<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 1, 1999
REGISTRATION NO. 333-38931
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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POST-EFFECTIVE AMENDMENT NO. 1
TO
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
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<TABLE>
<S> <C> <C>
SALOMON SMITH BARNEY HOLDINGS INC. NEW YORK 11-2418067
SSBH CAPITAL I DELAWARE 06-6452992
SSBH CAPITAL II DELAWARE 06-6452994
SSBH CAPITAL III DELAWARE 06-6452995
SSBH CAPITAL IV DELAWARE 06-6452996
(EXACT NAME OF REGISTRANT AS (STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
SPECIFIED IN ITS CHARTER) INCORPORATION OR ORGANIZATION) IDENTIFICATION NUMBERS)
</TABLE>
388 GREENWICH STREET
NEW YORK, NEW YORK 10013
(212) 816-6000
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE, OF
REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
------------------------
JOAN GUGGENHEIMER, ESQ., GENERAL COUNSEL
SALOMON SMITH BARNEY HOLDINGS INC.
388 GREENWICH STREET
NEW YORK, NEW YORK 10013
(212) 816-6000
(NAME, ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE,
OF AGENT FOR SERVICE)
------------------------
Copies to:
<TABLE>
<S> <C> <C>
STEPHANIE B. MUDICK, ESQ. ALAN L. BELLER, ESQ. KENNETH J. BIALKIN, ESQ.
CITIGROUP INC. CLEARY, GOTTLIEB, STEEN & SKADDEN, ARPS, SLATE,
153 EAST 53RD STREET HAMILTON MEAGHER & FLOM LLP
NEW YORK, NEW YORK 10043 ONE LIBERTY PLAZA 919 THIRD AVENUE
NEW YORK, NEW YORK 10006 NEW YORK, NEW YORK 10022
</TABLE>
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APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE OF THE SECURITIES TO THE
PUBLIC: At such time (from time to time) after the effective date of this
Registration Statement as agreed upon by Salomon Smith Barney Holdings Inc. and
the Underwriters in light of market conditions.
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If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box. [ ]
If any of the securities being registered on this Form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. [X]
If this form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration number of the earlier effective
registration statement for the same offering. [ ] ------------------------
If this form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ] ------------------------
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. [X]
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THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL
FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION
STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(c) OF
THE SECURITIES ACT OF 1933, AS AMENDED, OR UNTIL THE REGISTRATION STATEMENT
SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID
SECTION 8(c), MAY DETERMINE.
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EXPLANATORY NOTE
This Post-Effective Amendment No. 1 to Registration Statement on Form S-3
(No. 333-38931) (the "Registration Statement") is being filed pursuant to Rule
414 under the Securities Act of 1933, as amended (the "Securities Act"), by
Salomon Smith Barney Holdings Inc., a New York corporation (the "Company"),
which is the successor to Salomon Smith Barney Holdings Inc., a Delaware
corporation ("SSBH"), following a statutory merger (the "Merger") effective on
July 1, 1999 for the purpose of changing SSBH's state of incorporation. Prior to
the Merger, the Company had no assets or liabilities other than nominal assets
or liabilities. In connection with the Merger, the Company succeeded by
operation of law to all of the assets and liabilities of SSBH. Also, on July 1,
1999, in connection with the Merger, the Company changed its name to Salomon
Smith Barney Holdings Inc.
As a result of the Merger, the Company succeeded to SSBH's obligations
under the Senior Debt Indenture (the "Citibank Indenture"), dated as of December
1, 1988, between SSBH and The First National Bank of Chicago Company, as
Successor Trustee ("First Chicago"), as supplemented, relating to the senior
debt securities issued thereunder by SSBH. As required by the Citibank
Indenture, on July 1, 1999, the Company entered into an Eleventh Supplemental
Indenture dated July 1, 1999 with First Chicago, with respect to the Citibank
Indenture, pursuant to which the Company assumed SSBH's obligations under the
Citibank Indenture.
As a result of the Merger, the Company succeeded to SSBH's obligations
under the Subordinated Debt Indenture (the "Bankers Trust Indenture"), dated as
of December 1, 1988, between SSBH and Bankers Trust Company, as Trustee
("Bankers Trust"), as supplemented, relating to the subordinated debt securities
issued thereunder by SSBH. As required by the Bankers Trust Indenture, on July
1, 1999, the Company entered into a Fourth Supplemental Indenture dated July 1,
1999 with Bankers Trust, with respect to the Bankers Trust Indenture, pursuant
to which the Company assumed SSBH's obligations under the Bankers Trust
Indenture.
As a result of the Merger, the Company succeeded to SSBH's obligations
under the Senior Debt Indenture (the "BONY Indenture"), dated as of October 27,
1993, between SSBH and The Bank of New York, as Trustee ("BONY"), as
supplemented, relating to the senior debt securities issued thereunder by SSBH.
As required by the BONY Indenture, on July 1, 1999, the Company entered into a
Second Supplemental Indenture dated July 1, 1999 with BONY, with respect to the
BONY Indenture, pursuant to which the Company assumed SSBH's obligations under
the BONY Indenture.
As a result of the Merger, the Company succeeded to SSBH's obligations
under the Senior Debt Indenture (the "Chase Senior Debt Indenture"), dated as of
January 18, 1994, between SSBH and The Chase Manhattan Bank ("Chase"), as
supplemented, relating to the senior debt securities issued thereunder by SSBH.
As required by the Chase Indenture, on July 1, 1999, the Company entered into a
Second Supplemental Indenture dated July 1, 1999 with Chase, with respect to the
Chase Senior Debt Indenture, pursuant to which the Company assumed SSBH's
obligations under the Chase Senior Debt Indenture.
As a result of the Merger, the Company succeeded to SSBH's obligations
under the Indenture (the "Chase Junior Subordinated Debt Indenture"), dated as
of January 28, 1998, between SSBH and Chase, as Trustee, relating to the junior
subordinated debt securities issued thereunder by SSBH. As required by the Chase
Junior Subordinated Debt Indenture, on July 1, 1999, the Company entered into a
First Supplemental Indenture dated July 1, 1999 with Chase, with respect to the
Chase Junior Subordinated Debt Indenture, pursuant to which the Company assumed
SSBH's obligations under the Chase Junior Subordinated Debt Indenture.
The Merger was approved on June 30, 1999 by Citigroup Inc., the sole
stockholder of SSBH.
In accordance with paragraph (d) of Rule 414 of the Securities Act, except
as modified by this Post-Effective Amendment No. 1, the Company expressly adopts
the Registration Statement as its own registration statement for all purposes of
the Securities Act and the Securities Exchange Act of 1934, as amended.
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<PAGE> 3
PART II
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
THE COMPANY
Section 721 of the New York Business Corporation Law ("B.C.L.") provides
that, in addition to the indemnification provided in Article 7 of the B.C.L., a
corporation may indemnify a director or officer by a provision contained in its
certificate of incorporation or by-laws or by a duly authorized resolution of
its shareholders or directors or by agreement provided that no indemnification
may be made to or on behalf of any director or officer if a judgment or other
final adjudication adverse to the director or officer establishes that his acts
were committed in bad faith or were the result of active and deliberate
dishonesty and material to the cause of action, or that such director or officer
personally gained in fact a financial profit or other advantage to which he was
not legally entitled.
Section 722(a) of the B.C.L. provides that a corporation may indemnify a
director or officer made, or threatened to be made, a party to any action other
than a derivative action, whether civil or criminal, against judgments, fines,
amounts paid in settlement and reasonable expenses actually and necessarily
incurred as a result of such action, if such director or officer acted, in good
faith, for a purpose which he reasonably believed to be in, or not opposed to,
the best interests of the corporation and, in criminal actions or proceedings,
in addition, has no reasonable cause to believe that his conduct was unlawful.
Section 722(c) of the B.C.L. provides that a corporation may indemnify a
director or officer, made or threatened to be made a party in a derivative
action, against amounts paid in settlement and reasonable expenses actually and
necessarily incurred by him in connection with the defense or settlement of such
action or in connection with an appeal therein if such director or officer
acted, in good faith, for a purpose which he reasonably believed to be in, or
not opposed to, the best interests of the corporation, except that no
indemnification will be available under Section 722(c) of the B.C.L. in respect
of a threatened or pending action which is settled or otherwise disposed of or
any claims as to which such director or officer shall have been adjudged liable
to the corporation, unless and only to the extent that the court in which the
action was brought, or, if no action was brought, any court of competent
jurisdiction, determines, upon application, that, in view of all the
circumstances of the case, the director or officer is fairly and reasonably
entitled to indemnity for such portion of the settlement amount and expenses as
the court deems proper.
Section 723 of the B.C.L. specifies the manner in which payment of
indemnification under Section 722 of the B.C.L. or indemnification permitted
under Section 721 of the B.C.L. may be authorized by the corporation. It
provides that indemnification may be authorized by the corporation. It provides
that indemnification by a corporation is mandatory in any case in which the
director or officer has been successful, whether on the merits or otherwise, in
defending an action. In the event that the director or officer has not been
successful or the action is settled, indemnification must be authorized by the
appropriate corporate action as set forth in Section 723. Section 724 of the
B.C.L. provides that, upon application by a director or officer, indemnification
may be awarded by a court to the extent authorized under Sections 722 and 723.
Section 725 of the B.C.L. contains certain other miscellaneous provisions
affecting the indemnification of directors and officers.
Section 726 of the B.C.L. authorizes the purchase and maintenance of
insurance to indemnify (1) a corporation for any obligation which it incurs as a
result of the indemnification of directors and officers under the above
sections, (2) directors and officers in instances in which they may be
indemnified by a corporation under such sections, and (3) directors and officers
in instances in which they may not otherwise be indemnified by a corporation
under such sections, provided the contract of insurance covering such directors
and officers provides, in a manner acceptable to the New York State
Superintendent of Insurance, for a retention amount and for co-insurance.
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Article Seventh(e) of the Restated Certificate of Incorporation of the
Company provides in part as follows:
The Corporation shall indemnify to the full extent authorized by law any
person made or threatened to be made a party to an action or proceeding,
whether criminal, civil, administrative or investigative, by reason of
the fact that he, his testator or intestate is or was a director, officer
or employee of the Corporation or any predecessor of the Corporation or
serves or served any other enterprise as a director, officer or employee
at the request of the Corporation or any predecessor of the Corporation,
provided that this provision shall not provide for indemnification to be
made to or on behalf of any director or officer if a judgment or other
final adjudication adverse to the director or officer establishes that
his acts were committed in bad faith or were the result of active and
deliberate dishonesty and were material to the cause of action so
adjudicated, or that he personally gained in fact a financial profit or
other advantage to which he was not legally entitled.
Article Ninth of the Restated Certificate of Incorporation of the Company
provides as follows:
To the fullest extent permitted under section 402 of the B.C.L., no
director of the corporation shall be personally liable to the corporation
or its shareholders for damages for any breach of duty in such capacity,
provided that this provision shall not limit
(a) the liability of any director if a judgment or other final
adjudication adverse to him or her establishes that his or her acts
or omissions were in bad faith or involved intentional misconduct or
a knowing violation of law or that he or she personally gained in
fact a financial profit or other advantage to which he or she was
not legally entitled or that his or her acts violated section 719 of
the B.C.L. or
(b) the liability of any director for any act or omission prior to
adoption of a provision authorized by this paragraph.
Article Twelve of the By-laws of the Company provides as follows:
The Corporation shall indemnify to the full extent authorized by law any
person made or threatened to be made a party to an action or proceeding,
whether criminal, civil, administrative or investigative, by reason of
the fact that he, his testator or intestate is or was a director, officer
or employee of the Corporation or any predecessor of the Corporation or
serves or served any other enterprise as a director, officer or employee
at the request of the Corporation or any predecessor of the Corporation,
provided that this provision shall not provide for indemnification to be
made to or on behalf of any director or officer if a judgment or other
final adjudication adverse to the director or officer establishes that
his acts were committed in bad faith or were the result of active and
deliberate dishonesty and were material to the cause of action so
adjudicated, or that he personally gained in fact a financial profit or
other advantage to which he was not legally entitled.
The Company has purchased certain liability insurance for its officers and
directors as permitted by Section 726 of the B.C.L. and has entered into
indemnity agreements with its directors and certain officers providing
indemnification in addition to that provided under the B.C.L., as permitted by
Section 721 of the B.C.L.
THE SSBH TRUSTS
The Amended and Restated Declaration of Trust (each a "Declaration") of
each of SSBH Capital I, SSBH Capital II, SSBH Capital III and SSBH Capital IV
(each an "SSBH Trust") provides that no Institutional Trustee (as defined in
each Declaration) or any of its affiliates, Delaware Trustee (as defined in each
Declaration) or any of its affiliates, or officer, director, shareholder,
member, partner, employee, representative, custodian, nominee or agent of the
Institutional Trustee or the Delaware Trustee (each a "Fiduciary Indemnified
Person"), and no Regular Trustee (as defined in each Declaration), affiliate of
any Regular Trustee, or any officer, director, shareholder, member, partner,
employee, representative or agent of any Regular Trustee, or any employee or
agent of such SSBH Trust or its affiliates (each a "Company
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Indemnified Person") shall be liable, responsible or accountable in damages or
otherwise to such SSBH Trust, any Affiliate (as defined in each Declaration) of
such SSBH Trust or any holder of securities issued by such SSBH Trust, or to any
officer, director, shareholder, partner, member, representative, employee or
agent of such SSBH Trust or its Affiliates for any loss, damage or claim
incurred by reason of any act or omission performed or omitted by such Fiduciary
Indemnified Person or Company Indemnified Person in good faith on behalf of such
SSBH Trust and in a manner such Fiduciary Indemnified Person or Company
Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Fiduciary Indemnified Person or Company Indemnified Person by
such Declaration or by law, except that a Fiduciary Indemnified Person or
Company Indemnified Person shall be liable for any loss, damage, or claim
incurred by reason of such Fiduciary Indemnified Person's or Company Indemnified
Person's gross negligence (or in the case of a Fiduciary Indemnified Person,
negligence) or willful misconduct with respect to such acts or omissions. The
Declaration of each SSBH Trust also provides that, to the full extent permitted
by law, the Company shall indemnify any Company Indemnified Person who was or is
a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in right of such SSBH Trust) by reason
of the fact that he is or was a Company Indemnified Person against expenses
(including attorneys' fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by him in connection with such action, suit or
proceeding if he acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the SSBH Trust, and, with respect
to any criminal action or proceeding, had no reasonable cause to believe his
conduct was unlawful. The Declaration of each SSBH Trust also provides that to
the full extent permitted by law, the Company shall indemnify any Company
Indemnified Person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action or suit by or in right of such SSBH
Trust to procure a judgment in its favor by reason of the fact that he is or was
a Company Indemnified Person against expenses (including attorneys' fees)
actually and reasonably incurred by him in connection with the defense or
settlement of such action or suit if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of such SSBH
Trust and except that no indemnification shall be made in respect of any claim,
issue or matter as to which such Company Indemnified Person shall have been
adjudged to be liable to such SSBH Trust unless and only to the extent that the
Court of Chancery of Delaware or the court in which such action or suit was
brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnity for such expenses which such Court
of Chancery or such other court shall deem proper. The Declaration of each SSBH
Trust further provides that expenses (including attorneys' fees) incurred by a
Company Indemnified Person in defending a civil, criminal, administrative or
investigative action, suit or proceeding referred to in the immediately
preceding two sentences shall be paid by the Company in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by
or on behalf of such Company Indemnified Person to repay such amount if it shall
ultimately be determined that he is not entitled to be indemnified by the
Company as authorized in the Declaration. The directors and officers of the
Company and the Regular Trustees are covered by insurance policies indemnifying
them against certain liabilities, including certain liabilities arising under
the Securities Act, which might be incurred by them in such capacities and
against which they cannot be indemnified by the Company or the SSBH Trusts. Any
agents, dealers or underwriters who execute any of the agreements filed as
Exhibit 1(f) to the Registration Statement to which this Post-Effective
Amendment relates will agree to indemnify the Company's directors and their
officers and the SSBH Trustees who signed that Registration Statement and this
Post-Effective Amendment against certain liabilities that may arise under the
Securities Act with respect to information furnished to the Company or any of
the SSBH Trusts by or on behalf of such indemnifying party.
For the undertaking with respect to indemnification, see Item 17 herein.
See the Form of proposed Underwriting Agreement, the Form of Global Selling
Agency Agreement and the Form of Continuous Underwriting Agreement filed as
Exhibit 1(a), (b), (c), (d), (e) and (f) to Registration Statement No. 333-38931
for certain indemnification provisions.
ITEM 16 EXHIBITS.
The following exhibits are filed as part of the Registration Statement
hereby amended*:
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<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION OF EXHIBIT
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<S> <C>
2.1 Agreement and Plan of Merger, dated as of June 30, 1999
between Salomon Smith Barney Holdings Inc., a Delaware
corporation ("SSBH"), and SSBHI Merger Company Inc., a New
York corporation (the "Company").
3.1 Certificate of Merger of the Company and SSBH, effective as
of July 1, 1999.
3.2 Restated Certificate of Incorporation of the Company
effective as of July 1, 1999.
3.3 By-Laws of the Company.
4(tt) Eleventh Supplemental Indenture dated July 1, 1999 to Senior
Debt Indenture dated December 1, 1988 between the Company
and The First National Bank of Chicago, as Successor
Trustee.
4(uu) Fifth Supplemental Indenture dated July 1, 1999 to
Subordinated Debt Indenture dated December 1, 1988 between
the Company and Bankers Trust Company, as Trustee.
4(vv) Second Supplemental Indenture dated July 1, 1999 to Senior
Debt Indenture dated October 27, 1993 between the Company
and The Bank of New York, as Trustee.
4(ww) Second Supplemental Indenture dated July 1, 1999 to Senior
Debt Indenture dated as of January 18, 1994 between the
Company and The Chase Manhattan Bank ("Chase"), as Trustee.
4(xx) First Supplemental Indenture dated July 1, 1999 to Indenture
dated January 28, 1998 between the Company and Chase, as
Trustee.
5(a) Opinion of Joan Guggenheimer, Esq.
5(b) Opinion of Skadden, Arps, Slate, Meagher & Flom LLP with
respect to the Trust Preferred Securities.
23(a) Consent of PricewaterhouseCoopers LLP, independent certified
public accountants.
23(b) Consent of Arthur Andersen LLP, independent certified public
accountants.
23(c) Consent of Joan Guggenheimer, Esq. (included in Exhibit
5(a)).
23(d) Consent of Skadden, Arps, Slate, Meagher & Flom LLP
(included in Exhibit 5(b)).
</TABLE>
* All other exhibits were previously filed as exhibits to, and are listed in,
the Registration Statement on Form S-3 to which this is Post-Effective
Amendment No. 1.
ITEM 17 UNDERTAKINGS.
(a) The undersigned Registrants hereby undertake:
(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement to include
any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change
to such information in the registration statement.
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.
(b) The undersigned Registrants hereby undertake that, for purposes of
determining any liability under the Securities Act, each filing of Salomon Smith
Barney Holdings Inc.'s annual report pursuant to Section 13(a) or Section 15(d)
of the Exchange Act that is incorporated by reference in the Registration
Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers, and controlling persons of the
Registrants pursuant to the provisions described in Item 15 or otherwise, the
Registrants have been advised that in the opinion of the SEC, such
Indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for
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indemnification against such liabilities (other than the payment by the
Registrants of expenses incurred or paid by a director, officer, or controlling
person of the Registrants in the successful defense of any action, suit, or
proceeding) is asserted by such director, officer, or controlling person in
connection with the securities being registered, the Registrants will, unless in
the opinion of their counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
(d) The undersigned Registrants hereby undertake that:
(1) For purposes of determining any liability under the Securities
Act, the information omitted from the form of prospectus filed as part of
this Registration Statement in reliance upon Rule 430A and contained in a
form of prospectus filed by the Registrants pursuant to Rule 424(b)(1) or
(4) or 497(h) under the Securities Act shall be deemed to be part of this
Registration Statement as of the time it was declared effective; and
(2) For purposes of determining any liability under the Securities
Act, each post-effective amendment that contains a form of prospectus shall
be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, Salomon Smith
Barney Holdings Inc. certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on form S-3 and has duly caused this
Post-Effective Amendment to the Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, on the 1st day of July,
1999.
SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/ CHARLES W. SCHARF
------------------------------------
Name: Charles W. Scharf
Title: Senior Executive Vice
President and Chief
Financial Officer
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment to the Registration Statement has been signed below by
the following persons in the capacities with Salomon Smith Barney Holdings Inc.
on the 1st day of July, 1999.
<TABLE>
<CAPTION>
SIGNATURE TITLE
--------- -----
<C> <S>
/s/ MICHAEL A. CARPENTER Chairman of the Board, Chief Executive Officer
- --------------------------------------------------- (Principal Executive Officer) and Director
(Michael A. Carpenter)
/s/ DERYCK C. MAUGHAN Director
- ---------------------------------------------------
(Deryck C. Maughan)
/s/ CHARLES W. SCHARF Senior Executive Vice President and Chief
- --------------------------------------------------- Financial Officer (Principal Financial Officer)
(Charles W. Scharf)
/s/ MICHAEL J. DAY Executive Vice President and Controller
- --------------------------------------------------- (Principal Accounting Officer)
(Michael J. Day)
</TABLE>
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, SSBH Capital I
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Post-Effective
Amendment to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, on the 1st day of July, 1999.
SSBH CAPITAL I
By: /s/ MICHAEL J. DAY
------------------------------------
Name: Michael J. Day
Title: Regular Trustee
By: /s/ CHARLES W. SCHARF
------------------------------------
Name: Charles W. Scharf
Title: Regular Trustee
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<PAGE> 10
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, SSBH Capital II
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Post-Effective
Amendment to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, on the 1st day of July, 1999.
SSBH CAPITAL II
By: /s/ MICHAEL J. DAY
------------------------------------
Name: Michael J. Day
Title: Regular Trustee
By: /s/ CHARLES W. SCHARF
------------------------------------
Name: Charles W. Scharf
Title: Regular Trustee
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, SSBH Capital
III certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Post-Effective
Amendment to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, on the 1st day of July, 1999.
SSBH CAPITAL III
By: /s/ MICHAEL J. DAY
------------------------------------
Name: Michael J. Day
Title: Regular Trustee
By: /s/ CHARLES W. SCHARF
------------------------------------
Name: Charles W. Scharf
Title: Regular Trustee
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, SSBH Capital IV
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Post-Effective
Amendment to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, on the 1st day of July, 1999.
SSBH CAPITAL IV
By: /s/ MICHAEL J. DAY
------------------------------------
Name: Michael J. Day
Title: Regular Trustee
By: /s/ CHARLES W. SCHARF
------------------------------------
Name: Charles W. Scharf
Title: Regular Trustee
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<PAGE> 1
Exhibit 2.1
AGREEMENT AND PLAN OF MERGER
June 30, 1999
PARTIES
- - Salomon Smith Barney Holdings Inc., ("Mergeco"), a Delaware corporation
- - SSBHI Merger Company Inc. ("Surviveco"), a New York corporation
BACKGROUND
Mergeco and Surviveco desire to merge Mergeco into Surviveco with the results
that
(i) Surviveco be the surviving corporation;
(ii) each holder of capital stock of Mergeco will receive in exchange for each
share of its capital stock an equivalent share of capital stock of
Surviveco;
(iii) the sole shareholder of all the capital stock of Surviveco will have its
shares (with the exception of any shares received pursuant to (ii) above)
cancelled;
(iv) the certificate of incorporation of the surviving corporation will be
amended as provided in this plan of merger, including changing the name of
the surviving corporation to "Salomon Smith Barney Holdings Inc."
AGREEMENT AND PLAN OF MERGER
Section 1. Constituent corporations
The constituent corporations are Salomon Smith Barney Holdings Inc., a
Delaware corporation ("Mergeco") and SSBHI Merger Company Inc., a New York
corporation ("Surviveco").
<PAGE> 2
Surviveco is the surviving corporation.
Mergeco was incorporated March 14, 1960 in Delaware.
Surviveco was incorporated February 23, 1977 in New York.
Section 2. Capital Stock
The outstanding shares of capital stock of Mergeco consist of 1,000 shares of
common stock having a par value of one cent ($.01) per share, all of which are
entitled to vote.
The outstanding shares of capital stock of Surviveco consist of 10 shares of
common stock having no par value, all of which are entitled to vote.
Section 3. Terms and conditions of Merger
(a) On July 1, 1999 (the "Effective Date") (as defined below), the separate
existence of Mergeco shall cease and it shall be merged into Surviveco
(the "Merger"). Surviveco shall (i) be the surviving corporation, (ii)
continue to be governed by the laws of the State of New York and (iii)
continue under the name "Salomon Smith Barney Holdings Inc."
(b) The by-laws of Mergeco as restated on the date hereof shall be the by-laws
of the surviving corporation.
(c) The directors of Mergeco immediately prior to the Merger shall continue in
office as directors of the surviving corporation after the Merger until
their successors are elected and qualified. On the Effective Date, the
directors and officers of Surviveco immediately prior to the merger shall
cease to be directors and officers of the surviving corporation.
(d) The resolutions of the board of directors of Mergeco in existence prior to
the Merger shall survive the Merger, and all the resolutions of Surviveco
(except for those relating to the Merger) shall be revoked as of the
Effective Date.
Section 4. Manner of converting shares.
(a) Each share of common stock of Mergeco issued and outstanding on the
Effective Date shall on the Effective Date, without any action on the part
of the holder of such share, become a fully paid and non-assessable share
of common stock of the surviving corporation.
(b) Each share of capital stock of Surviveco issued and outstanding on the
Effective Date
<PAGE> 3
shall on and after the Effective Date, without any action on the part of
the holder of such share, be cancelled and retired.
Section 5. Termination; amendments.
At any time prior to the filing of a certificate of merger for the Merger
with the Secretary of State of the State of New York, this agreement may
be terminated by the board of directors of either constituent corporation
notwithstanding approval of this Agreement by the stockholders of either
or both of the constituent corporations.
Section 6. Certificate of incorporation
The certificate of incorporation of the surviving corporation shall be amended
and restated to read in its entirety as follows:
FIRST: NAME
The name of the corporation is Salomon Smith Barney Holdings Inc.
SECOND: PURPOSE
The corporation is formed for the purpose of engaging in any lawful act or
activity for which corporations may be organized under the Business
Corporation Law (the BCL). The corporation is not formed to engage in any
act or activity requiring the consent or approval of any state official,
department, board, agency or other body without such consent or approval
first being obtained.
THIRD: OFFICE
The office of the corporation is located in the City of New York, County
of New York.
FOURTH: CAPITAL SHARES
<PAGE> 4
(a) The corporation shall have the authority to issue 1,000 common
shares, with a par value of one cent ($.01) per share and 10,000,000
preferred shares, with a par value of one dollar ($1.00) per share.
(b) The Board of Directors is authorized, subject to limitations
prescribed by law and the provisions of this Article FOURTH to
provide for the issuance of the shares of Preferred Stock in series,
and by filing a certificate pursuant to the applicable law of the
State of New York, to establish from time to time the number of
shares to be included in each such series, and to fix the
designation, powers, preferences and rights of the shares of each
such series and the qualifications, limitations or restrictions
thereof. The authority of the Board of Directors with respect to
each series shall include, but not be limited to, determination of
the following: (i) the number of shares constituting that series and
the distinctive designation of that series.
(ii) the dividend rate on the shares of that series, whether
dividends shall be cumulative, and, if so, from which date or dates,
and the relative rights of priority, if any, of payments of
dividends on shares of that series;
(iii) whether that series shall have voting rights, in addition to
the voting rights provided by law, and, if so, the terms of such
voting rights;
(iv) whether that series shall have conversion or exchange
privileges, and, if so, the terms and conditions of such conversion
or exchange, including provision for adjustment of the conversion or
exchange rate in such events as the board of directors shall
determine;
(v) whether or not the shares of that series shall be redeemable,
and, if so, the terms and conditions of such redemption, including
the manner of selecting shares for redemption if less than all
shares are to be redeemed, the date or dates upon or after which
they shall be redeemable, and the amount per share payable in case
of redemption, which amount may vary under different conditions and
at different redemption dates;
(vi) whether that series shall have a sinking fund for the
redemption or purchase of shares of that series, and, if so, the
terms and amount of such sinking fund;
(vii) the right of the shares of that series to the benefit of
conditions and restrictions upon the creation of indebtedness of the
corporation or any subsidiary, upon the issue of any additional
shares (including additional shares of such series or any other
series) and upon the payment of dividends or the making of other
distributions on, and the purchase, redemption or other acquisition
by the corporation or any subsidiary of any outstanding shares of
the corporation;
(viii) the rights of the shares of that series in the event of
voluntary or
<PAGE> 5
involuntary liquidation, dissolution or winding up of the
corporation, and the relative rights of priority, if any, of payment
of shares of that series;
(ix) any restrictions on transfers of shares of that series; and
(x) any other relative, participating, optional or other special
rights, qualifications, limitations or restrictions of that series.
(c) Shares of any series of preferred shares that have been redeemed
(whether through the operation of a sinking fund or otherwise) or
which, if convertible or exchangeable, have been converted into or
exchanged for shares of stock of any other class or classes, shall
have the status of authorized and unissued shares of preferred
shares of the same series and may be reissued as a part of the
series of which they were originally a part or may be reclassified
and reissued as part of a new series of preferred shares to be
created by resolution or resolutions of the board of directors or as
part of any other series of preferred shares, all subject to the
conditions and the restrictions on issuance set forth in the
resolution or resolutions adopted by the board of directors
providing for the issue of any series of preferred shares.
(d) Dividends on outstanding shares of Preferred Stock shall be paid, or
declared and set apart for payment, before any dividends shall be
paid or declared and set apart for payment on outstanding shares of
Common Stock. If upon any voluntary or involuntary liquidation,
dissolution or winding up of the Corporation, the assets available
for distribution to holders of shares of Preferred Stock of all
series shall be insufficient to pay such holders the full
preferential amount to which they are entitled, then such assets
shall be distributed ratably among the shares of all series of
Preferred Stock in accordance with the respective preferential
amounts (including unpaid cumulative dividends, if any) payable with
respect thereto.
(e) Subject to the provisions of any applicable law or except as
otherwise provided by the resolution or resolutions providing for
the issue of any series of Preferred Stock, the holders of
outstanding shares of Common Stock shall exclusively possess voting
power for the election of directors and for all other purposes, each
holder of record of shares of Common Stock being entitled to one
vote for each share of Common Stock standing in his name on the
books of the Corporation.
(f) Except as otherwise provided by the resolution or resolutions
providing for the issue of any series of Preferred Stock, after
payment shall have been made to the holders of Preferred Stock of
the full amount of dividends to which they shall be entitled
pursuant to the resolution or resolutions providing for
<PAGE> 6
the issue of any series of Preferred Stock, the holders of Common
Stock shall be entitled, to the exclusion of the holders of
Preferred Stock of any and all series, to receive such dividends as
from time to time may be declared by the Board of Directors.
(g) Except as otherwise provided by the resolution or resolutions
providing for the issue of any series of Preferred Stock, in the
event of any liquidation, dissolution or winding up of the
Corporation whether voluntary or involuntary, after payment shall
have been made to the holders of Preferred Stock of the full amount
to which they shall be entitled pursuant to the resolution or
resolutions providing for the issue of any series of Preferred
Stock, the holders of Common Stock shall be entitled, to the
exclusion of the holders of Preferred Stock of any and all series,
to share ratably according to the number of shares of Common Stock
held by them in all remaining assets of the Corporation available
for distribution.
FIFTH: AGENT FOR SERVICE OF PROCESS
The Secretary of State is designated as agent of the corporation upon whom
process against the corporation may be served. The post office address of
the corporation to which the Secretary of State shall mail process against
the corporation served upon the Secretary of State is Salomon Smith Barney
Inc., 388 Greenwich Street, New York, NY 10013, attention: General
Counsel.
SIXTH: NO PREEMPTIVE RIGHTS
Shareholders shall not be entitled to preemptive rights, directly or
indirectly, in respect of any equity, voting, or other shares of the
corporation.
SEVENTH: MANAGEMENT OF THE BUSINESS
The following provisions are inserted for the management of the business
and the conduct of the affairs of the Corporation, and for further
definition, limitation and regulation of the powers of the Corporation and
of its directors and shareholders:
(a) The business and affairs of the Corporation shall be managed by or
under the direction of the Board of Directors.
(b) The directors shall have concurrent power with the shareholders
<PAGE> 7
to make, alter, amend, change, add to or repeat the By-Laws of the
Corporation.
(c) The number of directors of the Corporation shall be as from time to
time fixed by, or in the manner provided in, the By-Laws of the
Corporation. Election of directors need not be by written ballot
unless the By-Laws so provide.
(d) A director may be removed, with or without cause, by a majority vote
of the outstanding common shares.
(e) The Corporation shall indemnify to the full extent authorized by law
any person made or threatened to be made a party to an action or
proceeding, whether criminal, civil, administrative or
investigative, by reason of the fact that he, his testator or
intestate is or was a director, officer or employee of the
Corporation or any predecessor of the Corporation or serves or
served any other enterprise as a director, officer or employee at
the request of the Corporation or any predecessor of the
Corporation, provided that this provision shall not provide for
indemnification to be made to or on behalf of any director or
officer if a judgment or other final adjudication adverse to the
director or officer establishes that his acts were committed in bad
faith or were the result of active and deliberate dishonesty and
were material to the cause of action so adjudicated, or that he
personally gained in fact a financial profit or other advantage to
which he was not legally entitled.
(f) In addition to the powers and authority herein or by statute
expressly conferred upon them, the directors are hereby empowered to
exercise all such powers and do all such acts and things as may be
exercised or done by the Corporation, subject, nevertheless, to the
provisions of the BCL, this Amended and Restated Certificate of
Incorporation, and any By-Laws adopted by the shareholders;
provided, however, that no By-Laws hereafter adopted by the
shareholders shall invalidate any prior act of the directors which
would have been valid if such By-Laws had not been adopted.
EIGHTH: AMENDMENTS
The Corporation reserves the right to amend, alter, change or repeal any
provision contained in this Amended and Restated Certificate of
Incorporation, in the manner now or hereafter prescribed by statute, and
al rights conferred upon shareholders herein are granted subject to this
reservation.
NINTH: LIMITATION OF LIABILITY OF DIRECTORS
To the fullest extent permitted under section 402 of the BCL, no director
of the corporation shall be personally liable to the corporation or its
shareholders for damages for any breach of duty in such capacity, provided
that this provision
<PAGE> 8
shall not limit
(a) the liability of any director if a judgment or other final
adjudication adverse to him or her establishes that his or her acts
or omissions were in bad faith or involved intentional misconduct or
a knowing violation of law or that he or she personally gained in
fact a financial profit or other advantage to which he or she was
not legally entitled or that his or her acts violated section 719 of
the BCL, or
(b) the liability of any director for any act or omission prior to
adoption of a provision authorized by this paragraph.
IN WITNESS WHEREOF, the undersigned have duly executed this Merger Agreement as
of the 30th day of June, 1999.
SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/ MICHAEL A. CARPENTER
----------------------------
Name: Michael A. Carpenter
Title: Chairman and Chief
Executive Officer
SSBHI MERGER COMPANY INC.
By: /s/ MICHAEL A. CARPENTER
----------------------------
Name: Michael A. Carpenter
Title: Chairman and Chief
Executive Officer
<PAGE> 1
Exhibit 3.1
CERTIFICATE OF MERGER
OF
SALOMON SMITH BARNEY HOLDINGS INC.
INTO
SSBI MERGER COMPANY INC.
UNDER SECTION 904 OF THE BUSINESS CORPORATION LAW
The undersigned corporations, as the constituent corporations in a
merger (the "Merger") pursuant to section 904 of the Business
Corporation Law (the "BLC"), certify that:
1. The constituent corporations are Salomon Smith Barney Holdings
Inc., a Delaware corporation ("Mergeco"), and SSBHI Merger Company
Inc., a New York corporation ("Surviveco")
Surviveco is the surviving corporation.
Mergeco was incorporated on March 14, 1960 in Delaware under the
name Engelhard Industries, Inc. Its application for authority to
do business in New York was filed by the Department of State on
September 22, 1967.
Surviveco was incorporated on February 23, 1977 in New York under
the name Sutdex Real Estate, Inc.
2. The outstanding shares of capital stock of Mergeco consist of (i)
1,000 shares of common stock, one cent ($.01) par value, all of
which are entitled to vote.
The outstanding shares of capital stock of Surviveco consist of 10
shares of common stock, without par value, all of which are
entitled to vote.
3. Article First of the Amended and Restated Certificate of
Incorporation of the surviving corporation shall be amended to
read in its entirety as follows:
FIRST: Name
The name of the corporation is Salomon Smith Barney Holdings Inc.
4. The effective date of the Merger shall be July 1, 1999.
5. The merger was authorized with respect to the domestic constituent
<PAGE> 2
corporation, Surviveco, by the adoption of a plan of merger
meeting the requirements of section 902 of the BCL by
(i) the board of directors of Surviveco pursuant to
section 902 of the BCL and, after having been first
duly executed on behalf of Surviveco and Mergeco; and
(ii) the written consent of the holders of all shares of
Surviveco entitled to vote thereon pursuant to
section 903 and 615 of the BCL.
The Merger is permitted by the laws of Delaware, the jurisdiction of Mergeco,
the constituent foreign corporation, and is in compliance therewith.
This certificate is dated July 1, 1999 and is affirmed by each of the
undersigned constituent corporations as true under the penalties of perjury.
SALOMON SMITH BARNEY HOLDINGS INC.
/s/ Charles W. Scharf
By__________________________________
Charles W. Scharf,
Chief Financial Officer
/s/ Andrew W. Alter
By__________________________________
Andrew W. Alter,
Assistant Secretary
SSBHI MERGER COMPANY INC.
/s/ Charles W. Scharf
By__________________________________
Charles W. Scharf,
Chief Financial Officer
/s/ Andrew W. Alter
By__________________________________
Andrew W. Alter,
Assistant Secretary
<PAGE> 1
Exhibit 3.2
Restated Certificate of Incorporation
of
SSBHI Merger Company Inc.
- --------------------------------------------------------------------------------
under section 807 of the Business Corporation Law
- --------------------------------------------------------------------------------
The undersigned corporation certifies that:
1 The name of the corporation is SSBHI Merger Company Inc. The corporation
was originally formed under the name "Sutdex Real Estate, Inc."
2 The certificate of incorporation of the corporation was filed with the
department of state on February 23, 1977.
3 The text of the certificate of incorporation is amended as follows:
-------------------------------------------------------
Article FIRST of the certificate of incorporation is amended to restate
the name of the corporation.
Article SECOND of the certificate of incorporation is amended to restate
the purposes of the corporation, as permitted by section 402(a)(2) of the
Business Corporation Law (the BCL).
Article THIRD of the certificate of incorporation is amended to change the
address of the corporation's office to New York City, New York County.
Article FOURTH of the certificate of incorporation is amended to change
the authorized number of shares from 200 shares without par value to 1,000
shares of common stock with a par value of one cent ($.01) per share, and
to add 10,000,000 shares of preferred stock, with a par value of one
dollar ($1.00) per share. The issued share capital stock of the
corporation will change from 10 shares of common stock to 1,000 shares of
common stock at a rate of 100 to one. The remaining 190 unissued shares,
without par value will be canceled.
Article FIFTH of the certificate of incorporation is amended to change the
corporation's agent for service of process.
Article SIXTH of the certificate of incorporation, setting the
corporation's accounting year, is deleted.
<PAGE> 2
Article SEVENTH of the certificate of incorporation is changed to Article
SIXTH.
A new Article SEVENTH is added to the certificate of incorporation,
dealing with the management of the corporation.
Article EIGHTH of the certificate of incorporation, dealing with the
relationship of the certificate of incorporation to the BCL, is deleted.
A new article EIGHTH is added to the certificate of incorporation, stating
the rights of the corporation to amend the Restated Certificate of
Incorporation.
A new article NINTH is added to the certificate of incorporation limiting
the liability of directors of the corporation.
4 The text of the certificate of incorporation, as amended as described in
section 3, is restated to read in its entirety as follows:
- -------------------------------------------------------------------------------
FIRST: NAME
The name of the corporation is Salomon Smith Barney Holdings Inc.
SECOND: PURPOSE
The corporation is formed for the purpose of engaging in any lawful
act or activity for which corporations may be organized under the
Business Corporation Law (the BCL). The corporation is not formed to
engage in any act or activity requiring the consent or approval of
any state official, department, board, agency or other body without
such consent or approval first being obtained.
2
<PAGE> 3
THIRD: OFFICE
The office of the corporation is located in the City of New York,
County of New York.
FOURTH: CAPITAL SHARES
(a) The corporation shall have the authority to issue 1,000 common
shares, with a par value of one cent ($.01) per share and
10,000,000 preferred shares, with a par value of one dollar
($1.00) per share.
(b) The Board of Directors is authorized, subject to limitations
prescribed by law and the provisions of this Article FOURTH to
provide for the issuance of the shares of Preferred Stock in
series, and by filing a certificate pursuant to the applicable
law of the State of New York, to establish from time to time the
number of shares to be included in each such series, and to fix
the designation, powers, preferences and rights of the shares of
each such series and the qualifications, limitations or
restrictions thereof. The authority of the Board of Directors
with respect to each series shall include, but not be limited to,
determination of the following:
(i) the number of shares constituting that series and the
distinctive designation of that series.
(ii) the dividend rate on the shares of that series, whether
dividends shall be cumulative, and, if so, from which date or
dates, and the relative rights of priority, if any, of payments
of dividends on shares of that series;
(iii) whether that series shall have voting rights, in
3
<PAGE> 4
addition to the voting rights provided by law, and, if so, the
terms of such voting rights;
(iv) whether that series shall have conversion or exchange
privileges, and, if so, the terms and conditions of such
conversion or exchange, including provision for adjustment of the
conversion or exchange rate in such events as the board of
directors shall determine;
(v) whether or not the shares of that series shall be redeemable,
and, if so, the terms and conditions of such redemption,
including the manner of selecting shares for redemption if less
than all shares are to be redeemed, the date or dates upon or
after which they shall be redeemable, and the amount per share
payable in case of redemption, which amount may vary under
different conditions and at different redemption dates;
(vi) whether that series shall have a sinking fund for the
redemption or purchase of shares of that series, and, if so, the
terms and amount of such sinking fund;
(vii) the right of the shares of that series to the benefit of
conditions and restrictions upon the creation of indebtedness of
the corporation or any subsidiary, upon the issue of any
additional shares (including additional shares of such series or
any other series) and upon the payment of dividends or the making
of other distributions on, and the purchase, redemption or other
acquisition by the corporation or any subsidiary of any
outstanding shares of the corporation;
(viii) the rights of the shares of that series in the event of
voluntary or involuntary liquidation, dissolution or winding up
of the corporation, and the relative rights of priority, if any,
of payment of shares of that series;
(ix) any restrictions on transfers of shares of that series; and
4
<PAGE> 5
(x) any other relative, participating, optional or other special
rights, qualifications, limitations or restrictions of that
series.
(b) Shares of any series of preferred shares that have been redeemed
(whether through the operation of a sinking fund or otherwise) or
which, if convertible or exchangeable, have been converted into
or exchanged for shares of stock of any other class or classes,
shall have the status of authorized and unissued shares of
preferred shares of the same series and may be reissued as a part
of the series of which they were originally a part or may be
reclassified and reissued as part of a new series of preferred
shares to be created by resolution or resolutions of the board of
directors or as part of any other series of preferred shares, all
subject to the conditions and the restrictions on issuance set
forth in the resolution or resolutions adopted by the board of
directors providing for the issue of any series of preferred
shares.
(c) Dividends on outstanding shares of Preferred Stock shall be paid,
or declared and set apart for payment, before any dividends shall
be paid or declared and set apart for payment on outstanding
shares of Common Stock. If upon any voluntary or involuntary
liquidation, dissolution or winding up of the Corporation, the
assets available for distribution to holders of shares of
Preferred Stock of all series shall be insufficient to pay such
holders the full preferential amount to which they are entitled,
then such assets shall be distributed ratably among the shares of
all series of Preferred Stock in accordance with the respective
preferential amounts (including unpaid cumulative dividends, if
any) payable with respect thereto.
5
<PAGE> 6
(d) Subject to the provisions of any applicable law or except as
otherwise provided by the resolution or resolutions providing for
the issue of any series of Preferred Stock, the holders of
outstanding shares of Common Stock shall exclusively possess
voting power for the election of directors and for all other
purposes, each holder of record of shares of Common Stock being
entitled to one vote for each share of Common Stock standing in
his name on the books of the Corporation.
(e) Except as otherwise provided by the resolution or resolutions
providing for the issue of any series of Preferred Stock, after
payment shall have been made to the holders of Preferred Stock of
the full amount of dividends to which they shall be entitled
pursuant to the resolution or resolutions providing for the issue
of any series of Preferred Stock, the holders of Common Stock
shall be entitled, to the exclusion of the holders of Preferred
Stock of any and all series, to receive such dividends as from
time to time may be declared by the Board of Directors.
(f) Except as otherwise provided by the resolution or resolutions
providing for the issue of any series of Preferred Stock, in the
event of any liquidation, dissolution or winding up of the
Corporation whether voluntary or involuntary, after payment shall
have been made to the holders of Preferred Stock of the full
amount to which they shall be entitled pursuant to the resolution
or resolutions providing for the issue of any series of Preferred
Stock, the holders of Common Stock shall be entitled, to the
exclusion of the holders of Preferred Stock of any and all
series, to share ratably according to the number of shares of
6
<PAGE> 7
Common Stock held by them in all remaining assets of the
Corporation available for distribution.
FIFTH: AGENT FOR SERVICE OF PROCESS
The Secretary of State is designated as agent of the corporation upon
whom process against the corporation may be served. The post office
address of the corporation to which the Secretary of State shall mail
process against the corporation served upon the Secretary of State is
Salomon Smith Barney Inc., 388 Greenwich Street, New York, NY 10013,
attention: General Counsel.
SIXTH: NO PREEMPTIVE RIGHTS
Shareholders shall not be entitled to preemptive rights, directly or
indirectly, in respect of any equity, voting, or other shares of the
corporation.
SEVENTH: MANAGEMENT OF THE BUSINESS
The following provisions are inserted for the management of the
business and the conduct of the affairs of the Corporation, and for
further definition, limitation and regulation of the powers of the
Corporation and of its directors and shareholders:
(a) The business and affairs of the Corporation shall be managed
by or under the direction of the Board of Directors.
(b) The directors shall have concurrent power with the
shareholders to make, alter, amend, change,
7
<PAGE> 8
add to or repeat the By-Laws of the Corporation.
(c) The number of directors of the Corporation shall be as from time
to time fixed by, or in the manner provided in, the By-Laws of
the Corporation. Election of directors need not be by written
ballot unless the By-Laws so provide.
(d) A director may be removed, with or without cause, by a majority
vote of the outstanding common shares.
(e) The Corporation shall indemnify to the full extent authorized by
law any person made or threatened to be made a party to an action
or proceeding, whether criminal, civil, administrative or
investigative, by reason of the fact that he, his testator or
intestate is or was a director, officer or employee of the
Corporation or any predecessor of the Corporation or serves or
served any other enterprise as a director, officer or employee at
the request of the Corporation or any predecessor of the
Corporation, provided that this provision shall not provide for
indemnification to be made to or on behalf of any director or
officer if a judgment or other final adjudication adverse to the
director or officer establishes that his acts were committed in
bad faith or were the result of active and deliberate dishonesty
and were material to the cause of action so adjudicated, or that
he personally gained in fact a financial profit or other
advantage to which he was not legally entitled.
(f) In addition to the powers and authority herein or by statute
expressly conferred upon them, the directors are hereby empowered
to exercise all such powers and do all such acts and things as
may be exercised or done by the Corporation, subject,
nevertheless, to the provisions of the BCL, this
Amended and Restated Certificate of Incorporation, and any
By-Laws adopted by the shareholders;
8
<PAGE> 9
provided, however, that no By-Laws hereafter adopted by the
shareholders shall invalidate any prior act of the directors
which would have been valid if such By-Laws had not been
adopted.
EIGHTH: AMENDMENTS
The Corporation reserves the right to amend, alter, change or repeal
any provision contained in this Amended and Restated Certificate of
Incorporation, in the manner now or hereafter prescribed by statute,
and al rights conferred upon shareholders herein are granted subject
to this reservation.
NINTH: LIMITATION OF LIABILITY OF DIRECTORS
To the fullest extent permitted under section 402 of the BCL, no
director of the corporation shall be personally liable to the
corporation or its shareholders for damages for any breach of duty in
such capacity, provided that this provision shall not limit
(a) the liability of any director if a judgment or other final
adjudication adverse to him or her establishes that his or
her acts or omissions were in bad faith or involved
intentional misconduct or a knowing violation of law or that
he or she personally gained in fact a financial profit or
other advantage to which he or she was not legally entitled
or that his or her acts violated section 719 of the BCL, or
(b) the liability of any director for any act or omission prior
to adoption of a provision authorized by this paragraph.
9
<PAGE> 10
5 This amendment and restatement of the certificate of incorporation was
authorized by
(i) the board of directors of the corporation pursuant to section 803 of
the BCL and,
(ii) the written consent of the holders of all shares of the corporation
entitled to vote thereon pursuant to section 803 of the BCL.
This certificate is dated July 1, 1999 and is affirmed by the undersigned
corporation as true under the penalties of perjury.
SSBHI Merger Company Inc.
/s/ Michael A. Carpenter
By:__________________________
Michael A. Carpenter,
Chairman and Chief
Executive Officer
/s/ Andrew W. Alter
By:__________________________
Andrew W. Alter,
Assistant Secretary
10
<PAGE> 1
Exhibit 3.3
B Y - L A W S
OF
SALOMON SMITH BARNEY HOLDINGS INC.
(hereinafter called the "corporation")
ARTICLE I
OFFICES
Section 1. The office of the corporation shall be located in
the County of New York, in the State of New York.
Section 2. The corporation may also have offices at such other
places both within and without the State of New York as the board of directors
may from time to time determine or the business of the corporation may require.
ARTICLE II
ANNUAL MEETINGS OF SHAREHOLDERS
Section 1. All meetings of shareholders for the election of
1
<PAGE> 2
directors shall be held in the City of New York, State of New York at such place
as may be fixed from time to time by the board of directors.
Section 2. Annual meetings of shareholders, commencing with
the year 2000 shall be held on the 15th day of April if not a legal holiday, and
if a legal holiday, then on the next secular day following, at 2:00 PM, at which
they shall elect by a plurality vote, a board of directors, and transact such
other business as may properly be brought before the meeting.
Section 3. Written or printed notice of the annual meeting
stating the place, date and hour of the meeting shall be delivered not less than
ten nor more than fifty days before the date of the meeting, either personally
or by mail, by or at the direction of the president, the secretary, or the
officer or persons calling the meeting, to each shareholder of record entitled
to vote at such meeting.
ARTICLE III
SPECIAL MEETINGS OF SHAREHOLDERS
Section 1. Special meetings of shareholders may be held at
such time and place within or without the State of New York as shall be stated
in the
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notice of the meeting or in a duly executed waiver of notice thereof.
Section 2. Special meetings of the shareholders, for any
purpose or purposes, unless otherwise prescribed by statute or by the
certificate of incorporation, may be called by the president, the board of
directors, or the holders of not less than 50% of all the shares entitled to
vote at the meeting.
Section 3. Written or printed notice of a special meeting
stating the place, date and hour of the meeting and the purpose or purposes for
which the meeting is called, shall be delivered not less than ten nor more than
fifty days before the date of the meeting, either personally or by mail, by, or
at the direction of, the president, the secretary, or the officer or persons
calling the meeting, to each shareholder of record entitled to vote at such
meeting. The notice should also indicate that it is being issued by, or at the
direction of, the person calling the meeting.
Section 4. The business transacted at any special meeting of
shareholders shall be limited to the purposes stated in the notice.
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ARTICLE IV
QUORUM AND VOTING OF STOCK
Section 1. The holders of a majority of the shares of stock
issued and outstanding and entitled to vote, represented in person or by proxy,
shall constitute a quorum at all meetings of the shareholders for the
transaction of business except as otherwise provided by statute or by the
certificate of incorporation. If, however, such quorum shall not be present or
represented at any meeting of the shareholders, the shareholders present in
person or represented by proxy shall have power to adjourn the meeting from time
to time, without notice other than announcement at the meeting, until a quorum
shall be present or represented. At such adjourned meeting at which a quorum
shall be present or represented any business may be transacted that might have
been transacted at the meeting as originally notified.
Section 2. If a quorum is present, the affirmative vote of a
majority of the shares of stock represented at the meeting shall be the act of
the shareholders, unless the vote of a greater or lesser number of shares of
stock is required by law or the certificate of incorporation.
Section 3. Each outstanding share of stock having voting power
shall
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be entitled to one vote on each matter submitted to a vote at a meeting of
shareholders. A shareholder may vote either in person or by proxy executed in
writing by the shareholder or by his duly authorized attorney-in-fact.
Section 4. The board of directors in advance of any
shareholders' meeting may appoint one or more inspectors to act at the meeting
or any adjournment thereof. If inspectors are not so appointed, the person
presiding at a shareholders' meeting may, and, on the request of any shareholder
entitled to vote thereat, shall appoint one or more inspectors. In case any
person appointed as inspector fails to appear or act, the vacancy may be filled
by the board in advance of the meeting or at the meeting by the person presiding
thereat. Each inspector, before entering upon the discharge of his duties, shall
take and sign an oath faithfully to execute the duties of inspector at such
meeting with strict impartiality and according to the best of his ability.
Section 5. Whenever shareholders are required or permitted to
take any action by vote, such action may be taken without a meeting on written
consent, setting forth the action so taken, signed by the holders of all
outstanding shares entitled to vote thereon.
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ARTICLE V
DIRECTORS
Section 1. The number of directors shall be not less than two
and nor more than twenty. Directors shall be at least eighteen years of age and
need not be residents of the State of New York nor shareholders of the
corporation. The directors, other than the first board of directors, shall be
elected at the annual meeting of the shareholders, except as hereinafter
provided, and each director elected shall serve until the next succeeding annual
meeting and until his successor shall have been elected and qualified. The first
board of directors shall hold office until the first annual meeting of
shareholders.
Section 2. Any or all of the directors may be removed, with or
without cause, at any time by the vote of the shareholders at a special meeting
called for that purpose.
Any director may be removed for cause by the action of the
directors at a special meeting called for that purpose.
Section 3. Unless otherwise provided in the certificate of
incorporation, newly created directorships resulting from an increase in the
board of
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directors and all vacancies occurring in the board of directors, including
vacancies caused by removal without cause, may be filled by the affirmative vote
of a majority of the board of directors; however, if the number of directors
then in office is less than a quorum, then such newly created directorships and
vacancies may be filled by a vote of a majority of the directors then in office.
A director elected to fill a vacancy shall hold office until the next meeting of
shareholders at which election of directors is the regular order of business,
and until his successor shall have been elected and qualified. A director
elected to fill a newly created directorship shall serve until the next
succeeding annual meeting of shareholders and until his successor shall have
been elected and qualified.
Section 4. The business affairs of the corporation shall be
managed by its board of directors, which may exercise all such powers of the
corporation and do all such lawful acts and things as are not by statute or by
the certificate of incorporation or by these by-laws directed or required to be
exercised or done by the shareholders.
Section 5. The directors may keep the books of the
corporation, except such as are required by law to be kept within the state,
outside of the State of New York, at such place or places as they may from time
to time determine.
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Section 6. The board of directors, by the affirmative vote of
a majority of the directors then in office, and irrespective of any personal
interest of any of its members, shall have authority to establish reasonable
compensation of all directors for services to the corporation as directors,
officers or otherwise.
ARTICLE VI
MEETING OF THE BOARD OF DIRECTORS
Section 1. Meetings of the board of directors, regular or
special, may be held either within or without the State of New York.
Section 2. The first meeting of each newly elected board of
directors shall be held at such time and place as shall be fixed by the vote of
the shareholders at the annual meeting and no notice of such meeting shall be
necessary to the newly elected directors in order legally to constitute the
meeting, provided a quorum shall be present, or it may convene at such place and
time as shall be fixed by the consent in writing of all the directors.
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Section 3. Regular meetings of the board of directors may be
held upon such notice, or without notice, and at such time and at such place as
shall from time to time be determined by the board.
Section 4. Special meetings of the board of directors may be
called by the president on 25 hours' notice to each director, either personally
or by mail or by telegram; special meetings shall be called by the president or
secretary in like manner and on like notice on the written request of two
directors.
Section 5. Notice of a meeting need not be given to any
director who submits a signed waiver of notice whether before or after the
meeting, or who attends the meeting without protesting, prior thereto or at its
commencement, the lack of notice. Neither the business to be transacted at, nor
the purpose of, any regular or special meeting of the board of directors need be
specified in the notice or waiver of notice of such meeting.
Section 6. One third of the directors shall constitute a
quorum for the transaction of business unless a greater or lesser number is
required by law or by the certificate of incorporation. The vote of a majority
of the directors present at any meeting at which a quorum is present shall be
the act of the board of directors, unless
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the vote of a greater number is required by law or by the certificate of
incorporation. If a quorum shall not be present at any meeting of directors, the
directors present may adjourn the meeting from time to time, without notice
other than announcement at the meeting, until a quorum shall be present.
Section 7. Unless otherwise restricted by the certificate of
incorporation or these by-laws, members of the board of directors, or any
committee designated by the board of directors, may participate in a meeting of
the board of directors, or any committee, by means of conference telephone or
similar communications by means of which all persons participating in the
meeting can hear each other, and such participation in a meeting shall
constitute presence in person at the meeting.
Section 8. Unless the certificate of incorporation provides
otherwise, any action required or permitted to be taken at a meeting of the
directors or a committee thereof may be taken without a meeting if a consent in
writing to the adoption of a resolution authorizing the action so taken, shall
be signed by all of the directors entitled to vote with respect to the subject
matter thereof.
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ARTICLE VII
EXECUTIVE COMMITTEE
Section 1. The board or directors, by resolution adopted by a
majority of the entire board, may designate, from among its members, an
executive committee consisting of not more than ten nor fewer than two
directors, and other committees each consisting of at least one director, and
each of which, to the extent provided in the resolution, shall have all the
authority of the board, except as otherwise required by law. Vacancies in the
membership of the committee shall be filled by the board of directors at a
regular or special meeting of the board of directors. The executive committee
shall keep regular minutes of its proceedings and report the same to the board
when required.
ARTICLE VIII
NOTICES
Section 1. Whenever, under the provisions of the statutes or
of the certificate of incorporation or of these by-laws, notice is required to
be given to any director or shareholder, it shall not be construed to mean
personal notice, but such notice may be given in writing, by mail, addressed to
such director or shareholder, at his address as it appears on the records of the
corporation, with postage thereon
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prepaid, and such notice shall be deemed to be given at the time when the same
shall be deposited in the United States mail. Notice to directors may also be
given by telegram.
Section 2. Whenever any notice of a meeting is required to be
given under the provisions of the statutes or under the provisions of the
certificate of incorporation or these by-laws, a waiver thereof in writing
signed by the person or persons entitled to such notice, whether before or after
the time stated therein, shall be deemed equivalent to the giving of such
notice.
ARTICLE IX
OFFICERS
Section 1. The officers of the Corporation shall be chosen by the Board
of Directors and shall include a Secretary and a Treasurer. The Board of
Directors, in its discretion, also may choose a Chairman of the Board of
Directors, or Co-Chairmen of the Board of Directors, each of whom must be a
director, a President and one or more Vice Presidents, Assistant Secretaries,
Assistant Treasurers and other officers. Any number of offices may be held by
the same
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person, unless otherwise prohibited by law or the Certificate of Incorporation.
The officers of the Corporation need not be stockholders of the Corporation nor,
except in the case of the Chairman or Co-Chairmen of the Board of Directors,
need such officers be directors of the Corporation.
Any two or more offices may be held by the same person. When
all the issued and outstanding stock of the corporation is owned by one person,
such person may hold all or any combination of offices.
Section 3. The board of directors may appoint such other
officers and agents as it shall deem necessary who shall hold their offices for
such terms and shall exercise such powers and perform such duties as shall be
determined from time to time by the board of directors.
Section 4. The salaries of all officers and agents of the
corporation shall be fixed by the board of directors.
Section 5. The officers of the corporation shall hold office
until their successors are chosen and qualify. Any officer elected or appointed
by the board of directors may be removed at any time by the affirmative vote of
a majority of the board of directors. Any vacancy occurring in any office of the
corporation
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shall be filled by the board of directors.
THE PRESIDENT
Section 6. The president shall be the chief executive officer
of the corporation, shall preside at all meetings of the shareholders and the
board of directors, shall have general and active management of the business of
the corporation and shall see that all orders and resolutions of the board of
directors are carried into effect.
Section 7. He shall execute bonds, mortgages and other
contracts requiring a seal under the seal of the corporation, except where
required or permitted by law to be otherwise signed and executed and except
where the signing and execution thereof shall be expressly delegated by the
board of directors to some other officer or agent of the corporation.
THE VICE-PRESIDENTS
Section 8. The vice-president, or if there shall be more than
one, the vice-presidents in the order determined by the board of directors,
shall, in the
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absence or disability of the president, perform the duties and exercise the
powers of the president and shall perform such other duties and have such other
powers as the board of directors may from time to time prescribe.
THE SECRETARY AND ASSISTANT SECRETARIES
Section 9. The secretary shall attend all meetings of the
board of directors and all meetings of the shareholders and record all the
proceedings of the meetings of the corporation and of the board of directors in
a book to be kept for that purpose and shall perform like duties for the
standing committees when required. He shall give, or cause to be given, notice
of all meetings of the shareholders and special meetings of the board of
directors, and shall perform such other duties as may be prescribed by the board
of directors or president, under whose supervision he shall be. He shall have
custody of the corporate seal of the corporation and he, or an assistant
secretary, shall have authority to affix the same to any instrument requiring it
and, when so affixed, it may be attested by his signature or by the signature of
such assistant secretary. The board of directors may give general authority to
any other officer to affix the seal of the corporation and to attest the
affixing by his signature.
Section 10. The assistant secretary, or if there be more than
one,
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the assistant secretaries in the order determined by the board of directors,
shall, in the absence or disability of the secretary, perform the duties and
exercise the powers of the secretary and shall perform such other duties and
have such other powers as the board of directors may from time to time
prescribe.
THE TREASURER AND ASSISTANT TREASURERS
Section 11. The treasurer shall have the custody of the
corporate funds and securities and shall keep full and accurate accounts of
receipts and disbursements in books belonging to the corporation and shall
deposit all moneys and other valuable effects in the name and to the credit of
the corporation in such depositories as may be designated by the board of
directors.
Section 12. He shall disburse the funds of the corporation as
may be ordered by the board of directors, taking proper vouchers for such
disbursements, and shall render to the president and the board of directors at
its regular meetings, or when the board of directors so requires, an account of
all his transactions as treasurer and of the financial condition of the
corporation.
Section 13. If required by the board of directors, he shall
give the
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corporation a bond in such sum and with such surety or sureties as shall be
satisfactory to the board of directors for the faithful performance of the
duties of his office and for the restoration to the corporation, in case of his
death, resignation, retirement or removal from office, of all books, papers,
vouchers, money and other property of whatever kind in his possession or under
his control belonging to the corporation.
Section 14. The assistant treasurer, or if there shall be more
than one, the assistant treasurers in the order determined by the board of
directors, shall, in the absence or disability of the treasurer, perform the
duties and exercise the powers of the treasurer and shall perform such other
duties and have such other powers as the board of directors may from time to
time prescribe.
Section 15. Such other officers as the Board of Directors may
choose shall perform such duties and have such powers as from time to time may
be assigned to them by the Board of Directors. Any Vice Chairman, the Chief
Administrative Officer, the General Counsel or the Chief Financial Officer shall
have the same authority to bind the Corporation as the President, unless
otherwise specified by the Board of Directors. The Board of Directors may
delegate to any other officer of the Corporation the power to choose such other
officers and
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to prescribe their respective duties and powers.
ARTICLE X
CERTIFICATES FOR SHARES
Section 1. The shares of the corporation shall be represented
by certificates or shall be uncertificated. Certificates shall be signed by the
chairman or vice-chairman of the board or the president or a vice-president and
the secretary or an assistant secretary or the treasurer or an assistant
treasurer of the corporation and may be sealed with the seal of the corporation
of a facsimile thereof.
When the corporation is authorized to issue shares of more
than one class, there shall be set forth upon the face or back of the
certificate, or the certificate shall have a statement that the corporation will
furnish to any shareholder upon request and without charge, a full statement of
the designation, relative rights, preferences, and limitations of the shares of
each class authorized to be issued and, if the corporation is authorized to
issue any class of preferred shares in series, the designation, relative rights,
preferences and limitations of each such series so far as the same have been
fixed and the authority of the board of directors to designate and fix the
relative rights, preferences and limitations of other series.
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Within a reasonable time after the issuance or transfer of any
uncertificated shares there shall be sent to the registered owner thereof a
written notice containing the information required to be set forth or stated on
certificates pursuant to paragraphs (b) and (c) of Section 508 of the New York
Business Corporation Law.
Section 2. The signatures of the officers of the corporation
upon a certificate may be facsimiles if the certificate is countersigned by a
transfer agent or registered by a registrar other than the corporation itself or
an employee of the corporation. In case any officer who has signed or whose
facsimile signature has been placed upon a certificate shall have ceased to be
such officer before such certificate is issued, it may be issued by the
corporation with the same effect as if he were such officer at the date of
issue.
Section 3. The board of directors may direct a new certificate
to be issued in place of any certificate theretofore issued by the corporation
alleged to have been lost or destroyed. When authorizing such issue of a new
certificate, the board of directors, in its discretion and as a condition
precedent to the issuance thereof, may prescribe such terms and conditions as it
deems expedient, and may require such indemnities as it deems adequate, to
protect the corporation from any
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claim that may be made against it with respect to any such certificate alleged
to have been lost or destroyed.
Section 4. Upon surrender to the corporation or the transfer
agent of the corporation of a certificate representing shares duly endorsed or
accompanied by proper evidence of succession, assignment or authority to
transfer, a new certificate shall be issued to the person entitled thereto, and
the old certificate shall be cancelled and the transaction shall be recorded
upon the books of the corporation.
Section 5. For the purpose of determining shareholders
entitled to notice of or to vote at any meeting of shareholders or any
adjournment thereof, or to express consent to or dissent from any proposal
without a meeting, or for the purpose of determining shareholders entitled to
receive payment of any dividend or the allotment of any rights, or for the
purpose of any other action, the board of directors may fix, in advance, a date
as the record date for any such determination of shareholders. Such date shall
not be more than fifty nor less than ten days before the date of any meeting nor
more than fifty days prior to any other action. When a determination of
shareholders of record entitled to notice of or to vote at any meeting of
shareholders has been made as provided in this section, such determination shall
apply to any adjournment thereof, unless the board fixes a new record date for
the
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adjourned meeting.
Section 6. The corporation shall be entitled to recognize the
exclusive right of a person registered on its books as the owner of shares to
receive dividends, and to vote as such owner, and to hold liable for calls and
assessments a person registered on its books as the owner of shares, and shall
not be bound to recognize any equitable or other claim to or interest in such
share or shares on the part of any other person, whether or not it shall have
express or other notice thereof, except as otherwise provided by the laws of New
York.
Section 7. A list of shareholders as of the record date,
certified by the corporate officer responsible for its preparation or by a
transfer agent, shall be produced at any meeting upon the request thereat or
prior thereto of any shareholder. If the right to vote at any meeting is
challenged, the inspectors of election, or person presiding thereat, shall
require such list of shareholders to be produced as evidence of the right of the
persons challenged to vote at such meeting and all persons who appear from such
list to be shareholders entitled to vote thereat may vote at such meeting.
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ARTICLE XI
GENERAL PROVISIONS
Section 1. Subject to the provisions of the certificate of
incorporation relating thereto, if any, dividends may be declared by the board
of directors at any regular or special meeting, pursuant to law. Dividends may
be paid in cash, in shares of the capital stock or in the corporation's bonds or
its property, including the shares or bonds of other corporations subject to any
provisions of law and of the certificate of incorporation.
Section 2. Before payment of any dividend, there may be set
aside out of any funds of the corporation available for dividends such sum or
sums as the directors from time to time, in their absolute discretion, think
proper as a reserve fund to meet contingencies, or for equalizing dividends, or
for repairing or maintaining any property of the corporation, or for such other
purpose as the directors shall think conducive to the interest of the
corporation, and the directors may modify or abolish any such reserve in the
manner in which it was created.
Section 3. All checks or demands for money and notes of the
corporation shall be signed by such officer or officers or such other person or
persons
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as the board of directors may from time to time designate.
Section 4. The fiscal year of the corporation shall be fixed
by resolution of the board of directors.
Section 5. The corporate seal shall have inscribed thereon the
name of the corporation, the year of its organization and the words "Corporate
Seal, New York". The seal may be used by causing it or a facsimile thereof to be
impressed or affixed or in any manner reproduced.
ARTICLE XII
INDEMNIFICATION OF DIRECTORS, OFFICERS AND EMPLOYEES
Section 1. The Corporation shall indemnify to the full extent
authorized by law any person made or threatened to be made a party to an action
or proceeding, whether criminal, civil, administrative or investigative, by
reason of the fact that he, his testator or intestate is or was a director,
officer or employee of the Corporation or any predecessor of the Corporation or
serves or served any other enterprise as a director, officer or employee at the
request of the Corporation or any predecessor of the Corporation, provided that
this provision shall not provide for
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indemnification to be made to or on behalf of any director or officer if a
judgment or other final adjudication adverse to the director or officer
establishes that his acts were committed in bad faith or were the result of
active and deliberate dishonesty and were material to the cause of action so
adjudicated, or that he personally gained in fact a financial profit or other
advantage to which he was not legally entitled.
ARTICLE XIII
AMENDMENTS
Section 1. These by-laws may be amended or repealed or new
by-laws may be adopted at any regular or special meeting of shareholders at
which a quorum is present or represented, by the vote of the holders of shares
entitled to vote in the election of any directors, provided notice of the
proposed alteration, amendment or repeal be contained in the notice of such
meeting. These by-laws may also be amended or repealed or new by-laws may be
adopted by the affirmative vote of a majority of the board of directors at any
regular or special meeting of the board. If any by-law regulating an impending
election of directors is adopted, amended or repealed by the board, there shall
be set forth in the notice of the next meeting of
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shareholders for the election of directors the by-law so adopted, amended or
repealed, together with precise statement of the changes made. By-laws adopted
by the board of directors may be amended or repealed by the shareholders.
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Exhibit 4(tt)
SALOMON SMITH BARNEY HOLDINGS INC.
SSBHI MERGER COMPANY INC.
and
THE FIRST NATIONAL BANK OF CHICAGO,
Successor Trustee
ELEVENTH SUPPLEMENTAL INDENTURE
Dated as of July 1, 1999
Supplemental Indenture to the Indenture dated as of
December 1, 1988 providing for the issuance of
series of senior debt securities.
<PAGE> 2
ELEVENTH SUPPLEMENTAL INDENTURE, dated as of July 1, 1999 (the
"Eleventh Supplemental Indenture"), among SALOMON SMITH BARNEY HOLDINGS INC., a
corporation duly organized and existing under the laws of the State of Delaware
("SSBH"), SSBHI MERGER COMPANY INC., a corporation duly organized and existing
under the laws of the State of New York (the "Merger Company"), and THE FIRST
NATIONAL BANK OF CHICAGO, a national banking association, as Successor Trustee
(the "Trustee"), under the Indenture dated as of December 1, 1998 (the "Original
Indenture"), as supplemented by the First Supplemental Indenture, dated
September 7, 1990, the Second Supplemental Indenture dated June 12, 1991, the
Third Supplemental Indenture, dated July 1, 1992, the Fourth Supplemental
Indenture, dated October 29, 1992, the Fifth Supplemental Indenture, dated
December 14, 1993, the Sixth Supplemental Indenture, dated December 19, 1994,
the Seventh Supplemental Indenture, dated February 1, 1996, the Eighth
Supplemental Indenture, dated May 8, 1996, the Ninth Supplemental Indenture,
dated November 20, 1996 and the Tenth Supplemental Indenture dated November 28,
1997 (collectively, the "Supplemental Indentures"). The Original Indenture
together with the Supplemental Indentures is herein referred to as the
"Indenture."
WITNESSETH:
WHEREAS, SSBH executed and delivered to the Trustee the Original
Indenture to provide for the issuance from time to time of series of senior debt
securities (the "Securities");
WHEREAS, SSBH heretofore executed and delivered to the Trustee the
Supplemental Indentures;
WHEREAS, SSBH has issued Securities pursuant to the Indenture, from
time to time;
WHEREAS, Section 1001 of the Indenture provides that in the case of a
merger of SSBH into another corporation, such corporation shall expressly
assume, by a supplemental indenture
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executed and delivered to the Trustee in a form satisfactory to the Trustee the
due and punctual payment of the principal of (and premium, if any) and interest
(including additional interest, if any, payable pursuant to Section 1202 of the
Indenture) on all Securities and Coupons (as defined in the Indenture) and the
performance of every covenant of the Indenture to be performed or observed by
SSBH;
WHEREAS, SSBH will merge into Merger Company (the "Merger"), effective
as of the effective time of the Merger (the "Effective Time"), pursuant to an
Agreement and Plan of Merger dated as of July 1, 1999 between Merger Company
and SSBH (the "Merger Agreement");
WHEREAS, pursuant to the Agreement and Plan of Merger, as of the
Effective Time, Merger Company will change its name to Salomon Smith Barney
Holdings Inc.;
WHEREAS, as of the Effective Time of the Merger, Merger Company, as
successor by merger to SSBH, will succeed, insofar as permitted by law, to all
rights, liabilities and obligations of SSBH under the provisions of the Merger
Agreement;
WHEREAS, SSBH and Merger Company desire to enter into this Eleventh
Supplemental Indenture;
WHEREAS, immediately after the Merger, no Event of Default (as defined
in the Indenture) and no event which, after notice or lapse of time or both,
would become an Event of Default shall have happened or be continuing;
NOW, THEREFORE, Merger Company covenants and agrees with the Trustee
for the equal and proportionate benefit of all the present and future holders of
the Securities as follows:
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ARTICLE I
ASSUMPTION AND SUBSTITUTION
Section 1.01. As of the Effective Time, Merger Company hereby expressly
agrees to assume the due and punctual payment of the principal of (and premium,
if any) and interest (including additional interest, if any, payable pursuant to
Section 1202 of the Indenture) on all Securities and Coupons and the performance
of every covenant of the Indenture to be performed or observed by SSBH.
Section 1.02. As of the Effective Time, and by virtue of such
assumption and of the Merger Agreement, Merger Company hereby will succeed and
be substituted for SSBH under the Indenture with the same effect as if Merger
Company had been named as "the Company" in the Indenture, and thereafter from
time to time may exercise every right and power of "the Company" under the
Indenture, in the name of SSBH or its own name; and any act or proceeding by
provision of the Indenture required or permitted to be done by the Board of
Directors or any officer of SSBH may be done with like force and effect by the
like Board of Directors or officer of Merger Company.
ARTICLE II
MISCELLANEOUS
Section 2.01 The Trustee accepts the trusts created by this Eleventh
Supplemental Indenture upon the terms and conditions set forth in the Indenture.
The Trustee shall not be responsible or accountable in any manner whatsoever for
or in respect of, and makes no representation with respect to, the validity or
sufficiency of this Eleventh Supplemental Indenture or the due execution hereof
by SSBH or Merger Company and shall not be responsible
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in any manner whatsoever for or in respect of the correctness of the recitals
and statements contained herein, all of which recitals and statements are made
solely by SSBH or Merger Company, as the case may be.
Section 2.02 Except as hereby expressly modified, the Indenture is in
all respects ratified and confirmed and all the terms, conditions, and
provisions thereof shall remain in full force and effect.
Section 2.03 This Eleventh Supplemental Indenture may be executed in
any number of counterparts, each of which shall be deemed to be an original for
all purposes, but such counterparts shall together be deemed to constitute but
one and the same instrument.
The Trustee hereby accepts the trusts in this Eleventh Supplemental
Indenture declared and provided, upon the terms and conditions herein set forth.
4
<PAGE> 6
IN WITNESS WHEREOF, each of SALOMON SMITH BARNEY HOLDINGS INC., SSBHI
MERGER COMPANY INC., and THE FIRST NATIONAL BANK OF CHICAGO, as Successor
Trustee, has caused this Eleventh Supplemental Indenture to be signed and
acknowledged by one of its officers thereunto duly organized, and its corporate
seal to be affixed hereto, and the same to be attested by the signature of its
Secretary or one of its Assistant Secretaries, all as of July 1, 1999.
SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/ Mark Kleinman
--------------------------------------
Name: Mark Kleinman
Title: Executive Vice President
and Treasurer
Attest:
By: /s/ Shelley J. Dropkin
-----------------------
(Corporate Seal)
Name: Shelley J. Dropkin
Title: Assistant Secretary
SSBHI MERGER COMPANY INC.
By: /s/ Mark Kleinman
--------------------------------------
Name: Mark Kleinman
Title: Executive Vice President
and Treasurer
Attest:
By: /s/ Shelley J. Dropkin
-----------------------
(Corporate Seal)
Name: Shelley J. Dropkin
Title: Assistant Secretary
THE FIRST NATIONAL BANK OF CHICAGO
/s/ Mary R. Fonti
By: ______________________________________
Name: Mary R. Fonti
Title: Assistant Vice President
Attest:
/s/ Michael D. Pinzon
By:_____________________________
(Corporate Seal)
Name: Michael D. Pinzon
Title: Trust Officer
5
<PAGE> 1
Exhibit 4(uu)
SALOMON SMITH BARNEY HOLDINGS INC.
SSBHI MERGER COMPANY INC.
and
BANKERS TRUST COMPANY,
Trustee
FIFTH SUPPLEMENTAL INDENTURE
Dated as of July 1, 1999
Supplemental Indenture to the Indenture dated as of
December 1, 1988 providing for the issuance of series
of subordinated debt securities.
<PAGE> 2
FIFTH SUPPLEMENTAL INDENTURE, dated as of July 1, 1999 (the "Fifth
Supplemental Indenture"), among SALOMON SMITH BARNEY HOLDINGS INC., a
corporation duly organized and existing under the laws of the State of Delaware
("SSBH"), SSBHI MERGER COMPANY INC., a corporation duly organized and existing
under the laws of the State of New York (the "Merger Company"), and BANKERS
TRUST COMPANY, a corporation duly organized and existing under the laws of the
State of New York, as Trustee (the "Trustee"), under the Indenture dated as of
December 1, 1988 (the "Original Indenture") as supplemented by the First
Supplemental Indenture, dated September 7, 1990, the Second Supplemental
Indenture, dated December 14, 1993, the Third Supplemental Indenture, dated July
3, 1996, and the Fourth Supplemental Indenture, dated November 28, 1997
(collectively, the "Supplemental Indentures"). The Supplemental Indentures
together with the Original Indenture is herein referred to as the "Indenture."
WITNESSETH:
WHEREAS, SSBH executed and delivered to the Trustee the Indenture to
provide for the issuance from time to time of series of subordinated debt
securities (the "Securities");
WHEREAS, SSBH heretofore executed and delivered to the Trustee the
Supplemental Indentures;
WHEREAS, SSBH has issued Securities pursuant to the Indenture, as
supplemented, from time to time;
WHEREAS, Section 1001 of the Indenture provides that in the case of a
merger of SSBH into another corporation, such corporation shall expressly
assume, by a supplemental indenture executed and delivered to the Trustee in a
form satisfactory to the Trustee, the due and punctual payment of the principal
of (and premium, if any) and interest (including additional interest, if
1
<PAGE> 3
any, payable pursuant to Section 1202 of the Indenture) on all Securities and
the performance of every covenant of the Indenture to be performed or observed
by SSBH;
WHEREAS, SSBH will merge into Merger Company (the "Merger"), effective
as of the effective time of the Merger (the "Effective Time"), pursuant to an
Agreement and Plan of Merger dated as of July 1, 1999 between Merger Company
and SSBH (the "Merger Agreement");
WHEREAS, pursuant to the Agreement and Plan of Merger, as of the
Effective Time, Merger Company will change its name to Salomon Smith Barney
Holdings Inc.;
WHEREAS, as of the Effective Time of the Merger, Merger Company, as
successor by merger to SSBH, will succeed, insofar as permitted by law, to all
rights, liabilities and obligations of SSBH under the provisions of the Merger
Agreement;
WHEREAS, SSBH and Merger Company desire to enter into this Fourth
Supplemental Indenture;
WHEREAS, immediately after the Merger, no Event of Default (as defined
in the Indenture) and no event which, after notice or lapse of time or both,
would become an Event of Default shall have happened or be continuing;
NOW, THEREFORE, Merger Company covenants and agrees with the Trustee
for the equal and proportionate benefit of all the present and future holders of
the Securities as follows:
ARTICLE I
ASSUMPTION AND SUBSTITUTION
Section 1.01. As of the Effective Time, Merger Company hereby expressly
agrees to assume the due and punctual payment of the principal of (and premium,
if any) and interest (including additional interest, if any, payable pursuant to
Section 1202 of the Indenture) on all
2
<PAGE> 4
Securities and the performance of every covenant of the Indenture to be
performed or observed by SSBH.
Section 1.02. As of the Effective Time, and by virtue of such
assumption and of the Merger Agreement, Merger Company hereby will succeed and
be substituted for SSBH under the Indenture with the same effect as if Merger
Company had been named as "the Company" in the Indenture, and thereafter from
time to time may exercise every right and power of "the Company" under the
Indenture, in the name of SSBH or its own name; and any act or proceeding by
provision of the Indenture required or permitted to be done by the Board of
Directors or any officer of SSBH may be done with like force and effect by the
like Board of Directors or officer of Merger Company.
ARTICLE II
MISCELLANEOUS
Section 2.01 The Trustee accepts the trusts created by this Fifth
Supplemental Indenture upon the terms and conditions set forth in the Indenture.
The Trustee shall not be responsible or accountable in any manner whatsoever for
or in respect of, and makes no representation with respect to, the validity or
sufficiency of this Fifth Supplemental Indenture or the due execution hereof by
SSBH or Merger Company and shall not be responsible in any manner whatsoever for
or in respect of the correctness of the recitals and statements contained
herein, all of which recitals and statements are made solely by SSBH or Merger
Company, as the case may be.
Section 2.02 Except as hereby expressly modified, the Indenture is in
all respects ratified and confirmed and all the terms, conditions, and
provisions thereof shall remain in full force and effect.
3
<PAGE> 5
Section 2.03 This Fifth Supplemental Indenture may be executed in any
number of counterparts, each of which shall be deemed to be an original for all
purposes, but such counterparts shall together be deemed to constitute but one
and the same instrument.
The Trustee hereby accepts the trusts in this Fifth Supplemental
Indenture declared and provided, upon the terms and conditions herein set forth.
4
<PAGE> 6
IN WITNESS WHEREOF, each of SALOMON SMITH BARNEY HOLDINGS INC., SSBHI
MERGER COMPANY INC., and BANKERS TRUST COMPANY, as Trustee, has caused this
Fifth Supplemental Indenture to be signed and acknowledged by one of its
officers thereunto duly organized, and its corporate seal to be affixed hereto,
and the same to be attested by the signature of its Secretary or one of its
Assistant Secretaries, all as of July 1, 1999.
SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/ Mark Kleinman
---------------------------------
Name: Mark Kleinman
Title: Executive Vice President
and Treasurer
Attest:
By: /s/ Shelley J. Dropkin
----------------------
(Corporate Seal)
Name: Shelley J. Dropkin
Title: Assistant Secretary
SSBHI MERGER COMPANY INC.
By: /s/ Mark Kleinman
---------------------------------
Name: Mark Kleinman
Title: Executive Vice President
and Treasurer
Attest:
By: /s/ Shelley J. Dropkin
----------------------
(Corporate Seal)
Name: Shelley J. Dropkin
Title: Assistant Secretary
BANKERS TRUST COMPANY
By: /s/ Susan Johnson
------------------------------------
Name: Susan Johnson
Title: Assistant Vice President
Attest:
By: /s/ Marc Parilla
-------------------------------------
(Corporate Seal)
Name: Marc Parilla
Title: Assistant Vice President
5
<PAGE> 1
Exhibit 4(vv)
SALOMON SMITH BARNEY HOLDINGS INC.
SSBHI MERGER COMPANY INC.
and
THE BANK OF NEW YORK,
Trustee
SECOND SUPPLEMENTAL INDENTURE
Dated as of July 1, 1999
Supplemental Indenture to the Indenture dated as of October 27, 1993 providing
for the issuance of series of senior debt securities.
<PAGE> 2
SECOND SUPPLEMENTAL INDENTURE, dated as of July 1, 1999 (the "Second
Supplemental Indenture"), among SALOMON SMITH BARNEY HOLDINGS INC., a
corporation duly organized and existing under the laws of the State of Delaware
("SSBH"), SSBHI MERGER COMPANY INC., a corporation duly organized and existing
under the laws of the State of New York (the "Merger Company"), and THE BANK OF
NEW YORK, a corporation duly organized and existing under the laws of the State
of New York, as Trustee (the "Trustee"), under the Indenture dated as of October
27, 1993 (the "Indenture") as supplemented by the First Supplemental Indenture,
dated November 28, 1997 (the "Supplemental Indenture"). The Supplemental
Indenture together with the Indenture is herein referred to as the "Indenture."
WITNESSETH:
WHEREAS, SSBH executed and delivered to the Trustee the Indenture to
provide for the issuance from time to time of series of senior debt securities
(the "Securities");
WHEREAS, SSBH heretofore executed and delivered to the Trustee the
Supplemental Indenture;
WHEREAS, SSBH has issued Securities pursuant to the Indenture, from
time to time;
WHEREAS, Section 10.01 of the Indenture provides that in the case of a
merger of SSBH into another corporation, such corporation shall expressly
assume, by a supplemental indenture executed and delivered to the Trustee in a
form satisfactory to the Trustee, the due and punctual payment of the principal
of (and premium, if any) and interest (including all additional interest, if
any, payable pursuant to Section 12.02 of the Indenture) on all Securities and
any Coupons (as defined in the Indenture) and the performance of every covenant
of the Indenture to be performed or observed by SSBH;
1
<PAGE> 3
WHEREAS, SSBH will merge into Merger Company (the "Merger"), effective
as of the effective time of the Merger (the "Effective Time"), pursuant to an
Agreement and Plan of Merger dated as of July 1, 1999 between Merger Company
and SSBH (the "Merger Agreement");
WHEREAS, pursuant to the Agreement and Plan of Merger, as of the
Effective Time, Merger Company will change its name to Salomon Smith Barney
Holdings Inc.;
WHEREAS, as of the Effective Time of the Merger, Merger Company, as
successor by merger to SSBH, will succeed, insofar as permitted by law, to all
rights, liabilities and obligations of SSBH under the provisions of the Merger
Agreement;
WHEREAS, SSBH and Merger Company desire to enter into this Second
Supplemental Indenture;
WHEREAS, immediately after the Merger, no Event of Default (as defined
in the Indenture) and no event which, after notice or lapse of time or both,
would become an Event of Default shall have happened or be continuing;
NOW, THEREFORE, Merger Company covenants and agrees with the Trustee
for the equal and proportionate benefit of all the present and future holders of
the Securities as follows:
ARTICLE I
ASSUMPTION AND SUBSTITUTION
Section 1.01. As of the Effective Time, Merger Company hereby expressly
agrees to assume the due and punctual payment of the principal of (and premium,
if any) and interest (including all additional interest, if any, payable
pursuant to Section 12.02 of the Indenture) on all Securities and any Coupons
and the performance of every covenant of the Indenture to be performed or
observed by SSBH.
2
<PAGE> 4
Section 1.02. As of the Effective Time, and by virtue of such
assumption and of the Merger Agreement, Merger Company hereby will succeed and
be substituted for SSBH under the Indenture with the same effect as if Merger
Company had been named as "the Company" in the Indenture, and thereafter from
time to time may exercise every right and power of "the Company" under the
Indenture, in the name of SSBH or its own name; and any act or proceeding by
provision of the Indenture required or permitted to be done by the Board of
Directors or any officer of SSBH may be done with like force and effect by the
like Board of Directors or officer of Merger Company.
ARTICLE II
MISCELLANEOUS
Section 2.01 The Trustee accepts the trusts created by this Second
Supplemental Indenture upon the terms and conditions set forth in the Indenture.
The Trustee shall not be responsible or accountable in any manner whatsoever for
or in respect of, and makes no representation with respect to, the validity or
sufficiency of this Second Supplemental Indenture or the due execution hereof by
SSBH or Merger Company and shall not be responsible in any manner whatsoever for
or in respect of the correctness of the recitals and statements contained
herein, all of which recitals and statements are made solely by SSBH or Merger
Company, as the case may be.
Section 2.02 Except as hereby expressly modified, the Indenture is in
all respects ratified and confirmed and all the terms, conditions, and
provisions thereof shall remain in full force and effect.
3
<PAGE> 5
Section 2.03 This Second Supplemental Indenture may be executed in any
number of counterparts, each of which shall be deemed to be an original for all
purposes, but such counterparts shall together be deemed to constitute but one
and the same instrument.
The Trustee hereby accepts the trusts in this Second Supplemental
Indenture declared and provided, upon the terms and conditions herein set forth.
4
<PAGE> 6
IN WITNESS WHEREOF, each of SALOMON SMITH BARNEY HOLDINGS INC., SSBHI
MERGER COMPANY INC., and THE BANK OF NEW YORK, as Trustee, has caused this
Second Supplemental Indenture to be signed and acknowledged by one of its
officers thereunto duly organized, and its corporate seal to be affixed hereto,
and the same to be attested by the signature of its Secretary or one of its
Assistant Secretaries, all as of July 1, 1999.
SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/ Mark Kleinman
-------------------------------------
Name: Mark Kleinman
Title: Executive Vice President
and Treasurer
Attest:
By: /s/ Shelley J. Dropkin
-----------------------
(Corporate Seal)
Name: Shelley J. Dropkin
Title: Assistant Secretary
SSBHI MERGER COMPANY INC.
By: /s/ Mark Kleinman
--------------------------------------
Name: Mark Kleinman
Title: Executive Vice President
and Treasurer
Attest:
By: /s/ Shelley J. Dropkin
-----------------------
(Corporate Seal)
Name: Shelley J. Dropkin
Title: Assistant Secretary
THE BANK OF NEW YORK
By: /s/ Van K. Brown
--------------------------------------
Name: Van K. Brown
Title: Assistant Vice President
Attest:
By: /s/ Walter N. Gitlin
---------------------
(Corporate Seal)
Name: Walter N. Gitlin
Title: Vice President
5
<PAGE> 1
Exhibit 4(ww)
SALOMON SMITH BARNEY HOLDINGS INC.
SSBHI MERGER COMPANY INC.
and
THE CHASE MANHATTAN BANK,
Trustee
SECOND SUPPLEMENTAL INDENTURE
Dated as of July 1, 1999
Supplemental Indenture to the Indenture dated as of January 18, 1994 providing
for the issuance of series of senior debt securities.
<PAGE> 2
SECOND SUPPLEMENTAL INDENTURE, dated as of July 1, 1999 (the "Second
Supplemental Indenture"), among SALOMON SMITH BARNEY HOLDINGS INC., a
corporation duly organized and existing under the laws of the State of Delaware
and the successor to Salomon Inc ("SSBH"), SSBHI MERGER COMPANY INC., a
corporation duly organized and existing under the laws of the State of New York
(the "Merger Company"), and THE CHASE MANHATTAN BANK, a corporation organized
and existing under the laws of the State of New York and formerly known as
Chemical Bank, as Trustee (the "Trustee"), under the Indenture dated as of
January 18, 1994 (the "Original Indenture"), as supplemented by the First
Supplemental Indenture dated November 28, 1997 (the "Supplemental Indenture"),
between SSBH and the Trustee. The Original Indenture together with the
Supplemental Indenture is herein referred to as the "Indenture."
WITNESSETH:
WHEREAS, SSBH executed and delivered to the Trustee the Indenture to
provide for the issuance from time to time of series of senior debt securities
(the "Securities");
WHEREAS, SSBH heretofore executed and delivered to the Trustee the
Supplemental Indenture;
WHEREAS, SSBH has issued Securities pursuant to the Indenture, from
time to time;
WHEREAS, Section 10.01 of the Indenture provides that in the case of a
merger of SSBH into another corporation, such corporation shall expressly
assume, by a supplemental indenture executed and delivered to the Trustee in a
form satisfactory to the Trustee, the due and punctual payment of the principal
of (and additional interest, if any, payable pursuant to Section 12.02 of the
Indenture) and interest on all Securities and Coupons (as defined in the
Indenture) and the performance of every covenant of the Indenture to be
performed or observed by SSBH;
1
<PAGE> 3
WHEREAS, SSBH will merge into Merger Company (the "Merger"), effective
as of the effective time of the Merger (the "Effective Time"), pursuant to an
Agreement and Plan of Merger dated as of July 1, 1999 between Merger Company
and SSBH (the "Merger Agreement");
WHEREAS, pursuant to the Agreement and Plan of Merger, as of the
Effective Time, Merger Company will change its name to Salomon Smith Barney
Holdings Inc.;
WHEREAS, as of the Effective Time of the Merger, Merger Company, as
successor by merger to SSBH, will succeed, insofar as permitted by law, to all
rights, liabilities and obligations of SSBH under the provisions of the Merger
Agreement;
WHEREAS, SSBH and Merger Company desire to enter into this Second
Supplemental Indenture;
WHEREAS, immediately after the Merger, no Event of Default (as defined
in the Indenture) and no event which, after notice or lapse of time or both,
would become an Event of Default shall have happened or be continuing;
NOW, THEREFORE, each of SSBH and Merger Company covenants and agrees
with the Trustee for the equal and proportionate benefit of all the present and
future Holders (as defined in the Indenture) of the Securities as follows:
ARTICLE I
ASSUMPTION AND SUBSTITUTION
Section 1.01. As of the Effective Time, Merger Company hereby expressly
agrees to assume the due and punctual payment of the principal of (and
additional interest, if any, payable pursuant to Section 12.02 of the Indenture)
and interest on all Securities and the performance of every covenant of the
Indenture to be performed or observed by SSBH.
2
<PAGE> 4
Section 1.02. As of the Effective Time, and by virtue of such
assumption and of the Merger Agreement, Merger Company hereby will succeed and
be substituted for SSBH under the Indenture with the same effect as if Merger
Company had been named as "the Company" in the Indenture, and thereafter from
time to time may exercise every right and power of "the Company" under the
Indenture, in the name of SSBH or its own name; and any act or proceeding by
provision of the Indenture required or permitted to be done by the Board of
Directors or any officer of SSBH may be done with like force and effect by the
like Board of Directors or officer of Merger Company.
ARTICLE II
MISCELLANEOUS
Section 2.01 The Trustee accepts the trusts created by this Second
Supplemental Indenture upon the terms and conditions set forth in the Indenture.
The Trustee shall not be responsible or accountable in any manner whatsoever for
or in respect of, and makes no representation with respect to, the validity or
sufficiency of this Second Supplemental Indenture or the due execution hereof by
SSBH or Merger Company and shall not be responsible in any manner whatsoever for
or in respect of the correctness of the recitals and statements contained
herein, all of which recitals and statements are made solely by SSBH or Merger
Company, as the case may be.
Section 2.02 Except as hereby expressly modified, the Indenture is in
all respects ratified and confirmed and all the terms, conditions, and
provisions thereof shall remain in full force and effect.
3
<PAGE> 5
Section 2.03 This Second Supplemental Indenture may be executed in any
number of counterparts, each of which shall be deemed to be an original for all
purposes, but such counterparts shall together be deemed to constitute but one
and the same instrument.
The Trustee hereby accepts the trusts in this Second Supplemental
Indenture declared and provided, upon the terms and conditions herein set forth.
4
<PAGE> 6
IN WITNESS WHEREOF, each of SALOMON SMITH BARNEY HOLDINGS INC., SSBHI
MERGER COMPANY INC., and THE CHASE MANHATTAN BANK, as Trustee, has caused this
Second Supplemental Indenture to be signed and acknowledged by one of its
officers thereunto duly organized, and its corporate seal to be affixed hereto,
and the same to be attested by the signature of its Secretary or one of its
Assistant Secretaries, all as of July 1, 1999.
SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/ Mark Kleinman
--------------------------------------
Name: Mark Kleinman
Title: Executive Vice President
and Treasurer
Attest:
By: /s/ Shelley J. Dropkin
-----------------------
(Corporate Seal)
Name: Shelley J. Dropkin
Title: Assistant Secretary
SSBHI MERGER COMPANY INC.
By: /s/ Mark Kleinman
--------------------------------------
Name: Mark Kleinman
Title: Executive Vice President
and Treasurer
Attest:
By: /s/ Shelley J. Dropkin
-----------------------
(Corporate Seal)
Name: Shelley J. Dropkin
Title: Assistant Secretary
THE CHASE MANHATTAN BANK
By: /s/ Robert S. Peschler
-------------------------------------
Name: Robert S. Peschler
Title: Assistant Vice President
Attest:
By: /s/ Edwin Purugganan
---------------------
(Corporate Seal)
Name: Edwin Purugganan
Title: Trust Officer
5
<PAGE> 1
Exhibit 4(xx)
SALOMON SMITH BARNEY HOLDINGS INC.
SSBHI MERGER COMPANY INC.
and
THE CHASE MANHATTAN BANK,
Trustee
FIRST SUPPLEMENTAL INDENTURE
Dated as of July 1, 1999
Supplemental Indenture to the Indenture dated as of January 28, 1998 providing
for the issuance of series of junior subordinated debt securities
<PAGE> 2
FIRST SUPPLEMENTAL INDENTURE, dated as of July 1, 1999 (the "First
Supplemental Indenture"), among SALOMON SMITH BARNEY HOLDINGS INC., a
corporation duly organized and existing under the laws of the State of Delaware
and the successor to Salomon Inc ("SSBH"), SSBHI MERGER COMPANY INC., a
corporation duly organized and existing under the laws of the State of New York
(the "Merger Company"), and THE CHASE MANHATTAN BANK, a corporation duly
organized and existing under the laws of the State of New York and formerly
known as Chemical Bank, as Trustee (the "Trustee"), under the Indenture dated as
of January 28, 1998 (the "Indenture"), between SSBH and the Trustee.
WITNESSETH:
WHEREAS, SSBH executed and delivered to the Trustee the Indenture to
provide for the issuance from time to time of series of junior subordinated debt
securities (the "Securities");
WHEREAS, SSBH has issued Securities pursuant to the Indenture, from
time to time;
WHEREAS, Section 8.1 of the Indenture provides that in the case of a
merger of SSBH into another corporation, such corporation shall expressly
assume, by a supplemental indenture executed and delivered to the Trustee in a
form satisfactory to the Trustee, the due and punctual payment of the principal
of (and premium, if any) and interest on all Securities and the performance of
every covenant of the Indenture to be performed or observed by SSBH;
WHEREAS, SSBH will merge into Merger Company (the "Merger"), effective
as of the effective time of the Merger (the "Effective Time"), pursuant to an
Agreement and Plan of Merger dated as of July 1, 1999 between Merger Company
and SSBH (the "Merger Agreement");
1
<PAGE> 3
WHEREAS, pursuant to the Agreement and Plan of Merger, as of the
Effective Time, Merger Company will change its name to Salomon Smith Barney
Holdings Inc.;
WHEREAS, as of the Effective Time of the Merger, Merger Company, as
successor by merger to SSBH, will succeed, insofar as permitted by law, to all
rights, liabilities and obligations of SSBH under the provisions of the Merger
Agreement;
WHEREAS, SSBH and Merger Company desire to enter into this First
Supplemental Indenture;
WHEREAS, immediately after the Merger, no Event of Default (as defined
in the Indenture) and no event which, after notice or lapse of time or both,
would become an Event of Default shall have happened or be continuing;
NOW, THEREFORE, Merger Company covenants and agrees with the Trustee
for the equal and proportionate benefit of all the present and future Holders of
the Securities as follows:
ARTICLE I
ASSUMPTION AND SUBSTITUTION
Section 1.01. As of the Effective Time, Merger Company hereby expressly
agrees to assume the due and punctual payment of the principal of (and premium,
if any) and interest on all Securities and the performance of every covenant of
the Indenture to be performed or observed by SSBH.
Section 1.02. As of the Effective Time, and by virtue of such
assumption and of the Merger Agreement, Merger Company hereby will succeed and
be substituted for SSBH under the Indenture with the same effect as if Merger
Company had been named as "the Company" in the Indenture, and thereafter from
time to time may exercise every right and power of "the Company" under the
Indenture, in the name of SSBH or its own name; and any act or proceeding
2
<PAGE> 4
by provision of the Indenture required or permitted to be done by the Board of
Directors or any officer of SSBH may be done with like force and effect by the
like Board of Directors or officer of Merger Company.
ARTICLE II
MISCELLANEOUS
Section 2.01 The Trustee accepts the trusts created by this First
Supplemental Indenture upon the terms and conditions set forth in the Indenture.
The Trustee shall not be responsible or accountable in any manner whatsoever for
or in respect of, and makes no representation with respect to, the validity or
sufficiency of this First Supplemental Indenture or the due execution hereof by
SSBH or Merger Company and shall not be responsible in any manner whatsoever for
or in respect of the correctness of the recitals and statements contained
herein, all of which recitals and statements are made solely by SSBH or Merger
Company, as the case may be.
Section 2.02 Except as hereby expressly modified, the Indenture is in
all respects ratified and confirmed and all the terms, conditions, and
provisions thereof shall remain in full force and effect.
Section 2.03 This First Supplemental Indenture may be executed in any
number of counterparts, each of which shall be deemed to be an original for all
purposes, but such counterparts shall together be deemed to constitute but one
and the same instrument.
The Trustee hereby accepts the trusts in this First Supplemental
Indenture declared and provided, upon the terms and conditions herein set forth.
3
<PAGE> 5
IN WITNESS WHEREOF, each of SALOMON SMITH BARNEY HOLDINGS INC., SSBHI
MERGER COMPANY INC., and THE CHASE MANHATTAN BANK, as Trustee, has caused this
First Supplemental Indenture to be signed and acknowledged by one of its
officers thereunto duly organized, and its corporate seal to be affixed hereto,
and the same to be attested by the signature of its Secretary or one of its
Assistant Secretaries, all as of July 1, 1999.
SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/ Mark Kleinman
---------------------------------------
Name: Mark Kleinman
Title: Executive Vice President
and Treasurer
Attest:
By: /s/ Shelley J. Dropkin
-----------------------
(Corporate Seal)
Name: Shelley J. Dropkin
Title: Assistant Secretary
SSBHI MERGER COMPANY INC.
By: /s/ Mark Kleinman
--------------------------------------
Name: Mark Kleinman
Title: Executive Vice President
and Treasurer
Attest:
By: /s/ Shelley J. Dropkin
-----------------------
(Corporate Seal)
Name: Shelley J. Dropkin
Title: Assistant Secretary
THE CHASE MANHATTAN BANK
By: /s/ Robert S. Peschler
-------------------------------------
Name: Robert S. Peschler
Title: Assistant Vice President
Attest:
By: /s/ Edwin Purugganan
---------------------
(Corporate Seal)
Name: Edwin Purugganan
Title: Trust Officer
4
<PAGE> 1
Exhibit 5(a)
July 1, 1999
Salomon Smith Barney Holdings Inc.
388 Greenwich Street
New York, New York 10013
Re: Salomon Smith Barney Holdings Inc. - Post-Effective Amendment No. 1
to Registration Statement on Form S-3 (No. 333-38931)
Ladies and Gentlemen:
I am the General Counsel of Salomon Smith Barney Holdings Inc., a New
York corporation (the "Company"), the successor by merger to Salomon Smith
Barney Holdings Inc., a Delaware corporation ("SSBH"). I refer to the filing by
the Company with the Securities and Exchange Commission (the "Commission") of a
Post-Effective Amendment No. 1 (the "Amendment") to the Registration Statement
on Form S-3 (File No. 333-38931) (the Registration Statement, as amended by the
Amendment, is hereinafter referred to as "Registration Statement") relating to
(i) debt securities of the Company, which may be senior debt securities (the
"Senior Securities") or subordinated debt securities (the "Subordinated
Securities"), (ii) junior subordinated debt securities (the "Junior Subordinated
Debt Securities" and collectively with the Subordinated Securities and the
Senior Securities, the "Debt Securities") issued in connection with the offering
by certain affiliated business trusts (the "SSBH Trusts") of the Company of
trust preferred securities (the "Trust Preferred Securities"), certain payments
in respect of which will be guaranteed by the Company (the "Guarantees"), (iii)
warrants ("Index Warrants") representing the right to receive, upon exercise, an
amount in cash that will be determined by reference to prices, yields, levels or
other specified objective measure, (iv) shares of preferred stock of the Company
(the "Preferred Stock"), and (v) depositary shares representing entitlement to
all rights and preferences of a share of Preferred Stock of a specified series
(the "Depositary Shares"). The Debt Securities, Index Warrants, Preferred Stock
and the Depositary Shares are referred to herein collectively as the "Offered
Securities." The Offered Securities being registered under the Registration
Statement, together with securities registered under previously filed
registration statements, have an aggregate initial offering price of up to
$11,710,346,786 (of which approximately $5.3 billion have previously been issued
(the "Previously Issued Securities")) or the equivalent thereof in foreign
currencies or composite currencies and will be offered on a continued or delayed
basis pursuant to the provisions of Rule 415 under the Securities Act of 1933,
(the "Act").
<PAGE> 2
Salomon Smith Barney Holdings Inc.
July 1, 1999
Page 2
Unless otherwise provided in any prospectus supplement forming a part
of the Registration Statement relating to a particular series of Debt
Securities, the Senior Securities (other than the Previously Issued Securities)
will be issued under an Indenture dated as of March 15, 1987, as supplemented
(the "Senior Indenture") between the Company, as successor obligor, and The Bank
of New York (the "Senior Trustee"), as Trustee; the Subordinated Securities will
be issued under an Indenture dated as of December 1, 1988, as supplemented (the
"Subordinated Indenture"), between the Company, as successor obligor, and
Bankers Trust Company (the "Subordinated Trustee"), as Subordinated Trustee and
the Junior Subordinated Debt Securities (other than the Previously Issued
Securities) will be issued under an Indenture (the "Junior Subordinated
Indenture") between the Company, as successor obligor, and The Chase Manhattan
Bank (the "Junior Subordinated Trustee"), as Trustee. The Junior Subordinated
Trustee, the Senior Trustee and the Subordinated Trustee, are each hereinafter
referred to as a "Trustee". The Index Warrants will be issued under one or more
warrant agreements (each, a "Warrant Agreement"), each to be entered into
between the Company and one or more institutions as identified in the applicable
Warrant Agreement. The Preferred Stock will be issued pursuant to a Certificate
of Designations (the "Certificate of Designations") relating to a particular
series of Preferred Stock. The Depositary Shares will be issued under a Deposit
Agreement (the "Deposit Agreement"). The Guarantees (other than the Previously
Issued Securities) will be issued by the Company pursuant to one or more
Guarantee Agreements between the Company and the Junior Subordinated Trustee,
for the benefit of the holders of the Trust Preferred Securities.
The Previously Issued Securities consist of: (a) Senior Securities (the
"Previously Issued Senior Securities"), issued under (i) the Senior Indenture;
provided that at the time of issuance thereof, SSBH was the obligor on such
Indenture or (ii) the Indenture (the "Original Senior Indenture"), dated of
December 1, 1988, as supplemented between SSBH, as obligor, and The First
National Bank of Chicago, as successor trustee; provided that prior to October
8, 1998, the trustee thereon was Citibank, N.A., (b) Junior Subordinated Debt
Securities (the "Previously Issued Junior Subordinated Debt Securities") issued
under the Junior Subordinated Indenture dated as of January 28, 1998 (c) a
Guarantee (the "Previously Issued Guarantee") issued pursuant to a Guarantee
Agreement dated as of January 28, 1998 with The Chase Manhattan Bank, as
Guarantee Trustee and (d) Index Warrants (the "Previously Issued Index
Warrants") issued under a Warrant Agreement dated as of July 22, 1998 with
Citibank, N.A.
I, or persons employed by the Company or its affiliates with whom I
have consulted, have examined and are familiar with originals, or copies
certified or otherwise identified to my satisfaction, of such corporate records
of the Company, certificates or documents as I have deemed appropriate as a
basis for the opinions expressed below. In my examination, I have assumed the
legal capacity of all natural persons, the genuineness of all signatures, the
authenticity of all documents submitted to me (or such persons) as originals,
the conformity to original documents of all documents submitted to me (or such
persons) as certified or photostatic copies and the authenticity of the
originals of such copies.
<PAGE> 3
Salomon Smith Barney Holdings Inc.
July 1, 1999
Page 3
Based upon and subject to the foregoing and assuming that, (a) with
respect to all Offered Securities other than the Previously Issued Securities
(i) the Registration Statement and any amendments thereto (including the
Amendment and any other post-effective amendments) will have become effective
and comply with all applicable laws at the time the Offered Securities are
offered or issued as contemplated by the Registration Statement; (ii) a
Prospectus Supplement, Pricing Supplement and/or term sheet will have been
prepared and filed with the Commission describing the Offered Securities offered
thereby and will comply with all applicable laws; (iii) all Offered Securities
will be issued and sold in compliance with applicable federal and state laws and
in the manner stated in the Registration Statement and the appropriate
Prospectus Supplement, Pricing Supplement and/or term sheet; (iv) a definitive
purchase, underwriting or similar agreement and any other necessary agreements
with respect to any Offered Securities offered or issued will have been duly
authorized and validly executed and delivered by the parties thereto; (v) the
Offered Securities will be sold and delivered at the price (not less than the
par or stated value in the case of the Preferred Stock) and in accordance with
the terms of such agreement and as set forth in the Registration Statement and
the Prospectus Supplement(s), Pricing Supplement(s) or term sheet(s) referred to
therein; and (vi) the Company will authorize the offering and issuance of the
Offered Securities and the terms and conditions thereof (including in the case
of the Preferred Stock, the adoption of a Certificate of Designations) and will
take any other appropriate additional corporate action, and (b) with respect to
the Previously Issued Securities (i) the Registration Statement and any
amendments thereto (including the Amendment and any other post-effective
amendments) will have become effective and comply with all applicable laws; (ii)
all Previously Issued Securities have been issued and sold in compliance with
applicable federal and state laws and in the manner stated in the Registration
Statement and the appropriate Prospectus Supplement, Pricing Supplement and/or
term sheet; (iii) the parties to the documents I have examined, other than the
Company and the SSBH Trusts, had the power, corporate or other, to enter into
and perform all obligations thereunder, (iv) the such documents have been duly
authorized by all requisite action, corporate or other, and executed and
delivered by such parties, and (v) such documents constitute valid and binding
obligations of such parties, I am of the opinion that:
1. The Company is a duly organized and existing corporation
under the laws of the State of Delaware.
2. With respect to Debt Securities to be issued under either the
Senior Indenture, Subordinated Indenture or Junior Subordinated Indenture, other
than the Previously Issued Securities, assuming the (i) due qualification of the
Trustee and the applicable Indenture under the Trust Indenture Act of 1939, (ii)
due authorization, execution, and delivery of the applicable Indenture by the
Trustee, and (iii) due execution, authentication and delivery of the Debt
Securities in accordance with the terms of the applicable Indenture, such Debt
Securities will be legal, valid and binding obligations of the Company and will
be entitled to the benefits of the
<PAGE> 4
Salomon Smith Barney Holdings Inc.
July 1, 1999
Page 4
applicable Indenture. The Previously Issued Senior Securities issued under the
Senior Indenture or the Original Senior Indenture and the Previously Issued
Junior Subordinated Debt Securities issued under the Junior Subordinated
Indenture are legal, valid and binding obligations of the Company and are
entitled to the benefits of the applicable Indenture.
3. With respect to the Index Warrants, other than the Previously Issued
Index Warrants, assuming the (i) due authorization, execution and delivery of
the applicable Warrant Agreement by the Warrant Agent, and (ii) due execution,
countersignature and delivery of the Index Warrants, such Index Warrants will be
legal, valid and binding obligations of the Company. The Previously Issued Index
Warrants are the legal, valid and binding obligations of the Company.
4. With respect to shares of Preferred Stock, assuming the due
execution, countersignature and delivery of certificates representing the shares
of Preferred Stock, such shares of Preferred Stock will be validly issued, fully
paid and nonassessable.
5. With respect to the Depositary Shares, assuming the (i) due
authorization, execution and delivery of the Deposit Agreement or Agreements
relating to the Depositary Shares and the related Depositary Receipts by the
Depositary appointed by the Company, (ii) the deposit of the shares of Preferred
Stock underlying such Depositary Shares with a bank or trust company which meets
the requirements for the Depositary set forth in the Registration Statement
under the applicable Deposit Agreement, and (iii) due execution,
countersignature and delivery of the Depositary Receipts representing the
Depositary Shares, such Depositary Shares will be validly issued.
6. With respect to the Guarantees, other than the Previously Issued
Guarantee, assuming the due authorization, execution and delivery of the
applicable Guarantee Agreement by the Junior Subordinated Trustee, such
Guarantees will be legal, valid and binding obligations of the Company. The
Previously Issued Guarantee is the legal, valid and binding obligation of the
Company.
Insofar as my opinion relates to the validity, binding effect or
enforceability of any agreement or obligation of the Company, it is subject to
applicable bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium or other similar laws affecting creditors' rights generally from time
to time in effect and subject to general principles of equity, regardless of
whether such is considered in a proceeding in equity or at law.
<PAGE> 5
Salomon Smith Barney Holdings Inc.
July 1, 1999
Page 5
My opinion is limited to matters governed by the Federal laws of the
United States of America, the laws of the State of New York and the General
Corporation Law of the State of Delaware. I consent to the filing of this
opinion in the Registration Statement as Exhibit 5 thereto and to the reference
to my name in the Prospectuses and Prospectus Supplements constituting a part of
such Registration Statement under the heading "Legal Matters." In giving such
consent, I do not thereby admit that I come within the category of persons whose
consent is required under Section 7 of the Act, or the rules and regulations of
the Commission thereunder.
Very truly yours,
/s/ Joan Guggenheimer
Joan Guggenheimer
General Counsel and Secretary
<PAGE> 1
Exhibit 5(b)
Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, New York 10022
July 1, 1999
Salomon Smith Barney Holdings Inc.
388 Greenwich Street
New York, NY 10013
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
c/o Salomon Smith Barney Holdings Inc.
388 Greenwich Street
New York, New York 10013
Re: Salomon Smith Barney Holdings Inc.
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
Registration Statement on Form S-3
Ladies and Gentlemen:
We have acted as special counsel to (1)SSBH Capital I, SSBH Capital
II, SSBH Capital III and SSBH Capital IV (each, an "SSBH Trust" and, together,
the "SSBH Trusts"), each a statutory business trust formed under the laws of the
State of Delaware, and (2) Salomon Smith Barney Holdings Inc. (the "Company"), a
New York corporation, which is the successor to Salomon Smith Barney Holdings
Inc., a Delaware corporation ("Old SSBH"), following a statutory merger
effective as of the date hereof, in connection with the preparation of
Post-Effective Amendment No. 1 to the Registration Statement on Form S-3 (File
No. 333-38931), to be filed by the Company and the SSBH Trusts with the
Securities and Exchange Commission (the "Commission") on the date hereof (such
Registration Statement, as so amended, the "Registration Statement"). The
Registration Statement relates to (A) the sale from time to time in connection
with market-making transactions of (i) the SSBH Trust I Preferred
Securities (as defined below) and (ii) the SSBH Trust I Junior Subordinated
Debt Securities (as defined below) and (B) the issuance and sale from time to
<PAGE> 2
Salomon Smith Barney Holdings Inc.
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
July 1, 1999
Page 2
time, pursuant to Rule 415 of the General Rules and Regulations
promulgated under the Securities Act of 1933, as amended (the "Securities Act"),
of, among other things, the following securities: (i) preferred securities (the
"Trust Preferred Securities") of each of the SSBH Trusts and (ii) unsecured
junior subordinated debt securities (the "Junior Subordinated Debt Securities")
of the Company which are to be issued pursuant to an indenture, dated as of
January 28, 1998, between Old SSBH and The Chase Manhattan Bank, as debt trustee
(the "Debt Trustee"), as amended and supplemented by a First Supplemental
Indenture, dated as of the date hereof (the "First Supplemental Indenture"),
between the Company and the Debt Trustee (such indenture, as so amended and so
supplemented, the "Indenture"). The Trust Preferred Securities and Junior
Subordinated Debt Securities are collectively referred to herein as the "Offered
Securities."
The Trust Preferred Securities of SSBH Capital I (the "SSBH Trust I
Preferred Securities"), having an aggregate liquidation preference of
$400,000,000, were originally issued pursuant to the Amended and Restated
Declaration of Trust of SSBH Capital I dated as of January 28, 1998
("Declaration I"), among Old SSBH, as sponsor and as the issuer of the SSBH
Trust I Junior Subordinated Debt Securities held by The Chase Manhattan Bank, as
the property trustee (the "Property Trustee"), Chase Manhattan Bank Delaware, as
Delaware trustee (the "Delaware Trustee"), and Charles W. Scharf and Michael J.
Day, as regular trustees (together, the "Regular Trustees").
<PAGE> 3
Salomon Smith Barney Holdings Inc.
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
July 1, 1999
Page 3
The Trust Preferred Securities of each of the other SSBH Trusts are
to be issued pursuant to an Amended and Restated Declaration of Trust of such
SSBH Trust (each, a "Declaration" and, collectively, the "Declarations"), each
such Declaration being among the Company, as sponsor and as the issuer of the
Junior Subordinated Debt Securities to be held by the Property Trustee, the
Delaware Trustee and the Regular Trustees.
This opinion is being delivered in accordance with the requirements
of Item 601(b)(5) of Regulation S-K under the Act.
In connection with this opinion, we have examined originals or
copies, certified or otherwise identified to our satisfaction, of (i) the
Registration Statement; (ii) the form of Prospectus and Prospectus Supplement
relating to the Trust Preferred Securities included in the Registration
Statement (collectively, the "Prospectus"); (iii) the certificate of trust of
each of (A) SBH Capital I, SBH Capital II and SBH Capital III (the "1996
Certificates of Trust") filed with the Secretary of State of the State of
Delaware on December 19, 1996 and (B) the certificate of trust of SSBH Capital
IV filed with the Secretary of State of the State of Delaware on October 24,
1997 (the "1997 Certificate of Trust"); (iv) the certificate of amendment of
each of the 1996 Certificates of Trust changing the names of SBH Capital I, SBH
Capital II and SBH Capital III to, respectively, SSBH Capital I, SSBH Capital II
and SSBH Capital III (as amended, and together with the 1997
<PAGE> 4
Salomon Smith Barney Holdings Inc.
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
July 1, 1999
Page 4
Certificate of Trust, the "Certificates of Trust") (v) an executed copy of the
Underwriting Agreement, dated January 23, 1998 (the "SSBHI Underwriting
Agreement"), among SSBH Capital I, Old SSBH and Smith Barney Inc., A.G. Edwards
& Sons, Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Morgan Stanley & Co. Incorporated, PaineWebber Incorporated and
Prudential Securities Incorporated, as Representatives of the several
underwriters named therein; (vi) a Cross-Receipt dated January 28, 1998,
acknowledging receipt of payment by the underwriters party to the SSBH I
Underwriting Agreement for the SSBH Trust I Preferred Securities; (vii) an
executed copy of Declaration I and the form of the Declaration of each of the
other SSBH Trusts (including the designations of the terms of the Trust
Preferred Securities of such SSBH Trust annexed thereto); (viii) the global
certificates evidencing the SSBH Trust I Preferred Securities and the form of
the Trust Preferred Securities of each of the other SSBH Trusts; (ix) an
executed copy of the Preferred Securities Guarantee Agreement dated as of
January 28, 1998 (the "SSBH Trust I Preferred Securities Guarantee"), between
Old SSBH and The Chase Manhattan Bank, as guarantee trustee (the "Preferred
Securities Guarantee Trustee"), and the form of the preferred securities
guarantee agreement (the "Preferred Securities Guarantee"), between Old SSBH and
the Preferred Securities Guarantee Trustee; (x) the certificates evidencing the
$412,372,000 aggregate principal amount of Junior Subordinated Debt Securities
issued by Old SSBH on January 28, 1998 in connection with the issuance of the
SSBH Trust I Preferred Securities (the "SSBH Trust I Junior Subordinated Debt
Securities") and the form of the Junior Subordinated Debt Securities; (xi) an
executed copy of
<PAGE> 5
Salomon Smith Barney Holdings Inc.
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
July 1, 1999
Page 5
the Indenture; (xii) the Restated Certificate of Incorporation of the Company,
as amended to date; (xiii) the By-laws of the Company as currently in effect;
(xiv) the Agreement and Plan of Merger between Old SSBH and the Company, dated
as of the date hereof; (xv) an executed copy of the Certificate of Merger of Old
SSBH into the Company under Section 904 of the Business Corporation Law filed
with the Department of State of the State of New York on the date hereof; (xvi)
an executed copy of the Officers' Certificate attached as Annex A hereto (the
"Officers' Certificate"), dated the date hereof, delivered pursuant to Section
8.1 of the Indenture; (xvii) certain resolutions adopted by the Board of
Directors of Old SSBH; and (xviii) certain resolutions adopted by the Board of
Directors of the Company (the "Board of Directors"). We have also examined
originals or copies, certified or otherwise identified to our satisfaction, of
such other documents, certificates and records as we have deemed necessary or
appropriate as a basis for the opinions set forth herein.
In our examination, we have assumed the legal capacity of all
natural persons, the genuineness of all signatures, the authenticity of all
documents submitted to us as originals, the conformity to original documents of
all documents submitted to us as certified or photostatic copies and the
authenticity of the originals of such copies. In making our examination of
documents executed or to be executed, we have assumed that the parties thereto,
other than the Company and SSBH Trusts, had or will have the power, corporate or
other, to enter into and perform all obligations thereunder and have also
assumed the due authorization by all requisite action,
<PAGE> 6
Salomon Smith Barney Holdings Inc.
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
July 1, 1999
Page 6
corporate or other, and execution and delivery by such parties of such documents
and that, except to the extent set forth in paragraphs (2) and (3) below, such
documents constitute or will constitute valid and binding obligations of such
parties. In addition, we have assumed that the Declaration of each SSBH Trust
(other than Declaration I), the Preferred Securities of each SSBH Trust (other
than the SSBH Trust I Preferred Securities), the Preferred Securities Guarantee
(other than the SSBH Trust I Preferred Securities Guarantee) and the Junior
Subordinated Debt Securities (other than the SSBH Trust I Junior Subordinated
Debt Securities), when executed, will be executed in substantially the form
reviewed by us and that the terms of the Junior Subordinated Debt Securities
(other than the SSBH Trust I Junior Subordinated Debt Securities) when
established in conformity with the Indenture will not violate any applicable
law. As to any facts material to the opinions expressed herein which were not
independently established or verified, we have relied upon oral or written
statements and representations of officers, trustees and other representatives
of the Company, the SSBH Trusts and others. In addition, we have assumed the
accuracy of the statements made in the Officers' Certificate.
Members of our firm are admitted to the bar in the States of New
York and Delaware and we do not express any opinion as to the laws of any other
jurisdiction.
Based on and subject to the foregoing and to the other
qualifications and limitations set forth herein, we are of the opinion that:
<PAGE> 7
Salomon Smith Barney Holdings Inc.
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
July 1, 1999
Page 7
1. With respect to the Trust Preferred Securities of each SSBH Trust
other than SSBH Capital I (the "Offered Trust Preferred Securities"), when (i)
the Registration Statement, as finally amended (including all necessary
post-effective amendments), has become effective under the Securities Act; (ii)
the Prospectus has been prepared, delivered and filed in compliance with the
Securities Act and the applicable rules and regulations thereunder; (iii) the
Board of Directors, including any appropriate committee appointed thereby, and
appropriate officers of the Company have taken all necessary corporate action to
approve the terms of the Offered Trust Preferred Securities; (iv) the
Declaration of each SSBH Trust other than SSBH Capital I is duly executed and
delivered by the parties thereto; (v) the terms of the Offered Trust Preferred
Securities have been established in accordance with the Declaration; (vi) the
Offered Trust Preferred Securities have been issued and executed in accordance
with the Declaration and paid for in the manner contemplated in the Registration
Statement or the Prospectus; and (vii) if the Offered Trust Preferred Securities
are to be sold pursuant to a firm commitment underwritten offering, the
underwriting agreement with respect to the Offered Trust Preferred Securities
has been duly authorized, executed and delivered by the Company and the other
parties thereto, (1) the Offered Trust Preferred Securities will be duly
authorized for issuance and will be validly issued, fully paid and
nonassessable, representing undivided beneficial interests in the assets of such
SSBH Trust and (2) the holders of the Offered Trust Preferred Securities will be
entitled to the same limitation of personal liability extended to stockholders
of private corporations for profit organized under the General Corporation Law
of the
<PAGE> 8
Salomon Smith Barney Holdings Inc.
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
July 1, 1999
Page 8
State of Delaware (the "DGCL"). The SSBH Trust I Preferred Securities have been
duly authorized, and are validly issued, fully paid and nonassessable,
representing undivided beneficial interests in the assets of SSBH Capital I and
the holders of the SSBH Trust I Preferred Securities are entitled to the same
limitation of personal liability extended to stockholders of private
corporations for profit organized under the DGCL. We bring to your attention,
however, that the holders of the Trust Preferred Securities may be obligated,
pursuant to their respective Declarations, to (i) provide indemnity and/or
security in connection with and pay taxes or governmental charges arising from
transfers of Trust Preferred Securities and (ii) provide security and indemnity
in connection with the requests of or directions to the Property Trustee of such
SSBH Trust to exercise its rights and powers under such Declaration.
2. With respect to the Preferred Securities Guarantee relating to
the Offered Trust Preferred Securities, when (i) the Registration Statement, as
finally amended (including all necessary post-effective amendments), has become
effective under the Securities Act; (ii) the Prospectus has been prepared,
delivered and filed in compliance with the Securities Act and the applicable
rules and regulations thereunder; (iii) the Board of Directors, including any
appropriate committee appointed thereby, and appropriate officers of the Company
have taken all necessary corporate action to approve the terms of the Preferred
Securities Guarantee; (iv) the Declaration of each SSBH Trust other than SSBH
Capital I is duly executed and delivered by the parties thereto; (v) the terms
of the Offered Trust Preferred
<PAGE> 9
Salomon Smith Barney Holdings Inc.
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
July 1, 1999
Page 9
Securities have been established in accordance with the Declaration; (vi) the
Offered Trust Preferred Securities have been issued and executed in accordance
with the Declaration and paid for in the manner contemplated in the Registration
Statement or the Prospectus; and (vii) if the Offered Preferred Securities are
to be sold pursuant to a firm commitment underwritten offering, the underwriting
agreement with respect to such Offered Preferred Securities has been duly
authorized, executed and delivered by the applicable SSBH Trust and other
parties thereto, the Preferred Securities Guarantee relating to the Offered
Trust Preferred Securities, when duly executed and delivered by the parties
thereto, will be, in each case, a valid and binding agreement of the Company,
enforceable against the Company in accordance with its terms, except to the
extent that (a) enforcement thereof may be limited by (i) bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance, or other similar
laws now or hereafter in effect relating to creditors' rights generally and (ii)
general principles of equity (regardless of whether enforceability is considered
in a proceeding at law or in equity) and (b) rights to indemnity and
contribution thereunder may be limited by applicable law or the public policy
underlying such law. The SSBH Trust I Preferred Securities Guarantee is a valid
and binding agreement of the Company, enforceable against the Company in
accordance with its terms, except to the extent that (a) enforcement thereof may
be limited by (a) bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, or other similar laws now or hereafter in effect relating to
creditors' rights generally and (ii) general principles of equity (regardless of
whether enforceability is considered in a proceeding at law or in equity) and
(b)
<PAGE> 10
Salomon Smith Barney Holdings Inc.
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
July 1, 1999
Page 10
rights to indemnity and contribution thereunder may be limited by applicable
law or the public policy underlying such law.
3. With respect to any series of the Junior Subordinated Debt
Securities other than the SSBH Trust I Junior Subordinated Debt Securities (the
"Offered Debt Securities"), when (i) the Registration Statement, as finally
amended (including all necessary post-effective amendments), has become
effective under the Securities Act; (ii) the Prospectus has been prepared,
delivered and filed in compliance with the Securities Act and the applicable
rules and regulations thereunder; (iii) the Board of Directors, including any
appropriate committee appointed thereby, and appropriate officers of the Company
have taken all necessary corporate action to approve the issuance and terms of
the Offered Debt Securities and related matters; (iv) the terms of the Offered
Debt Securities have been established in conformity with the Indenture; and (v)
the Offered Debt Securities are duly executed, delivered, authenticated and
issued in accordance with the Indenture and delivered and paid for as set forth
in the Prospectus, the Offered Debt Securities will be valid and binding
obligations of the Company, entitled to the benefits of the Indenture and
enforceable against the Company in accordance with their terms, except to the
extent that enforcement thereof may be limited by (a) bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, or other similar laws now or
hereafter in effect relating to creditors' rights generally and (b) general
principles of equity (regardless of whether enforceability is considered in a
proceeding at law or in equity). The
<PAGE> 11
Salomon Smith Barney Holdings Inc.
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
July 1, 1999
Page 11
SSBH Trust I Junior Subordinated Debt Securities are valid and binding
obligations of the Company, entitled to the benefits of the Indenture and
enforceable against the Company in accordance with their terms, except to the
extent that enforcement thereof may be limited by (a) bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, or other similar laws now or
hereafter in effect relating to creditors' rights generally and (b) general
principles of equity (regardless of whether enforceability is considered in a
proceeding at law or in equity).
In rendering the opinions set forth in paragraphs 2 and 3 above, we
have assumed that the execution and delivery by the Company of the Indenture
(including the First Supplemental Indenture); the Preferred Securities
Guarantees (including the SSBH Trust I Preferred Securities Guarantee) and the
Junior Subordinated Debt Securities (including the SSBH Trust I Junior
Subordinated Debt Securities) and the performance of its obligations thereunder
did not and will not violate, conflict with or constitute a default under (i)
any agreement or instrument to which the Company or any of its properties is
subject (except that we do not make the assumption set forth in this clause (i)
with respect to the Company's Amended and Restated Certificate of Incorporation
or By-laws), (ii) any law, rule, or regulation to which the Company or any of
its properties is subject (except that we do not make the assumption set forth
in this clause (ii) with respect to those laws, rules and regulations (other
than securities and antifraud laws) of the State of New York which, in our
experience, are normally applicable to transactions of
<PAGE> 12
Salomon Smith Barney Holdings Inc.
SSBH Capital I
SSBH Capital II
SSBH Capital III
SSBH Capital IV
July 1, 1999
Page 12
the type contemplated by the Indenture, the Preferred Securities Guarantee and
the Junior Subordinated Debt Securities, but without our having made any special
investigation concerning any other laws, rules or regulations), (iii) any
judicial or regulatory order or decree of any governmental authority or (iv) any
consent, approval, license, authorization or validation of, or filing, recording
or registration with any governmental authority.
We hereby consent to the filing of this opinion with the Commission
as an exhibit to the Registration Statement. We also hereby consent to the use
of our name under the heading "Legal Matters" in the prospectuses which form a
part of the Registration Statement. In giving this consent, we do not thereby
admit that we are within the category of persons whose consent is required under
Section 7 of the Securities Act or the rules and regulations of the Commission
promulgated thereunder. This opinion is expressed as of the date hereof unless
otherwise expressly stated and we disclaim any undertaking to advise you of the
facts stated or assumed herein or any subsequent changes in applicable law.
Very truly yours,
/s/ Skadden, Arps, Slate,
Meagher & Flom LLP
<PAGE> 1
Exhibit 23(a)
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in this Post-effective
Amendment No. 1 to the Registration Statement of Salomon Smith Barney Holdings
Inc. and SSBH Capital I, II, III and IV on Form S-3 (No. 333-38931) of our
report dated January 25, 1999, relating to the consolidated statements of
financial condition of Salomon Smith Barney Holdings Inc. and Subsidiaries as of
December 31, 1998 and 1997, and the related consolidated statements of income,
cash flows, and changes in stockholder's equity for each of the three years in
the period ended December 31, 1998, which is included in the Form 10-K of
Salomon Smith Barney Holdings Inc. for the year ended December 31, 1998. We also
consent to the reference of our firm under the caption "Experts" in such
Registration Statement.
/s/ PricewaterhouseCoopers LLP
New York, New York
June 30, 1999
<PAGE> 1
Exhibit 23(b)
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
The Board of Directors
Salomon Smith Barney Holdings Inc.:
As independent public accountants, we hereby consent to the incorporation by
reference in the Post-Effective Amendment No. 1 to Form S-3 Registration
Statement of Salomon Smith Barney Holdings Inc., SSBH Capital I, SSBH Capital
II, SSBH Capital III and SSBH Capital IV (the "Registration Statement"), of our
report dated March 13, 1997, relating to the consolidated statements of
financial condition of Salomon Inc and subsidiaries as of December 31, 1996 and
1995, and the related consolidated statements of income, changes in
stockholders' equity and cash flows for each of the three years in the period
ended December 31, 1996, which report is incorporated by reference or included
in the annual report on Form 10-K of Salomon Smith Barney Holdings Inc. for the
year ended December 31, 1998 and to the reference to our firm under the heading
"Experts" in the Registration Statement.
/s/ Arthur Andersen LLP
New York, New York
June 30, 1999
