sv8
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
VISTEON CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction of incorporation)
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38-3519512
(I.R.S. Employer Identification No.) |
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One Village Center Drive, Van Buren Twp., Michigan
(Address of principal executive offices)
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48111
(zip code) |
Visteon Corporation 2010 Incentive Plan
(Full title of the Plan)
Michael K. Sharnas
Vice President and General Counsel
Visteon Corporation
One Village Center Drive
Van Buren Township, Michigan 48111
(Name and address of agent for service)
(800) VISTEON
(Telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated
filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
(Check one):
Large Accelerated Filer o |
Accelerated Filer o |
Non-Accelerated Filer o
(Do not check if a smaller reporting company) |
Smaller Reporting Company þ |
Calculation of Registration Fee
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Proposed |
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Proposed |
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maximum |
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maximum |
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Amount to be |
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offering price |
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aggregate |
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Amount of |
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Title of securities to be registered (1) |
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registered (2) |
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per share (3) |
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offering price (3) |
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registration fee |
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Common Stock,
par value $0.01 per share |
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5,555,556 shares |
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$ |
28.60 |
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$ |
158,888,902 |
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$ |
11,329 |
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(1) |
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The common stock, par value $0.01 per share, registered hereby is the common stock, par
value $0.01 per share, of Visteon Corporation that will be deemed authorized after giving effect to
the Fifth Amended Joint Plan of Reorganization of Visteon Corporation and its Affiliate Debtors on
or about October 1, 2010, as confirmed by United States Bankruptcy Court for the District of
Delaware on August 31, 2010 (the Fifth Amended Plan). |
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(2) |
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Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the Securities
Act), this Registration Statement shall also cover any additional shares of common stock of the
registrant which become issuable under the Visteon Corporation 2010
Incentive Plan being registered pursuant to this Registration Statement by reason of certain
corporate transactions or events, including any stock dividend, stock split, recapitalization or
any other similar transaction effected without the receipt of consideration which results in an
increase in the number of our outstanding shares of common stock. |
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(3) |
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Estimated solely for the purpose of calculating the registration fee in accordance with
Rule 457(h)(1) under the Securities Act and based on the value attributed to the common stock in
connection with the registrants emergence from bankruptcy pursuant to the Fifth Amended Plan. |
TABLE OF CONTENTS
EXPLANATORY NOTE
On May 28, 2009, Visteon Corporation (the Company) and certain of its domestic subsidiaries
(collectively, the Debtors) filed voluntary petitions for reorganization relief under Chapter 11
of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware (the Court) jointly administered as Case No. 09-11786 under the caption In
re Visteon Corporation, et al. On August 27, 2010, the Debtors filed the fifth amended joint plan
of reorganization (the Fifth Amended Plan), which was approved by the Court through a
confirmation order issued on August 31, 2010. The Company expects to emerge from bankruptcy on or
about October 1, 2010 when all conditions to effectiveness contemplated under the Fifth Amended
Plan have been satisfied or waived.
The common stock being registered pursuant to this Registration Statement is being issued
under the Companys Second Amended and Restated Certificate of Incorporation (the Charter) filed
with the State of Delaware pursuant to the Fifth Amended Plan. The Charter will be effective in
connection with emergence from bankruptcy on or about October 1, 2010, as described below.
The financial information incorporated by reference into this Registration Statement reflects
the Companys historical consolidated results of operations, financial condition and cash flows for
the periods presented. Such financial information for periods prior to emergence from bankruptcy
does not fully reflect, among other things, the effects of the transactions contemplated in the
Fifth Amended Plan or the impact of the adoption of fresh-start accounting, which is expected to be
adopted upon emergence from bankruptcy. As a result, historical financial information for periods
prior to emergence from bankruptcy likely will not be representative of results of operations,
financial condition and cash flows after the effective date of the Companys emergence from
bankruptcy.
Unless otherwise indicated, the terms the Company, we, and our refer to Visteon
Corporation and its subsidiaries.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information.
The documents containing the information specified in Part I will be delivered in accordance
with Rule 428(b)(1) under the Securities Act. Such documents are not required to be, and are not,
filed with the Securities and Exchange Commission (the Commission), either as part of this
Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the
Securities Act. These documents, and the documents incorporated by reference in this Registration
Statement pursuant to Item 3 of Part II of this Form S-8, taken together, constitute a prospectus
that meets the requirements of Section 10(a) of the Securities Act.
Item 2. Registrant Information and Employee Plan Annual Information.
Upon written or oral request, any of the documents incorporated by reference to Item 3 of Part
II of this Registration Statement (which documents are also incorporated by reference in the
Section 10(a) prospectus), other documents required to be delivered to eligible participants
pursuant to Rule 428(b) under the Securities Act and additional information about the Visteon
Corporation 2010 Incentive Plan are available without charge by contacting:
Investor Relations
Visteon Corporation
One Village Center Drive
Van Buren Township, MI 48111 USA
Tel: (734) 710-5800
E-mail: investor@visteon.com
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PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents, which are on file with the Commission, are incorporated herein by
reference and made a part hereof:
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(a) |
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our Annual Report on Form 10-K for our fiscal year ended December 31, 2009,
which we filed on February 26, 2010; |
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(b) |
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our Quarterly Reports on Forms 10-Q for our first fiscal quarter ended March
31, 2010, which we filed on April 30, 2010, and for our second fiscal quarter ended
June 30, 2010, which we filed on August 9, 2010; |
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(c) |
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our Current Reports on Forms 8-K, which we filed on March 17, 2010, May 12,
2010, May 27, 2010, June 14, 2010, June 17, 2010,
July 30, 2010, September 7, 2010 and September 28, 2010;
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(d) |
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the description of our common stock in the registration
statement on Form 8-A, which we filed on September 30, 2010,
including any amendments or reports we file for the purpose of updating this
description. |
All documents subsequently filed by Visteon Corporation (the Company) pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act),
prior to the filing of a post-effective amendment which indicates that all securities offered
hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to
be incorporated herein by reference and be a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated or deemed to be incorporated herein by
reference shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or supersedes that statement.
Any such statement so modified or superseded shall not constitute a part of this Registration
Statement, except as so modified or superseded.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not
applicable.
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Item 6. Indemnification of Directors and Officers.
The Company is incorporated under the laws of the State of Delaware. Section 145 (Section
145) of the Delaware General Corporation Law, as the same exists or may hereafter be amended (the
DGCL), provides that a Delaware corporation may indemnify any persons who were, are or are
threatened to be made, parties to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action by or in the right
of such corporation), by reason of the fact that such person is or was an officer, director,
employee or agent of such corporation, or is or was serving at the request of such corporation as a
director, officer, employee or agent of another corporation or enterprise. The indemnity may
include expenses (including attorneys fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by such person in connection with such action, suit or proceeding,
provided such person acted in good faith and in a manner he reasonably believed to be in or not
opposed to the corporations best interests and, with respect to any criminal action or proceeding,
had no reasonable cause to believe that his conduct was illegal. Section 145(b) of the DGCL
provides that a Delaware corporation may indemnify officers and directors in an action by or in the
right of the corporation under the same conditions, except that no indemnification is permitted
without judicial approval if the officer or director is adjudged to be liable to the corporation.
Where an officer, director, employee or agent is successful on the merits or otherwise in the
defense of any action referred to above, the corporation must indemnify him against the expenses
which such officer or director has actually and reasonably incurred.
Section 145(g) of the DGCL provides that a corporation shall have the power to purchase and
maintain insurance on behalf of any person who is or was a director or officer of the corporation
against any liability asserted against the person in any such capacity, or arising out of the
persons status as such, whether or not the corporation would have the power to indemnify the
person against such liability under the provisions of the DGCL.
Article Ninth of the Companys Charter provides that a director of the Company shall not be
personally liable to the Company or its stockholders for monetary damages for breach of fiduciary
duty as a director, except to the extent such exemption from liability or limitation thereof is not
permitted under Delaware law. Article Tenth of the Companys Charter and Article VIII of the
Companys Second Amended and Restated Bylaws (the Bylaws) provide for indemnification of the
officers and directors of the Company to the fullest extent permitted by the DGCL.
The foregoing is only a general summary of certain aspects of Delaware law and the
registrants organizational documents dealing with indemnification of directors and officers and
does not purport to be complete. It is qualified in its entirety by reference to the applicable
provisions of the DGCL and of the registrants Charter and Bylaws.
The Company has obtained directors and officers liability insurance, which insures against
liabilities that its directors or officers may incur in such capacities.
Item 7. Exemption from Registration Claimed.
None.
Item 8. Exhibits.
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Reference is made to the attached Exhibit Index, which is incorporated by reference herein. |
Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
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(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to the Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or 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 volume and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the Calculation of Registration Fee table in the effective Registration
Statement; and
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information in
the Registration Statement; provided, however, that paragraphs (a)(1)(i) and
(a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by
those paragraphs is contained in reports filed with or furnished to the Commission by the
registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by
reference in the Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof; and
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Companys annual report pursuant to Section
13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plans annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in the Registration Statement shall be deemed to be a new registration statement relating
to the securities offered herein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Van Buren Township, Michigan, on September 30, 2010.
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VISTEON CORPORATION
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By |
/s/ Michael K. Sharnas
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Michael K. Sharnas |
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Vice President and General Counsel |
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Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities and on the dates indicated.
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Signature |
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Date |
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/s/ Donald J. Stebbins*
Donald J. Stebbins
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Chairman, President and Chief Executive Officer
(principal executive officer)
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September 30, 2010 |
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/s/ William G. Quigley III*
William G. Quigley III
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Executive Vice President and Chief Financial Officer
(principal financial officer)
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September 30, 2010 |
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/s/ Michael J. Widgren*
Michael J. Widgren
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Vice President, Corporate Controller and
Chief Accounting Officer (principal accounting officer)
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September 30, 2010 |
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/s/ Steven K. Hamp*
Steven K. Hamp
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Director
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September 30, 2010 |
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/s/ Patricia Higgins*
Patricia Higgins
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Director
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September 30, 2010 |
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/s/ Karl J. Krapek*
Karl J. Krapek
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Director
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September 30, 2010 |
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/s/ Alex J. Mandl*
Alex J. Mandl
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Director
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September 30, 2010 |
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/s/ Charles L. Schaffer*
Charles L. Schaffer
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Director
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September 30, 2010 |
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/s/ Richard J. Taggart*
Richard J. Taggart
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Director
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September 30, 2010 |
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/s/ James D. Thornton*
James D. Thornton
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Director
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September 30, 2010 |
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/s/ Kenneth B. Woodrow*
Kenneth B. Woodrow
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Director
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September 30, 2010 |
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*By: |
/s/ Michael K. Sharnas
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Michael K. Sharnas |
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Attorney-in-Fact |
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EXHIBIT INDEX
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Exhibit |
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Exhibit Name |
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4.1
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Form of Second Amended and Restated Certificate of Incorporation of Visteon Corporation is
incorporated herein by reference to Exhibit 3.1 to the Companys Registration Statement on Form
8-A dated September 30, 2010. |
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4.2
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Form of Second Amended and Restated Bylaws of Visteon Corporation is incorporated herein by
reference to Exhibit 3.2 to the Companys Registration Statement on Form 8-A dated September 30,
2010. |
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5.1
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Opinion of Kirkland & Ellis LLP. |
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10.1
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Visteon Corporation 2010 Incentive Plan. |
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10.2
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Form of Terms and Conditions of Initial Restricted Stock Grants under the Visteon Corporation 2010
Incentive Plan. |
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10.3
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Form of Terms and Conditions of
Initial Restricted Stock Unit Grants under the Visteon Corporation 2010
Incentive Plan. |
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23.1
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Consent of Independent Registered Public Accounting Firm, PricewaterhouseCoopers LLP. |
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23.2
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Consent of Kirkland & Ellis LLP (included in Exhibit 5.1 to this Registration Statement on Form S-8). |
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24.1
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Powers of Attorney relating to execution of this Registration Statement on Form S-8. |