UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934 (1)
(Amendment No. 1)
MEMC Electronic Materials, Inc.
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
552715 10 4
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(CUSIP Number)
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Morton E. Grosz, Esq.
Chadbourne & Parke LLP
30 Rockefeller Plaza
New York, NY 10112
(212) 408-5100
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
March 22, 1999
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. |_|
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7 for other
parties to whom copies are to be sent.
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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13D
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CUSIP No. 552715 10 4 Page 2 of 30 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
VEBA Aktiengesellschaft
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Germany
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NUMBER OF 7 SOLE VOTING POWER
SHARES 36,890,072 shares of Common Stock, par value $.01 per
share, of the Issuer ("Common Stock"), see Item 5,
Interest in Securities of the Issuer; does not
include shares of Common Stock which may be acquired
pursuant to the transactions described in Item 4,
Purpose of Transaction
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY - 0 -
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 36,890,072 shares of Common Stock, see Item 5,
Interest in Securities of the Issuer; does not
include shares of Common Stock which may be acquired
pursuant to the transactions described in Item 4,
Purpose of Transaction
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PERSON 10 SHARED DISPOSITIVE POWER
WITH - 0 -
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
36,890,072 shares of Common Stock, see Item 5, Interest in Securities
of the Issuer; does not include shares of Common Stock which may be
acquired pursuant to the transactions described in Item 4, Purpose of
Transaction
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
66.0% See Item 5, Interest in Securities of the Issuer
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14 TYPE OF REPORTING PERSON*
HC, CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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13D
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CUSIP No. 552715 10 4 Page 3 of 30 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
VEBA Corporation 74-2183834
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC, AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 21,490,942 shares of Common Stock, par value $.01
per share, of the Issuer ("Common Stock"), see
Item 5, Interest in Securities of the Issuer; does
not include shares owned by any other Reporting
Person
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY - 0 -
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 21,490,942 shares of Common Stock, see
Item 5, Interest in Securities of the Issuer; does
not include shares owned by any other Reporting
Person
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PERSON 10 SHARED DISPOSITIVE POWER
WITH - 0 -
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
21,490,942 shares of Common Stock, see Item 5, Interest in Securities
of the Issuer; does not include shares owned by any other Reporting
Person
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.4% (Does not include shares owned by any other Reporting Person)
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14 TYPE OF REPORTING PERSON*
HC, CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
13D
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CUSIP No. 552715 10 4 Page 4 of 30 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
VEBA Zweite Verwaltungsgesellschaft mbH
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Germany
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NUMBER OF 7 SOLE VOTING POWER
SHARES 15,399,130 shares of Common Stock, par value $.01 per
share, of the Issuer ("Common Stock"), see Item 5,
Interest in Securities of the Issuer; does not
include shares of Common Stock which may be acquired
pursuant to the transactions described in Item 4,
Purpose of Transaction; does not include shares owned
by any other Reporting Person
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY - 0 -
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 15,399,130 shares of Common Stock, see Item 5,
Interest in Securities of the Issuer; does not
include shares of Common Stock which may be acquired
pursuant to the transactions described in Item 4,
Purpose of Transaction; does not include shares owned
by any other Reporting Person
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PERSON 10 SHARED DISPOSITIVE POWER
WITH - 0 -
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,399,130 shares of Common Stock, see Item 5, Interest in Securities
of the Issuer; does not include shares of Common Stock which may be
acquired pursuant to the transactions described in Item 4, Purpose of
Transaction; does not include shares owned by any other Reporting
Person
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
27.5% See Item 5, Interest in Securities of the Issuer; does not
include shares owned by any other Reporting Person
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14 TYPE OF REPORTING PERSON*
HC, CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
13D
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CUSIP No. 552715 10 4 Page 5 of 30 Pages
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This Amendment No. 1 (the "Amendment No. 1") amends the Schedule 13D
filed on October 30, 1998 (the "Schedule 13D") by VEBA Aktiengesellschaft, a
German corporation ("VEBA AG"), and VEBA Corporation, a Delaware corporation and
a direct and indirect subsidiary of VEBA AG ("VEBA Corporation", and together
with VEBA AG, the "Reporting Persons"). One of the purposes of this Amendment
No. 1 is to include VEBA Zweite Verwaltungsgesellschaft mbH, a German limited
liability company and a direct wholly-owned subsidiary of VEBA AG ("VEBA
Zweite"), as a Reporting Person. Except as specifically amended hereby, the
Schedule 13D remains in full force and effect.
Items 1-6 of the Schedule 13D are hereby amended and restated in their
entirety as follows:
Item 1. Security and Issuer.
This statement relates to shares of common stock, par value $0.01 per
share (the "Common Stock") of MEMC Electronic Materials, Inc., a Delaware
corporation (the "Company"). The principal executive offices of the Company are
located at 501 Pearl Drive, St. Peters, Missouri 63376.
Item 2. Identity and Background.
(a) This statement is filed jointly by VEBA Aktiengesellschaft, a
German corporation ("VEBA AG"), VEBA
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13D
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CUSIP No. 552715 10 4 Page 6 of 30 Pages
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Corporation, a Delaware corporation and a direct and indirect wholly-owned
subsidiary of VEBA AG ("VEBA Corporation"), and VEBA Zweite
Verwaltungsgesellschaft mbH, a German limited liability company and a direct
wholly-owned subsidiary of VEBA AG ("VEBA Zweite", and together with VEBA AG and
VEBA Corporation, the "Reporting Persons"). The Reporting Persons are filing
this statement jointly pursuant to a Joint Filing Agreement attached to this
Amendment No. 1 as Exhibit 48.
(b) The address of VEBA AG's principal office is Bennigsenplatz 1,
40474 Dusseldorf, Germany. The address of VEBA Corporation's principal office is
605 Third Avenue, New York, New York 10158. The address of VEBA Zweite's
principal office is Bennigsenplatz 1, 40474 Duesseldorf, Germany. The name,
business address and principal occupation of each of the directors and executive
officers of each of VEBA AG, VEBA Corporation and VEBA Zweite are set forth on
Schedule I hereto and incorporated by reference herein.
(c) The principal business of VEBA AG is to be a management holding
company for one of the largest industrial groups in Germany on the basis of
market capitalization at year-end 1998. VEBA AG is organized into six separate
business divisions: electricity, chemicals, oil, real estate management,
distribution/logistics, and telecommunications.
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13D
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CUSIP No. 552715 10 4 Page 7 of 30 Pages
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The principal business of VEBA Corporation is to be a holding company for VEBA
AG's interests in the United States. The principal business of VEBA Zweite is to
be a holding company for the shares of Common Stock of the Company acquired, or
which may be acquired, by VEBA Zweite as reported herein.
(d) During the last five years, none of the Reporting Persons nor, to
the best of their knowledge, any of the executive officers or directors of any
of the Reporting Persons, has been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
(e) During the last five years, none of the Reporting Persons nor, to
the best of their knowledge, any of the executive officers or directors of any
of the Reporting Persons, has been party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and, as a result of such
proceeding, was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.
(f) Each of the executive officers and directors of each of VEBA AG,
VEBA Corporation and VEBA Zweite is a citizen of the country specified in
Schedule I hereto and incorporated by reference herein.
<PAGE>
13D
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CUSIP No. 552715 10 4 Page 8 of 30 Pages
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Item 3. Source and Amount of Funds or Other Consideration.
The source and, as more fully described in Item 4 below, the amount of
funds used by VEBA Zweite in connection with the transactions described herein
will be provided pursuant to the terms of the long-term credit agreement dated
February 10, 1999 (the "Credit Agreement") between VEBA AG and VEBA Zweite. The
Credit Agreement is on such terms and subject to such conditions as are
customary for intercompany loan arrangements between VEBA AG and its operating
subsidiaries.
The preceding summary of the Credit Agreement is not intended to be
complete and is qualified in its entirety by reference to the full text of such
agreement, a copy of which is filed as Exhibit 49 to this Amendment No. 1 and
which is incorporated herein by reference.
The source and, as more fully described in Item 4 below, the amount of
funds used by VEBA AG in connection with the transactions described herein will
be provided from the working capital of VEBA AG.
Item 4. Purpose of Transaction.
Pursuant to the Purchase Agreement, dated as of October 22, 1998 (as
amended, the "Purchase Agreement"), between VEBA Corporation and the Company,
VEBA Corporation and VEBA Zweite (pursuant to the Assignment Agreement described
below) agreed, subject to the satisfaction or waiver of various conditions set
forth in the Purchase Agreement, to purchase for a per share purchase price
equal to the volume weighted average trading price of the Common Stock for a
specified five day consecutive trading day
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13D
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CUSIP No. 552715 10 4 Page 9 of 30 Pages
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period (the "Per Share Purchase Price") a number of shares of Common Stock
approximately equal to $106,100,000 divided by the Per Share Purchase Price. The
Per Share Price has since been determined to be $6.89. The purpose of entering
into the Purchase Agreement was to assist the Company in raising an aggregate
amount of approximately $200 million of additional capital through a combination
of the direct sale of shares of Common Stock and the Rights Offering (described
below).
On October 22, 1998, the Company filed with the Securities and Exchange
Commission (the "SEC")a Registration Statement on Form S-3 (as amended, the
"Form S-3") relating to a distribution on a pro rata basis to all stockholders
of the Company (other than VEBA Corporation and VEBA Zweite) of rights which
entitle the holders thereof to purchase one share of Common Stock for each right
as well as additional shares of Common Stock to the extent that other rights
holders do not exercise their rights (the "Rights Offering"). In the Rights
Offering, the Company will issue for $6.89 per share (which is the same Per
Share Purchase Price paid by VEBA Zweite under the Purchase Agreement) a number
of shares of Common Stock approximately equal to $93,900,000 divided by the Per
Share Purchase Price. The purpose of the Rights Offering is to allow all
stockholders of the Company (other than VEBA Corporation and VEBA Zweite) to
restore their proportionate interest in the Company at
<PAGE>
13D
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CUSIP No. 552715 10 4 Page 10 of 30 Pages
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the same price per share previously offered to VEBA Zweite under the Purchase
Agreement.
In connection with the Rights Offering, VEBA Corporation and the
Company entered into the Standby Agreement, dated as of October 22, 1998 (the
"Standby Agreement"), pursuant to which VEBA Corporation and VEBA Zweite
(pursuant to the Assignment Agreement described below) agreed, subject to the
satisfaction or waiver of various conditions set forth in the Standby Agreement,
to purchase all shares of Common Stock not otherwise subscribed for by other
stockholders in the Rights Offering. The purpose of entering into the Standby
Agreement is to assist the Company in raising an aggregate amount of
approximately $93,900,000, to the extent that rights are not exercised in the
Rights Offering.
Pursuant to the Assignment and Assumption Agreement, dated as of
December 30, 1998 (the "Assignment Agreement"), VEBA Corporation assigned to
VEBA Zweite all of its rights to purchase shares of Common Stock pursuant to the
Purchase Agreement and the Standby Agreement. The Assignment Agreement was
entered into so that any future appreciation or depreciation in the value of the
shares purchased pursuant to the Purchase Agreement and the Standby Agreement
would accrue to VEBA Zweite.
<PAGE>
13D
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CUSIP No. 552715 10 4 Page 11 of 30 Pages
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On March 19, 1999, VEBA Corporation and the Company entered into an
amendment (the "Registration Rights Amendment") to the Registration Rights
Agreement dated as of July 12, 1995 between Huels Corporation and the Company
(as amended, the "Registration Rights Agreement"). The purpose of entering into
the Registration Rights Amendment was to reflect the change of record ownership
of 21,490,942 shares of Common Stock (the "Original Shares") as a result of the
merger described in Item 5(a) below and to include in the definition of
"Registrable Stock" in the Registration Rights Agreement, and extend the
benefits of the Registration Rights Agreement to, (i) all shares of Common Stock
that have been or may be acquired by VEBA Zweite as a result of the transactions
contemplated by the Purchase Agreement and the Standby Agreement and (ii) any
shares of Common Stock acquired by VEBA AG and any of its direct or indirect
subsidiaries after the date of the Purchase Agreement and the Standby Agreement.
Pursuant to the Registration Rights Agreement, VEBA AG and its
affiliates and transferees that hold shares of Common Stock (each such person, a
"Holder") has the right to demand registration under the Securities Act of 1933
(as amended, the "Securities Act") of any or all of the Registrable Stock (as
defined in the Registration Rights Agreement). The demand rights must be
exercised for at least 25% of the Registrable Stock. The Company may be
<PAGE>
13D
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CUSIP No. 552715 10 4 Page 12 of 30 Pages
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required to effect up to three such demand registrations. The selling Holder(s)
will bear the expenses of any such demand registration. The Company is not
obligated to take any action to register the Registrable Stock: (i) during the
period starting 30 days prior to the estimated date of filing of, and ending 90
days after the effective date of, any other registration statement filed by the
Company under the Securities Act; (ii) more than once during any six-month
period; and (iii) for up to 90 days after a request from a Holder if one of the
Company's officers certifies that the Company's Board of Directors has
determined that such registration would interfere with a material transaction
then being pursued by the Company. In addition, except in certain circumstances
and subject to certain limitations, if the Company proposes to register any
shares of Common Stock under the Securities Act, the Holder(s) will be entitled
to require the Company to include all or a portion of the Registrable Stock in
such registration. The expenses of any such "piggyback" registration, other than
underwriting discounts and commissions relating to the Registrable Stock to be
sold by the Holder(s), shall be borne by the Company.
In connection with any registration statement filed pursuant to the
Registration Rights Agreement, the Company has agreed to indemnify the Holder(s)
and their affiliates and any underwriter against certain liabilities, including
liabilities under the Securities Act.
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13D
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CUSIP No. 552715 10 4 Page 13 of 30 Pages
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On March 22, 1999, VEBA Zweite purchased, pursuant to the Purchase
Agreement, 15,399,130 shares of Common Stock at a purchase price of $6.89 per
share.
On March 22, 1999, the SEC declared the Form S-3 effective and the
rights were distributed to the stockholders of the Company (other than VEBA
Corporation and VEBA Zweite) pursuant to the Rights Offering described above.
The preceding summary of certain provisions of the Purchase Agreement,
the Standby Agreement, the Registration Rights Agreement, the Assignment
Agreement and the Registration Rights Amendment is not intended to be complete
and is qualified in its entirety by reference to the full text of such
agreements, copies of which are filed as Exhibits 2-4 to the Schedule 13D and
Exhibits 54 and 55 to this Amendment No. 1, respectively, and which are
incorporated herein by reference.
VEBA AG has indirectly owned the Original Shares continuously for more
than nine years. VEBA Corporation currently owns the Original Shares. VEBA
Zweite currently owns 15,399,130 shares of Common Stock as a result of the
transactions contemplated by the Purchase Agreement and VEBA Zweite may own
additional shares of Common Stock as a result of the transactions contemplated
by the Standby Agreement. Each of the Reporting Persons may own additional
shares of
<PAGE>
13D
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CUSIP No. 552715 10 4 Page 14 of 30 Pages
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Common Stock upon exercise of any rights purchased on the New York Stock
Exchange during the Rights Offering. VEBA AG remains the ultimate beneficial
owner of all shares of Common Stock owned by VEBA Corporation and VEBA Zweite.
VEBA Corporation is owned by VEBA AG (approximately 66.9%) and VEBA Electronics
U.S. Holding GmbH ("VEBA Holding GmbH") (approximately 33.1%). VEBA Holding GmbH
is indirectly wholly-owned by VEBA AG. VEBA Zweite is directly wholly-owned by
VEBA AG.
Depending upon the business affairs of the Company, market and general
economic conditions, the availability of Common Stock at favorable prices,
alternative investment opportunities available to the Reporting Persons, the
strategic value to the Reporting Persons of the Common Stock or control of the
Company and other factors deemed relevant by the Reporting Persons, in addition
to the Common Stock acquired as a result of the transactions described above,
the Reporting Persons may acquire, or acquire rights to acquire, additional
shares of Common Stock or other securities of the Company by means of open
market purchases, brokerage transactions, privately negotiated transactions,
tender offer, or otherwise. The Reporting Persons may also propose a business
combination, merger, tender offer or other form of transaction involving the
Company.
<PAGE>
13D
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CUSIP No. 552715 10 4 Page 15 of 30 Pages
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Alternatively, the Reporting Persons may retain their existing shares
of Common Stock or dispose of some or all of their shares of Common Stock in the
open market, in privately negotiated transactions or otherwise, depending upon
market conditions and other factors. In addition, VEBA Corporation and/or VEBA
Zweite may transfer all or a portion of the Common Stock that they own to VEBA
AG and/or its subsidiaries.
The foregoing represents a range of possible activities the Reporting
Persons currently may take with respect to the Common Stock. It should be noted,
however, that the possible activities of the Reporting Persons are subject to
change at any time.
Except as described herein, none of the Reporting Persons has any
present plan or proposal which relates to, or could result in, any of the events
referred to in paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D.
However, the Reporting Persons will continue to review the business of the
Company and, depending upon one or more of the factors referred to above, may in
the future propose that the Company take one or more of such actions.
<PAGE>
13D
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CUSIP No. 552715 10 4 Page 16 of 30 Pages
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Item 5. Interest in the Securities of the Issuer.
(a) VEBA Corporation is the record owner of 21,490,942 shares of the
Common Stock as a result of the merger of Huels Corporation, the former owner of
such shares and a former wholly-owned subsidiary of VEBA Corporation, with and
into VEBA Corporation on September 30, 1998. Such shares constitute
approximately 38.4% of the total number of outstanding shares of the Common
Stock (based on the number of shares of Common Stock reported as outstanding in
the Form S-3). Such shares will constitute approximately 30.9% of the total
number of shares of Common Stock that will be outstanding after the consummation
of the Rights Offering and the transactions contemplated by the Standby
Agreement.
VEBA Zweite is the record owner of 15,399,130 shares of the Common
Stock as a result of the share purchase pursuant to the Purchase Agreement. Such
shares constitute approximately 27.5% of the total number of outstanding shares
of the Common Stock (based on the number of shares of Common Stock reported as
outstanding in the Form S-3). Such shares will constitute approximately 22.1% of
the total number of shares of Common Stock that will be outstanding after the
consummation of the Rights Offering and the transactions contemplated by the
Standby Agreement, assuming no additional shares are purchased by VEBA Zweite
pursuant to the Standby Agreement. As described in Item 4 above,
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13D
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CUSIP No. 552715 10 4 Page 17 of 30 Pages
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VEBA Zweite may be required to purchase additional shares of Common Stock
pursuant to the Standby Agreement.
Except as set forth below, no executive officer or director of any of
the Reporting Persons is the beneficial owner of any shares of the Common Stock:
Mr. Joern Stuehmeier, Vice President-Finance of VEBA Corporation and
President of Fidelia Corporation, is the owner, jointly with his wife, of 2,500
shares of Common Stock. Mr. Stuehmeier does not beneficially own one percent or
more of the total number of outstanding shares of the Common Stock (based on the
number of shares Common Stock reported outstanding in the Form S-3).
(b) VEBA AG, directly and indirectly (acting through its wholly-owned
subsidiaries, VEBA Corporation, VEBA Zweite and VEBA Holding GmbH), has sole
power to vote or direct the vote, and to dispose or to direct the disposition of
the shares of Common Stock beneficially owned by VEBA AG. As a result, VEBA AG
may be deemed to beneficially own the shares of the Common Stock owned of record
by VEBA Corporation and VEBA Zweite.
Mr. Stuehmeier has shared power to vote or direct the vote, and to
dispose or direct the disposition of 2,500 shares of Common Stock of the Company
which he owns jointly with his wife.
<PAGE>
13D
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CUSIP No. 552715 10 4 Page 18 of 30 Pages
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(c) Except as described in Item 4 above, there have not been any
transactions in the Common Stock effected by or for the account of any of the
Reporting Persons or any executive officer or director of any of the Reporting
Persons during the past 60 days.
(d) Except as stated in this Item 5, to the best knowledge of the
Reporting Persons, no other person has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, the
shares of Common Stock owned by the Reporting Persons.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relation-ships with
Respect to Securities of the Issuer.
See Item 4 above for a description of the Purchase Agreement, the
Standby Agreement, the Registration Rights Agreement, the Assignment Agreement
and the Registration Rights Amendment, copies of which are filed as Exhibits 2-4
to the Schedule 13D and Exhibits 54 and 55 to this Amendment No. 1,
respectively, and which are incorporated herein by reference.
The Company and VEBA AG and its affiliates amended, effective as of
September 1, 1998, their existing credit agreements (the "Amended Credit
Agreements") to, among other things, extend the maturity dates of outstanding
loans to
<PAGE>
13D
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CUSIP No. 552715 10 4 Page 19 of 30 Pages
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the Company that mature prior to January 1, 2001 until their respective maturity
date anniversaries in 2001, and increase the interest rates payable by the
Company on all of the Company's existing debt to VEBA AG and its affiliates. The
increased interest rates reflect the longer maturities and are priced at
interest rate spreads applicable to an average industrial borrower at a
specified credit rating. The interest rates payable on the loans that are
extended until 2001 will be adjusted at the time of extension to reflect the
then-current interest rate spreads applicable to an average industrial borrower
at a specified credit rating.
The Amended Credit Agreements provide that if VEBA AG and its
affiliates own less than a majority of the outstanding Common Stock on and after
January 1, 2001, then the interest rates payable by the Company will be the
higher of (a) the interest rate currently set forth in each such loan agreement
or (b) an interest rate determined as of the change of control date for an
average industrial borrower at a specified credit rating based on the remaining
term of each such loan agreement. In addition, in such event the Company will
become subject to certain affirmative covenants set forth in the Amended Credit
Agreements.
The annual commitment fee payable by the Company on the undrawn portion
of loans pursuant to the Amended Credit Agreements is 1/4 of one percent.
Additionally, the Amended
<PAGE>
13D
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CUSIP No. 552715 10 4 Page 20 of 30 Pages
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Credit Agreements require the Company, subject to certain exceptions in the
ordinary course of the Company's business, to not allow any encumbrances, such
as mortgages and security interests, to be placed on its assets.
Pursuant to the Revolving Credit Agreement, dated as of September 23,
1998 (the "1998 Revolving Credit Agreement"), by and between the Company and
VEBA AG, VEBA AG has agreed to provide $100 million of additional debt financing
to the Company on a revolving basis at interest rate spreads applicable to an
average industrial borrower at a specified credit rating. The other terms of the
Revolving Credit Agreement are similar to those of the Amended Credit
Agreements.
Pursuant to the Revolving Credit Agreement, dated as of February 26,
1999 (the "1999 Revolving Credit Agreement") by and between the Company and VEBA
Corporation, VEBA Corporation has agreed to provide $75 million of additional
debt financing to the Company on terms similar to those of the 1998 Revolving
Credit Agreement, except for a shorter term. The 1999 Revolving Credit Agreement
terminated on March 19, 1999 without any amounts having been drawn thereunder by
the Company.
The preceding summary of certain provisions of the Amended Credit
Agreements, the 1998 Revolving Credit Agreement and the 1999 Revolving Credit
Agreement is not
<PAGE>
13D
- --------------------- ----------------------
CUSIP No. 552715 10 4 Page 21 of 30 Pages
- --------------------- ----------------------
intended to be complete and is qualified in its entirety by reference to the
full text of such agreements, copies of which are filed as Exhibits 5-25 to the
Schedule 13D and Exhibit 56 to this Amendment No. 1, respectively, and which are
incorporated herein by reference.
Item 7 of the Schedule 13D is hereby amended and supplemented as
follows:
Item 7. Material to be Filed as Exhibits.
The following Exhibits are added after Exhibit 47 to the Schedule 13D:
Exhibit 48. Joint Filing Agreement, dated as of
March 23, 1999 by and among VEBA
AG, VEBA Corporation and VEBA Zweite.
Exhibit 49. Credit Agreement dated as of
February 10, 1999 between VEBA AG and
VEBA Zweite (German language version with
non-binding English translation).
Exhibit 50. Power of Attorney dated December 21,
1998 from VEBA Zweite to the persons
specified therein.
Exhibit 51. Power of Attorney dated December 23,
1998 from VEBA Zweite to the
persons specified therein.
Exhibit 52. First Amendment to Purchase Agreement
dated as of December 30, 1998 between the
Company and VEBA Corporation is incorporated
by reference to Exhibit 10.1(a) to the Form
S-3 (Amendment No. 2) filed on December 31,
1998.
Exhibit 53. Second Amendment to Purchase Agreement
dated as of February 15, 1999
between the Company and VEBA Zweite is
incorporated by reference to
Exhibit 10.1(b) to the Form S-3 (Amendment
No. 3) filed on March 2, 1999.
<PAGE>
13D
- --------------------- ----------------------
CUSIP No. 552715 10 4 Page 22 of 30 Pages
- --------------------- ----------------------
Exhibit 54. Assignment and Assumption Agreement,
dated as of December 30, 1998 by
and among VEBA Corporation and VEBA Zweite.
Exhibit 55. First Amendment to Registration Rights
Agreement dated as of March 19, 1999 by and
among the Company, VEBA Corporation and VEBA
Zweite.
Exhibit 56. Revolving Credit Agreement dated as of
February 26, 1999 by and between VEBA
Corporation and the Company is incorporated
by reference to Exhibit 10.4 to the
Form S-3 (Amendment No. 3) filed on
March 2, 1999.
<PAGE>
13D
- --------------------- ----------------------
CUSIP No. 552715 10 4 Page 23 of 30 Pages
- --------------------- ----------------------
SIGNATURE
After reasonable inquiry and the best of my knowledge and belief, the
undersigned certify that the information set forth in the statement is true,
complete and correct.
Date: March 23, 1999 VEBA Aktiengesellschaft
By: /s/ Hans Michael Gaul
--------------------------------
Name: Dr. Hans Michael Gaul
Title: Chief Financial Officer
By: /s/ Rolf Pohlig
--------------------------------
Name: Dr. Rolf Pohlig
Title: Executive Vice President
Date: March 23, 1999 VEBA Corporation
By: /s/ Heinz H. Puetthoff
--------------------------------
Name: Dr. Heinz H. Puetthoff
Title: President
By: /s/ A. Paul Brandimarte, Jr.
--------------------------------
Name: A. Paul Brandimarte, Jr.
Title: Vice President
Date: March 23, 1999 VEBA Zweite
Verwaltungsgesellschaft mbH
By: /s/ Rolf Pohlig
--------------------------------
Name: Dr. Rolf Pohlig
Title: Managing Director
By: /s/ Claus-Peter von der Fecht
--------------------------------
Name: Claus-Peter von der Fecht
Title: Prokurist
<PAGE>
13D
- --------------------- ----------------------
CUSIP No. 552715 10 4 Page 24 of 30 Pages
- --------------------- ----------------------
SCHEDULE I
DIRECTORS AND EXECUTIVE OFFICERS OF
VEBA AG
The name, business address, present principal occupation or employment
and citizenship, and the name, principal business and address of any corporation
or other organization in which such employment is conducted, of each of the
directors and executive officers of VEBA AG is set forth below.
<TABLE>
<CAPTION>
Principal Occupation, if other
Position with than as Executive Officer of Citizen-
Name and Business Address VEBA AG VEBA AG ship
- ------------------------- ------------- ------------------------------ --------
<S> <C> <C> <C>
Hermann Josef Strenger Member of the Supervisory Chairman of the Supervisory German
Vorsitzender des Board, Chairman Board, Bayer AG, Leverkusen
Aufsichtsrates VEBA AG Chairman
Kaiser-Wilhelm-Alee,
Gebaude Q 26
51368 Leverkusen
Hubertus Schmoldt Member of the Supervisory Chairman of the Board of German
Vorsitzender der Board, Deputy Chairman Management,
IG BERGBAU, CHEMIE, Industriegewerkschaft Bergbau,
ENERGIE Chemie, Energie
Konigsworther Platz 6
30167 Hannover
Ralf Blauth Member of the Supervisory Industrial Clerk German
DEGUSSA-HUELS AG Board (Industriekaufmann)
Paul-Baumann-Strasse 1
45764 Marl
Dr. Rolf-E. Breuer Member of the Supervisory Spokesperson of the Board of German
Sprecher des Vorstandes Board Management, Deutsche Bank AG
DEUTSCHE BANK AG
Taunusanlage 12
60325 Frankfurt
Dr. Gerhard Cromme Member of the Supervisory Chairman of the Board of German
Vorsitzender des Board Management, Fried. Krupp AG
Vorstandes Hoesch-Krupp
FRIED, KRUPP AG
HOESCH-KRUPP
Altendorfer Strasse 103
45143 Essen
<PAGE>
13D
- --------------------- ----------------------
CUSIP No. 552715 10 4 Page 25 of 30 Pages
- --------------------- ----------------------
Rainer Duecker Member of the Supervisory Power plant worker German
PREUSSENELEKTRA AG Board
Tresckowstrasse 5
30457 Hannover
und:
PREUSSENELEKTRA AG
Betriebsstelle Lubeck
Bargerbruck 4
23617 Stockelsdorf
Henner Hecht-Wieber Member of the Supervisory Electrician German
Raab Karcher Board
Tankstellentechnik
Niederlassung Dusseldorf
Ronsdorfer Strasse 96
40233 Dusseldorf
Wolf-Ruediger Hinrichsen Member of the Supervisory M.A. Economics German
VEBA AG Board (Diplom-Volkswirt)
Volks-und
Energiewirtschaft
Bennigsenplatz 1
40474 Dusseldorf
Ulrich Hocker Member of the Supervisory Managing Director, Deutsche German
Hauptgeschaftsfuhrer Board Schutzvereinigung fur
Deutsche Schutzvereinigung Wertpapierbesitz e. V.
fur Wertpapierbesitz e.V.
Humboldstrasse 9
40237 Dusseldorf
Postfach 14 02 43
40072 Dusseldorf
Dr. h.c. Andre Leysen Member of the Supervisory Chairman of the Administrative Belgian
Vorsitzender des Board Board, Gevaert N.V.
Verwaltungsrates
der GEVAERT N.V.
Septestraat 27
B-2640 Mortsel
Dr. Klaus Liesen Member of the Supervisory Chairman of the Supervisory German
Vorsitzender des Board Board, Ruhrgas AG
Aufsichtsrates
der RUHRGAS AG
Huttropstrasse 60
45138
Herbert Mai Member of the Supervisory Chairman, Gewerkschaft German
Vorsitzender der Board Oeffentliche Dienste, Transport
Gewerkschaft OTV und Verkehr
Theodor-Heuss-Strasse 2
70174 Stuttgart
<PAGE>
13D
- --------------------- ----------------------
CUSIP No. 552715 10 4 Page 26 of 30 Pages
- --------------------- ----------------------
Dagobert Millinghaus Member of the Supervisory Accounting and Administration German
BRENNTAG AG Board
Humboldtring 15
45472 Mulheim/Ruhr
Margret Moenig-Raane Member of the Supervisory 1st Chairman, Gewerkschaft German
Vorsitzender der Board Handel Banken Versicherungen
Gewerkschaft
Handel, Banken und
Versicherungen
Kanzlerstrasse 8
40472 Dusseldorf
Dr. Henning Schulte-Noelle Member of the Supervisory Chairman of the Board of German
Vorsitzender des Board Management, Allianz AG
Vorstandes
der ALLIANZ AG
Koniginstrasse 28
80802 Munchen
Morris Tabaksblat Member of the Supervisory Chairman, Unilever N.V. Dutch
Chairman & CEO Board
Unilever NV
Weena 455
NL-3013 AL Rotterdam
P.O. Box 760
NL-3000 Rotterdam
Kurt F. Viermetz Member of the Supervisory Non-Executive Director, J.P. German
Non-Executive Director Board Morgan & Co., Inc.
J.P. MORGAN & CO.
INCORPORATED
23 Wall Street (30/15 B)
New York, N.Y.
10260-0023
U.S.A.
uber J.P. MORGAN GmbH,
Frankfurt:
BorsenstraBe 2-4
60313 Frankfurt/Main
Dr. Bernd Voss Member of the Supervisory Member of the Board of German
Mitglied des Vorstandes Board Management, Dresdner Bank AG
DRESDNER BANK AG
Jurgen-Ponto-Platz 1
60329 Frankfurt/Main
Dr. Peter Weber Member of the Supervisory President of the Union of Employees German
DEGUSSA-HUELS AG Board with Managerial Functions, Degussa-
Bau 1047 Huels AG
Paul-Baumann-Strasse 1
45764 Marl
<PAGE>
13D
- --------------------- ----------------------
CUSIP No. 552715 10 4 Page 27 of 30 Pages
- --------------------- ----------------------
Kurt Weslowski Member of the Supervisory Chemical Worker German
VEBA OEL AG Board
Werk Scholven
Pawiker Strasse 30
45896 Gelsenkirchen
Ulrich Hartmann* Member of the Board of German
Management, Chairman and
Chief Executive Officer
Alain D. Bandle* Member of the Board of Swiss
Management,
Telecommunications
Gunther Beuth* Member of the Board of Chairman of the Board of German
Management Management of Raab Karcher
AG-VEBA Immobilien Management
Wilhelm Bonse-Geuking* Member of the Board of Chairman of the Board of German
Management Management of VEBA Oel AG
Dr. Hans Michael Gaul* Member of the Board of German
Management; Chief Financial
Officer
Dr. Hans-Dieter Harig* Member of the Board of Chairman of the Board of German
Management Management of PreussenElektra AG
Dr. Manfred Krueper* Member of the Board of German
Management; Group Resource
Management
Helmut Mamsch* Member of the Board of German
Management, Group Strategic
Development
Dr. Wulf Bernotat* Member of the Board of Chairman of the Board of German
Management Management of Stinnes AG
</TABLE>
*The business address of each of these persons is:
VEBA Aktiengesellschaft, Bennigsenplatz 1, 40474, Germany
<PAGE>
13D
- --------------------- ----------------------
CUSIP No. 552715 10 4 Page 28 of 30 Pages
- --------------------- ----------------------
DIRECTORS AND EXECUTIVE OFFICERS OF
VEBA CORPORATION
The name, business address, present principal occupation or employment
and citizenship, and the name, principal business and address of any corporation
or other organization in which such employment is conducted, of each of the
directors and executive officers of VEBA Corporation is set forth below.
<TABLE>
<CAPTION>
Principal Occupation, if other
Position with VEBA than as Executive Officer of Citizen-
Name Corporation VEBA Corporation ship
- ---- ------------------ ------------------------------ --------
<S> <C> <C> <C>
Helmut Mamsch** Director Member of Board of Management German
of VEBA AG
Ulrich Hartmann** Director Chairman of Board of Management German
of VEBA AG
Dr. Hans Michael Gaul** Director Member of Board of Management German
of VEBA AG; Chief Financial
Officer, VEBA AG
Dr. Heinz-Helmer Puetthoff** Director, President German
A. Paul Brandimarte, Jr.** Director, Vice President, USA
General Counsel and
Secretary
Joseph J. Supp** Vice President-Tax USA
Joern A. Stuehmeier** Vice President-Finance President, Fidelia Corporation, German
Wilmington, Delaware
James W. Balch** Controller USA
</TABLE>
** The business address of each of these persons is:
VEBA Corporation, 605 Third Avenue, New York, NY 10158
<PAGE>
13D
- --------------------- ----------------------
CUSIP No. 552715 10 4 Page 29 of 30 Pages
- --------------------- ----------------------
DIRECTORS AND EXECUTIVE OFFICERS OF
VEBA ZWEITE VERWALTUNGSGESELLSCHAFT MBH
The name, business address, present principal occupation or employment
and citizenship, and the name, principal business and address of any corporation
or other organization in which such employment is conducted, of each of the
directors and executive officers of VEBA Zweite Verwaltungsgesellschaft mbH
("VEBA Zweite") is set forth below.
<TABLE>
<CAPTION>
Principal Occupation, if other
than as Executive Officer of
Position with VEBA Zweite, and address Citizen-
Name VEBA Zweite thereof ship
- ---- ------------- ------------------------------ --------
<S> <C> <C> <C>
Ulrich Hueppe Managing Director Executive Vice President of German
VEBA AG, Bennigsenplatz 1,
40474 Duesseldorf, Germany
Rolf Pohlig Managing Director Executive Vice President of German
VEBA AG, Bennigsenplatz 1,
40474 Duesseldorf, Germany
</TABLE>
<PAGE>
13D
- --------------------- ----------------------
CUSIP No. 552715 10 4 Page 30 of 30 Pages
- --------------------- ----------------------
EXHIBIT INDEX
Exhibit 48. Joint Filing Agreement, dated as of
March 23, 1999 by and among VEBA
AG, VEBA Corporation and VEBA Zweite.
Exhibit 49. Credit Agreement dated as of
February 10, 1999 between VEBA AG and
VEBA Zweite (German language version with
non-binding English translation).
Exhibit 50. Power of Attorney dated December 21,
1998 from VEBA Zweite to the persons
specified therein.
Exhibit 51. Power of Attorney dated December 23,
1998 from VEBA Zweite to the
persons specified therein.
Exhibit 52. First Amendment to Purchase Agreement
dated as of December 30, 1998 between the
Company and VEBA Corporation is incorporated
by reference to Exhibit 10.1(a) to the Form
S-3 (Amendment No. 2) filed on December 31,
1998.
Exhibit 53. Second Amendment to Purchase Agreement
dated as of February 15, 1999
between the Company and VEBA Zweite is
incorporated by reference to
Exhibit 10.1(b) to the Form S-3 (Amendment
No. 3) filed on March 2, 1999.
Exhibit 54. Assignment and Assumption Agreement,
dated as of December 30, 1998 by
and among VEBA Corporation and VEBA Zweite.
Exhibit 55. First Amendment to Registration Rights
Agreement dated as of March 19, 1999 by and
among the Company, VEBA Corporation and VEBA
Zweite.
Exhibit 56. Revolving Credit Agreement dated as of
February 26, 1999 by and
between VEBA Corporation and the Company
is incorporated by reference
to Exhibit 10.4 to the Form S-3
(Amendment No. 3) filed on March 2, 1999.
EXHIBIT 48
JOINT FILING AGREEMENT
The undersigned hereby agree to jointly file a statement on Schedule
13D, together with any amendments thereto, with the SEC pursuant to the
requirements of Rule 13d-1(f) under the Securities Exchange Act of 1934, as
amended.
This Joint Filing Agreement may be signed in counterpart copies.
Date: March 23, 1999 VEBA Aktiengesellschaft
By: /s/ Hans Michael Gaul
-----------------------------------
Name: Dr. Hans Michael Gaul
Title: Chief Financial Officer
By: /s/ Rolf Pohlig
-----------------------------------
Name: Dr. Rolf Pohlig
Title: Executive Vice President
Date: March 23, 1999 VEBA Corporation
By: /s/ Heinz H. Puetthoff
-----------------------------------
Name: Dr. Heinz H. Puetthoff
Title: President
By: /s/ A. Paul Brandimarte, Jr.
-----------------------------------
Name: A. Paul Brandimarte, Jr.
Title: Vice President
Date: March 23, 1999 VEBA Zweite
Verwaltungsgesellschaft mbH
By: /s/ Rolf Pohlig
-----------------------------------
Name: Dr. Rolf Pohlig
Title: Managing Director
By: /s/ Claus-Peter von der Fecht
-----------------------------------
Name: Claus-Peter von der Fecht
Title: Prokurist
Exhibit 49
Rahmenvertrag
fuer die Vergabe von Darlehen und die Einraeumung von Kreditlinien
innerhalb des VEBA-Konzerns
zwischen der
VEBA Aktiengesellschaft
Bennigsenplatz 1
40474 Duesseldorf
-Darlehensgeberin-
und der
VEBA Zweite Verwaltungsgesellschaft mbH
Bennigsenplatz 1
40474 Duesseldorf
- Darlehensnehmerin -
Praeambel
Die Parteien beabsichtigen, die Vergabe von Darlehen und die Einraeumung von
Kreditlinien innerhalb des VEBA-Konzerns zu vereinheitlichen. Zu diesem Zweck
gelten fortan fur alle Absprachen uber Einzeldarlehen und die Einraeumung von
Kreditlinien (einschliesslich der Ziehungen aus solchen Kreditlinien)
zwischen der Darlehensgeberin und der Darlehensnehmerin (hiernach
"Einzelabschluesse") die nachfolgenden Bedingungen.
ss. 1 Einzelabschluesse
(1) Haben sich die Parteien ueber einen Einzelabschluss fernmuendlich oder
sonstwie geeinigt, wird die Darlehensgeberin der Darlehensnehmerin nach
Wahl der Darlehensgeberin diese Abrede brieflich, per Telefax oder per
Datenfernuebertragung bestaetigen. Der Einzelabschluss gilt als
genehmigt, wenn die Darlehensnehmerin gegen die Bestaetigung nicht
innerhalb einer Frist von 7 Bankarbeitstagen - gerechnet ab deren Zugang
- gegenueber der Darlehensgeberin brieflich, per Telefax oder per
Datenfernuebertragung widerspricht.
(2) Die Bestimmungen eines gem. Abs. 1 bestaetigten Einzelabschlusses gehen
diesem Rahmenvertrag vor, soweit sie Regelungen enthalten, die im
Widerspruch zum Rahmenvertrag stehen.
(3) Die Bestimmungen dieses Rahmenvertrages gelten fuer alle
Einzelabschluesse, die nach dem Inkrafttreten dieses Rahmenvertrages
genehmigt werden bzw. als genehmigt gelten. Dies gilt auch dann, wenn
in solchen Einzelabschluessen nicht auf diesen Rahmenvertrag Bezug
genommen wird.
ss. 2 Zahlungen
(1) Die Darlehensgeberin ueberweist den im Einzelabschluss vereinbarten
Darlehensbetrag auf das Konto der Darlehensnehmerin. Handelt es sich
nicht um ein Verrechnungskonto, sind die standardmaessig vereinbarten
Konten zu benutzen und die vereinbarten Ablaeufe fuer telefonische
Auftraege einzuhalten. Jede Partei traegt ihre mit einer Zahlung
verbundenen Kosten selbst.
(2) Falls die Darlehensnehmerin und die Darlehensgeberin ihren Sitz in
demselben Staat haben, ist die Darlehensnehmerin verpflichtet, die von
ihr an die Darlehensgeberin zu entrichtenden Zahlungen an den im
Einzelabschluss genannten Terminen in der vereinbarten Hoehe kostenfrei
und ohne Abzuege, ohne Einbehalt oder Belastungen fuer Steuern,
Gebuehren oder sonstige Abgaben, gleich welcher Art, nach den Weisungen
der Darlehensgeberin zu leisten. Dies gilt nicht fuer solche Abgaben, die
als Steuern von den Zahlungen nach Massgabe gesetzlicher Vorschriften
erhoben werden.
(3) Falls die Darlehensnehmerin und die Darlehensgeberin ihren Sitz nicht in
demselben Staat haben, ist die Darlehensnehmerin verpflichtet, die von
ihr an die Darlehensgeberin zu entrichtenden Zahlungen an den im
Einzelabschluss genannten Terminen in der vereinbarten Hoehe
kostenfrei und ohne Abzuege, Einbehalt oder Belastungen fuer Steuern,
Gebuehren oder sonstige Abgaben, gleich welcher Art, nach den Weisungen
der Darlehensgeberin zu leisten. Falls die Darlehensnehmerin zum Abzug
oder zum Einbehalt derartiger Abgaben verpflichtet ist, wird die
Darlehensnehmerin die Darlehensgeberin durch zusaetzliche Zahlungen genau
so stellen, als ob derartige Abgaben nicht erhoben wuerden.
(4) Eine Leistung durch teilweise oder vollstaendige Aufrechnung durch eine
der Vertragsparteien gegenueber der anderen Vertragspartei ist nur
zulaessig, wenn die gegenseitigen Forderungen zwischen den Parteien
unstrittig sind.
(5) Ist der Faelligkeitstag fuer Zahlungen gemaess den Bestimmungen dieses
Rahmenvertrages am Zahlungsort kein Bankarbeitstag, so ist die Leistung
am unmittelbar folgenden Bankarbeitstag zu erbringen. Faellt dieser Tag
jedoch in den naechsten Kalendermonat, so ist die Zahlung an dem
Bankarbeitstag zu leisten, der dem Faelligkeitstag unmittelbar
vorausgeht.
ss. 3 Zinssatz
(1) Die Parteien vereinbaren pro Einzelabschluss eine Verzinsung des
Darlehens auf variabler Basis oder auf Festzinsbasis. Die fuer die
jeweilige Waehrung anzuwendende Usance wird im Einzelabschluss
vereinbart. Die vorgenannten Regelungen gelten auch fuer Ziehungen aus
Kreditlinien.
(2) Im Falle der Vereinbarung eines Zinses auf variabler Basis einigen sich
die Parteien auf einen Basis-Satz - gegebenenfalls zuzueglich eines
Aufschlages. Der Basis-Satz wird an dem Tag, an dem dieser Satz zu
bestimmen ist, von der Darlehensgeberin festgestellt und der
Darlehensnehmerin mitgeteilt. Die Zinsen sind am Ende des
Berechnungszeitraumes faellig und zahlbar. Der aufgrund dieses
Rahmenvertrages und des Einzelabschlusses zu zahlende variable
Zinsbetrag ist das Produkt aus
a) dem vereinbarten Darlehensbetrag bzw. dem Ziehungsbetrag aus einer
Kreditlinie,
b) dem vereinbarten variablen Zinssatz sowie
c) der Anzahl der tatsaechlich abgelaufenen Tage des
Berechnungszeitraums, fuer den der Zins zu berechnen ist,
dividiert durch die Zahl 360 ("365/360"). Hiervon abweichende
Usancen werden im Einzelabschluss vereinbart und in der
Bestaetigung fixiert.
(3) Im Falle der Vereinbarung der Verzinsung auf Festzinsbasis wird der
Zinssatz im Einzelabschluss festgelegt. Wird nichts anderes
vereinbart, werden die Zinsen auf jaehrlicher Basis berechnet. Die Zinsen
sind nachtraeglich jaehrlich faellig und zahlbar. Der jeweils zu zahlende
Zinsbetrag ist das Produkt aus
a) dem vereinbarten Darlehensbetrag bzw. dem Ziehungsbetrag aus einer
Kreditlinie,
b) dem vereinbarten Festzinssatz sowie
c) dem Quotienten berechnet aus der Anzahl der abgelaufenen Tage des
Berechnungszeitraums - berechnet auf der Basis eines
360-Tage-Jahres mit 12 Monaten zu je 30 Tagen - dividiert durch
die Zahl 360 ("360/360"). Absatz 2 Satz 5 gilt entsprechend.
(4) "Berechnungszeitraum" gem. Abs. 2 und 3 ist der Zeitraum, der mit der
Valutierung des Darlehens bzw. mit der Ziehung aus einer Kreditlinie gem.
ss. 2 Abs. 1 dieses Rahmenvertrages oder - bei entsprechender
Vereinbarung im Einzelabschluss - mit einem Zahlungstermin
(einschliesslich) beginnt und mit dem darauffolgenden Zahlungstermin
(ausschliesslich) endet.
(5) Bereitstellungsprovisionen sind im Einzelabschluss bei der Einraeumung
einer Kreditlinie zu vereinbaren.
ss. 4 Verzug
(1) Erfolgt die Zahlung gem. ss. 2 Abs. 2 bzw. Abs. 3 dieses Rahmenvertrages
aus von der Darlehensnehmerin zu vertretenden Gruenden nicht
rechtzeitig, so werden bis zum Zeitpunkt des Eingangs der Zahlung des
faelligen Betrages Zinsen zu folgendem Satz berechnet: vereinbarter Satz
plus 1 %.
(2) Die Geltendmachung eines hoeheren Schadens ist nicht ausgeschlossen.
ss. 5 Besicherung
Grundsaetzlich werden die Darlehen und Kreditlinien nicht besichert. Wird
einer nicht hundertprozentigen Teilkonzern-Tochtergesellschaft ein
Darlehen gewaehrt oder eine Kreditlinie eingeraeumt, erfolgt eine
Besicherung durch Kreditauftrag der jeweiligen
Teilkonzern-Fuehrungsgesellschaft.
ss. 6 Betriebsstoerung
Keine Vertragspartei haftet der anderen Vertragspartei fuer Schaeden, die
durch hoehere Gewalt oder sonstige von der zuerst genannten
Vertragspartei nicht zu vertretende Umstaende (Netzunterbrechung, Streik,
Aussperrungen, Verfuegungen von hoher Hand im In- und Ausland und
aehnliche Faelle) bei der anderen Vertragspartei eintreten.
ss. 7 Uebertragung
(1) Die Darlehensgeberin ist zur teilweisen oder vollstaendigen Abtretung
ihrer Rechte aus diesem Rahmenvertrag und/oder aus Einzelabschluessen
befugt. In diesem Fall wird die Darlehensgeberin darauf hinwirken,
dass die Bestimmungen des Rahmenvertrages und der von der Uebertragung
erfassten Einzelabschluesse auch fuer den Erwerber dieser Rechte
gelten. Die Abtretung bedarf zu ihrer Wirksamkeit der schriftlichen
Anzeige an die Darlehensnehmerin.
(2) Eine Uebertragung der Verpflichtungen der Darlehensnehmerin aus diesem
Rahmenvertrag und/oder aus Einzelabschluessen auf Dritte
(einschliesslich anderer im VEBA-Konzern verbundener Unternehmen)
bedarf der Zustimmung der Darlehensgeberin. Eine Verpflichtung zur
Erteilung dieser Zustimmung besteht nicht.
ss. 8 Kuendigung eines Einzelabschlusses
(1) Die ordentliche Kuendigung eines Einzelabschlusses einschliesslich
einer Kreditlinie ist ausgeschlossen. Die Moeglichkeit der Kuendigung aus
wichtigem Grund bleibt hiervon unberuehrt. Ein wichtiger Grund liegt
insbesondere dann vor,
(a) wenn eine Aenderung in der steuerlichen Behandlung der Zahlung
eintritt oder mit erheblicher Wahrscheinlichkeit eintreten wird;
(b) eine wesentliche Verschlechterung der Vermoegensverhaeltnisse der
Darlehensnehmerin festgestellt wird;
(c) die Darlehensnehmerin aus dem VEBA-Konzern (Konsolidierungskreis)
ausscheidet;
(d) bei Eroeffnung des Konkurs- oder Vergleichsverfahrens gegen die
Darlehensnehmerin.
Im Falle der Kuendigung aus wichtigem Grund findet zwischen den Parteien
ein Vorteilsausgleich statt. Falls im Falle des ss. 8 Abs. 1c dieses
Vertrages die Darlehensnehmerin einen Vorteilsausgleich geltend macht,
wird dieser Vorteilsausgleich nur nach ausdruecklicher Zustimmung der
Darlehensgeberin an die Darlehensnehmerin ausgezahlt. Darueber
hinausgehende Schadensersatzansprueche bedurfen im Falle der Kuendigung
gem. (a) des Nachweises durch die gekuendigte Partei, in allen uebrigen
Faellen des Nachweises durch die kuendigende Partei.
(2) Der Einzelabschluss kann ueberdies von den Parteien jederzeit
einvernehmlich ganz oder teilweise mit einer Frist von 7 Bankarbeitstagen
aufgehoben werden. Im Falle der Einigung auf eine vorzeitige
Vertragsaufhebung erfolgt zwischen den Parteien ein Vorteilsausgleich auf
Basis der Marktkonditionen fuer die entsprechende Restlaufzeit.
(3) Verlangt die Darlehensnehmerin eine vorzeitige Aufhebung eines
Einzelabschlusses und kann hierueber eine Einigung nicht erzielt werden,
und liegen die Voraussetzungen des Abs. 1 nicht vor, hat die
Darlehensnehmerin Anspruch auf Abschluss eines marktgerechten
Gegengeschaeftes fuer die Restlaufzeit in Hoehe des Betrages, fuer den
die Aufhebung verlangt wird. Diese Regelung gilt auch bei der vorzeitigen
Aufhebung einer Ziehung aus einer Kreditlinie, nicht jedoch bei der
vorzeitigen Aufhebung einer Kreditlinie als Ganzes.
ss. 9 Beendigung des Rahmenvertrages
(1) Dieser Rahmenvertrag wird auf unbestimmte Frist geschlossen. Jede
Vertragspartei hat das Recht, den Rahmenvertrag mit einer Frist von 3
Monaten zum Jahresende schriftlich zu kuendigen. In diesem Fall sind noch
nicht abgewickelte Einzelabschluesse auch nach Vertragsbeendigung nach
diesem Rahmenvertrag abzuwickeln.
(2) Unabhaengig von Abs. 1 endet dieser Rahmenvertrag ohne Kuendigung, wenn
die Darlehensnehmerin aus dem VEBA-Konzern ausscheidet
(Konsolidierungs-kreis) oder ueber ihr Vermoegen ein Konkurs- oder
Vergleichsverfahren eroeffnet wird.
(3) Fuer eine Kuendigung des Rahmenvertrages aus wichtigem Grund gilt im
uebrigen ss.8 Abs. 1 dieses Rahmenvertrages entsprechend.
ss. 10 Verschiedenes
(1) Jedwede Aenderung dieses Rahmenvertrages bedarf der Schriftform. Dies
gilt auch fur eine Aenderung dieser Schriftformklausel.
(2) Der Rahmenvertrag und die Einzelabschluesse unterliegen ausschliesslich
dem deutschen Recht.
(3) Sollte dieser Rahmenvertrag oder ein Einzelabschluss unwirksam sein
oder sich als unwirksam erweisen oder sollten die Parteien einen
regelungsbeduerftigen Punkt versehentlich nicht geregelt haben, wird
hierdurch die Wirksamkeit der uebrigen Bestimmungen nicht beruehrt. In
einem derartigen Fall gilt eine solche Bestimmung als vereinbart, die die
Vertragsparteien in Kenntnis der unwirksamen Bestimmung bzw. zur
Ausfuellung der Luecke im Sinne und im Geiste dieses Vertrages vereinbart
haetten.
Duesseldorf, den 10. Februar 1999
VEBA Aktiengesellschaft VEBA Zweite Verwaltungs-
gesellschaft mbH
/s/ Michael C. Wilhelm /s/ Rolf Pohlig
- -------------------------- ---------------------
(ppa. Michael C. Wilhelm) (Dr. Rolf Pohlig)
/s/ i.V. Thomas Fehl
- --------------------------
(i.V. Thomas Fehl)
<PAGE>
Non-binding English translation of the VEBA Master Agreement dated 10.02.1999
Master Agreement
for Awarding Loans and Credit Lines
within the VEBA Group
between
VEBA AG
Bennigsenplatz 1
40474 Duesseldorf
- Lender -
and
VEBA Zweite Verwaltungsgesellschaft mbH
Bennigsenplatz 1
40474 Duesseldorf
- Borrower -
(Lender and Borrower shall be referred to as "Parties" hereinafter)
Introduction
The Parties intend to create a uniform guideline for awarding loans
(hereinafter: "Loans") and credit lines (hereinafter: "Credit Lines") within the
VEBA Group. For this purpose the following conditions shall govern all
agreements (hereinafter: "Single Transactions") regarding individual Loans as
well as any award of Credit Lines (including any drawing rights arising from
such Credit Lines) between the Parties.
Section 1 Single Transactions
(1) If the Parties have come to an agreement per telephone or by some other
means, the Lender shall confirm the agreement via mail, facsimile or
remote data transmission to the Borrower. The Single Transaction is
considered approved if the Borrower does not make objections to the
conditions of the agreement within 7 bank business days including the date
on which the agreement was received. Objections, if any exist, shall be
sent to the Lender via mail, facsimile or remote data transmission.
(2) Provisions of Single Transactions that have been approved according to
paragraph 1 and include terms inconsistent with the Master Agreement have
priority over this Master Agreement.
(3) All Single Transactions that are approved or considered approved after
this Master Agreement enters into force, are subject to the Master
Agreement's provisions. This rule shall also apply when Single
Transactions do not specifically make reference to this Master Agreement.
Section 2 Payments
(1) The Lender shall transfer the sum stipulated in the Single Transaction to
the Borrower's bank account. If this account is not a clearing account,
the stipulated standard accounts shall be used and procedures for orders
per telephone are to be complied with. Each Party is responsible for any
costs arising from the transfer of said payments.
(2) If the Parties' corporate offices are located in the same country, the
Borrower is obliged to make all payments to the Lender in the amount and
on the due date set forth in the Single Transaction. These payments shall
be made in compliance with instructions set forth by the Lender without
any deduction, withholding or charge for taxes, fees or any other kind of
levies. However, this rule shall not apply to taxes imposed on payments in
accordance with legal provisions.
(3) If the Parties' corporate offices are not located in the same country, the
Borrower is obliged to make payments to the Lender in the amount and on
the due date set forth in the Single Transaction. These payments shall be
made in compliance with instructions set forth by the Lender without any
deduction, withholding or charge for taxes, fees or any other kind of
levies. If the Borrower is obliged to deduct or withhold such levies, the
Borrower shall make additional payments to the Lender to fully offset
them.
(4) Any partial or complete offset declared by one Party to the other Party is
permitted only when the reciprocal claims are not disputed between the
Parties.
(5) If the due date for a payment to be made in accordance with the provisions
of this Master Agreement does not fall on a bank business day at the place
of payment, payment shall be made on the next bank business day. If the
next bank business day carries over to the next month, payment shall be
made on the bank business day prior to the due date.
Section 3 Interest Rate
(1) The Parties agree upon a variable or fixed interest rate for each Single
Transaction. The currency's usage shall be stipulated in the Single
Transaction. The aforementioned provisions also apply to all withdrawals
from Credit Lines.
(2) If a variable interest rate is agreed upon, the Parties shall stipulate a
base interest rate to which a surcharge may be added. The Lender shall
determine the base interest rate on the day the interest rate is
stipulated and inform the Borrower thereof. Any interest is due and
payable at the end of each calculation period. The variable interest rate
payable on the basis of this Master Agreement and the Single Transaction
is computed by multiplying
a) the stipulated Loan or Credit Line withdrawal amount,
b) the stipulated variable interest rate and
c) the actual number of days that transpire within the calculation period
on which interest accrues, divided by 360 ("365/360"). Usages that
deviate from this shall be stipulated in the Single Transaction and fixed
in the confirmation (e.g. "365/ 365").
(3) If a fixed interest rate is agreed upon, the interest rate shall be set
forth in the Single Transaction. Interest is calculated on a per-annum
basis unless specified otherwise. Interest due is payable annually at the
end of the interest-rate periods. The payable interest rate is computed by
multiplying
a) the stipulated Loan or sum withdrawn from the Credit Line,
b) the stipulated fixed interest rate and
c) the quotient derived from the number of days that transpire within a
calculation period calculated on a 360-day-per-year basis with 12 months
(each having 30 days) divided by 360 ("360/360"). Paragraph 2, sentence 5
applies mutatis mutandis.
(4) The term "calculation period" according to paragraphs 2 and 3 refers to
the period beginning with and including the Loan's or Credit Line
withdrawal's value date according to paragraph 2, section 1 of this Master
Agreement and ending with and excluding the subsequent payment due date. A
Single Transaction may also stipulate this period as beginning with and
including a payment due date and ending with and excluding the next
payment due date.
(5) Provisions for the availability of funds shall be agreed upon in Single
Transactions when a Credit Line is granted.
Section 4 Default
(1) If payment is not made in due course, according to paragraph 2 sections 2
or 3 of this Master Agreement due to reasons for which the Borrower is
responsible, the stipulated interest rate plus 1% shall be applied until
the amount due is received.
(2) The aforementioned clause does not rule out the enforcement of any higher
compensation.
Section 5 Collateral
As a rule, Loans and Credit Lines are not collateralized. If a Loan or
Credit Line is awarded to a subsidiary in which VEBA does not hold a 100
percent stake ("Teilkonzern-Tochtergesellschaft"), a collateral may be
stipulated through a credit order by the holding company of such
subsidiary ("Teilkonzern-Fuhrungsgesellschaft").
Section 6 Operational Breakdown
Neither Party is liable for any damages incurred by the other Party caused
by Acts of God or other circumstances incurred by one Party for which the
other Party cannot be held responsible (i.e. power outages, strikes,
lock-outs, domestic and foreign acts of government and the like).
Section 7 Assignment
(1) The Lender has the right to partially or wholly assign the rights it is
granted through this Master Agreement and/or Single Transactions. In such
a case, the Lender shall exercise its influence so that the provisions of
the Master Agreement and the Single Transactions covered by the assignment
will also apply to the assignee. In order to become effective, this
assignment requires that the Borrower will be given written notice
thereof.
(2) The Lender must approve any assignment of obligations referenced in this
Master Agreement and/or Single Transactions by the Borrower to third
parties (including other companies affiliated with the VEBA Group). This
approval is not obligatory.
Section 8 Termination of a Single Transaction
(1) Termination of a Single Transaction or Credit Line subject to a period of
notice ("ordentliche Kuendigung") is not permitted. This rule does not
apply to termination without notice for a special reason ("Kuendigung aus
wichtigem Grund"). Such special reason is given, but is not limited to the
following circumstances:
(a) the payment's fiscal treatment changes or is very likely to change;
(b) a substantial deterioration of the Borrower's financial conditions is
ascertained;
(c) the Borrower leaves the VEBA Group (i.e. the companies consolidated
in VEBA's balance sheet);
(d) bankruptcy or composition proceedings are initiated against the
Borrower.
Mutual compensation of benefits shall occur between the Parties in the
event of termination without notice for a special reason. If the Borrower
claims mutual compensation of benefits according to paragraph 8 section 1c
of this Master Agreement, such compensation shall be paid to the Borrower
only with the Lender's express consent. In the event of termination
according to item (a), the Party which has received notice of termination
must produce sufficient evidence of further damage claims. In all other
cases, it is upon the terminating Party to produce sufficient evidence.
(2) Furthermore, the Parties may entirely or partially annul Single
Transactions by mutual consent at any time with a 7-bank-business-day
prior notice. If the Parties agree on terminating the contract
prematurely, the Parties are compensated for damages for the contract's
remaining duration on the basis of market conditions.
(3) If the Borrower demands the premature annulment of a Single Transaction
and a mutual agreement cannot be reached, then, provided the conditions
under paragraph 1 are not fulfilled, the Borrower has the right to a
counter-transaction in line with market conditions for the remaining
duration of the contract in the amount for which a premature annulment has
been demanded. This provision also applies to any premature annulment of a
Credit Line withdrawal. It does not, however, apply to a premature
annulment of an entire Credit Line.
Section 9 Termination of the Master Agreement
(1) This Master Agreement is concluded for an indefinite time period. Each
Party has the right to terminate the Master Agreement with a 3-month prior
notice to the end of the calendar year. In this instance, Single
Transactions that have not yet been settled shall be settled according to
this Master Agreement even after termination of the Master Agreement.
(2) Notwithstanding paragraph 1, this Master Agreement shall expire without
termination if the Borrower leaves the VEBA Group (i.e. the companies
consolidated in VEBA's balance sheet), or if bankruptcy or conciliation
proceedings are initiated regarding the Borrower's assets.
(3) Paragraph 8, section 1 of this Master Agreement applies mutatis mutandis
to the termination of the Master Agreement without notice for a special
reason ("Kuendigung aus wichtigem Grund").
Section 10 Miscellaneous
(1) All changes to this Master Agreement must be made in writing. This rule
also applies to changes made to this requirement of writing.
(2) The Master Agreement and the Single Transactions are exclusively governed
by and shall be construed in accordance with German law.
(3) The validity of the Master Agreement's remaining provisions shall remain
unaffected in case this Master Agreement or any Single Transaction should
be proven null and void, or if the parties have not settled an item by
mistake. In such a case, such (a) void provision(s) shall be automatically
replaced and deemed to be agreed upon by such (a) provision(s) that the
Parties would have agreed upon, and which is (are) covered by the meaning
and intentions of this Master Agreement, would they have known the
validity of the provision(s) or the loophole in the Master Agreement.
EXHIBIT 50
Letterhead of
VEBA Zweite Verwaltungsgesellschaft mbH
Bennigsenplatz 1
40474 Duesseldorf
Tel. 0211/4579-1
POWER OF ATTORNEY
We, VEBA Zweite Verwaltungsgesellschaft, Bennigsenplatz 1, 40474 Duesseldorf,
Germany, represented by Dr. Rolf Pohlig as Director, hereby appoint Dr. Michael
Bangert, Dr. Klaus Gruendler, Mrs. Judith Witte, Dr. Friedrich Oschmann, Mr.
Frank Jungfermann and Mr. Jens-Uwe Herrmann of VEBA Aktiengesellschaft,
Bennigsenplatz 1, 40474 Duesseldorf, Germany, each acting alone with power to
execute and deliver on our behalf
the Purchase Agreement between MEMC Electronic Materials, Inc. and
ourselves,
the Registration Rights Agreement between MEMC Electronic Materials,
Inc. and ourselves,
the Escrow Agreement between MEMC Electronic Materials, Inc., ourselves
and Chadbourne & Parke LLP (collectively the "Agreements"), and
the Amendment to Schedule 13D required to be filed with the Securities
and Exchange Commission
in connection with the private placement by MEMC Electronic Materials, Inc. as
issuer, and ourselves, as buyer, of MEMC Common Stock pursuant to the terms of
the Purchase Agreement, and to take any other action necessary in connection
with the Agreements and the filing of Schedule 13D.
The appointed are exempt from the restrictions of section 181 of the German
Civil Code.
Duesseldorf, 21 December 1998
VEBA Zweite Verwaltungsgesellschaft
/s/ Rolf Pohlig
- ----------------------------
(Dr. Rolf Pohlig)
EXHIBIT 51
Letterhead of
VEBA Zweite Verwaltungsgesellschaft mbH
Bennigsenplatz 1
40474 Duesseldorf
Tel. 0211/4579-1
POWER OF ATTORNEY
We, VEBA Zweite Verwaltungsgesellschaft, Bennigsenplatz 1, 40474 Duesseldorf,
Germany, represented by Dr. Rolf Pohlig as Director, hereby appoint Dr. Michael
Bangert, Dr. Klaus Gruendler, Mrs. Judith Witte, Dr. Friedrich Oschmann, Mr.
Frank Jungfermann and Mr. Jens-Uwe Herrmann of VEBA Aktiengesellschaft,
Bennigsenplatz 1, 40474 Duesseldorf, Germany, each acting alone with power to
execute and deliver on our behalf
the Assignment and Assumption Agreement between VEBA Corporation and
ourselves (the "Agreement"),
in connection with the private placement by MEMC Electronic Materials, Inc. as
issuer, of MEMC Common Stock pursuant to the terms of a Purchase Agreement
between MEMC and VEBA Corporation, and to take any other action necessary in
connection with the Agreement.
The appointed are exempt from the restrictions of section 181 of the German
Civil Code.
Duesseldorf, 23 December 1998
VEBA Zweite Verwaltungsgesellschaft mbH
/s/ Rolf Pohlig
- -------------------------------
(Dr. Rolf Pohlig)
Exhibit 54
ASSIGNMENT AND ASSUMPTION AGREEMENT
ASSIGNMENT AND ASSUMPTION AGREEMENT dated as of December 30, 1998 (the
"Agreement") by and between VEBA Corporation, a Delaware corporation
("Assignor"), and VEBA Zweite Verwaltungsgesellschaft mbH, a German limited
liability company ("Assignee").
WHEREAS, Assignor entered into that certain Purchase Agreement dated as
of October 22, 1998 (the "Purchase Agreement"), by and among Assignor and MEMC
Electronic Materials, Inc. ("MEMC") and that certain Standby Agreement dated as
of October 22, 1998 (the "Standby Agreement", and together with the Purchase
Agreement, the "MEMC Agreements"), by and among Assignor and MEMC;
WHEREAS, pursuant to Section 7.4 of the Purchase Agreement and Section
6.4 of the Standby Agreement, Assignor may assign its rights under each of the
MEMC Agreements to Assignee without the consent of MEMC; and
WHEREAS, Assignor desires to assign its rights under the MEMC
Agreements to Assignee, and Assignee desires to accept such assignment.
NOW, THEREFORE, it is agreed as follows:
1. For good and valuable consideration, the receipt and adequacy of
which is hereby acknowledged, Assignor assigns and transfers to Assignee, as of
the date hereof, all of Assignor's rights under the Purchase Agreement to
purchase the Common Shares (as defined in the Purchase Agreement), all of
Assignor's rights under the Standby Agreement to purchase the Common Stock (as
defined in the Standby Agreement and referred to hereinafter as the "Common
Shares") and any other rights and benefits afforded to it under the MEMC
Agreements. Such assignment shall not discharge Assignor from its obligations
under the MEMC Agreements.
2. Assignee accepts such assignment as of the date hereof. As between
Assignor and Assignee, Assignee assumes all of Assignor's obligations arising
after the date hereof under the MEMC Agreements.
3. Assignee is acquiring the Common Shares solely by and for its own
account as principal, for investment purposes only, and not for the account of
any other person and not with a view to, or for, distribution, assignment,
fractionalization or resale or distribution to others in whole or in part in
violation of the Securities Act.
4. Assignee understands that the offering and the sale of the Common
Shares are intended to be exempt from registration under the Securities Act
pursuant to Section 4(2) of the Securities Act. Assignee is not acquiring the
Common Shares as a result of (i) any advertisement, article, notice or other
communication published in any newspaper, magazine, or similar media or
broadcast over television or radio or (ii) any seminar meeting whose attendees
had been invited as a result of, subsequent to, or pursuant to any of the
foregoing.
5. Assignee is an accredited investor within the meaning of Regulation
D under the Securities Act.
6. Assignee acknowledges that the Common Shares, in its hands, will be
restricted securities under the Securities Act which may not be sold or offered
for sale in the absence of an effective registration statement as to such Common
Shares under the Securities Act or an opinion of counsel satisfactory to MEMC
that such registration is not required. Assignee agrees it will not transfer, by
way of gift or otherwise, or sell the Common Shares or any part thereof, unless
such Common Shares have been registered under the Securities Act and any
applicable state securities laws or it first obtains, at its own expense, if
requested by MEMC, an opinion of counsel reasonably satisfactory to MEMC that
the transfer of such Common Shares may be effected without registration under
the Securities Act and any applicable state securities laws. Assignee
acknowledges that the certificates evidencing the Common Shares will contain a
legend to such effect.
7. This Agreement is made subject to and in accordance with the
provisions of each of the MEMC Agreements. MEMC shall be a third party
beneficiary of Assignee's agreements and acknowledgments under paragraphs 3, 4,
5 and 6 above.
8. This Agreement shall be governed by, construed and enforced in
accordance with the laws of the State of New York, without regard to conflict of
law principles thereof.
IN WITNESS WHEREOF, Assignor and Assignee have executed this Agreement
as of the day and year first above written.
VEBA Corporation, as Assignor
By: /s/ Heinz H. Puetthoff
-----------------------------------
Name: H.H. Puetthoff
Title: President
VEBA Zweite Verwaltungsgesellschaft mbH,
as Assignee
By: /s/ Friedrich Oschmann
-----------------------------------
Name: Dr. Friedrich Oschmann
Title: Attorney-in-fact
Exhibit 55
FIRST AMENDMENT TO
REGISTRATION RIGHTS AGREEMENT
THIS FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT is made and
entered into the 19th day of March, 1999 ("Amendment"), between MEMC Electronic
Materials, Inc., a Delaware corporation (the "Company"), and VEBA Corporation, a
Delaware corporation ("VEBA").
WHEREAS, the Company and Huels Corporation ("Huels") entered into a
Registration Rights Agreement dated as of July 12, 1995 (the "Agreement");
WHEREAS, on September 30, 1998, Huels merged with and into VEBA and
thus VEBA became the successor in interest to Huels under the Agreement;
WHEREAS, on the date hereof VEBA (as successor to Huels) is the owner
of 21,490,942 shares of the Company's Common Stock, par value $.01 per share
(the "Common Stock");
WHEREAS, the Company and VEBA entered into (i) a Purchase Agreement
dated as of October 22, 1998 (as amended on December 29, 1998 and February 14,
1999, the "Purchase Agreement") pursuant to which VEBA agreed to purchase and
the Company agreed to issue to VEBA a number of shares of Common Stock equal to
106,100,000 divided by the Purchase Price (as defined in the Purchase Agreement)
rounded up to the nearest whole number and (ii) a Standby Agreement dated as of
October 22, 1998 (the "Standby Agreement") pursuant to which VEBA agreed to
purchase and the Company agreed to issue to VEBA the shares of Common Stock
offered in a registered rights offering (the "Rights Offering") to all of the
Company's existing stockholders (other than VEBA and its affiliates) and not
otherwise subscribed for by the other stockholders of the Company prior to the
expiration time of such rights;
WHEREAS, it is a condition to the closing under each of the Purchase
Agreement and the Standby Agreement that the Agreement shall have been amended
to include all shares of Common Stock acquired or to be acquired or purchased or
to be purchased by VEBA, VEBA Aktiengesellschaft, a German stock corporation
("VEBA AG"), or any Subsidiaries of VEBA AG after October 22, 1998.
NOW, THEREFORE, in consideration of the mutual covenants, promises,
representations, warranties and conditions set forth in this Amendment, the
parties hereto, intending to be legally bound, hereby agree as follows:
1. All references in the Agreement to "Huels Corporation" and "Huels"
are hereby amended by deleting each such reference and substituting in lieu
thereof "VEBA Corporation" or "VEBA," respectively.
2. The definitions of "Holder" and "Registrable Stock" in Section 1 of
the Agreement are hereby deleted in their entirety and the following definitions
are substituted in lieu thereof:
""Holder" shall mean (i) VEBA, VEBA AG and any Subsidiary of
VEBA AG that beneficially owns on the date hereof, or hereinafter
acquires or purchases, shares of Common Stock and (ii) any transferee
or assignee to whom the rights under this Agreement are assigned in
accordance with the provisions of Section 9 hereof;
"Purchase Agreement" shall mean that certain Purchase
Agreement dated as of October 22, 1998, as amended from time to time,
by and among the Company and VEBA;
"Registrable Stock" shall mean the Common Stock beneficially
owned on the date hereof, or hereafter acquired or purchased, by VEBA,
VEBA AG or any Subsidiary of VEBA AG, including, without limitation,
any Common Stock (i) acquired by VEBA, VEBA AG or any Subsidiary of
VEBA AG as a result of the transactions contemplated by the Purchase
Agreement or the Standby Agreement or upon exercise of any rights to
purchase Common Stock, (ii) purchased on the open market by VEBA, VEBA
AG or any Subsidiary of VEBA AG or (iii) issued to VEBA, VEBA AG or any
Subsidiary of VEBA AG as a dividend or other distribution or by way of
a stock split. For purposes of this Agreement, any Registrable Stock
shall cease to be Registrable Stock when (x) a registration statement
covering such Registrable Stock has been declared effective and such
Registrable Stock has been disposed of pursuant to such effective
registration statement or (y) such Registrable Stock is sold or
distributed pursuant to Rule 144 (or any similar or successor provision
(but not Rule 144A)) under the Securities Act.
"Standby Agreement" shall mean that certain Standby Agreement
dated as of October 22, 1998, as amended from time to time, by and
among the Company and VEBA.
"Subsidiary" shall mean, with respect to any person or entity,
any other person or entity of which more than 50% of the capital stock
or other ownership interest is owned, or is controlled, either directly
or indirectly, by such person or entity.
"VEBA AG" shall mean VEBA Aktiengesellschaft, a German
corporation and the direct and indirect owner of 100% of the common
stock of VEBA."
3. Section 2, paragraph (a) of the Agreement is hereby amended by
inserting at the end thereof the following:
"Within 10 days following the receipt of each notice under
this Section 2, the Company shall give all Holders (other than the
Requesting Holders) written notice of the receipt thereof, which
written notice shall include a copy of the notice by the Requesting
Holders. Upon the written request of any Holder received by the Company
no later than 15 days after the Company's notice, the Company shall use
its best efforts to cause to be included in the Demand Registration all
of the Registrable Stock that each such Holder has so requested to be
included."
4. The following new Section 18 is hereby inserted after Section 17 of
the Agreement:
"Section 18. Third Party Beneficiaries." Each Holder shall be
deemed to be a third party beneficiary of this Agreement and shall have
the right to enforce directly against the Company all of the provisions
contained in this Agreement, as amended from time to time,
notwithstanding that it is not a signatory to this Agreement."
5. Unless otherwise provided herein, any term in initial capital
letters used as a defined term but not defined in this Amendment shall have the
meaning set forth in the Agreement.
6. Except as modified herein, all terms and conditions of the Agreement
shall remain in full force and effect.
7. This Amendment shall be governed by, and construed in accordance
with, the laws of the State of New York.
IN WITNESS WHEREOF, each of the parties hereto has caused this
Amendment to be executed as of the date first above written.
VEBA CORPORATION
By: /s/ Heinz H. Puetthoff
-------------------------------
Name: Dr. Heinz H. Puetthoff
Title: President
MEMC ELECTRONIC MATERIALS, INC.
By: /s/ James M. Stolze
-------------------------------
Name: James M. Stolze
Title: Chief Financial Officer
