Document:

EX-10.9

 Exhibit 10.9 

Metacrine, Inc. 

September 7, 2016 
 BY
EMAIL 
 Re: Employment Agreement 

Dear Ken: 
 On behalf of
Metacrine, Inc. (the “Company”), I am pleased to offer you the position of the Company’s President and Chief Executive Officer. The terms of your employment are set forth below. 

1. Position. You will report to the Company’s Board of Directors (the “Board”). This is a full-time
employment position. It is understood and agreed that, while you render services to the Company, you will not engage in any other employment, consulting or other business activities (whether full-time or part-time) unless you first obtain the
Board’s approval. You shall also serve as a member of the Board for so long as you continue to serve as President and Chief Executive Officer. At such time as your service as President and Chief Executive Officer terminates, you agree to
immediately resign as a member of the Board. 
 2. Start Date. Your employment with the Company will begin on or about
September 12, 2016. For purposes of this Agreement, the actual first day of your employment with the Company shall be referred to as the “Start Date.” 

3. Salary and Annual Discretionary Bonus. 

(a) The Company will pay you a base salary payable in accordance with the Company’s standard payroll schedule and
subject to applicable deductions and withholdings. Your base salary will be paid at the annual rate of $350,000.00, subject to periodic review and adjustment at the Board’s discretion. The annual base salary in effect at any given time shall be
referred to herein as the “Base Salary”. The Board may review your Base Salary for adjustment from time to time. 

(b) You will be eligible to be considered for a discretionary annual performance bonus of up to 40% of the Base Salary,
based on achievement of individual and/or corporate performance targets, metrics and/or objectives to be determined and approved by the Board or the Compensation Committee thereof. Any such bonus would be paid after the close of the fiscal year and
after determination by the Board (or the Compensation Committee thereof) of (i) the level of achievement of the applicable individual and corporate performance targets, metrics and/or objectives and (ii) the amount of the annual incentive
compensation earned by you (if any). No annual incentive compensation is guaranteed and, in addition to the other conditions for earning such compensation, you must remain an employee in good standing of the Company on the annual incentive
compensation payment date in order to be eligible for any annual incentive compensation. 

 Ken Song 

September 7, 2016 
  Page
 2
 
  

 4. Equity. 

(a) As further consideration for your employment, promptly following your Start Date and subject to approval by the
Board and receipt of a common stock valuation analysis by an independent third-party, you will be granted an option under the Company’s 2014 Equity Incentive Plan, as amended (the “Plan”) to purchase that number of shares of
the Company’s common stock that is equal to 5.75% of the fully-diluted capitalization of the Company then outstanding but assuming the receipt by the Company of an aggregate of $37,816,645 (in cash or upon conversion of promissory notes) from
the sale of shares of Series A Preferred Stock in the ongoing Series A preferred financing transaction (the “Options”). “Fully-diluted capitalization of the Company” means the number of shares of the Company’s
Common Stock actually outstanding plus the number of shares of Common Stock issuable upon the conversion of all shares of preferred stock actually outstanding plus the number of shares of Common Stock subject to outstanding awards or reserved for
issuance under the Plan. 
 (b) The Options will have an exercise price equal to the fair market value of the Common
Stock as of the date of grant as determined by the Board and shall vest as follows: (i) 25% of the shares subject to the option shall vest twelve months after the Start Date, subject to your continuing employment with the Company, and no shares
shall vest before such date. The remaining shares shall vest monthly over the next 36 months in equal monthly amounts subject to your continuing employment with the Company. The Options shall be “early exercisable” at your election such
that the Options may be exercised pursuant to its terms in whole or in part at any time or from time to time notwithstanding any vesting restrictions contained therein, provided that upon termination of your services the Company shall have the right
to repurchase any shares issued upon any such early exercise that are not then vested at a price equal to the applicable exercise price per share thereof upon notice delivered to you, as more fully set forth in the Plan and related stock option
agreement and early exercise stock purchase agreement (together, the “Equity Documents”). The Equity Documents contain additional terms and conditions applicable to the Options. 

5. Benefits/Vacation. 

(a) You will be eligible to participate in the employee benefits and insurance programs generally made available to the
Company’s full-time employees including medical, dental, vision, disability, life and 401k, all subject to the terms and conditions of such plans and programs. Details of such benefits programs, including mandatory employee contributions, if
any, and waiting periods, if applicable, will be made available to you when such benefit(s) become available. 
 (b)
During the term of your employment, the Company will reimburse your monthly service fees for one mobile telephone/data device, in accordance with the Company policies. 

(c) You will be entitled to accrue up to seventeen (17) days per year of vacation in accordance with subject to
the terms and conditions of the Company’s vacation policy (which includes a maximum accrual cap), as may be amended from time to time. 

 Ken Song 

September 7, 2016 
  Page
 3
 
  

 6. At-Will Employment; Accrued
Obligations. Your employment is “at will,” meaning you or the Company may terminate it at any time, with or without Cause (as defined below) or advance notice. In the event of the ending of your employment for any reason and at any
time, the Company shall pay you: (i) any unpaid base salary through your last day of employment (the “Date of Termination”), (ii) any accrued but unused vacation, and (iii) the amount of any documented expenses properly
incurred by you on behalf of the Company prior to the Date of Termination and not yet reimbursed (together the “Accrued Obligations”). 

7. Post-Change in Control Termination Benefits. If the Company terminates your employment without Cause (as defined below, other
than due to death or Complete Disability) or you resign your employment for Good Reason (as defined below), in either case, within three (3) months immediately preceding or twelve (12) months immediately following the consummation of a
Change in Control (as defined below), in addition to the Accrued Obligations, and provided you enter into, do not revoke and comply with the terms of a General Release of Claims in the form provided by the Company which shall include a full general
release of claims against the Company and related persons and entities) (the “Release”), but in no event later than forty-five (45) days following your termination, the vesting of the Options and all subsequent time-based
equity compensation awards shall be fully accelerated such that on the effective date of such termination one hundred percent (100%) of the Options and any other time-based equity awards granted to you prior to such termination shall be fully vested
and immediately exercisable by you. If necessary to give effect to the foregoing provision, notwithstanding anything to the contrary set forth in your Equity Documents or other agreements governing the post-termination exercise period of your
time-based equity compensation awards, following any such termination of your employment without Cause (other than due to death or Complete Disability) or for Good Reason that occurs prior to a Change in Control, none of your equity awards shall
terminate with respect to any vested or unvested portion subject to such award before the date that is three (3) months following your termination. 

8. Definitions. For purposes of this Agreement: 

“Cause” means: (i) Your commission of any felony or commission of a crime involving dishonesty; (ii) conduct by you
in connection with your service to the Company that is fraudulent, unlawful or grossly negligent; (iii) your willful failure or refusal to comply with lawful directives of the Board; (iv) willful breach by you of a written Company policy
or your representations, warranties, covenants and/or obligations under this Agreement (including the Restrictive Covenant Agreement (defined below)), which, if curable, is not cured by you within 30 days following your receipt of written notice
from the Company detailing the nature of such breach; and/or (v) material misconduct by you which adversely impacts, discredits or damages the Company or any of its affiliates.  

“Change in Control” shall be deemed to have occurred upon the consummation of (i) the dissolution or liquidation of the
Company, (ii) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (iii) a merger, reorganization or consolidation in which the Company consolidates with or merges into
another corporation or 

 Ken Song 

September 7, 2016 
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entity, or any other corporation or entities consolidates with or merges into the Company, other than (A) a merger or consolidation which would result in the voting securities of the Company
outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) a majority of the combined voting
power of the voting securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, (B) a merger or consolidation which would result in a majority of the board of directors of
the combined entity being comprised of members of the board of directors of the pre-transaction Company and the chief executive officer of the combined entity being the chief executive officer of the pre-transaction Company, in each case immediately following the consummation of such merger or consolidation, or (C) a merger or consolidation effected to implement a recapitalization of the Company (or similar
transaction) in which no person becomes the beneficial owner, directly or indirectly, of a majority of the total voting power of all shares of then outstanding Common Stock, (iv) the acquisition of all or a majority of the outstanding voting
stock of the Company in a single transaction or a series of related transaction by a person or group of persons, or (v) any other acquisition of the business of the Company, as determined by the Board; provided, however, that the
Company’s initial public offering of its securities, any subsequent public offering or other capital raising event, or a merger effected solely to change the Company’s domicile shall not constitute a “Change in Control.” 

“Complete Disability” shall mean your inability to perform your duties under this Agreement, whether with or without
reasonable accommodation, because you have become permanently disabled within the meaning of any policy of disability income insurance covering employees of the Company then in force. In the event the Company has no policy of disability income
insurance covering employees of the Company in force when you become disabled, the term “Complete Disability” shall mean your inability to perform your duties under this Agreement, whether with or without reasonable
accommodation, by reason of any incapacity, physical or mental, which the Board, based upon medical advice or an opinion provided by a licensed physician acceptable to the Board, determines to have incapacitated you from satisfactorily performing
all of your usual services for the Company, with or without reasonable accommodation, for a period of at least one hundred twenty (120) days during any twelve (12) month period (whether or not consecutive). Based upon such medical advice
or opinion, the determination of the Board shall be final and binding and the date such determination is made shall be the date of such Complete Disability for purposes of this Agreement. 

“Good Reason” shall mean that you have complied with the “Good Reason Process” (hereinafter defined) following the
occurrence of any of the following events, without your prior written consent: (i) a material reduction of your Base Salary (unless pursuant to a salary reduction program applicable generally to the Company’s senior management employees);
or (ii) relocation of your principal place of employment to a place that increases your one-way commute by more than seventy-five (75) miles as compared to your then-current principal place of
employment immediately prior to such relocation; or (iii) a material reduction in your job title and primary duties, responsibilities and authorities, provided, however, that a change in job position (including

 Ken Song 

September 7, 2016 
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a change in title) shall not be deemed a “material reduction” in and of itself unless your new duties are materially reduced from the prior duties. 

“Good Reason Process” shall mean that (A) you have reasonably determined in good faith that a “Good Reason”
condition has occurred; (B) you have notified the Company in writing of the first occurrence of the Good Reason condition within 30 days of the first occurrence of such condition; (C) you have cooperated in good faith with the
Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (D) notwithstanding such efforts, the Good Reason condition continues to exist; and (E) you
terminate your employment within 30 days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred. 

9. Confidential Information and Restricted Activities. As a condition of employment, you shall execute and abide by the
Company’s standard form of EMPLOYEE CONFIDENTIAL INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT (the “Restrictive Covenant Agreement”) attached as Exhibit 1, the terms of which are incorporated by reference herein. Without
limiting the foregoing, during your employment with the Company, you shall not engage in competition with the Company and/or any of its affiliates, either directly or indirectly, in any manner or capacity, as adviser, principal, agent,
affiliate, promoter, partner, officer, director, employee, stockholder, owner, co-owner, consultant, or member of any association or otherwise, in any phase of the business of developing, manufacturing and
marketing of products or services that are in the same field of use or which otherwise compete with the products or services of the Company, except with the prior written consent of the Board. 

10. Taxes; Section 409A; Section 280G. 

(a) All forms of compensation referred to in this Agreement are subject to reduction to reflect applicable withholding
and payroll taxes and other deductions required by law. 
 (b) Anything in this Agreement to the contrary
notwithstanding, if at the time of your separation from service within the meaning of Section 409A of the of the Internal Revenue Code of 1986, as amended and the regulations and other guidance thereunder (the “Code”), the
Company determines that you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that you become entitled to under this Agreement on account of your
separation from service would be considered deferred compensation subject to additional tax imposed pursuant to Section 409A(a) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the
earlier of (A) six months and one day after your separation from service (as defined below), or (B) your death. All reimbursements under this Agreement shall be paid as soon as administratively practicable, but in no event shall any
reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one
taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or
in-kind benefits is not subject to liquidation or exchange for another benefit. The 

 Ken Song 

September 7, 2016 
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Company and you intend that this Agreement will be administered in accordance with Section 409A of the Code. 

The severance benefits under this Agreement are intended to qualify for an exemption from application of Section 409A of the Code or
comply with its requirements to the extent necessary to avoid adverse personal tax consequences under Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its exemption from or compliance with
Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder are exempt from, or if not exempt from, comply with, Section 409A of the Code. 

(c) If any payment or benefit you will or may receive from the Company or otherwise (a “280G Payment”)
would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then any such 280G Payment pursuant to this Agreement (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would
result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)),
after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an
after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding
sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for you. If more
than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”). 

Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the
Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be,
shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic benefit for you as
determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are
not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A of the Code shall be reduced (or eliminated) before Payments that are not deferred
compensation within the meaning of Section 409A of the Code. 
 The accounting firm engaged by the Company for general tax compliance
purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual,

 Ken Song 

September 7, 2016 
  Page
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entity or group effecting the Change in Control, the Company shall appoint a nationally recognized accounting or law firm to make the determinations required hereunder. The Company shall bear all
expenses with respect to the determinations by such accounting or law firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting or law firm engaged to make the determinations hereunder to
provide its calculations, together with detailed supporting documentation, to you and the Company within fifteen (15) calendar days after the date on which your right to a 280G Payment becomes reasonably likely to occur (if requested at that
time by you or the Company) or such other time as requested by you or the Company. 
 11. Interpretation, Amendment and
Enforcement. This Agreement, including the Restrictive Covenant Agreement and the Equity Documents, constitutes the complete agreement between you and the Company, contains all of the terms of your employment with the Company and supersedes any
prior agreements, representations or understandings (whether written, oral or implied) between you and the Company. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the laws of the State of
California. 
 12. Dispute Resolution. To ensure the rapid and economical resolution of any disputes that may arise in
connection with your employment, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited to any statutory claims, arising from or relating to the enforcement, breach, performance,
or interpretation of this Agreement, your employment, or the termination of your employment, will be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted
by law, by final, binding and confidential arbitration conducted by JAMS, Inc. (“JAMS”) by a single arbitrator and under the JAMS Employment Arbitration Rules & Procedures (which are accessible on the JAMS’ website at
http://www.jamsadr.com/rules-employment-arbitration/, and which will be provided to you on request). The arbitration will be held in the JAMS’ office closest to your assigned office location, or such other location as then-agreed by the
parties. You and the Company shall be entitled to all rights and remedies that either would be entitled to pursue in a court of law. By agreeing to this arbitration procedure, the parties waive the right to resolve any such dispute through a
trial by jury or judge or by administrative proceeding. You will have the right to be represented by legal counsel at any arbitration proceeding. The arbitrator shall: (1) have the authority to compel adequate discovery for the resolution
of the dispute and to award such relief as would otherwise be available under applicable law in a court proceeding; and (2) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any,
awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. The arbitrator, and not a court, shall also be authorized to determine whether the provisions of this
section apply to a dispute, controversy, or claim sought to be resolved in accordance with these arbitration procedures. The Company shall bear JAMS’ arbitration fees and administrative costs in excess of the court filing fees that you would be
required to pay if the dispute was litigated in civil court. Nothing herein shall prevent either party from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any awards or orders in such
arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction. 

 Ken Song 

September 7, 2016 
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 Employee Initials for Section 12: KS 

13. Assignment. Neither you nor the Company may make any assignment of this Agreement or any interest in it, by operation of law
or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement (including the Restrictive Covenant Agreement) without your consent to any affiliate
or to any person or entity with whom the Company shall hereafter effect a reorganization, consolidate with, or merge into or to whom it transfers all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and
be binding upon you and the Company, and each of your and its respective successors, executors, administrators, heirs and permitted assigns. 

14. Miscellaneous. This Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to
in writing by you and a duly authorized officer of the Company. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement. The words
“include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” This Agreement may be executed in two or more
counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. 
 15.
Investment Opportunity. Subject to approval by the Board and requisite investors, and receipt by the Company of any required stockholder consents, you shall be entitled to invest up to $100,000 in the Company’s ongoing Series A preferred
stock financing in the last remaining closing, subject to the terms and conditions of the existing definitive agreements for such financing. 

16. Other Terms. 

(a) Subject to approval of the Board and requisite stockholders, the Company shall use its reasonable efforts to
(i) amend the Plan to provide for “double trigger” acceleration for all options held by employees of the Company in connection with a Change in Control, consistent with the acceleration provisions set forth above and applicable to the
Options and (ii) amend the purchase agreement for the Company’s ongoing Series A preferred stock financing to accelerate the third and final closing under such agreement to a date that is on or before the date that is forty five
(45) days after the Start Date. 
 (b) By signing this Agreement, you represent to the Company that you have no
contractual commitments or other legal obligations that would or may prohibit you from performing your duties for the Company. As with any employee, you must submit satisfactory proof of your identity and your legal authorization to work in the
United States. 
 Please acknowledge, by signing below, that you have accepted this Agreement. 

Very truly yours, 

 Ken Song 

September 7, 2016 
  Page
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	 By:
	 	 /s/ Richard A. Heyman

		 	 Name:
	 	 Richard A. Heyman, Ph.D.

		 	 Title:
	 	 Chairman, Board of Directors

 I have read and accept this employment offer: 

 

	
	 /s/Ken Song

	 Ken Song

	 Dated: September 7, 2016

 Encl. 

Exhibit 1—EMPLOYEE CONFIDENTIAL INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENTExhibit 4.4

 

AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE (this “Acceptance Agreement”), dated as of August 5, 2020 by and among the SASOL FINANCING USA LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (the “Company”), SASOL LIMITED, a public company with limited liability duly incorporated and existing under the laws of the Republic of South Africa, as Guarantor (the “Guarantor”),  WILMINGTON SAVINGS FUND SOCIETY, FSB, a federal savings bank organized and existing under the laws of the United States of America and having a corporate trust office at 500 Delaware Avenue, Wilmington, Delaware 19801, as successor Trustee, Paying Agent, and Security Registrar (in such capacities, collectively, the “Successor Trustee”), and CITIBANK, N.A., a national banking association duly organized and existing under the laws of the United States of America, in its capacities as resigning Trustee, Paying Agent, and Security Registrar (in such capacities, collectively, the “Resigning Trustee”) under that certain Indenture, dated as of September 27, 2018 (the “Indenture”), by and among the Company, the Guarantor, and the Resigning Trustee, as Trustee, Paying Agent, and Security Registrar, relating to the Company’s (i) $1,500,000,000 5.875% Notes due 2024, (ii) $750,000,000 6.500% Notes due 2028 (collectively, the “Notes”).  Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Indenture.

 

Resignation under the Indenture

 

WHEREAS, there is currently U.S.$2,250,000,000 aggregate principal amount of the Notes outstanding under the Indenture;

 

WHEREAS, the Company appointed the Resigning Trustee as the Trustee, Paying Agent, and Security Registrar under the Indenture;

 

WHEREAS, Sections 608(a) and (b) of the Indenture provide that the Resigning Trustee may at any time resign with respect to its role as Trustee by giving written notice of such resignation to the Company and the Guarantor, effective upon the acceptance by a successor Trustee of its appointment as a successor Trustee;

 

WHEREAS, Section 608(e) of the Indenture provides that, if the Resigning Trustee shall resign as Trustee, the Company and the Guarantor shall promptly appoint a successor Trustee;

 

 

WHEREAS, Section 609(a) of the Indenture provides that any successor Trustee shall execute and deliver an instrument accepting its appointment as Trustee to the Resigning Trustee and to the Company, and thereupon the resignation of the Resigning Trustee as Trustee shall become effective and the successor Trustee shall have all of the rights, powers, trusts and duties of the Trustee under the Indenture;

 

WHEREAS, the Resigning Trustee has given written notice to the Company and the Guarantor that it is resigning as Trustee, Paying Agent and Security Registrar under the Indenture;

 

Appointment of Successor

 

WHEREAS, the Company desires to appoint the Successor Trustee as successor Trustee, Paying Agent, and Security Registrar to succeed the Resigning Trustee in such capacities under the Indenture; and

 

WHEREAS, the Successor Trustee is willing to accept such appointments as successor Trustee, Paying Agent, and Security Registrar under the Indenture.

 

NOW, THEREFORE, the Company, the Guarantor, the Resigning Trustee, and the Successor Trustee, for and in consideration of the premises and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby consent and agree as follows:

 

1.             THE RESIGNING TRUSTEE

 

1.1      Pursuant to Section 608(b) of the Indenture, the Resigning Trustee has by letter, dated June 8, 2020, notified the Company and the Guarantor that the Resigning Trustee is resigning as Trustee, Paying Agent, and Security Registrar under the Indenture.

 

1.2      The Resigning Trustee hereby represents and warrants to the Successor Trustee that:

 

(a)                                 The Resigning Trustee duly authorized, executed and delivered the Indenture and each amendment and supplemental indenture, if any, to the Indenture.  Assuming each such document was validly and lawfully executed and delivered by the Company and is in full force and effect as to the Company, each such document remains in full force and effect as to Resigning Trustee.

 

 

(b)                                 No covenant or condition contained in the Indenture has been waived by Resigning Trustee or, to the best knowledge of responsible officers of Resigning Trustee’s corporate trust department, by the Holders of the percentage in aggregate principal amount of the Notes required by the Indenture to effect any such waiver.

 

(c)                                  There is no action, suit or proceeding pending or, to the best knowledge of responsible officers of the Resigning Trustee’s corporate trust department, threatened against the Resigning Trustee before any court or any governmental authority arising out of any act or omission of the Resigning Trustee as Trustee, Paying Agent, or Security Registrar under the Indenture.

 

(d)                                 As of the Effective Date of this Acceptance Agreement, the Resigning Trustee will hold no moneys or property under the Indenture.

 

(e)                                  Pursuant to Section 303 of the Indenture, the Resigning Trustee has duly authenticated and delivered U.S.$2,250,000,000 aggregate principal amount of Notes, of which U.S.$2,250,000,000 is outstanding as of the date hereof.

 

(f)                                   The registers in which Resigning Trustee has registered and transferred registered Notes accurately reflect the amount of Notes issued and outstanding and the amounts payable thereon.

 

(g)                                  Each person who so authenticated the Notes was duly elected, qualified and acting as an officer or authorized signatory of the Resigning Trustee and empowered to authenticate the Notes at the respective times of such authentication and the signature of such person or persons appearing on such Notes is each such person’s genuine signature.

 

(h)                                 This Acceptance Agreement has been duly authorized, executed and delivered on behalf of the Resigning Trustee and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms.

 

(i)                                     The Resigning Trustee hereby assigns, transfers, delivers and confirms to the Successor Trustee all right, title and interest of Resigning Trustee in and

 

 

to the trust under the Indenture and all the rights, powers and trusts of the Resigning Trustee in its capacities as Trustee, Paying Agent, and Security Registrar under the Indenture.  The Resigning Trustee shall execute and deliver such further instruments and shall do such other things as the Successor Trustee may reasonably require so as to more fully and certainly vest and confirm in the Successor Trustee all the rights, powers and trusts hereby assigned, transferred, delivered and confirmed to the Successor Trustee as Trustee, Paying Agent, and Security Registrar under the Indenture.

 

1.3      The Resigning Trustee shall deliver to the Successor Trustee, as of or promptly after the Effective Date hereof, all of the documents listed on Exhibit A hereto.

 

2.         THE COMPANY AND THE GUARANTOR

 

2.1      Each of the Company and the Guarantor hereby accepts the resignation of Resigning Trustee as Trustee, Paying Agent, and Security Registrar under the Indenture.

 

2.2      Each of the Company and the Guarantor hereby certifies that it has duly authorized certain officers or other representatives to: (a) accept the Resigning Trustee’s resignation as Trustee, Paying Agent, and Security Registrar; (b) appoint the Successor Trustee as Trustee, Paying Agent, and Security Registrar under the Indenture; and (c) execute and deliver such agreements and other instruments as may be necessary or desirable to effectuate the succession of the Successor Trustee as Trustee, Paying Agent, and Security Registrar under the Indenture.

 

2.3      The Company and the Guarantor hereby appoint the Successor Trustee as Trustee, Paying Agent, and Security Registrar under the Indenture to succeed to, and vest the Successor Trustee with, all the rights, powers, duties and obligations of the Resigning Trustee as Trustee, Paying Agent, and Security Registrar under the Indenture with like effect as if originally named as Trustee, Paying Agent, and Security Registrar in the Indenture.

 

2.4      Each of the Company and the Guarantor hereby represents and warrants to the Resigning Trustee and the Successor Trustee that:

 

(a)                                 It is an organization duly and validly organized and existing pursuant to the laws of its jurisdiction and organization.

 

 

(b)                                 The Indenture, and each amendment or supplemental indenture thereto, if any, was validly and lawfully executed and delivered by the Company and the Guarantor and is in full force and effort and the Notes were validly issued by the Company.

 

(c)                                  It has performed or fulfilled prior to the date hereof, and will continue to perform and fulfill after the date hereof, each covenant, agreement, condition, obligation and responsibility under the Indenture.

 

(d)                                 No other event has occurred and is continuing which is, or after notice or lapse of time would become, an Event of Default under Section 501 of the Indenture.

 

(e)                                  No covenant or condition contained in the Indenture has been waived by the Company or the guarantors party thereto or, to the best of the Company’s knowledge, by Holders of the percentage in aggregate principal amount of the Notes required to effect any such waiver.

 

(f)                                   There is no action, suit or proceeding pending or, to the best of the Company’s knowledge, threatened against the Company or the guarantors party to the Indenture before any court or any governmental authority arising out of any act or omission of the Company or the guarantors under the Indenture.

 

(g)                                  This Acceptance Agreement has been duly authorized, executed and delivered on behalf of the Company and the Guarantor, as applicable, and constitutes each of their respective legal, valid and binding obligation, enforceable in accordance with its terms.

 

(h)                                 All conditions precedent relating to the appointment of WILMINGTON SAVINGS FUND SOCIETY, FSB as Successor Trustee under the Indenture have been complied with by the Company and the Guarantor, as applicable.

 

 

2.5      Promptly after the Effective Date of this Acceptance Agreement, the Company shall cause a notice, substantially in the form of Exhibit B annexed hereto, to be sent to each of the Holders of the Notes in accordance with the provisions of Section 608(f) of the Indenture.

 

3.         THE SUCCESSOR TRUSTEE

 

3.1      The Successor Trustee hereby represents and warrants to the Resigning Trustee, the Guarantor and to the Company that:

 

(a)                                 The Successor Trustee is eligible under the provisions of Section 607 of the Indenture to act as Trustee under the Indenture.

 

(b)                                 This Acceptance Agreement has been duly authorized, executed and delivered on behalf of WILMINGTON SAVINGS FUND SOCIETY, FSB as the Successor Trustee and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms.

 

3.2      The Successor Trustee hereby accepts its appointment as successor Trustee, Paying Agent, and Security Registrar under the Indenture and accepts the rights, powers, duties and obligations of the Resigning Trustee as Trustee, Paying Agent, and Security Registrar under the Indenture, upon the terms and conditions set forth therein, with like effect as if originally named as Trustee, Paying Agent, and Security Registrar under the Indenture.

 

3.3      References in the Indenture to “Corporate Trust Office” or other similar terms shall be deemed to refer to the principal corporate trust office of the Successor Trustee, which is presently located at 500 Delaware Avenue, Wilmington, Delaware 19801, Attention: Global Capital Markets.

 

4.         MISCELLANEOUS

 

4.1      This Acceptance Agreement and the resignation, appointments and acceptances effected hereby shall be effective on the date first above written; provided, that, the resignation of the Resigning Trustee and the appointment of the Successor Trustee as Trustee, Paying Agent, and Security Registrar for all the Notes under the Indenture shall be effective upon the latest of: (a) 10 business days after the date first above written, (b) the second business day following receipt by the Successor Trustee of the Certified Holders List, and (c) receipt by The Depository

 

 

Trust Company (“DTC”) of both the Resigning Trustee’s transfer agency change notice and the Successor Trustee’s transfer agency change notice (the “Effective Date”).

 

4.2      The Resigning Trustee hereby acknowledges payment or provision for payment in full by the Company and the Guarantor of compensation for all services rendered by the Resigning Trustee in its capacity as Trustee, Paying Agent, and Security Registrar under the Indenture and reimbursement in full of the expenses, disbursements and advances incurred or made by the Resigning Trustee in its capacity as Trustee, Paying Agent, and Security Registrar in accordance with the provisions of the Indenture.  The Resigning Trustee acknowledges that it relinquishes any lien it may have upon all property or funds held or collected by it to secure any amounts due it.  This Acceptance Agreement does not constitute a waiver or assignment by the Resigning Trustee of any compensation, reimbursement, expenses or indemnity to which it is or may be entitled pursuant to the Indenture.  The Company and the Guarantor acknowledges their joint and several obligation set forth in Section 606(3) of the Indenture to indemnify the Resigning Trustee for, and to hold the Resigning Trustee (including its officers, directors, employees and agents) for, and to hold it harmless against, any loss, damage, claim, liability or expense incurred without negligence or willful misconduct on the part of the Resigning Trustee as determined by a final non-appealable judgment of a court of competent jurisdiction and arising out of or in connection with the Indenture or the Securities, and the transactions contemplated thereby, including the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim (whether asserted by the Company, the Guarantor, or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder or thereunder (including with respect to enforcement of its right to indemnity hereunder).  The Company and the Guarantor each further acknowledge that this obligation shall survive the execution hereof and the termination of the Indenture.

 

4.3      This Acceptance Agreement does not constitute a waiver by any of the parties hereto of any obligation or liability which Resigning Trustee may have incurred in connection with its serving in the capacities of Trustee, Paying Agent, and Security Registrar under the Indenture or an assumption by Successor Trustee of any liability of Resigning Trustee arising out of a breach by Resigning Trustee prior to the Effective Date.  The parties hereto agree that the Successor Trustee, in its individual capacity and in its capacity as Successor Trustee, shall

 

 

bear no responsibility or liability for (i) any actions taken or omitted to be taken by the Resigning Trustee while it served as Trustee, Paying Agent or Security Registrar under the Indenture or (ii) any event, circumstance, condition or action existing prior to the Effective Date, with respect to the Indenture (other than actions of the Successor Trustee in its capacity as Successor Trustee that precede the Effective Date) or the transactions contemplated thereby.  The parties hereto agree that the Resigning Trustee, in its individual capacity and in its capacity as Resigning Trustee, shall bear no responsibility or liability for any actions taken or omitted to be taken by the Successor Trustee as Trustee, Paying Agent or Security Registrar under the Indenture or for any event, circumstance, condition or action existing on or after the Effective Date with respect to the Indenture or the transactions contemplated thereby.

 

4.4          All notices, whether faxed or mailed, will be deemed received when sent pursuant to the following instructions:

 

TO THE COMPANY:

 

Sasol Financing USA LLC, as the Company

12120 Wickchester Lane

Houston, Texas 77079

United States

Telephone No.:  +1 281 588 3000

 

TO THE GUARANTOR:

 

Sasol Limited, as Guarantor

Sasol Place

50 Katherine Street

Sandton 2196

South Africa

Telephone No.:  +27 10 344 6390

Facsimile No.:  +27 11 522 8538

Attention:  Senior Vice President: Legal, Intellectual Property & Regulatory Services

 

TO THE RESIGNING TRUSTEE:

 

Citibank, N.A.

Citi Agency & Trust

388 Greenwich Street

New York, NY 10013

Attention: Danny Lee, Vice President (danny1.lee@citi.com)

 

 

With a copy to:

 

Hinckley Allen & Snyder LLP

28 State Street

Boston, Massachusetts 02109-1775

Attention: Michael J. Tentindo (mtentindo@hinckleyallen.com)

 

TO THE SUCCESSOR TRUSTEE:

 

Wilmington Savings Fund Society, FSB

500 Delaware Avenue

Wilmington, Delaware 19801

Attn: Global Capital Markets

 

With a copy to:

 

Arnold & Porter Kaye Scholer LLP

250 West 55th Street

New York, NY 10019-9710

Attention: Jonathan I. Levine (jonathan.levine@arnoldporter.com)

 

4.5          This Acceptance Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof that would result in the application of laws of any other jurisdiction.

 

4.6          This Acceptance Agreement may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement of Resignation, Appointment and Acceptance to be duly executed, all as of the day and year first above written.

 

	
 
    	
SASOL FINANCING USA   LLC, 
   as Company
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Paul Victor
    
	
 
    	
Name: 
    	
Paul Victor 
    
	
 
    	
Title: 
    	
Authorized Person
    
	
 
    	
 
    
	
 
    	
SASOL LIMITED, 
   as Guarantor
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Paul Victor
    
	
 
    	
Name: 
    	
Paul Victor 
    
	
 
    	
Title: 
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
CITIBANK, N.A.,
    
	
 
    	
as Resigning Trustee
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Danny Lee
    
	
 
    	
Name: 
    	
Danny Lee 
    
	
 
    	
Title: 
    	
Senior Trust Officer
    
	
 
    	
 
    
	
 
    	
WILMINGTON SAVINGS FUND   SOCIETY, FSB,
    
	
 
    	
as Successor Trustee
    
	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Geoffrey J. Lewis
    
	
 
    	
Name: 
    	
Geoffrey J. Lewis 
    
	
 
    	
Title: 
    	
Vice President
    

 

 

EXHIBIT A

 

Documents to be delivered to the Successor Trustee

 

1.                                      Executed copy of Indenture and each amendment and supplemental indenture thereto, if any.

 

2.                                      Copies of the Notes.

 

3.                                      File of closing documents from initial issuance.

 

4.                                      Copies of the most recent of each of the certificates and/or reports delivered by the Company and/or the Guarantor pursuant to Sections 102 and 703 of the Indenture.

 

5.                                      Certified list of Holders, including certificate detail and all “stop transfers” and the reason for such “stop transfers” (or, alternatively, if there are a substantial number of registered Holders, the computer tape reflecting the identity of such Holders).

 

6.                                      Copies of any official notices sent by the Resigning Trustee to all the Holders of the Notes pursuant to the terms of the Indenture during the past twelve months.

 

7.                                      List of any documents which, to the knowledge of the Resigning Trustee, are required to be furnished but have not been furnished to the Resigning Trustee.

 

 

EXHIBIT B

 

NOTICE

 

To the Holders of:

 

Sasol Financing USA LLC

 

(i) $1,500,000,000 5.875% Notes due 2024, Cusip No. 80386WAA3

 

(ii) $750,000,000 6.500% Notes due 2028, Cusip No. 80386WAB1

 

NOTICE IS HEREBY GIVEN, pursuant to Section 608(f) of that certain Indenture, dated as of September 27, 2018 (the “Indenture”), by and among Sasol Financing USA LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (the “Company”), Sasol Limited, a public company with limited liability duly incorporated and existing under the laws of the Republic of South Africa, as Guarantor (the “Guarantor”), and Citibank N.A., a national association (“Citibank”), as Trustee (the “Trustee”), Paying Agent (the “Paying Agent”), and Security Registrar (the “Security Registrar”), relating to the Company’s (i) $1,500,000,000 5.875% Notes due 2024, (ii) $750,000,000 6.500% Notes due 2028 , that Citibank, N.A. has resigned as Trustee, Security Registrar, and Paying Agent under the Indenture.

 

Pursuant to Sections 608(a) and (e) of the Indenture, Wilmington Savings Fund Society, FSB, a federal savings bank organized and existing under the laws of the United States of America has accepted appointment as Trustee, Security Registrar, and Paying Agent under the Indenture.  The address of the corporate trust office of the successor Trustee is 500 Delaware Avenue, Wilmington, Delaware 19801, Attention: Global Capital Markets.

 

Citibank’s resignation as Trustee, Security Registrar, and Paying Agent and the appointment of Wilmington Savings Fund Society, FSB as successor Trustee, Security Registrar, and Paying Agent were effective as [            , 2020].

 

Dated: [           , 2020]

 

	
Wilmington Savings Fund Society, FSB,
    	
 
    
	
as Successor Trustee
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:

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