As filed with the Securities and Exchange Commission on August 4, 2023

Registration No. 333-__________

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

HEICO CORPORATION
(Exact name of registrant as specified in its charter)

 

Florida
(State or other jurisdiction of incorporation or organization)

 

65-0341002
(IRS Employer Identification Number)

 

3000 Taft Street,
Hollywood, Florida 33021
(954) 987-4000
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

 

Carlos L. Macau, Jr.
Executive Vice President - Chief Financial Officer
HEICO Corporation
3000 Taft Street
Hollywood, Florida 33021
(954) 987-4000
(Name, address, including zip code, and telephone number, including area code, of agent for service)

 

With a copy to:
Jonathan Awner, Esq.
Christina C. Russo, Esq.
Akerman LLP
Three Brickell City Centre
98 Southeast Seventh Street, Suite 1100
Miami, Florida 33131
(305) 374-5600

 

Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement, as determined by the selling stockholder.

 

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box:

 

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box:

 

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.

 

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.

 

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box:

 

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box:

 

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.

 

Large accelerated filer Accelerated filer
Non-accelerated filer 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.

 

 

 

 

PROSPECTUS

 

HEICO CORPORATION

 

1,054,606 Class A Common Stock

 

The selling stockholders may offer and sell from time to time up to an aggregate of 1,054,606 shares of HEICO Corporation (the “Company”) Class A common stock, par value $0.01 (the “Class A Common Stock”), issued to the selling stockholders. These securities were issued to the selling stockholders in connection with the acquisition of Wencor Group on August 4, 2023.

 

For information concerning the selling stockholders and the manner in which it may offer and sell shares of our Class A Common Stock, see “Selling Stockholders” and “Plan of Distribution” in this prospectus.

 

We are not selling any securities under this prospectus and we will not receive any proceeds from the sale by the selling stockholders of its shares of Class A Common Stock.

 

Our Class A Common Stock is traded on the New York Stock Exchange (the “NYSE”), under the symbol “HEI.A.” As of August 3, 2023, the last reported sale price of our Class A Common Stock on the NYSE was $140.86.

 

--------------------------

 

Investing in our securities involves risks. See “Risk Factors,” beginning on page 4 and in any other documents incorporated by reference herein or therein, for factors you should consider before buying any of our securities.

 

You should rely only on the information contained in this prospectus. We have not authorized any dealer, salesperson or other person to provide you with information concerning us, except for the information contained in this prospectus. The information contained in this prospectus is complete and accurate only as of the date on the front cover page of this prospectus, regardless of the time of delivery of this prospectus or the sale of any Class A Common Stock. This prospectus is not an offer to sell these securities and we are not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

 

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

 

The date of this prospectus is August 4, 2023

 

 

 

 

TABLE OF CONTENTS

 

ABOUT THIS PROSPECTUS ii
PROSPECTUS SUMMARY 1
THE OFFERING 3
RISK FACTORS 4
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS 5
USE OF PROCEEDS 6
SELLING STOCKHOLDERS 7
PLAN OF DISTRIBUTION 8
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE 10
WHERE YOU CAN FIND MORE INFORMATION 11
LEGAL MATTERS 11
EXPERTS 11

 

i

 

 

ABOUT THIS PROSPECTUS

 

This prospectus is part of an automatic registration statement on Form S-3 that we filed with the Securities and Exchange Commission (the “SEC”) as a “well-known seasoned issuer” as defined in Rule 405 of the Securities Act of 1933, as amended (the “Securities Act”). Under the shelf process, the selling stockholders may, from time to time, sell the offered securities described in this prospectus in one or more offerings. Additionally, under the shelf process, in certain circumstances, we may provide a prospectus supplement that will contain specific information about the terms of a particular offering by the selling stockholders. We may also provide a prospectus supplement to add information to, or update or change information contained in, this prospectus.

 

This prospectus does not contain all of the information set forth in the registration statement, portions of which we have omitted as permitted by the rules and regulations of the SEC. Statements contained in this prospectus as to the contents of any contract or other document are not necessarily complete. You should refer to the copy of each contract or document filed as an exhibit to the registration statement for a complete description.

 

We and any selling stockholders have not authorized anyone to provide any information or make any representations other than those contained in this prospectus, the related registration statement or in any of the materials that we have incorporated by reference into this prospectus. You should carefully evaluate the information provided by us or any selling stockholders in light of the total mix of information available to you, recognizing that we can provide no assurance as to the reliability of any information other than that contained in this prospectus, the related registration statement or in any of the materials that we have incorporated by reference into this prospectus. The selling stockholders are offering to sell and seeking offers to buy shares of our Class A Common Stock only in jurisdictions in which offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of Class A Common Stock.

 

Unless the context otherwise requires, all references in this prospectus to “HEICO,” the “Company,” “we,” “us,” and “our” refer to HEICO Corporation and our consolidated subsidiaries. Unless otherwise stated or indicated by context, the phrase “this prospectus” refers to the prospectus and any applicable prospectus supplement.

  

ii

 

 

PROSPECTUS SUMMARY

 

This summary does not contain all of the information that is important to you. You should read the entire prospectus carefully, including the “Risk Factors” section and the consolidated financial statements and related notes included in this prospectus or incorporated by reference into this prospectus, before making an investment decision.

 

Overview

 

HEICO Corporation through its subsidiaries (collectively, “HEICO,” “we,” “us,” “our” or the “Company”) believes it is the world’s largest manufacturer of Federal Aviation Administration (“FAA”)-approved jet engine and aircraft component replacement parts, other than the original equipment manufacturers (“OEMs”) and their subcontractors. HEICO also believes it is a leading manufacturer of various types of electronic equipment for the aviation, defense, space, medical, telecommunications and electronics industries.

 

The Company was originally organized in 1957 as a holding company known as HEICO Corporation. As part of a reorganization completed in 1993, the original holding company (formerly known as HEICO Corporation) was renamed as HEICO Aerospace Corporation and a new holding corporation known as HEICO Corporation was created. The reorganization did not result in any change in the business of the Company, its consolidated assets or liabilities or the relative interests of its shareholders.

 

Our business is comprised of two operating segments:

 

The Flight Support Group. Our Flight Support Group (“FSG”), consisting of HEICO Aerospace Holdings Corp. and HEICO Flight Support Corp. and their collective subsidiaries, accounted for 57%, 50% and 52% of our net sales in fiscal 2022, 2021 and 2020, respectively, and 58% of net sales for the six months ended April 30, 2023. The FSG uses proprietary technology to design and manufacture jet engine and aircraft component replacement parts for sale at lower prices than those manufactured by OEMs. These parts are approved by the FAA and are the functional equivalent of parts sold by OEMs. In addition, the FSG repairs, overhauls and distributes jet engine and aircraft components, avionics and instruments for domestic and foreign commercial air carriers and aircraft repair companies as well as military and business aircraft operators. The FSG also manufactures and sells specialty parts as a subcontractor for aerospace and industrial original equipment manufacturers and the United States (“U.S.”) government. Additionally, the FSG is a leading supplier, distributor, and integrator of military aircraft parts and support services primarily to the U.S. Department of Defense, defense prime contractors, and foreign military organizations allied with the U.S. Further, the FSG is a leading manufacturer of advanced niche components and complex composite assemblies for commercial aviation, defense and space applications. The FSG engineers, designs and manufactures thermal insulation blankets and parts as well as removable/reusable insulation systems for aerospace, defense, commercial and industrial applications; manufactures expanded foil mesh for lightning strike protection in fixed and rotary wing aircraft; distributes aviation electrical interconnect products and electromechanical parts; overhauls industrial pumps, motors, and other hydraulic units with a focus on the support of legacy systems for the U.S. Navy; and performs tight-tolerance machining, brazing, fabricating and welding services for aerospace, defense and other industrial applications.

 

The Electronic Technologies Group. Our Electronic Technologies Group (“ETG”), consisting of HEICO Electronic Technologies Corp. and its subsidiaries, accounted for 43%, 50% and 48% of our net sales in fiscal 2022, 2021 and 2020, respectively, and 42% of net sales for the six months ended April 30, 2023. The ETG derived approximately 56%, 63% and 66% of its net sales in fiscal 2022, 2021 and 2020, respectively, and 47% of net sales for the six months ended April 30, 2023, from the sale of products and services to U.S. and foreign military agencies, prime defense contractors and both commercial and defense satellite and spacecraft manufacturers. The ETG collectively designs, manufactures and sells various types of electronic, data and microwave, and electro-optical products, including infrared simulation and test equipment, laser rangefinder receivers, electrical power supplies, back-up power supplies, power conversion products, underwater locator beacons, emergency locator transmission beacons, flight deck annunciators, panels, and indicators, electromagnetic and radio frequency interference shielding and filters, high power capacitor charging power supplies, amplifiers, traveling wave tube amplifiers, photodetectors, amplifier modules, microwave power modules, flash lamp drivers, laser diode drivers, arc lamp power supplies, custom power supply designs, cable assemblies, high voltage power supplies, high voltage interconnection devices and wire, high voltage energy generators, high frequency power delivery systems; memory products, including three-dimensional microelectronic and stacked memory, static random-access memory (SRAM), and electronically erasable programmable read-only memory (EEPROM); harsh environment electronic connectors and other interconnect products, radio frequency (“RF”) and microwave amplifiers, transmitters, and receivers and integrated assemblies, sub-assemblies and components; RF sources, detectors and controllers, wireless cabin control systems, solid state power distribution and management systems, crashworthy and ballistically self-sealing auxiliary fuel systems, nuclear radiation detectors, communications and electronic intercept receivers and tuners, fuel level sensing systems, high-speed interface products that link devices, high performance active antenna systems and airborne antennas for commercial and military aircraft, precision guided munitions, other defense applications and commercial uses; silicone material for a variety of demanding applications; precision power analog monolithic, hybrid and open frame components; high-reliability ceramic-to-metal feedthroughs and connectors, technical surveillance countermeasures (TSCM) equipment to detect devices used for espionage and information theft; rugged small-form factor embedded computing solutions; custom high power filters and filter assemblies; test sockets and adapters for both engineering and production use of semiconductor devices; and radiation assurance services and products.

 

1

 

 

HEICO has continuously operated in the aerospace industry for over 65 years. Since assuming control in 1990, our current management has achieved significant sales and profit growth through a broadened line of product offerings, an expanded customer base, increased research and development expenditures and the completion of a number of acquisitions. As a result of internal growth and acquisitions, our net sales from continuing operations have grown from $26.2 million in fiscal 1990 to $2,208.3 million in fiscal 2022, representing a compound annual growth rate of approximately 15%. During the same period, we improved our net income from $2.0 million to $351.7 million, representing a compound annual growth rate of approximately 18%.

 

Acquisitions have been an important element of our growth strategy over the past thirty-three years, supplementing our organic growth. Since 1990, we have completed 97 acquisitions complementing the niche segments of the aviation, defense, space, medical, telecommunications and electronics industries in which we operate. We typically target acquisition opportunities that allow us to broaden our product offerings, services and technologies while expanding our customer base and geographic presence. Even though we have historically pursued an active acquisition policy, our disciplined acquisition strategy involves limiting acquisition candidates to businesses that we believe will continue to grow, offer strong cash flow and earnings potential, and are available at fair prices.

 

Wencor Acquisition

 

On August 4, 2023, the Company completed the acquisition of Wencor Group (“Wencor”) from affiliates of Warburg Pincus LLC and Wencor’s management (the “Wencor Acquisition”). Wencor is a large commercial and military aircraft aftermarket company offering factory-new FAA-approved aircraft replacement parts, value-added distribution of high-use commercial & military aftermarket parts and aircraft & engine accessory component repair and overhaul service. The consideration for the Wencor Acquisition was $1.9 billion in cash, subject to certain working capital, debt and other customary adjustments, and 1,137,628 shares of the Company’s Class A Common Stock (the “Share Consideration”).

 

The Wencor Acquisition was completed pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated May 15, 2023, by and among the Company, its newly formed wholly owned subsidiary Magnolia MergeCo Inc. (“Merger Sub”), Jazz Parent, Inc., the owner of Wencor (“Target”), and Jazz Topco GP LLC, solely in its capacity as representative for purposes of certain provisions of the Merger Agreement. Pursuant to the Merger Agreement, Merger Sub merged with and into the Target, and the Target continued as the surviving entity and a wholly owned subsidiary of the Company.

 

Also, in connection with the Wencor Acquisition, and pursuant to the Merger Agreement, on August 4, 2023, the Company entered into a Registration Rights Agreement with the selling stockholders, which requires the Company to file a resale registration statement covering the resale of the Share Consideration immediately following the closing of the Wencor Acquisition (the “Registration Rights Agreement”).

 

We are registering the Share Consideration pursuant to the Registration Rights Agreement.

 

Wencor Acquisition Financing

 

On July 27, 2023, we completed the public offer and sale of senior notes (the “Notes Offering”), which consisted of $600,000,000 principal amount of the Company’s 5.250% Senior Notes due 2028 (the “2028 Notes”) and $600,000,000 principal amount of the Company’s 5.350% Senior Notes due 2033 (the “2033 Notes” and collectively with the 2028 Notes, the “Notes”). The Company used a portion of the proceeds from the Notes Offering and availability under the Existing Credit Facility to fund the cash portion of the purchase price of the Wencor Acquisition.

 

We have an existing $2.0 billion revolving credit agreement (the “Existing Credit Facility”) with a bank syndicate, which also includes a feature that allows the Company to increase the capacity by $750 million to become a $2.75 billion facility through increased commitments from existing lenders. The Existing Credit Facility may be used to finance acquisitions and for working capital and other general corporate purposes, including capital expenditures. The Company’s borrowings under the Existing Credit Facility mature in fiscal 2028.

 

Corporate Information

 

HEICO’s corporate headquarters are located at 3000 Taft Street, Hollywood, Florida 33021. Our telephone number is (954) 987-4000 and our Internet website address is www.heico.com. The information on our website is not a part of, or incorporated in, this prospectus.

 

2

 

 

THE OFFERING

 

Class A Common Stock outstanding prior to the offering:   83,453,572 shares
     
Class A Common Stock to be offered by the selling stockholders:   1,054,606 shares
     
Class A Common Stock outstanding immediately following offering:   83,453,572 shares
     
Use of proceeds:   We will not receive any proceeds from the sale of the shares of Class A Common Stock by the selling stockholders. The selling stockholders will receive all of the proceeds from the sale of shares of Class A Common Stock hereunder. See “Use of Proceeds.”
     
Risk Factors:   See “Risk Factors” beginning on page 4 of this prospectus for a discussion of factors you should carefully consider before deciding to invest in shares of our Class A Common Stock.
     
Stock Symbol:   NYSE: HEI.A

  

The number of shares of our Class A Common Stock to be outstanding after this offering is based on 83,453,572 shares of our Class A Common Stock outstanding as of July 31, 2023, as adjusted to give effect to the issuance of the Share Consideration, the assumptions set forth above and excluding the following:

 

  4,779,075 shares of Class A Common Stock reserved for issuance pursuant to future awards under our Incentive Compensation Plans, as amended (the “Incentive Plans”);

 

  2,281,518 shares of Class A Common Stock underlying outstanding options and restricted stock units granted pursuant to the Incentive Plans; and

 

  223,750 shares of Class A Common Stock reserved for issuance pursuant to future contributions under our HEICO Savings and Investment Plan.

  

3

 

 

RISK FACTORS

 

Investing in our securities involves significant risks. Before making an investment decision, you should consider carefully the risks, uncertainties and other factors described under “Risk Factors” in our most recent Annual Report on Form 10-K, as supplemented and updated by subsequent quarterly reports on Form 10-Q, current reports on Form 8-K that we have filed or will file with the SEC, and any other documents which are incorporated by reference into this prospectus.

 

If any of these risks were to occur, our business, affairs, prospects, assets, financial condition, results of operations and cash flows could be materially and adversely affected. If this occurs, the market or trading price of our securities could decline, and you could lose all or part of your investment. In addition, please read “Special Note Regarding Forward-Looking Statements” in this prospectus, where we describe additional uncertainties associated with our business and the forward-looking statements included or incorporated by reference into this prospectus.

 

4

 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This prospectus and the documents incorporated by reference in this prospectus contain “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements, which in some cases, you can identify by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “potential” and similar expressions intended to identify forward-looking statements, relate to future events or to our future operating or financial performance and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These statements include statements regarding our operations, cash flows, and financial position. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties.

 

Although we believe that these statements are based upon reasonable assumptions, these statements expressing opinions about future outcomes and non-historical information are subject to a number of risks and uncertainties, many of which are beyond our control, and reflect future business decisions that are subject to change and, therefore, there is no assurance that the outcomes expressed in these statements will be achieved. Some of the assumptions, future results and levels of performance expressed or implied in the forward-looking statements we have made or may make in the future inevitably will not materialize, and unanticipated events may occur which will affect our results. Investors are cautioned that forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the expectations expressed in forward-looking statements contained herein. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We discuss many of these risks and uncertainties in greater detail under “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our quarterly reports on Form 10-Q, together with all of the other information appearing in or incorporated by reference into this prospectus. You should read this prospectus completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this prospectus by these cautionary statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required under the securities laws of the United States. You are advised, however, to consult any additional disclosures we make in our reports filed with the SEC.

 

5

 

  

USE OF PROCEEDS

 

We will not receive any proceeds from the sale of the shares of Class A Common Stock by the selling stockholders. The selling stockholders will receive all of the proceeds from the sale of shares of Class A Common Stock hereunder.

 

6

 

 

 

SELLING STOCKHOLDERS

 

The following table provides information about the selling stockholders, listing how many shares of our Class A Common Stock each selling stockholder owns on the date of this prospectus, how many shares may be offered by this prospectus, and the number and percentage of outstanding shares each selling stockholder will own after the offering, assuming all shares covered by this prospectus are sold. The information concerning beneficial ownership has been provided by the selling stockholders. Information concerning the selling stockholders may change from time to time, and any changed information will be set forth if and when required in prospectus supplements or other appropriate forms permitted to be used by the SEC.

 

We do not know when or in what amounts the selling stockholders may offer shares for sale. The selling stockholders may choose not to sell any or all of the shares offered by this prospectus. Because the selling stockholders may offer all or some of the shares, and because there are currently no agreements, arrangements or understandings with respect to the sale of any of the shares, we cannot accurately report the number of the shares that will be held by the selling stockholders after completion of the offering. However, for purposes of this table, we have assumed that, after completion of the offering, all of the shares covered by this prospectus will be sold by the selling stockholders.

 

The percentage of shares beneficially owned before, and after, the offering is based on 83,453,572 shares of Class A Common Stock outstanding as of July 31, 2023, as adjusted to give effect to the issuance of the Share Consideration. For the purposes of the following table, the number of shares of Class A Common Stock beneficially owned has been determined in accordance with Rule 13d-3 under the Exchange Act, and such information is not necessarily indicative of beneficial ownership for any other purpose. Under Rule 13d-3, beneficial ownership includes any shares as to which the selling stockholders have sole or shared voting power or investment power and also any shares which each selling shareholder, respectively, has the right to acquire within 60 days of the date of this prospectus through the exercise of any stock option, warrant or other rights.

 

Selling Stockholders  Shares of
Class A
Common
Stock
Owned
Before the
Offering(1)
   Percent of
Class A
Common
Stock Owned
by the Selling
Stockholders
Before the
Stockholder’s
Offering
   Shares of
Class A
Common
Stock to be
Offered for
the Selling
Stockholder’s
Account
   Shares of
Class A
Common
Stock Owned
by the
Selling
Stockholders
After the
Offering(2)
   Percent of
Class A
Common
Stock to be
Owned by the
Selling
Stockholders
After the
Offering(2)
 
Antar K Bailey   157              *    157         
Sean Beaubien   4,169    *    4,169         
Richard Keith Coleman   2,006    *    2,006         
Christopher Brent Curtis Jr.   248    *    248         
Kristyn Curtis JR TEN Preservation Trust Company TTEE CSH Nevada Trust U/A/D 09/22/2022   8,326    *    8,326         
Robert M Dann   288    *    288         
Arthur DeGuire   568    *    568         
Domenick DiGirolamo   6,346    *    6,346         
Charles Elder   906    *    906         
David Fortner   919    *    919         
Gary Fortner   367    *    367         
Kevin Hopper TTEE Fortner Irrevocable Trust U/A/D 12/16/2022   8,326    *    8,326         
Jeffrey Furgo   149    *    149         
Melissa Garrett   2,132    *    2,132         
Marlene Gonzalez   579    *    579         
Michael Graff   7,896    *    7,896         
Michael Graff 2012 GST Trust   4,472    *    4,472         
Timothy Harris   684    *    684         
Gregory Michael Harwood   2,219    *    2,219         
Russell Hays   7    *    7         
Premier Trust, Inc. Custodian FBO Scott R Herndon IRA #009086   2,012    *    2,012         
Scott R. Herndon   2,070    *    2,070         
Tom Horton   1,884    *    1,884         
Isabelle Kay   5,534    *    5,534         
Tyson Kay   5,534    *    5,534         
David Kozak   355    *    355         
Merlyn Langton   7    *    7         
Gregory Lowenstein   4,972    *    4,972         
Kathryn Lowenstein   4,972    *    4,972         
Matthew Mazzilli   6,118    *    6,118         
Eduardo Montalvo   7,939    *    7,939         
William Morris   3,179    *    3,179           
Michael Pulick   2,348    *    2,348         
Michael A. Pulick TTEE Michael A. Pulick, Jr. Revocable Living Trust 3/26/1998   973    *    973         
Brian Rohrenbach   329    *    329         
Seth Satterfield   5,080    *    5,080         
Stephen Alfred Schofield Jr.   259    *    259         
Stephen Shaffer   2,781    *    2,781         
Andrew Shields   2,143    *    2,143         
James Vint Stewart   1,884    *    1,884         
Investment funds and entities affiliated with Warburg Pincus LLC3   941,882    1.1%   941,882         
Kevin F Wisneski   1,587    *    1,587         

 

 

*Represents less than 1%
(1)These shares of Class A Common Stock were issued in connection with the Wencor Acquisition, as described above under the Prospectus Summary —Wencor Acquisition.
(2)Assumes that the selling stockholders dispose of all of the shares of Class A Common Stock covered by this prospectus and do not acquire beneficial ownership of any additional shares. The registration of these shares does not necessarily mean that the selling stockholders will sell all or any portion of the shares covered by this prospectus.
(3) Consists of (i) 772,310.00 shares held of record by WPXI Finance, L.P., a Delaware limited partnership (“WP XI Finance”), (ii) 40,647.00 shares held of record by Warburg Pincus XI Partners, L.P., a Delaware limited partnership (“WP XI Partners”); and (iii) 128,925.00 shares held of record by Jazz Co-Invest LLC, a Delaware limited liability company (“WP Jazz”). WPXI GP, L.P., a Delaware limited partnership (“WPXI Finance GP”), is the general partner of WP XI Finance. Warburg Pincus Private Equity XI, L.P., a Delaware limited partnership (“WP PE XI” and together with WP XI Partners, the “WP XI Funds”), is the general partner of WPXI Finance GP. Warburg Pincus XI, L.P., a Delaware limited partnership (“WP XI GP”), is the general partner of each of WP PE XI and WP XI Partners and the managing member of WP Jazz. WP Global LLC, a Delaware limited liability company (“WP Global”), is the general partner of WP XI GP. Warburg Pincus Partners II, L.P., a Delaware limited partnership (“WPP II”), is the managing member of WP Global. Warburg Pincus Partners GP LLC, a Delaware limited liability company (“WPP GP LLC”), is the general partner of WPP II. Warburg Pincus & Co., a New York general partnership, is the managing member of WPP GP LLC. Warburg Pincus LLC, a New York limited liability company, is the manager of the WP XI Funds. The address of the Warburg Pincus entities is 450 Lexington Avenue, New York, New York 10017.

 

None of the selling stockholders have, nor within the past three years has had, any position, office or material relationship with us or any of our predecessors or affiliates.

 

7

 

 

PLAN OF DISTRIBUTION

 

Selling Stockholders

 

We are registering the shares of Class A Common Stock to permit the resale of these shares of Class A Common Stock by the selling stockholders from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of the shares of Class A Common Stock. We will bear all fees and expenses incident to our obligation to register the shares of Class A Common Stock.

 

The selling stockholders, which as used herein includes donees, pledgees, transferees or other successors-in-interest selling shares of Class A Common Stock or interests in shares of Class A Common Stock received after the date of this prospectus from the selling stockholders as a gift, pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of Class A Common Stock or interests in shares of Class A Common Stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.

 

The selling stockholders may use any one or more of the following methods when disposing of shares or interests therein:

 

ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;

 

purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

an exchange distribution in accordance with the rules of the applicable exchange;

 

privately negotiated transactions;

 

short sales effected after the date the registration statement of which this prospectus is a part is declared effective by the SEC;

 

through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

 

broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;

 

a combination of any such methods of sale; and

 

through any other method described in the applicable prospectus supplement.

 

The selling stockholders may, from time to time, pledge or grant a security interest in some or all of the shares of Class A Common Stock owned by it and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of Class A Common Stock, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer the shares of Class A Common Stock in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

 

In connection with the sale of our Class A Common Stock or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the Class A Common Stock in the course of hedging the positions they assume. The selling stockholders may also sell shares of our Class A Common Stock short and deliver these securities to close out their short positions, or loan or pledge the Class A Common Stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

 

8

 

 

The aggregate proceeds to the selling stockholders from the sale of the Class A Common Stock offered by them will be the purchase price of the Class A Common Stock less discounts or commissions, if any. The selling stockholders reserve the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of Class A Common Stock to be made directly or through agents.

 

The selling stockholders also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities Act, provided that the selling stockholders meets the criteria and conforms to the requirements of that rule.

 

The selling stockholders and any underwriters, broker-dealers or agents that participate in the sale of the Class A Common Stock or interests therein may be “underwriters” within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act. Selling stockholders who are “underwriters” within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act.

 

To the extent required, the shares of our Class A Common Stock to be sold, the names of the selling stockholders, the respective purchase prices and public offering prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.

 

In order to comply with the securities laws of some states, if applicable, the Class A Common Stock may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the Class A Common Stock may not be sold unless it has been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.

 

We have advised the selling stockholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities of the selling stockholders and its affiliates. In addition, to the extent applicable we will make copies of this prospectus (as it may be supplemented or amended from time to time) available to the selling stockholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer that participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising under the Securities Act.

 

The selling stockholders and any underwriters, brokers, dealers or agents that participate in the distribution of the securities may be deemed to be “underwriters” within the meaning of the Securities Act, and any discounts, concessions, commissions or fees received by them and any profit on the resale of the securities sold by them may be deemed to be underwriting discounts and commissions.

 

As set forth in the Registration Rights Agreement, we have agreed to register for resale the shares of Class A Common Stock issued in the Wencor Acquisition.

 

9

 

 

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

 

The SEC allows us to “incorporate by reference” information into this prospectus, which means that we can disclose important information about us by referring to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of this prospectus. This prospectus incorporates by reference the documents and reports listed below other than portions of these documents that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form 8-K:

 

The Annual Report on Form 10-K for the fiscal year ended October 31, 2022, filed with the SEC on December 21, 2022, including portions of the Company’s proxy statement on Schedule 14A, filed with the SEC on February 3, 2023, to the extent incorporated by reference into such Annual Report on Form 10-K;

 

Our Quarterly Report on Form 10-Q for the quarter ended January 31, 2023, filed with the SEC on March 1, 2023;

 

Our Quarterly Report on Form 10-Q for the quarter ended April 30, 2023, filed with the SEC on May 24, 2023;

 

The Current Reports on Form 8-K filed with the SEC on December 21, 2022, March 20, 2023, April 12, 2023, May 15, 2023, May 18, 2023, July 17, 2023, July 24, 2023, July 27, 2023, and August 4, 2023;

 

The description of our Common Stock contained in our Registration Statement on Form 8-A, filed with the SEC on April 28, 1993, as amended January 27, 1999, and as further amended by the description of our Common Stock set forth in Exhibit 4.1 to our Annual Report on Form 10-K for the year ended October 31, 2019, including any further amendments thereto or reports filed for the purposes of updating this description; and

 

The description of our Class A Common Stock contained in our Registration Statement on Form 8-A, filed with the SEC on April 8, 1998, as amended January 27, 1999, and as further amended by the description of our Class A Common Stock set forth in Exhibit 4.1 to our Annual Report on Form 10-K for the year ended October 31, 2019, including any further amendments thereto or reports filed for the purposes of updating this description.

 

In addition to the items listed above, we also incorporate by reference additional documents that we file with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus through the completion of the offering. We will not, however, incorporate by reference any documents or portions thereof that are not deemed “filed” with the SEC, including any information furnished pursuant to Items 2.02 or 7.01 of our current reports on Form 8-K or certain exhibits furnished pursuant to Item 9.01 of Form 8-K. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained herein or in any subsequently filed document that also is or is deemed to be incorporated by reference herein, as the case may be, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.

 

We will provide, without charge, to any person, including any beneficial owner, to whom a copy of this prospectus is delivered, upon oral or written request of such person, a copy of any or all of the documents that have been incorporated by reference in this prospectus but not delivered with the prospectus, including any exhibits to such documents that are specifically incorporated by reference in those documents.

 

Please make your request by writing or telephoning us at the following address or telephone number:

 

HEICO Corporation
3000 Taft Street
Hollywood, Florida 33021
(954) 987-4000

 

10

 

  

WHERE YOU CAN FIND MORE INFORMATION

 

We are currently subject to the information requirements of the Exchange Act and in accordance therewith file periodic reports, proxy statements and other information with the SEC. Our SEC filings will also be available to you on the SEC’s website at http://www.sec.gov. We have filed with the SEC a registration statement on Form S-3 under the Securities Act for the shares of Class A Common Stock being offered by the selling stockholders. This prospectus does not contain all of the information in the registration statement and the exhibits and schedules that were filed with the registration statement. For further information with respect to us and our Class A Common Stock, we refer you to the registration statement and the exhibits that were filed with the registration statement. Anyone may obtain the registration statement and its exhibits and schedules from the SEC as described above.

 

LEGAL MATTERS

 

The validity of the shares of Class A Common Stock offered through this prospectus has been passed on by Akerman LLP, Miami, Florida.

  

EXPERTS

 

The consolidated financial statements of HEICO Corporation and subsidiaries as of October 31, 2022 and 2021, and for each of the three years in the period ended October 31, 2022 incorporated by reference in this prospectus, and the effectiveness of HEICO Corporation’s internal control over financial reporting have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their reports. Such consolidated financial statements are incorporated by reference in reliance upon the reports of such firm given their authority as experts in accounting and auditing.

 

11

 

 

PART II

 

INFORMATION NOT REQUIRED IN THE PROSPECTUS

 

Item 14. Other Expenses of Issuance and Distribution.  

 

SEC registration fee  $16,313 
Legal fees and expenses  $40,000*
Accounting fees and expenses  $30,000*
Miscellaneous expenses  $3,687*
Total  $90,000 

 

 

*All amounts are estimates, other than the SEC’s registration fee

 

We are paying all expenses of the offering listed above. No portion of these expenses will be borne by the selling stockholders. The selling stockholders, however, will pay all underwriting discounts and selling commissions, if any.

 

Item 15. Indemnification of Directors and Officers.

 

Under section 607.0831 of the Florida Business Corporation Act, a director is not personally liable for monetary damages to the corporation or any other person for any statement, vote, decision, or failure to act regarding corporate management or policy unless (a) the director breached or failed to perform his or her duties as a director, and (b) the director’s breach of, or failure to perform, those duties constitutes any of the following: (i) a violation of the criminal law, unless the director had reasonable cause to believe his or her conduct was lawful or had no reasonable cause to believe his or her conduct was unlawful. A judgment or other final adjudication against a director in any criminal proceeding for a violation of the criminal law estops that director from contesting the fact that his or her breach, or failure to perform, constitutes a violation of the criminal law; but does not estop the director from establishing that he or she had reasonable cause to believe that his or her conduct was lawful or had no reasonable cause to believe that his or her conduct was unlawful; (ii) a circumstance under which the transaction at issue is one from which the director derived an improper personal benefit, either directly or indirectly; (iii) a circumstance under which the liability provisions of section 607.0834 (which relates to liability for unlawful distributions) are applicable; (iv) in a proceeding by or in the right of the corporation to procure a judgment in its favor or by or in the right of a shareholder, conscious disregard for the best interest of the corporation, or willful or intentional misconduct; or (v) in a proceeding by or in the right of someone other than the corporation or a shareholder, recklessness or an act or omission which was committed in bad faith or with malicious purpose or in a manner exhibiting wanton and willful disregard of human rights, safety, or property.

 

We have authority under Section 607.0851 of the Florida Business Corporation Act to indemnify our directors and officers to the extent provided in such statute. Our Articles of Incorporation provide that we shall indemnify and hold harmless each person who shall serve at any time as a director or executive officers. The Florida Business Corporation Act also provides, under Section 607.0852, that a corporation must indemnify an individual who is or was a director or officer who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the individual was a party because he or she is or was a director or officer of the corporation against expenses incurred by the individual in connection with the proceeding. Further, under Section 607.0853 of the Florida Business Corporation Act, a corporation may, before final disposition of a proceeding, advance funds to pay for or reimburse expenses incurred in connection with the proceeding if the director or officer delivers to the corporation a signed written undertaking of the director or officer to repay any funds advanced if: (a) the director or officer is not entitled to mandatory indemnification under Section 607.0852; and (b) it is ultimately determined that the director or officer has not met the relevant standard of conduct described in Section 607.0851 or the director or officer is not entitled to indemnification under Section 607.0859 (as described below).

 

Under Section 607.0858 of the Florida Business Corporation Act, the indemnification provided pursuant to Sections 607.0851 and 607.0852 and the advancement of expenses provided pursuant to Section 607.0853 of the Florida Business Corporation Act are not exclusive, and a corporation may by a provision in its articles of incorporation, bylaws, or any agreement, by vote of shareholders or disinterested directors, or otherwise, obligate itself in advance of the act or omission giving rise to a proceeding to provide any other or further indemnification or advancement of expenses to any of its directors or officers. However, under Section 607.0859, indemnification or advancement of expenses may not be made to or on behalf of any director or officer if a judgment or other final adjudication establishes that his or her actions, or omissions to act, were material to the cause of action so adjudicated and constitute: (a) willful or intentional misconduct or a conscious disregard for the best interests of the corporation in a proceeding by or in the right of the corporation to procure a judgment in its favor or in a proceeding by or in the right of a shareholder; (b) a transaction in which the director or officer derived an improper personal benefit; (c) a violation of the criminal law, unless the director or officer had reasonable cause to believe his or her conduct was lawful or had no reasonable cause to believe his or her conduct was unlawful; or (d) in the case of a director, a circumstance under which the liability provisions of Section 607.0834 are applicable.

 

II-1

 

 

Item 16. Exhibits.

 

Exhibit
Number
  Exhibit Description
2.1   Agreement and Plan of Merger by and among HEICO Corporation, Magnolia MergeCo Inc., Jazz Parent, Inc. and Jazz Topco GP LLC, is incorporated by reference to Exhibit 2.1 to the Form 8-K filed on May 18, 2023.*
3.1   Articles of Incorporation of the Registrant are incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-4 (Registration No. 33-57624) Amendment No. 1 filed on March 19, 1993.*
3.2   Articles of Amendment of the Articles of Incorporation of the Registrant, dated April 27, 1993, are incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 8-B dated April 29, 1993.*
3.3   Articles of Amendment of the Articles of Incorporation of the Registrant, dated November 3, 1993, are incorporated by reference to Exhibit 3.3 to the Form 10-K for the year ended October 31, 1993.*
3.4   Articles of Amendment of the Articles of Incorporation of the Registrant, dated March 19, 1998, are incorporated by reference to Exhibit 3.4 to the Company’s Registration Statement on Form S-3 (Registration No. 333-48439) filed on March 23, 1998.*
3.5   Articles of Amendment of the Articles of Incorporation of the Registrant, dated as of November 2, 2003, are incorporated by reference to Exhibit 3.5 to the Form 10-K for the year ended October 31, 2003.*
3.6   Articles of Amendment of the Articles of Incorporation of the Registrant, dated March 26, 2012, are incorporated by reference to Exhibit 3.1 to the Form 8-K filed on March 29, 2012.*
3.7   Articles of Amendment of the Articles of Incorporation of the Registrant, dated March 16, 2018, are incorporated by reference to Exhibit 3.1 to the Form 8-K filed on March 20, 2018.*
3.8   Amended and Restated Bylaws of the Registrant, effective as of September 22, 2014, are incorporated by reference to Exhibit 3.1 to the Form 8-K filed on September 25, 2014.*
5.1   Opinion of Akerman LLP.**
10.1   Registration Rights Agreement, dated August 4, 2023, between HEICO Corporation and the selling stockholders.**
23.1   Consent of Akerman LLP. (contained in Exhibit 5.1).
23.2   Consent of Deloitte & Touche LLP.**
24.1   Power of Attorney (included with signature page on this Form S-3).
107   Filing Fee Table.**

 

*Previously filed.
**Filed herewith.

 

II-2

 

  

Item 17. Undertakings.

 

The undersigned registrant hereby undertakes:

 

(a)(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 of 1933;

 

(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) if, in the aggregate, the changes in the volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement;

 

(iii) To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in the registration statement;

 

Provided, however, that:

 

paragraphs (a)(1)(i), (a)(1)(ii), and (a)(1)(iii) of this section do not apply if the registration statement is on Form S-3 or Form F-3 and 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 Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

 

(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post—effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, 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.

 

(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

 

(b) That, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, 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 of 1933 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 Securities and Exchange 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.

 

II-3

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Hollywood, Florida, on this 4th day of August, 2023.

 

  HEICO CORPORATION
     
  By: /s/ Carlos L. Macau, Jr.
    Carlos L. Macau, Jr.
    Executive Vice President — Chief Financial Officer and Treasurer
    (Principal Financial Officer)

 

  By: /s/ Steven M. Walker
    Steven M. Walker
    Chief Accounting Officer and Assistant Treasurer
    (Principal Accounting Officer)

  

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Carlos L. Macau, Jr. and Joseph W. Pallot and each of them, 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, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

 

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

 

Signature   Title   Date
         
/s/ Laurans A. Mendelson   Chairman of the Board; Chief Executive Officer; and Director   August 4, 2023
Laurans A. Mendelson   (Principal Executive Officer)    
         
/s/ Carlos L. Macau, Jr.   Executive Vice President — Chief Financial Officer and Treasurer   August 4, 2023
Carlos L. Macau, Jr.   (Principal Financial Officer)    
         
/s/ Steven M. Walker   Chief Accounting Officer and Assistant Treasurer   August 4, 2023
Steven M. Walker   (Principal Accounting Officer)    
         
/s/ Thomas M. Culligan   Director   August 4, 2023
Thomas M. Culligan        
         
/s/ Carol F. Fine   Director   August 4, 2023
Carol F. Fine        
         
/s/ Adolfo Henriques   Director   August 4, 2023
Adolfo Henriques        
         
/s/ Mark H. Hildebrandt   Director   August 4, 2023
Mark H. Hildebrandt        
         
/s/ Eric A. Mendelson   Co-President and Director   August 4, 2023
Eric A. Mendelson        
         
/s/ Victor H. Mendelson   Co-President and Director   August 4, 2023
Victor H. Mendelson        
         
/s/ Julie Neitzel   Director   August 4, 2023
Julie Neitzel        
         
/s/ Alan Schriesheim   Director   August 4, 2023
Alan Schriesheim        
         
/s/ Frank J. Schwitter   Director   August 4, 2023
Frank J. Schwitter        

 

 

 

II-4

Exhibit 5.1

 

Akerman LLP

Three Brickell City Centre

98 Southeast Seventh Street

Suite 1100

Miami, FL 33131

 

T: 305 374 5600

F: 305 374 5095

 

August 4, 2023

 

HEICO Corporation

3000 Taft Street

Hollywood, Florida 33021

 

Re:Registration Statement on Form S-3

 

Ladies and Gentlemen:

 

We have acted as counsel to HEICO Corporation, a Florida corporation (the “Company”), in connection with the preparation and filing with the Securities and Exchange Commission (the “Commission”) of a Registration Statement on Form S-3 (such registration statement is herein referred to as the “Registration Statement”), pursuant to which the Company is registering under the Securities Act of 1933, as amended (the “Act”), the resale of up to 1,054,606 shares (the “Shares”) of the Company’s Class A Common Stock (“Class A Common Stock”), issued pursuant to that certain Agreement and Plan of Merger, dated May 15, 2023 (the “Merger Agreement”), by and among the Company, its newly formed wholly owned subsidiary Magnolia MergeCo Inc., Jazz Parent, Inc., the owner of Wencor Group, and Jazz Topco GP LLC, solely in its capacity as representative for purposes of certain provisions of the Merger Agreement. This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Act in connection with the filing of the Registration Statement. The Shares are to be offered by the selling stockholders on a delayed or continuous basis pursuant to Rule 415 under the Act as set forth in the prospectus forming a part of the Registration Statement (the “Prospectus”), as may be supplemented by one or more supplements to the Prospectus. All capitalized terms used herein and not otherwise defined shall have the respective meanings given to them in the Registration Statement.

 

In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of: (i) the Registration Statement, (ii) the Articles of Incorporation of the Company, as amended, as currently in effect; (iii) the Amended and Restated Bylaws of the Company, as currently in effect, (iv) the Merger Agreement, and (v) certain resolutions of the Board of Directors of the Company. We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Company and such agreements, certificates of public officials, certificates of officers or other representatives of the Company and others, and such other documents, certificates and records as we have deemed necessary or appropriate as a basis for the opinion set forth herein.

 

In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed or photostatic copies, and the authenticity of the originals of such copies. In making our examination of executed documents, we have assumed that the parties thereto, other than the Company, had the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed the due authorization by all requisite action, corporate or other, and the execution and delivery by such parties of such documents and the validity and binding effect thereof on such parties. As to any facts material to the opinion expressed herein which we have not independently established or verified, we have relied upon statements and representations of officers and other representatives of the Company and others.

 

-1-

 

 

HEICO Corporation

August 4, 2023

Page 2

 

Based upon the foregoing and subject to the limitations set forth below, we are of the opinion that the Shares, issued and paid for in accordance with the terms of the Merger Agreement, are duly and validly issued, fully paid and non-assessable shares of Class A Common Stock of the Company.

 

We express no opinion as to matters governed by laws of any jurisdiction other than Florida law. We neither express nor imply any obligation with respect to any other laws or the laws of any other jurisdiction or of the United States. For the purpose of this opinion, we assume that the Shares will be offered and sold in compliance with all applicable state securities or blue sky laws.

 

We assume no obligation to update or supplement this opinion if any applicable laws change after the date of this opinion or if we become aware after the date of this opinion of any facts, whether existing before or arising after the date hereof, that might change the opinions expressly so stated. We are opining only as to matters expressly set forth herein, and no opinion should be inferred as to any other matters. Without limiting the generality of the foregoing, we neither express nor imply any opinion regarding the contents of the Registration Statement, other than as expressly stated herein with respect to the Shares.

 

This opinion letter is furnished in connection with the filing of the Registration Statement and may not be relied upon for any other purpose without our prior written consent in each instance. Further, no portion of this opinion letter may be quoted, circulated or referred to in any other document for any other purpose without our prior written consent.

 

We understand that you wish to file this opinion as an exhibit to the Registration Statement, and we hereby consent thereto. We hereby further consent to the reference to us under the caption “Legal Matters” in the prospectus included in the Registration Statement. In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission.

 

  Very truly yours,
   
  /s/ Akerman LLP

 

 

 

 

 

Exhibit 10.1

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of August 4, 2023, is made and entered into by and among (i) HEICO Corporation, a Florida corporation (the “Company”), and (ii) each of the Persons listed on Schedule A attached hereto (the “Schedule of Holders”) (each a “Holder” and, collectively, the “Holders”).

 

RECITALS

 

WHEREAS, the Company and its newly formed wholly owned subsidiary Magnolia MergeCo Inc., a Delaware corporation, entered into an Agreement and Plan of Merger, dated May 15, 2023 (the “Merger Agreement”), with Jazz Parent, Inc., a Delaware corporation, and Jazz Topco GP LLC, a Delaware limited liability company, solely in its capacity as representative for purposes of certain provisions of the Merger Agreement, setting forth terms of an acquisition (“Acquisition”); and

 

WHEREAS, in connection with the Merger Agreement, the Holders shall receive shares of Common Stock, pursuant to the terms of the Merger Agreement.

 

NOW, THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1. Resale Shelf Registration Rights.

 

(a) Registration Statement Covering Resale of Registrable Securities. The Company shall use best efforts to prepare and file or cause to be prepared and filed with the Commission, immediately following the closing of the Acquisition (or at such later date as Warburg Pincus may request in writing), a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by the holders of all of the Registrable Securities held by the Holders (the “Resale Shelf Registration Statement”). The Resale Shelf Registration Statement shall be on Form S-3ASR or if such form is not available for purposes of registering the Registrable Securities, then a Form S-3 (“Form S-3”) or such other appropriate form permitting Registration of such Registrable Securities for resale by such Holders. The Company shall use best efforts to cause the Resale Shelf Registration Statement to be declared effective immediately upon filing with the Commission, or if not on Form S-3ASR as promptly as possible upon filing of a Form S-3. Once the Resale Shelf Registration Statement is effective (the “Effective Date”), the Company shall use best efforts to maintain the Resale Shelf Registration Statement in accordance with the terms hereof and keep the Resale Shelf Registration Statement continuously effective and shall cause the Resale Shelf Registration Statement to be supplemented and amended (including post-effective amendments) to the extent necessary to ensure that such Registration Statement is available or, if not available, to ensure that another Registration Statement is available, under the Securities Act at all times until the first date on which there are no longer any Registrable Securities outstanding (the “Effectiveness Period”). The Resale Shelf Registration Statement shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the Effective Date for such Registration Statement (subject to lock-up restrictions provided in this Agreement), and shall provide that such Registrable Securities may be sold pursuant to any method or combination of methods legally available to, and requested by, the Holders, including in customary market and brokerage trades through any national exchange or over the counter market.

 

(b) Notification and Distribution of Materials. The Company shall notify the Holders in writing of the effectiveness of the Resale Shelf Registration Statement as soon as practicable, and in any event within two (2) Business Days after the Resale Shelf Registration Statement becomes effective, and shall furnish to them, without charge, such number of copies of the Resale Shelf Registration Statement (including any amendments, supplements and exhibits), the Prospectus contained therein (including each preliminary prospectus and all related amendments and supplements) and any documents incorporated by reference in the Resale Shelf Registration Statement or such other documents as the Holders may reasonably request in order to facilitate the sale of the Registrable Securities in the manner described in the Resale Shelf Registration Statement.

 

 

 

 

(c) Amendments and Supplements. Subject to the provisions of Section 1(a) above, the Company shall promptly prepare and file with the Commission from time to time such amendments and supplements to the Resale Shelf Registration Statement and Prospectus used in connection therewith as may be necessary to keep the Resale Shelf Registration Statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities during the Effectiveness Period or, if requested by Warburg Pincus in writing, to add Registrable Securities held by additional Holders. If any Resale Shelf Registration Statement filed pursuant to Section 1(a) is filed on Form S-3 and thereafter the Company becomes ineligible to use Form S-3 for secondary sales, the Company shall promptly notify the Holders of such ineligibility and shall file a shelf registration on Form S-1 or other appropriate form as promptly as reasonably practicable to replace the shelf registration statement on Form S-3 and use its best efforts to have such replacement Resale Shelf Registration Statement declared effective as promptly as reasonably practicable and to cause such replacement Resale Shelf Registration Statement to remain effective, and shall cause the Resale Shelf Registration Statement to be supplemented and amended to the extent necessary to ensure that such Resale Shelf Registration Statement is available or, if not available, that another Resale Shelf Registration Statement is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable Securities have ceased to be Registrable Securities; provided, however, that at any time the Company once again becomes eligible to use Form S-3, the Company shall cause such replacement Resale Shelf Registration Statement to be amended, or shall promptly file a new replacement Resale Shelf Registration Statement, such that the Resale Shelf Registration Statement is once again on Form S-3.

 

(d) Notwithstanding the registration obligations set forth in this Section 1, in the event the Commission informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single Registration Statement, the Company agrees to promptly (i) inform each of the Holders thereof and shall file amendments to the Resale Shelf Registration Statement as required by the Commission and/or (ii) withdraw the Resale Shelf Registration Statement and file a new Registration Statement, on Form S-3, or if Form S-3 is not then available to the Company for such Registration Statement, on such other form available to register for resale the Registrable Securities as a secondary offering.

 

2. Demand Registration

 

(a) Request for Registration. In the event that the Company does not then have an effective Registration Statement available for the sale of the Registrable Securities on Form S-3, and the Registrable Securities may not be freely sold pursuant to Rule 144 promulgated under the Securities Act without limitation on volume or manner of sale limitations (subject to requirements under Rule 144 that the Company has filed all required applicable reports under the Exchange Act), WPXI Finance, LP and Warburg Pincus XI Partners, L.P. (together with their affiliated transferees, “Warburg Pincus”), may make a written demand for registration under the Securities Act of all or part of their Registrable Securities having an aggregate value of at least $20 million, as the case may be (a “Demand Registration”). Any demand for a Demand Registration shall specify the number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will within ten (10) days of the Company’s receipt of the Demand Registration notify all holders of Registrable Securities of the demand, and each holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify the Company within five (5) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section 2(d) and the provisos set forth in Section 6. The Company shall not be obligated to effect more than an aggregate of two (2) Demand Registrations under this Section 2(a) in respect of all Registrable Securities. No Demand Registration may be made while a Resale Shelf Registration Statement remains effective or the Registrable Securities may be freely sold pursuant to Rule 144 without limitation on value or manner of sale limitations.

 

(b) Effective Registration. A registration will not count as a Demand Registration until the Registration Statement filed with the Commission with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering; provided, further, that the Company shall not be obligated to file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration or is terminated.

 

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(c) Underwritten Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company as part of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such registration shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriters selected for such underwriting by a majority-in-interest of the holders initiating the Demand Registration.

 

(d) Reduction of Offering. If the managing underwriters for a Demand Registration that is to be an underwritten offering advises the Company and the Demanding Holders in writing that in their opinion the number of securities requested to be included in such registration exceeds the number of securities which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall include in such registration that (i) first, Warburg Pincus shall be entitled to participate for the full amount of securities that it proposes to include in such offering, (ii) second, the other Demanding Holders shall be entitled to participate for the full amount of securities that they propose (and are entitled) to include in such offering, and (iii) third, the Company and any other Person may allocate the remaining amount of securities that may be included in such offering (if any) in any manner as they may agree.

 

(e) Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by giving written notice to the Company and the underwriters of their request to withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such registration shall not count as a Demand Registration provided for in Section 2(a).

 

3. Shelf Take-Downs

 

(a) In the event that a Resale Shelf Registration Statement covering Registrable Securities is effective, Warburg Pincus may deliver a notice to the Company (a “Take-Down Notice”) stating that it intends to effect an underwritten offering of all or part of its Registrable Securities included by it on the shelf registration statement (a “Shelf Underwritten Offering”), and the Company shall amend or supplement the Resale Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Underwritten Offering (taking into account the inclusion of Registrable Securities by any other Holders pursuant to Section 3(a)(i)). Warburg Pincus shall be entitled to request an unlimited number of shelf take-downs to effect a Shelf Underwritten Offering, if available to the Company, with respect to the Registrable Securities held by such Holders in addition to the other registration rights provided in Sections 1, 2, 3 and 4; provided that each such Shelf Underwritten Offering must be a minimum size of $20,000,000. In connection with any Shelf Underwritten Offering:

 

i. if requested by Warburg Pincus in the Take-Down Notice, the Company shall also deliver the Take-Down Notice to all other Holders with securities included on such Resale Shelf Registration Statement and permit each such Holder to include its Registrable Securities included on the Resale Shelf Registration Statement in the Shelf Underwritten Offering if such Holder notifies the requesting Holder and the Company within two (2) calendar days after distribution or dissemination (including via e-mail, if available) of the Take-Down Notice to such Holder; and

 

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ii. in the event that the underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number of securities which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall include in such registration (i) first, the full amount of securities that Warburg Pincus proposes to include in such offering, (ii) second, the full amount of securities that the then other Holders propose (and are entitled) to include in such offering, and (iii) third, the Company and any other securities requested to be included in such registration which, in the opinion of such underwriters, can be sold, without any such adverse effect.

 

4. Piggyback Registrations.

 

(a) Right to Piggyback. In the event that the Company does not then have an effective Registration Statement available for the sale of the Registrable Securities on Form S-3, the Registrable Securities may not be freely sold pursuant to Rule 144 promulgated under the Securities Act without limitation on volume or manner of sale limitations (subject to requirements under Rule 144 that the Company has filed all required applicable reports under the Exchange Act), and the Company proposes to register Common Stock (other than (i) in connection with registrations on Form S-4 or Form S-8 promulgated by the Commission or any successor forms, (ii) a registration relating solely to employment benefit plans, or (iii) in connection with a registration the primary purpose of which is to register debt securities) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Company shall give prompt written notice to all holders of Registrable Securities of its intention to effect such a Piggyback Registration and, subject to the terms of Sections 4(c) and Section 4(d) hereof, shall include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws or in compliance with other registration requirements and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) Business Days after the delivery of the Company’s notice; provided that, notwithstanding anything in this Agreement to the contrary, no person (including any Holders) will have piggyback registration rights on any overnight block trade effected by Warburg Pincus; provided further that any such other holder may withdraw its request for inclusion at any time prior to executing the underwriting agreement or, if none, prior to the applicable Registration Statement becoming effective.

 

(b) Piggyback Expenses. The Registration Expenses of the Holders of Registrable Securities shall be paid by the Company in all Piggyback Registrations, whether or not any such registration became effective.

 

(c) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number of securities which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall include in such registration (i) first, the securities the Company and the Registrable Securities requested to be included in such registration by the Holders which, in the opinion of such underwriters, can be sold, without any such adverse effect (pro rata among the Company and the Holders of such Registrable Securities on the basis of the number of securities the Company requested to be included in such registration and Registrable Securities each Holder requested to be included in such registration), and (ii) second, other securities requested to be included in such registration which, in the opinion of such underwriters, can be sold, without any such adverse effect.

 

(d) Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of Holders of the Company’s securities other than Holders of Registrable Securities, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number of securities which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall include in such registration (i) first, the full amount of securities that Warburg Pincus proposes to include in such offering, (ii) second, the full amount of securities that the then other Holders propose (and are entitled) to include in such offering, (iii) third, the Company and any other securities requested to be included in such registration which, in the opinion of such underwriters, can be sold, without any such adverse effect.

 

(e) Other Registrations. If the Company has previously filed a Registration Statement with respect to Registrable Securities pursuant to this Section 4, and if such previous registration has not been withdrawn or abandoned, then the Company shall not be required to file or cause to be effected any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities Act (except on Form S-8 or any successor form) at the request of any holder or holders of such securities until a period of at least 90 days has elapsed from the effective date of such previous registration.

 

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(f) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 4 whether or not any holder of Registrable Securities has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 7.

 

5. Agreements of Holders.

 

(a) If required by the Applicable Approving Party or the managing underwriter, in connection with any underwritten Public Offering on or after the date hereof, the Holders that exercise such piggyback registration rights in connection with the underwritten Public Offering and participate in such underwritten Public Offering, may be required to enter into customary lock-up agreements with the managing underwriter(s) of such underwritten Public Offering in such form as agreed to by the Applicable Approving Party; provided that the applicable lock-up period shall not exceed 180 days (or such lesser period imposed on the Company or any other participant).

 

(b) The holders of Registrable Securities shall use commercially reasonable efforts to provide such information as may reasonably be requested by the Company, or the managing underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the Registration Statement, including amendments and supplements thereto, in order to effect the Registration of any Registrable Securities under the Securities Act pursuant to Section 4 and in connection with the Company’s obligation to comply with federal and applicable state securities laws.

 

6. Registration Procedures. In connection with the Registration to be effected pursuant to the Resale Shelf Registration Statement, and whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement, the Company shall use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as reasonably possible:

 

(a) prepare in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder and file with the Commission a Registration Statement, and all amendments and supplements thereto and related prospectuses as may be necessary to comply with applicable securities laws, with respect to such Registrable Securities and use best efforts to cause such Registration Statement to become effective (provided that at least five (5) Business Days before filing a Registration Statement or prospectus or any amendments or supplements thereto, the Company shall furnish to counsel selected by the Applicable Approving Party copies of all such documents proposed to be filed, which documents shall be subject to the review and comment of such counsel);

 

(b) notify each holder of Registrable Securities of (A) the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for that purpose, (B) the receipt by the Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each Registration Statement filed hereunder;

 

(c) prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or have ceased to be Registrable Securities (but not in any event before the expiration of any longer period required under the Securities Act or, if such Registration Statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the Holders thereof set forth in such Registration Statement;

 

(d) furnish to each seller of Registrable Securities thereunder such number of copies of such Registration Statement, each amendment and supplement thereto, the prospectus included in such Registration Statement (including each preliminary prospectus), each Free-Writing Prospectus and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller;

 

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(e) during any period in which a prospectus is required to be delivered under the Securities Act, promptly file all documents required to be filed with the Commission, including pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Act;

 

(f) use its best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as the lead underwriter or any Holder reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 6(f), (ii) consent to general service of process in any such jurisdiction, or (iii) subject itself to taxation in any such jurisdiction);

 

(g) promptly notify in writing each seller of such Registrable Securities (i) after it receives notice thereof, of the date and time when such Registration Statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a Registration Statement has been filed and when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (ii) after receipt thereof, of any request by the Commission for the amendment or supplementing of such Registration Statement or prospectus or for additional information, and (iii) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such Registration Statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the request of any such seller, the Company promptly shall prepare, file with the Commission and furnish to each such seller a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading;

 

(h) cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two (2) market makers to register as such with respect to such Registrable Securities with FINRA;

 

(i) enter into and perform such customary agreements (including underwriting agreements in customary form) and take such other actions as the Applicable Approving Party or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities;

 

(j) make available for inspection by any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by any such underwriter, all financial and other records, pertinent corporate and business documents and properties of the Company as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, managers, directors, employees, agents, representatives and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration Statement;

 

(k) take all reasonable actions to ensure that any Free-Writing Prospectus utilized in connection with any Piggyback Registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

 

(l) otherwise comply with all applicable rules and regulations of the Commission;

 

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(m) permit any holder of Registrable Securities who, in its good faith judgment (based on the advice of counsel), could reasonably be expected to be deemed to be an underwriter to participate in the preparation of such registration or comparable statement and to require the insertion therein of material furnished to the Company in writing, which in the reasonable judgment of such holder and its counsel should be included;

 

(n) in the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Common Stock included in such Registration Statement for sale in any jurisdiction, the Company shall use its best efforts promptly to obtain the withdrawal of such order;

 

(o) use its best efforts to cause such Registrable Securities covered by such Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof to consummate the disposition of such Registrable Securities;

 

(p) prepare or direct the Company’s outside counsel to prepare such documents as are required by the Company’s transfer agent to facilitate the prompt settlement of any transactions by Jazz Topco L.P. or any Holder pursuant to the Registration Statement and shall take such steps to remove any restrictive legends from the shares of Registrable Securities at such time as such shares can be freely sold pursuant to Rule 144 promulgated under the Securities Act without limitation on volume or matter of sale;

 

(q) cooperate with each holder of Registrable Securities covered by the Registration Statement and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;

 

(r) if such Registration includes an underwritten Public Offering, use its best efforts to obtain a cold comfort letter from the Company’s independent public accountants and addressed to the underwriters, in customary form and covering such matters of the type customarily covered by cold comfort letters as the underwriters in such Registration reasonably request;

 

(s) provide a legal opinion of the Company’s outside counsel, dated the Effective Date of such Registration Statement (and, if such Registration includes an underwritten Public Offering, dated the date of the closing under the underwriting agreement), with respect to the Registration Statement, each amendment and supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature, which opinion shall be addressed to the underwriters; and

 

(t) if the Company does not pay the filing fee covering the Registrable Securities at the time an automatic shelf registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold.

 

7. Registration Expenses.

 

(a) All expenses incident to the Company’s performance of or compliance with this Agreement, including, without limitation, all registration, qualification and filing fees, listing fees, fees and expenses of compliance with securities or blue sky laws, stock exchange rules and filings, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements of counsel for the Company and all independent certified public accountants, underwriters (excluding underwriting discounts and commissions) and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”), shall be borne by the Company as provided in this Agreement and, for the avoidance of doubt, the Company also shall pay all of its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed. Each Person that sells securities pursuant to a Piggyback Registration hereunder shall bear and pay all underwriting discounts and commissions and transfer taxes applicable to the securities sold for such Person’s account.

 

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(b) The Company shall reimburse the holders of Registrable Securities included in such registration for the reasonable fees and disbursements, not to exceed $25,000 with respect to any such Registration, of one counsel and one local counsel (if necessary) chosen by the Applicable Approving Party for purpose of rendering a legal opinion on behalf of such Holders in connection with any Piggyback Registration.

 

(c) To the extent Registration Expenses are not required to be paid by the Company, each holder of securities included in any registration hereunder shall pay those Registration Expenses allocable to the registration of such holder’s securities so included, and any Registration Expenses not so allocable shall be borne by all sellers of securities included in such registration in proportion to the aggregate selling price of the securities to be so registered.

 

8. Indemnification.

 

(a) The Company agrees to (i) indemnify and hold harmless, to the fullest extent permitted by law, each Holder and their respective officers, directors, members, partners, agents, affiliates and employees and each Person who controls such Holder (within the meaning of the Securities Act or the Exchange Act) against all losses, claims, actions, damages, liabilities and expenses to the extent caused by (A) any untrue or alleged untrue statement of material fact contained in any Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, or (B) any violation or alleged violation by the Company of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance, and (ii) pay to each Holder and their respective officers, directors, members, partners, agents, affiliates and employees and each Person who controls such Holder (within the meaning of the Securities Act or the Exchange Act), as incurred, any legal and any other expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or action, except insofar as the same are caused by or contained in any information furnished in writing to the Company or any managing underwriter by such Holder expressly for use therein; provided, however, that the indemnity agreement contained in this Section 8 shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Company be liable in any such case for any such claim, loss, damage, liability or action to the extent that it solely arises out of or is based upon an untrue statement of any material fact contained in the Registration Statement or omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such Registration Statement. In connection with an underwritten offering, the Company shall indemnify any underwriters or deemed underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act or the Exchange Act) to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities.

 

(b) In connection with any Registration Statement in which a holder of Registrable Securities is participating, each such holder shall furnish to the Company in writing such information as the Company reasonably requests for use in connection with any such Registration Statement or prospectus and, to the extent permitted by law, shall indemnify the Company, its officers, directors, employees, agents and representatives and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses to the extent resulting from any untrue or alleged untrue statement of material fact contained in the Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information so furnished in writing by such holder; provided that the obligation to indemnify shall be individual, not joint and several, for each holder and shall be limited to the net amount of proceeds actually received by such holder from the sale of Registrable Securities pursuant to such Registration Statement.

 

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(c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (as well as one local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties shall have a right to retain one separate counsel, chosen by the holders of a majority of the Registrable Securities included in the registration, at the expense of the indemnifying party. No indemnifying party, in the defense of such claim or litigation, shall, except with the consent of each indemnified party, consent to the entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

 

(d) Each party hereto agrees that, if for any reason the indemnification provisions contemplated by Sections 8(a) or Section 8(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses (or actions in respect thereof) referred to therein, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, relates to information supplied by such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation (even if the holders or any underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 8(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or, except as provided in Section 8(c), defending any such action or claim. No Person guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations in this Section 8(d) to contribute shall be several in proportion to the amount of securities registered by them and not joint and shall be limited to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration.

 

(e) The indemnification and contribution provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of Registrable Securities and the termination or expiration of this Agreement.

 

9. Participation in Underwritten Registrations. No Person may participate in any registration hereunder which is underwritten unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to any over-allotment or “green shoe” option requested by the underwriters; provided that no holder of Registrable Securities shall be required to sell more than the number of Registrable Securities such holder has requested to include) and (b) completes and executes all questionnaires, powers of attorney, custody agreements, stock powers, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements; provided that no holder of Registrable Securities included in any underwritten registration shall be required to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding such holder, such holder’s title to the securities, such Person’s authority to sell such securities and such holder’s intended method of distribution) or to undertake any indemnification obligations to the Company or the underwriters with respect thereto that are materially more burdensome than those provided in Section 8. Each holder of Registrable Securities shall execute and deliver such other agreements as may be reasonably requested by the Company and the lead managing underwriter(s) that are consistent with such holder’s obligations under Section 5, Section 6 and this Section 9 or that are necessary to give further effect thereto. To the extent that any such agreement is entered into pursuant to, and consistent with, Section 6 and this Section 9, the respective rights and obligations created under such agreement shall supersede the respective rights and obligations of the holders, the Company and the underwriters created pursuant to this Section 9.

 

9

 

 

10. Other Agreements; Certain Limitations on Registration Rights. The Company shall file all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder and shall take such further action as the Holders may reasonably request, all to the extent required to enable such Persons to sell securities pursuant to (a) Rule 144 adopted by the Commission under the Securities Act (as such rule may be amended from time to time) or any similar rule or regulation hereafter adopted by the Commission or (b) a Registration Statement on Form S-3 or any similar registration form hereafter adopted by the Commission. Upon request, the Company shall deliver to the Holders a written statement as to whether it has complied with such requirements. The Company shall at all times use its best efforts to cause the securities so registered to continue to be listed on one or more of the New York Stock Exchange, the New York Stock Exchange American and the Nasdaq Stock Market. The Company shall use its best efforts to facilitate and expedite transfers of Registrable Securities pursuant to Rule 144, which efforts shall include timely notice to its transfer agent to expedite such transfers of Registrable Securities and delivery of any opinions requested by the transfer agent.

 

11. Definitions.

 

(a) “Applicable Approving Party” means the holders of a majority of the Registrable Securities participating in the applicable offering.

 

(b) “Business Day” means any day that is not a Saturday or Sunday or a federal holiday observed by the Commission.

 

(c) “Commission” means the U.S. Securities and Exchange Commission.

 

(d) “Common Stock” means the Class A Common Stock of the Company, par value $0.01 per share.

 

(e) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder.

 

(f) “FINRA” means the Financial Industry Regulatory Authority.

 

(g) “Free-Writing Prospectus” means a free-writing prospectus, as defined in Rule 405 of the Securities Act.

 

(h) “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

(i) “Prospectus” means the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

(j) “Public Offering” means any sale or distribution by the Company and/or holders of Registrable Securities to the public of Common Stock pursuant to an offering registered under the Securities Act.

 

(k) “Register,” “Registered” and “Registration” mean a registration effected by preparing and filing a Registration Statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such Registration Statement becoming effective.

 

10

 

 

(l) “Registrable Securities” means (i) any shares of Common Stock issued in connection with the Acquisition or (ii) any Common Stock issued or issuable with respect to the securities referred to in the preceding clause (i) by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. As to any particular Registrable Securities, such securities shall be Registrable Securities until the earlier of (a) the date on which all Registrable Securities included in the Registration Statement have been sold whether pursuant to the Registration Statement or otherwise, other than a permitted transfer to an affiliate, and (b) such time as such shares can be freely sold pursuant to Rule 144 promulgated under the Securities Act without limitation on volume or manner of sale (provided that if during the one-year period following the closing of the Acquisition, the Company breaches its obligations to use best efforts to keep current and timely file all reports required to be filed or furnished with the Commission and otherwise comply in all material respects with its reporting obligations under applicable securities laws, the Company shall use best effort to keep the Registration Statement effective until the first anniversary of the closing of the Acquisition).

 

(m) “Registration Statement” means any registration statement filed by the Company with the Commission in compliance with the Securities Act and the rules and regulations promulgated thereunder for a public offering and sale of Common Stock or Registrable Securities, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement (other than a registration statement on Form S-4 or Form S-8, or their successors).

 

(n) “Rule 144”, “Rule 405”, and “Rule 415” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the Commission, as the same shall be amended from time to time, or any successor rule then in force.

 

(o) “Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder.

 

12. Miscellaneous.

 

(a) No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates or in any way impairs the rights granted to the Holders in this Agreement.

 

(b) Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions among the parties hereto, written or oral, with respect to the subject matter hereof.

 

(c) Remedies. Any Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. The parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of this Agreement and that, in addition to any other rights and remedies existing in its favor, any party shall be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement.

 

(d) Amendments and Waivers. Compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified, with the written consent of the Company and in the case of any other provision, covenant or condition, the Holders of at least a majority in interest of the Registrable Securities at the time in question. Any amendment or waiver effected in accordance with this Section 12(d) shall be binding upon each Holder and the Company. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

11

 

 

(e) Successors and Assigns; No Third-Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part. A Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, to any affiliate of the Holder with the prior written consent of the Company. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and their respective successors and permitted assigns. This Agreement shall not confer any rights or benefits on any Persons that are not parties hereto, other than as expressly set forth in this Agreement. No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 12(j) and (ii) the written agreement of the assignee, in a form reasonably acceptable to the Company, to be bound by the terms and provisions of this Agreement. Any transfer or assignment made other than as provided in this Section 12(e) shall be null and void. All covenants and agreements in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. In addition, whether or not any express assignment has been made, the provisions of this Agreement which are for the benefit of purchasers or holders of Registrable Securities are also for the benefit of, and enforceable by, any subsequent holder of Registrable Securities.

 

(f) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid, illegal or unenforceable in any respect under any applicable law, such provision shall be ineffective only to the extent of such prohibition, invalidity, illegality or unenforceability, without invalidating the remainder of this Agreement.

 

(g) Counterparts. This Agreement may be executed simultaneously in counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

(h) Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. The use of the word “including” herein shall mean “including without limitation.”

 

(i) Governing Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

 

(j) Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by telecopy or email or by registered or certified mail (postage prepaid, return receipt requested) to each Holder at the address indicated on the Schedule of Holders attached hereto as Schedule A and to the Company at the address indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 12(j)):

 

if to the Company:

HEICO Electronic Technologies Corp.

825 Brickell Bay Drive

Suite 1644, Tower III

Miami, FL 33131

Attention: Victor H. Mendelson

Fax No.: (305) 374-6742

E-mail address: vmendelson@heico.com

 

12

 

 

with a copy to (which shall not constitute notice):

HEICO Corporation

825 Brickell Bay Drive, Suite 1644

Miami, FL 33131

Attention: General Counsel

Fax No.: (305) 374-6742

E-mail address: jpallot@heico.com

 

with a copy to (which shall not constitute notice):

Akerman LLP

Three Brickell City Centre

98 S.E. 7th Street, Suite 1100

Miami, FL 33131

  Attention: Jonathan L. Awner
    Christina C. Russo

Fax No.: (305) 374-5095

  E-mail address: jonathan.awner@akerman.com
    christina.russo@akerman.com

 

(k) Mutual Waiver of Jury Trial. As a specifically bargained inducement for each of the parties to enter into this Agreement (with each party having had opportunity to consult counsel), each party hereto expressly and irrevocably waives the right to trial by jury in any lawsuit or legal proceeding relating to or arising in any way from this Agreement or the transactions contemplated herein, and any lawsuit or legal proceeding relating to or arising in any way to this Agreement or the transactions contemplated herein shall be tried in a court of competent jurisdiction by a judge sitting without a jury.

 

(l) Adjustments. If, and as often as, there are any changes in the Registrable Securities by way of stock split, stock dividend, combination or reclassification, or through merger, consolidation, reorganization, recapitalization or sale, or by any other means, appropriate adjustment shall be made in the provisions of this Agreement, as may be required, so that the rights, privileges, duties and obligations hereunder shall continue with respect to the Registrable Securities as so changed.

 

(m) No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

 

(n) Market and Brokerage Trades. The parties acknowledge and agree that, notwithstanding anything in this Agreement or any other agreement to the contrary, subject to compliance with applicable securities laws, Warburg Pincus and all other Holders shall have the right to sell Registrable Securities in customary market and brokerage trades through any national exchange or over the counter market at any time.

 

(o) Blackouts. The parties acknowledge and agree that, notwithstanding anything in this Agreement or any other agreement to the contrary, neither Warburg Pincus nor any other Holder shall be subject to any trading blackouts with respect to the Registrable Securities for any reason.

 

(p) Termination. This Agreement shall terminate and be of no further force or effect when there shall no longer be any Registrable Securities outstanding; provided, that the provisions of Sections 7 and 8 of this Agreement shall survive any such termination.

 

[signature pages follow]

 

13

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

 

  HEICO CORPORATION
   
  By: /s/ Victor H. Mendelson
  Name: Victor H. Mendelson
  Title: Co-President

 

 

 

 

Complete the following as appropriate:

 

WPXI Finance, LP

 

By: WPXI GP, L.P., its general partnership

 

By: Warburg Pincus Private Equity XI, L.P., its general partner

 

By: Warburg Pincus XI, L.P., its general partner

 

By: WP Global LLC, its general partner

 

By: Warburg Pincus & Co., its managing member

 

By: /s/ Harsha Marti  
Name: Harsha Marti  
Title: Vice President and Secretary  

 

Holder Address for Notices:

 

c/o Warburg Pincus LLC

450 Lexington Avenue

New York, NY 10017

Attention: General Counsel

 

 

 

 

Complete the following as appropriate:

 

Warburg Pincus XI Partners, L.P.

 

By: Warburg Pincus XI, L.P., its general partner

 

By: WP Global LLC, its general partner

 

By: Warburg Pincus Partners II, L.P., its managing member

 

By: Warburg Pincus Partners GP LLC, its general partner

 

By: Warburg Pincus & Co., its managing member

 

By: /s/ Harsha Marti  
Name: Harsha Marti  
Title: Vice President and Secretary  

 

Holder Address for Notices:

 

c/o Warburg Pincus LLC

450 Lexington Avenue

New York, NY 10017

Attention: General Counsel

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Execution Version

 

Complete the following as appropriate:

 

Jazz Co-Invest LLC

 

By: Warburg Pincus XI, L.P., it member

 

By: WP Global LLC, its general partner

 

By: Warburg Pincus Partners II, L.P., its managing member

 

By: Warburg Pincus Partners GP LLC, its general partner

 

By: Warburg Pincus & Co., its managing member

 

By: /s/ Harsha Marti  
Name: Harsha Marti  
Title: Vice President and Secretary  

 

Holder Address for Notices:

 

c/o Warburg Pincus LLC

450 Lexington Avenue

New York, NY 10017

Attention: General Counsel

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Thomas W Horton  
Name:   Thomas W. Horton  

 

Holder Address for Notices:  
   
   
   
   

  

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Andrew Shields  
Name: Andrew Shields  

 

Holder Address for Notices:  
   
   
   
   

   

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Michael Pulick  
Name: Michael Pulick  

 

Holder Address for Notices:  
   
   
   
   

  

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Gary Fortner  
Name: Gary Fortner  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Kevin Hopper  
Name: Kevin Hopper, Trustee of the Fortner Irrevocable Trust  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Arthur DeGuire  
Name: Arthur DeGuire  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Marlene Gonzalez  
Name: Marlene Gonzalez  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Andrew Thompson  
Name: Andrew Thompson, Senior Trust Officer  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Jeffrey Furgo  
Name: Jeffrey Furgo  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Brian Rohrenbach  
Name: Brian Rohrenbach  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ David Kozak  
Name: David Kozak  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Issabelle Kay  
Name: Issabelle Kay  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Tyson Kay  
Name: Tyson Kay  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 


Complete the following as appropriate:

 

By: /s/ Gregory Lowenstein  
Name: Gregory Lowenstein  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Kathryn A. Lowenstein  
Name: Kathryn A. Lowenstein  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Gregory M. Harwood  
Name:  Gregory M. Harwood  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Seth Satterfield  
Name:  Seth Satterfield  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Robert M. Dann  
Name:  Robert M. Dann  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Domenick DiGirolamo  
Name:  Domenick DiGirolamo  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Timothy Chase Harris  
Name:  Timothy Chase Harris  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ David Fortner  
Name:  David Fortner  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Kevin F. Wisneski  
Name:  Kevin F. Wisneski  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Richard Keith Coleman  
Name:  Richard Keith Coleman  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

Premier Trust, Inc., Custodian FBO Scott R. Herndon IRA #009086

 

By: /s/ Kathy Klein  
Name:  Kathy Klein, Trust Officer  

 

By: /s/ Scott R. Herndon  
Name:  Scott R. Herndon, IRA Owner Approved  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Scott R. Herndon  
Name:  Scott R. Herndon  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Matthew Mazzilli  
Name:  Matthew Mazzilli  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Thomas W Horton  
Name:  Thomas W Horton  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Merlyn Langton  
Name:  Merlyn Langton  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Sean Beaubien  
Name:  Sean Beaubien  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ James Vint Stewart  
Name:  James Vint Stewart  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Stephen Alfred Schofield Jr.  
Name:  Stephen Alfred Schofield Jr.  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Christopher Brent Curtis Jr.  
Name:  Christopher Brent Curtis Jr.  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ William Sherman Morris  
Name:  William Sherman Morris  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Melissa Garrett  
Name:  Melissa Garrett  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Stephen Shaffer  
Name:  Stephen Shaffer  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Russell Hays  
Name:  Russell Hays  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Michael A. Pulick  
Name:  Michael A. Pulick  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Charles Elder  
Name:  Charles Elder  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Eduardo Montalvo  
Name:  Eduardo Montalvo  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Antar K. Bailey  
Name:  Antar K. Bailey  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Michael Graff  
Name:  Michael Graff  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Complete the following as appropriate:

 

By: /s/ Michael Graff  
Name:  Michael Graff  
Title: Investment Advisor  

 

Holder Address for Notices:  
   
   
   
   

 

[Signature Page to Registration Rights Agreement]

 

 

 

 

Schedule A

Schedule of Holders

 

Selling Shareholder  Shares of Class A
Common Stock
to be
Offered
for the
Selling
Shareholder’s
Account
 
Antar K Bailey   157 
Sean Beaubien   4,169 
Richard Keith Coleman   2,006 
Christopher Brent Curtis Jr.   248 
Kristyn Curtis JR TEN Preservation Trust Company TTEE CSH Nevada Trust U/A/D 09/22/2022   8,326 
Robert M Dann   288 
Arthur DeGuire   568 
Domenick DiGirolamo   6,346 
Charles Elder   906 
David Fortner   919 
Gary Fortner   367 
Kevin Hopper TTEE Fortner Irrevocable Trust U/A/D 12/16/2022   8,326 
Jeffrey Furgo   149 
Melissa Garrett   2,132 
Marlene Gonzalez   579 
Michael Graff   7,896 
Michael Graff 2012 GST Trust   4,472 
Timothy Harris   684 
Gregory Michael Harwood   2,219 
Russell Hays   7 
Premier Trust, Inc. Custodian FBO Scott R Herndon IRA #009086   2,012 
Scott R. Herndon   2,070 
Tom Horton   1,884 
Isabelle Kay   5,534 
Tyson Kay   5,534 
David Kozak   355 
Merlyn Langton   7 
Gregory Lowenstein   4,972 
Kathryn Lowenstein   4,972 
Matthew Mazzilli   6,118 
Eduardo Montalvo   7,939 
William Morris   3,179 
Michael Pulick   2,348 
Michael A. Pulick TTEE Michael A. Pulick, Jr. Revocable Living Trust 3/26/1998   973 
Brian Rohrenbach   329 
Seth Satterfield   5,080 
Stephen Alfred Schofield Jr.   259 
Stephen Shaffer   2,781 
Andrew Shields   2,143 
James Vint Stewart   1,884 
Investment funds and entities affiliated with Warburg Pincus LLC1   941,882 
Kevin F Wisneski   1,587 
TOTAL   1,054,606 

 

 

1Consists of (i) 772,310.00 shares held of record by WPXI Finance, L.P., a Delaware limited partnership (“WP XI Finance”), (ii) 40,647.00 shares held of record by Warburg Pincus XI Partners, L.P., a Delaware limited partnership (“WP XI Partners”); and (iii) 128,925.00 shares held of record by Jazz Co-Invest LLC, a Delaware limited liability company (“WP Jazz”). WPXI GP, L.P., a Delaware limited partnership (“WPXI Finance GP”), is the general partner of WP XI Finance. Warburg Pincus Private Equity XI, L.P., a Delaware Limited Partnership (“WP PE XI” and together with WP XI Partners, the “WP XI Funds”), is the general partner of WPXI Finance GP. Warburg Pincus XI, L.P., a Delaware limited partnership (“WP XI GP”), is the general partner of each of WP XI Finance and WP XI Partners and the managing member of WP Jazz. WP Global LLC, a Delaware limited liability company (“WP Global”), is the general partner of WP XI GP. Warburg Pincus Partners II, L.P., a Delaware limited partnership (“WPP II”), is the managing member of WP Global. Warburg Pincus Partners GP LLC, a Delaware limited liability company (“WPP GP LLC”), is the general partner of WPP II. Warburg Pincus & Co., a New York general partnership, is the managing member of WPP GP LLC. Warburg Pincus LLC, a New York limited liability company, is the manager of the WP XI Funds. The address of the Warburg Pincus entities is 450 Lexington Avenue, New York, New York 10017.

 

 

 

Exhibit 23.2

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in this Registration Statement on Form S-3 of our reports dated December 21, 2022 relating to the financial statements of Heico Corporation and subsidiaries and the effectiveness of Heico Corporation and subsidiaries’ internal control over financial reporting, appearing in the Annual Report on Form 10-K of Heico Corporation and subsidiaries for the year ended October 31, 2022. We also consent to the reference to us under the heading “Experts” in such Registration Statement.

 

/s/ DELOITTE & TOUCHE LLP

 

Miami, Florida

August 4, 2023

 

 

Exhibit 107

 

Calculation of Filing Fee Table

 

Form S-3

(Form Type)

 

HEICO Corporation

(Exact Name of Registrant as Specified in its Charter)

 

Newly Registered Securities

 

Security Type  Security Class
Title(1)
  Fee
Calculation
Rule
  Amount
Registered
   Proposed
Maximum
Offering
Price
Per Unit(2)
   Proposed
Maximum
Aggregate
Offering
Price(2)
   Fee Rate   Amount of
Registration
Fee(2)
 
Equity  Class A Common Stock, $0.01 par value  Rule 457(c) and Rule 457(h)   1,054,606(1)  $140.36   148,027,305.00    0.00011020   $16,312.61 
Total Offering Amounts           $148,027,305.00        $16,312,61 
Total Fee Offsets                       - 
Net Fee Due                     $16,312.61 

 

(1)This Registration Statement also includes an indeterminate number of additional shares of Class A common stock of HEICO Corporation (the “Company”) as may be issuable as a result of stock splits, stock dividends or similar transactions in accordance with Rule 416 under the Securities Act of 1933, as amended.

 

(2)Calculated solely for purposes of determining the registration fee pursuant to Rule 457(c) and Rule 457(h) of the Securities Act of 1933, as amended, based on the average of the high and low prices of the Company's Class A common stock quoted on the New York Stock Exchange on August 3, 2023.

 


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