EX-99.11 4 exhibit9911.htm EXHIBIT 99.11 (FOURTH AMENDED AND RESTATED TRANSACTION I SUPPLEMENTAL CONFIRMATION)

Exhibit 99.11
 
Execution Version
 
FOURTH AMENDED AND RESTATED TRANSACTION 1 SUPPLEMENTAL CONFIRMATION
Date:
November 18, 2016
 
To:
M Capital Group Investors II, LLC
2200 South 75th Avenue
Phoenix, AZ 85043
 
Attn:
Vicki Plein
 
From:
Citibank, N.A.
 
Fax No.:
212-615-8985
 
Reference Number:          NECOM7958825
The purpose of this Fourth Amended and Restated Transaction 1 Supplemental Confirmation is to amend and restate the terms and conditions of the Transaction entered into between Citibank, N.A. (“Citibank”) and M Capital Group Investors II, LLC (“Counterparty”) on May 18, 2016 (such date, the “Third Amended and Restatement Date” and such transaction, the “Third Amended and Restated Transaction”), which amended and restated the Transaction entered into between Citibank and Counterparty on October 30, 2015 (such date, the “Second Amendment and Restatement Date” and such transaction, the “Second Amended and Restated Transaction”), which amended and restated the Transaction entered into between Citibank and Counterparty on February 18, 2015 (the “Amended and Restated Transaction”), which amended and restated the Transaction entered into between Citibank and Counterparty on October 29, 2013 (the “Original Transaction”).  This Fourth Amended and Restated Transaction 1 Supplemental Confirmation, dated November 18, 2016 (the “Amendment and Restatement Date”), amends and restates in its entirety the Third Amended and Restated Transaction 1 supplemental confirmation, dated May 18, 2016 (the “Third Amended and Restated Transaction 1 Supplemental Confirmation”), and is subject to the Master Confirmation specified below.  All references to the Third Amended and Restated Transaction 1 Supplemental Confirmation, the Second Amended and Restated Transaction 1 Supplemental Confirmation, dated October 30, 2015 (the “Second Amended and Restated Transaction 1 Supplemental Confirmation”), the Amended and Restated Transaction 1 Supplemental Confirmation, dated February 18, 2015 (the “First Amended and Restated Transaction 1 Supplemental Confirmation”) or the Transaction 1 Supplemental Confirmation, dated October 29, 2013 (the “Original Transaction 1 Supplemental Confirmation”) in the Master Confirmation or in other documentation between the parties shall be to this Fourth Amended and Restated Transaction 1 Supplemental Confirmation.  Each party repeats to the other party the representations and warranties set forth in the Master Confirmation or in the Agreement (as defined in the Master Confirmation) (as if the Amendment and Restatement Date were the Trade Date, the date the parties entered into a Transaction and the date of the Master Confirmation). This Fourth Amended and Restated Transaction 1 Supplemental Confirmation is a binding contract between Citibank and Counterparty as of the relevant Trade Date for the Transaction referenced below.
1.          This Fourth Amended and Restated Transaction 1 Supplemental Confirmation supplements, forms part of, and is subject to the Master Terms and Conditions for Prepaid Variable Share Forward Transactions dated as of October 29, 2013 between Citibank 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 Fourth Amended and Restated Transaction 1 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 Fourth Amended and Restated Transaction 1 Supplemental Confirmation relates are as follows:
Trade Date:
October 29, 2013
 

 
Amendment and Restatement Date:
November 18, 2016
 
Initial Exchange Date:
October 29, 2013
 
Counterparty Initial Payment Amount:
An amount in USD equal to (i) the aggregate Number of Shares for all Components multiplied by (ii) the Forward Floor Price for the Original Transaction multiplied by (iii) the Initial Amount Factor.  Counterparty shall pay the Counterparty Initial Payment Amount to Citibank on the Initial Exchange Date.
 
Citibank Initial Delivery Amount:
9,732,894 Shares.  Citibank shall deliver the Citibank Initial Delivery Amount to Counterparty on the Initial Exchange Date.  Section 9.4 of the Equity Definitions shall apply to such delivery date as if it were a Settlement Date.
 
Citibank Initial Payment Amount:
An amount in USD equal to (i) the aggregate Number of Shares for all Components multiplied by (ii) the Forward Floor Price for the Original Transaction multiplied by (iii) the Initial Amount Factor.  Citibank shall pay the Citibank Initial Payment Amount to Counterparty on the Initial Exchange Date.
 
Initial Amount Factor:
80.9890%
 
Initial Reference Price:
USD 22.54
 
Forward Floor Price:
USD 22.00
 
Forward Cap Price:
USD 26.40
 
Cap Ratio:
Not Applicable
 
Final Disruption Date:
January 18, 2018
 
Counterparty Second Amendment Payment Amount:
USD 18,500,000
 
Counterparty Second Amendment Payment Date:
The Second Amendment and Restatement Date; provided that, if Citibank determines, in its reasonable discretion, that it is impracticable for Counterparty to deliver the Counterparty Second Amendment Payment Amount by close of business on the Second Amendment and Restatement Date, then the Counterparty Second Amendment Payment Date shall be the Currency Business Day immediately following the Second Amendment and Restatement Date.
 
Letter Agreement Reference Price:
USD 15.0205
 
Counterparty Fourth Amendment Payment
Amount:

USD 21,750,000.  Counterparty agrees to pay Citibank the Counterparty Fourth Amendment Payment Amount on the Counterparty Fourth Amendment Payment Date.
 
Counterparty Fourth Amendment Payment
 Date:

The Currency Business Day immediately following the Amendment and Restatement Date.
For each Component of the Transaction, the Scheduled Valuation Date and Number of Shares is set forth below:
Component Number
Scheduled Valuation Date
Number of Shares
1
12/5/2017
685,000
2
12/6/2017
685,000
3
12/7/2017
685,000
 
2

 
Component Number
Scheduled Valuation Date
Number of Shares
4
12/8/2017
685,000
5
12/11/2017
685,000
6
12/12/2017
685,000
7
12/13/2017
685,000
8
12/14/2017
685,000
9
12/15/2017
685,000
10
12/18/2017
685,000
11
12/19/2017
685,000
12
12/20/2017
685,000
13
12/21/2017
685,000
14
12/22/2017
685,000
15
12/26/2017
685,000
16
12/27/2017
685,000
17
12/28/2017
685,000
18
12/29/2017
685,000
19
1/2/2018
685,000
20
1/3/2018
685,000

3.          For purposes of all Transactions under the Master Confirmation, the Pledge Agreement is hereby amended to add the following phrase at the end of “or any Affiliate of it” in Section 6(c)(i): “or any group (within the meaning of Section 13(d) of the Exchange Act and the regulations thereunder) of which it or any Affiliate is a part”.
4.          Hire Act Protocols.  For purposes of all Transactions under the Master Confirmation, the parties agree that the definitions and provisions contained in the 2015 Section 871(m) Protocol as published by the International Swaps and Derivatives Association, Inc. are incorporated into and apply to the Agreement solely for purposes of the Master Confirmation as if set forth in full herein.
5.          For purposes of all Transactions under the Master Confirmation, Section 9(b) is hereby amended by deleting the phrase “CT Corporation System, located at 111 Eighth Avenue, New York, NY 10011” and replacing it with “Capitol Services, Inc., located at 1219 Central Avenue, Suite 100, Albany NY 12205”.
6.          For purposes of all Transactions under the Master Confirmation, Section 10 of the Master Confirmation is hereby amended by replacing the addresses listed in the “Addresses for notices or communication to Citibank” with the following:
Citibank, N.A.
390 Greenwich Street
New York, NY 10013
Attn: James Heathcote
Telephone: 212-723-7452
Email: james.heathcote@citi.com

with a copy to:

Citibank, N.A.
390 Greenwich Street
New York, NY 10013
Attn: Adam Muchnick
Telephone: 212-723-3850
Email: adam.muchnick@citi.com
3

Counterparty hereby agrees (a) to check this Fourth Amended and Restated Transaction 1 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 Fourth Amended and Restated Transaction 1 Supplemental Confirmation relates by manually signing this Fourth Amended and Restated Transaction 1 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,
     
 
CITIBANK, N.A.
     
 
By:
/s/ James Heathcote 
   
Authorized Representative
     
     
     
Confirmed as of the date first above written:
   
     
M CAPITAL GROUP INVESTORS II, LLC
By: Jerry And Vickie Moyes Family Trust, its Manager
     
     
By:
/s/ Jerry C. Moyes 
   
Name:
Jerry C. Moyes
   
Title:
Co-Trustee
   
       
       
By:
/s/ Vickie Moyes 
   
Name:
Vickie Moyes
   
Title:
Co-Trustee
   
 

[Signature Page to Fourth Amended and Restated
Transaction 1 Supplemental Confirmation]