Registration No. 333-________
As filed with the United States Securities and Exchange Commission on October 18, 2021
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
IHS Holding Limited
(Exact name of Registrant as specified in its charter)
Cayman Islands | Not Applicable | |
(State or other jurisdiction
of incorporation or organization) |
(I.R.S. Employer
Identification No.) |
1 Cathedral Piazza 123 Victoria Street London SW1E 5BP United Kingdom |
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(Address of principal executive offices) |
IHS Holding Limited 2021 Omnibus Incentive Plan
Nicholas Land Restricted Stock Unit Award Agreement
Ursula Burns Restricted Stock Unit Award Agreement
John Ellis Bush Restricted Stock Unit Award Agreement
Aniko Szigetvari Restricted Stock Unit Award Agreement
Phuthuma Nhleko Restricted Stock Unit Award Agreement
Maria Carolina Lacerda Restricted Stock Unit Award Agreement
Bashir El Rufai Restricted Stock Unit Award Agreement
IHS Holding Limited Long Term Incentive Plan
(Full title of the plan)
C T Corporation System
28 Liberty Street
New York, NY 10005
(212) 894-8940
(Name, address and telephone number of agent for service)
With a copy to:
Marc D. Jaffe, Esq.
Ian D. Schuman, Esq.
Benjamin J. Cohen, Esq.
Latham & Watkins LLP
1271 Avenue of the Americas
New York, NY 10020
(212) 906-1200
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer ¨ | Accelerated filer ¨ | Non-accelerated filer x | |
Smaller reporting company ¨ | Emerging growth company ¨ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ¨ |
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CALCULATION OF REGISTRATION FEE
Title of Each Class of Securities to be Registered |
Amount to be Registered (1) |
Proposed
Maximum Offering Price Per Share |
Proposed
Maximum
|
Amount of
Registration Fee |
Ordinary shares, par value $0.30 per share | ||||
IHS Holding Limited 2021 Omnibus Incentive Plan | 22,120,000 (2) | $17.66 (11) | $390,639,200.00 | $36,212.25 |
Nicholas Land Restricted Stock Unit Award Agreement | 37,112 (3) | $17.66 (11) | $655,397.92 | $60.76 |
Ursula Burns Restricted Stock Unit Award Agreement | 37,112 (4) | $17.66 (11) | $655,397.92 | $60.76 |
John Ellis Bush Restricted Stock Unit Award Agreement | 37,112 (5) | $17.66 (11) | $655,397.92 | $60.76 |
Aniko Szigetvari Restricted Stock Unit Award Agreement | 37,112 (6) | $17.66 (11) | $655,397.92 | $60.76 |
Phuthuma Nhleko Restricted Stock Unit Award Agreement | 37,112 (7) | $17.66 (11) | $655,397.92 | $60.76 |
Maria Carolina Lacerda Restricted Stock Unit Award Agreement | 37,112 (8) | $17.66 (11) | $655,397.92 | $60.76 |
Bashir El Rufai Restricted Stock Unit Award Agreement |
37,112 (9) | $17.66 (11) | $655,397.92 | $60.76 |
IHS Holding Limited Long Term Incentive Plan |
23,816,391 (10) | $0.00 (11) | $0.00 | $0.00 |
Total | 46,196,175 | $395,226,985.00 | $36,637.57 |
(1) | This Registration Statement on Form S-8 (this “Registration Statement”) covers ordinary shares, each with a par value of $0.30 per share (“Ordinary Shares”), of IHS Holding Limited (the “Registrant”), issuable pursuant to the plan set forth in this table (collectively, the “Plans”). Pursuant to Rule 416 under the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement shall also cover any additional Ordinary Shares that become issuable under the Plans by reason of any share dividend, share split, recapitalization or other similar transaction. |
(2) | Represents the Ordinary Shares initially available and reserved for issuance under the IHS Holding Limited 2021 Omnibus Incentive Plan (the “Omnibus Incentive Plan”). |
(3) | Represents the Ordinary Shares initially available and reserved for issuance under the Nicholas Land IHS Holding Limited Notice of Restricted Stock Unit Grant and Restricted Stock Unit Award Agreement, dated as of October 18, 2021. |
(4) | Represents the Ordinary Shares initially available and reserved for issuance under the Ursula Burns IHS Holding Limited Notice of Restricted Stock Unit Grant and Restricted Stock Unit Award Agreement, dated as of October 18, 2021. |
(5) | Represents the Ordinary Shares initially available and reserved for issuance under the John Ellis Bush IHS Holding Limited Notice of Restricted Stock Unit Grant and Restricted Stock Unit Award Agreement, dated as of October 18, 2021. |
(6) | Represents the Ordinary Shares initially available and reserved for issuance under the Aniko Szigetvari IHS Holding Limited Notice of Restricted Stock Unit Grant and Restricted Stock Unit Award Agreement, dated as of October 18, 2021. |
(7) | Represents the Ordinary Shares initially available and reserved for issuance under the Phuthuma Nhleko IHS Holding Limited Notice of Restricted Stock Unit Grant and Restricted Stock Unit Award Agreement, dated as of October 18, 2021. |
(8) | Represents the Ordinary Shares initially available and reserved for issuance under the Maria Carolina Lacerda IHS Holding Limited Notice of Restricted Stock Unit Grant and Restricted Stock Unit Award Agreement, dated as of October 18, 2021. |
(9) | Represents the Ordinary Shares initially available and reserved for issuance under the Bashir El Rufai IHS Holding Limited Notice of Restricted Stock Unit Grant and Restricted Stock Unit Award Agreement, dated as of October 18, 2021. |
(10) | Represents the Ordinary Shares initially available and reserved for issuance under the IHS Holding Limited Long Term Incentive Plan (the “Long Term Incentive Plan”). |
(11) | For purposes of computing the registration fee only. Pursuant to Rules 457(c) and 457(h) of the Securities Act, the Proposed Maximum Offering Price Per Share with respect to the Omnibus Incentive Plan is based upon the average of the high and low prices of the Company’s Ordinary Shares as reported on the New York Stock Exchange on October 14, 2021, which date is within five business days prior to the filing of this Registration Statement, and with respect to the Long Term Incentive Plan is based upon the weighted-average exercise price of previously granted stock options that remain outstanding ($0 per share). |
PART I
INFORMATION REQUIRED IN THE
SECTION 10(a) PROSPECTUS
Item 1. | Plan Information. |
Not required to be filed with this Registration Statement.
Item 2. | Registrant Information and Employee Plan Annual Information. |
Not required to be filed with this Registration Statement.
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
Item 3. | Incorporation of Documents by Reference. |
The following documents, which have been filed by the Registrant with the United States Securities and Exchange Commission (the “Commission”) pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are incorporated by reference in, and shall be deemed to be a part of, this Registration Statement:
(a) the Registrant’s prospectus filed with the Commission on October 15, 2021, including all amendments and exhibits thereto, pursuant to Rule 424(b) under the Securities Act, relating to the registration statement on Form F-1, as amended (File No. 333-259593); and
(b) the description of the Registrant’s Ordinary Shares contained in the prospectus included in the Registrant’s registration statement on Form 8-A, filed with the Commission on October 5, 2021 (File No. 001-40876), together with any amendment or report thereto filed with the Commission for the purpose of updating such description.
All reports and other documents filed by the Registrants with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date hereof and prior to the filing of a post-effective amendment which indicates that all securities offered pursuant to this Registration Statement have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents or reports.
For purposes of this Registration Statement, any document or any statement contained in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded to the extent that a subsequently filed document or a statement contained therein, or in any other subsequently filed document which also is or is deemed to be incorporated by reference, modifies or supersedes such document or such statement in such document. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. | Description of Securities. |
Not applicable.
Item 5. | Interests of Named Experts and Counsel. |
Not applicable.
Item 6. | Indemnification of Directors and Officers. |
Cayman Islands law does not limit the extent to which a company’s amended and restated memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our amended and restated memorandum and articles of association (our “Articles”) provide that our board of directors and officers shall be indemnified from and against all liability which they incur in execution of their duty in their respective offices, except liability incurred by reason of such directors’ or officers’ dishonesty, wilful default or fraud.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is theretofore unenforceable.
Our Articles provide:
“Every Director (including for the purposes of this Article any alternate Director appointed pursuant to the provisions of these Articles), Secretary, assistant Secretary, or other Officer (but not including the Company’s auditors) and the personal representatives of the same (each an “Indemnified Person”) shall be indemnified and secured harmless out of the assets and funds of the Company against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person’s own dishonesty, wilful default or fraud as determined by a court of competent jurisdiction, in or about the conduct of the Company’s business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere.
140. No Indemnified Person shall be liable:
(a) | for the acts, receipts, neglects, defaults or omissions of any other Director or Officer or agent of the Company; or |
(b) | for any loss on account of defect of title to any property of the Company; or |
(c) | on account of the insufficiency of any security in or upon which any money of the Company shall be invested; or |
(d) | for any loss incurred through any bank, broker or other similar Person; or |
(e) | for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement or oversight on such Indemnified Person’s part; or |
(f) | for any loss, damage or misfortune whatsoever which may happen in or arise from the execution or discharge of the duties, powers, authorities, or discretions of such Indemnified Person’s office or in relation thereto; |
unless the same shall happen through such Indemnified Person’s own dishonesty, wilful default or fraud as determined by a court of competent jurisdiction.”
We intend to enter into separate indemnification agreements with each of our executive officers and directors.
Reference is also made to the Underwriting Agreement filed with the Form F-1 for the Registrant’s initial public offering, which provides for the indemnification of officers, directors, and controlling persons of the Registrant against certain liabilities.
See also the Undertakings set forth in the response to Item 9 herein.
Item 7. | Exemption from Registration Claimed. |
Not applicable.
Item 8. | Exhibits. |
The following documents are filed as exhibits to this Registration Statement:
Item 9. | Undertakings. |
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) of the Securities Act if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and
(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in New York, New York, United States on October 18, 2021.
IHS Holding Limited | ||
By: | /s/ Sam Darwish |
Name: Sam Darwish | ||
Title: | Chairman, Group Chief Executive Officer and Director |
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KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Sam Darwish and Adam Walker and each of them, individually, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead in any and all capacities, in connection with this registration statement, including to sign in the name and on behalf of the undersigned, this registration statement and any and all amendments thereto, including post-effective amendments and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto such attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons on October 18, 2021 in the capacities indicated:
Name |
Title |
/s/ Sam Darwish | Chairman, Group Chief Executive Officer and Director |
Sam Darwish | (principal executive officer) |
/s/ Adam Walker | Executive Vice President and Chief Financial Officer |
Adam Walker | (principal financial officer and principal accounting officer) |
/s/ John Ellis Bush | Member of the Board |
John Ellis Bush | |
/s/ Ursula Burns | Member of the Board |
Ursula Burns | |
/s/ Nicholas Land | Member of the Board |
Nicholas Land | |
/s/ Bryce Fort | Member of the Board |
Bryce Fort | |
/s/ Frank Dangeard | Member of the Board |
Frank Dangeard | |
/s/ Maria Carolina Lacerda | Member of the Board |
Maria Carolina Lacerda | |
/s/ Aniko Szigetvari | Member of the Board |
Aniko Szigetvari | |
/s/ Phuthuma Nhleko | Member of the Board |
Phuthuma Nhleko |
Signature of Authorized U.S. Representative of Registrant
Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of IHS Holding Limited has signed this registration statement on October 18, 2021.
By: | /s/ Sam Darwish |
Name: Sam Darwish | ||
Title: | Chairman, Group Chief Executive Officer and Director |
Exhibit 5.1
18 October 2021 | |
IHS Holding Limited c/o Walkers Corporate Limited 190 Elgin Avenue George Town Grand Cayman KY1-9008 Cayman Islands |
Dear Addressees
IHS Holding Limited
We have been asked to provide this legal opinion to you with regard to the laws of the Cayman Islands in connection with the registration by IHS Holding Limited (the "Company"), of 46,196,175 ordinary shares of the Company, in each case with a par value of $0.30 per share in the capital of the Company (the "Shares") for issuance under the IHS Holding Limited Long Term Incentive Plan, the IHS Holding Limited 2021 Omnibus Incentive Plan and the Restricted Stock Unit Award Agreements set out in the Registration Statement (as defined in Schedule 1) under the United States Securities Act of 1933, as amended (the "Securities Act") and pursuant to the terms of the Registration Statement (as defined in Schedule 1).
For the purposes of giving this opinion, we have examined and relied upon the originals or copies of the documents listed in Schedule 1.
We are Cayman Islands Attorneys at Law and express no opinion as to any laws other than the laws of the Cayman Islands in force and as interpreted at the date of this opinion.
Based upon the foregoing examinations and the assumptions and qualifications set out below and having regard to legal considerations which we consider relevant, and under the laws of the Cayman Islands, we give the following opinion in relation to the matters set out below.
1. | The Company is an exempted company with limited liability, validly existing under the laws of the Cayman Islands and in good standing with the Registrar of Companies in the Cayman Islands (the "Registrar"). |
2. | The Shares have been duly authorised by all necessary corporate action of the Company and upon the issue of the Shares (by the entry of the name of the registered owner thereof in the Register of Members of the Company confirming that such Shares have been issued credited as fully paid), delivery and payment therefore by the purchaser in accordance with the Memorandum and Articles of Association (as defined in Schedule 1) and the Plans in the manner contemplated by the Registration Statement and the Prospectus (as each term is defined in Schedule 1), the Shares will be validly issued, fully paid and non-assessable (meaning that no additional sums may be levied in respect of the Shares on the holder thereof by the Company). |
WALKERS
The foregoing opinion is given based on the following assumptions.
1. | The originals of all documents examined in connection with this opinion are authentic. The signatures, initials and seals on the Documents are genuine and are those of a person or persons given power to execute the Documents under the Resolutions (as defined in Schedule 1). All documents purporting to be sealed have been so sealed. All copies are complete and conform to their originals. The Documents conform in every material respect to the latest drafts of the same produced to us and, where provided in successive drafts, have been marked up to indicate all changes to such Documents. |
2. | The Memorandum and Articles of Association (as defined in Schedule 1) reviewed by us will be the memorandum and articles of association of the Company in effect upon the issuance of the sale of the Shares. |
3. | The accuracy and completeness of all factual representations made in the Registration Statement and the Prospectus and all other documents reviewed by us. |
4. | The Company will receive consideration in money or money’s worth for each Share offered when issued, such consideration in any event not being less than the stated par or nominal value of each Share. |
5. | The Resolutions (defined in Schedule 1) were duly adopted in accordance with the constitutional documents and governing law of the Company in force at the relevant time and shall remain in full force and effect as at the date of issuance of the Shares. |
6. | Each of the Registration Statement and the Plans (including each award agreement and grant notice issued pursuant thereto) will be duly authorised, executed and delivered by or on behalf of all relevant parties prior to the issue of the Shares and will be legal, valid, binding and enforceable against all relevant parties in accordance with their terms under all relevant laws (other than the laws of the Cayman Islands). |
7. | All preconditions to the issue of the Shares under the terms of the Plans will be satisfied or duly waived prior to the issue of the Shares and there will be no breach of the terms of the Plans. |
8. | There is nothing under any law (other than the laws of the Cayman Islands) which would or might affect any of the opinions set forth above. |
We have relied upon the statements and representations of directors, officers and other representatives of the Company as to factual matters.
Our opinion as to good standing is based solely upon receipt of the Certificate of Good Standing issued by the Registrar. The Company shall be deemed to be in good standing under section 200A of the Companies Act on the date of issue of the certificate if all fees and penalties under the Companies Act have been paid and the Registrar has no knowledge that the Company is in default under the Companies Act.
WALKERS
This opinion is limited to the matters referred to herein and shall not be construed as extending to any other matter or document not referred to herein. This opinion is given solely for your benefit and the benefit of your legal advisers acting in that capacity in relation to this transaction and may not be relied upon by any other person, other than persons entitled to rely upon it pursuant to the provisions of the Securities Act, without our prior written consent.
This opinion shall be construed in accordance with the laws of the Cayman Islands.
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. We also hereby consent to the reference to this firm in the Prospectus.
Yours faithfully
/s/ Walkers (CAyman) LLP
WALKERS
Schedule 1
LIST OF DOCUMENTS EXAMINED
1. | The Certificate of Registration By Way of Continuation dated 13 October 2021 and the Amended and Restated Memorandum and Articles of Association of the Company as adopted on 13 October 2021 (the "Memorandum and Articles of Association") the Register of Directors (a copy of which has been provided to us by the Company's registered office in the Cayman Islands) and the Register of Members dated 13 October 2021. |
2. | The Cayman Online Registry Information System (CORIS), the Cayman Islands' General Registry's online database, searched on 15 October 2021. |
3. | A copy of a Certificate of Good Standing dated 14 October 2021 in respect of the Company issued by the Registrar (the "Certificate of Good Standing"). |
4. | A certified extract of the resolutions of the board of directors of the Company adopted at a meeting of the board on 30 September 2021, a copy of the minutes of the pricing committee of the board of directors adopted on 13 October 2021 and a copy of the written approval of shareholders dated 4 October 2021 (the "Resolutions"). |
5. | Copies of the following documents (the "Documents"): |
(a) | the Registration Statement on Form S-8 originally filed on 18 October 2021 by the Company with the United States Securities and Exchange Commission (including all amendments or supplements thereto the "Registration Statement"); |
(b) | a prospectus dated 13 October 2021 (the “Prospectus”); |
(c) | the Plans; and |
(a) | such other documents as we have deemed necessary to render the opinions set forth herein. |
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of IHS Holding Limited of our report dated June 4, 2021 relating to the financial statements, which appears in IHS Holding Limited's Registration Statement on Form F-1 (No. 333-259593).
/s/ PricewaterhouseCoopers LLP
London, United Kingdom
October 18, 2021
Exhibit 99.3
IHS HOLDING LIMITED
Notice of Restricted Stock Unit Grant
Grantee: | [] |
Company: | IHS Holding Limited |
Notice: | The Grantee has been granted the following Restricted Stock Units (“RSUs”) in accordance with the terms of this notice (the “Grant Notice”), the Restricted Stock Unit Award Agreement attached hereto as Attachment A (the “RSU Award Agreement”, and together with the Grant Notice, this “Agreement”) and the Plan identified below. This RSU Award is granted separate and apart from, and outside of, the IHS Holding Limited 2021 Omnibus Incentive Plan (the “Plan”) and will not constitute an award granted under or pursuant to the Plan. However, except as otherwise expressly stated herein, the RSUs granted herein shall be governed by terms and conditions identical to those of the Plan, which are incorporated herein by reference, except where otherwise provided in this Agreement. In the event of any conflict between the terms and conditions of this Notice and RSU Award Agreement, on the one hand, and the Plan, on the other hand, this Notice and the RSU Award Agreement will govern. |
Type of Award: | Restricted Stock Units (the “RSUs”) |
Grant: |
Grant
Date: October 18, 2021
Number of RSUs: [l] |
Restricted Period: | The Restricted Period applicable to the RSUs shall commence on the Grant Date and shall lapse on the dates set forth below (each, a “Vesting Date”) as to that portion of the total number of shares of Common Stock underlying the RSUs set forth below opposite each such date, provided the Grantee has been continuously engaged by or providing services to, as applicable, the Company or an Affiliate from the Grant Date through the applicable Vesting Date. Continuous engagement includes any leave of absence approved by the Company or any Affiliate. |
Vesting Date | Number of Shares as to which RSUs Vest |
Grant Date | [●] |
18 October 2022 | [●] |
18 October 2023 | [●] |
18 October 2024 | [●] |
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Acknowledgement: | By Grantee’s electronic acceptance and the electronic signature of the Company representative below, Grantee agrees that the RSUs are granted under and governed by the terms and conditions of this Notice of Grant and the RSU Award Agreement, and are governed by term and conditions identical to those of the Plan. |
After reviewing the documents noted above, please accept this Agreement online where indicated on www.equateplus.com and retain a copy for your files. Please note that your electronic acceptance of this Agreement is required. The award of RSUs will be cancelled if not accepted within 30 days of the Grant Date noted above.
IHS Holding LIMITED | GRANTEE | |||
By: | ||||
(Electronically signed) | (Electronically signed) | |||
Name: | Name: | |||
Title: | Title: | |||
Date: | Date: | |||
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Attachment A
IHS HOLDING LIMITED
Restricted Stock Unit Award Agreement
This Restricted Stock Unit Award Agreement (this “RSU Award Agreement”), dated as of the Grant Date set forth in the Notice of Restricted Stock Unit Grant to which this RSU Award Agreement is attached (the “Grant Notice”), is made between IHS Holding Limited and the Grantee set forth in the Grant Notice. The Grant Notice is included in and made part of this RSU Award Agreement (collectively, this “Agreement”).
1. Definitions. Capitalized terms used but not defined herein have the meaning set forth in the IHS Holding Limited 2021 Omnibus Incentive Plan, as amended from time to time (the “Plan”).
2. Grant of RSUs. Subject to the provisions of this Agreement, the Company hereby grants to the Grantee, the number of RSUs set forth in the Grant Notice.
3. Restricted Period / Termination. The Restricted Period with respect to the RSUs shall commence and lapse as set forth in the Grant Notice. Subject to the remaining provisions of this Section 3, Any RSUs that have not been settled in accordance with Section 4 hereof prior to the date on which the status of engagement or service of the Grantee with the Company or its Affiliates (any such termination, “Termination of Engagement”) shall terminate shall be immediately and automatically forfeited upon such date, except as follows:
(a) | Termination due to Death or Disability. Upon a Termination of Engagement by reason of the Grantee’s engagement or service, as applicable, due to death or Disability the Restricted Period shall immediately lapse with respect to all outstanding and unvested RSUs. Such RSUs will be settled within sixty (60) days following such termination due to death or Disability and such Fair Market Value shall be determined as of the date of such termination, less applicable taxes. |
(b) | Retirement Eligible. Upon a Termination of Engagement, due to the Grantee’s Retirement, the outstanding and unvested RSUs shall remain subject to vesting and other terms of this Agreement (other than the continuous engagement or service requirement), provided, however, continued vesting shall be subject to the Grantee’s compliance with all noncompetition, confidentiality, or other restrictive covenants that may apply to the Grantee following the Grantee’s Retirement. Such RSUs will be settled in accordance with Section 4 of this Agreement. Notwithstanding the foregoing, the provisions of this Section 3(b) shall not apply with respect to any Grantee who is a U.S. taxpayer. For purposes of this RSU Award Agreement, “Retirement” means retirement from active engagement or service with the Company, any subsidiary or Affiliate as determined by the Board in its sole discretion. |
(c) | Other Terminations. Except as provided in Section 5 hereof, upon a Termination of Engagement, due to any reason other than death or Disability (in accordance with Section 3(a) hereof) or Retirement (in accordance with Section 3(b) hereof), all RSUs for which the Restricted Period had not lapsed prior to the date of such termination shall be immediately forfeited. |
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4. Settlement of RSUs. As soon as reasonably practicable following each Vesting Date, but in no event later than sixty (60) days following such Vesting Date, the Company shall cause to be delivered to the Grantee, in full settlement and satisfaction of the RSUs as to which such portion of the Restricted Period has so lapsed: (a) the full number of shares of Common Stock underlying such RSUs, (b) a cash payment in an amount equal to the Fair Market Value of such shares of Common Stock on the date of such lapse or (c) a combination of such shares of Common Stock and cash payment, as the Committee, in its sole discretion, shall determine, subject to satisfaction of applicable tax withholding obligations with respect thereto in accordance with Section 6 of this Agreement. Notwithstanding the foregoing provisions to the contrary, if at the time of the Grantee’s separation from service within the meaning of Section 409A of the Code, any payment hereunder that constitutes a “deferral of compensation” under Section 409A of the Code and that would otherwise become due on account of such separation from service shall be delayed, and the payment shall be made in full upon the earlier to occur of (a) a date during the 31-day period commencing the six months and one day following such separation from service and (b) the date of the Grantee’s death.
5. Change in Control. Notwithstanding Section 4 hereof, in the event a Change in Control occurs prior to a Vesting Date, and provided that the RSUs have not been forfeited pursuant to Section 3 prior to the date of such Change in Control, then:
(b) | RSUs are not Assumed or Replaced. If upon the occurrence of a Change in Control, the Grantee’s RSUs are not converted, assumed, or replaced by a successor with an economically equivalent award, the Restricted Period shall immediately lapse with respect to all outstanding and unvested RSUs, provided the Grantee is engaged by or providing services to, as applicable, the Company or an Affiliate upon the closing of such Change in Control. The RSUs shall be settled within sixty (60) days following the consummation of the Change in Control. |
(b) | RSUs are Assumed or Replaced. If upon the occurrence of a Change in Control, the Grantee’s RSUs are converted, assumed, or replaced by a successor with an economically equivalent award in accordance with Section 18(b) of the Plan, then the outstanding and unvested RSUs shall continue to be in effect under the same terms and conditions as set forth in this Agreement, provided, however, any outstanding and unvested RSUs shall immediately vest the Grantee’s Termination of Engagement by the Company without Cause within eighteen (18) months following the Change in Control. The assumed RSUs will be settled in accordance with Section 4 of this Agreement, provided, however, in the event of a termination without Cause within eighteen (18) months following the Change in Control, the RSUs will be settled within sixty (60) days following such Termination of Engagement. |
6. Taxes. Upon settlement of the RSUs, or as of any other date on which the value of any RSUs otherwise becomes includible in the Grantee’s gross income for tax purposes, any taxes of any kind required by law to be withheld with respect to such RSUs shall be satisfied by the Company withholding shares of Common Stock otherwise deliverable or payable to the Grantee pursuant to this Agreement (provided, however, that the amount of any shares of Common Stock so withheld shall not exceed the amount necessary to satisfy required federal, state, local and non-United States withholding obligations using the maximum statutory withholding rates for federal, state, local and/or non-U.S. tax purposes, including payroll taxes, that are applicable to supplemental taxable income), pursuant to any procedures, and subject to any limitations as the Committee may prescribe and subject to applicable law, based on the Fair Market Value of the shares of Common Stock on the payment date. The Company or an Affiliate may, in the discretion of the Committee, provide for alternative arrangements to satisfy applicable tax withholding requirements in accordance with Section 21 of the Plan. Regardless of any action the Company or any Affiliate takes with respect to any or all tax withholding obligations, the Grantee acknowledges that the ultimate liability for all such taxes is and remains the Grantee’s responsibility (or that of the Grantee’s beneficiary).
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7. Dividend Equivalents. With respect to the number of RSUs set forth in the Grant Notice, the Grantee shall be credited with cash Dividend Equivalents with respect to each such RSU equal to the amount per share of Common Stock of any ordinary cash dividends declared by the Board with record dates during the period beginning on the first day of the Restricted Period and ending on the earliest to occur of the settlement of the RSUs in accordance with Section 4 or Section 5, applicable. Any Dividend Equivalents shall be forfeited as and when the related RSUs are forfeited in accordance with Section 3 of this Agreement.
8. No Rights as a Shareholder Prior to Issuance of Shares. Neither the Grantee nor any other person shall become the beneficial owner of the shares of Common Stock underlying the RSUs, nor have any rights to dividends, Dividend Equivalents or other rights as a shareholder with respect to any such shares of Common Stock, until and after such shares of Common Stock, if any, have been actually issued to the Grantee and transferred on the books and records of the Company or its agent in accordance with the terms of the Plan and this Agreement.
9. Transferability. The RSUs shall not be transferable otherwise than by will or the laws of descent and distribution; provided, however, that the Grantee may file with the Company a written designation of a beneficiary on such form as may be prescribed by the Company and may, from time to time, amend or revoke such designation, and, in the event of the Grantee’s death, any payment due under Section 4 of this Agreement shall be made to the most recently designated such beneficiary, and if no designated beneficiary survives the Grantee, any such payment shall be made to the executor or administrator of the Grantee’s estate.
10. No Right to Continued Engagement or Service. Neither the RSUs nor any terms contained in this Agreement shall confer upon the Grantee any rights or claims except in accordance with the express provisions of the Plan and this Agreement, and shall not give the Grantee any express or implied right to be retained in the engagement or service of the Company or any Affiliate for any period, or in any particular position or at any particular rate of compensation, nor restrict in any way the right of the Company or any Affiliate, which right is hereby expressly reserved, to modify or terminate the Grantee’s engagement or service at any time for any reason. The Grantee acknowledges and agrees that any right to lapse of the Restricted Period is earned only by continuing as director, consultant or employee of the Company or an Affiliate at the will of the Company or such Affiliate and satisfaction of other applicable terms and conditions contained in the Plan and this Agreement, and not through the act of being hired or being granted the RSUs hereunder.
11. The Plan. This Agreement is subject to terms, provisions and conditions identical to those in the Plan, which are incorporated herein by reference, and to such rules, policies and regulations as may from time to time be adopted by the Committee. A paper copy of the Plan shall be provided to the Grantee upon the Grantee’s written request to the Company at the address set forth in Section 12 of this Agreement.
12. Compliance with Securities Laws. The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however, notwithstanding any other provision of this Agreement, the Company shall not be obligated to issue any shares of Common Stock or other securities pursuant to this Agreement if the issuance thereof would result in a violation of any such law. It is intended that the shares of Common Stock underlying the RSUs shall be registered under the Securities Act of 1933, as amended (the “1933 Act”). If the Grantee is an “affiliate” of the Company, as that term is defined in Rule 144 under the 1933 Act (“Rule 144”), the Grantee may not sell the shares of Common Stock except in compliance with Rule 144. Any certificates representing shares of Common Stock issued to an “affiliate” of the Company may bear a legend setting forth such restrictions on the disposition or transfer of the shares of Common Stock as the Company deems appropriate to comply with federal and state securities laws (and if the shares of Common Stock are evidenced on a non-certificated basis, the shares of Common Stock shall be subject to similar stop transfer instructions). The Grantee acknowledges and understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time the Grantee wishes to sell the shares of Common Stock or other conditions under Rule 144 which are required of the Company. If so, the Grantee understands that the Grantee will be precluded from selling the securities under Rule 144 even if the one-year holding period (or any modification thereof under Rule 144) of Rule 144 has been satisfied. Prior to the Grantee’s acquisition of the shares of Common Stock, the Grantee acquired sufficient information about the Company to reach an informed knowledgeable decision to acquire such securities. The Grantee has such knowledge and experience in financial and business matters as to make the Grantee capable of utilizing said information to evaluate the risks of the prospective investment and to make an informed investment decision. The Grantee is able to bear the economic risk of his or her investment in the shares of Common Stock. The Grantee agrees not to make, without the prior written consent of the Company, any public offering or sale of the shares of Common Stock although permitted to do so pursuant to Rule 144(k) promulgated under the 1933 Act, until all applicable conditions and requirements of Rule 144 (or registration of the shares of Common Stock issued pursuant to this Agreement under the 1933 Act) and this Agreement have been satisfied. The Grantee further agrees hereby that, as a condition to the issuance of shares upon settlement of the RSUs, the Grantee will enter into and perform any underwriter’s lock-up agreement requested by the Company from time to time in connection with public offerings of the Company’s securities.
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13. Notices. All notices required to be given under this Agreement shall be in writing and delivered in person or by registered or certified mail, postage prepaid, to the other party, in the case of the Company, at the address of its principal place of business (or such other address as the Company may from time to time specify); provided, however, any such notice to the Company may be delivered electronically to the Chief Human Resources Officer at totalreward@ihstowers.com or, in the case of the Grantee, at the Grantee’s address set forth in the Company’s records; provided, however, any such notice to the Grantee may be delivered electronically to the Grantee’s email address set forth in the Company’s records. Each party to this Agreement agrees to inform the other party immediately upon a change of address. All notices shall be deemed delivered when received.
14. Adjustments/Changes in Capitalization. The shares of Common Stock underlying the RSUs are subject to the adjustment provisions set forth in Section 17 of the Plan.
15. Other Plans. The Grantee acknowledges that any income derived from the RSUs shall not affect the Grantee’s participation in, or benefits under, any other benefit plan or other contract or arrangement maintained by the Company or any Affiliate.
16. Entire Agreement and Amendments. This Agreement and the Plan contain the entire agreement of the parties relating to the matters contained herein and supersede all prior agreements and understandings, oral or written, between the parties with respect to the subject matter hereof. This Agreement may be amended in accordance with Section 22 of the Plan. For the avoidance of doubt, it is hereby noted and agreed that all and any conditional rights held by the Grantee to acquire shares in the Company that are subsisting immediately prior to the date of this Agreement shall immediately lapse.
17. Binding Effect. The terms and conditions hereunder shall, in accordance with their terms, be binding upon, and inure to the benefit of, all successors of the Grantee, including, without limitation, the Grantee’s estate and the executors, administrators, or trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy, or representative of creditors of the Grantee. This Agreement shall be binding upon and inure to the benefit of any successors to the Company.
18. Severability. If any provision of this Agreement is rendered or declared illegal or unenforceable by reason of any existing or subsequently enacted legislation or by the decision of any arbitrator or by decree of a court of last resort, the parties shall promptly meet and negotiate substitute provisions for those rendered or declared illegal or unenforceable to preserve the original intent of this Agreement to the extent legally possible, but all other provisions of this Agreement shall remain in full force and effect.
19. Electronic Delivery and Signatures. The Company may, in its sole discretion, decide to deliver any documents related to the RSUs, this Agreement or to participation in the Plan or to future grants that may be made under the Plan by electronic means or to request the Grantee's consent to participate in the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. If the Company establishes procedures of an electronic signature system for delivery and acceptance of Plan documents (including this Agreement or any Award Agreement like this Agreement), the Grantee hereby consents to such procedures and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature.
20. Governing Law. The execution, validity, interpretation, and performance of this Agreement shall be governed by, and construed in accordance with, the laws of the Cayman Islands, applied without giving effect to any conflicts-of-law principles, except to the extent pre-empted by federal law.
21. Section 409A and Section 457A. This Agreement and delivery of shares of Common Stock under this Agreement are intended to be exempt from or to comply with Sections 409A and 457A of the Code and shall be administered and construed in accordance with such intent. In furtherance, and not in limitation, of the foregoing: (a) in no event may the Grantee designate, directly or indirectly, the calendar year of any payment to be made hereunder; and (b) notwithstanding any other provision of this Agreement to the contrary, a termination of engagement or service hereunder shall mean and be interpreted consistent with a “separation from service” within the meaning of Code Section 409A with respect to any payment hereunder that constitute a “deferral of compensation” under Code Section 409A that becomes due on account of such separation from service. Notwithstanding any provision of the Plan to the contrary, in no event shall the Company or any Affiliate be liable to the Grantee on account of this Agreement’s failure to (a) qualify for favorable U.S. or foreign tax treatment or (b) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, Sections 409A and 457A of the Code.
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