|
Erik Ragatz
|
| |
John Heyman
|
|
|
Chairman of the Board
|
| |
Chief Executive Officer & Director
|
|
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 5 | | | |
| | | | | 8 | | | |
| | | | | 9 | | | |
| | | | | 9 | | | |
| | | | | 9 | | | |
| | | | | 9 | | | |
| | | | | 10 | | | |
| | | | | 10 | | | |
| | | | | 11 | | | |
| | | | | 11 | | | |
| | | | | 12 | | | |
| | | | | 16 | | | |
| | | | | 17 | | | |
| | | | | 18 | | | |
| | | | | 18 | | | |
| | | | | 29 | | | |
| | | | | 33 | | | |
| | | | | 33 | | | |
| | | | | 46 | | | |
| | | | | 49 | | | |
| | | | | 49 | | | |
| | | | | 50 | | | |
| | | | | 56 | | | |
| | | | | 56 | | | |
| | | | | 56 | | | |
| | | | | 58 | | | |
| | | | | 59 | | | |
| | | | | 59 | | | |
| | | | | 59 | | | |
| | | | | 59 | | | |
| | | | | 59 | | | |
| | | | | 60 | | | |
| | | | | 61 | | | |
| | | | | 62 | | |
| | | | | 65 | | | |
| | | | | 68 | | | |
| | | | | 69 | | | |
| | | | | 69 | | | |
| | | | | 72 | | | |
| | | | | 72 | | | |
| | | | | 74 | | | |
| | | | | 75 | | | |
| | | | | 76 | | | |
| | | | | 77 | | | |
| | | | | 78 | | | |
| | | | | 80 | | | |
| | | | | 80 | | | |
| | | | | 81 | | | |
| | | | | 82 | | | |
| | | | | 83 | | | |
| | | | | 88 | | | |
| | | | | 90 | | | |
| | | | | 91 | | | |
| | | | | A-1 | | | |
| | | | | B-1-1 | | | |
| | | | | B-2-1 | | | |
| | | | | C-1 | | |
| | |
TEV/ Adj. EBITDA
|
| |||||||||
| | |
2024E
|
| |
2025E
|
| ||||||
Selected Connected Home Companies | | | | | | | | | | | | | |
Legrand S.A. (“Legrand”)
|
| | | | 14.7x | | | | | | 13.9x | | |
Logitech International S.A.
|
| | | | 17.5x | | | | | | 15.6x | | |
Ubiquiti Inc.
|
| | | | 13.6x | | | | | | 12.1x | | |
Alarm.com Holdings, Inc.
|
| | | | 21.3x | | | | | | 19.8x | | |
Sonos, Inc. (“Sonos”)
|
| | | | 12.4x | | | | | | 9.4x | | |
Selected Residential / Commercial Product Distribution Companies | | | | | | | | | | | | | |
Watsco, Inc.
|
| | | | 20.4x | | | | | | 18.3x | | |
Pool Corporation
|
| | | | 20.0x | | | | | | 18.3x | | |
SiteOne Landscape Supply, Inc.
|
| | | | 18.9x | | | | | | 17.2x | | |
Beacon Roofing Supply, Inc.
|
| | | | 9.6x | | | | | | 9.1x | | |
Selected Technology / Electronics Distribution Companies | | | | | | | | | | | | | |
CDW Corporation
|
| | | | 17.4x | | | | | | 16.2x | | |
WESCO International, Inc.
|
| | | | 7.9x | | | | | | 7.4x | | |
Arrow Electronics, Inc.
|
| | | | 7.9x | | | | | | 6.5x | | |
Rexel S.A.
|
| | | | 7.1x | | | | | | 6.8x | | |
Avnet, Inc.
|
| | | | 7.9x | | | | | | 7.0x | | |
Resideo
|
| | | | 7.0x | | | | | | 6.3x | | |
The Company (Wall Street Research)
|
| | | | 9.7x | | | | | | 8.9x | | |
The Company (Management)
|
| | | | 9.3x | | | | | | 7.8x | | |
|
Implied Per Share Reference Ranges Based On:
|
| |
Merger Consideration
|
| |||||||||
|
CY2024E Adj. EBITDA
|
| |
CY2025E Adj. EBITDA
|
| | | | | | | |||
|
$8.47 – $13.25
|
| | | $ | 9.37 – $15.08 | | | | | $ | 10.75 | | |
Announcement Date
|
| |
Target
|
| |
Acquirer
|
| |
Group
|
| |
TEV/ LTM
EBITDA |
|
May 2023 | | |
Wasco Holding B.V.
|
| |
Rexel S.A.
|
| |
Distribution
|
| |
9.2x
|
|
December 2022 | | |
Vivint Smart Home, Inc.
|
| |
NRG Energy, Inc.
|
| |
Product
|
| |
7.2x
|
|
November 2022 | | |
Somfy SA
|
| |
Despature Family
|
| |
Product
|
| |
13.1x
|
|
February 2022 | | |
Sound United, LLC
|
| |
Masimo Corporation
|
| |
Product
|
| |
8.2x
|
|
February 2022 | | |
First Alert, Inc.
|
| |
Resideo Technologies, Inc.
|
| |
Product
|
| |
9.9x
|
|
December 2021 | | |
Hunter Douglas N.V.
|
| |
3G Capital Partners LP
|
| |
Product
|
| |
8.1x
|
|
March 2021 | | |
Tech Data Corporation
|
| |
SYNNEX Corporation
|
| |
Distribution
|
| |
8.4x
|
|
December 2019 | | |
Anixter International Inc.
|
| |
WESCO International, Inc.
|
| |
Distribution
|
| |
9.6x
|
|
November 2019 | | |
Tech Data Corporation
|
| |
Apollo Global Management, Inc.
|
| |
Distribution
|
| |
6.9x
|
|
May 2019 | | |
Control4 Corporation
|
| |
Snap One Holdings Corp. (f/k/a Wirepath Home Systems, LLC) / Hellman & Friedman
|
| |
Product
|
| |
13.0x
|
|
Announcement Date
|
| |
Target
|
| |
Acquirer
|
| |
Group
|
| |
TEV/ LTM
EBITDA |
| | | | ||||||
| | | | | |
LLC
|
| | | | | | | | | | ||||||
June 2019 | | |
PCM, Inc.
|
| |
Insight Enterprises, Inc.
|
| |
Distribution
|
| |
9.0x
|
| | | | ||||||
November 2018 | | |
ARRIS International plc
|
| |
CommScope Holding Company, Inc.
|
| |
Product
|
| |
8.7x
|
| | | | ||||||
February 2018 | | |
Avigilon Corporation
|
| |
Motorola Solutions, Inc.
|
| |
Product
|
| |
16.5x
|
| | | | ||||||
November 2016 | | |
Harman International Industries, Incorporated
|
| |
Samsung Electronics Co., Ltd.
|
| |
Product
|
| |
9.8x
|
| | | | ||||||
April 2016 | | |
Rovi Corporation
|
| |
TiVo Inc.
|
| |
Product
|
| |
11.1x
|
| | | | ||||||
August 2014 | | |
Tri-Northern Acquisition Holdings, Inc.
|
| |
Anixter International Inc.
|
| |
Distribution
|
| |
11.7x
|
| | | | ||||||
All Selected Precedent Product Transactions | | | | | | |||||||||||||||||
Median (Product) | | | | | | | | | | | |
9.9x
|
| | | | ||||||
Mean (Product) | | | | | | | | | | | |
10.6x
|
| | | | ||||||
All Selected Precedent Distribution Transactions | | | | | | | | | | | | | | |||||||||
Median (Distribution) | | | | | | | | | | | |
9.4x
|
| | | | ||||||
Mean (Distribution) | | | | | | | | | | | |
9.4x
|
| | | | ||||||
All Selected Precedent Transactions | | | | | | | | | | | | | | |||||||||
Overall Median | | | | | | | | | | | |
9.6x
|
| | | | ||||||
Overall Mean | | | | | | | | | | | |
10.1x
|
| | | |
|
Implied Per Share Reference Range Based On:
|
| |
Merger Consideration
|
| |||
|
LTM Adj. EBITDA
|
| | | | | | |
|
$7.06 – $11.36
|
| | | $ | 10.75 | | |
|
Implied Per Share Reference Range
|
| |
Merger Consideration
|
| |||
|
$9.12 – $15.68
|
| | | $ | 10.75 | | |
Announcement
Month and Year |
| |
Acquiror
|
| |
Target
|
|
Smart Living | | | | | | | |
May 2019 | | |
Wirepath Home Systems, LLC
d/b/a SnapAV |
| | Control4 Corporation | |
February 2022 | | | Resideo Technologies, Inc. | | | First Alert, Inc. | |
February 2022 | | | Masimo Corporation | | | Viper Holdings Corporation d/b/a Sound United, LLC | |
Distribution | | | | | | | |
August 2014 | | | Anixter Inc. | | | Tri-Northern Acquisition Holdings, Inc. | |
June 2019 | | | Insight Enterprises, Inc. | | | PCM, Inc. | |
January 2020 | | | WESCO International, Inc. | | | Anixter International Inc. | |
November 2020 | | | American Securities LLC | | | Foundation Building Materials, Inc. | |
December 2020 | | | American Securities LLC | | | Beacon Roofing Supply, Inc. | |
January 2021 | | | Clayton, Dubilier & Rise, LLC | | | Wolseley UK Limited | |
September 2021 | | | TopBuild Corp. | | | DI Super Holdings, Inc. | |
September 2021 | | | Specialty Building Products, LLC | | | Reeb Millwork Corporation | |
May 2022 | | | Beijer Ref AB (publ) | | | Heritage Distribution Holdings | |
March 2023 | | | Distribution Solutions Group, Inc. | | | HIS Company, Inc. | |
May 2023 | | | Rexel S.A. | | | Wasco Holding B.V. | |
July 2023 | | | TopBuild Corp. | | | SPI LLC d/b/a Specialty Products & Insulation | |
Management Projections – Base Case (“Base Case Projections”)
|
| ||||||||||||||||||||||||||||||
$ in millions
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |||||||||||||||
Net Sales(1)
|
| | | $ | 1,157 | | | | | $ | 1,233 | | | | | $ | 1,327 | | | | | $ | 1,430 | | | | | $ | 1,540 | | |
Contribution Margin(2)
|
| | | $ | 493 | | | | | $ | 529 | | | | | $ | 571 | | | | | $ | 616 | | | | | $ | 663 | | |
Contribution Margin %
|
| | | | 42.6% | | | | | | 42.9% | | | | | | 43.1% | | | | | | 43.1% | | | | | | 43.0% | | |
Adjusted EBITDA(3)
|
| | | $ | 130 | | | | | $ | 155 | | | | | $ | 178 | | | | | $ | 188 | | | | | $ | 200 | | |
Adjusted EBITDA Margin %
|
| | | | 11.2% | | | | | | 12.6% | | | | | | 13.4% | | | | | | 13.1% | | | | | | 13.0% | | |
Summary Unlevered Free Cash Flow – Base Case
|
| ||||||||||||||||||||||||||||||
$ in millions
|
| |
9M 2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |||||||||||||||
Net Sales
|
| | | $ | 889 | | | | | $ | 1,233 | | | | | $ | 1,327 | | | | | $ | 1,430 | | | | | $ | 1,540 | | |
Adjusted EBITDA
|
| | | $ | 106 | | | | | $ | 155 | | | | | $ | 178 | | | | | $ | 188 | | | | | $ | 200 | | |
Adjusted EBIT(4)
|
| | | $ | 75 | | | | | $ | 120 | | | | | $ | 139 | | | | | $ | 147 | | | | | $ | 148 | | |
Unlevered Free Cash Flow(5)
|
| | | $ | 64 | | | | | $ | 79 | | | | | $ | 96 | | | | | $ | 104 | | | | | $ | 116 | | |
Tax Attribute Utilization Projections(6)
|
| ||||||||||||||||||||||||||||||
$ in millions
|
| |
9M 2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |||||||||||||||
Realized Tax Benefit
|
| | | $ | 16.0 | | | | | $ | 15.9 | | | | | $ | 11.8 | | | | | $ | 11.8 | | | | | $ | 10.2 | | |
Tax Receivable Agreement Payment
|
| | | $ | 13.6 | | | | | $ | 13.6 | | | | | $ | 10.0 | | | | | $ | 10.0 | | | | | $ | 8.7 | | |
Tax Receivable Agreement Benefit(7)
|
| | | $ | 2.4 | | | | | $ | 2.4 | | | | | $ | 1.8 | | | | | $ | 1.8 | | | | | $ | 1.5 | | |
R&D Tax Credits
|
| | | $ | 2.0 | | | | | $ | 2.0 | | | | | $ | 2.0 | | | | | $ | 2.0 | | | | | $ | 2.0 | | |
Total Tax Benefits
|
| | | $ | 4.4 | | | | | $ | 4.4 | | | | | $ | 3.8 | | | | | $ | 3.8 | | | | | $ | 3.5 | | |
Value Creation Plan Forecast Summary
|
| ||||||||||||||||||||||||||||||
$ in millions
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |||||||||||||||
Net Sales
|
| | | $ | 1,197 | | | | | $ | 1,342 | | | | | $ | 1,502 | | | | | $ | 1,678 | | | | | $ | 1,870 | | |
Contribution Margin
|
| | | $ | 515 | | | | | $ | 588 | | | | | $ | 666 | | | | | $ | 754 | | | | | $ | 849 | | |
Adjusted EBITDA(8)
|
| | | $ | 144 | | | | | $ | 180 | | | | | $ | 217 | | | | | $ | 262 | | | | | $ | 312 | | |
Name
|
| |
Cash(1)
($) |
| |
Equity(2)
($) |
| |
Perquisites/ Benefits(3)
($) |
| |
Other
($)(4) |
| |
Total
($) |
| |||||||||||||||
John Heyman
|
| | | | 4,180,312.50 | | | | | | 8,881,983.25 | | | | | | 44,855.04 | | | | | | 1,837,500.00 | | | | | | 14,944,650.79 | | |
Mike Carlet
|
| | | | 1,179,375.00 | | | | | | 2,685,210.25 | | | | | | 36,399.24 | | | | | | 1,286,250.00 | | | | | | 5,187,234.49 | | |
GPaul Hess
|
| | | | 1,096,125.00 | | | | | | 2,288,277.25 | | | | | | 33,641.28 | | | | | | 730,750.00 | | | | | | 4,148,793.53 | | |
| | |
RSUs
|
| |
PSUs
|
| |
Restricted Shares
|
| |||||||||||||||||||||||||||
Name
|
| |
Number (#)
|
| |
Value ($)
|
| |
Number (#)
|
| |
Value ($)
|
| |
Number (#)
|
| |
Value ($)
|
| ||||||||||||||||||
John Heyman
|
| | | | 357,295 | | | | | | 3,840,921.25 | | | | | | 466,190.00 | | | | | $ | 5,011,542.50 | | | | | | 2,746 | | | | | | 29,519.50 | | |
Michael Carlet
|
| | | | 128,927 | | | | | | 1,385,965.25 | | | | | | 119,770.00 | | | | | $ | 1,287,527.50 | | | | | | 1,090 | | | | | | 11,717.50 | | |
GPaul Hess
|
| | | | 112,446 | | | | | | 1,208,794.50 | | | | | | 99,148.00 | | | | | $ | 1,065,841.00 | | | | | | 1,269 | | | | | | 13,641.75 | | |
| | |
Shares Beneficially Owned
|
| |||||||||
Name of Beneficial Owner
|
| |
Shares
|
| |
Percentage
|
| ||||||
5% Stockholders: | | | | | | | | | | | | | |
H&F Investors(1)
|
| | | | 55,424,435 | | | | | | 72.3% | | |
FPR Partners, LLC(2)
|
| | | | 7,537,800 | | | | | | 9.8% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | |
John Heyman(3)
|
| | | | 1,953,249 | | | | | | 2.52% | | |
Michael Carlet(4)
|
| | | | 547,664 | | | | | | * | | |
G Paul Hess(5)
|
| | | | 357,613 | | | | | | * | | |
Erik Ragatz(6)
|
| | | | — | | | | | | — | | |
Jacob Best(6)
|
| | | | — | | | | | | — | | |
Annmarie Neal(6)
|
| | | | — | | | | | | — | | |
Tom Hendrickson(7)
|
| | | | 29,868 | | | | | | * | | |
Adalio Sanchez(8)
|
| | | | 43,145 | | | | | | * | | |
Amy Steel Vanden-Eykel(9)
|
| | | | 34,567 | | | | | | — | | |
Kenneth R. Wagers III(10)
|
| | | | 38,378 | | | | | | * | | |
All directors and executive officers as a group (14 Persons)(11)
|
| | | | 3,778,373 | | | | | | 4.82% | | |
| | |
Page
|
| |||
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-3 | | | |
| | | | A-5 | | | |
| | | | A-8 | | | |
| | | | A-8 | | | |
| | | | A-8 | | | |
| | | | A-8 | | | |
| | | | A-10 | | | |
| | | | A-10 | | | |
| | | | A-11 | | | |
| | | | A-12 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-15 | | | |
| | | | A-16 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | |
| | |
Page
|
| |||
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-30 | | | |
| | | | A-30 | | | |
| | | | A-33 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-40 | | | |
| | | | A-42 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-45 | | | |
| | | | A-47 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-52 | | | |
| | | | A-52 | | |
| | |
Page
|
| |||
| | | | A-53 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-55 | | | |
| | | | A-64 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-66 | | | |
| | | | A-67 | | | |
| | | | A-67 | | |
| | |
Page
|
|
Acceptable Confidentiality Agreement
|
| |
73
|
|
Adverse Recommendation Change
|
| |
45
|
|
Affiliate
|
| |
73
|
|
Affiliate Transaction
|
| |
73
|
|
Agreement
|
| |
1
|
|
Alternative Financing
|
| |
60
|
|
Ancillary Documents
|
| |
73
|
|
Antitrust Laws
|
| |
73
|
|
Appraisal Shares
|
| |
3
|
|
Authorizations
|
| |
27
|
|
Bankruptcy and Equity Exception
|
| |
14
|
|
Book-Entry Shares
|
| |
4
|
|
Business Day
|
| |
73
|
|
Certificate of Merger
|
| |
2
|
|
Certificates
|
| |
4
|
|
Chosen Courts
|
| |
87
|
|
Closing
|
| |
2
|
|
Closing Date
|
| |
2
|
|
Code
|
| |
73
|
|
Commitment Letters
|
| |
36
|
|
Company
|
| |
1
|
|
Company 401(k) Plan
|
| |
74
|
|
Company Acquisition Agreement
|
| |
44
|
|
Company Balance Sheet
|
| |
16
|
|
Company Benefit Plan
|
| |
74
|
|
Company Board
|
| |
1
|
|
Company Bonus Program
|
| |
54
|
|
Company Bylaws
|
| |
11
|
|
Company Charter
|
| |
11
|
|
Company Common Stock
|
| |
1
|
|
Company Disclosure Letter
|
| |
10
|
|
Company Equity Awards
|
| |
74
|
|
Company ESPP
|
| |
74
|
|
Company Intellectual Property
|
| |
74
|
|
Company Material Adverse Effect
|
| |
74
|
|
Company PSU
|
| |
75
|
|
Company Recommendation
|
| |
14
|
|
Company Restricted Share
|
| |
76
|
|
Company RSU
|
| |
76
|
|
Company SEC Documents
|
| |
15
|
|
Company Service Provider
|
| |
76
|
|
| | |
Page
|
|
Company Stock Option
|
| |
76
|
|
Company Stock Plans
|
| |
76
|
|
Company Stockholder Approval
|
| |
14
|
|
Company Takeover Proposal
|
| |
76
|
|
Company Termination Fee
|
| |
70
|
|
Compensation Committee
|
| |
76
|
|
Confidentiality Agreement
|
| |
49
|
|
Consent
|
| |
77
|
|
Continuing Employee
|
| |
53
|
|
Contract
|
| |
77
|
|
Converted PSU
|
| |
7
|
|
Converted RSU
|
| |
7, 8
|
|
COVID-19
|
| |
77
|
|
COVID-19 Response
|
| |
77
|
|
Credit Agreement
|
| |
77
|
|
Debt Commitment Letter
|
| |
36
|
|
Debt Documents
|
| |
61
|
|
Debt Financing
|
| |
77
|
|
Debt Financing Commitment
|
| |
36
|
|
Debt Financing Sources
|
| |
77
|
|
Debt Financing Sources Related Party
|
| |
77
|
|
DGCL
|
| |
1
|
|
DOJ
|
| |
50
|
|
Effective Time
|
| |
2
|
|
Electronic Delivery
|
| |
85
|
|
Enforcement Expenses
|
| |
71
|
|
Environmental Laws
|
| |
77
|
|
Equity Commitment Letter
|
| |
36
|
|
Equity Financing
|
| |
78
|
|
Equity Financing Sources
|
| |
78
|
|
ERISA
|
| |
21
|
|
ERISA Affiliate
|
| |
78
|
|
Exchange Act
|
| |
78
|
|
Exchange Fund
|
| |
4
|
|
Exchange Ratio
|
| |
78
|
|
Excluded Shares
|
| |
3
|
|
FDI Laws
|
| |
78
|
|
Fee Letter
|
| |
36
|
|
Financing Agreement
|
| |
78
|
|
FIRPTA Certificate
|
| |
64
|
|
FTC
|
| |
50
|
|
Governmental Entity
|
| |
15
|
|
Hazardous Materials
|
| |
78
|
|
| | |
Page
|
|
HSR Act
|
| |
15
|
|
Indebtedness
|
| |
78
|
|
Indemnified Persons
|
| |
55
|
|
Information Statement
|
| |
47
|
|
Intellectual Property
|
| |
79
|
|
Intervening Event
|
| |
79
|
|
IT Assets
|
| |
79
|
|
Judgments
|
| |
26
|
|
knowledge
|
| |
79
|
|
Law
|
| |
79
|
|
Lease
|
| |
23
|
|
Leased Real Property
|
| |
79
|
|
Leases
|
| |
23
|
|
Legal Restraints
|
| |
66
|
|
Liens
|
| |
79
|
|
Listed Intellectual Property
|
| |
28
|
|
Malicious Code
|
| |
30
|
|
Material Contract
|
| |
24
|
|
Material Customer
|
| |
25
|
|
Material Supplier
|
| |
26
|
|
Measurement Date
|
| |
11
|
|
Merger
|
| |
1
|
|
Merger Consideration
|
| |
3
|
|
Merger Sub
|
| |
1
|
|
Multiemployer Plan
|
| |
80
|
|
New Plans
|
| |
53
|
|
Non-US Company Plan
|
| |
22
|
|
Notice of Adverse Recommendation Change
|
| |
46
|
|
Open Source Software
|
| |
80
|
|
Outside Date
|
| |
68
|
|
Parent
|
| |
1
|
|
Parent Common Stock
|
| |
80
|
|
Parent Common Stock Value
|
| |
80
|
|
Parent Equity Plan
|
| |
80
|
|
Parent Material Adverse Effect
|
| |
80
|
|
Parent Related Party
|
| |
80
|
|
Paying Agent
|
| |
4
|
|
Payoff Letter
|
| |
58
|
|
Permitted Liens
|
| |
80
|
|
Person
|
| |
81
|
|
Personal Data
|
| |
81
|
|
Phantom Equity Interests
|
| |
81
|
|
Phantom Option
|
| |
81
|
|
| | |
Page
|
|
Pre-Closing Bonus Period
|
| |
54
|
|
Principal Stockholders
|
| |
82
|
|
Privacy and Data Security Requirements
|
| |
82
|
|
Proceeding
|
| |
26
|
|
Process
|
| |
82
|
|
Processing
|
| |
82
|
|
Proprietary Software
|
| |
29
|
|
Qualifying Company Takeover Proposal
|
| |
45
|
|
Remedial Action
|
| |
52
|
|
Representatives
|
| |
82
|
|
Required Information
|
| |
82
|
|
Required Regulatory Approvals
|
| |
82
|
|
Sanctioned Jurisdiction
|
| |
82
|
|
Sanctioned Person
|
| |
82
|
|
Sanctions
|
| |
83
|
|
SEC
|
| |
83
|
|
Section 262
|
| |
3
|
|
Securities Act
|
| |
83
|
|
Senior Employee
|
| |
41
|
|
Sponsor Director
|
| |
56
|
|
Stockholders Agreement
|
| |
12
|
|
Subsidiary
|
| |
83
|
|
Superior Proposal
|
| |
83
|
|
Support Agreement
|
| |
1
|
|
Surviving Corporation
|
| |
2
|
|
Tax Return
|
| |
83
|
|
Taxes
|
| |
83
|
|
Taxing Authority
|
| |
83
|
|
TRA
|
| |
84
|
|
TRA Parties
|
| |
84
|
|
TRA Waiver
|
| |
58
|
|
Trade Control Laws
|
| |
84
|
|
Transactions
|
| |
84
|
|
Unvested Company RSU
|
| |
7, 8
|
|
Vested Company RSU
|
| |
6, 8
|
|
Voting Company Debt
|
| |
12
|
|
Voting Subsidiary Debt
|
| |
13
|
|
willful and material breach
|
| |
70
|
|
Written Consent
|
| |
47
|
|
| Exhibits | | | | |
| Exhibit A | | | Form of Written Consent | |
| Exhibit B | | | Form of FIRPTA Certificate | |