Exhibit 10
Execution version
9 July 2013
TITAN INTERNATIONAL, INC.
‐ and ‐
TITAN LUXEMBOURG S.A.R.L.
‐ and ‐
OEP 11 COÖPERATIEF U.A.
‐ and ‐
RUBBER COÖPERATIEF U.A.
‐ and ‐
TITAN TIRE RUSSIA B.V.
SHAREHOLDERS' AGREEMENT
Herbert Smith Freehills CIS LLP
1
TABLE OF CONTENTS
Clause
Headings
Page
1.
DEFINITIONS AND INTERPRETATION
3
2.
CONDITIONS AND CLOSING
11
3.
BUSINESS AND OBJECTIVES OF THE GROUP
12
4.
GENERAL UNDERTAKINGS
12
5.
SHAREHOLDERS AND SHAREHOLDER MEETINGS
14
6.
MANAGEMENT BOARD
14
7.
THE SUPERVISORY BOARD
15
8.
CORPORATE GOVERNANCE OF THE GROUP
17
9.
RESERVED MATTERS
18
10.
DEADLOCK
20
11.
FURTHER FINANCING
20
12.
INFORMATION, REPORTING AND TAX MATTERS
20
13.
PROTECTION OF THE BUSINESS
21
14.
RELATIONSHIP BETWEEN THE GROUP AND THE SHAREHOLDER GROUP
23
15.
TRANSFER OF SHARES
23
16.
RIGHT OF FIRST REFUSAL
24
17.
TAG ALONG RIGHTS
24
18.
DRAG ALONG/SALE OF RUSSIAN OPERATING COMPANY
25
19.
PUT OPTION
26
20.
SETTLEMENT OPTIONS
27
21.
ISSUES OF NEW SECURITIES
28
22.
TRANSFER TERMS
29
23.
ALLOCATION OF PROFITS AND DISTRIBUTIONS
31
24.
AMENDMENTS
32
25.
CONFLICT WITH CONSTITUTIONAL DOCUMENTS
32
26.
DEFAULT
32
27.
DURATION
35
28.
GUARANTEE
35
29.
MISCELLANEOUS
35
30.
NOTICES
38
31.
GOVERNING LAW AND DISPUTE RESOLUTION
40
SCHEDULE 1
DEED OF ADHERENCE
42
SCHEDULE 2
ANTI-CORRUPTION COMPLIANCE PROGRAMME
47
SCHEDULE 3
SANCTIONS COMPLIANCE POLICY
61
SCHEDULE 4
ANTI-CORRUPTION COMPLIANCE CERTIFICATION
65
SCHEDULE 5
CERTIFICATE OF TITAN TIRE RUSSIA B.V. REGARDING SANCTIONED PERSONS AND COUNTRIES
67
SCHEDULE 6
WARRANTIES
68
SCHEDULE 7
GUARANTEE
69
SCHEDULE 8
GROUP FORECAST AND KEY BUSINESS PARAMETERS
70
2
THIS AGREEMENT (the "Agreement") is executed and dated on 9 July 2013
BETWEEN:
(1)
TITAN INTERNATIONAL, INC., a company organised under the laws of the State of
Illinois and having its principal office at 2701 Spruce Street, Quincy, IL
62301, United States ("Titan US");
(2)
TITAN LUXEMBOURG S.A.R.L., a private limited liability company incorporated
under the laws of Luxembourg, with its registered office at 8-10, rue Mathias
Hardt L-1717, Luxembourg ("Titan");
(3)
OEP 11 COÖPERATIEF U.A., a cooperative with excluded liability (coöperatie met
uitgesloten aansprakelijkheid), having its seat in Amsterdam, its address at
1017 CA Amsterdam, Herengracht 466, registered in the trade register under
number 57627843 ("OEP");
(4)
RUBBER COÖPERATIEF U.A., a cooperative with excluded liability (coöperatie met
uitgesloten aansprakelijkheid), having its seat in Amsterdam, its address at
1101 CM Amsterdam Zuidoost, the Netherlands, Herikerbergweg 238, Luna ArenA,
registered in the trade register under number 58015965 ("RDIF", and together
with Titan and OEP, the "Investors"); and
(5)
TITAN TIRE RUSSIA B.V., the private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid), having its seat in Amsterdam, and
its address at 1017 CA Amsterdam, Herengracht 466, registered in the trade
register under number 58036008 (the "Company"),
(each a "Party" and together the "Parties").
WHEREAS:
(Capitalised terms used in these recitals that are not set out above are defined
in Clause 1 below.)
(A)
The Investors and the Company have entered into sale and