Document:

Exhibit
4.14

 

 

Imperial Tobacco Overseas B.V.

(Incorporated
with limited liability in The Netherlands with registered number 33299523)

 

Imperial Tobacco Finance PLC

(Incorporated
with limited liability in England and Wales with registered number 3214426)

 

€10,000,000,000

Debt
Issuance Programme

Irrevocably
and unconditionally guaranteed by

 

Imperial Tobacco Group PLC

(Incorporated
with limited liability in England and Wales wilh registered number 3236483)

This Offering Circular
amends, restates and supersedes the offering circular dated 1st July 2003.
Any Notes issued after the date hereof under the Debt Issuance Programme
described in this Offering Circular (the “Programme”) are issued subject to the
provisions set out herein. This Offering Circular will not be effective in
respect of any Notes issued under the Programme prior to the date hereof.

 

Under the Programme, Imperial
Tobacco Overseas B.V. and Imperial Tobacco Finance PLC (each an “Issuer” and
together, the “Issuers”) subject to compliance with all relevant laws,
regulations and directives, may from time to time issue debt securities (the “Notes”)
guaranteed by Imperial Tobacco Group PLC (the “Guarantor”). The aggregate
nominal amount of Notes outstanding will not at any time exceed €10,000,000,000
(or the equivalent in other currencies).

 

Application has been made to
the Financial Services Authority in its capacity as competent authority under
the Financial Services and Markets Act 2000 (the “UK Listing Authority”) for
Notes issued within 12 months of this Offering Circular to be admitted to the
official list of the UK Listing Authority (the “Official List”) and to the
London Stock Exchange plc (the “London Stock Exchange”) for such Notes to be
admitted to trading on the London Stock Exchange’s market for listed
securities. Admission to the Official List together with admission to trading
on the London Stock Exchange’s market for listed securities constitutes
official listing on a stock exchange. However, unlisted Notes may be issued
pursuant to the Programme. The relevant Pricing Supplement (as defined on page
4) in respect of the issue of any Notes will specify whether or not such Notes
will be listed on the Official List and admitted to trading on the London Stock
Exchange’s market for listed securities (or any other stock exchange).

 

Copies of this document,
which comprises listing particulars approved by the UK Listing Authority in
relation to listed Notes to be issued during the period of 12 months from the
date of this Offering Circular, have been delivered for registration to the
Registrar of Companies in England and Wales as required by Section 83 of
the Financial Services and Markets Act 2000.

 

Each Series (as defined on
page 4) of Notes in bearer form will be represented on issue by a temporary
global note in bearer form (each a “temporary Global Note”) or a permanent
global note in bearer form (each a “permanent Global Note”). Notes in
registered form will be represented by registered certificates (each a “Certificate”),
one Certificate being issued in respect of each Noteholder’s entire holding of
Registered Notes of one Series. Global Notes and Certificates may be deposited
on the issue date with a common depositary on behalf of Euroclear Bank
S.A./N.V., as operator of the Euroclear System (“Euroclear”) and Clearstream
Banking, société anonyme (“Clearstream, Luxembourg”). The provisions governing
the exchange of interests in Global Notes for other Global Notes and definitive
Notes are described in “Summary of Provisions Relating to the Notes while in
Global Form”.

 

Arranger

JPMorgan

 

Dealers

 

	
  ABN AMRO

  	
   

  	
   

  	
   

  	
  Bayerische
  Landesbank

  
	
  BNP PARIBAS

  	
   

  	
   

  	
   

  	
  Citigroup

  
	
  Commerzbank Securities

  	
   

  	
   

  	
   

  	
  Deutsche
  Bank

  
	
  HSBC

  	
   

  	
   

  	
   

  	
  ING
  Financial Markets

  
	
  JPMorgan

  	
   

  	
  The Royal Bank of Scotland

  	
   

  	
  WestLB

  

 

2  June 2004Exhibit 10.1

 

VOTING AGREEMENT

 

VOTING AGREEMENT, dated as of March 20, 2005
(this “Agreement”), among the shareholders listed on the signature page(s)
hereto (collectively, the “Shareholders” and each individually, a “Shareholder”),
Pinnacle Systems, Inc., a California corporation (the “Company”) and Avid
Technology, Inc., a Delaware corporation (the “Buyer”).  Capitalized terms used and not otherwise
defined herein shall have the respective meanings assigned to them in the
Merger Agreement referred to below.

 

WHEREAS, as of the date hereof, the Shareholders own
of record and beneficially the shares of capital stock of the Company set forth
on Schedule I hereto (such shares, or any other voting or equity of
securities of the Company hereafter acquired by any Shareholder prior to the
termination of this Agreement, being referred to herein collectively as the “Shares”);

 

WHEREAS, concurrently with the execution of this
Agreement, the Buyer and the Company are entering into an Agreement and Plan of
Merger, dated as of the date hereof (the “Merger Agreement”), pursuant to
which, upon the terms and subject to the conditions thereof, a subsidiary of
the Buyer will be merged with and into the Company, and the Company will be the
surviving corporation (the “Merger”); and

 

WHEREAS, as a condition to the willingness of the
Buyer to enter into the Merger Agreement, the Buyer has required that the
Shareholders agree, and in order to induce the Buyer to enter into the Merger
Agreement the Shareholders are willing, to enter into this Agreement.

 

NOW, THEREFORE, in consideration of the foregoing and
the mutual covenants and agreements contained herein, and intending to be
legally bound hereby, the parties hereby agree, severally and not jointly, as
follows:

 

Section 1.                                            Voting of Shares.

 

(a)                                  Each
Shareholder covenants and agrees that until the termination of this Agreement
in accordance with the terms hereof, at the Company Shareholders Meeting or any
other meeting of the shareholders of the Company, however called, and in any
action by written consent of the shareholders of the Company, such Shareholder
will vote, or cause to be voted, all of such Shareholder’s respective Shares
(a) in favor of the approval of the principal terms of the Merger contemplated
by the Merger Agreement, as the Merger Agreement may be modified or amended
from time to time in a manner not adverse to the Shareholders, and (b) against
any other Acquisition Proposal or Alternative Transaction.

 

(b)                                 Each
Shareholder hereby irrevocably grants to, and appoints, the Buyer, and any
individual designated in writing by it, and each of them individually, as his
or her proxy and attorney-in-fact (with full power of substitution), for and in
his or her name, place and stead, to vote such Shareholder’s Shares at any meeting
of the shareholders of the Company called with respect to any of the matters
specified in, and in accordance and consistent with, this Section 1.  Each Shareholder understands and acknowledges
that the Buyer is entering into the Merger Agreement in reliance upon the
Shareholder’s execution and delivery of this Agreement.  Each Shareholder hereby affirms that the
irrevocable proxy set forth in this Section 1(b) is given in

 

 

connection with the execution of
the Merger Agreement, and that such irrevocable proxy is given to secure the
performance of the duties of such Shareholder under this Agreement.  Except as otherwise provided for herein, each
Shareholder hereby (i) affirms that the irrevocable proxy is coupled with an
interest and may under no circumstances be revoked, (ii) ratifies and
confirms all that the proxies appointed hereunder may lawfully do or cause to
be done by virtue hereof and (iii) affirms that such irrevocable proxy is
executed and intended to be irrevocable in accordance with the provisions of Section 705
of the California General Corporation Law. 
Notwithstanding any other provisions of this Agreement, the irrevocable
proxy granted hereunder shall automatically terminate upon the termination of
this Agreement.

 

Section 2.                                            Transfer of Shares.  Each Shareholder covenants and agrees that
such Shareholder will not directly or indirectly (i) sell, assign, transfer,
pledge, encumber or otherwise dispose of any of the Shares, (ii) deposit any of
the Shares into a voting trust or enter into a voting agreement or arrangement
with respect to the Shares or grant any proxy or power of attorney with respect
thereto that is inconsistent with this Agreement or (iii) enter into any
contract, option or other arrangement or undertaking with respect to the direct
or indirect sale, assignment, transfer or other disposition of any Shares;
provided, however, that notwithstanding the foregoing a Shareholder may
transfer Shares or agree to transfer Shares by testamentary disposition,
interspousal disposition pursuant to a domestic relations proceeding or
otherwise by operation of law, provided that in each such case the transferee
agrees in writing to be bound by this Agreement.

 

Section 3.                                            Representations and
Warranties of the Shareholders.  Each
Shareholder on his or her own behalf hereby severally represents and warrants
to the Buyer with respect to such Shareholder and such Shareholder’s ownership
of the Shares as follows:

 

(a)                                  Ownership
of Shares.  The Shareholder
beneficially owns all of the Shares as set forth on Schedule I hereto and
has good and marketable title to such Shares, free and clear of any claims,
liens, encumbrances and security interests whatsoever.  The Shareholder owns no shares of Company
Common Stock other than the Shares as set forth on Schedule I hereto.  The Shareholder has sole voting power,
without restrictions, with respect to all of the Shares.

 

(b)                                 Power,
Binding Agreement.  The Shareholder
has the legal capacity and all requisite power and authority to enter into and
perform all of his or her obligations under this Agreement.  This Agreement has been duly and validly
executed and delivered by the Shareholder and constitutes a valid and binding
obligation of the Shareholder, enforceable against the Shareholder in
accordance with its terms.

 

(c)                                  No
Conflicts.  The execution and
delivery of this Agreement do not, and the consummation of the transactions
contemplated hereby will not, conflict with or result in any violation of, or
default (with or without notice or lapse of time, or both) under, or give rise
to a right of termination, cancellation or acceleration of any obligation or to
loss of a material benefit under, any provision of any loan or credit
agreement, note, bond, mortgage, indenture, lease or other agreement, instrument,
permit, concession, franchise, license, judgment, order, decree, statute, law,
ordinance, rule or regulation applicable to the Shareholder, the Shares or any
of the Shareholder’s properties or assets. 
Except as expressly contemplated hereby, the Shareholder is not a party
to, and the Shares are not subject to or bound in any manner by, any contract
or

 

2

 

agreement relating to the Shares, including without limitation, any
voting agreement, option agreement, purchase agreement, shareholders’
agreement, partnership agreement or voting trust. Except for the expiration or
termination of the waiting period under the HSR Act and informational filings
with the Securities and Exchange Commission, no consent, approval, order or
authorization of, or registration, declaration or filing with, any court,
administrative agency or commission or other governmental authority or
instrumentality, domestic, foreign or supranational, is required by or with
respect to the Shareholder in connection with the execution and delivery of
this Agreement or the consummation by the Shareholder of the transactions
contemplated hereby.

 

Section 4.                                            No Solicitation.  Prior to the termination of this
Agreement in accordance with its terms, each Shareholder agrees, in his or her
individual capacity as a shareholder of the Company, that he or she (i) will
not, nor will he or she authorize or permit any of his or her employees, agents
and representatives to, directly or indirectly, (a) solicit, initiate or
intentionally encourage any inquiries or the making of any Acquisition
Proposal, (b) enter into any agreement with respect to any Acquisition Proposal
or (c) participate in any discussions or negotiations regarding, or furnish to
any person any information with respect to, or take any other action to facilitate
any inquiries or the making of any proposal or offer that constitutes, or could
reasonably be expected to lead to, any Acquisition Proposal, and (ii) will notify the Buyer as soon as possible
if any such inquiries or proposals are received by, any information or
documents is requested from, or any negotiations or discussions are sought to
be initiated or continued with, him or her or any of his or her affiliates.

 

Section 5.                                            Termination.  This Agreement shall terminate upon the first
to occur of:

 

(i)                                     the Effective Time;

 

(ii)                                  written notice of termination of this Agreement by the Buyer
to the Shareholders; or

 

(iii)                               the
date of termination of the Merger Agreement; provided that no such termination
shall relieve any party of liability for a willful breach hereof prior to
termination.

 

Section 6.                                            Specific Performance.  The parties hereto agree that irreparable
damage would occur in the event any provision of this Agreement was not
performed in accordance with the terms hereof and that the parties shall be
entitled to specific performance of the terms hereof, in addition to any other
remedy at law or in equity.

 

Section 7.                                            Fiduciary Duties.  Each Shareholder is signing this Agreement
solely in such Shareholder’s capacity as an owner of such Shareholder’s
respective Shares, and nothing herein shall prohibit, prevent or preclude such
Shareholder from taking or not taking any action in such Shareholder’s capacity
as an officer or director of the Company to the extent permitted by the Merger
Agreement.

 

Section 8.                                            Consent and Waiver.  Each Shareholder hereby gives any consents or
waivers that are reasonably required for the consummation of the Merger under
the terms of any

 

3

 

agreement to which such Shareholder is a party or pursuant
to any rights such Shareholder may have in his or her capacity as a Shareholder
of the Company.

 

Section 9.                                            Miscellaneous.

 

(a)                                  Entire
Agreement.  This Agreement constitutes
the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings, both
written and oral, between the parties with respect thereto. This Agreement may
not be amended, modified or rescinded except by an instrument in writing signed
by each of the parties hereto.

 

(b)                                 Severability.  If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any rule of
law, or public policy, all other conditions and provisions of this Agreement
shall nevertheless remain in full force and effect.  Upon such determination that any term or
other provision is invalid, illegal or incapable of being enforced, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the parties as closely as possible to the fullest extent
permitted by applicable law in a mutually acceptable manner in order that the
terms of this Agreement remain as originally contemplated to the fullest extent
possible.

 

(c)                                  Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of
California without regard to the principles of conflicts of law thereof.

 

(d)                                 Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument.

 

(e)                                  Notices.  All notices and other communications
hereunder shall be in writing and shall be deemed duly delivered (i) three
business days after being sent by registered or certified mail, return receipt
requested, postage prepaid, or (ii) one business day after being sent for next
business day delivery, fees prepaid, via a reputable nationwide overnight
courier service, in each case to the intended recipient as set forth below:

 

(i)                                     if to a Shareholder in care of the Company at the address
set forth below;

 

(ii)                                  if to the Buyer to:

 

Avid Technology,
Inc.

Avid Technology Park

One Park West

Tewksbury, MA 01876

Attn:                    General
Counsel

Telecopy:  (978) 851-7216

 

4

 

with
a copy to:

 

Wilmer Cutler
Pickering Hale and Dorr LLP

60 State Street

Boston, MA 02109

Attn:                    David A.
Westenberg, Esq.

Jay E. Bothwick, Esq.

Facsimile: (617)
526-5000

 

(iii)                               if
to the Company to:

 

Pinnacle Systems,
Inc.

280 North Bernardo
Avenue 

Mountain View, CA 94043

Attn:                    Chief
Executive Officer

Facsimile:  (650) 930-2424

 

with
a copy to:

 

DLA Piper Rudnick
Gray Cary US LLP

2000 University
Avenue

East Palo Alto, CA
94303

Attn:                    Gregory M.
Gallo, Esq.

Diane Holt Frankle, Esq.

Facsimile: (650)
833-2001

 

(f)                                    No
Third Party Beneficiaries.  This
Agreement is not intended, and shall not be deemed, to confer any rights or
remedies upon any person other than the parties hereto and their respective
successors and permitted assigns, to create any agreement of employment with
any person or to otherwise create any third-party beneficiary hereto.

 

(g)                                 Assignment.  Neither this Agreement nor any of the rights,
interests or obligations under this Agreement may be assigned or delegated, in
whole or in part, by operation of law or otherwise by any of the parties hereto
without the prior written consent of the other parties, and any such assignment
without such prior written consent shall be null and void, except that the
Buyer may assign this Agreement to any direct or indirect wholly owned
subsidiary of the Buyer without the consent of the Company or the Shareholders,
provided that the Buyer shall remain liable for all of its obligations under
this Agreement.  Subject to the preceding
sentence, this Agreement shall be binding upon, inure to the benefit of, and be
enforceable by, the parties hereto and their respective successors and permitted
assigns.

 

(h)                                 Interpretation.  When reference is made in this Agreement to a
Section, such reference shall be to a Section of this Agreement, unless
otherwise indicated.  The headings
contained in this Agreement are for convenience of reference only and shall not
affect in any way the meaning or interpretation of this Agreement.  The language used in this Agreement shall be
deemed to be the language chosen by the parties hereto to express their mutual
intent, and no rule of strict construction shall be applied against any
party.  Whenever the context may require,

 

5

 

any pronouns used in this
Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular form of nouns and pronouns shall include the plural, and vice
versa.  Any reference to any federal,
state, local or foreign statute or law shall be deemed also to refer to all
rules and regulations promulgated thereunder, unless the context requires
otherwise.  Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to
be followed by the words “without limitation.” 
No summary of this Agreement prepared by the parties shall affect in any
way the meaning or interpretation of this Agreement.

 

(i)                                     Submission
to Jurisdiction.  Each of the parties
to this Agreement (i) consents to submit itself to the personal
jurisdiction of any state or federal court sitting in the State of California
in any action or proceeding arising out of or relating to this Agreement or any
of the transactions contemplated by this Agreement, (ii) agrees that all
claims in respect of such action or proceeding may be heard and determined in
any such court, (iii) agrees that it will not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from any such court
and (iv) agrees not to bring any action or proceeding arising out of or
relating to this Agreement or any of the transactions contemplated by this
Agreement in any other court.  Each of
the parties hereto waives any defense of inconvenient forum to the maintenance
of any action or proceeding so brought and waives any bond, surety or other
security that might be required of any other party with respect thereto.  Any party hereto may make service on another
party by sending or delivering a copy of the process to the party to be served
at the address and in the manner provided for the giving of notices in Section 9(e).  Nothing in this Section, however, shall
affect the right of any party to serve legal process in any other manner
permitted by law.

 

(j)                                     WAIVER
OF JURY TRIAL.  EACH OF THE BUYER,
THE COMPANY AND EACH SHAREHOLDER HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE BUYER, THE COMPANY OR
EACH SHAREHOLDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND
ENFORCEMENT OF THIS AGREEMENT.

 

 

[remainder of page left blank intentionally]

 

6

 

IN WITNESS WHEREOF, each of the parties hereto has
caused this Agreement to be signed individually or by its respective duly
authorized officer as of the date first written above.

 

 

	
   

  	
  PINNACLE SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patti S. Hart

  	
   

  
	
   

  	
  Name:  Patti
  S. Hart

  
	
   

  	
  Title: President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AVID TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul J. Milbury

  	
   

  
	
   

  	
  Name: Paul J. Milbury

  
	
   

  	
  Title: Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
  SHAREHOLDERS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Patti S. Hart

  	
   

  
	
   

  	
  Patti S. Hart

  
	
   

  	
   

  
	
   

  	
  /s/ Ajay Chopra

  	
   

  
	
   

  	
  Ajay Chopra

  
	
   

  	
   

  
	
   

  	
  /s/ Mary Dotz

  	
   

  
	
   

  	
  Mary Dotz

  
	
   

  	
   

  
	
   

  	
  /s/ Scott E. Martin

  	
   

  
	
   

  	
  Scott E. Martin

  
	
   

  	
   

  
	
   

  	
  /s/ L. Gregory Ballard

  	
   

  
	
   

  	
  L. Gregory
  Ballard

  
	
   

  	
   

  
	
   

  	
  /s/ Robert J. Finocchio, Jr.

  	
   

  
	
   

  	
  Robert J.
  Finocchio, Jr.

  
	
   

  	
   

  
	
   

  	
  /s/ L. William Krause

  	
   

  
	
   

  	
  L. William
  Krause

  
	
   

  	
   

  
	
   

  	
  /s/ John C. Lewis

  	
   

  
	
   

  	
  John C. Lewis

  
	
   

  	
   

  
	
   

  	
  /s/ Harry Motro

  	
   

  
	
   

  	
  Harry Motro

  
														

 

7

 

Schedule I

 

	
   

  	
   

  	
  Number of Shares

  	
   

  	
  Number of Shares

  	
   

  	
   

  	
   

  
	
  Shareholder Name

  	
   

  	
  Underlying Options

  	
   

  	
  of Common Stock

  	
   

  	
  Total

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Patti S. Hart

  	
   

  	
  775,000

  	
   

  	
  3,101

  	
   

  	
  778,101

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ajay Chopra

  	
   

  	
  759,000

  	
   

  	
  165,033

  	
   

  	
  924,033

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Mary Dotz

  	
   

  	
  200,000

  	
   

  	
  0

  	
   

  	
  200,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Scott E. Martin

  	
   

  	
  230,000

  	
   

  	
  0

  	
   

  	
  230,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  L. Gregory Ballard

  	
   

  	
  91,000

  	
   

  	
  5,000

  	
   

  	
  96,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Robert J. Finocchio, Jr.

  	
   

  	
  60,000

  	
   

  	
  0

  	
   

  	
  60,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  L. William Krause

  	
   

  	
  130,000

  	
   

  	
  0

  	
   

  	
  130,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  John C. Lewis

  	
   

  	
  125,000

  	
   

  	
  15,000

  	
   

  	
  140,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Harry Motro

  	
   

  	
  80,000

  	
   

  	
  0

  	
   

  	
  80,000

  	
   

  

 

8

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