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HomeMy WebLinkAboutDEQ-CFW_00067576As filed with the U.S. Securities and Exchange Commission on April 21, 2015 File No. 001-36794 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO.2 TO FORM 10 GENERAL FORM FOR REGISTRATION OF SECURITIES PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 The Chemours Company, LLC (Exact name of registrant as specifie m its charter) Delaware 46-5484808 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1007 Market Street, Wilmington, Delaware 19898 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (302) 774-1000 Securities to be registered pursuant to Section 12(b) of the Act: Title of each class to be so registered Name of each exchange on which each class is to be registered Common Stock, par value $0.01 per share New York Stock Exchange Securities to be registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non - accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ❑ Accelerated filer ❑ Non -accelerated filer ❑X (Do not check if a smaller reporting company) Smaller reporting company ❑ DEQ-CFW 00067576 s 0 SIGNATURES Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized. The Chemours Company, LLC By: /s/ NigeI Pond Name: Nigel Pond Title: Vice President Date: April 21, 2015 DEQ-CFW 00067577 EXHIBIT INDEX Exlubit Number Exhibit Description 2.1 Form of Separation Agreement by and between E. I. du Pont de Nemours and Company and The Chemours Company. 3.1 Form of Certificate of Incorporation of The Chemours Company. 3.2 Form of By -Laws of The Chemours Company. * 10.1 Form of Transition Services Agreement by and between E. I. du Pont de Nemours and Company and The Chemours Company. 10.2 Form of Tax Matters Agreement by and between E. I. du Pont de Nemours and Company and The Chemours Company. 10.3 Form of Employee Matters Agreement by and between E.1. du Pont de Nemours and Company and The Chemours Company. 10.4 Amended and Restated Intellectual Property Cross -License Agreement by and among E.1. du Pont de Nemours and Company, The Chemours Company FC, LLC and The Chemours Company TT, LLC. 10.5 Offer of Employment Letter between Mark E. Newman and E. I. du Pont de Nemours and Company, dated October 14, 2014. 10.6 Offer of Employment Letter between Elizabeth Albright and E. I. du Pont de Nemours and Company, dated September 25, 2014. 21.1 Subsidiaries of The Chemours Company. 99.1 Information Statement of The Chemours Company, preliminary and subject to completion, dated April 21, 2015. * To be filed by amendment. DEQ-CFW 00067578 Exhibit 2.1 SEPARATION AGREEMENT by and between E. I. DU PONT DE NEMOURS AND COMPANY and THE CHEMOURS COMPANY Dated as of [•], 2015 DEQ-CFW 00067579 SEPARATION AGREEMENT This SEPARATION AGREEMENT (this "Agreement'), dated as of [•], 2015, is entered into by and between E. I. du Pont de Nemours and Company ("DuPont'), a Delaware corporation, and The Chemours Company ("Chemours"), a Delaware corporation and a wholly owned subsidiary of DuPont. "Party" or "Parties" means DuPont or Chemours, individually or collectively, as the case may be. Capitalized terms used and not defined herein shall have the meaning set forth in Section I A - WITNESSETH: WHEREAS, DuPont, acting through its direct and indirect Subsidiaries, currently conducts the DuPont Retained Business and the Chemours Business; WHEREAS, the Board of Directors of DuPont (the `Board") has determined that it is appropriate, desirable and in the best interests of DuPont and its stockholders to separate DuPont into two separate, publicly traded companies, one for each of (i) the DuPont Retained Business, which shall be owned and conducted, directly or indirectly, by DuPont and its Subsidiaries and (ii) the Chemours Business, which shall be owned and conducted, directly or indirectly, by Chemours and its Subsidiaries; WHEREAS, in order to effect such separation, the Board has determined that it is appropriate, desirable and in the best interests of DuPont and its stockholders for DuPont to undertake the Internal Reorganization and, in connection therewith, effect the Contribution to Chemours which, in exchange therefor, Chemours shall (i) issue to DuPont shares of Chemours Common Stock and certain Indebtedness incurred by Chemours in connection with the Chemours Financing Arrangements that qualifies as "securities" for the purposes of Section 361 of the Code, (the "Debt -for -Debt Indebtedness") and (ii) agree to pay DuPont the Chemours Financing Cash Distribution (as defined herein); WHEREAS, following the Contribution, DuPont shall transfer the Debt -for -Debt Indebtedness to certain Persons (the "Debt -for - Debt Exchange Parties") in exchange for certain debt obligations of DuPont held by the Debt -for -Debt Exchange Parties as principals for their own account (the "Debt -for -Debt Exchange'); WHEREAS, following the Debt -for -Debt Exchange, the Debt -for -Debt Exchange Parties shall sell the Debt -for -Debt Indebtedness and Chemours shall sell the applicable Indebtedness incurred in the Chemours Financing Arrangements (other than the Debt -for -Debt Indebtedness); WHEREAS, following the completion of the Internal Reorganization, the Debt -for -Debt Exchange, and the Chemours Financing Cash Distribution, DuPont shall cause the Distribution Agent to issue pro rata to the Record Holders pursuant to the Distribution Ratio, all of the issued and outstanding shares of Chemours Common Stock (such issuance, the "Distribution") on the terms and conditions set forth in this Agreement; DEQ-CFW 00067580 i !► WHEREAS, (i) the Board has (x) determined that the Distribution and the other transactions contemplated by this Agreement and the Ancillary Agreements (as defined below) have a valid business purpose, are in furtherance of and consistent with its business strategy and are in the best interests of DuPont and its stockholders and (y) approved this Agreement and each of the Ancillary Agreements and (ii) the board of directors of Chemours has approved this Agreement and each of the Ancillary Agreements (to the extent Chemours is a party thereto); WHEREAS, it is appropriate and desirable to set forth the principal corporate transactions required to effect the Distribution and certain other agreements relating to the relationship of DuPont and Chemours and their respective Subsidiaries following the Distribution; WHEREAS, DuPont has received a private letter ruling from the U.S. Internal Revenue Service substantially to the effect that, among other things, the Contribution and the Distribution, taken together, will, based upon and subject to the assumptions, representations and qualifications set forth therein, qualify as a transaction that is tax-free for U.S. federal income tax purposes under Section 355 and Section 368(a)(1)(D) of the Internal Revenue Code of 1986, as amended (the "Code"); WHEREAS, it is the intention of the Parties that the Contribution and the Distribution, taken together, will qualify as a transaction that is tax-free for U.S. federal income tax purposes under Section 355 and Section 368(a)(1)(D) of the Code; and WHEREAS, this Agreement is intended to be a "plan of reorganization" within the meaning of Treas. Reg. Section 1.368-2(g). NOW, THEREFORE, in consideration of the foregoing and the mutual agreements, provisions and covenants contained in this Agreement, the Parties hereby agree as follows: ARTICLE I DEFINITIONS AND INTERPRETATION Section 1.1 General. As used in this Agreement, the following terms shall have the following meanings: (1) "Action' shall mean any demand, action, claim, suit, countersuit, arbitration, inquiry, subpoena, case, litigation, proceeding or investigation (whether civil, criminal, administrative or investigative) by or before any court or grand jury, any Governmental Entity or any arbitration or mediation tribunal. (2) "Affiliate" shall mean, when used with respect to a specified Person and at a point in, or with respect to a period of, time, a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person at such point in or during such period of time. For the purposes of this definition, "control', when used with respect to any specified Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or other interests, by Contract or DEQ-CFW 00067581 any such action. In the event of any inconsistency or conflict which may arise in the application or interpretation of any of the definitions set forth in Section 1.1, for the purpose of determining what is and is not included in such definitions, any item explicitly included on a Schedule referred to in any such definition shall take priority over any provision of the text thereof. ARTICLE II THE SEPARATION Section 2.1 General. Subject to the terms and conditions of this Agreement, the Parties shall use, and shall cause their respective Affiliates to use, their respective commercially reasonable efforts to consummate the transactions contemplated hereby, a portion of which may have already been implemented prior to the date hereof, including the completion of the Internal Reorganization. Section 2.2 Restructuring: Transfer of Assets; Assumption of Liabilities. (a) Internal Reorganization. Prior to the Effective Time, except for the Transfers set forth on Schedule 2.2(a), the Parties shall complete the Internal Reorganization. (b) Transfer of Assets. At or prior to the Distribution (it being understood that some of such Transfers may occur following the Effective Time in accordance with Section 2.2(a) and Section 2.6), pursuant to the Conveyancing and Assumption Instruments and in connection with the Contribution: (i) DuPont shall, and shall cause the applicable Asset Transferors to, transfer, contribute, distribute, assign and/or convey or cause to be transferred, contributed, distributed, assigned and/or conveyed ("Transfer") to (A) the respective DuPont Asset Transferees, all of the applicable Asset Transferors' right, title and interest in and to the DuPont Retained Assets and (B) Chemours and/or the respective Chemours Asset Transferees, all of its and the applicable Asset Transferors' right, title and interest in and to the Chemours Assets, and the applicable DuPont Asset Transferees and Chemours Asset Transferees shall accept from DuPont and the applicable members of the DuPont Group, all of DuPont's and the other members' of the DuPont Group's respective direct or indirect rights, title and interest in and to the applicable Assets, including all of the outstanding shares of capital stock or other ownership interests. (ii) Any costs and expenses incurred after the Effective Time to effect any Transfer contemplated by this Section 2.2(b) (including any transfer effected pursuant to Section 2.6) shall be paid by the Parties as set forth on Schedule 10.5(a). Other than costs and expenses incurred in accordance with the foregoing, nothing in this Section 2.2(b) shall require any member of any Group to incur any material obligation or grant any material concession for the benefit of any member of any other Group in order to effect any transaction contemplated by this Section 2.2(b). 28 DEQ-CFW 00067582 r IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year lust above written. E. I. DU PONT DE NEMOURS AND COMPANY By: /s/ Name: Title: THE CHEMOURS COMPANY By: /s/ Name: Title: 85 DEQ-CFW 00067583 harmed if our trade secrets are not maintained in confidence. In our Titanium Technologies intellectual property portfolio, we consider our trademark Ti-PureO to be a valuable asset and have registered this trademark in a number of countries. Our Fluoroproducts segment is the technology leader in the markets in which it participates. We have one of the largest patent portfolios in the fluorine derivatives industry. In our Fluoroproducts intellectual property portfolio, we consider our Suva®, ISCEON®, Freon®, OpteonO, Teflon®, TefzelO, Viton©, Krytoxo, FormacelO, Dymel®, FM 2000, Nafion® and Capstone©, trademarks to be valuable assets. Our Chemical Solutions segment is a manufacturing and application development technology leader in a majority of the markets in which it participates. In our Chemical Solutions intellectual property portfolio, we consider our VirkonO and Oxone® trademarks to be valuable assets. Trade secrets are one of the key elements of our intellectual property security in Chemical Solutions as most of the segment's manufacturing and application development technologies are no longer under patent coverage. Please also see the section entitled "Our Relationship with DuPont Following the Distribution" for a description of the material terms of the intellectual property license arrangements that we intend to enter .into with DuPont prior to the consummation of the separation and distribution. Chemours Production Facilities and Technical Centers Our corporate headquarters are in [0], [0], and we will maintain a global network of production facilities and technical centers located in cost-effective and strategic locations. We will also use contract manufacturing and joint venture partners in order to provide regional access or to lower manufacturing costs as appropriate. The following chart lists our production facilities: North America EMEA Titanium Technologies • Edge Moor, DE • • DeLisle, MS • New Johnsonville, • TN • Starke, FL (Mine) Latin America • Altamira, Mexico • Production Facilities Fluoroproducts El Dorado, ART Elkton, MDO) Louisville, KY Fayetteville, NC Deepwater, NJ Corpus Christi, TX LaPorte, TX(2) Washington, WV Maitland, Canada Mechelen, Belgium Villers St. Paul, FranceM Dordrecht, Netherlands Malmo, Sweden Barra Mansa, Brazih2> 99 Chemical Solutions Shared Locations • Red Lion, DEO) • Pascagoula, MS • Wurtland, KY (Chemical Solutions and • Burnside, LA Fluoroproducts)(;? • Morses Mill, NJ0) Belle, WV • Niagara, NY (Chemical. • Fort Hill, OH Solutions and • N. Kingstown, RIG) Fluoroproducts)(3) • Memphis, TN • Beaumont, TX • Borderland, TXM • James River, VA • Sudbury, UK DEQ-CFW 00067584 0 Asia Pacific Titanium Technologies • Kuan Yin, Taiwan Production Facilities Fluoroproducts • Changshu, China • Chiba, Japan (Joint Venture) • Shimizu, Japan (Joint Venture) Chemical Solutions (1) Leased from third party. (2) Leased from DuPont. (3) Shared facility between the Chemical Solutions and Fluoroproducts segments. Shared Locations We have technical centers and R&D facilities located at number of our production facilities. We also maintain standalone technical centers to serve our customers and provide technical support. The following chart lists our standalone technical centers: Technical Centers Region Titanium Technologies Fluoroproducts Chemical Solutions Shared Locations North America • Akron, OH('-) Wilmington, DE (All Segments)i21, c3> EMEA • Moscow, Russia') • Mantes, Francelt> • Meyrin, Switzerland(2) Latin America • Paulinia, Brazil(2) • Mexico City, Mexico0) Asia Pacific • Utsonomyia, Japan(2) Shanghai, China(2) (All Segments) (1) Leased from third party. (2) Leased from DuPont. (3) There are two facilities in this location. Chemours' plants and equipment are maintained and in good operating condition. Chemours believes it has sufficient production capacity for its primary products to meet demand in 2015. Properties are primarily owned by Chemours; however, certain properties are leased. No title examination of the properties has been made for the purpose of this report and certain properties are shared with other tenants under long-term leases. Chemours recognizes that the security and safety of its operations are critical to its employees, community, and to the future of Chemours. Physical security measures have been combined with process safety measures (including the use of inherently safer technology), administrative procedures and emergency response preparedness into an integrated security plan. Prior to the separation, DuPont conducted vulnerability assessments at operating facilities in the U.S. and high priority sites worldwide and identified and implemented appropriate measures to protect these facilities from physical and eyber-attacks. Chemours intends to conduct similar vulnerability assessments periodically post -separation. Chemours is partnering with carriers, including railroad, shipping and trucking companies, to secure chemicals in transit. Chemours Employees We have approximately 9,000 employees, approximately 32 percent of whom are represented by unions. Management believes its relations with its employees to be good. 100 DEQ-CFW 00067585