Document:

Exhibit 4.2

 

 

Item 6: Resolution on the Authorization to Issue Stock Options, to Create Conditional Capital and to Amend the Articles of Association Accordingly

 

The management board and the supervisory board propose to resolve the following:

 

(1)                                 The management board is authorized to grant, with the supervisory board’s consent, option rights (the “Stock Options”) for up to 372,000 registered no-par value shares in the Company (the “Shares”) to employees and members of the management board of the Company and of companies in which the Company directly or indirectly holds a majority shareholding (the “Affiliated Companies”) (collectively the “Beneficiaries”) in several tranches until December 31, 2026. In the event that members of the Company’s management board are Beneficiaries, the supervisory board shall be authorized to grant the Stock Options.

 

A total of up to 186,000 of the Stock Options (i.e. 50% of the Stock Options) may be granted to members of the Company’s management board, a total of up to 37,200 (i.e. 10% of the Stock Options) to members of the management board of Affiliated Companies and a total of up to 148,800 (i.e. 40% of the Stock Options) to employees of the Company and of Affiliated Companies. Beneficiaries who belong to more than one of the above-mentioned groups shall only be granted Stock Options as a member of one group and only from such portion of the Stock Options which shall be granted to that respective group. The Company’s management board, or, if members of the Company’s management board are affected, the supervisory board, shall determine the individual Beneficiaries and the number of Stock Options to be granted to them. For the purpose of the settlement of the stock option plan, the Stock Options may also totally or partially be issued to a trustee for account of the respective Beneficiary or transferred by the Beneficiary to a trustee.

 

The Stock Options will exclusively be granted to the Beneficiaries in the following yearly periods which have a duration of two weeks each (each a “Grant Period”):

 

One Grant Period shall commence on the day following the annual general meeting, one Grant Period shall commence on the day following the publication of the annual financial statements and further Grant Periods shall each commence on the days

 

	
voxeljet AG

Am Silbermannpark 1b |
    	
 
    	
Vorstand | Management Board: Dr. Ingo Ederer,   Rudolf Franz
    	
 
    	
Bankhaus Hafner

IBAN DE63 7203 0227 0041 5340 09
    
	
86161 Augsburg | Germany

Tel. +49 821 7483-100
    	
 
    	
Vorsitzender des Aufsichtsrates | Chairman of the Supervisory   Board: Peter Nietzer
    	
 
    	
Swift Code: ANHODE77XXX

HypoVereinsbank
    
	
Fax +49 821 7483-111

info@voxeljet.de | www.voxeljet.com
    	
 
    	
Sitz | Registered office: Augsburg

Amtsgericht | Local court Augsburg: HRB 27999
    	
 
    	
IBAN DE09 7202 0070 0335 936272

Swift Code HYVEDEMM408
    
	
 
    	
 
    	
Ust-IdNr. | VAT ID: DE 290474018
    	
 
    	
 
    

 

3

 

following the publication of the interim financial statements (six months’ report and/or quarterly reports) of the Company.

 

The Stock Options may only be exercised upon expiration of a minimum period of four years after their respective granting (the “Waiting Period”). The option terms may also provide for a graduated exercise of the Stock Options in individual tranches and/or a vesting being subject to a time schedule or the occurrence of events (including an accelerated vesting, e.g. in case of a change of control). The Stock Options have a term of up to ten years from the date of their respective granting.

 

The exercise of the Stock Options shall only be permissible during the following periods (each an “Exercise Period”): One Exercise Period shall in each case commence upon expiration of the second trading day following the publication of the interim financial statements of a financial quarter and end at the close of trading 15 days prior to the expiration of the current financial quarter. If the Exercise Period falls within a period in which the Company offers its shareholders to subscribe to new shares as a result of a capital increase, the respective Exercise Period shall commence on the bank working day following the end of the subscription period. The management board shall be authorized to define such Exercise Periods further, including but not limited to shorten such Exercise Periods to facilitate a bulk issuance of Shares.

 

The Stock Options may only be exercised after expiration of the Waiting Period, if the stock exchange price of the Shares, or the stock exchange price of the American Depositary Receipts (“ADRs”) representing the Shares, exceeded the Strike Price (as defined hereinafter) on at least 90 consecutive trading days by a total of at least 20% in the period between the granting of the Stock Options and the start of the respective Exercise Period in which the Stock Options are to be exercised (the “Performance Hurdle”). Should the Performance Hurdle for the exercise of Stock Options not be achieved in an Exercise Period, the Stock Options for which the relevant Waiting Period has expired may be exercised in any of the following Exercise Periods provided the Performance Hurdle is achieved in such Exercise Period. Stock Options for which the Waiting Period has expired and which are not exercised in the respective Exercise Period despite the achieved Performance Hurdle may be exercised in a subsequent Exercise Period even if the Performance Hurdle has not been achieved in such subsequent Exercise Period.

 

4

 

Stock Options can be partially exercised in an Exercise Period. Besides the achievement of the Performance Hurdle, the option terms may contain further requirements for the total or partial exercise of Stock Options.

 

One Stock Option allows the acquisition of one Share in the Company. Upon exercise of the Stock Options, a strike price for each Share is to be paid for each exercised Stock Option. The strike price shall equal the closing price of a Share in any trading system on the last trading day prior to the issuance of the Stock Options (the “Strike Price”). Closing price within the above meaning shall also be the closing price of an ADR listed on an international stock exchange multiplied by the number of ADRs representing one Share.

 

The option terms may provide for an adjustment of the Strike Price and/or the Performance Hurdle in cases of a capital increase including subscription rights, a capital increase from the Company’s funds, a reclassification of the share capital (a “Share Split”), a capital decrease and an extra dividend during the year and the term of the Stock Options. In cases of a capital increase from the Company’s funds, a Share Split or capital decrease, the option terms may stipulate that the number of the subscription rights and the Strike Price as well as the Performance Hurdle are adjusted correspondingly in proportion to the increase or decrease, respectively, in the number of the Shares. In cases of a capital increase including subscription rights or an extra dividend, the Strike Price and/or the Performance Hurdle may be adjusted in accordance with the impact the respective measures has on the stock exchange price of the Share or the ADRs representing such Share. The respective impact shall be calculated in accordance with mathematical valuation methods and be finally determined by an expert opinion from an auditing firm or an investment bank.

 

The Stock Options are not transferable.

 

The management board is authorized to stipulate, with the supervisory board’s consent, the further details of the option terms as regards the legal consequences of a termination of the Beneficiary’s employment relationship with the Company or with an Affiliated Company. Furthermore, the option terms may provide for special provisions in the case of the Beneficiary’s retirement, occupational disability or incapacity to work as well as in case of death. Should members of the Company’s management board be affected, the supervisory board shall stipulate such provisions.

 

5

 

In cases of, for example, withdrawal, close of facilities or business units, takeover or integration of the Company or squeeze out, the option terms may provide for special provisions, including but not limited to the adjustment of the option terms, cancellation of the Stock Options for compensation or an obligation to exercise the Stock Options without undue delay and/or during a limited period of time.

 

The option terms may also contain a provision that the Beneficiary shall not receive Shares in the Company from the conditional capital resolved pursuant to clause 2 in case of the exercise of the Stock Options but shall instead receive treasury shares in the Company. The option terms may also provide that, at the Company’s option, the Beneficiary shall not receive Shares in case of the exercise of the Stock Options but shall instead receive the equivalent consideration in cash.

 

The management board is authorized to stipulate, with the supervisory board’s consent, the further details of the option terms as well as the issuance and terms of the subscription shares and the technical requirements and proceedings of the conversion into ADRs for a sale on the stock exchange. The management board is furthermore authorized to limit, with the supervisory board’s consent, the group of Beneficiaries and to grant Stock Options to selected groups of employees only.

 

(2)                                 The Company’s share capital shall be conditionally increased by up to EUR 372,000.00 (in words: three hundred seventy-two thousand euro) by issuing up to 372,000 (in words: three hundred seventy-two thousand) registered no-par value shares. The conditional capital increase shall only be carried out to the extent that stock options granted until December 31, 2026 on the basis of the authorization of the general meeting of May 31, 2016 are exercised. The new shares issued on the basis of subscription rights from stock options shall confer an entitlement to dividends for the entire financial year in which the exercise of the option right became effective.

 

(3)                                 The following wording shall be added to the articles of association in Section 6:

 

“Sec. 6

 

Conditional Capital

 

The Company’s share capital is conditionally increased by up to EUR 372,000.00 (in words: three hundred seventy-two thousand euro) by issuing up to 372,000 (in words: three hundred seventy-two thousand) registered no-par value shares. The conditional

 

6

 

capital increase shall only be carried out to the extent that stock options granted until December 31, 2026 on the basis of the authorization of the general meeting of May 31, 2016 are exercised. The new shares issued on the basis of subscription rights from stock options shall confer an entitlement to dividends for the entire financial year in which the exercise of the option right became effective (Conditional Capital I).”

 

7Exhibit 4.1

 

Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York Corporation (“DTC”), to the Company or
its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

	Certificate No.:  1	CUSIP No.:  637432NM3
	ISIN No.:  US637432NM30	 
	PRINCIPAL AMOUNT:  $450,000,000	 
	MATURITY DATE:  April 25, 2022	 
	ISSUE DATE:  April 25, 2017		CERTIFICATE INTEREST RATE: 2.40%

  

2.40% COLLATERAL TRUST BOND DUE 2022

 

National Rural Utilities Cooperative Finance
Corporation, a District of Columbia cooperative association (hereinafter called the “Company”, which term includes
any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of $450,000,000 on the Maturity Date set forth above; and to pay interest
thereon from the Issue Date set forth above at the Certificate Interest Rate set forth above, until the principal hereof is paid
or made available for payment.

 

Interest on the Bonds will be payable on April
25 and October 25 of each year commencing on October 25, 2017 to the persons in whose names such Bonds are registered at the close
of business on the fifteenth calendar day preceding the payment date, or if not a Business Day, the next succeeding Business Day.
Interest on the Bonds will accrue from and including the date of issue or from and including the last date in respect of which
interest has been paid, as the case may be, to, but excluding, the relevant interest payment date, date of

 

     

     

    

redemption or the date of maturity, as the case may be. Interest
on the Bonds will be computed on the basis of a 360-day year of twelve 30-day months.

 

If any of the interest payment dates or the
maturity date falls on a day that is not a Business Day, the payment of interest or principal will be postponed to the next succeeding
Business Day, but the payment made on such dates will be treated as being made on the date payment was first due and the holders
of the Bonds will not be entitled to any further interest or other payments with respect to such postponements.

 

Reference is hereby made to the further provisions
of this Bond set forth on the reverse hereof which further provisions shall for all purposes have the same effect as if set forth
at this place.

 

Unless the certificate of authentication hereon
has been executed by or on behalf of U.S. Bank National Association, as Trustee under the Indenture, or its successor thereunder,
by manual signature, this Bond shall not be entitled to any benefit under such Indenture, or be valid or obligatory for any purpose.

 

     

     

    

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed under its corporate seal.

 

 

	 	NATIONAL RURAL UTILITIES
 COOPERATIVE FINANCE CORPORATION	 
		 	 	 
	 	 	 	 
	 	By:		 
	 	 	J. Andrew Don	 
	 	 	Senior Vice President and	 
	 	 	Chief Financial Officer	 

 

 

(Seal)

 

 

Attest:

 

 

By: ___________________________________

Assistant Secretary-Treasurer

 

 

Trustee’s Certificate of

Authentication

This is one of the Bonds

of the series designated therein,

described in the within-

mentioned Indenture

  

Dated:

 

 

By: U.S. BANK NATIONAL ASSOCIATION,

 Trustee

 

By: ___________________________________

Authorized
Officer

 

     

     

    

 

REVERSE OF BOND

 

This Bond is one of an authorized issue of
Bonds of the Company known as its “2.40% Collateral Trust Bonds due 2022”, issued and to be issued in one or more series
under, and all equally and ratably secured (except as any sinking or other fund may afford additional special security for the
Bonds of any particular series) by, an Indenture dated as of October 25, 2007 (as amended, supplemented and modified and in effect
from time to time, the “Indenture”), executed by the Company to U.S. Bank National Association, as Trustee (herein
called the “Trustee”, which term includes any successor Trustee under the Indenture), to which Indenture reference
is hereby made for a description of the nature and extent of the securities and other property assigned, pledged, transferred and
mortgaged thereunder the rights of the Holders of said Bonds and of the Trustee and of the Company in respect of such security,
and the terms upon which said Bonds are to be authenticated and delivered.

 

The principal amount of the Bonds, designated
on the face hereof as $450,000,000 may be increased from time to time pursuant to Section 2.03 of the Indenture. All Bonds need
not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuance of
additional Bonds. Any such additional Bonds will have the same terms and conditions and the same CUSIP number as set forth herein.
No Bonds shall be authenticated and delivered in excess of the principal amount so increased except in accordance with the Indenture.
No additional Bonds shall be authenticated and delivered unless such additional Bonds would be fungible with all Bonds for United
States federal income tax purposes.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Bonds under the Indenture at any time by the Company with the

 

     

     

    

consent of the Holders of not less than a majority in aggregate
principal amount of the Bonds at the time Outstanding as defined in the Indenture. The Indenture also permits, without the consent
of the holders of any Bonds, the parties to any Mortgage Notes pledged under the Indenture, and any Mortgages or Loan Agreements
pursuant to which they were issued, to modify, alter, supplement or amend such Mortgage Notes, Mortgages and Loan Agreements, so
long as thereafter such Mortgage will comply with the requirements of the Company’s standard lending practices, as such policies
may be amended from time to time. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Bonds at the time Outstanding, on behalf of the Holders of all Bonds, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holder of this Bond shall be binding upon such Holder and upon all future Holders of this Bond and of any Bond issued upon
the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such action is made upon this Bond.

 

As provided in the Indenture, said Bonds are
issuable in series which may vary as in said Indenture provided or permitted. This Bond is one of a series entitled 2.40% Collateral
Trust Bonds due 2022.

 

The Company may redeem the Bonds at any time,
prior to March 25, 2022, in whole or in part, at a “make-whole” redemption price equal to the greater of (1) 100% of
the principal amount being redeemed or (2) the sum of the present values of the remaining scheduled payments of the principal and
interest (other than accrued interest) on the Bonds being redeemed that would be due if such Bonds matured on March 25, 2022, discounted
to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the

 

     

     

    

Treasury Rate plus 12.5 basis points for the Bonds, plus in
each of (1) and (2) above, accrued interest to, but excluding, the redemption date.

 

At any time on or after March 25, 2022, the
Company may redeem the Bonds, at its option, in whole or in part, at a redemption price equal to 100% of the principal amount of
the Bonds then outstanding to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date.

 

If the Company elects to redeem less than
all of the Bonds, and such Bonds are at the time represented by a global security, then the depositary will select by lot the particular
interest to be redeemed. If the Company elects to redeem less than all of the Bonds, and such Bonds are not represented by a global
security, the particular Bonds to be redeemed shall be selected by the Trustee from the outstanding Bonds not previously called
for redemption, in a manner the Trustee deems appropriate and fair.

 

Notice of any redemption will be mailed at
least 30 days but not more than 60 days before the date of redemption to each holder of the Bonds to be redeemed. Unless the Company
defaults in payment of the redemption price, on and after the date of redemption, interest will cease to accrue on such Bonds or
the portions called for redemption.

 

If an Event of Default, as defined in the
Indenture, shall occur, the principal of this Bond may become or be declared due and payable immediately, in the manner and with
the effect provided in the Indenture.

 

This Bond is transferable by the registered
owner hereof in person or by attorney authorized in writing at the office or agency of the Company in the Borough of Manhattan,
City and State of New York or any other place or places where such Bond may be paid, upon surrender of this Bond, and upon any
such transfer a new Bond for the same series, for the same aggregate principal amount, will be issued to the transferee in exchange
hereof.

 

     

     

    

The Bonds of this series are issuable only
as registered Bonds without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided
in, and subject to the provisions of, the Indenture, Bonds of this series are exchangeable for other Bonds of this series of any
authorized denominations, of a like aggregate principal amount, as requested by the Holder surrendering the same.

 

No service charge will be made for any such
transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment for transfer at any
office or agency of the Company designated for such purpose, the Company, the Trustee and any agent of the Company or the Trustee
may treat the person in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as herein provided
and for all other purposes whether or not this Bond be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

 

No reference herein to the Indenture and no
provision of this Bond or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of, and interest on this Bond at the times, place and rate, and in the coin or currency, herein prescribed.

 

The following terms shall have the following
meanings:

 

“Business Day” means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in the Borough of Manhattan, City and
State of New York are authorized by law to close.

 

“Comparable Treasury Issue’’
means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining
term of

 

     

     

    

the Bonds being redeemed (assuming, for this purpose, that the
Bonds matured on March 25, 2022) that would be utilized, at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Bonds.

 

“Comparable Treasury Price’’
means with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for the redemption date,
after excluding the highest and lowest Reference Treasury Dealer Quotations for that redemption date, or (B) if the Company obtains
fewer than four Reference Treasury Dealer Quotations, the average of all the Reference Treasury Dealer Quotations obtained.

 

“Independent Investment Banker’’
means one of the Reference Treasury Dealers appointed by the trustee after consultation with the Company.

 

“Reference Treasury Dealer’’
means (1) each of J.P. Morgan Securities LLC and Mizuho Securities USA LLC,
or their respective affiliates or successors; provided, however, that if any of them ceases to be a primary U.S. Government securities
dealer in the United States, the Company will appoint another primary U.S. Government securities dealer as a substitute, (2) one
primary U.S. Government securities dealer selected by each of KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey, Inc.
and (3) any other U.S. Government securities dealers selected by the Company.

 

“Reference Treasury Dealer Quotations’’
means, for each Reference Treasury Dealer and any redemption date, the average, as determined by the trustee, of the bid and ask
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to
the Trustee by the Reference Treasury Dealer at 5:00 p.m. New York City time on the third business day preceding the redemption
date for the bonds being redeemed.

 

     

     

    

“Treasury Rate’’ means,
for any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for the redemption date.

 

All terms used in this Bond which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

 

 

 

     

     

    

 

ASSIGNMENT

 

For value received the undersigned sells,
assigns and transfers unto (name, address including zip code and taxpayer I.D. or Social Security number of assignee)

 

 

 

___________________________________________________________
the within Certificate and does hereby irrevocably constitute and appoint

 

__________________________________________________________________
attorney to transfer the said Certificate on the books kept for

 

registration thereof with full power of substitution on the
premises.

 

  

Dated: _______________________

  

 

_____________________________

Signature by or on behalf of Assignor

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]