Document:

aa-ex45_67.htm

 

 

EXHIBIT 4.5

SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of December 9, 2019, among ALCOA CORPORATION, a corporation organized under the laws of Delaware (the “Company”), Alcoa Treasury S.à r.l., a société à responsabilité limitée organized under the laws of Switzerland (the “Guarantor”), ALCOA NEDERLAND HOLDING B.V. (the “Issuer”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as the Trustee, (the “Trustee”) under the indenture referred to below.

 

W I T N E S S E T H :

 

WHEREAS the Issuer, the Company and the Guarantor have heretofore executed and delivered to the Trustee an Indenture (the “Indenture”) dated as of May 17, 2018, providing for the issuance of 6.125% Senior Unsecured Notes due 2028 (collectively, the “Notes”);

 

WHEREAS on October 25, 2019, the Guarantor changed its legal jurisdiction from Luxembourg to Switzerland;

 

WHEREAS the Indenture provides that under certain circumstances the Company and the Issuer are required to cause the Guarantors to execute and deliver to the Trustee a supplemental indenture to account for changes as may be required under applicable law to reflect limitations under applicable law; and

 

WHEREAS pursuant to Section 9.1 of the Indenture, the Trustee, the Issuer, the Company and the Guarantor are authorized to execute and deliver this Supplemental Indenture;

 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guarantor, the Issuer, the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

1.Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.Ratification of Guarantee. The Guarantor hereby ratifies its agreement, jointly and severally with all the existing Guarantors, to unconditionally guarantee the Issuer’s obligations under the Notes on the terms and subject to the conditions set forth in Article 10 of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes.

 

3.Limitations on obligations of Swiss Guarantors.  (a)  In the Indenture, where it relates to a Guarantor incorporated or established under the laws of Switzerland (a “Swiss Guarantor”), any reference to constitutional or organizational documents includes a copy of a certified excerpt from the commercial register, a copy of the certified up-to-date articles of association (evidencing, where relevant, the capacity to enter into obligations of an upstream or cross-stream nature) and, if applicable, a copy of the organizational regulations.

 

 

 

 

 

(b)  In the Indenture, where it relates to a Swiss Guarantor, a reference to liquidation, bankruptcy, insolvency, reorganization, moratorium or any other proceeding under an applicable law means that such Swiss Guarantor is unable to or admits inability to pay its debts when due (zahlungsunfähig), is deemed to or declared to be unable to pay its debts, suspends or threatens to suspends making payments on any of its debts, is over indebted (überschuldet), or (i) has initiated against it, (ii) is legally obliged to initiate, or (iii) initiates: (A) bankruptcy proceedings (Konkurs), (B) proceedings leading to a provisional or a definitive composition moratorium (provisorische oder definitive Nachlassstundung), (C) proceedings leading to an emergency moratorium (Notstundung), (D) proceedings for a postponement of bankruptcy pursuant to article 725a of the Swiss Code of Obligations (Konkursaufschub) or (E) any proceedings pursuant to article 731b of the Swiss Code of Obligations which leads to its dissolution or liquidation, or any proceeding having similar effects in force at that time. 

 

(c)  The Issuer will not use, and the Issuer shall procure that the Subsidiaries shall not use, the proceeds of any Notes in Switzerland unless (i) use in Switzerland is permitted under the Swiss taxation laws in force from time to time or (ii) it is confirmed in a tax ruling by the tax authorities referred to in article 34 of the Swiss Withholding Tax Act (the “Swiss Federal Tax Administration”) that such use of proceeds is permitted, in each case, without payments in respect of the Notes becoming subject to withholding or deduction for Swiss withholding tax as a consequence of such use of proceeds in Switzerland.

(d)  For each Swiss Guarantor:

(1) If and to the extent (x) the guarantee under Article 10 of the Indenture or any other indemnity by a Swiss Guarantor under the Indenture guarantees or indemnifies obligations of its (direct or indirect) parent companies (upstream security) or sister companies (cross-stream security) (the “Upstream or Cross-Stream Guaranteed Obligations”) and (y) using payments under the Indenture to discharge the Upstream or Cross-Stream Guaranteed Obligations would constitute a repayment of capital (Einlagerückgewähr/Kapitalrückzahlung), a violation of the legally protected reserves (gesetzlich geschützte Reserven) or the payment of a (constructive) dividend (Gewinnausschüttung) under Swiss corporate law, the payments under the Indenture shall be limited to the maximum amount of the Swiss Guarantor’s freely disposable shareholder equity at the time of enforcement (the “Maximum Amount”); provided that such limitation is required under the applicable law at that time; provided, further, that such limitation shall not free the Swiss Guarantor from its obligations in excess of the Maximum Amount, but merely postpone the performance date of those obligations until such time or times as performance is again permitted under then applicable law. This Maximum Amount of freely disposable shareholder equity shall be determined in accordance with Swiss law and applicable Swiss accounting principles, and, if and to the extent required by applicable Swiss law, shall be confirmed by the auditors of the Swiss Guarantor on the basis of an interim audited balance sheet as of that time.

 

 

 

 

(2) In respect of Upstream or Cross-Stream Guaranteed Obligations, at the time it is required to make a payment under the Indenture, the Swiss Guarantor shall, if and to the extent required by applicable law in force at the relevant time:

(i)use its best efforts to ensure that payment can be used to discharge Upstream or Cross-Stream Guaranteed Obligations without deduction of any taxes imposed under the Swiss Federal Act on the Withholding Tax (Bundesgesetz über die Verrechnungssteuer) of October 13, 1965, as amended from time to time (SR 642.21), together with the related ordinances, regulations and guidelines, all as amended and applicable from time to time (“Swiss Withholding Tax”) by discharging such tax liability by notification pursuant to applicable law rather than payment of the tax;

(ii)if the notification procedure pursuant to sub-clause (i) above does not apply, deduct the Swiss Withholding Tax at such rate (currently 35% at the date of the Indenture) as is in force from time to time from any such payment used to discharge Upstream or Cross-Stream Guaranteed Obligations; or deduct Swiss Withholding Tax at the reduced rate resulting after discharge of part of such tax by notification if the notification procedure pursuant to sub clause (i) above applies for a part of Swiss Withholding Tax only, and pay, without delay, any such taxes deducted to the Swiss Federal Tax Administration;

(iii)notify the Trustee that such notification or, as the case may be, deduction has been made, and provide the Trustee with evidence that such notification of the Swiss Federal Tax Administration has been made or, as the case may be, such taxes deducted have been paid to the Swiss Federal Tax Administration; and

(iv)in the case of a deduction of Swiss Withholding Tax, use its best efforts to ensure that any person, which is entitled to a full or partial refund of the Swiss Withholding Tax deducted from such payment, will, as soon as possible after such deduction,

(A) request a refund of the Swiss Withholding Tax under applicable law (including tax treaties), and

(B) pay to the Trustee upon receipt any amount so refunded.

(3) The Swiss Guarantor shall promptly take and promptly cause to be taken any action, including the following:

 

 

 

 

(i)the passing of any shareholders’ resolutions to approve the payment or other performance under Article 10 of the Indenture, which may be required as a matter of mandatory Swiss law in force at the time of the enforcement of the Guarantees or any other indemnity in order to allow a prompt payment;

(ii)preparation of up-to-date audited balance sheet of the Swiss Guarantor;

(iii)confirmation of the auditors of the Swiss Guarantor that the relevant amount represents the Maximum Amount;

(iv)conversion of restricted reserves into profits and reserves freely available for distribution as dividends (to the extent permitted by mandatory Swiss law);

(v)revaluation of hidden reserves (to the extent permitted by mandatory Swiss law);

(vi)to the extent permitted by applicable law, Swiss accounting standards and the Loan Documents, write-up or realize any of its assets that are shown in its balance sheet with a book value that is significantly lower than the market value of the assets, in case of realization, however, only if such assets are not necessary for the Swiss Guarantor’s business (nicht betriebsnotwendig); and

(vii)all such other measures necessary or useful to allow the Swiss Guarantor to make payments as agreed hereunder with a minimum of limitations.

4.Ratification of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

 

5.Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

6.Waiver of Jury Trial. EACH OF THE COMPANY, THE ISSUER, THE GUARANTOR, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES, THE SUBSIDIARY GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

 

 

 

 

7.Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.

 

8.Counterparts.  The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or .pdf transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or .pdf shall be deemed to be their original signatures for all purposes.

 

9.Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

 

 

 

Alcoa Treasury S.à r.l.

 

By: /s/ Edwin Reijer Hendrikus Dekker

Name: Edwin Reijer Hendrikus Dekker

Title:   Manager  

 

 

ALCOA NEDERLAND HOLDING B.V.

 

By:/s/ Renato C.A. Bacchi

Name: Renato C.A. Bacchi

Title:   Managing Director

 

 

ALCOA CORPORATION

 

By: /s/ Renato C.A. Bacchi

Name: Renato C.A. Bacchi

Title:   Vice President and Treasurer

 

 

THE BANK OF NEW YORK MELLON TRUST

COMPANY, N.A., not in its individual capacity but solely as Trustee

 

By: /s/ Lawrence M. Kusch

Name: Lawrence M. Kusch

Title:   Vice Presidentaa-ex46_69.htm

Exhibit 4.6

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

Following is a brief description of the common stock, par value $0.01 per share (the “Common Stock”) of Alcoa Corporation (“Alcoa” or “the Company”), which is the only security of the Company registered under Section 12 of the Securities Exchange Act of 1934, as amended.

 

The following description of Common Stock is not, and does not purport to be, complete.  It is subject to, and qualified in its entirety by reference to, the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and the Amended and Restated Bylaws (the “Bylaws”), each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this exhibit is also a part.  Please review the Company’s Certificate of Incorporation and Bylaws and the applicable provisions of the Delaware General Corporation Law (the “DGCL”) for additional information.

Authorized Capital Stock

 

The Company’s authorized capital stock consists of 750,000,000 shares of Common Stock and 100,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”).

 

Common Stock

 

Dividend Rights

 

The Company’s Board of Directors (the “Board”) may from time to time declare, and Alcoa may pay, dividends on its outstanding shares in the manner and upon the terms and conditions provided by law and the Certificate of Incorporation. 

 

Voting Rights

 

Except as otherwise provided by law or pursuant to the rights of holders of Preferred Stock, holders of Common Stock are entitled to one vote per share on all matters, including the election of directors.  Except as otherwise provided by law, the Certificate of Incorporation or the Bylaws, if a quorum is present, matters will be decided by the affirmative vote of a majority of shares present in person or represented by proxy and entitled to vote on the matter.  Subject to the rights of holders of Preferred Stock, each director is elected by the vote of the majority of the votes cast with respect to that director’s election; provided, however, that if the number of persons nominated to serve as directors exceeds the number of directors to be elected, then each director shall be elected by a plurality of the votes cast. 

 

The Common Stock does not have cumulative voting rights.

 

Liquidation Rights

 

Upon any voluntary or involuntary liquidation, dissolution or winding up of Alcoa, after payments to holders of Preferred Stock of amounts determined by the Board, plus any accrued dividends, the Company’s remaining assets will be divided among holders of the Common Stock.

 

 

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Preemptive or Other Subscription Rights

 

Holders of Common Stock do not have any preemptive or other subscription rights to any securities of the Company.

 

Conversion and Other Rights

 

No conversion, redemption or sinking fund provisions apply to the Common Stock, and Common Stock is not liable to further call or assessment by the Company or subject to any restriction on alienability, except as required by law.

 

Preferred Stock

 

The rights of holders of Common Stock may be materially limited or qualified by the rights of holders of Preferred Stock that may be issued in the future.

 

Under the terms of the Certificate of Incorporation, the Board is authorized to issue up to 100,000,000 shares of Preferred Stock in one or more series without further action by the holders of Common Stock.  The Board has the discretion, subject to limitations prescribed by Delaware law and by the Certificate of Incorporation, to determine the rights, preferences, privileges and restrictions, including voting, dividend, dissolution, conversion, exchange, and redemption rights, as well as the terms and amount of any sinking fund provided for the purchase or redemption of shares, of each series of Preferred Stock.

The Company has not issued any Preferred Stock.  

 

Anti-Takeover Provisions

 

Certain Effects of Authorized but Unissued Stock

 

The Company may issue additional shares of Common Stock or Preferred Stock without stockholder approval, subject to applicable rules of the New York Stock Exchange and Delaware law, for a variety of corporate purposes, including future public or private offerings to raise additional capital, corporate acquisitions, and for employee benefit plans and equity grants, all of which may result in additional dilution to existing holders.  The existence of unissued and unreserved Common Stock and Preferred Stock may enable the Company to issue shares that could discourage an attempt to obtain control of the Company by means of a proxy contest, tender offer, merger or otherwise.

 

Undesignated Preferred Stock

 

The Company’s Certificate of Incorporation authorizes the Board to issue shares of Preferred Stock and set the voting powers, designations, preferences, and other rights related to that Preferred Stock without stockholder approval.  

 

Stockholder Action by Written Consent

 

Subject to the rights of holders of Preferred Stock, the Certificate of Incorporation and Bylaws provide that stockholders may not act by written consent unless such written consent is unanimous.

 

Size of Board; Vacancies; Removal

 

Subject to the rights of holders of Preferred Stock to elect directors, the Bylaws provide that the number of directors on the Board is fixed exclusively by the Board.  Generally, vacancies created on the Board resulting from any increase in the authorized number of directors or the death, resignation, 

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retirement, disqualification, removal from office or other cause will be filled by the affirmative vote of a majority of the Board then in office, even if less than a quorum is present, or by a sole remaining director.  Any director appointed to fill a vacancy on the Board will be appointed for a term expiring at the next annual meeting of stockholders and will serve until his or her successor has been elected and qualified.

 

Subject to the rights of holders of Preferred Stock, any director or the entire Board may be removed from office, with or without cause, by the affirmative vote of stockholders holding at least a majority of the then-outstanding “voting stock” (as defined in the Bylaws) voting as a class.

 

Advance Notice for Stockholder Proposals and Nominations

 

The Bylaws contain advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors (other than nominations made by or at the direction of the Board or pursuant to the proxy access procedures included therein).

 

Special Meetings of Stockholders

 

Subject to the rights of holders of Preferred Stock, the Certificate of Incorporation and Bylaws provide that the chairman of the Board, the chief executive officer, the Board pursuant to a resolution adopted by a majority of the entire Board, or the secretary at the request of stockholders owning at least 25% of the outstanding shares for at least one year, may call a special meeting of stockholders.

 

Section 203 of the DGCL (Business Combinations with Interested Stockholders)

 

Section 203 of the DGCL prohibits a Delaware corporation from engaging in a business combination with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder. The term “business combination” is broadly defined to include mergers, consolidations, sales and other dispositions of assets having an aggregate market value equal to 10% or more of the consolidated assets of the corporation, and other specified transactions resulting in financial benefits to the interested stockholder. Under Section 203, an “interested stockholder” generally is defined as a person who, together with affiliates and associates, owns (or within the three prior years did own) 15% or more of the corporation’s outstanding voting stock.

 

This prohibition is effective unless:

 

	
 
	
•
	
the business combination or the transaction that resulted in the interested stockholder becoming an interested stockholder is approved by the corporation’s board of directors prior to the time the interested stockholder becomes an interested stockholder;

	
 
	
•
	
upon consummation of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation, other than stock held by directors who are also officers or by specified employee stock plans; or

	
 
	
•
	
at or after the time the stockholder becomes an interested stockholder, the business combination is approved by a majority of the board of directors and, at an annual or special meeting, by the affirmative vote of at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.

 

These restrictions generally prohibit or delay the accomplishment of mergers or other takeover or change-in-control attempts that are not approved by a company’s board of directors. A corporation can elect to have Section 203 of the DGCL not apply to it by expressly providing so in its certificate of incorporation or bylaws; the Company has not made such an election. 

 

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