Shares or the Issuer, other than those set forth herein.
(d) Neither Counterparty nor
Dealer is entering into this Transaction for the purpose of creating actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the
Shares (or any security convertible into or exchangeable for the Shares).
(e) Counterparty and Dealer each are eligible contract participants
as such term is defined in Section 1a(18) of the Commodity Exchange Act, as amended.
13
(f) Counterparty hereby represents and warrants to Dealer as of the Trade Date that it is not and, after giving
effect to the transactions contemplated hereby, will not be required to register as an investment company under, and as such term is defined in, the Investment Company Act of 1940, as amended.
(g) Without limiting the generality of Section 3(a)(iii) of the Agreement, Counterparty is and, after giving effect to any Transaction, will be in
compliance with any reporting obligations under Section 16, Section 13(d) and Section 13(g) of the Exchange Act it has with respect to the Shares.
(h) Each of Dealer and Counterparty and each of its respective employees, representatives, or other agents may disclose to any and all persons,
(1) without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax
structure, and (2) to the extent required by law, any information in respect of the Transactions or this Confirmation to any governmental or regulatory authority or any swap data repository. Other than this provision, each of the Dealer and the
Counterparty agree to keep each others information, including this structure, confidential.
(i) Counterparty and Dealer each acknowledge and agree
that: (1) although Dealer may hedge its risk under the Transactions in any way Dealer determines, Dealer has no obligation to hedge with the purchase or maintenance of any Shares; and (2) Counterparty will not influence Dealer with respect
to the voting of any Hedge Positions of Dealer that are Shares (if any).
(j) Notwithstanding Section 7 of the Agreement, and unless otherwise
specified in the Schedule thereto, (1) Dealer may transfer or assign one or more Transactions executed hereunder to any of its Affiliates with similar credit ratings to the Dealer, and (2) Counterparty may transfer or assign one or more
Transactions executed hereunder to any derivatives dealer transferee; provided that such transferee has appropriate on-boarding, KYC and credit limit arrangements in place with Dealer, who shall be deemed to be the
remaining party in such transferred or assigned Transaction(s).
14
Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Master
Confirmation and returning it to us.
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Yours faithfully,
[DEALER NAME] |
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By: |
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Name: |
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Title: |
Confirmed as of the date first written above:
|
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|
[PERSHING ENTITY] By: Pershing
Square Capital Management, L.P., its Investment Manager By:
PS Management GP, LLC Its: General Partner |
|
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By: |
|
|
|
|
William A. Ackman, Managing Member |
15
SCHEDULE A
SHARE SWAP SUPPLEMENTAL CONFIRMATION
To: |
[PERSHING SQUARE FUND NAME] |
Attention: |
c/o Pershing Square Capital Management, L.P. |
|
888 Seventh Avenue, 42nd Floor |
Dear Sir/Madam:
The purpose of this Share Swap Supplemental Confirmation (this Supplemental Confirmation) is to confirm the specific terms and conditions of
one or more Transaction(s) (each a Transaction) entered into between you (Counterparty) and us (Dealer) on the Trade Date specified below. This Supplemental Confirmation supplements the Master
Confirmation between you and us dated , 2014.
The terms of the particular
Transaction(s) to which this Supplemental Confirmation relates are as follows:
|
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|
|
|
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|
|
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Trade Date |
|
Number of Shares |
|
Initial Price |
|
Valuation Dates (for interim valuation) |
|
First Initial Averaging Date |
|
Period End Dates |
|
Spread |
|
Independent Amount |
[ ], 2014 |
|
[ ] |
|
[ ] |
|
[each day of June and December that is, respectively, 3 Business Days prior to the last Business Day of such month] |
|
[Trade Date plus 2 years] |
|
[ ] |
|
[ ] |
|
[ ] |
[ ], 2014 |
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[ ] |
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[ ] |
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[ ] |
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[ ] |
|
[ ] |
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[ ] |
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[ ] |
[ ], 2014 |
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[ ] |
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[ ] |
|
[ ] |
|
[ ] |
|
[ ] |
|
[ ] |
|
[ ] |
16
Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Supplemental
Confirmation and returning it to us.
|
|
|
Yours faithfully,
[DEALER NAME] |
|
|
By: |
|
|
|
|
Name: |
|
|
Title: |
Confirmed as of the date first written above:
|
|
|
[PERSHING ENTITY] By: Pershing
Square Capital Management, L.P., its Investment Manager By:
PS Management GP, LLC Its: General Partner |
|
|
By: |
|
|
|
|
William A. Ackman, Managing Member |
17
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