Available in a number of formats. Google Book Search has a large number of copyright-expired books that can be read online or downloaded in PDF format. Not very easy to link to, unfortunately. On the "Recherche" search section, use the "Recherche libre" search book field to find "Kelvin" or "Thomson". If you know the name of the work, you can find it with that.
Cornell University: Making of America — A searchable collection of scanned books and journals from 19th century America. Some reprinted Kelvin pieces to be found, mostly in the journal The Manufacturer and Builder. These qualitative judgments related primarily to the differing sizes, growth prospects, profitability levels and degree of operational risk between Maxwell and the companies included in the selected company analysis. Based upon these judgments, Barclays selected a range of 1. The following summarizes the result of these calculations:. Selected Precedent Transaction Analysis.
Barclays reviewed and compared the purchase prices paid and implied financial multiples in selected other transactions that Barclays, based on its experience with merger and acquisition transactions in the energy storage and battery industry, deemed relevant. Barclays chose such transactions based on, among other things, the similarity of the applicable target companies in the transactions to Maxwell with respect to the size, mix, margins and other characteristics of their businesses.
Table of Contents The following table sets forth the transactions analyzed based on such characteristics and the results of such analysis:. The results of the selected precedents analysis section are summarized below:. The reasons for and the circumstances surrounding each of the selected precedent transactions analyzed were diverse and there are inherent differences in the business, operations, financial conditions and prospects of Maxwell and the companies included in the selected precedent transaction analysis.
Accordingly, Barclays believed that a purely quantitative selected precedent transaction analysis would not be particularly meaningful in the context of considering the proposed transaction. Barclays therefore made qualitative judgments concerning differences between the characteristics of the selected precedent transactions and the proposed transaction which would affect the acquisition values of the selected target companies and Maxwell.
Discounted Cash Flow Analysis. In order to estimate the present value of Maxwell common stock, Barclays performed a discounted cash flow analysis of Maxwell. The range of discount rates of Other Factors. Barclays also reviewed and considered other factors, which were not considered part of its financial analyses in connection with rendering its advice, but were references for informational purposes, including, among other things, the Historical Share Price Analysis and Transaction Premium Analysis described below. Historical Share Price Analysis. Transaction Premium Analysis.
The results of this transaction premium analysis are summarized below:.
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Table of Contents General. Barclays is an internationally recognized investment banking firm and, as part of its investment banking activities, is regularly engaged in the valuation of businesses and their securities in connection with mergers and acquisitions, investments for passive and control purposes, negotiated underwritings, competitive bids, secondary distributions of listed and unlisted securities, private placements and valuations for estate, corporate and other purposes.
Barclays is acting as financial advisor to Maxwell in connection with the proposed transaction. Barclays has performed various investment banking and financial services for Maxwell, Tesla and their affiliates in the past, and expect to perform such services in the future, and have received, and expect to receive, customary fees for such services. Barclays, its subsidiaries and its affiliates engage in a wide range of businesses from investment and commercial banking, lending, asset management and other financial and non-financial services.
Table of Contents Expiration of the Offer. No extension will impair, limit or otherwise restrict the right of the parties to terminate the merger agreement pursuant to its terms. The Offeror expressly reserves the right to waive any offer condition or modify the terms of the offer, except that the Offeror may not make certain changes to the offer or waive certain conditions to the offer without the prior.
Table of Contents written consent of Maxwell which may be granted or withheld in its sole discretion. The Offeror will effect any extension, termination, amendment or delay of the offer by giving oral or written notice to the exchange agent and by making a public announcement as promptly as practicable thereafter. In the case of an extension, any such announcement will be issued no later than a. If the Offeror materially changes the terms of the offer or the information concerning the offer, or if the Offeror waives a material condition of the offer, in each case, subject to the terms and conditions of the merger agreement, the Offeror will extend the offer to the extent legally required under the Exchange Act.
Tesla has retained Computershare Trust Company, N. Upon the terms and subject to the satisfaction or waiver of the conditions of the offer including, if the offer is extended or amended in accordance with the merger agreement, the terms and conditions of any such extension or amendment , the Offeror will accept for exchange, and will exchange, Maxwell shares validly tendered and not validly withdrawn in the offer, promptly after the expiration of the offer. For purposes of the offer, the Offeror will be deemed to have accepted for exchange Maxwell shares validly tendered and not validly withdrawn if and when it notifies the exchange agent of its acceptance of those Maxwell.
Table of Contents shares pursuant to the offer. The exchange agent will deliver to the applicable Maxwell stockholders any Tesla shares issuable in exchange for Maxwell shares validly tendered and accepted pursuant to the offer promptly after receipt of such notice.
The exchange agent will act as the agent for tendering Maxwell stockholders for the purpose of receiving Tesla shares from the Offeror and transmitting such Tesla shares to the tendering Maxwell stockholders. Any Maxwell stockholder that validly withdraws previously validly tendered Maxwell shares will receive shares of the same class of Maxwell common stock that were tendered.
For the withdrawal of Maxwell shares to be effective, the exchange agent must receive a written notice of withdrawal from the Maxwell stockholder at one of the addresses set forth elsewhere in this document prior to the expiration of the offer. A financial institution must guarantee all signatures on the notice of withdrawal, unless the shares to be withdrawn were tendered for the account of an eligible institution. Most banks, savings and loan associations and brokerage houses are able to provide signature guarantees.
If certificates have been delivered or otherwise identified to the exchange agent, the name of the registered holder and the serial numbers of the particular certificates evidencing the shares withdrawn must also be furnished to the exchange agent, as stated above, prior to the physical release of such certificates. The Offeror will decide all questions as to the form and validity including time of receipt of any notice of withdrawal in its sole discretion, and its decision will be final and binding.
None of the Offeror, Tesla, Maxwell, the exchange agent, the information agent or any other person is under any duty to give notification of any defects or irregularities in any tender or notice of withdrawal or will incur any liability for failure to give any such notification. Any shares validly withdrawn will be deemed not to have been validly tendered for purposes of the offer. Table of Contents Procedure for Tendering. To validly tender Maxwell shares held of record, Maxwell stockholders must:. The Offeror is not providing for guaranteed delivery procedures and therefore Maxwell stockholders who hold their shares through a DTC participant must allow sufficient time for the necessary tender procedures to be completed during normal business hours of DTC prior to the expiration date.
If the Maxwell certificates for shares are registered in the name of a person other than the person who signs the letter of transmittal, or if payment is to be made or delivered to, or a share certificate not accepted for exchange or not tendered including any certificate for unexchanged shares is to be issued in the name of, a person other than the registered holder s , the certificates must be endorsed or accompanied by appropriate stock powers, in either case signed exactly as the name or names of the registered owner or owners appear on the certificates, with the signature or signatures on the stock powers guaranteed by an eligible institution.
The method of delivery of Maxwell certificates and all other required documents, including delivery through DTC, is at the option and risk of the tendering Maxwell stockholder, and delivery will be deemed. Table of Contents made only when actually received by the exchange agent. If delivery is by mail, the Offeror recommends registered mail with return receipt requested and properly insured. In all cases, Maxwell stockholders should allow sufficient time to ensure timely delivery.
To prevent U. Certain stockholders including, among others, certain foreign persons are not subject to these backup withholding requirements. In order for a Maxwell stockholder that is a foreign person to qualify as an exempt recipient for purposes of U. The acceptance for payment by the Offeror of Maxwell shares pursuant to any of the procedures described above will constitute a binding agreement between the Offeror and the tendering Maxwell stockholder upon the terms and subject to the conditions of the offer including, if the offer is extended or amended in accordance with the merger agreement, the terms and conditions of any such extension or amendment.
The Offeror is not providing for guaranteed delivery procedures, and therefore Maxwell stockholders must allow sufficient time for the necessary tender procedures to be completed prior to the expiration date. If Maxwell stockholders hold shares through a DTC participant, such stockholders must allow sufficient time for the necessary tender procedures to be completed during normal business hours of DTC prior to the expiration date. Maxwell stockholders must tender their Maxwell shares in accordance with the procedures set forth in this document.
That appointment is effective, and voting rights will be effected, when and only to the extent that the Offeror accepts tendered Maxwell shares for exchange pursuant to the offer and deposits with the exchange agent the offer consideration for such Maxwell shares. Furthermore, the letter of transmittal will not constitute a binding agreement between the signatory thereto and the Offeror until the Offeror accepts tendered Maxwell shares for exchange pursuant to the offer and deposits with the exchange agent the offer consideration for such Maxwell shares. All such proxies, when effective, will be considered coupled with an interest in the tendered Maxwell shares and therefore will not be revocable.
Upon the effectiveness of such appointment, all prior powers of attorney and proxies that the Maxwell stockholder has given will be revoked, and such stockholder may not give any subsequent powers of attorney or proxies and, if given, they will not be deemed effective. However, prior to acceptance for exchange by the Offeror in accordance with terms of the offer, the appointment will not be effective, and the Offeror will have no voting rights as a result of the tender of Maxwell shares.
Tendering registered Maxwell stockholders who tender Maxwell shares directly to the exchange agent will not be obligated to pay any charges or expenses of the exchange agent or any brokerage commissions. Tendering Maxwell stockholders who hold Maxwell shares through a broker, dealer, commercial bank, trust company or other nominee should consult that institution as to whether or not such institution will charge the Maxwell stockholder any service fees in connection with tendering Maxwell shares pursuant to the offer. The Offeror will determine questions as to the validity, form, eligibility including time of receipt and acceptance for exchange of any tender of Maxwell shares, in its sole discretion, and its determination will be final and binding to the fullest extent permitted by law.
The Offeror reserves the absolute right to reject any and all tenders of Maxwell shares that it determines is not in the proper form or the acceptance of or exchange for which may be unlawful. The Offeror also reserves the absolute right to waive any defect or irregularity in the tender of any Maxwell shares. No tender of Maxwell shares will be deemed to have been validly made until all defects and irregularities in tenders of such shares have been cured or waived. None of the Offeror, Tesla, Maxwell or any of their affiliates or assigns, the exchange agent, the information agent or any other person will be under any duty to give notification of any defects or irregularities in the tender of any Maxwell shares or will incur any liability for failure to give any such notification.
Maxwell stockholders who have any questions about the procedure for tendering Maxwell shares in the offer should contact the information agent at the address and telephone number set forth elsewhere in this document. The exchange ratio will be fixed at the close of business on the second trading day prior to the expiration date of the offer. Tesla will announce the number of shares of Tesla common stock to be exchanged for each Maxwell share by issuing a press release no later than a. If the offer is extended, Tesla will recalculate this information based on the later expected final expiration date and announce the new exchange ratio in a similar manner.
Tesla will announce the final results of the offer, including whether all of the conditions to the offer have been satisfied or waived and whether the Offeror will accept the tendered Maxwell shares for exchange, as promptly as practicable following the expiration date. The announcement will be made by a press release in accordance with applicable securities laws and stock exchange requirements. The offer, as the first step in the acquisition of Maxwell, is intended to facilitate the acquisition of Maxwell. Accordingly, if the offer is completed and as a second step in such plan, pursuant to the terms and subject to the.
Table of Contents conditions of the merger agreement, Tesla intends to promptly consummate a merger of the Offeror with and into Maxwell, with Maxwell surviving the merger, subject to the terms and conditions of the merger agreement. In the merger, each outstanding Maxwell share that was not acquired by Tesla or the Offeror in the offer will be converted into the right to receive the offer consideration.
The Offeror believes that Rule 13e-3 will not be applicable to the merger because it is anticipated that the merger will be effected within one year following the consummation of the offer and, in the merger, stockholders will receive the same consideration as that paid in the offer. In connection with the offer, Tesla has reviewed and will continue to review various possible business strategies that it might consider in the event that the Offeror acquires control of Maxwell, whether pursuant to the offer, the merger or otherwise. Delisting and Termination of Registration.
Following consummation of the transactions, shares of Maxwell common stock will no longer be eligible for inclusion on the Nasdaq Global Market and will be withdrawn from listing. Assuming that Maxwell qualifies for termination of registration under the Exchange Act after the transactions are consummated, Tesla also intends to seek to terminate the registration of shares of Maxwell common stock under the Exchange Act.
Board of Directors and Management; Organizational Documents. Upon consummation of the merger, the directors of the Offeror immediately prior to the consummation of the merger will be the directors of Maxwell, as the surviving corporation in the merger, and the officers of Maxwell. Table of Contents immediately prior to the consummation of the merger will be the officers of Maxwell, as the surviving corporation in the merger. Upon consummation of the merger, the certificate of incorporation and bylaws of the Offeror as in effect immediately prior to the effective time of the merger will be the certificate of incorporation and bylaws of Maxwell, as the surviving corporation in the merger.
Each Tesla share has one vote. Effect of the Offer on the Market for Maxwell Shares. The purchase of shares of Maxwell common stock by the Offeror pursuant to the offer will reduce the number of holders of shares of Maxwell common stock and the number of shares of Maxwell common stock that might otherwise trade publicly and could adversely affect the liquidity and market value of the remaining shares of Maxwell common stock held by the public. The extent of the public market for shares of Maxwell common stock after consummation of the offer and the availability of quotations for such shares will depend upon a number of factors, including the number of stockholders holding shares of Maxwell common stock, the aggregate market value of the shares of Maxwell common stock held by the public at such time, the interest of maintaining a market in the shares of Maxwell common stock, analyst coverage of Maxwell on the part of any securities firms and other factors.
If the merger is completed, shares of Maxwell common stock will no longer qualify for inclusion on the Nasdaq Global Market and will be withdrawn from listing. Nasdaq Listing. Shares of Maxwell common stock are currently listed on the Nasdaq Global Market. However, the rules of Nasdaq establish certain criteria that, if not met, could lead to the discontinuance of listing of shares of Maxwell common stock from Nasdaq. Among such criteria are the number of stockholders, the number of shares publicly held and the aggregate market value of the shares publicly held.
If, as a result of the purchase of shares of Maxwell common stock pursuant to the offer or otherwise, shares of Maxwell common stock no longer meet the requirements of Nasdaq for continued listing and the shares of Maxwell common stock are delisted, the market for such shares would be adversely affected. Table of Contents Following the consummation of the offer, if the merger is for some reason not consummated, it is possible that shares of Maxwell common stock could be traded on other securities exchanges with trades published by such exchanges , the OTC Bulletin Board or in a local or regional over-the-counter market.
The extent of the public market for such shares would, however, depend upon the number of Maxwell stockholders and the aggregate market value of shares of Maxwell common stock remaining at such time, the interest in maintaining a market in such shares on the part of securities firms, the possible termination of registration of shares of Maxwell common stock under the Exchange Act and other factors. If the merger is completed, shares of Maxwell common stock will no longer qualify for inclusion on Nasdaq and will be withdrawn from listing.
Registration under the Exchange Act. Shares of Maxwell common stock are currently registered under the Exchange Act. Such registration may be terminated upon application by Maxwell to the SEC if shares of Maxwell common stock are neither listed on a national securities exchange nor held by or more holders of record. After consummation of the offer, Tesla and the Offeror currently intend to cause Maxwell to terminate the registration of shares of Maxwell common stock under the Exchange Act as soon as the requirements for termination of registration are met.
Except as expressly set forth in the merger agreement, the foregoing conditions to the offer are for the sole benefit of Tesla and the Offeror and may be asserted by Tesla or the Offeror regardless of the circumstances giving rise to any such conditions, and may be waived by Tesla or the Offeror in whole or in part at any time and from time to time in their sole and absolute discretion.
However, certain specified conditions may only be waived by Tesla or the Offeror with the prior written consent of Maxwell which may be granted or withheld in its sole discretion. Table of Contents Regulatory Approvals. Should any of these approvals or other actions be required, Tesla and the Offeror currently contemplate that these approvals or other actions will be sought. Subject to the terms and conditions of the merger agreement, Tesla and Maxwell have agreed to use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable law to consummate the offer and the merger as soon as practicable after the date of the merger agreement.
However, if requested by Tesla, Maxwell or its subsidiaries will become subject to, consent to or offer or agree to, or otherwise take any action with respect to, any such requirement, condition, limitation, understanding, agreement or order so long as such requirement, condition, limitation, understanding, agreement or order is only binding on Maxwell or its subsidiaries in the event the merger is completed.
HSR Act. The day waiting period under the HSR Act will expire at p. At any time before or after consummation of the transactions, notwithstanding the termination or expiration of the waiting period under the HSR Act, the FTC or the DOJ could take such action under the antitrust laws as it deems necessary under the applicable statutes, including seeking to enjoin the completion of the offer or the merger, seeking divestiture of substantial assets of the parties, or requiring the parties to license, or hold separate, assets or terminate existing relationships and contractual rights.
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At any time before or after the completion of the. Table of Contents transactions, and notwithstanding the termination or expiration of the waiting period under the HSR Act, any state could take such action under the antitrust laws as it deems necessary. Such action could include seeking to enjoin the completion of the offer or the merger or seeking divestiture of substantial assets of the parties, or requiring the parties to license, or hold separate, assets or terminate existing relationships and contractual rights.
Private parties may also seek to take legal action under the antitrust laws under certain circumstances. There can be no assurance that a challenge to the transactions on antitrust grounds will not be made, or if such a challenge is made, what the result will be. German ARC. Accordingly, consummation of the merger is conditional upon the merger being cleared by the Bundeskartellamt.
Clearance can be granted explicitly or is also considered granted if, after a transaction has been notified, the applicable waiting periods expire without any decision by the Bundeskartellamt. These interests may create potential conflicts of interest. Current Executive Officers and Directors.
Arrangements with Tesla. Prior to and following the closing of the merger, however, certain of our executive officers may have discussions, and following the closing of the merger, may enter into agreements with, Tesla or its subsidiaries or affiliates regarding employment with Tesla or its subsidiaries or affiliates.
Consideration for Maxwell Common Stock in the Merger. The amounts set forth in the table below are as calculated before any taxes that may be due on such amounts are paid. Richard Bergman. Steve Bilodeau. Franz J. Burkhard Goeschel. Ilya Golubovich. Emily Lough. David Lyle. John Mutch. Everett Wiggins. Includes cash for fractional shares of Tesla common stock, calculated based on the Tesla trading price. Each Converted Option otherwise shall be subject to the same terms and conditions applicable to the corresponding Maxwell option and the agreement evidencing the Maxwell option thereunder, including vesting terms.
Each Former Service Provider Option shall not be treated in the same manner. Treatment of Director Equity Awards. In early , the Maxwell board of directors approved a non-employee director deferred compensation program pursuant to which participating non-employee directors may make irrevocable elections on an annual basis to take fully vested restricted stock units in lieu of their cash-based non-employee director fees including, as applicable, any annual retainer fee, committee fee and any other compensation payable with respect to their service as a member of the Maxwell board of directors and to defer the settlement upon the vesting of all or a portion of their equity awards granted in the applicable calendar year.
In the event that a director makes such an election, Maxwell will grant fully vested restricted stock units in lieu of cash, with an initial value equal to the cash fees, which will be settled immediately after grant or at a future date elected by the respective non-employee director through the issuance of Maxwell common stock. The participation in this program is optional for non-employee directors. In , the first year of the program, non-employee directors were able to make elections regarding their compensation for the second through the fourth quarter.
With the program fully implemented prior to the end of the calendar year, all non-employee directors were able to make elections for and compensation for the entirety of the calendar year. The non-employee director compensation program provides that, in the event of our change in control, each outstanding award of Deferred RSUs held by a non-employee director will be settled in shares of Maxwell common stock as of immediately prior to the effective time.
Accordingly, shares of Maxwell common stock. Table of Contents issued pursuant to Deferred RSUs will be treated in the same manner as other shares of Maxwell common stock outstanding immediately prior to the effective time, as described further above. Treatment of Executive Officer Equity Awards. With respect to Dr. With respect to Mr. Table of Estimated Consideration for Equity Awards. Table of Contents Executive Officers.
Fink, Messrs. Lyle and Wiggins and Ms. Lough, respectively, for which performance criteria was not achieved and are expected to be cancelled prior to the effective time. Represents Maxwell PSUs subject to vesting based on actual achievement of applicable performance conditions as of February 3, , which certification is expected to occur prior to the merger. Maxwell Severance. Employment Agreements.
In connection with each of Dr. Lyle joining Maxwell in and , respectively, we entered into an employment agreement with each of them that provides for certain benefits in the event of certain qualifying terminations of employment. Each of the employment agreements were amended in January Pursuant to their employment agreements, as amended, upon a termination of employment without cause other than within 30 days prior to a change in control or within 24 months after a change in control, Dr.
Fink is entitled to 18 months, and Mr. Lyle to 12 months, of base salary and target bonus payable in equal monthly installments , and each is entitled to a prorated annual incentive bonus based on actual performance, payable at the same time as similar bonuses paid to other executive officers, and to 12 months of health, dental and vision insurance of continued monthly premium reimbursements.
Upon a termination of employment without cause or a resignation for good reason in each case either within 30 days prior to a change in control or within 24 months after a change in control, subject to certain notice and cure periods, Dr. Fink is entitled to a lump sum payment of 24 months, and Mr. Lyle to a lump sum payment of 18 months, of base salary and target bonus, Dr. Fink is entitled to 24 months, and Mr. Lyle to 12 months, of health, dental and vision of continued monthly premium reimbursements, and each is entitled to a prorated annual incentive bonus paid at target levels.
Table of Contents For purposes of Dr. For purposes of Dr. Severance and Change in Control Plan. Wiggins and Ms. Lough, who do not have an employment agreement providing similar benefits, are entitled to severance payments and benefits under the Maxwell Severance and Change in Control Plan adopted in January , which provides for severance arrangements for executive officers who do not otherwise have severance arrangements.
Upon a termination of employment without cause or a resignation for good reason during such a change in control period, an executive is entitled to a lump sum payment equal to one year of base salary and target bonus, prorated annual incentive bonus paid at target achievement, if any, for the year of termination, and 12 months of health, dental and vision insurance coverage reimbursements, and outplacement services. Golden Parachute Compensation. Fink, Mr. Lyle, and Mr. Please see the previous portions of this section for further information regarding this compensation.
For a narrative description of the terms and conditions applicable to the payments quantified in the table below, see the preceding subsections.
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The amounts shown in the table do not include the payments or benefits that would have been earned on or prior to the effective time; or the value of payments or benefits that are not based on or otherwise related to the merger. In addition to the assumptions regarding the date of completion of the merger and the termination of employment, these estimates are based on certain other assumptions that are described in the footnotes accompanying the table below. Accordingly, the ultimate values to be received by a named executive officer in connection with the merger may differ from the amounts set forth below.
Fink or Mr.
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If Dr. If Mr. Lyle and Mr. Wiggins, respectively pursuant to his employment agreement or the Maxwell Severance and Change in Control Plan, as applicable, if a termination without cause or on account of a good reason termination occurs within the change in control period. This amount for Dr. The amount reflected for Mr. The amount for Mr.
All Maxwell options are underwater based on the merger consideration set forth above. Employee Stock Purchase Plan. No participant may increase his or her contributions or payroll deductions under the ESPP after the date of the merger agreement. If the offering periods in effect as of the date of the merger agreement terminate prior to the effective time, then the ESPP will be suspended and no new offering period will commence under the ESPP prior to the termination of the merger agreement.
Table of Contents will be accelerated to a date before the closing date as specified by the Maxwell board of directors or its designated committee. Subject to the consummation of the merger, the ESPP will terminate effective immediately prior to the effective time.
Rule 14d d Matters. The merger agreement provides that, prior to the acceptance time as defined below , the compensation committee of the Maxwell board of directors will take certain actions with respect to compensation matters.
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In addition, the compensation committee of the Maxwell board of directors will take all other actions necessary to satisfy the requirements of the non-exclusive safe harbor under Rule 14d d 2 under the Exchange Act with respect to the foregoing arrangements. Indemnification and Insurance. In addition, for a period of six years following the effective time of the merger, Tesla is required to maintain in effect the provisions in the organizational documents of Maxwell and any indemnification agreements in existence as of the date of the merger agreement that were provided to Tesla except to the extent such agreement provides for an earlier termination regarding elimination of liability, indemnification of executive officers, directors and employees and advancement of expenses that are in existence as of the date of the merger agreement.
Pursuant to the merger agreement, prior to the effective time of the merger, Maxwell and Tesla have agreed to, as applicable, take all such steps as may be reasonably necessary or advisable hereto to cause any dispositions of. As of the date of this document, Tesla does not own any shares of Maxwell common stock. Neither Tesla nor the Offeror has effected any transaction in securities of Maxwell in the past 60 days.
Pursuant to the confidentiality agreement, subject to certain customary exceptions, Tesla and Maxwell agreed to keep confidential all non-public information received from the other party. Tesla and Maxwell also agreed that the non-public information furnished by the other party pursuant to the confidentiality agreement would be used solely for the purpose of evaluating, negotiating, executing and implementing the possible negotiated transaction.
The exclusivity and non-solicitation agreement set forth certain terms on which Tesla and Maxwell would conduct negotiations regarding the potential business combination that resulted in the execution of the merger agreement. Tesla has retained Georgeson LLC as information agent in connection with the offer and the merger.
The information agent may contact holders of shares by mail, email, telephone, facsimile and personal interview and may request brokers, dealers and other nominee stockholders to forward material relating to the offer and the merger to beneficial owners of shares.
Tesla will pay the information agent reasonable and customary compensation for these services in addition to reimbursing the information agent for its reasonable out-of-pocket expenses. Tesla agreed to indemnify the information agent against certain liabilities and expenses, including certain liabilities under the U. Tesla will pay the exchange agent reasonable and customary compensation for its services in connection with the offer and the merger, will reimburse the exchange agent for its reasonable out-of-pocket expenses and will indemnify the exchange agent against certain liabilities and expenses, including certain liabilities under the U.
Tesla will reimburse brokers, dealers, commercial banks and trust companies and other nominees, upon request, for customary and reasonable clerical and mailing expenses incurred by them in forwarding offering materials to their customers. Except as set forth above, neither Tesla nor the Offeror will pay any fees or commissions to any broker, dealer or other person for soliciting tenders of Maxwell shares pursuant to the offer. In accordance with U.
Tesla intends to submit a listing of additional shares notification form to list on the Nasdaq Global Select Market the Tesla shares that Tesla will issue in the offer and merger as part of the offer consideration. Such listing is a condition to completion of the offer. Tesla shares held by an affiliate of Tesla may be resold or otherwise transferred without registration in compliance with the volume limitations, manner of sale requirements, notice requirements and other requirements under Rule or as otherwise permitted under the Securities Act.
This document does not cover resales of Tesla shares received upon completion of the offer or the merger by any person, and no person is authorized to make any use of this document in connection with any such resale. The contact information for the exchange agent for the offer and the merger is:.
The following summary describes certain material provisions of the merger agreement entered into by Tesla, the Offeror and Maxwell, a copy of which is attached hereto as Annex A. This summary may not contain all of the information about the merger agreement that is important to Maxwell stockholders, and Maxwell stockholders are encouraged to read the merger agreement carefully in its entirety.
The legal rights and obligations of the parties are governed by the specific language of the merger agreement and not this summary. The Offer. Under the merger agreement, unless Maxwell consents otherwise or the merger agreement is terminated:. Table of Contents No extension will impair, limit or otherwise restrict the right of the parties to terminate the merger agreement pursuant to its terms.
The Merger. The merger agreement provides that, if the offer is completed, the parties will effect the merger of the Offeror with and into Maxwell, with Maxwell continuing as the surviving corporation in the merger, and the former Maxwell stockholders will not have any direct equity ownership interest in the surviving corporation. Completion and Effectiveness of the Merger.
The merger will become effective upon the filing of a certificate of merger with the Secretary of State of the State of Delaware unless a later date is specified therein. But with nuclear weapons and A. We want to plan ahead. Musk, who has kick-started the funding of research into avoiding A. Six months after the Puerto Rico conference, Musk, Hawking, Demis Hassabis, Apple co-founder Steve Wozniak, and Stuart Russell, a computer-science professor at Berkeley who co-authored the standard textbook on artificial intelligence, along with 1, other prominent figures, signed a letter calling for a ban on offensive autonomous weapons.
Meanwhile, the European Union has been looking into legal issues arising from the advent of robots and A. Steve Wozniak has wondered publicly whether he is destined to be a family pet for robot overlords. He has developed a policy of appeasement toward robots and any A. All we can do is seed them with a strong culture where they see humans as their friends. If you really push on how do we make A. Trying to puzzle out who is right on A. Kurzweil arrived with a Whole Foods bag for me, brimming with his books and two documentaries about him.
He was wearing khakis, a green-and-red plaid shirt, and several rings, including one—made with a 3-D printer—that has an S for his Singularity University. Now it can. Furthermore, there are strategies to control the peril, as there have been with biotechnology guidelines. Nanobots in our veins and arteries will cure diseases and heal our bodies from the inside. He notes that our A. The year-old British-American expert on A. LeCun told the BBC that there would be no Ex Machina or Terminator scenarios, because robots would not be built with human drives—hunger, power, reproduction, self-preservation.
So if you give it any goal whatsoever, it has a reason to preserve its own existence to achieve that goal. People have explained this to LeCun in very simple terms. Last year, Microsoft shut down its A. With Trump now president, Musk finds himself walking a fine line. His companies count on the U. I asked Musk about the flak he had gotten for associating with Trump.
In the photograph of tech executives with Trump, he had looked gloomy, and there was a weary tone in his voice when he talked about the subject. There are a lot of people, kind of the hard left, who essentially want to isolate—and not have any voice. Very unwise. I met him at a Japanese restaurant in Berkeley.
I babbled about the heirs of Klaatu, HAL, and Ultron taking over the Internet and getting control of our banking, transportation, and military. What about the replicants in Blade Runner , who conspire to kill their creator? Suppose it can solve the science technology of predicting protein structure from DNA information.
Then it just needs to send out a few e-mails to the labs that synthesize customized proteins. Soon it has its own molecular machinery, building even more sophisticated molecular machines. And then, simultaneously, they release one microgram of botulinum toxin. Everyone just falls over dead. I thought back to my conversation with Musk and Altman. So the robot would just be an end effector, just a series of sensors and actuators.
The important thing is that if we do get some sort of runaway algorithm, then the human A. Our lives are already so dependent on the Internet that an agent that had no body whatsoever but could use the Internet really well would be far more powerful. Even robots with a seemingly benign task could indifferently harm us. So then it would have all the world be strawberry fields.
Strawberry fields forever. But can they ever really develop a kill switch? The man who is so worried about extinction chuckled at his own extinction joke. It happened in May Running Amok It was just a friendly little argument about the fate of humanity. Creative Disruption. By Nick Bilton. The Rand Pack. Simulation Hypothesis. Silicon Valley Questions the Meaning of Life. The Golden Calf After the so-called A. A Rupture in History Musk and others who have raised a warning flag on A. The Urge to Merge Trying to puzzle out who is right on A.