Item 1.01Item 1.01 - Entry into Material Agreement
Item 1.01 Entry into a Material Definitive Agreement.
Stock Purchase Agreement
On June 30, 2026, FMC Corporation, a Delaware
corporation (the “Company”), entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Tessenderlo
Group NV, a public limited company incorporated under the laws of Belgium (the “Investor”) pursuant to which the Company agreed
to sell to the Investor an aggregate of 30,319,166 shares of the Company’s common stock, par value $0.10 per share (the “Common
Stock”), at a price per share of $13.30, for an aggregate purchase price of $403,244,907.80 (the “Investment”). The
Investor currently owns less than 1.0% of the outstanding shares of Common Stock. Upon consummation of the Investment, and taking into
account the shares of Common Stock currently held by the Investor, the Investor is expected to own approximately 20.0% of the outstanding
shares of Common Stock.
The closing of the Investment (the “Closing”)
is subject to the satisfaction or waiver of customary closing conditions, including the receipt of required regulatory approvals.
The Purchase Agreement contains customary representations
and warranties of the Company, on the one hand, and of the Investor, on the other hand.
The foregoing summary of the Purchase Agreement
does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement, a copy of which is filed as Exhibit
10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Investor Agreement
The Purchase Agreement contemplates that, at the
Closing, the Company and the Investor will enter into an investor agreement (the “Investor Agreement”).
Pursuant to the terms of the Investor Agreement,
for so long as the Investor holds at least 10.0% of the outstanding shares of Common Stock, (i) at the first regularly scheduled meeting
of the Company’s board of directors (the “Board”) following the Closing, the Company will increase the size of the Board
by one member and appoint a candidate nominated by the Investor to fill such vacancy (the “Initial Investor Nominee”) and
(ii) the Investor will have a right to nominate a candidate (the “Investor Nominee”) to be considered for inclusion in the
slate of nominees recommended by the Board to stockholders for election at any meeting of stockholders held for the election of directors.
The Initial Investor Nominee and the Investor Nominees are required to be independent directors under the listing rules of the New York
Stock Exchange. The Investor will also have the right to one Board observer for so long as the Investor holds at least 10.0% of the outstanding
shares of Common Stock.
Pursuant to the terms of the Investor Agreement,
the Investor will also agree that, during the period commencing at the Closing and ending on the date on which both (i) the Investor owns
less than 10% of the outstanding shares of Common Stock and (ii) at least 12 months have passed since an Investor Nominee last served
as a director, at each meeting of stockholders of the Company, the Investor will cause all Common Stock beneficially owned by the Investor
or any of its affiliates or associates (each as defined under the Securities Exchange Act of 1934, as amended) to be voted in accordance
with the recommendation of the Board for all matters submitted to a vote of the stockholders of the Company, other than any matter involving
a change of control of the Company.
For so long as the Investor or any of its permitted
transferees holds any shares of Common Stock, the Investor and its affiliates and associates will be subject to customary standstill restrictions
limiting or prohibiting, among other things, the acquisition of additional shares of Common Stock, proposing a merger or other extraordinary
transaction, soliciting proxies or assisting any other person in connection with any of the foregoing. The standstill restrictions will
fall away under certain circumstances, including the entry by the Company into a change of control transaction.
Under the Investor Agreement, for a period of
36 months following the Closing (the “Lock Up Period”), the Investor and its affiliates will be prohibited from transferring,
or hedging its direct or indirect exposure to, any Common Stock, subject to certain exceptions. Following the expiration of the Lock Up
Period, the Investor will be able to transfer its Common Stock; provided that in no event can the Investor transfer to (i) any
competitor of the Company, (ii) an activist or (iii) any transferee that would become a holder of 4.9% or more of the outstanding shares
of Common Stock after giving effect to such transfer, subject to certain exceptions.
For so long as Investor holds at least 10.0% of
the outstanding shares of Common Stock, the Company grants the Investor customary preemptive rights on issuances of shares of Common Stock
or securities convertible into or exchangeable or exercisable for shares of Common Stock, subject to customary exceptions. The Investor
will also have the right to acquire shares of Common Stock during specified periods to maintain an ownership percentage of 20.0% of the
outstanding shares of Common Stock, subject to termination under certain circumstances.
Investor will also have the right to receive certain
information and be subject to customary confidentiality provisions.
The foregoing summary of the form of Investor
Agreement does not purport to be complete and is qualified in its entirety by reference to the form of Investor Agreement, a copy of which
is filed as Exhibit A to the Purchase Agreement which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated
by reference herein.
Registration Rights Agreement
The Purchase Agreement also contemplates that,
at the Closing, the Company and the Investor will enter into a registration rights agreement (the “Registration Rights Agreement”).
Pursuant to the Registration Rights Agreement, the Company agrees to grant the Investor eight demand registration rights with respect
to shares of Common Stock held by the Investor, provided that the Investor may not exercise such right more than once every 120 days.
The Company has also agreed to, among other things,
indemnify the Investor and its officers, directors, agents and representatives and each other person, if any, who controls the Investor,
under any registration statement from certain liabilities and pay all fees and expenses (excluding any underwriting discounts and commissions
and transfer taxes, if any) incident to the Company’s obligations under the Registration Rights Agreement.
The foregoing summary of the form of Registration
Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the form of Registration Rights Agreement,
a copy of which is filed as Exhibit B to the Purchase Agreement which is filed as Exhibit 10.1 to this Current Report on Form 8-K and
is incorporated by reference herein.