May 11, 2018 / 9:41 PM / 16 days ago

CORRECTED-BRIEF-Walmart Says No Fee Payable By Any Party If Agreement With Flipkart Terminated

(Corrects source to Walmart Inc from Flipkart Online Services Pvt Ltd)

May 11 (Reuters) - Walmart Inc:

* WALMART - NO TERMINATION FEE WOULD BE PAYABLE BY ANY PARTY IF SHARE ISSUANCE AGREEMENT OR SHARE PURCHASE AGREEMENT WITH FLIPKART WERE TERMINATED

* WALMART - FLIPKART BOARD WILL INITIALLY HAVE 8 DIRECTORS: 5 WALMART-APPOINTED DIRECTORS; 2 DIRECTORS APPOINTED BY MINORITY SHAREHOLDERS AS PER DEAL

* WALMART SAYS AS PER DEAL WITH FLIPKART, CO MAY APPOINT OR REPLACE CEO AND OTHER PRINCIPAL EXECUTIVES OF FLIPKART GROUP OF COMPANIES

* WALMART - FLIPKART’S BOARD MAY BE INCREASED TO 9, WHICH ADDITIONAL DIRECTOR WOULD BE APPOINTED BY WALMART WITH APPROVAL OF MAJORITY OF FLIPKART DIRECTORS

* WALMART - SHAREHOLDERS AGREEMENT WOULD EXPIRE UPON THE CONSUMMATION OF FLIPKART IPO

* WALMART SAYS AT CLOSING OF DEALS, WALMART, FLIPKART, SOME OTHER SHAREHOLDERS OF FLIPKART WILL ENTER INTO A SHAREHOLDERS AGREEMENT - SEC FILING

* WALMART - HOLDERS OF 60% OF FLIPKART SHARES HELD BY MINORITY SHAREHOLDERS MAY REQUIRE FLIPKART TO EFFECT AN IPO FOLLOWING FOURTH ANNIVERSARY POST DEAL

* WALMART - MAY APPOINT OR REPLACE CEO, OTHER PRINCIPAL EXECUTIVES OF FLIPKART GROUP OF COMPANIES, SUBJECT TO SOME CONSULTATION RIGHTS OF BOARD, FOUNDER

* WALMART - ON OR BEFORE FIRST ANNIVERSARY OF DEAL CLOSING, WALMART MAY REQUEST FLIPKART ISSUE MORE ORDINARY SHARES WITH PURCHASE PRICE OF UP TO $3 BILLION

* WALMART - FLIPKART'S INITIAL BOARD OF EIGHT DIRECTORS WILL ALSO INCLUDE ONE FOUNDER AS PER DEAL Source text: bit.ly/2jQEJcj Further company coverage:

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