Full Press Release Details
We refer you to the Amended and
Restated Registration Rights Agreement, dated as of December 10, 2009 (the
Rights Agreement"), between Alcon, Inc., a company organized under the
laws of Switzerland (the "Company") and Nestl
S.A., a company organized under the laws of Switzerland ("Nestl "), and to the
Registration Rights Agreement, dated as of December 10, 2009 (the "Novartis Registration Rights
Agreement" and, together with the Nestl Registration Rights Agreement,
Registration Rights Agreements"), between the Company and Novartis AG, a
company organized under the laws of Switzerland ("Novartis" and each of
Novartis and Nestl , a "Shareholder"). This
letter agreement sets forth our mutual understanding and agreement regarding the
modification of certain provisions of each Existing Registration Rights
Agreement, as well as the other matters contained herein, in each case to ensure
an orderly and efficient process for any future sales by Nestl or Novartis of
any Registrable Securities and applicable solely in the event that the Purchase
and Option Agreement, dated as of April 6, 2008 (the "Purchase and Option
Agreement"), between Nestl and Novartis is terminated pursuant to
Section 9.5 thereof (the date, if any, of such termination, the "P&O Termination
Date"). Capitalized terms
not defined herein have the meanings ascribed thereto in the Nestl Registration
Rights Agreement or the Novartis Registration Rights Agreement, as
Effective immediately upon the P&O
Termination Date, each Existing Registration Rights Agreement is hereby amended,
without the need for further action by any party, solely to the extent necessary
to give effect to the provisions set forth in paragraphs 1 through 12
the Non-Requesting Shareholder is at the time of the Offer Notice the Priority
Shareholder but does not deliver a valid Priority Notice within the Preemption
Notice Period or waives in writing its right to deliver a Priority Notice, then
the Requesting Shareholder may proceed with the Offering contemplated by the
Offer Notice on the Applicable Offering Period Start Date and the Non-Requesting
Shareholder shall not be permitted to participate in such Offering and shall be
required to comply with paragraph 3 below.
Shareholder shall become the "Priority Shareholder"
and the previous Priority Shareholder shall cease to be the Priority Shareholder
either (i) upon the completion of an Offering by the previous Priority
Shareholder or (ii) if pricing of the relevant Offering triggered by the
delivery of a Offer Notice or Priority Notice by the previous Priority
Shareholder does not occur on or before 11:59 pm New York time, on the last day
of the applicable Offering Period or Preemption Offering Period (the "Outside Time"), as of
the Outside Time. Initially, Novartis shall be the Priority
a Shareholder elects to sell or otherwise transfer, in one transaction or series
of related transactions, 20% or more of its Common Shares to a purchaser or
group of related purchasers in a private transaction not constituting an
Offering that is to be agreed, announced or consummated during such time as the
Stockholder is not the Priority Shareholder, then the Shareholder shall (i)
prior to reaching agreement in principle as to the price and form of
consideration to be paid for such Common Shares with the purchaser, give 60 days
prior written notice to the Priority Shareholder of such proposed transaction
and (ii) from time to time following any such notice, keep the Priority
Shareholder reasonably
regarding the proposed transaction, in the case of each of clause (i) and (ii)
including the name of the proposed purchaser, the number of Common Shares to be
transferred and the proposed price and other material terms and conditions (to
the extent then known).
Avenue of the Americas
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If you are in agreement with the
foregoing, please sign and return to the Company the enclosed copy of this
letter agreement, and upon execution by each of the Company, Nestl and Novartis
it shall become a binding agreement among us.
| ALCON, INC., | |||
| by | |||
| /s/ Elaine E. Whitbeck | |||
| Name: Elaine E. Whitbeck | |||
| Title: General Counsel and Corporate Secretary |
| Accepted and agreed as of the date first above written: | |||
| NESTL S.A., | |||
| by | |||
| /s/ Hans Peter Frick | |||
| Name: Hans Peter Frick | |||
| Title: Senior Vice President |
| Accepted and agreed as of the date first above written: | |||||
| NOVARTIS AG., | |||||
| by | |||||
| /s/ Greg Parekit | /s/ Marvelle Sullivan | ||||
| Name: Greg Parekit | Name: Marvelle Sullivan | ||||
| Title: Authorized Signatory | Title: Authorized Signatory |