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| ANNEX A – Agreement and Plan of Merger | | | | | A-1 | | |
| ANNEX B – Icahn Voting Agreement | | | | | B-1 | | |
| ANNEX C – Opinion of Morgan Stanley | | | | | C-1 | | |
| ANNEX D – Section 262 of the Delaware General Corporation Law | | | | | D-1 | | |
(in millions of US dollars)
|
| |
Fiscal Year Ending December 31,
|
| |||||||||||||||||||||||||||||||||
|
2020A
|
| |
2021E
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| ||||||||||||||||||||
Revenue
|
| | | $ | 1,153 | | | | | $ | 1,482 | | | | | $ | 1,572 | | | | | $ | 1,643 | | | | | $ | 1,692 | | | | | $ | 1,743 | | |
Adjusted EBITDA (burdened by SBC)(2)
|
| | | $ | 171 | | | | | $ | 267 | | | | | $ | 336 | | | | | $ | 389 | | | | | $ | 405 | | | | | $ | 417 | | |
Unlevered Free Cash Flow(3)
|
| | | | NA | | | | | $ | 121 | | | | | $ | 204 | | | | | $ | 254 | | | | | $ | 266 | | | | | $ | 281 | | |
(in millions of US dollars)
|
| |
Fiscal Year Ending December 31,
|
| |||||||||||||||||||||||||||||||||
|
2020A
|
| |
2021E
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| ||||||||||||||||||||
Revenue
|
| | | $ | 1,153 | | | | | $ | 1,320 | | | | | $ | 1,485 | | | | | $ | 1,658 | | | | | $ | 1,707 | | | | | $ | 1,759 | | |
Adjusted EBITDA (burdened by SBC)(2)
|
| | | $ | 171 | | | | | $ | 232 | | | | | $ | 288 | | | | | $ | 336 | | | | | $ | 346 | | | | | $ | 357 | | |
Unlevered Free Cash Flow(3)
|
| | | | NA | | | | | $ | 80 | | | | | $ | 171 | | | | | $ | 197 | | | | | $ | 226 | | | | | $ | 233 | | |
(in millions of US dollars)
|
| |
Fiscal Year Ending December 31,
|
| |||||||||||||||||||||||||||||||||
|
2020A
|
| |
2021E
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| ||||||||||||||||||||
Revenue
|
| | | $ | 1,153 | | | | | $ | 1,381 | | | | | $ | 1,552 | | | | | $ | 1,646 | | | | | $ | 1,695 | | | | | $ | 1,746 | | |
Adjusted EBITDA (burdened by SBC)(2)
|
| | | $ | 171 | | | | | $ | 244 | | | | | $ | 296 | | | | | $ | 342 | | | | | $ | 352 | | | | | $ | 363 | | |
Unlevered Free Cash Flow(3)
|
| | | | NA | | | | | $ | 106 | | | | | $ | 180 | | | | | $ | 203 | | | | | $ | 229 | | | | | $ | 237 | | |
| | |
Consensus AV/2021E EBITDA
|
| |
Consensus AV/2022E EBITDA
|
| ||||||
Middleby Corporation
|
| | | | 16.2x | | | | | | 14.6x | | |
Electrolux Professional AB
|
| | | | 17.5x | | | | | | 12.8x | | |
Hoshizaki Corporation
|
| | | | 16.3x | | | | | | 13.1x | | |
John Bean Technologies Corporation
|
| | | | 16.9x | | | | | | 14.3x | | |
AV/2021E EBITDA (burdened by SBC)
|
| |
Implied Equity Value Per Share Range
|
| |||
Management Forecasted Financial Information
|
| | | $ | 18.80 – $22.40 | | |
April 2021 Consensus Forecasted Financial Information
|
| | | $ | 15.20 – $18.40 | | |
July 2021 Consensus Forecasted Financial Information
|
| | | $ | 16.40 – $19.80 | | |
AV/2022E EBITDA (burdened by SBC)
|
| |
Implied Equity Value Per Share Range
|
| |||
Management Forecasted Financial Information
|
| | | $ | 19.00 – $23.60 | | |
April 2021 Consensus Forecasted Financial Information
|
| | | $ | 15.00 – $18.90 | | |
July 2021 Consensus Forecasted Financial Information
|
| | | $ | 15.70 – $19.80 | | |
Discounted Cash Flow Analysis
|
| |
Implied Equity Value Per Share Range
|
|
Management Forecasted Financial Information
|
| |
$15.60 – $24.90
|
|
April 2021 Consensus Forecasted Financial Information
|
| |
$11.40 – $19.30
|
|
July 2021 Consensus Forecasted Financial Information
|
| |
$12.00 – $20.00
|
|
AV/NTM 2023E EBITDA
|
| |
Implied Equity Value Per Share Range
|
|
Management Forecasted Financial Information
|
| |
$18.50 – $22.90
|
|
April 2021 Consensus Forecasted Financial Information
|
| |
$14.70 – $18.50
|
|
July 2021 Consensus Forecasted Financial Information
|
| |
$15.10 – $19.00
|
|
Historical Period
|
| |
Historical Per Share Range for Welbilt
|
|
52 Weeks
|
| |
$3.90 – $17.25
|
|
Name of Named Executive Officer
|
| |
Number of Shares Subject to
|
| |
Estimated Value of
Vested Stock Options ($) |
| |
Estimated Value of
Unvested Stock Options ($) |
| |||||||||||||||
|
Vested Stock
Options (#) |
| |
Unvested Stock
Options (#) |
| ||||||||||||||||||||
William C. Johnson
|
| | | | 77,492 | | | | | | 219,522 | | | | | | 725,363 | | | | | | 2,078,427 | | |
Martin Agard
|
| | | | 16,133 | | | | | | 54,269 | | | | | | 138,373 | | | | | | 502,059 | | |
Joel Horn
|
| | | | 55,342 | | | | | | 38,901 | | | | | | 393,540 | | | | | | 348,875 | | |
Richard N. Caron
|
| | | | 69,674 | | | | | | 39,134 | | | | | | 520,194 | | | | | | 352,410 | | |
Jennifer Gudenkauf
|
| | | | 2,051 | | | | | | 16,961 | | | | | | 20,489 | | | | | | 161,226 | | |
Name of Executive Officer or Director
|
| |
Number of Shares Subject to
Unvested Company RSUs (#) |
| |
Estimated Value of Unvested
Company RSUs ($) |
| ||||||
Named Executive Officer: | | | | | | | | | | | | | |
William C. Johnson
|
| | | | 113,441 | | | | | | 2,722,584 | | |
Martin Agard
|
| | | | 110,431 | | | | | | 2,650,344 | | |
Joel Horn
|
| | | | 31,030 | | | | | | 744,720 | | |
Richard N. Caron
|
| | | | 31,386 | | | | | | 753,264 | | |
Jennifer Gudenkauf
|
| | | | 10,004 | | | | | | 240,096 | | |
Director: | | | | | | | | | | | | | |
Cynthia M. Egnotovich
|
| | | | 8,174 | | | | | | 196,176 | | |
Dino J. Bianco
|
| | | | 8,174 | | | | | | 196,176 | | |
Joan K. Chow
|
| | | | 8,174 | | | | | | 196,176 | | |
Janice L. Fields
|
| | | | 8,174 | | | | | | 196,176 | | |
Brian R. Gamache
|
| | | | 8,174 | | | | | | 196,176 | | |
Andrew Langham
|
| | | | 8,174 | | | | | | 196,176 | | |
Name of Executive Officer
|
| |
Number of Shares Subject to
Unvested Company PSUs (#) |
| |
Estimated Value of Unvested
Company PSUs ($) |
| ||||||
William C. Johnson
|
| | | | 680,644 | | | | | | 16,335,456 | | |
Martin Agard
|
| | | | 162,520 | | | | | | 3,900,480 | | |
Joel Horn
|
| | | | 109,896 | | | | | | 2,637,504 | | |
Richard N. Caron
|
| | | | 112,036 | | | | | | 2,688,864 | | |
Jennifer Gudenkauf
|
| | | | 47,452 | | | | | | 1,138,848 | | |
| | |
Cash ($)(1)
|
| |
Equity ($)(2)
|
| |
Welfare
Benefits ($)(3) |
| |
Total ($)
|
| ||||||||||||
William C. Johnson
|
| | | | 6,437,541 | | | | | | 21,136,467 | | | | | | 68,247 | | | | | | 27,642,255 | | |
Martin Agard
|
| | | | 2,493,350 | | | | | | 7,052,883 | | | | | | 46,394 | | | | | | 9,592,627 | | |
Joel Horn
|
| | | | 1,659,000 | | | | | | 3,731,099 | | | | | | 46,787 | | | | | | 5,436,886 | | |
Richard N. Caron
|
| | | | 1,591,850 | | | | | | 3,794,538 | | | | | | 45,041 | | | | | | 5,431,429 | | |
Jennifer Gudenkauf
|
| | | | 1,402,250 | | | | | | 1,540,170 | | | | | | 26,071 | | | | | | 2,968,491 | | |
| | |
Stock Options ($)
|
| |
Company RSUs ($)
|
| |
Company PSUs ($)
|
| |||||||||
William C. Johnson
|
| | | | 2,078,427 | | | | | | 2,722,584 | | | | | | 16,335,456 | | |
Martin Agard
|
| | | | 502,059 | | | | | | 2,650,344 | | | | | | 3,900,480 | | |
Joel Horn
|
| | | | 348,875 | | | | | | 744,720 | | | | | | 2,637,504 | | |
Richard N. Caron
|
| | | | 352,410 | | | | | | 753,264 | | | | | | 2,688,864 | | |
Jennifer Gudenkauf
|
| | | | 161,226 | | | | | | 240,096 | | | | | | 1,138,848 | | |
Name
|
| |
Number of Shares
Beneficially Owned |
| |
Percent of Shares
Beneficially Owned |
| ||||||
Cynthia M. Egnotovich(1)
|
| | | | 124,318 | | | | | | * | | |
Dino J. Bianco
|
| | | | 39,886 | | | | | | * | | |
Joan K. Chow
|
| | | | 51,908 | | | | | | * | | |
Janice L. Fields(2)
|
| | | | 19,473 | | | | | | * | | |
Brian R. Gamache(3)
|
| | | | 35,853 | | | | | | * | | |
Andrew Langham
|
| | | | 34,972 | | | | | | * | | |
William C. Johnson(4)
|
| | | | 131,041 | | | | | | * | | |
Martin Agard(5)
|
| | | | 54,557 | | | | | | * | | |
Josef Matosevic
|
| | | | 185,804 | | | | | | * | | |
Joel H. Horn(6)
|
| | | | 77,290 | | | | | | * | | |
Richard N. Caron
|
| | | | 0 | | | | | | * | | |
Jennifer Gudenkauf(7)
|
| | | | 8,038 | | | | | | * | | |
All current directors and executive officers as a group (11 persons)(8)
|
| | | | 577,336 | | | | | | * | | |
Carl C. Icahn(9)
|
| | | | 11,150,368 | | | | | | 7.84% | | |
c/o Icahn Associates Holding LLC
767 Fifth Avenue, 47th Floor New York, NY 10153 |
| | | | | | | | | | | | |
The Vanguard Group, Inc.(10)
|
| | | | 11,120,683 | | | | | | 7.82% | | |
100 Vanguard Boulevard
Malvern, PA 19355 |
| | | | | | | | | | | | |
Invesco, Ltd.(11)
|
| | | | 10,016,888 | | | | | | 7.04% | | |
1555 Peachtree Street NE, Suite 1800
Atlanta, GA 30309 |
| | | | | | | | | | | | |
BlackRock, Inc.(12)
|
| | | | 9,525,026 | | | | | | 6.70% | | |
55 East 52nd Street
New York, NY 10055 |
| | | | | | | | | | | | |
| | | | | | Page | | |
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|
Term
|
| |
Section
|
|
|
Acquiror
|
| |
Preamble
|
|
|
Affiliate
|
| |
Appendix A
|
|
|
Agreement
|
| |
Preamble
|
|
|
Anti-Corruption Laws
|
| |
Section 3.22(a)
|
|
|
Antitrust Action
|
| |
Section 5.3(d)
|
|
|
Antitrust Laws
|
| |
Section 3.5(b)
|
|
|
Book-Entry Shares
|
| |
Section 2.1(a)(ii)
|
|
|
Business Day
|
| |
Appendix A
|
|
|
Bylaws
|
| |
Section 3.1
|
|
|
Canceled Shares
|
| |
Section 2.1(a)(i)
|
|
|
Capitalization Date
|
| |
Section 3.2(a)
|
|
|
Certificate of Incorporation
|
| |
Section 3.1
|
|
|
Certificate of Merger
|
| |
Section 1.3
|
|
|
Certificates
|
| |
Section 2.1(a)(ii)
|
|
|
Closing
|
| |
Section 1.2
|
|
|
Closing Date
|
| |
Section 1.2
|
|
|
Code
|
| |
Appendix A
|
|
|
Company
|
| |
Preamble
|
|
|
Company 401(k) Plan
|
| |
Section 5.9(e)
|
|
|
Company Acquisition Proposal
|
| |
Appendix A
|
|
|
Company Adverse Recommendation Change
|
| |
Section 5.5(c)
|
|
|
Company Benefit Plan
|
| |
Section 3.12(a)
|
|
|
Company Board
|
| |
Recitals
|
|
|
Company Common Stock
|
| |
Section 2.1(a)(i)
|
|
|
Company Data
|
| |
Appendix A
|
|
|
Company Director RSU
|
| |
Appendix A
|
|
|
Company Disclosure Letter
|
| |
Appendix A
|
|
|
Company Equity Awards
|
| |
Appendix A
|
|
|
Company Equity Plan
|
| |
Appendix A
|
|
|
Company ERISA Affiliate
|
| |
Appendix A
|
|
|
Company Fundamental Representations
|
| |
Section 6.2(a)
|
|
|
Company Intervening Event
|
| |
Appendix A
|
|
|
Company Material Adverse Effect
|
| |
Appendix A
|
|
|
Company Material Contract
|
| |
Section 3.14(a)
|
|
|
Company Option
|
| |
Appendix A
|
|
|
Company Permits
|
| |
Section 3.10(a)
|
|
|
Company Preferred Stock
|
| |
Section 3.2(a)
|
|
|
Company Product
|
| |
Section 3.21
|
|
|
Company PSU
|
| |
Appendix A
|
|
|
Company Recommendation
|
| |
Appendix A
|
|
|
Term
|
| |
Section
|
|
|
Company Related Parties
|
| |
Section 7.3(d)
|
|
|
Company Restricted Stock
|
| |
Appendix A
|
|
|
Company RSU
|
| |
Appendix A
|
|
|
Company SEC Documents
|
| |
Section 3.6(a)
|
|
|
Company Stockholder Approval
|
| |
Section 3.4
|
|
|
Company Stockholders’ Meeting
|
| |
Section 5.2(b)
|
|
|
Company Superior Proposal
|
| |
Appendix A
|
|
|
Company Termination Fee
|
| |
Appendix A
|
|
|
Confidentiality Agreement
|
| |
Appendix A
|
|
|
Consent
|
| |
Section 3.5(b)
|
|
|
Continuation Period
|
| |
Section 5.9(a)
|
|
|
Contract
|
| |
Appendix A
|
|
|
Control
|
| |
Appendix A
|
|
|
Covered Employees
|
| |
Section 5.9(a)
|
|
|
COVID-19
|
| |
Appendix A
|
|
|
Customs and International Trade Authorizations
|
| |
Appendix A
|
|
|
Customs and International Trade Laws
|
| |
Appendix A
|
|
|
D&O Indemnified Parties
|
| |
Section 5.6(a)
|
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Debt Commitment Letter
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Section 4.9(a)
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Debt Financing
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Section 4.9(a)
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Delaware Secretary of State
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Appendix A
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DGCL
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Recitals
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Dissenting Share
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Section 2.5
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Dissenting Stockholder
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Section 2.5
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Divestiture Action
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Appendix A
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EDGAR
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Article III
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Effective Time
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Section 1.3
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Encumbrance
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Appendix A
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Environmental Laws
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Appendix A
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ERISA
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Appendix A
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Exchange Act
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Appendix A
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Exchange Agent
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Section 2.2(a)
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Exchange Fund
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Section 2.2(a)
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Existing Credit Agreement
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Appendix A
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Existing Indenture
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Appendix A
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Financing Source
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Section 4.9(a)
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Financing Source Party
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Appendix A
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Foreign Plan
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Appendix A
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GAAP
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Appendix A
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Governmental Authority
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Appendix A
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Hazardous Materials
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Appendix A
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HSR Act
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Appendix A
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Term
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Section
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Indebtedness
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Appendix A
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Intellectual Property
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Appendix A
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IRS
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Appendix A
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Knowledge
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Appendix A
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Labor Agreement
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Section 3.12(l)
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Labor Organization
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Section 3.12(l)
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Law
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Appendix A
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Leased Real Property
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Section 3.18(a)
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Merger
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Recitals
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Merger Consideration
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Section 2.1(a)(ii)
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Merger Sub
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Preamble
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Middleby
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Recitals
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Middleby Agreement
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Recitals
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Middleby Confidentiality Agreement
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Appendix A
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Middleby Termination Fee
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Recitals
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NYSE
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| |
Appendix A
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OFAC
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Appendix A
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Order
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Appendix A
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Owned Real Property
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| |
Section 3.18(a)
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Parent
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Preamble
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Parent 401(k) Plan
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| |
Section 5.9(e)
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Parent Benefit Plan
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Appendix A
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Parent Board
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| |
Recitals
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Parent Disclosure Letter
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Appendix A
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Parent Expenses
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| |
Section 7.3(a)
|
|
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Parent Fundamental Representations
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| |
Section 6.3(a)
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|
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Parent Material Adverse Effect
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| |
Appendix A
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|
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Parent Organizational Documents
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Appendix A
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Permitted Encumbrance
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Appendix A
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Person
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Appendix A
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Personal Data
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Appendix A
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Privacy Commitments
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Appendix A
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Proceedings
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Appendix A
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Process or Processing
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Appendix A
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Proxy Statement
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Section 3.11
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Real Property
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Section 3.18(d)
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Real Property Lease
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Section 3.18(a)
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Release
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Appendix A
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Representatives
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Appendix A
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Restraint
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Section 6.1(c)
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|
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Sanctioned Country
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| |
Appendix A
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Sanctioned Person
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| |
Appendix A
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Sanctions
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| |
Appendix A
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Term
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| |
Section
|
|
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Sarbanes-Oxley Act
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| |
Appendix A
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SEC
|
| |
Appendix A
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Securities Act
|
| |
Appendix A
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Securities Laws
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| |
Appendix A
|
|
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Security
|
| |
Appendix A
|
|
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Software
|
| |
Appendix A
|
|
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Subsidiary
|
| |
Appendix A
|
|
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Surviving Corporation
|
| |
Section 1.1
|
|
|
Tax or Taxes
|
| |
Appendix A
|
|
|
Tax Returns
|
| |
Appendix A
|
|
|
Taxes
|
| |
Appendix A
|
|
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Taxing Authority
|
| |
Appendix A
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|
|
Termination Date
|
| |
Section 7.1(b)(i)
|
|
|
Top Customer
|
| |
Section 3.20
|
|
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Top Supplier
|
| |
Section 3.20
|
|
|
Treasury Regulations
|
| |
Appendix A
|
|
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UK Defined Benefit Pension Plan
|
| |
Section 3.12(j)
|
|
|
Voting Agreement
|
| |
Recitals
|
|
| | | | ALI HOLDINGS S.R.L. | | |||
| | | |
By:
|
| |
/s/ Filippo Berti
|
|
| | | |
Name:
|
| | Filippo Berti | |
| | | |
Title:
|
| | Chairman and Chief Executive Officer | |
| | | | ALI GROUP NORTH AMERICA CORPORATION | | |||
| | | |
By:
|
| |
/s/ Filippo Berti
|
|
| | | |
Name:
|
| | Filippo Berti | |
| | | |
Title:
|
| | Chairman and Chief Executive Officer | |
| | | | ASCEND MERGER CORP. | | |||
| | | |
By:
|
| |
/s/ Filippo Berti
|
|
| | | |
Name:
|
| | Filippo Berti | |
| | | |
Title:
|
| | Chairman and Chief Executive Officer | |
| | | | WELBILT, INC. | | |||
| | | |
By:
|
| |
/s/ William C. Johnson
|
|
| | | |
Name:
|
| | William C. Johnson | |
| | | |
Title:
|
| | President and Chief Executive Officer | |
Record or Beneficial Owner
|
| |
Shares of
Common Stock (the “Owned Shares”) |
| |||
Icahn Partners Master Fund LP (Director Owner)
|
| | | | 4,645,127 | | |
Icahn Offshore LP
|
| | | | 4,645,127 | | |
Icahn Partners LP (Direct Owner)
|
| | | | 6,505,241 | | |
Icahn Onshore LP
|
| | | | 6,505,241 | | |
Icahn Capital LP
|
| | | | 11,150,368 | | |
IPH GP LLC
|
| | | | 11,150,368 | | |
Icahn Enterprises Holding LP
|
| | | | 11,150,368 | | |
Icahn Enterprises G.P. Inc.
|
| | | | 11,150,368 | | |
Beckton Corp.
|
| | | | 11,150,368 | | |
Carl C. Icahn
|
| | | | 11,150,368 | | |
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