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EXHIBIT 4.13

 

ENGLISH LANGUAGE SUMMARY OF THE MATERIAL PROVISIONS OF THE

CONTRACT FOR THE SUBSCRIPTION OF SHARES

OF PASA PARTICIPAÇÕES S.A.,

DATED AS OF JANUARY 25, 2011,

AMONG BRATEL BRASIL S.A., PASA PARTICIPAÇÕES S.A., ANDRADE GUTIERREZ TELECOMUNICAÇÕES LTDA. AND, AS INTERVENING PARTIES, PORTUGAL TELECOM, SGPS S.A., TELEMAR PARTICIPAÇÕES S.A., AG TELECOM PARTICIPAÇÕES S.A. AND LUXEMBURGO PARTICIPAÇÕES S.A.

 

·                  Issue of Shares, Price, and Waiver of Preemptive Rights:  Pasa Participações S.A. (the “Issuer”), with the consent of Andrade Gutierrez Telecomunicações Ltda. (“AG Telecomunicações”), who waived its preemptive right to subscribe for shares of the Issuer, agreed to issue, and Bratel Brasil S.A. (the “Acquirer”), an affiliate of Portugal Telecom, agreed to subscribe, 148,131,391 ordinary shares of the Issuer, or 30.31% of its resulting voting and total share capital after such share issue, for a total consideration of R$1,370,000,001.48, or R$9.24854612 per share. In accordance with the contract, the proceeds from the payment of such new shares were used directly and indirectly by the Issuer and its subsidiaries, AG Telecom Participações S.A. and Luxemburgo Participações S.A., to fund their investments in CTX Participações S.A., Telemar Participações S.A. (“TmarPart”), Tele Norte Leste Participações S.A. (“TNLP”) and/or Telemar Norte Leste S.A. (“Telemar”) in the context of the implementation of the strategic partnership between Portugal Telecom and Oi.  The subscription was subject to a number of conditions, including the concurrent acquisitions and/or subscriptions of shares of the Issuer, EDSP75 Participações S.A., TmarPart, TNLP and Telemar so as to guarantee that the Acquirer would hold a minimum direct and indirect interest in Telemar of 22.38%.

 

·                  Indemnification:  AG Telecomunicações agreed to indemnify the Acquirer, among certain other circumstances, for liabilities arising from breaches of representations and warranties, certain liabilities of the Issuer stemming from facts, acts or omissions that took place up to the date of the closing (other than those identified in the applicable financial statements) and dispossession of or defects in the title to the shares. AG Telecomunicações’ indemnification obligation is limited to a five-year period and it is capped at the subscription price (except with respect to breach of certain representations and warranties and the dispossession of or defects in the title to the shares which shall follow their respective statute of limitation and it is not subject to a cap).  The Acquirer agreed to indemnify AG Telecomunicações for breaches of representations and warranties relating to the Acquirer.

 

·                  Representations, Warranties and Agreements:  The contract contained customary representations, warranties and agreements typical of merger and acquisition transactions.

 

·                  Termination:  The contract allowed the Acquirer and AG Telecomunicações to terminate it under specified circumstances.  It also provides for automatic termination in certain extraordinary circumstances, such as bankruptcy of any of the parties.  The agreement was not terminated, and the transaction closed on March 28, 2011.

 

·                  Governing Law and Dispute Resolution:  The agreement is governed by Brazilian law.  Any dispute under the agreement is to be resolved through arbitration in Brazil.

 

Portugal Telecom will provide a copy of the Portuguese language agreement to the Staff of the Securities and Exchange Commission upon request.EXHIBIT 4.14

 

ENGLISH LANGUAGE SUMMARY OF THE MATERIAL PROVISIONS OF THE

CONTRACT FOR THE PURCHASE AND SALE OF SHARES,

DATED AS OF JANUARY 25, 2011,

BETWEEN LA FONTE TELECOM  S.A. AND BRATEL BRASIL S.A.

AND, AS INTERVENING PARTIES, EDSP75 PARTICIPAÇÕES S.A., LF TEL S.A. AND PORTUGAL TELECOM, SGPS S.A.

 

·                  Sale of Shares and Price:  La Fonte Telecom S.A. (the “Seller”) agreed to sell to Bratel Brasil S.A. (the “Buyer”), an affiliate of Portugal Telecom, 45,096,035 ordinary shares, or 4.69% of the voting and total share capital of EDSP75 Participações S.A. (“EDSP75”), the parent company of LF TEL S.A., a shareholder of Telemar Participações S.A. (“TmarPart”), for R$212,142,540.57.  The sale was subject to a number of conditions, including the concurrent acquisitions and/or subscriptions of shares of Pasa Participações S.A., EDSP75, TmarPart, Tele Norte Leste Participações S.A. and Telemar Norte Leste S.A. (“Telemar”) so as to guarantee that the Buyer would hold a minimum direct and indirect interest in Telemar of 22.38%.

 

·                  Indemnification:  The Seller agreed to indemnify the Buyer for liabilities arising from breaches of representations and warranties, certain liabilities of EDSP75 and LF TEL S.A. emerging from facts, acts or omissions that took place up to the date of the closing (other than those identified in the applicable financial statements) and dispossession of or defects in the title to the shares. The Seller’s indemnification obligation is limited to a five-year period and it is capped at the acquisition price (except with respect to breach of certain representations and warranties and the dispossession of or defects in the title to the shares which shall follow their respective statute of limitation and it is not subject to a cap).  The Buyer agreed to indemnify the Seller for breaches of representations and warranties relating to the Buyer.

 

·                  Representations, Warranties and Agreements:  The contract contained customary representations, warranties and agreements typical of merger and acquisition transactions.

 

·                  Termination:  The contract allowed the Buyer and the Seller to terminate it under specified circumstances.  It also provides for automatic termination in certain extraordinary circumstances, such as bankruptcy of any of the parties.  The agreement was not terminated, and the transaction closed on March 28, 2011.

 

·                  Governing Law and Dispute Resolution:  The agreement is governed by Brazilian law.  Any dispute under the agreement is to be resolved through arbitration in Brazil.

 

Portugal Telecom will provide a copy of the Portuguese language agreement to the Staff of the Securities and Exchange Commission upon request.EXHIBIT 4.15

 

ENGLISH LANGUAGE SUMMARY OF THE MATERIAL PROVISIONS OF THE

CONTRACT FOR THE SUBSCRIPTION OF SHARES

OF EDSP75 PARTICIPAÇÕES S.A.,

DATED AS OF JANUARY 25, 2011,

AMONG BRATEL BRASIL S.A., EDSP75 PARTICIPAÇÕES S.A., LA FONTE TELECOM S.A. AND, AS INTERVENING PARTIES, PORTUGAL TELECOM, SGPS S.A., TELEMAR PARTICIPAÇÕES S.A., AND LF TEL S.A.

 

·                  Issue of Shares, Price, and Waiver of Preemptive Rights:  EDSP75 Participações S.A. (the “Issuer”), with the consent of La Fonte Telecom S.A. (“La Fonte”), who waived its preemptive right to subscribe for shares of the Issuer, agreed to issue, and Bratel Brasil S.A. (the “Acquirer”), an affiliate of Portugal Telecom, agreed to subscribe, 291,226,681 ordinary shares of the Issuer, or 30.31% of its resulting voting and total share capital after such share issue, for a total consideration of R$1,370,000,000.88, or R$4.70423931 per share. In accordance with the contract, the proceeds from the payment of such new shares were used directly and indirectly by the Issuer and its subsidiary, LF TEL S.A., to fund their investments in CTX Participações S.A., Telemar Participações S.A. (“TmarPart”), Tele Norte Leste Participações S.A. (“TNLP”) and/or Telemar Norte Leste S.A. (“Telemar”) in the context of the implementation of the strategic partnership between Portugal Telecom and Oi.  The subscription was subject to a number of conditions, including the concurrent acquisitions and/or subscriptions of shares of the Issuer, EDSP75 Participações S.A., TmarPart, TNLP and Telemar so as to guarantee that the Acquirer would hold a minimum direct and indirect interest in Telemar of 22.38%.

 

·                  Indemnification: La Fonte agreed to indemnify the Acquirer, among certain other circumstances, for liabilities arising from breaches of representations and warranties, certain liabilities of the Issuer emerging from facts, acts or omissions that took place up to the date of the closing (other than those identified in the applicable financial statements) and dispossession of or defects in the title to the shares. La Fonte’s indemnification obligation is limited to a five-year period and is capped at the subscription price (except with respect to breach of certain representations and warranties and the dispossession of or defects in the title to the shares which shall follow their respective statute of limitation and it is not subject to a cap).  The Acquirer agreed to indemnify La Fonte for breaches of representations and warranties relating to the Acquirer.

 

·                  Representations, Warranties and Agreements:  The contract contained customary representations, warranties and agreements typical of merger and acquisition transactions.

 

·                  Termination:  The contract allowed the Acquirer and La Fonte Telecom S.A. to terminate it under specified circumstances.  It also provides for automatic termination in certain extraordinary circumstances, such as bankruptcy of any of the parties.  The agreement was not terminated, and the transaction closed on March 28, 2011.

 

·                  Governing Law and Dispute Resolution:  The agreement is governed by Brazilian law.  Any dispute under the agreement is to be resolved through arbitration in Brazil.

 

Portugal Telecom will provide a copy of the Portuguese language agreement to the Staff of the Securities and Exchange Commission upon request.EXHIBIT 4.16

 

ENGLISH LANGUAGE SUMMARY OF THE MATERIAL PROVISIONS OF THE

CONTRACT FOR THE PURCHASE AND SALE OF SHARES AND OF PREEMPTIVE RIGHTS FOR THE SUBSCRIPTION OF SHARES OF TELEMAR PARTICIPAÇÕES S.A.,

DATED AS OF JANUARY 25, 2011,

AMONG CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL — PREVI, FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL — PETROS, FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS — FUNCEF, BRATEL BRASIL S.A. AND, AS INTERVENING PARTIES, TELEMAR PARTICIPAÇÕES S.A. AND PORTUGAL TELECOM, SGPS S.A.

 

·                  Sale of Shares, Preemptive Rights for the Subscription of Shares, and Price: Caixa de Previdência dos Funcionários do Banco do Brasil — Previ (“Previ”), Fundação Petrobras de Seguridade Social — Petros (“Petros”), Fundação dos Economiários Federais — Funcef (“Funcef”) (the “Sellers”) agreed to sell to Bratel Brasil S.A. (the “Buyer”) an affiliate of Portugal Telecom, a total of 180,948,253 ordinary shares of Telemar Participações S.A. (“TmarPart”) for a consideration of R$737,871,788.54, or R$4.07780554 per share, and the preemptive rights for the subscription of 61,489,069 ordinary shares of TmarPart for a consideration of R$325,751,191.17.  The sale was subject to a number of conditions, including the concurrent acquisitions and/or subscriptions of shares of Pasa Participações S.A., EDSP75 Participações S.A., TmarPart, Tele Norte Leste Participações S.A. and Telemar Norte Leste S.A. (“Telemar”) so as to guarantee that the Buyer would hold a minimum direct and indirect interest in Telemar of 22.38%.

 

·                  Indemnification:  The Sellers agreed to indemnify the Buyer for breaches of representations and warranties relating to the Sellers and to the ownership of the shares, as well as for default of any obligation undertaken by the Sellers under the contract.  The Buyer agreed to indemnify the Sellers for breaches of representations and warranties relating to the Buyer and default of any obligation undertaken by the Buyer under the contract.

 

·                  Representations, Warranties and Agreements:  The contract contained representations and warranties relating to the Sellers and to the ownership of the shares.

 

·                  Termination:  The agreement allowed the Buyer and the Sellers to terminate the agreement under specified circumstances.  It also provides for automatic termination in certain extraordinary circumstances, such as bankruptcy of any of TmarPart and/or of Buyer. The agreement was not terminated, and the transaction closed on March 28, 2011.

 

·                  Governing Law and Dispute Resolution:  The agreement is governed by Brazilian law.  Any dispute under the agreement is to be resolved through arbitration in Brazil.

 

Portugal Telecom will provide a copy of the Portuguese language agreement to the Staff of the Securities and Exchange Commission upon request.

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