Document:

EX-4.1.5

 

Exhibit
4.1.5

SUBORDINATED GUARANTY

     THIS SUBORDINATED GUARANTY is made as of this ___day of ___, 200_, by ALCATEL LUCENT, a
French société anonyme (“Guarantor”) in favor of the Guarantied Parties referred to below.

W I T N E S S E T H:

     WHEREAS, Lucent Technologies Inc., a Delaware corporation (the “Issuer”) is the issuer under
an Indenture dated as of June 4, 2003, as supplemented by the First Supplement thereto dated as of
June 4, 2003 and the Second Supplement thereto dated as of November 30, 2006 (as such Indenture may
be further amended, restated, modified or otherwise supplemented, the “Indenture”) with The Bank of
New York as the trustee thereunder (in such capacity, the “Trustee”), pursuant to which the Issuer
issued its 2 3/4% Series A Convertible Senior Debentures due 2023 (the “Series A Debentures”) and its
2 3/4% Series B Convertible Senior Debentures due 2025 (the “Series B Debentures” and together with
the Series A Debentures and any other Series of debentures issued under the Indenture, the
“Debentures”);

     WHEREAS, the Issuer, Guarantor and Aura Merger Sub, Inc., a Delaware corporation and a wholly
owned subsidiary of Guarantor (“Merger Sub”) entered into an Agreement and Plan of Merger dated as
of April 2, 2006 (as such agreement may be amended, restated, supplemented or otherwise modified,
the “Merger Agreement”), pursuant to which Merger Sub merged with and into the Issuer on November
30, 2006, with the Issuer being the surviving corporation (the “Merger”) and upon consummation of
the Merger, the Issuer is a wholly owned subsidiary of Guarantor; and

     WHEREAS, Guarantor and the Issuer are making a consent solicitation (the “Consent
Solicitation”) to amend certain provisions of the Indenture (the “Indenture Amendments”) and in
consideration for the Holders (as herein defined) agreement to the Indenture Amendments, Guarantor
shall, subject to the terms and conditions set forth herein, guaranty the prompt payment and
performance of the Debentures as set forth herein.

     NOW, THEREFORE, in consideration of the premises and in order to induce the Holders to consent
to the Indenture Amendments, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Guarantor hereby agrees as follows:

     1. Definitions. The following defined terms used herein shall, unless the context
otherwise requires, have the meaning specified below for purposes of this Guaranty, the Indenture
and the Debentures. Capitalized terms used herein which are not otherwise defined herein are used
with the meanings ascribed to such terms in the Indenture.

     “Equity Securities” means Capital Stock and all warrants, options or other rights to acquire
Capital Stock (but excluding any debt security that is convertible into, or exchangeable for,
Capital Stock).

 

 

     “Hedging Agreements” means any and all transactions, agreements or documents now existing or
hereafter entered into that provides for an interest rate swap, basis swap, forward rate
transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index
option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, forward transaction, currency swap transaction, cross-currency
rate swap transaction, currency option, or any other similar transaction (including any option with
respect to any of these transactions) or any combination thereof, whether linked to one or more
interest rates, foreign currencies, commodity prices, equity prices, or other financial measures
for the purpose of hedging the a Person’s exposure to fluctuations in interest or exchange rates,
loan, credit exchange, security or currency valuations or commodity prices.

     “Guaranty”
means this Subordinated Guaranty dated as of _______________ ,
200____, as amended,
restated, supplemented or otherwise modified from time to time.

     “Permitted Junior Securities” means (1) Equity Securities of Guarantor or the Issuer or (2)
debt securities that are subordinated to Senior Debt (and any debt securities issued in exchange
for Senior Debt) to substantially the same extent as, or to a greater extent than, the Debentures
and this Guaranty.

     “Senior Debt” means (a) Guarantor’s indebtedness for money borrowed (including indebtedness
secured by a lien on any property or assets of Guarantor), including the principal of, premium, if
any, penalties, reimbursement or indemnification amounts, fees, expenses and accrued and unpaid
interest thereon (including interest accruing on or after the filing of any petition in bankruptcy
or for reorganization relating to the Guarantor, whether or not a claim for such post-petition
interest is allowed in such proceeding), whether outstanding on the date of execution of the
Indenture or thereafter created, incurred or assumed; (b) guaranties by Guarantor of indebtedness
for money borrowed, including the principal of, premium, if any, and accrued and unpaid interest
thereon, by any other Person, whether outstanding on the date of execution of the Indenture or
thereafter created, incurred or assumed; (c) obligations of Guarantor under any agreement to
lease, or lease of, any real personal property (including sale-leaseback transactions), whether
outstanding on the date of execution of the Indenture or thereafter created, incurred or assumed;
(d) obligations of the Guarantor in respect of letters of credit, performance bonds, surety bonds
and similar obligations whether outstanding on the date of execution of the Indenture or thereafter
created; (e) obligations of Guarantor in respect of Hedging Agreements whether outstanding on the
date of execution of the Indenture or thereafter created; (f) modifications, renewals, extensions,
deferrals, refinancings (including any tender premium) and refundings of any such indebtedness,
liabilities or obligations described in (a) through (e) above unless, in the case of any of (a)
through (f) above, the instrument creating or evidencing the same or pursuant to which the same is
outstanding provides that such indebtedness, liabilities or obligations, or such modification,
renewal, extension or refunding thereof, or the Guarantor’s obligations pursuant to such guarantee,
are not senior in right of payment to the Guarantied Obligations or if the instrument creating or
evidencing such indebtedness expressly and specifically provides in the terms thereof that such
indebtedness ranks “pari passu” or

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“junior” to the Guarantied Obligations; (g) indebtedness evidenced by a note, debenture, bond
or other instruments of indebtedness for the payment of which Guarantor is responsible or liable,
by guarantees or otherwise, and such indebtedness is not otherwise covered by clause (a) above,
whether such other indebtedness was outstanding on the date of execution of the Indenture or
thereafter created, incurred or assumed; (h) any other liability or obligation, contingent or
otherwise other than those described in clauses (a) — (e) and (g), of Guarantor and any guarantee,
endorsement or other contingent obligation in respect thereof, whether outstanding on the date of
execution of the Indenture or thereafter created, incurred or assumed; and (i) modifications,
renewals, extensions, deferrals, refinancings (including any tender premium) and refundings of any
indebtedness, liabilities or obligations described in clauses (g) or (h) above, if, in the case of
any of clauses (g), (h) or (i) above, the instrument creating or evidencing the same or pursuant to
which the same is outstanding expressly provides that such indebtedness, liability or obligation is
senior in right of payment to the Guarantied Obligations. Notwithstanding the foregoing, the term
Senior Debt shall not include any indebtedness of Guarantor to any Subsidiary of Guarantor. If any
payment made to any holder of any Senior Debt or its Senior Debt Representative with respect to
such Senior Debt is rescinded or must otherwise be returned by such holder or Senior Debt
Representative upon the insolvency, bankruptcy or reorganization of Guarantor or otherwise, the
reinstated indebtedness of Guarantor arising as a result of such rescission or return shall
constitute Senior Debt effective as of the date of such rescission or return.

     “Senior Debt Representative” means (a) the indenture trustee or other trustee, agent or
representative for holders of Senior Debt or (b) with respect to any Senior Debt that does not have
any such trustee, agent or other representative, (i) in the case of such Senior Debt issued
pursuant to an agreement providing for voting arrangements as among the holders or owners of such
Senior Debt, any holder or owner of such Senior Debt acting with the consent of the required
persons necessary to bind such holders or owners of such Senior Debt and (ii) in the case of all
other such Senior Debt, the holder or owner of such Senior Debt.

     2. Guaranty of Payment.

     (a) Upon the effectiveness of this Guaranty as provided in Section 5 hereof and subject to the
other provisions of this Guaranty, Guarantor hereby unconditionally guaranties to each holder of a
Debenture authenticated and delivered by the Trustee (each a “Holder”) and to the Trustee and its
successors and assigns (collectively, the “Guarantied Parties”), the principal of, premium, if
any, interest on, and all other monetary obligations arising under the Debentures, will be promptly
paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest
on the overdue principal of and interest on the Debentures, if any, if lawful, will be promptly
paid in full, in accordance with the terms hereof and thereof (collectively, the “Guarantied
Obligations”). Failing payment when due of any amount so guarantied for whatever reason upon
receipt of written notice from Trustee of such failure, Guarantor will be obligated to pay the same
immediately. By giving any such written notice, Trustee shall be deemed to have accepted the terms
and conditions of this Guaranty. Guarantor agrees that this is a guarantee of payment and not a
guarantee of

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collection or collectibility. The guaranty provided in this Section 2 is in all respects
subject to, and limited by, the provisions of Section 4 hereof.

     (b) Guarantor hereby agrees that its obligations hereunder are absolute and unconditional,
irrespective of the validity, regularity or enforceability of the Debentures or the Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder with respect to any
provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a guarantor (other than payment of the Guarantied Obligations). Guarantor
hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event
of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the
Issuer, protest, notice and all demands whatsoever and covenant that this Guaranty will not be
discharged except by complete performance of the obligations contained in the Debentures and the
Indenture or payment in full of the Guarantied Obligations.

     (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Issuer, Guarantor or any custodian, trustee, liquidator or other similar official acting in
relation to either the Issuer or Guarantor, any amount paid by either to the Trustee or such
Holder, this Guaranty, to the extent theretofore discharged, will be reinstated in full force and
effect.

     (d) Guarantor agrees that it will not be entitled to any right of subrogation in relation to
the Holders in respect of any Guarantied Obligations until payment in full of all Guarantied
Obligations. Guarantor further agrees that, as between the Guarantor, on the one hand, and the
Holders and the Trustee, on the other hand, (1) the maturity of the Guarantied Obligations may be
accelerated as provided in the Indenture for the purposes of this Guaranty, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect of the Guarantied
Obligations, and (2) in the event of any declaration of acceleration of such obligations as
provided in the Indenture, such obligations (whether or not due and payable) will forthwith become
due and payable by Guarantor for the purpose of this Guaranty.

     3. Limitation on Guarantor Liability. It is intended that this Guaranty not
constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state or
foreign law to the extent applicable to this Guaranty and that the obligations of Guarantor
hereunder will be limited to the maximum amount that will, after giving effect to such maximum
amount and all other contingent and fixed liabilities of Guarantor that are relevant under such
laws, and after giving effect to any collections from, rights to receive contribution from or
payments made by or on behalf of Guarantor in respect of the obligations of Guarantor under this
Guaranty, result in the obligations of Guarantor under this Guaranty not constituting a fraudulent
transfer or conveyance.

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     4. Subordination of Guaranty.

     (a) The Guarantied Obligations shall be subordinated to Senior Debt to the extent set forth in
this Section 4.

     (b) Upon any payment or distribution of the assets or securities to creditors of Guarantor in
a liquidation or dissolution of Guarantor or in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to Guarantor or its property, in an assignment for the
benefit of creditors or any marshaling of Guarantor’s assets and liabilities:

     (1) holders of Senior Debt will be entitled to receive payment in full in cash of all
obligations due in respect of such Senior Debt (including interest after the commencement of any
bankruptcy proceeding at the rate specified in the applicable Senior Debt whether or not a claim
for such interest would be allowed in such proceeding) before the Holders will be entitled to
receive any payment with respect to the Debentures (except that Holders may receive and retain
Permitted Junior Securities), as their interests may appear; and

     (2) until all obligations with respect to Senior Debt (as provided in clause (1) above) are
paid in full in cash, any distribution to which Holders would be entitled but for this Section 4
will be made to holders of Senior Debt (except that Holders may receive and retain Permitted Junior
Securities), as their interests may appear.

     (c) Guarantor shall not make any payment or distribution to the Trustee or any Holder in
respect of the Debentures and shall not acquire from the Trustee or any Holder for cash or property
(other than Permitted Junior Securities) any Debenture or other obligation arising under the
Indenture until all principal and other obligations with respect to the Senior Debt have been paid
in full if:

     (1) a payment default on any Senior Debt occurs and is continuing beyond any applicable grace
period in the agreement, indenture or other document governing such Senior Debt; or

     (2) any other default occurs and is continuing on any series of Senior Debt that permits
holders of that Senior Debt to accelerate its maturity and the Guarantor or the Trustee receives a
notice of such default (a “Payment Blockage Notice”) from the holders of any Senior Debt or any
trustee, agent or other representative thereof. If the Guarantor or the Trustee receives any such
Payment Blockage Notice, no subsequent Payment Blockage Notice will be effective for purposes of
this Section 4(c) unless and until at least 360 days have elapsed since the effectiveness of the
immediately prior Payment Blockage Notice.

     No nonpayment default that existed or was continuing on the date of delivery of any Payment
Blockage Notice to the Guarantor or the Trustee may be, or may be made, the basis for a subsequent
Payment Blockage Notice unless such default has been waived for a period of not less than 90 days.

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     (d) Guarantor may and will resume payments on and distributions in respect of the Debentures
and may acquire them (so long as this Section 4 otherwise permits the payment, distribution or
acquisition at the time of such payment or acquisition) upon the earlier of:

     (1) in the case of a payment default on any Senior Debt, upon the date upon which such default
is cured or waived, or

     (2) in the case of a nonpayment default on any Senior Debt, upon the earlier of the date on
which such nonpayment default is cured or waived or 179 days after the date on which the applicable
Payment Blockage Notice is received, unless the maturity of such Senior Debt has been accelerated.

     (e) By its acceptance of this Guaranty or the acceptance of a Debenture following the
effectiveness of this Guaranty or acceptance of any payment thereunder, Trustee and each Holder
agrees that in the event it receives any payment of any obligations with respect to the Debentures
(other than Permitted Junior Securities) at a time when the Trustee or such Holder, as applicable,
has actual knowledge that such payment is prohibited by Section 4(c) hereof, such payment will be
held by the Trustee or such Holder, in trust for the benefit of, and will be paid forthwith over
and delivered, upon written request, to, the holders of Senior Debt as their interests may appear
or their Senior Debt Representative under the agreement, indenture or other document (if any)
pursuant to which Senior Debt may have been issued, as their respective interests may appear, for
application to the payment of all obligations with respect to Senior Debt remaining unpaid to the
extent necessary to pay such obligations in full in accordance with their terms, after giving
effect to any concurrent payment or distribution to or for the holders of Senior Debt.

     (f) Nothing set forth in this Section 4, and no implied covenants or obligations with respect
to the holders of Senior Debt will be read into the Indenture against the Trustee. The Trustee
will not be deemed to owe any fiduciary duty to the holders of Senior Debt, and will not be liable
to any such holders of Senior Debt if the Trustee pays over or distributes to or on behalf of the
Holders or the Issuer or any other Person money or assets to which any holders of Senior Debt are
then entitled by virtue of this Section 4 shall impose upon Trustee any obligations other than
those expressly provided for herein, except if such payment is made as a result of the willful
misconduct or gross negligence of the Trustee.

     (g) The Guarantor will promptly notify the Trustee of any facts known to the Issuer that would
cause a payment of any obligations with respect to the Debentures to violate this Section 4, but
failure to give such notice will not affect the subordination of the Debentures to the Senior Debt
as provided in this Section 4.

     (h) After all Senior Debt is paid in full and until the Debentures are paid in full, Holders
will be subrogated (equally and ratably with all other indebtedness pari passu with the Debentures)
to the rights of holders of Senior Debt to receive distributions applicable to Senior Debt to the
extent that distributions otherwise payable to the Holders

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have been applied to the payment of Senior Debt. A payment or distribution made under this
Section 4 to holders of Senior Debt that otherwise would have been made to Holders is not, as
between the Issuer and Holders, a payment by the Issuer on the Debentures.

     (i) This Section 4 defines the relative rights of Holders and holders of Senior Debt. Nothing
in the Indenture will:

     (1) impair, as between the Issuer and Holders, the obligation of the Issuer, which is absolute
and unconditional, to pay principal of, premium and interest on, the Debentures in accordance with
their terms;

     (2) affect the relative rights of Holders and creditors of the Issuer other than their rights
in relation to holders of Senior Debt; or

     (3) prevent the Trustee or any Holder from exercising its available remedies upon a Default or
Event of Default, subject to the rights of holders and owners of Senior Debt to receive
distributions and payments otherwise payable to Holders.

If the Issuer fails because of this Section 4 to pay principal of, premium or interest on, a
Debenture on the due date, the failure is still a Default or Event of Default.

     (j) No right of any holder of Senior Debt to enforce the subordination of the obligations
evidenced by the Debentures may be impaired by any act or failure to act by the Issuer or any
Holder or by the failure of the Issuer or any Holder to comply with the Indenture.

     (k) Whenever a distribution is to be made or a notice given to holders of Senior Debt, the
distribution may be made and the notice given to their Senior Debt Representative. Upon any
payment or distribution of assets of the Issuer referred to in this Section 4, the Trustee and the
Holders will be entitled to rely upon any order or decree made by any court of competent
jurisdiction or upon any certificate of such Senior Debt Representative or of the liquidating
trustee or agent or other Person making any distribution to the Trustee or to the Holders for the
purpose of ascertaining the Persons entitled to participate in such distribution, the holders of
the Senior Debt and other indebtedness of Guarantor, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Section 4.

     (l) Notwithstanding the provisions of this Section 4 or any other provision of the Indenture,
the Trustee will not be charged with knowledge of the existence of any facts that would prohibit
the making of any payment or distribution by the Trustee, and the Trustee may continue to make
payments on the Debentures, unless the Trustee has received at least three Business Days prior to
the date of such payment written notice of facts that would cause the payment of any obligations
with respect to the Debentures to violate this Section 4. Only the Issuer or a Senior Debt
Representative may give the notice. Nothing in this Section 4 will impair the claims of, or
payments to, the Trustee under or pursuant to Section 7.07 of

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the Indenture. The Trustee in its individual or any other capacity may hold Senior Debt with
the same rights it would have if it were not Trustee.

     (m) By its acceptance of this Guaranty or the acceptance of a Debenture following the
effectiveness of this Guaranty, each Holder shall be deemed to authorize and direct the Trustee on
such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the
subordination as provided in this Section 4, and appoints the Trustee to act as such Holder’s
attorney-in-fact for any and all such purposes. If the Trustee does not file a proper proof of
claim or proof of debt in the form required in any proceeding referred to in Section 6.09 of the
Indenture at least 30 days before the expiration of the time to file such claim, the Senior Debt
Representatives are hereby authorized to file an appropriate claim for and on behalf of the
Holders.

     (n) The provisions of this Section 4 may not be amended or modified without the prior written
consent of the holders of a majority of all Senior Debt other than clarifying changes or changes
that do not have an adverse impact upon holders of Senior Debt.

     5. Effectiveness of Guaranty.

     (a) The obligations of Guarantor under this Guaranty shall become effective upon execution by
the Guarantor hereof.

     (b) For the avoidance of doubt, upon effectiveness of this Guaranty, (1) Trustee and (2) each
Holder, regardless of whether such Holder affirmatively consented to the Indenture Amendments,
shall be deemed to have accepted this Guaranty on the effective date hereof.

     6. Ranking. This Guaranty constitutes unconditional, unsecured and subordinated
indebtedness of the Guarantor and will rank pari passu without preference among themselves and
(with the exception of indebtedness preferred by law) equally and ratably with all other unsecured
and subordinated present or future indebtedness of the Guarantor for money borrowed or any
guarantee thereof which is not Senior Debt.

     7. Release. Guarantor may be released from this Guaranty upon the sale, transfer or
other disposition, of all or substantially all of the Capital Stock of Issuer or of all or
substantially all of the assets of Issuer to one or more persons or entities who are not either the
Guarantor or a Subsidiary of the Guarantor, whether by sale, merger, recapitalization, dividend or
distribution or similar transaction, which release shall be effective (a) only upon written notice
by the Issuer to the Trustee accompanied by an Officer’s Certificate certifying as to compliance
with this Section 7, and (b) without any further action on the part of the Trustee or any Holder.
Upon any such release in compliance with the above requirements, the Trustee shall deliver an
appropriate instrument evidencing such release. Any actions taken pursuant to this Section 7 shall
not release Issuer as a primary obligor under the Indenture or the Debentures.

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     8. Termination. This Guaranty shall remain in full force and effect until all of the
Guarantied Obligations (other than contingent indemnification obligations to the extent no claim
giving rise thereto shall have been asserted) shall be paid in full (which shall include a
conversion of the Debentures in accordance with the Indenture) and the Indenture shall have been
terminated.

     9. Miscellaneous.

     (a) This Guaranty shall inure to the benefit of the Holders, and their respective successors
and assigns, to the extent such assignments are permitted under the Indenture.

     (b) Captions of the sections of this Guaranty are solely for the convenience of the Holders
and Guarantor, and are not an aid in the interpretation of this Guaranty and do not constitute part
of the agreement of the parties set forth herein.

     (c) If any provision of this Guaranty is unenforceable in whole or in part for any reason
(other than by reason of the failure of one or more conditions precedent set forth in Section 5 not
being satisfied), the remaining provisions shall continue to be effective.

     (d) Guarantor and Trustee (upon Trustee’s giving of written notice regarding any demand
hereunder pursuant to Section 2) hereby irrevocably submits to the non-exclusive jurisdiction of
any United States federal or New York state court sitting in New York in any action or proceeding
arising out of or relating to this Guaranty and Guarantor hereby irrevocably agrees that all claims
in respect of such action or proceeding may be heard and determined in any such court and
irrevocably waives any objection it may now or hereafter have as to the venue of any such suit,
action or proceeding brought in such a court or that such court is an inconvenient forum. Any
judicial proceeding by Guarantor against any Holder or any affiliate thereof involving, directly or
indirectly, any matter in any way arising out of, related to, or connected with this Guaranty shall
be brought only in a court in New York, New York.

     (e) This Guaranty and the transactions evidenced hereby shall be construed under the internal
laws (as opposed to conflict of laws provisions) and decisions of the state of New York.

     (f) Notices. All notices, approvals, requests, demands and other communications
hereunder shall be in writing and delivered by hand or by nationally recognized overnight courier,
or sent by first class mail or sent by telecopy (with such telecopy to be confirmed promptly in
writing sent by first class mail), sent:

	 	 	 
	If to Guarantor, to :

	 	Alcatel Lucent
	 

	 	54, rue La Boétie
	 

	 	75008 Paris
	 

	 	Attention: General Counsel

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	If to Trustee, to :

	 	The Bank of New York
	 

	 	101 Barclay Street, Floor 8W
	 

	 	New York, NY 10286
	 

	 	Attention: Corporate Trust Division—Corporate
	 

	 	Finance Unit

or to such other address or addresses or telecopy number or numbers as any party hereto may most
recently have designated in writing to the other party by such notice. All such communications
shall be deemed to have been given or made (i) if delivered in person, when delivered, (ii) if
delivered by telecopy, on the date of transmission if transmitted on a Business Day before 3:00
p.m. New York time, otherwise on the next Business Day, (iii) if delivered by overnight courier,
two (2) Business Day after delivery to the courier properly addressed and (iv) if mailed, five (5)
Business Days after deposited in the United States mail, certified or registered.

[Signature Page Follows]

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     IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the date first written above.

	 	 	 	 	 
	 	 	ALCATEL LUCENT
	 
	 	 	 	 
	 

	 	By:
	 	                                                            
	 

	 	Name:
	 	                                                            
	 

	 	Title:
	 	                                                            

ACKNOWLEDGED AND AGREED:

LUCENT TECHNOLOGIES INC.

	 	 	 
	By:

	 	                                                            
	Name:

	 	                                                            
	Title:exv4w5

 

EXHIBIT
4.5

Second Amended and Restated

Articles of Incorporation

of

US BioEnergy Corporation

 

Pursuant to Sections 47-1A-1003 and 47-1A-1007

of the

South Dakota Business Corporation Act

 

     Pursuant to Sections 47-1A-1003 and 47-1A-1007 of the South Dakota Business Corporation Act
(the “Act”), the undersigned corporation adopts the following Second Amended and Restated
Articles of Incorporation (the “Articles of Incorporation”), which shall supersede the
original articles of incorporation and all amendments and restatements thereto of the undersigned
corporation:

Article I

     The name of the corporation shall be US BioEnergy Corporation (the “Corporation”).

Article II

     A. The street address of the principal office of the corporation is 5500 Cenex Drive, Mail
Station 175, Inver Grove Heights, Minnesota 55077.

     B. The street address of the initial registered office of the corporation is:

CT Corporation System

319 South Coteau Street

Pierre, SD 57006-2037

     C. The name and address of each incorporator of the Corporation is:

	 	 	 	 	 
	 	 	Name	 	Address
	 

	 	Steven P. Myers	 	1342 Wahpeton Pass
	 

	 	 	 	Brookings, South Dakota 57006
	 

	 	 	 	 
	 

	 	 	 	 
	 

	 	Jill Wilts
	 	326 Main Avenue
	 

	 	 	 	Suite 209
	 

	 	 	 	Brookings, South Dakota 57006

Article III

     The nature of the business of the Corporation and the objects and purposes proposed to be
transacted, promoted and carried on by it are as follows:

 

 

     A. To conduct all activities authorized by law and specifically to develop and thereafter
own and operate sources of energy production and development and to conduct such other activities
as may be connected therewith, and such other business or activities as shall be considered
desirable by the Board of Directors; and

     B. To do each and every act necessary to carry out the purposes and objectives as stated
herein and exercise all powers conferred by the laws of the State of South Dakota on corporations
as provided by the Act or any amendments thereto.

Article IV

     A. Authorized Capital Stock. The total number of shares of stock that the Corporation
shall have authority to issue is 825,000,000 shares of capital stock, consisting of (i) 750,000,000
shares of common stock, par value $0.01 per share (the “Common Stock”), and (ii) 75,000,000
shares of preferred stock, par value $0.01 per share (the “Preferred Stock”).

     B. Preferred Stock. The Board of Directors is hereby expressly authorized to provide
for the issuance of all or any shares of the Preferred Stock in one or more classes or series, and
to fix for each such class or series such voting powers, full or limited, or no voting powers, and
such designations, preferences and relative, participating, optional or other special rights and
such qualifications, limitations or restrictions thereof, as shall be stated and expressed in the
resolution or resolutions adopted by the Board of Directors providing for the issuance of such
class or series, including, without limitation, the authority to provide that any such class or
series may be (i) subject to redemption at such time or times and at such price or prices; (ii)
entitled to receive dividends (which may be cumulative or non-cumulative) at such rates, on such
conditions, and at such times, and payable in preference to, or in such relation to, the dividends
payable on any other class or classes or any other series; (iii) entitled to such rights upon the
dissolution of, or upon any distribution of the assets of, the Corporation; or (iv) convertible
into, or exchangeable for, shares of any other class or classes of stock, or of any other series of
the same or any other class or classes of stock, of the Corporation at such price or prices or at
such rates of exchange and with such adjustments; all as may be stated in such resolution or
resolutions.

     C. Reverse Stock Split. Each share of Common Stock of the Corporation outstanding as
of the date of these Articles of Incorporation shall be converted into 1/4th of a share of Common
Stock. The Corporation shall not be obligated, nor shall it have the right, to repurchase any
fractional shares created as a result of such conversion.

     D. Power to Issue, Sell and Purchase Shares; Share Dividends. Subject to the
requirements of applicable law, the Corporation shall have the power to issue and sell all or any
part of any shares of any class of stock herein or hereafter authorized to such persons, and for
such consideration, as the Board of Directors shall from time to time, in its discretion,
determine, whether or not greater consideration could be received upon the issue or sale of the
same number of shares of another class, and as otherwise permitted by law. Subject to the
requirements of applicable law, the Corporation shall have the power to purchase any shares of any
class of stock herein or hereafter authorized from such persons, and for such consideration, as the
Board of Directors shall from time to time, in its discretion, determine, whether or not less
consideration

2

 

could be paid upon the purchase of the same number of shares of another class, and as
otherwise permitted by law. Subject to the requirements of applicable law, the Corporation shall
have the power to issue shares of one class or series as a share dividend in respect of shares of
another class or series, as the Board of Directors shall from time to time, in its discretion,
determine, and as otherwise permitted by law.

     E. No Preemptive Rights. Except as may otherwise be expressly agreed by the
Corporation, holders of Common Stock and Preferred Stock of the Corporation shall have no
preemptive rights to purchase stock of the Corporation or securities convertible into or carrying a
right to subscribe for or acquire stock of the Corporation.

Article V

     The following provisions are inserted for the management of the business and the conduct of
the affairs of the Corporation, and for further definition, limitation and regulation of the powers
of the Corporation and of its directors and shareholders:

     A. The business and affairs of the Corporation shall be managed by or under the direction of
the Board of Directors.

     B. The Board of Directors shall consist of not less than three (3) nor more than fifteen (15)
members, the exact number of which shall be fixed from time to time by resolution adopted by the
affirmative vote of a majority of the entire Board of Directors. Until increased or decreased as
provided herein, the Board of Directors shall consist of eight (8) members.

     C. The directors shall be divided into three classes, designated Class I, Class II and Class
III. Each class shall consist, as nearly as may be possible, of one-third of the total number of
directors constituting the entire Board of Directors. The initial division of the Board of
Directors into classes shall be made by the decision of the affirmative vote of a majority of the
entire Board of Directors. The term of the initial Class I directors shall terminate on the date
of the 2007 annual meeting; the term of the initial Class II directors shall terminate on the date
of the 2008 annual meeting; and the term of the initial Class III directors shall terminate on the
date of the 2009 annual meeting or, in each case, upon such director’s earlier death, resignation
or removal. At each succeeding annual meeting of shareholders beginning in 2007, successors to the
class of directors whose term expires at that annual meeting shall be elected for a three (3) year
term and until their successors are duly elected and qualified. If the number of directors is
changed, any increase or decrease shall be apportioned among the classes so as to maintain the
number of directors in each class as nearly equal as possible, and any additional director of any
class elected to fill a vacancy resulting from an increase in such class or from the removal from
office, death, disability, resignation or disqualification of a director or other cause shall hold
office for a term that shall coincide with the remaining term of that class, but in no case will a
decrease in the number of directors have the effect of removing or shortening the term of any
incumbent director.

     D. A director shall hold office until the annual meeting for the year in which his or her term
expires and until his or her successor shall be elected and shall qualify, subject, however, to
prior death, resignation, retirement, disqualification or removal from office.

3

 

     E. Subject to the terms of any one or more classes or series of Preferred Stock, any vacancy
on the Board of Directors that results from an increase in the number of directors may only be
filled by a majority of the Board of Directors then in office, provided that a quorum is present,
and any other vacancy occurring on the Board of Directors may only be filled, as long as there is
at least one director in office, by a majority of the Board of Directors then in office, even if
less than a quorum, or by a sole remaining director. Any director of any class elected to fill a
vacancy resulting from an increase in the number of directors of such class shall hold office for a
term that shall coincide with the remaining term of that class. Any director elected to fill a
vacancy not resulting from an increase in the number of directors shall have the same remaining
term as that of his predecessor.

     F. Subject to the rights, if any, of the holders of shares of Preferred Stock then
outstanding, any or all of the directors of the Corporation may be removed from office at any time,
but only for cause and only by the affirmative vote of the holders of at least two-thirds of the
voting power of the Corporation’s then issued and outstanding capital stock entitled to vote
generally at an election of directors of the Corporation. Notwithstanding the foregoing, whenever
the holders of any one or more classes or series of Preferred Stock issued by the Corporation shall
have the right, voting separately by class or series, to elect directors at an annual or special
meeting of shareholders, the election, term of office, filling of vacancies and other features of
such directorships shall be governed by the terms of these Articles of Incorporation applicable
thereto, and such directors so elected shall not be divided into classes pursuant to this
Article V unless expressly provided by such terms.

     G. In addition to the powers and authority hereinbefore or by statute expressly conferred upon
them, the directors are hereby empowered to exercise all such powers and do all such acts and
things as may be exercised or done by the Corporation, subject, nevertheless, to the provisions of
the Act, these Articles of Incorporation, and any Bylaws adopted by the shareholders;
provided, however, that no Bylaws hereafter adopted by the shareholders shall
invalidate any prior act of the directors which would have been valid if such Bylaws had not been
adopted.

Article VI

     To the fullest extent permitted by the laws and statutes of the State of South Dakota as the
same exist or may hereafter be amended, a director of this corporation shall not be held liable to
the corporation or its shareholders for money damages for any action taken, or the failure to take
any action, as a director. Any repeal or modification of this Article VI shall not
adversely affect any right or protection of a director of the Corporation existing at the time of
such repeal or modification with respect to acts or omissions occurring prior to such repeal or
modification.

Article VII

     A. The Corporation shall indemnify its directors and officers to the fullest extent authorized
or permitted by law, as now or hereafter in effect, and such right to indemnification shall
continue as to a person who has ceased to be a director or officer of the Corporation and shall
inure to the benefit of his or her heirs, executors and personal and legal representatives;
provided, however, that, except for proceedings to enforce rights to
indemnification, the

4

 

Corporation shall not be obligated to indemnify any director or officer (or his or her heirs,
executors or personal or legal representatives) in connection with a proceeding (or part thereof)
initiated by such person unless such proceeding (or part thereof) was authorized or consented to by
the Board of Directors. The right to indemnification conferred by this Article VII shall
include the right to be paid by the Corporation the expenses incurred in defending or otherwise
participating in any proceeding in advance of its final disposition.

     B. The Corporation may, to the extent authorized from time to time by the Board of Directors,
provide rights to indemnification and to the advancement of expenses to employees and agents of the
Corporation similar to those conferred in this Article VII to directors and officers of the
Corporation.

     C. The rights to indemnification and to the advancement of expenses conferred in this
Article VII shall not be exclusive of any other right which any person may have or
hereafter acquire under these Articles of Incorporation, the Bylaws of the Corporation, any
statute, agreement, vote of shareholders or disinterested directors or otherwise.

     D. Any repeal or modification of this Article VII shall not adversely affect any
rights to indemnification and to the advancement of expenses of a director or officer of the
Corporation existing at the time of such repeal or modification with respect to any acts or
omissions occurring prior to such repeal or modification.

Article VIII

     A. The books of the Corporation may be kept (subject to any provision contained in the Act)
outside the State of South Dakota at such place or places as may be designated from time to time by
the Board of Directors or in the Bylaws of the Corporation.

     B. Special meetings of the shareholders, for any purpose or purposes, unless otherwise
prescribed by statute, may be called by (i) the Chairman of the Board of Directors, (ii) the Board
of Directors or (iii) written demand, signed, dated and delivered to the Corporation by the holders
of not less than twenty-five percent (25%) of all the outstanding shares of the Corporation
entitled to vote at the meeting, describing the purpose or purposes for which the meeting is to be
held.

Article IX

     To the fullest extent permitted by the South Dakota Domestic Public Corporation Takeover Act
as the same exists or may hereafter be amended (the “Takeover Act”), the Corporation hereby
expressly opts out of Sections 47-33-8 through 47-33-16 of the Takeover Act, inclusive, and such
sections of the Takeover Act shall be inapplicable to the Corporation or to control share
acquisitions of shares of the Corporation.

Article X

     In furtherance and not in limitation of the powers conferred upon it by the laws of the State
of South Dakota, the Board of Directors shall have the power to adopt, amend, alter or repeal the
Corporation’s By-Laws. The affirmative vote of at least a majority of the entire Board

5

 

of Directors shall be required to adopt, amend, alter, change or repeal the Corporation’s Bylaws.
The Corporation’s Bylaws may also be adopted, amended, altered, changed or repealed by the
affirmative vote of the holders of at least two-thirds of the voting power of the Corporation’s
then issued and outstanding capital stock entitled to vote generally at an election of directors of
the Corporation.

Article XI

     The Corporation reserves the right to amend, alter, change or repeal any provision contained
in these Articles of Incorporation in the manner now or hereafter prescribed in these Articles of
Incorporation, the Corporation’s Bylaws or the Act, and all rights herein conferred upon
shareholders are granted subject to such reservation; provided, however, that,
notwithstanding any other provision of these Articles of Incorporation (and in addition to any
other vote that may be required by law), the affirmative vote of the holders of at least two-thirds
of the voting power of the Corporation’s then issued and outstanding capital stock entitled to vote
generally at an election of directors of the Corporation shall be required to amend, alter, change
or repeal, or to adopt any provision inconsistent with Articles V, VIII, IX
and X of these Articles of Incorporation or this Article XI.

******

6

 

     In Witness Whereof, the Corporation has caused these Second Amended and Restated
Articles of Incorporation to be executed on its behalf this
8th day
of December, 2006.

	 	 	 	 	 	 	 	 	 
	 	 	US BioEnergy Corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Gregory S. Schlicht	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Gregory S. Schlicht	 	 
	 

	 	 	 	Title:
	 	Vice President, General Counsel	 	 
	 

	 	 	 	 	 	and Corporate Secretary	 	 

7

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