EX-99.2 3 tm2429563d1_ex99-2.htm EXHIBIT 99.2

 

Exhibit 99.2

 

Execution Version

 

SIXTH AMENDED AND RESTATED SUPPLEMENTAL CONFIRMATION NO. 1

 

Date: November 22, 2024
   
To: QH Hungary Holdings Limited
  BAH Center | 2 Furj street, Building B, Ground fl.
  1124 Budapest, Hungary
  Attn: Balazs Horvath Dr
  T: +36 1 646 4638
  Email: balazs.horvath@bekespartners.com, rozsa.juci@gmail.com
   
From: Royal Bank of Canada

 

Reference Number:To be advised.

 

The purpose of this Sixth Amended and Restated Supplemental Confirmation, dated November 22, 2024, between Royal Bank of Canada (“Dealer”) and QH Hungary Holdings Limited (“Counterparty”) (this “Sixth Amended and Restated Supplemental Confirmation”) is to amend and restate the terms and conditions of the Transaction (i) originally entered into between Dealer and Counterparty on May 26, 2020, evidenced by the Supplemental Confirmation, dated May 26, 2020, (ii) subsequently amended and restated in its entirety by the Amended and Restated Supplemental Confirmation, dated March 9, 2021, entered into between Dealer and Counterparty, (iii) further amended and restated in its entirety by the Second Amended and Restated Supplemental Confirmation, dated November 24, 2021, entered into between Dealer and Counterparty, (iv) further amended and restated in its entirety by the Third Amended and Restated Supplemental Confirmation, dated August 10, 2022, entered into between Dealer and Counterparty, (v) further amended and restated in its entirety by the Fourth Amended and Restated Supplemental Confirmation, dated March 6, 2023, entered into between Dealer and Counterparty and (vi) further amended and restated in its entirety by the Fifth Amended and Restated Supplemental Confirmation, dated May 22, 2024, entered into between Dealer and Counterparty, subject to the Master Confirmation specified below. Each party repeats to the other party the representations and warranties set forth in the Master Confirmation and in the Agreement (as defined in the Master Confirmation) (as if the Sixth Amendment and Restatement Date were the Trade Date, the date the parties entered into a Transaction and the date of the Master Confirmation). This Sixth Amended and Restated Supplemental Confirmation is a binding contract between Dealer and Counterparty as of the Sixth Amendment and Restatement Date for the Transaction referenced below.

 

1.       This Sixth Amended and Restated Supplemental Confirmation supplements, forms part of, and is subject to the Master Terms and Conditions for Prepaid Variable Share Forward Transactions dated as of May 26, 2020 between Dealer and Counterparty (as amended and supplemented from time to time, the “Master Confirmation”). All provisions contained in the Agreement (as modified and as defined in the Master Confirmation) shall govern this Sixth Amended and Restated Supplemental Confirmation, except as expressly modified below, and capitalized terms used but not defined herein shall have the meanings specified in the Master Confirmation.

 

2.       The terms of the Transaction to which this Sixth Amended and Restated Supplemental Confirmation relates are as follows:

 

Trade Date: May 26, 2020
   
Sixth Amendment and Restatement Date: November 22, 2024
   
Prepayment Amount: USD 23,825,731.45
   
Prepayment Date: The first Currency Business Day on which all of the conditions specified in Section 4 of the Master Confirmation are satisfied or waived by Dealer and Counterparty satisfied its obligations under Section 6(d) of the Master Confirmation; provided that, if such conditions are first all satisfied or waived after 3:00 p.m., New York time, on a Currency Business Day, the Prepayment Date shall be the next following Currency Business Day.

 

1

 

 

Sixth Amendment Payment Amount: USD 624,592.91. Counterparty agrees to pay Dealer the Sixth Amendment Payment Amount on the Sixth Amendment Payment Date.
   
Sixth Amendment Payment Date: The first Currency Business Day following the Sixth Amendment and Restatement Date.
   
Tranche 1 Initial Share Price: USD 199.7500
Sixth Amendment Reference Price: USD 159.0000
Tranche 1 Forward Floor Price: USD 199.7500
Tranche 2 Forward Floor Price: USD 186.3683
Tranche 3 Forward Floor Price: USD 159.0000
Tranche 1 Forward Cap Price: USD 219.7250
Tranche 2 Forward Cap Price: USD 292.5982
Tranche 3 Forward Cap Price: USD 174.9000
Tranche 1 Final Disruption Date: February 21, 2025
Tranche 2 Final Disruption Date: August 18, 2026
Tranche 3 Final Disruption Date: March 31, 2027
Tranche 1 Contractual Dividend: USD 0.435 per quarter
Tranche 2 Contractual Dividend: USD 0.455 per quarter
Tranche 3 Contractual Dividend: USD 0.485 per quarter

 

2

 

 

For each Tranche and Component of the Transaction, the Number of Shares and the Scheduled Valuation Date are as set forth below.

 

TRANCHE 1

 

Component Number Number of Shares Scheduled Valuation Date
1 1070 11/25/2024
2 1070 11/26/2024
3 1070 11/27/2024
4 1070 12/2/2024
5 1070 12/3/2024
6 1070 12/4/2024
7 1070 12/5/2024
8 1070 12/6/2024
9 1070 12/9/2024
10 1070 12/10/2024
11 1070 12/11/2024
12 1070 12/12/2024
13 1070 12/13/2024
14 1070 12/16/2024
15 1070 12/17/2024
16 1070 12/18/2024
17 1070 12/19/2024
18 1070 12/20/2024
19 1070 12/23/2024
20 1070 12/26/2024
21 1070 12/27/2024
22 1070 12/30/2024
23 1070 12/31/2024
24 1070 1/2/2025
25 1070 1/3/2025
26 1070 1/6/2025
27 1070 1/7/2025
28 1070 1/8/2025
29 1070 1/9/2025
30 1070 1/10/2025
31 1070 1/13/2025
32 1070 1/14/2025
33 1070 1/15/2025
34 1070 1/16/2025
35 1070 1/17/2025
36 1070 1/21/2025
37 1070 1/22/2025
38 1070 1/23/2025
39 1070 1/24/2025
40 1070 1/27/2025
41 1070 1/28/2025
42 1070 1/29/2025
43 1070 1/30/2025
44 1070 1/31/2025
45 1070 2/3/2025
46 1070 2/4/2025
47 1070 2/5/2025
48 1070 2/6/2025
49 1070 2/7/2025
50 1070 2/10/2025

 

3

 

 

TRANCHE 2

 

Component Number Number of Shares Scheduled Valuation Date
1 350 5/27/2026
2 350 5/28/2026
3 350 5/29/2026
4 350 6/1/2026
5 350 6/2/2026
6 350 6/3/2026
7 350 6/4/2026
8 350 6/5/2026
9 350 6/8/2026
10 350 6/9/2026
11 350 6/10/2026
12 350 6/11/2026
13 350 6/12/2026
14 350 6/15/2026
15 350 6/16/2026
16 350 6/17/2026
17 350 6/18/2026
18 350 6/22/2026
19 350 6/23/2026
20 350 6/24/2026
21 350 6/25/2026
22 350 6/26/2026
23 350 6/29/2026
24 350 6/30/2026
25 350 7/1/2026
26 350 7/2/2026
27 350 7/6/2026
28 350 7/7/2026
29 350 7/8/2026
30 350 7/9/2026
31 350 7/10/2026
32 350 7/13/2026
33 350 7/14/2026
34 350 7/15/2026
35 350 7/16/2026
36 350 7/17/2026
37 350 7/20/2026
38 350 7/21/2026
39 350 7/22/2026
40 350 7/23/2026
41 350 7/24/2026
42 350 7/27/2026
43 350 7/28/2026
44 350 7/29/2026
45 350 7/30/2026
46 350 7/31/2026
47 350 8/3/2026
48 350 8/4/2026
49 351 8/5/2026
50 351 8/6/2026

 

 

 

 

TRANCHE 3

 

Component Number Number of Shares Scheduled Valuation Date
1 453 11/30/2026
2 453 12/1/2026
3 453 12/2/2026
4 453 12/3/2026
5 453 12/4/2026
6 453 12/7/2026
7 453 12/8/2026
8 453 12/9/2026
9 453 12/10/2026
10 453 12/11/2026
11 453 12/14/2026
12 453 12/15/2026
13 453 12/16/2026
14 453 12/17/2026
15 453 12/18/2026
16 453 12/21/2026
17 453 12/22/2026
18 453 12/23/2026
19 453 12/28/2026
20 453 12/29/2026
21 453 12/30/2026
22 453 12/31/2026
23 453 1/4/2027
24 453 1/5/2027
25 453 1/6/2027
26 453 1/7/2027
27 453 1/8/2027
28 453 1/11/2027
29 453 1/12/2027
30 453 1/13/2027
31 453 1/14/2027
32 453 1/15/2027
33 453 1/19/2027
34 453 1/20/2027
35 453 1/21/2027
36 453 1/22/2027
37 453 1/25/2027
38 453 1/26/2027
39 453 1/27/2027
40 453 1/28/2027
41 453 1/29/2027
42 453 2/1/2027
43 453 2/2/2027
44 453 2/3/2027
45 453 2/4/2027
46 453 2/5/2027
47 453 2/8/2027
48 453 2/9/2027
49 453 2/10/2027
50 453 2/11/2027
51 454 2/12/2027
52 454 2/16/2027
53 454 2/17/2027
54 454 2/18/2027
55 454 2/19/2027
56 454 2/22/2027
57 454 2/23/2027
58 454 2/24/2027
59 454 2/25/2027
60 454 2/26/2027
61 454 3/1/2027
62 454 3/2/2027
63 454 3/3/2027
64 454 3/4/2027
65 454 3/5/2027
66 454 3/8/2027
67 454 3/9/2027
68 454 3/10/2027
69 454 3/11/2027
70 454 3/12/2027
71 454 3/15/2027
72 454 3/16/2027
73 454 3/17/2027
74 454 3/18/2027
75 454 3/19/2027

 

Dealer represents, warrants and covenants to Counterparty that any and all sales of Shares in connection with establishing Dealer’s initial Hedge Positions with respect to the Original Transaction have been made in compliance with and in accordance with the manner-of-sale conditions described in Rule 144(f) and (g) under the Securities Act (as interpreted by the Interpretive Letters).

 

4.       The Transaction shall be divided into three individual Tranches, and each Tranche shall be divided into the number of Components set forth above, each with the terms set forth in the Master Confirmation and this Supplemental Confirmation; provided that for the purposes of “Settlement Terms” under the Master Confirmation, each reference to “Transaction” therein shall be deemed to mean “Tranche”.

 

 

 

 

Counterparty hereby agrees (a) to check this Sixth Amended and Restated Supplemental Confirmation carefully and immediately upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing correctly sets forth the terms of the agreement between us with respect to the particular Transaction to which this Sixth Amended and Restated Supplemental Confirmation relates by manually signing this Sixth Amended and Restated Supplemental Confirmation and providing any other information requested herein or in the Master Confirmation and immediately sending a facsimile transmission of an executed copy to us.

 

Yours sincerely,
   
 ROYAL BANK OF CANADA
   
 By:/s/ Nancy Ling
  Authorized Representative

 

Confirmed as of the date first above written:
   
QH HUNGARY HOLDINGS LIMITED
   
By: /s/ Judit Rozsa 
 Name:   Judit Rozsa 
 Title: Managing Director 

 

[Signature Page to 6th A&R Supplemental Confirmation No. 1 (RBC)]