DocumentAMENDED AND RESTATED BY-LAWS OF HAWAIIAN HOLDINGS, INC.
(A Delaware Corporation)
ARTICLE 1
DEFINITIONS
As used in these By-laws, unless the context otherwise requires, the term:
1.1 “ASSISTANT SECRETARY” means an Assistant Secretary of the Corporation.
1.2 “ASSISTANT TREASURER” means an Assistant Treasurer of the Corporation.
1.3 “BOARD” means the Board of Directors of the Corporation.
1.4 “BY-LAWS” means the initial by-laws of the Corporation, as amended, supplemented or restated from time to time.
1.5 “CERTIFICATE OF INCORPORATION” means the initial certificate of incorporation of the Corporation, as amended, supplemented or restated from time to time.
1.6 “CHAIRMAN” means the Chairman of the Board.
1.7 “CHIEF EXECUTIVE OFFICER” means the Chief Executive Officer of the Corporation.
1.8 “CHIEF FINANCIAL OFFICER” means the Chief Financial Officer of the Corporation.
1.9 “COMMON STOCK” means the Common Stock of the Corporation, par value $0.01 per share.
1.10 “CORPORATION” means Hawaiian Holdings, Inc.
1.11 “COVERED PERSON” has the meaning set forth in Section 7.1.
1.12 “DIRECTORS” means the members of the Board.
1.13 “ELECTRONIC TRANSMISSION” has the meaning set forth in Section 232 of the General Corporation Law.
1.14 “ENTIRE BOARD” means all then authorized Directors, whether or not there exist vacancies and unfilled newly created directorships.
1.15 “EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended from time to time.
1.16 “GENERAL CORPORATION LAW” means the General Corporation Law of the State of Delaware, as amended from time to time, or any successor legislation.
1.17 “NOMINATED DIRECTOR” means any or all of the Series B Nominated Director, the Series C Nominated Director, and the Series D Nominated Director.
1.18 “NOMINATING STOCKHOLDER” means any or all of the Series B Nominating Stockholder, the Series C Nominating Stockholder, and the Series D Nominating Stockholder.
1.19 “PRESIDENT” means the President of the Corporation.
1.20 “PROCEEDING” has the meaning set forth in Section 7.1.
1.21 “PUBLIC ANNOUNCEMENT” has the meaning set forth in Section 2.13.
1.22 “SECRETARY” means the Corporate Secretary of the Corporation.
1.23 “SERIES B NOMINATED DIRECTOR” has the meaning set forth in Section 3.2.
1.24 “SERIES B NOMINATING STOCKHOLDER” has the meaning set forth in Section 3.2.
1.25 “SERIES B SPECIAL PREFERRED STOCK” means the Series B Special Preferred Stock of the Corporation, par value $.01 per share.
1.26 “SERIES C NOMINATED DIRECTOR” has the meaning set forth in Section 3.2.
1.27 “SERIES C NOMINATING STOCKHOLDER” has the meaning set forth in Section 3.2.
1.28 “SERIES C SPECIAL PREFERRED STOCK” means the Series C Special Preferred Stock of the Corporation, par value $.01 per share.
1.29 “SERIES D NOMINATED DIRECTOR” has the meaning set forth in Section 3.2.
1.30 “SERIES D NOMINATING STOCKHOLDER” has the meaning set forth in Section 3.2.
1.31 “SERIES D SPECIAL PREFERRED STOCK” means the Series D Special Preferred Stock of the Corporation, par value $.01 per share.
1.32 “SPECIAL PREFERRED STOCK” means collectively the Series B Special Preferred Stock, the Series C Special Preferred Stock, and the Series D Special Preferred Stock.
1.33 “STOCKHOLDERS” means the holders of Common Stock and the holders of each series of Special Preferred Stock.
1.34 “TREASURER” means the Treasurer of the Corporation.
1.35 “VICE PRESIDENT” means a Vice President of the Corporation.
ARTICLE 2
STOCKHOLDERS
2.1 PLACE OF MEETINGS. Every meeting of Stockholders may be held at such place, within or without the State of Delaware, as may be designated by resolution of the Board from time to time. The Board may, in its sole discretion, determine that a meeting of Stockholders shall not be held at any place, but shall instead be held solely by means of remote communication as authorized by the General Corporation Law.
2.2 ANNUAL MEETING. If required by applicable law, a meeting of Stockholders shall be held annually for the election of Directors at such date and time as may be designated by resolution of the Board from time to time. Any other proper business brought in accordance with Section 2.13 of these By-laws may be transacted at the annual meeting. The Board may cancel, recess, postpone or reschedule any previously scheduled annual meeting at any time, before or after the notice for such meeting has been sent to the Stockholders.
2.3 SPECIAL MEETINGS. Unless otherwise prescribed by applicable law or except as expressly provided in the Certificate of Incorporation or Section 3.3 of these By-laws, special meetings of Stockholders may be called at any time by the Board pursuant to a resolution approved by a majority of the Entire Board or the Chairman and may not be called by any other person or persons. The Board may cancel, recess, postpone or reschedule any previously scheduled special meeting at any time, before or after the notice for such meeting has been sent to the Stockholders. The notice of a special meeting of Stockholders shall include the purpose for which the meeting is called. Only such business shall be conducted at a special meeting of Stockholders as shall have been brought before the meeting by or at the direction of the Board and the business transacted at any special meeting of Stockholders shall be limited to the purpose stated in the notice. Nothing contained in this Section 2.3 shall be construed as limiting, fixing or affecting the time when a meeting of Stockholders called by the Board or the Chairman may be held.
2.4 FIXING RECORD DATE. For the purpose of (i) determining the Stockholders entitled (A) to notice of any meeting of Stockholders or any adjournment thereof, or (B) to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock, or (ii) any other lawful action, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date was adopted by the Board and which record date, unless otherwise required by applicable law, shall not be (x) in the case of clause (i)(A) above, more than sixty (60) nor less than ten (10) days before the date of such meeting, and (y) in the case of clause (i)(B) or (ii) above, more than sixty (60) days prior to such action. If the Board so fixes a date for any meeting of Stockholders or any adjournment thereof, such date shall also be the record date for determining the Stockholders entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination.
If no such record date is fixed:
(a) the record date for determining Stockholders entitled to notice of and to vote at a meeting of Stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; and
(b) the record date for determining Stockholders for any purpose other than those specified in Section 2.4(a) shall be at the close of business on the day on which the Board adopts the resolution relating thereto.
When a determination of Stockholders entitled to notice of or to vote at any meeting of Stockholders has been made as provided in this Section 2.4, such determination shall apply to any adjournment thereof; PROVIDED, HOWEVER, that the Board may fix a new record date for determination of Stockholders entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for Stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of Stockholders entitled to vote in accordance with the provisions of Section 213 of the General Corporation Law and this Section 2.4 at the adjourned meeting.
2.5 NOTICE OF MEETINGS OF STOCKHOLDERS. Whenever under the provisions of applicable law, the Certificate of Incorporation or these By-laws, Stockholders are required or permitted to take any action at a meeting, notice in the form of a writing or electronic transmission shall be given stating the place, if any, date and hour of the meeting, the means of remote communication, if any, by which Stockholders and proxy holders may be deemed to be present in person and vote at such meeting, the record date for determining the Stockholders entitled to vote at the meeting, if such date is different from the record date for determining Stockholders entitled to notice of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by applicable law, the Certificate of Incorporation or these By-laws, notice of any meeting shall be given, not less than ten (10) nor more than sixty (60) days before the date of the meeting, to each Stockholder entitled to vote at such meeting as of the record date for determining the Stockholders entitled to notice of the meeting.
2.6 ADJOURNED MEETING; NOTICE. Any meeting of Stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place. Unless these By-laws otherwise require, when a meeting is adjourned to another time or place (including an adjournment taken to address a technical failure to convene or continue a meeting using remote communication), notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communication, if any, provided in the manner described in Section 222(c) of the General Corporation Law, and at the adjourned meeting any business may be transacted that might have been transacted at the meeting as originally called. If, however, the adjournment is for more than thirty (30) days, a notice of the adjourned meeting shall be given to each Stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for Stockholders entitled to vote is fixed for the adjourned meeting, the Board shall fix a new record date for notice of such adjourned meeting in accordance with Section 213(a) of the General Corporation Law and Section 2.4 of these By-laws, and shall give notice of the adjourned meeting to each Stockholder of record entitled to vote at such adjourned meeting as of the record date fixed for notice of such adjourned meeting.
2.7 LIST OF STOCKHOLDERS. The Corporation shall prepare, in accordance with Section 219 of the General Corporation Law, a complete list of the Stockholders entitled to vote at each meeting of the Stockholders, arranged in alphabetical order, and showing the address of each Stockholder and the number of shares registered in the name of each Stockholder. To the extent required by Section 219 of the General Corporation Law, such list shall be open to the examination of any Stockholder for any purpose germane to the meeting prior to the meeting, during ordinary business hours at the principal place of business of the Corporation, or on a reasonably accessible electronic network as provided by applicable law. Except as provided by applicable law, the stock
ledger shall be the only evidence as to who are the Stockholders entitled to examine the stock ledger, to examine the list of Stockholders, or to vote in person or by proxy at any meeting of Stockholders.
2.8 QUORUM OF STOCKHOLDERS. Except as otherwise provided by applicable law, the Certificate of Incorporation or these By-laws, at each meeting of Stockholders, the presence in person or by proxy of the holders of a majority of all outstanding shares of stock entitled to vote at the meeting of Stockholders shall constitute a quorum for the transaction of any business at such meeting. In the absence of a quorum, the holders of a majority of the shares of stock present in person or represented by proxy at any meeting of Stockholders, including an adjourned meeting, whether or not a quorum is present, may adjourn such meeting to another time and place. Shares of its own stock belonging to the Corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the Corporation, shall neither be entitled to vote nor be counted for quorum purposes; PROVIDED, HOWEVER, that the foregoing shall not limit the right of the Corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity.
2.9 VOTING; PROXIES. Unless otherwise provided in the Certificate of Incorporation, any Stockholder entitled to vote at any meeting of Stockholders shall be entitled to one vote for each share of stock held by such Stockholder as of the applicable record date which has voting power upon the matter in question. If the Certificate of Incorporation provides for more or less than one vote for any share on any matter, each reference in the By-laws or the General Corporation Law to a majority or other proportion of stock shall refer to such majority or other proportion of the votes of such stock. If applicable, the provisions of Sections 217 and 218 of the General Corporation Law shall apply in determining whether any shares of capital stock may be voted and the persons, if any, entitled to vote such shares; but the Corporation shall be protected in assuming that the persons in whose names shares of capital stock stand on the stock ledger of the Corporation are entitled to vote such shares. At any meeting of Stockholders (at which a quorum was present), any matter, except as otherwise provided by the Certificate of Incorporation, these By-laws, the rules and regulations of any stock exchange applicable to the Corporation, applicable law, or pursuant to any rules or regulations applicable to the Corporation or its securities, shall be decided by the affirmative vote of a majority in voting power of shares of stock present in person or represented by proxy and entitled to vote thereon. At all meetings of Stockholders for the election of Directors, except as otherwise required by the Certificate of Incorporation, these By-laws or applicable law, a plurality of the votes cast by the holders of shares entitled to vote in the election shall be sufficient to elect such Directors. Except as otherwise provided by the Certificate of Incorporation, each Stockholder entitled to vote at a meeting of Stockholders, or such Stockholder’s authorized officer, director, employee or agent, may authorize another person or persons to act for such Stockholder by proxy but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. The authorization of a person to act as a proxy may be documented, signed and delivered in accordance with Section 116 of the General Corporation Law; provided that such authorization shall set forth, or be delivered with information enabling the Corporation to determine, the identity of the Stockholder granting such authorization. The revocability of a proxy that states on its face that it is irrevocable shall be governed by the provisions of Section 212 of the General Corporation Law.
2.10 VOTING PROCEDURES AND INSPECTORS OF ELECTION AT MEETINGS OF STOCKHOLDERS. The Corporation, in advance of any meeting of Stockholders, may and shall if required by applicable law, appoint one or more inspectors, who may be employees of the Corporation, to act at the meeting and make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting, the person presiding at the meeting may, and shall if required
by applicable law, appoint, one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of his or her ability. The inspectors shall (a) ascertain the number of shares outstanding and the voting power of each, (b) determine the shares represented at the meeting and the validity of proxies and ballots, (c) count all votes and ballots, (d) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors, and (e) certify their determination of the number of shares represented at the meeting and their count of all votes and ballots. The inspectors may appoint or retain other persons or entities to assist the inspectors in the performance of their duties. Unless otherwise provided by the Board, the date and time of the opening and the closing of the polls for each matter upon which the Stockholders will vote at a meeting shall be determined by the person presiding at the meeting and shall be announced at the meeting. No ballot, proxies or votes, or any revocation thereof or change thereto, shall be accepted by the inspectors after the closing of the polls unless the Court of Chancery of the State of Delaware upon application by a Stockholder shall determine otherwise. In determining the validity and counting of proxies and ballots cast at any meeting of Stockholders, the inspectors may consider such information as is permitted by applicable law. No person who is a candidate for office at an election may serve as an inspector at such election.
2.11 CONDUCT OF MEETINGS; ORGANIZATION. The Board may adopt by resolution such rules and regulations for the conduct of the meeting of Stockholders as it shall deem appropriate. At each meeting of Stockholders, unless the Board determines otherwise, the Chairman, or if there is no Chairman or the Chairman is absent, the Chief Executive Officer, or if there is no Chief Executive Officer or the Chief Executive Officer is absent, the President, or if there is no President or the President is absent, a Vice President, and in case more than one Vice President shall be present, that Vice President designated by the Board (or in the absence of any such designation, the most senior Vice President, based on age, present), shall preside over the meeting. Except to the extent inconsistent with such rules and regulations as adopted by the Board, the person presiding over any meeting of Stockholders shall have the right and authority to convene and to adjourn the meeting to another place, if any, date or time, whether or not a quorum is present, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such person, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board or prescribed by the presiding officer of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to Stockholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as the person presiding over the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The presiding officer at any meeting of Stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such presiding officer should so determine, such person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board or the person presiding over the meeting, meetings of Stockholders shall not be required to be held in accordance with the rules of parliamentary procedure. The Secretary, or in his or her absence, one of the Assistant Secretaries, shall act as secretary of the meeting. In case none of the officers above designated to act as the person presiding over the meeting or as secretary of the meeting, respectively, shall be present, a person presiding over the meeting or a secretary of the meeting, as
the case may be, shall be designated by the Board, and in case the Board has not so acted, in the case of the designation of a person to act as secretary of the meeting, designated by the person presiding over the meeting.
2.12 ORDER OF BUSINESS. The order of business at all meetings of Stockholders shall be as determined by the presiding officer of the meeting.
2.13 ADVANCE NOTICE PROCEDURES.
(a) Annual Meetings of Stockholders.
(i) Nominations of persons for election to the Board or the proposal of other business to be transacted by Stockholders at an annual meeting of Stockholders may be made only (1) pursuant to the Corporation’s notice of meeting (or any supplement thereto); (2) by or at the direction of the Board (including a committee thereof); (3) as may be provided in the certificate of designations for any class or series of preferred stock; or (4) by any Stockholder of the Corporation who (A) is a Stockholder of record at the time of giving of the notice contemplated by Section 2.13(a)(ii); (B) is a Stockholder of record on the record date for the determination of Stockholders entitled to notice of the annual meeting; (C) is a Stockholder of record on the record date for the determination of Stockholders entitled to vote at the annual meeting; (D) is a Stockholder of record at the time of the annual meeting; and (E) complies with the procedures set forth in this Section 2.13(a).
(ii) For nominations or other business to be properly brought before an annual meeting of Stockholders by a Stockholder pursuant to clause (4) of Section 2.13(a)(i), the Stockholder must have given timely notice in writing to the Secretary and any such nomination or proposed business must constitute a proper matter for Stockholder action. To be timely, a Stockholder’s notice must be received by the Secretary at the principal executive offices of the Corporation no earlier than 8:00 a.m., Eastern time, on the 120th day and no later than 5:00 p.m., Eastern time, on the 90th day prior to the day of the first anniversary of the preceding year’s annual meeting as first specified in the Corporation’s notice of such annual meeting (without regard to any adjournment, rescheduling, postponement or other delay of such annual meeting occurring after such notice was first sent). However, if no annual meeting was held in the preceding year, or if the date of the annual meeting for the current year has been changed by more than 25 days from the first anniversary of the preceding year’s annual meeting, then to be timely such notice must be received by the Secretary at the principal executive offices of the Corporation no earlier than 8:00 a.m., Eastern time, on the 120th day prior to the day of such annual meeting and no later than 5:00 p.m., Eastern time, on the 10th day following the day on which a Public Announcement (as defined below) of the date of such annual meeting was first made by the Corporation. In no event will the adjournment, rescheduling, postponement or other delay of any annual meeting, or any announcement thereof, commence a new time period (or extend any time period) for the giving of a Stockholder’s notice as described above. In no event may a Stockholder provide notice with respect to a greater number of Director candidates than there are Director seats subject to election by Stockholders at the annual meeting. If the number of Directors to be elected to the Board is increased and there is no Public Announcement (as defined below) naming all of the nominees for Director or specifying the size of the increased Board at least 10 days before the last day that a Stockholder may deliver a notice of nomination pursuant to the foregoing provisions, then a Stockholder’s notice required by this Section 2.13(a)(ii) will also be considered timely, but only with respect to any nominees for any new positions created by such increase, if it is received by the Secretary at the principal executive offices of the Corporation no later than 5:00 p.m., Eastern time,
on the 10th day following the day on which such Public Announcement is first made. “PUBLIC ANNOUNCEMENT” means disclosure in a press release reported by a national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, Section 14 or Section 15(d) of the Exchange Act or by such other means as is reasonably designed to inform the public or Stockholders of the Corporation in general of such information including, without limitation, posting on the Corporation’s investor relations website.
(iii) A Stockholder’s notice to the Secretary must set forth:
(1) as to each person whom the Stockholder proposes to nominate for election as a Director:
a) such person’s name, age, business address, residence address and principal occupation or employment;
b) the class and number of shares of the Corporation that are held of record or are beneficially owned by such person and any (i) Derivative Instruments (as defined below) held or beneficially owned by such person, including the full notional amount of any securities that, directly or indirectly, underlie any Derivative Instrument; and (ii) other agreement, arrangement or understanding that has been made the effect or intent of which is to create or mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of such person with respect to the Corporation’s securities;
c) all information relating to such person that is required to be disclosed in connection with solicitations of proxies for the contested election of Directors, or is otherwise required, in each case pursuant to Section 14 of the Exchange Act;
d) such person’s written consent (x) to being named as a nominee for Director by such Stockholder, (y) to being named on the Corporation’s form of proxy pursuant to Rule 14a-19 under the Exchange Act and (z) to serving as a Director of the Corporation if elected;
e) any direct or indirect compensatory, payment, indemnification or other financial agreement, arrangement or understanding that such person has, or has had within the past three years, with any person or entity other than the Corporation (including, without limitation, the amount of any payment or payments received or receivable thereunder), in each case in connection with candidacy or service as a Director of the Corporation (such agreement, arrangement or understanding, a “THIRD-PARTY COMPENSATION ARRANGEMENT”); and
f) a description of any other material relationships between such person and such person’s respective affiliates and associates, or others acting in concert with them, on the one hand, and such Stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination is made, and their respective affiliates and associates, or others acting in concert with them, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item 404 under Regulation S-K if such Stockholder, beneficial owner, affiliate or associate were the “registrant” for purposes of such rule and such person were a director or executive officer of such registrant;
(2) as to any other business that the Stockholder giving the notice proposes to bring before the annual meeting:
a) a brief description of the business desired to be brought before the annual meeting;
b) the text of the proposal or business (including the text of any resolutions proposed for consideration and, if applicable, the text of any proposed amendment to these By-laws);
c) the reasons for conducting such business at the annual meeting;
d) any material interest in such business of such Stockholder giving the notice and the beneficial owner, if any, on whose behalf the proposal is made, and their respective affiliates and associates, or others acting in concert with them; and
e) all agreements, arrangements and understandings between such Stockholder and the beneficial owner, if any, on whose behalf the proposal is made, and their respective affiliates or associates or others acting in concert with them, and any other person or persons (including their names) in connection with the proposal of such business by such Stockholder; and
(3) as to the Stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:
a) the name and address of such Stockholder (as they appear on the Corporation’s books), of such beneficial owner, or of their respective affiliates or associates or others acting in concert with them;
b) for each class or series, the number of shares of stock of the Corporation that are, directly or indirectly, held of record or are beneficially owned by such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them;
c) any agreement, arrangement or understanding between such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, and any other person or persons (including, in each case, their names) in connection with the proposal of such nomination or other business;
d) any (i) agreement, arrangement or understanding (including, without limitation, and regardless of the form of settlement, any derivative, long or short positions, profit interests, forwards, futures, swaps, options, warrants, convertible securities, stock appreciation or similar rights, hedging transactions and borrowed or loaned shares) that has been entered into by or on behalf of such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, with respect to the Corporation’s securities (any of the foregoing, a “DERIVATIVE INSTRUMENT”), including the full notional amount of any securities that, directly or indirectly, underlie any Derivative Instrument; and (ii) other agreement, arrangement or understanding that has been made the effect or intent of which is to create or mitigate loss to, manage risk or benefit of share price changes for or increase or decrease the voting power of such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, with respect to the Corporation’s securities;
e) any proxy, contract, arrangement, understanding or relationship pursuant to which such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them has a right to vote any shares of any security of the Corporation;
f) any rights to dividends on the Corporation’s securities owned beneficially by such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, that are separated or separable from the underlying security;
g) any proportionate interest in the Corporation’s securities or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, is a general partner or, directly or indirectly, beneficially owns an interest in a general partner of such general or limited partnership;
h) any performance-related fees (other than an asset-based fee) that such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with, them is entitled to based on any increase or decrease in the value of the Corporation’s securities or Derivative Instruments, including, without limitation, any such interests held by members of the immediate family of such persons sharing the same household;
i) any significant equity interests or any Derivative Instruments in any principal competitor of the Corporation that are held by such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them;
j) any direct or indirect interest of such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, in any contract with the Corporation, any affiliate of the Corporation or any principal competitor of the Corporation (in each case, including, without limitation, any employment agreement, collective bargaining agreement or consulting agreement);
k) any material pending or threatened legal proceeding in which such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them is a party or material participant involving the Corporation or any of its officers, directors or affiliates;
l) any material relationship between such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, on the one hand, and the Corporation or any of its officers, directors or affiliates, on the other hand;
m) a representation and undertaking that the Stockholder is a holder of record of stock of the Corporation as of the date of submission of the Stockholder’s notice and intends to appear in person or by proxy at the annual meeting to bring such nomination or other business before the annual meeting;
n) a representation and undertaking as to whether such Stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them intends, or is part of a group that intends, to (x) deliver a proxy statement or form
of proxy to holders of at least the percentage of the voting power of the Corporation’s then-outstanding stock required to approve or adopt the proposal or to elect each such nominee; or (y) otherwise solicit proxies from Stockholders in support of such proposal or nomination;
o) any other information relating to such Stockholder, such beneficial owner, or their respective affiliates or associates or others acting in concert with them, or Director nominee or proposed business that, in each case, would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies in support of such nominee (in a contested election of Directors) or proposal pursuant to Section 14 of the Exchange Act; and
p) such other information relating to any proposed item of business as the Corporation may reasonably require to determine whether such proposed item of business is a proper matter for Stockholder action.
(iv) In addition to the requirements of this Section 2.13, to be timely, a Stockholder’s notice (and any additional information submitted to the Corporation in connection therewith) must further be updated and supplemented (1) if necessary, so that the information provided or required to be provided in such notice is true and correct as of the record date(s) for determining the Stockholders entitled to notice of, and to vote at, the annual meeting and as of the date that is 10 business days prior to the annual meeting or any adjournment, rescheduling, postponement or other delay thereof; and (2) to provide any additional information that the Corporation may reasonably request. Any such update and supplement or additional information (including if requested pursuant to Section 2.13(a)(iii)(3)(p)) must be received by the Secretary at the principal executive offices of the Corporation (A) in the case of a request for additional information, promptly following a request therefor, which response must be received by the Secretary not later than such reasonable time as is specified in any such request from the Corporation; or (B) in the case of any other update or supplement of any information, not later than five business days after the record date(s) for the annual meeting (in the case of any update and supplement required to be made as of the record date(s)), and not later than eight business days prior to the date for the annual meeting or any adjournment, rescheduling, postponement or other delay thereof (in the case of any update and supplement required to be made as of 10 business days prior to the meeting or any adjournment, rescheduling, postponement or other delay thereof). The failure to timely provide such update, supplement or additional information shall result in the nomination or proposal no longer being eligible for consideration at the annual meeting. For the avoidance of doubt, the obligation to update and supplement, or provide additional information, as set forth in this Section 2.13(a)(iv) or any other Section of these By-laws shall not limit the Corporation’s rights with respect to any deficiencies in any notice provided by a Stockholder, extend any applicable deadlines pursuant to these By-laws or enable or be deemed to permit a Stockholder who has previously submitted notice pursuant to these By-laws to amend or update any nomination or to submit any new nomination. No disclosure pursuant to these By-laws will be required with respect to the ordinary course business activities of any broker, dealer, commercial bank, trust company or other nominee who is the Stockholder submitting a notice pursuant to this Section 2.13 solely because such broker, dealer, commercial bank, trust company or other nominee of has been directed to prepare and submit the notice required by these By-laws on behalf of a beneficial owner.
(b) Special Meetings of Stockholders. Except to the extent required by the DGCL, and subject to Section 2.3, special meetings of Stockholders may be called only in accordance with the Corporation’s certificate of incorporation and these By-laws. Only such business will be conducted at a special meeting of Stockholders as has been brought before the
special meeting pursuant to the Corporation’s notice of meeting. If the election of Directors is included as business to be brought before a special meeting in the Corporation’s notice of meeting, then nominations of persons for election to the Board at such special meeting may be made by any Stockholder who (i) is a Stockholder of record at the time of giving of the notice contemplated by this Section 2.13(b); (ii) is a Stockholder of record on the record date for the determination of Stockholders entitled to notice of the special meeting; (iii) is a Stockholder of record on the record date for the determination of Stockholders entitled to vote at the special meeting; (iv) is a Stockholder of record at the time of the special meeting; and (v) complies with the procedures set forth in this Section 2.13(b). For nominations to be properly brought by a Stockholder before a special meeting pursuant to this Section 2.13(b), the Stockholder’s notice must be received by the Secretary at the principal executive offices of the Corporation no earlier than 8:00 a.m., Eastern time, on the 120th day prior to the day of the special meeting and no later than 5:00 p.m., Eastern time, on the 10th day following the day on which public announcement of the date of the special meeting was first made. In no event will any adjournment, rescheduling, postponement or other delay of a special meeting, or any announcement, thereof commence a new time period (or extend any time period) for the giving of a Stockholder’s notice as described above. A stockholder’s notice to the Secretary must comply with the applicable notice requirements of Section 2.13(a)(iii).
(c) Other Requirements and Procedures.
(i) To be eligible to be a nominee of any Stockholder for election as a Director of the Corporation, the proposed nominee must provide to the Secretary, in accordance with the applicable time periods prescribed for delivery of notice under Section 2.13(a)(ii) or Section 2.13(b):
(1) a signed and completed written questionnaire (in the form provided by the Secretary at the written request of the nominating Stockholder, which form will be provided by the Secretary within 10 days of receiving such request) containing information regarding such nominee’s background and qualifications and such other information as may reasonably be required by the Corporation to determine the eligibility of such nominee to serve as a Director of the Corporation or to serve as an independent Director of the Corporation;
(2) a written representation and undertaking that, unless previously disclosed to the Corporation, such nominee is not, and will not become, a party to any voting agreement, arrangement, commitment, assurance or understanding with any person or entity as to how such nominee, if elected as a Director, will vote on any issue;
(3) a written representation and undertaking that, unless previously disclosed to the Corporation, such nominee is not, and will not become, a party to any Third-Party Compensation Arrangement;
(4) a written representation and undertaking that, if elected as a Director, such nominee would be in compliance, and will continue to comply, with the Corporation’s corporate governance guidelines, conflict of interest, confidentiality, stock ownership and trading, and other policies and guidelines applicable to Directors and in effect during such person’s term in office as a Director (and, if requested by any candidate for nomination, the Secretary will provide to such proposed nominee all such policies and guidelines then in effect); and
(5) a written representation and undertaking that such nominee, if elected, intends to serve a full term on the Board.
(ii) At the request of the Board, any person nominated by the Board for election as a Director must furnish to the Secretary the information that is required to be set forth in a Stockholder’s notice of nomination pertaining to such nominee.
(iii) No person will be eligible to be nominated by a Stockholder for election as a Director of the Corporation, or to be seated as a Director of the Corporation, unless nominated or elected in accordance with the procedures set forth in this Section 2.13. No business proposed by a Stockholder will be conducted at a Stockholder meeting except in accordance with this Section 2.13.
(iv) The chairperson of the applicable meeting of Stockholders will, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the procedures prescribed by these By-laws or applicable law, or that other proposed business was not properly brought before the meeting in accordance with the procedures prescribed by these By-laws or applicable law. If the chairperson of the meeting should so determine, then the chairperson of the meeting will so declare to the meeting and the defective nomination will be disregarded or such business will not be transacted, as the case may be.
(v) Notwithstanding anything to the contrary in this Section 2.13, unless otherwise required by law, if the Stockholder (or a qualified representative of the Stockholder) does not appear in person at the meeting to present a nomination or other proposed business, such nomination will be disregarded or such business will not be transacted, as the case may be, notwithstanding that proxies in respect of such nomination or business may have been received by the Corporation and counted for purposes of determining a quorum. For purposes of this Section 2.13, to be considered a qualified representative of the Stockholder, a person must be a duly authorized officer, manager or partner of such Stockholder or must be authorized by a writing executed by such Stockholder or an electronic transmission delivered by such Stockholder to act for such Stockholder as proxy at the meeting, and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting.
(vi) Without limiting this Section 2.13, a Stockholder must also comply with all applicable requirements of the Exchange Act with respect to the matters set forth in this Section 2.13, it being understood that (1) any references in these By-laws to the Exchange Act are not intended to, and will not, limit any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this Section 2.13; and (2) compliance with clause (4) of Section 2.13(a)(i) and with Section 2.13(b) are the exclusive means for a Stockholder to make nominations or submit other business (other than as provided in Section 2.13(c)(vii)).
(vii) Notwithstanding anything to the contrary in this Section 2.13, the notice requirements set forth in these By-laws with respect to the proposal of any business pursuant to this Section 2.13 will be deemed to be satisfied by a Stockholder if (1) such Stockholder has submitted a proposal to the Corporation in compliance with Rule 14a-8 under the Exchange Act; and (2) such Stockholder’s proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies for the meeting of Stockholders. Subject to Rule 14a-8 and other applicable rules and regulations under the Exchange Act, nothing in these By-laws will be construed to permit any Stockholder, or give any Stockholder the right, to include or have disseminated or described in the Corporation’s proxy statement any nomination of a Director or any other business proposal.
ARTICLE 3
DIRECTORS
3.1 GENERAL POWERS. Except as otherwise provided in the Certificate of Incorporation, the business and affairs of the Corporation shall be managed by or under the direction of the Board. The Board may adopt such rules and regulations, not inconsistent with the Certificate of Incorporation or these By-laws or applicable law, as it may deem proper for the conduct of its meetings and the management of the Corporation.
3.2 NUMBER; QUALIFICATION; TERM OF OFFICE. The number of Directors shall be determined from time to time by resolution adopted by the Board. Each Director shall hold office until a successor is duly elected and qualified or until the Director’s earlier death, resignation, disqualification or removal. The qualifications of Directors shall be as set forth in clauses (a) through (c) of this Section 3.2.
(a) At any time there is a holder of record of one (1) share of Series B Special Preferred Stock, the Series B Special Preferred Stock shall be entitled to elect one (1) Director (the “SERIES B NOMINATED DIRECTOR”), who shall have been identified to the Board by such holder (the “SERIES B NOMINATING STOCKHOLDER”) for nomination and election to the Board.
(b) At any time there is a holder of record of one (1) share of Series C Special Preferred Stock, the Series C Special Preferred Stock shall be entitled to elect one (1) Director (the “SERIES C NOMINATED DIRECTOR”), who shall have been identified to the Board by such holder (the “SERIES C NOMINATING STOCKHOLDER”) for nomination and election to the Board.
(c) At any time there is a holder of record of one (1) share of Series D Special Preferred Stock, the Series D Special Preferred Stock shall be entitled to elect one (1) Director (the “SERIES D NOMINATED DIRECTOR”), who shall have been identified to the Board by such holder (the “SERIES D NOMINATING STOCKHOLDER”) for nomination and election to the Board.
(d) Directors need not be Stockholders.
3.3 NEWLY CREATED DIRECTORSHIPS AND VACANCIES.
(a) Unless otherwise provided by applicable law or the Certificate of Incorporation, any newly created directorships resulting from an increase in the authorized number of Directors and vacancies occurring in the Board for any cause, may be filled by the affirmative vote of a majority of the Directors then in office, although less than a quorum, or by a sole remaining Director.
(b) Notwithstanding the foregoing, but subject to the provisions of Section 3.2: (i) so long as there is a holder of Series B Special Preferred Stock, the Board may fill a Series B Nominated Director vacancy only with a person nominated to the Board by such holder (which person will thereafter be deemed a Series B Nominated Director); (ii) so long as there is a holder of Series C Special Preferred Stock, the Board may fill a Series C Nominated Director vacancy only with a person nominated to the Board by such holder (which person will thereafter be deemed a
Series C Nominated Director); and (iii) so long as there is a holder of Series D Special Preferred Stock, the Board may fill a Series D Nominated Director vacancy only with a person nominated to the Board by such holder (which person will thereafter be deemed a Series D Nominated Director).
(c) If a vacancy is not filled as provided in clause (b) of this Section 3.3 within thirty (30) days, such vacancy may be filled by (i) the affirmative vote of the holders of a majority of the Series B Special Preferred Stock given at a special meeting of the holders of Series B Special Preferred Stock called for such purpose, or by the unanimous written consent in lieu of a meeting of all holders of the Series B Special Preferred Stock, in the case of a vacancy of a Series B Nominated Director, (ii) the affirmative vote of the holders of a majority of the Series C Special Preferred Stock given at a special meeting of the holders of Series C Special Preferred Stock called for such purpose, or by the unanimous written consent in lieu of a meeting of all holders of the Series C Special Preferred Stock, in the case of a vacancy of a Series C Nominated Director, and (iii) the affirmative vote of the holders of a majority of the Series D Special Preferred Stock given at a special meeting of the holders of Series D Special Preferred Stock called for such purpose, or by the unanimous written consent in lieu of a meeting of all holders of the Series D Special Preferred Stock, in the case of a vacancy of a Series D Nominated Director.
(d) A Director so elected shall be appointed or elected to hold office until the expiration of the term of office of the Director whom he or she has replaced or until a successor is elected and qualified, or until the Director’s earlier death, resignation, disqualification or removal.
3.4 RESIGNATION. Any Director may resign at any time by notice given in writing or by Electronic Transmission to the Chairman, Chief Executive Officer, President or Secretary. Any resignation pursuant to this Section 3.4 shall take effect at the time or upon the event therein specified, and, unless otherwise specified in such resignation, the acceptance of such resignation shall not be necessary to make it effective.
3.5 REMOVAL. Subject to the provisions of Section 141(k) of the General Corporation Law and Section 3.3 of these By-laws, any or all of the Directors may be removed with or without cause by the affirmative vote of the holders of a majority of the combined voting power of the then outstanding shares of stock entitled to vote on the election of Directors, voting together as a single class.
3.6 COMPENSATION. Unless otherwise restricted by the Certificate of Incorporation or these By-laws, the Board shall have the authority to fix the compensation of Directors.
3.7 REGULAR MEETINGS. Regular meetings of the Board may be held without notice at such times and at such places within or without the State of Delaware as may be determined from time to time by resolution of the Board.
3.8 SPECIAL MEETINGS; NOTICE. Special meetings of the Board may be held at such times and, if applicable, at such places, within or without the State of Delaware, whenever called by the Chairman, the Chief Executive Officer, the President or the Secretary or by a majority of the Directors then in office; provided that the person(s) authorized to call a special meeting of the Board may authorize another person or persons to send notice of such meeting. If necessary under the Certificate of Incorporation or Section 3.3 of these By-laws, special meetings of the Board shall be held whenever called by (a) the Series B Nominating Stockholder to fill the vacancy of a Series B Nominated Director, (b) the Series C Nominating Stockholder to fill the vacancy of a Series C
Nominated Director, and (c) the Series D Nominating Stockholder to fill the vacancy of the Series D Nominated Director.
Notice of the time and place of special meetings shall be:
(i) delivered personally by hand, by courier or by telephone;
(ii) sent by mail, postage prepaid;
(iii) sent by facsimile;
(iv) sent by electronic mail; or
(v) otherwise given by Electronic Transmission;
directed to each Director at that Director’s address, telephone number, facsimile number, electronic mail address, or other contact for notice by Electronic Transmission as the case may be, as shown on the Corporation’s records.
If the notice is (A) delivered personally by hand, by courier or by telephone, (B) sent by facsimile, (C) sent by electronic mail, or (D) otherwise given by Electronic Transmission, it shall be delivered, sent or otherwise directed to each Director, as applicable, at least 24 hours before the time of the holding of the meeting. If the notice is sent by mail, it shall be deposited in the mail at least three (3) days before the time of the holding of the meeting. Any oral notice of the time and place of the meeting may be communicated to the Director in lieu of written notice if such notice is communicated at least 24 hours before the time of the holding of the meeting. The notice need not specify the purpose of the meeting unless otherwise required by statute.
3.9 TELEPHONE MEETINGS. Directors or members of any committee designated by the Board may participate in a meeting of the Board or of such committee by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 3.9 shall constitute presence in person at such meeting.
3.10 ADJOURNED MEETINGS. A majority of the Directors present at any meeting of the Board, including an adjourned meeting, whether or not a quorum is present, may adjourn such meeting to another time and place. At least 24 hours’ notice of any adjourned meeting of the Board shall be given to each Director whether or not present at the time of the adjournment, if such notice shall be given by one of the means specified in Section 3.8 hereof other than by mail, or at least three (3) days’ notice if by mail. Any business may be transacted at an adjourned meeting that might have been transacted at the meeting as originally called.
3.11 ORGANIZATION. At each meeting of the Board, unless the Board determines otherwise, the Chairman, or if there is no Chairman or the Chairman is absent, the Chief Executive Officer, or if there is no Chief Executive Officer or the Chief Executive Officer is absent, a chairman chosen by a majority of the Directors present, shall preside.
3.12 QUORUM OF DIRECTORS. Except as provided in Section 3.10 with respect to adjourning meetings and Section 3.3 with respect to filling vacancies, the presence in person of a
majority of the Entire Board shall be necessary and sufficient to constitute a quorum for the transaction of business at any meeting of the Board.
3.13 ACTION BY MAJORITY VOTE. Except as otherwise expressly required by applicable law, the Certificate of Incorporation or these By-laws, the affirmative vote of a majority of the Directors present at a meeting at which a quorum is present shall be the act of the Board.
3.14 ACTION WITHOUT MEETING. Unless otherwise restricted by the Certificate of Incorporation or these By-laws, (i) any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if all Directors or members of such committee, as the case may be, consent thereto in writing or by Electronic Transmission and (ii) a consent may be documented, signed and delivered in any manner permitted by Section 116 of the General Corporation Law. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the Board or committee, in the same paper or electronic form as the minutes are maintained. Any person (whether or not then a Director) may provide, whether through instruction to an agent or otherwise, that a consent to action will be effective at a future time (including a time determined upon the happening of an event), no later than 60 days after such instruction is given or such provision is made and such consent shall be deemed to have been given for purposes of this Section 3.14 at such effective time so long as such person is then a Director and did not revoke the consent prior to such time. Any such consent shall be revocable prior to its becoming effective.
ARTICLE 4
COMMITTEES OF THE BOARD
The Board may designate one or more committees, including without limitation, an executive committee, an audit committee, a compensation committee and a governance and nominating committee, with each such committee consisting of one or more of the Directors of the Corporation. The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of such committee. If a member of a committee shall be absent from any meeting, or disqualified from voting thereat, the remaining member or members present at the meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may, by a unanimous vote, appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent permitted by applicable law and to the extent provided in the resolution of the Board designating such committee, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may require it. Unless otherwise specified in the resolution of the Board designating a committee, at all meetings of such committee, a majority of the then authorized number of members of the committee shall constitute a quorum for the transaction of business, and the vote of a majority of the members of the committee present at any meeting at which there is a quorum shall be the act of the committee. Each committee shall keep regular minutes of its meetings. Unless the Board otherwise provides, each committee designated by the Board may make, alter and repeal rules for the conduct of its business. In the absence of such rules each committee shall conduct its business in the same manner as the Board conducts its business pursuant to Article 3. Unless otherwise provided in the Certificate of Incorporation, these By-laws or the resolutions of the Board designating the committee, a committee may create one or
more subcommittees, each subcommittee to consist of one or more members of the committee, and delegate to a subcommittee any or all of the powers and authority of the committee.
ARTICLE 5
OFFICERS
5.1 POSITIONS. The officers of the Corporation shall be a President, a Secretary, a Treasurer and such other officers as the Board may elect, including, but not limited to, a Chairman, a Chief Executive Officer, a Chief Financial Officer, one or more Vice Presidents and one or more Assistant Secretaries and Assistant Treasurers, who shall exercise such powers and perform such duties as shall be determined from time to time by resolution of the Board. The Board may elect one or more Vice Presidents as Executive Vice Presidents and may use descriptive words or phrases to designate the standing, seniority or areas of special competence of the Vice Presidents elected or appointed by it. Any number of offices may be held by the same person unless the Certificate of Incorporation or these By-laws otherwise provide.
5.2 ELECTION. Except as otherwise provided in this Section 5.2, the officers of the Corporation shall be elected by the Board at such time or times as the Board shall determine. The Board may appoint, or empower any officer to appoint such other officers as the business of the Corporation may require. Each of such officers shall hold office for such period, have such authority, and perform such duties as are provided in these By-laws or as determined from time to time by the Board or, for the avoidance of doubt, any duly authorized committee or subcommittee thereof or by any officer who has been conferred such power of determination.
5.3 TERM OF OFFICE. Each officer of the Corporation shall hold office for the term for which he or she is elected and until such officer’s successor is elected and qualifies or until such officer’s earlier death, resignation, disqualification or removal. Any officer may resign at any time by notice given in writing or by Electronic Transmission to any officer. Such resignation shall take effect at the date of receipt of such notice or at such later time or upon such event as is therein specified or as is agreed to by the Board, and, unless otherwise specified, the acceptance of such resignation shall not be necessary to make it effective. The resignation of an officer shall be without prejudice to the contract rights of the Corporation, if any. Any officer may be removed at any time, with or without cause, by the Board or, if expressly delegated by resolution of the Board, by the Chairman, Chief Executive Officer or President, or, for the avoidance of doubt, any duly authorized committee or subcommittee thereof or by any officer who has been conferred such power of removal.
5.4 Any vacancy occurring in any office of the Corporation may be filled by the Board or, if expressly delegated by resolution of the Board, by the Chairman, Chief Executive Officer or President, or as set forth in Section 5.2. The removal of an officer with or without cause shall be without prejudice to the officer’s contract rights, if any. The election or appointment of an officer shall not of itself create contract rights.
5.5 COMPENSATION. The compensation of the officers of the Corporation shall be determined by the Board at such time or times as the Board shall determine, or, if expressly delegated by resolution of the Board, by the Chief Executive Officer or President.
5.6 FIDELITY BONDS. The Corporation may secure the fidelity of any or all of its officers or agents by bond or otherwise.
5.7 CHAIRMAN. Subject to Section 2.11 of these By-laws, the Chairman, if one shall have been appointed, shall preside at all meetings of the Stockholders and at all meetings of the Board and shall exercise such powers and perform such other duties as shall be determined from time to time by resolution of the Board.
5.8 CHIEF EXECUTIVE OFFICER. The Chief Executive Officer of the Corporation, if one shall have been elected, shall have general supervision over the business of the Corporation, subject, however, to the control of the Board and of any duly authorized committee of the Board. Subject to Section 2.11 of these By-laws, the Chief Executive Officer shall preside at all meetings of the Stockholders and at all meetings of the Board if there is no Chairman or the Chairman is absent. The Chief Executive Officer shall perform all duties incident to the office of chief executive officer of a corporation and such other duties as may from time to time be assigned to the Chief Executive Officer by the Board.
5.9 PRESIDENT. The President shall have all powers of the Chief Executive Officer to the extent not exercised by the Chief Executive Officer. The President shall perform all duties incident to the office of president of a corporation and such other duties as may from time to time be assigned to the President by the Board or the Chief Executive Officer.
5.10 VICE PRESIDENTS. At the request of the Chief Executive Officer, or, in the Chief Executive Officer’s absence, the President, or, in the President’s absence, at the request of the Board, the Vice Presidents shall (in such order as may be designated by the Board, or, in the absence of any such designation, in order of seniority based on age) perform all of the duties of the Chief Executive Officer or the President and, in so performing, shall have all the powers of, and be subject to all restrictions upon, the Chief Executive Officer or the President. Each Vice President shall perform such other duties as from time to time may be assigned to such Vice President by the Board, the Chief Executive Officer or the President.
5.11 CHIEF FINANCIAL OFFICER. The Chief Financial Officer of the Corporation, if one shall have been elected, shall have overall supervision of the financial operations of the Corporation. The Chief Financial Officer shall perform all duties incident to the office of chief financial officer of a corporation and such other duties as may from time to time be assigned to the Chief Financial Officer by the Board, the Chief Executive Officer or the President.
5.12 SECRETARY. The Secretary shall record, or cause to be recorded, all the proceedings of the meetings of the Board and of the Stockholders in a book to be kept for that purpose, and shall perform like duties for committees of the Board, when required. The Secretary shall give, or cause to be given, notice of all special meetings of the Board and of the Stockholders and shall perform such other duties as may be prescribed by the Board, the Chief Executive Officer or the President. The Secretary shall have custody of the corporate seal of the Corporation, and the Secretary, or an Assistant Secretary, shall have authority to affix the same on any instrument requiring it, and when so impressed, the seal may be attested by the signature of the Secretary or by the signature of such Assistant Secretary. The Board may, by resolution, give general authority to any other officer to affix the seal of the Corporation and to attest the same by such officer’s signature. The Secretary or an Assistant Secretary may also attest all instruments signed by any officer of the Corporation. The Secretary shall have charge of all the books, records and papers of the Corporation relating to its organization and management, shall see that the reports, statements and other documents required by applicable law are properly kept and filed and, in general, shall perform all duties incident to the office of secretary of a corporation and such other duties as may
from time to time be assigned to the Secretary by the Board, the Chief Executive Officer or the President.
5.13 TREASURER. The Treasurer shall have charge and custody of, and be responsible for, all funds, securities and notes of the Corporation; receive and give receipts for moneys due and payable to the Corporation from any sources whatsoever; deposit all such moneys and valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board; against proper vouchers, cause such funds to be disbursed by checks or drafts on the authorized depositaries of the Corporation signed in such manner as shall be determined by the Board and be responsible for the accuracy of the amounts of all moneys so disbursed; regularly enter or cause to be entered in books or other records maintained for the purpose full and adequate account of all moneys received or paid for the account of the Corporation; have the right to require from time to time reports or statements giving such information as the Treasurer may desire with respect to any and all financial transactions of the Corporation from the officers or agents transacting the same; render to the Chief Executive Officer, the President or the Board, whenever the Chief Executive Officer, the President or the Board shall require the Treasurer so to do, an account of the financial condition of the Corporation and of all financial transactions of the Corporation; and, in general, perform all duties incident to the office of treasurer of a corporation and such other duties as may from time to time be assigned to the Treasurer by the Board, the Chief Executive Officer, the Chief Financial Officer or the President.
5.14 ASSISTANT SECRETARIES AND ASSISTANT TREASURERS. Assistant Secretaries and Assistant Treasurers shall perform such duties as shall be assigned to them by the Secretary or by the Treasurer, respectively, or by the Board, the Chief Executive Officer or the President.
5.15 GENERAL AUTHORIZATION OF OFFICERS. Any one or more of the Chairman, the Chief Executive Officer, the President, the Chief Financial Officer or any Vice President may sign and execute in the name of the Corporation deeds, mortgages, bonds, contracts or other instruments, except in cases in which the signing and execution thereof shall be expressly delegated by resolution of the Board or by these By-laws to some other officer or agent of the Corporation, or shall be required by applicable law otherwise to be signed or executed.
ARTICLE 6
STOCK CERTIFICATES
6.1 CERTIFICATED AND UNCERTIFICATED STOCK. Shares of the Corporation’s stock may be certificated or uncertificated, as provided under the General Corporation Law. Every holder of stock represented by certificates and upon request every holder of uncertificated shares shall be entitled to have a certificate signed by or in the name of the Corporation by any two officers of the Corporation, representing the number of shares registered in certificate form. Any or all of the signatures upon a certificate may be facsimiles. In case any officer, transfer agent or registrar who has signed, or whose facsimile signature has been placed upon, such certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, the certificate may, nevertheless, be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar as of the date of issue.
6.2 TRANSFER AND REGISTRY AGENTS. The Corporation may from time to time maintain one or more transfer offices or agents and registry offices or agents at such place or places as may be determined from time to time by the Board.
6.3 LOST, STOLEN OR DESTROYED CERTIFICATES. The Corporation may issue a new certificate of stock or uncertificated shares in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or his legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.
6.4 TRANSFERS OF UNCERTIFICATED SECURITIES. The Board may adopt procedures for the registration of transfers of uncertificated securities.
ARTICLE 7
INDEMNIFICATION
7.1 RIGHT TO INDEMNIFICATION. The Corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any person (a “COVERED PERSON”) who was or is made, or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (“PROCEEDING”), by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a Director or officer of the Corporation, or, while a Director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or nonprofit entity, against all liability and loss suffered and expenses (including attorneys’ fees) reasonably incurred by such Covered Person. Notwithstanding the preceding sentence, unless otherwise required by law or contract, the Corporation shall only be required to indemnify a Covered Person in connection with a Proceeding (or part thereof) commenced by such Covered Person if the commencement of such Proceeding (or part thereof) by the Covered Person was authorized by the Board.
7.2 INDEMNIFICATION OF OTHERS. The Corporation shall have the power to indemnify and hold harmless, to the extent permitted by applicable law as it presently exists or may hereafter be amended, any other person who was or is made or is threatened to be made a party or is otherwise involved in any Proceeding by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was an employee or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or non-profit entity, against all liability and loss suffered and expenses (including attorney’s fees) reasonably incurred by such person in connection with any such Proceeding.
7.3 PREPAYMENT OF EXPENSES. The Corporation shall pay the expenses (including attorneys’ fees) actually and reasonably incurred by a Covered Person, and may pay the expenses incurred by any other officer, Director, employee or agent of the Corporation, or any person serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or non-profit entity in defending any Proceeding in advance of its final disposition; PROVIDED, HOWEVER, that, to the extent required by applicable law, such payment of expenses incurred by a person in advance of the final disposition of the
Proceeding shall be made only upon receipt of an undertaking by the person to repay all amounts advanced if it should be ultimately determined that the person is not entitled to be indemnified under this Article 7 or otherwise.
7.4 CLAIMS. If a claim for indemnification or advancement of expenses under this Article 7 is not paid in full within thirty (30) days after a written claim therefor by the Covered Person has been received by the Corporation, the Covered Person may file suit to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the Corporation shall have the burden of proving that the Covered Person is not entitled to the requested indemnification or advancement of expenses under applicable law.
7.5 NONEXCLUSIVITY OF RIGHTS. The rights conferred on any Covered Person by this Article 7 shall not be exclusive of any other rights that such Covered Person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, these By-laws, agreement, vote of Stockholders or disinterested Directors or otherwise.
7.6 OTHER SOURCES. The Corporation’s obligation, if any, to indemnify or to advance expenses to any Covered Person who was or is serving at its request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, enterprise or non-profit entity shall be reduced by any amount such Covered Person may collect as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, enterprise or non-profit entity.
7.7 AMENDMENT OR REPEAL. Any elimination, repeal or amendment of the foregoing provisions of this Article 7 shall not adversely affect any right or protection hereunder of any Covered Person in respect of any act or omission occurring prior to the time of such elimination, repeal or amendment.
ARTICLE 8
BOOKS AND RECORDS
8.1 BOOKS AND RECORDS. There shall be kept at the principal office of the Corporation correct and complete records and books of account recording the financial transactions of the Corporation and minutes of the proceedings of the Stockholders, the Board and any committee of the Board. The Corporation shall keep at its principal office, or at the office of the transfer agent or registrar of the Corporation, a record containing the names and addresses of all Stockholders, the number and class of shares held by each and the dates when they respectively became the owners of record thereof.
8.2 FORM OF RECORDS. Any records maintained by the Corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device, method, or one (1) or more electronic networks or databases (including one (1) or more distributed electronic networks or databases), provided that the records so kept can be converted into clearly legible written form within a reasonable time. The Corporation shall so convert any records so kept upon the request of any person entitled to inspect such records pursuant to applicable law.
ARTICLE 9
SEAL
The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, Delaware.” The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.
ARTICLE 10
FISCAL YEAR
The fiscal year of the Corporation shall be determined by resolution of the Board.
ARTICLE 11
PROXIES AND CONSENTS
Unless otherwise provided by resolution of the Board, the Chairman, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Secretary or the Treasurer, or any other person authorized by the Board, may vote, represent, and exercise on behalf of this Corporation all rights incident to any and all shares or other ownership interests of, or issued by, any other entity or entities owned by the Corporation and all rights incident to any management authority conferred on the Corporation in accordance with the governing documents of any entity or entities standing in the name of this Corporation, including the right to act by written consent. The authority granted herein may be exercised either by such person directly or by any other person authorized to do so by proxy or power of attorney duly executed by such person having the authority.
ARTICLE 12
MANNER OF GIVING NOTICE AND WAIVER
12.1 NOTICE OF STOCKHOLDERS’ MEETINGS. Notice of any meeting of Stockholders shall be given in the manner set forth in Section 232 the General Corporation Law.
12.2 NOTICE TO STOCKHOLDERS SHARING AN ADDRESS. Except as otherwise prohibited under the General Corporation Law, without limiting the manner by which notice otherwise may be given effectively to Stockholders, any notice to Stockholders given by the Corporation under the provisions of the General Corporation Law, the Certificate of Incorporation or these By-laws shall be effective if given by a single written notice to Stockholders who share an address if consented to by the Stockholders at that address to whom such notice is given. Any such consent shall be revocable by the Stockholder by written notice to the Corporation. Any Stockholder who fails to object in writing to the Corporation, within 60 days of having been given written notice by the Corporation of its intention to send the single notice, shall be deemed to have consented to receiving such single written notice.
12.3 NOTICE TO PERSON WITH WHOM COMMUNICATION IS UNLAWFUL. Whenever notice is required to be given, under the General Corporation Law, the Certificate of Incorporation or these By-laws, to any person with whom communication is unlawful, the giving of
such notice to such person shall not be required and there shall be no duty to apply to any governmental authority or agency for a license or permit to give such notice to such person. Any action or meeting which shall be taken or held without notice to any such person with whom communication is unlawful shall have the same force and effect as if such notice had been duly given. In the event that the action taken by the Corporation is such as to require the filing of a certificate under the General Corporation Law, the certificate shall state, if such is the fact and if notice is required, that notice was given to all persons entitled to receive notice except such persons with whom communication is unlawful.
12.4 WAIVER OF NOTICE. Whenever notice is required to be given under any provision of the General Corporation Law, the Certificate of Incorporation or these By-laws, a written waiver, signed by the person entitled to notice, or a waiver by Electronic Transmission by the person entitled to notice, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Stockholders need be specified in any written waiver of notice or any waiver by Electronic Transmission unless so required by the Certificate of Incorporation or these By-laws.
ARTICLE 13
EXCLUSIVE FORUM
To the fullest extent permitted by law:
13.1 Unless the Corporation expressly consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware or, if such court lacks jurisdiction, any other state or federal court located in the State of Delaware, shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former Director or officer, Stockholder or other employee of the Corporation to the Corporation or the Stockholders, (iii) any action asserting a claim against the Corporation or any Director or officer or other employee of the Corporation arising pursuant to any provision of the General Corporation Law or the Certificate of Incorporation or these By-laws (as each may be amended or restated from time to time), or (iv) any action asserting a claim against the Corporation or any Director or officer or other employee of the Corporation governed by the internal affairs doctrine, except for, as to each of (i) through (iv) above, any claim as to which such court determines that there is an indispensable party not subject to the jurisdiction of such court (and the indispensable party does not consent to the personal jurisdiction of such court within 10 days following such determination), which is vested in the exclusive jurisdiction of a court or forum other than such court or for which such court does not have subject matter jurisdiction. Any person or entity purchasing or otherwise acquiring or holding any interest in any security of the Corporation shall be deemed to have notice of and consented to the provisions of this Section 13.1. For the avoidance of doubt, this Section 13.1 shall not apply to any action brought to enforce a duty or liability created by the Securities Act of 1933 or the Exchange Act.
13.2 Unless the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended, against any person in connection with any offering of the Corporation’s securities,
including, without limitation and for the avoidance of doubt, any auditor, underwriter, expert, control person or other defendant. Any person or entity purchasing or otherwise acquiring or holding any interest in any security of the Corporation shall be deemed to have notice of and consented to the provisions of this Section 13.2.
13.3 This provision shall be enforceable by any party to a complaint covered by the provisions of this Article 13. For the avoidance of doubt, nothing contained in this Article 13 shall apply to any action brought to enforce a duty or liability created by the Exchange Act or any successor thereto.
ARTICLE 14
AMENDMENTS
These By-laws may be repealed, altered or amended and new By-laws may be adopted by a majority of the Entire Board at any meeting thereof, subject to the power of the Stockholders to alter or repeal any provision of these By-laws whether adopted by them or otherwise. Each Article and Section reference contained in these By-laws shall be deemed to refer to any successor provision of such Article or Section.