ADT 2010 Annual Report Download - page 290
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Proposal 5(b)—Approval of an Ordinary Cash Dividend
The Board of Directors proposes that an ordinary cash dividend in the amount of $1.00 per share
be made out of the Company’s ‘‘contributed surplus’’ equity position in its statutory accounts. Payment
of the dividend will be made in four equal quarterly installments of $0.25 in May 2011, August 2011,
November 2011 and February 2012 at such times and with such record dates as shall be determined by
our Board of Directors. Dividend payments shall be made with respect to the outstanding share capital
of the Company on the record date for the applicable dividend payment, which amount excludes any
shares held by the Company or any of its subsidiaries. The deduction to Tyco’s contributed surplus in
its statutory accounts, which is required to be made in Swiss francs, shall be determined based on the
aggregate amount of the dividend and shall be calculated based on the USD / CHF exchange rate in
effect on the date of the Annual General Meeting. The U.S. dollar amount of the dividend shall be
capped at an amount such that the aggregate reduction to the Company’s contributed surplus shall not
exceed CHF 925 million (or $2.00 per share based on the USD / CHF exchange rate of approximately
CHF 0.97 per $1.00 in effect on January 10, 2011). To the extent that a dividend payment would exceed
the cap, the U.S. dollar per share amount of the current or future dividends shall be reduced on a pro
rata basis so that the aggregate amount of all dividends paid does not exceed the cap. In addition, the
aggregate reduction in contributed surplus shall be increased for any shares issued, and decreased for
any shares acquired, after the Annual General Meeting and before the record date for the applicable
dividend installment payment. The Board’s proposal is accompanied by a report by the auditor,
Deloitte AG (Z¨
urich), as state supervised auditing enterprise, who will be present at the meeting. The
auditor’s report states that the proposed dividend complies with Swiss law.