PARA 8-K
Banzai International, Inc. (PARA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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Registrant’s telephone number, including
area code:
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| The Global Market | ||||
| The Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 5.07 Submission of Matters to a Vote of Security Holders.
On February 28, 2025, Banzai International, Inc. (the “Company”) held a special meeting of shareholders (the “Meeting”). At the Meeting, the Company’s shareholders voted on five proposals, including one to approve an adjournment, if necessary. At the beginning of the Meeting, 3,344,69 Class A Shares and 24,144,898 Class B Shares, which represents 71.30% and 94.72%, respectively of the voting power of the shares entitled to vote at the Meeting, were represented by proxy, which constituted a quorum for the transaction of business.
We are filing this Current Report on Form 8-K to disclose the voting results from the Meeting. The following proposals were voted on:
| 1. | To grant the Board authority to issue shares of our Class A Common Stock in excess of 20% of the number of shares issued and outstanding as of the closing of a merger by and among the Company, Banzai Reel Acquisition, Inc., a Delaware corporation and wholly owned subsidiary of Banzai, ClearDoc, Inc., a Delaware corporation, who does business as OpenReel, and stockholders of OpenReel, pursuant to that certain Agreement and Plan of Merger dated as of December 10, 2024 between the aforementioned parties. For purposes of complying with Nasdaq Listing Rule 5635(d), we need shareholder approval of the issuance of shares of our Class A common stock, including upon the exercise of pre-funded warrants, in an amount equal to or in excess of 20% of all of our Class A Common Stock and Class B common stock outstanding immediately prior to the closing of the Merger. The proxy statement referred to this proposal as the Merger Issuance Proposal. |
| For | Against | Abstain | ||
| 23,305,743 | 93,543 | 2,468 |
In compliance with Nasdaq Listing Rules 5635, none of the OpenReel stockholders were allowed to cast a vote on the Merger Issuance Proposal. Accordingly, a total of 28,494,905 votes were able to be cast on the Merger Issuance Proposal.
| 2. | Authorizing the issuance of shares of our Class A common stock, including upon the exercise of warrants, issuable pursuant to that certain securities purchase agreement dated as of September 24, 2024, between the Company and one institutional investor, in an amount equal to or in excess of 20% of all of our common stock outstanding on the date of the Purchase Agreement, to comply with Nasdaq Listing Rule 5635(d). The proxy statement referred to this proposal as the Private Financing Issuance Proposal. |
| For | Against | Abstain | ||
| 23,311,533 | 87,254 | 2,967 |
In compliance with Nasdaq Listing Rules 5635, none of the Private Warrant holders were allowed to cast a vote on the Private Financing Issuance Proposal. Accordingly, a total of 28,248,992 votes were able to be cast on the Private Financing Issuance Proposal.
| 3. | Amending the Restated Certificate of Incorporation to allow for stockholder approval via written consents. The proxy statement referred to this proposal as the Written Consent Proposal. |
| For | Against | Abstain | ||
| 23,312,817 | 81,371 | 7,566 |
A total of 29,425,463 votes were able to be cast on the Written Consent Proposal.
Accordingly, the Company shall file a Certificate of Amendment with Delaware’s Secretary of State and amend its Second Amended and Restated Bylaws (the “Bylaws”) to delete any provisions prohibiting our stockholders from taking action via written consent; most notably, we will remove Section 3.13, Action Without Meeting from the Bylaws. A copy of the Amendment and Third Amended and Restated Bylaws are attached as Exhibits 3.1 and 3.2, respectively.
| 4. | Increasing the number of shares available for issuance under our 2023 Equity Incentive Plan, from 102,319 to 10,000,000. The proxy statement referred to this proposal as the Option Proposal. |
| For | Against | Abstain | ||
| 23,284,004 | 108,299 | 9,451 |
A total of 29,425,463 votes were able to be cast on the Option Proposal.
A transcript of the Meeting is also attached hereto, as Exhibit 99.1.
The information in this Form 6-K shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 3.1 | Certificate Of Amendment to Certificate of Incorporation | |
| 3.2 | Third Amended and Restated Bylaws | |
| 99.1 | Meeting Transcript | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 4, 2025
| BANZAI INTERNATIONAL, INC. | ||
| By: | /s/ Joseph Davy | |
| Joseph Davy | ||
| Chief Executive Officer | ||
Exhibit 3.1
CERTIFICATE OF AMENDMENT
TO
CERTIFICATE OF INCORPORATION
OF BANZAI INTERNATIONAL, INC.
Banzai International, Inc., a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), does hereby certify as follows:
ONE: That the name of the Corporation is Banzai International, Inc. The original Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on September 18, 2020, as amended, and restated by the Amended and Restated Certificate of Incorporation of this Corporation filed with the Secretary of State of the State of Delaware on December 22, 2022 (the “Amended and Restated Certificate”).
TWO: That, at a meeting of the Board of Directors of the Corporation, resolutions were duly adopted recommending and declaring advisable that the Amended and Restated Certificate be amended and that such amendment be submitted to the stockholders of the Corporation for their consideration, as follows:
RESOLVED, that Paragraph J of Article Five of the Amended and Restated Certificate be amended and restated in its entirety to read as follows:
“No action shall be taken by the stockholders of the Corporation except at an annual or special meeting of stockholders called in accordance with the Bylaws, unless such action is authorized or taken by the written consent of the holders of outstanding shares of voting stock having not less than the minimum voting power that would be necessary to authorize or take such action at a meeting of stockholders at which all shares entitled to vote thereon were present and voted, provided all other requirements of applicable law and this Certificate of Incorporation have been satisfied. Advance notice of stockholder nominations for the election of directors and of business to be brought by stockholders before any meeting of the stockholders of the Corporation shall be given in the manner provided in the Bylaws.”
THREE: That at a special meeting of stockholders of the Corporation held on February 28, 2025, the aforesaid amendment was duly adopted by the stockholders of the Corporation.
FOUR: That this Certificate of Amendment was duly adopted in accordance with Section 242 of the General Corporation Law of the State of Delaware.
IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be signed by its duly authorized officer this 3 day of March 2025, and the foregoing facts stated herein are true and correct.
| BANZAI INTERNATIONAL, INC. | ||
| By: | ||
| Name: | ||
| Title: | ||
Exhibit 3.2
THIRD AMENDED AND RESTATED
BYLAWS
OF
BANZAI INTERNATIONAL, INC.
ARTICLE I
OFFICES
Section 1.1. Registered Office. The registered office of the corporation in the State of Delaware shall be as set forth in the Second Amended and Restated Certificate of Incorporation of the corporation, as the same may be amended or restated from time to time (the “Certificate of Incorporation”).
Section 1.2. Other Offices. The corporation shall also have and maintain an office or principal place of business at such place as may be fixed by the corporation’s Board of Directors (the “Board of Directors”), and may also have offices at such other places, both within and without the State of Delaware, as the Board of Directors may from time to time determine or the business of the corporation may require.
ARTICLE II
CORPORATE SEAL
Section 2.1. Corporate Seal. The Board of Directors may adopt a corporate seal. If adopted, the corporate seal shall consist of a die bearing the name of the corporation and the inscription, “Corporate Seal-Delaware.” Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
ARTICLE III
STOCKHOLDERS’ MEETINGS
Section 3.1. Place of Meetings. Meetings of the stockholders of the corporation may be held at such place, either within or without the State of Delaware, as may be determined from time to time by the Board of Directors. The Board of Directors may, in its sole discretion, determine that the meeting shall not be held at any place, but may instead be held solely by means of remote communication as provided under the Delaware General Corporation Law (the “DGCL”).
Section 3.2. Annual Meetings.
(a) The annual meeting of the stockholders of the corporation, for the purpose of election of directors and for such other business as may properly come before it, shall be held on such date and at such time as may be designated from time to time by the Board of Directors. Nominations of persons for election to the Board of Directors of the corporation and the proposal of business to be considered by the stockholders may be made at an annual meeting of stockholders: (i) pursuant to the corporation’s notice of meeting of stockholders (with respect to business other than nominations); (ii) brought specifically by or at the direction of the Board of Directors; or (iii) by any stockholder of the corporation who was a stockholder of record at the time of giving the stockholder’s notice provided for in Section 3.2(b) of these Second Amended and Restated Bylaws (the “Bylaws”), who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section 3.2. For the avoidance of doubt, clause (iii) above shall be the exclusive means for a stockholder to make nominations and submit other business (other than matters properly included in the corporation’s notice of meeting of stockholders and proxy statement under Rule 14a-8 under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the “1934 Act”)) before an annual meeting of stockholders.
(b) At an annual meeting of the stockholders, only such business shall be conducted as is a proper matter for stockholder action under Delaware law and as shall have been properly brought before the meeting.
(i) For nominations for the election to the Board of Directors to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of Section 3.2(a) of these Bylaws, the stockholder must deliver written notice to the Secretary at the principal executive offices of the corporation on a timely basis as set forth in Section 3.2(b)(iii) of these Bylaws and must update and supplement such written notice on a timely basis as set forth in Section 3.2(c) of these Bylaws. Such stockholder’s notice shall set forth or include: (A) as to each nominee such stockholder proposes to nominate at the meeting for election or re-election to the Board of Directors: (1) the name, age, business address and residence address of such nominee; (2) the principal occupation and employment of such nominee; (3) the class and number of shares of each class of capital stock of the corporation which are owned of record and beneficially by such nominee; (4) the date or dates on which such shares were acquired and the investment intent of such acquisition; (5) a completed and signed questionnaire, representation and agreement required by Section 3.2(e) of these Bylaws; and (6) such other information concerning such nominee as would be required to be disclosed in a proxy statement soliciting proxies for the election of such nominee as a director in an election contest (even if an election contest is not involved), or that is otherwise required to be disclosed pursuant to Section 14 of the 1934 Act and the rules and regulations promulgated thereunder (including such person’s written consent to being named as a nominee and to serving as a director if elected); and (B) the information required by Section 3.2(b)(iv) of these Bylaws. The corporation may require any proposed nominee to furnish such other information as it may reasonably require to determine the eligibility of such proposed nominee to serve as an independent director of the corporation or that could be material to a reasonable stockholder’s understanding of the independence, or lack thereof, of such proposed nominee.
(ii) Other than proposals sought to be included in the corporation’s proxy materials pursuant to Rule 14(a)-8 under the 1934 Act, for business other than nominations for the election to the Board of Directors to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of Section 3.2(a) of these Bylaws, the stockholder must deliver written notice to the Secretary at the principal executive offices of the corporation on a timely basis as set forth in Section 3.2(b)(iii) of these Bylaws, and must update and supplement such written notice on a timely basis as set forth in Section 3.2(c) of these Bylaws. Such stockholder’s notice shall set forth: (A) as to each matter such stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting, and any material interest (including any anticipated benefit of such business to any Proponent (as defined below) other than solely as a result of its ownership of the corporation’s capital stock, that is material to any Proponent individually, or to the Proponents in the aggregate) in such business of any Proponent; and (B) the information required by Section 3.2(b)(iv) of these Bylaws.
(iii) To be timely, the written notice required by Section 3.2(b)(i) or 3.2(b)(ii) of these Bylaws must be received by the Secretary at the principal executive offices of the corporation not later than the close of business on the 90th day nor earlier than the close of business on the 120th day prior to the first anniversary of the preceding year’s annual meeting; provided, however, that, subject to the last sentence of this Section 3.2(b)(iii), in the event that no annual meeting was held during the preceding year or the date of the annual meeting is advanced more than 30 days prior to or delayed by more than 30 days after the anniversary of the date of the preceding year’s annual meeting, notice by the stockholder to be timely must be so received not earlier than the close of business on the 120th day prior to such annual meeting and not later than the close of business on the later of (i) the 90th day prior to such annual meeting and (ii) the 10th day following the day on which public announcement of the date of such meeting is first made by the corporation. In no event shall an adjournment or a postponement of an annual meeting for which notice has been given, or the public announcement thereof has been made, commence a new time period for the giving of a stockholder’s notice as described above.
(iv) The written notice required by Section 3.2(b)(i) or 3.2(b)(ii) of these Bylaws shall also set forth, as of the date of the notice and as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (each, a “Proponent” and collectively, the “Proponents”): (A) the name and address of each Proponent, as they appear on the corporation’s books; (B) the class, series and number of shares of the corporation that are owned beneficially and of record by each Proponent; (C) a description of any agreement, arrangement or understanding (whether oral or in writing) with respect to such nomination or proposal between or among any Proponent and any of its affiliates or associates, and any others (including their names) acting in concert, or otherwise under the agreement, arrangement or understanding, with any of the foregoing; (D) a representation that the Proponents are holders of record or beneficial owners, as the case may be, of shares of the corporation entitled to vote at the meeting and intend to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice (with respect to a notice under Section 3.2(b)(i) of these Bylaws) or to propose the business that is specified in the notice (with respect to a notice under Section 3.2(b)(ii) of these Bylaws); (E) a representation as to whether the Proponents intend to deliver a proxy statement and form of proxy to holders of a sufficient number of holders of the corporation’s voting shares to elect such nominee or nominees (with respect to a notice under Section 3.2(b)(i) of these Bylaws) or to carry such proposal (with respect to a notice under Section 3.2(b)(ii) of these Bylaws); (F) to the extent known by any Proponent, the name and address of any other stockholder supporting the proposal on the date of such stockholder’s notice; and (G) a description of all Derivative Transactions (as defined below) by each Proponent during the previous 12 month period, including the date of the transactions and the class, series and number of securities involved in, and the material economic terms of, such Derivative Transactions.
For purposes of Sections 3.2 and 3.3 of these Bylaws, a “Derivative Transaction” means any agreement, arrangement, interest or understanding (written or oral) entered into by, or on behalf or for the benefit of, any Proponent or any of its affiliates or associates, whether record or beneficial:
(w) the value of which is derived in whole or in part from the value of any class or series of shares or other securities of the corporation;
(x) which otherwise provides any direct or indirect opportunity to gain or share in any gain derived from a change in the value of securities of the corporation;
(y) the effect or intent of which is to mitigate loss, manage risk or benefit of security value or price changes; or
(z) which provides the right to vote or increase or decrease the voting power of, such Proponent, or any of its affiliates or associates, with respect to any securities of the corporation, which agreement, arrangement, interest or understanding may include, without limitation, any option, warrant, debt position, note, bond, convertible security, swap, stock appreciation right, short position, profit interest, hedge, right to dividends, voting agreement, performance-related fee or arrangement to borrow or lend shares (whether or not subject to payment, settlement, exercise or conversion in any such class or series), and any proportionate interest of such Proponent in the securities of the corporation held by any general or limited partnership, or any limited liability company, of which such Proponent is, directly or indirectly, a general partner or managing member.
(c) A stockholder providing written notice required by Section 3.2(b)(i) or (ii) of these Bylaws shall update and supplement such notice in writing, if necessary, so that the information provided or required to be provided in such notice is true and correct in all material respects as of (i) the record date for the meeting and (ii) the date that is five business days prior to the meeting and, in the event of any adjournment or postponement thereof, five business days prior to such adjourned or postponed meeting. In the case of an update and supplement pursuant to clause (i) of this Section 3.2(c), such update and supplement shall be received by the Secretary at the principal executive offices of the corporation not later than five business days after the record date for the meeting. In the case of an update and supplement pursuant to clause (ii) of this Section 3.2(c), such update and supplement shall be received by the Secretary at the principal executive offices of the corporation not later than two business days prior to the date for the meeting, and, in the event of any adjournment or postponement thereof, two business days prior to such adjourned or postponed meeting.
(d) Notwithstanding anything in Section 3.2(b)(iii) of these Bylaws to the contrary, in the event that the number of directors in an Expiring Class (as defined below) is increased and there is no public announcement of the appointment of a director to such class, or, if no appointment was made, of the vacancy in such class, made by the corporation at least 10 days before the last day a stockholder may deliver a notice of nomination in accordance with Section 3.2(b)(iii) of these Bylaws, a stockholder’s notice required by this Section 3.2 and which complies with the requirements in Section 3.2(b)(i) of these Bylaws, other than the timing requirements in Section 3.2(b)(iii) of these Bylaws, shall also be considered timely, but only with respect to nominees for any new positions in such Expiring Class created by such increase, if it shall be received by the Secretary at the principal executive offices of the corporation not later than the close of business on the 10th day following the day on which such public announcement is first made by the corporation. For purposes of this Section 3.2, an “Expiring Class” shall mean a class of directors whose term shall expire at the next annual meeting of stockholders.
(e) To be eligible to be a nominee for election or re-election as a director of the corporation pursuant to a nomination under clause (iii) of Section 3.2(a) of these Bylaws, such proposed nominee or a person on such proposed nominee’s behalf must deliver (in accordance with the time periods prescribed for delivery of notice under Section 3.2(b)(iii) or 3.2(d) of these Bylaws, as applicable) to the Secretary at the principal executive offices of the corporation a written questionnaire with respect to the background and qualification of such proposed nominee and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request) and a written representation and agreement (in the form provided by the Secretary upon written request) that such proposed nominee (i) is not and will not become a party to (A) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such proposed nominee, if elected as a director of the corporation, will act or vote on any issue or question (a “Voting Commitment”) that has not been disclosed to the corporation in the questionnaire or (B) any Voting Commitment that could limit or interfere with such proposed nominee’s ability to comply, if elected as a director of the corporation, with such proposed nominee’s fiduciary duties under applicable law; (ii) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director of the corporation that has not been disclosed therein; (iii) in such person’s individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director of the corporation, and will comply with, all applicable rules of any securities exchange upon which the corporation’s securities are listed, the Certificate of Incorporation, these Bylaws, all applicable publicly disclosed corporate governance, ethics, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the corporation generally applicable to directors (which other guidelines and policies will be provided by the Secretary upon written request), and all applicable fiduciary duties under state law; (iv) consents to being named as a nominee in the corporation’s proxy statement and form of proxy for the meeting; (v) intends to serve a full term as a director of the corporation, if elected; and (vi) will provide facts, statements and other information in all communications with the corporation and its stockholders that are or will be true and correct in all material respects and that do not and will not omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.
(f) A person shall not be eligible for election or re-election as a director unless the person is nominated either in accordance with clause (ii) of Section 3.2(a) of these Bylaws, or in accordance with clause (iii) of Section 3.2(a) of these Bylaws. Except as otherwise required by law, the chairman of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made, or proposed, as the case may be, in accordance with the procedures set forth in these Bylaws and, if any proposed nomination or business is not in compliance with these Bylaws, or the Proponent does not act in accordance with the representations in Sections 3.2(b)(iv)(D) and 3.2(b)(iv)(E) of these Bylaws, to declare that such proposal or nomination shall not be presented for stockholder action at the meeting and shall be disregarded, notwithstanding that proxies in respect of such nominations or such business may have been solicited or received.
(g) Notwithstanding the foregoing provisions of this Section 3.2, in order to include information with respect to a stockholder proposal in the proxy statement and form of proxy for a stockholders’ meeting, a stockholder must also comply with all applicable requirements of the 1934 Act and the rules and regulations thereunder. Nothing in these Bylaws shall be deemed to affect any rights of stockholders to request inclusion of proposals in the corporation’s proxy statement pursuant to Rule 14a-8 under the 1934 Act; provided, however, that any references in these Bylaws to the 1934 Act or the rules and regulations thereunder are not intended to and shall not limit the requirements applicable to proposals and/or nominations to be considered pursuant to Section 3.2(a)(iii) of these Bylaws.
(h) For purposes of Sections 3.2 and 3.3 of these Bylaws,
(i) “public announcement” shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press, or comparable national news service or in a document publicly filed by the corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the 1934 Act; and
(ii) “affiliates” and “associates” shall have the meanings set forth in Rule 405 under the Securities Act of 1933, as amended (the “1933 Act”).
Section 3.3. Special Meetings.
(a) Special meetings of the stockholders of the corporation may be called, for any purpose as is a proper matter for stockholder action under Delaware law, by (i) the Chairman of the Board of Directors, (ii) the Chief Executive Officer, or (iii) the Board of Directors pursuant to a resolution adopted by a majority of the total number of authorized directors (whether or not there exist any vacancies in previously authorized directorships at the time any such resolution is presented to the Board of Directors for adoption).
(b) The Board of Directors shall determine the time and place, if any, of such special meeting. Upon determination of the time and place, if any, of the meeting, the Secretary shall cause a notice of meeting to be given to the stockholders entitled to vote, in accordance with the provisions of Section 3.4 of these Bylaws. No business may be transacted at such special meeting otherwise than specified in the notice of meeting. The Chairman of the Board of Directors, the Chief Executive Officer or the Board of Directors may postpone, reschedule or cancel any special meeting of stockholders previously called by any of them.
(c) Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected (i) by or at the direction of the Board of Directors (or any duly authorized committee thereof) or (ii) by any stockholder of the corporation who is a stockholder of record at the time of giving notice provided for in this paragraph, who shall be entitled to vote at the meeting and who delivers written notice to the Secretary of the corporation setting forth the information required by Section 3.2(b)(i) of these Bylaws. In the event the corporation calls a special meeting of stockholders for the purpose of electing one or more directors to the Board of Directors, any such stockholder of record may nominate a person or persons (as the case may be), for election to such position(s) as specified in the corporation’s notice of meeting, if written notice setting forth the information required by Section 3.2(b)(i) of these Bylaws shall be received by the Secretary at the principal executive offices of the corporation not later than the close of business on the later of the 90th day prior to such meeting or the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. The stockholder shall also update and supplement such information as required under Section 3.2(c) of these Bylaws. In no event shall an adjournment or a postponement of a special meeting for which notice has been given, or the public announcement thereof has been made, commence a new time period for the giving of a stockholder’s notice as described above.
(d) Notwithstanding the foregoing provisions of this Section 3.3, a stockholder must also comply with all applicable requirements of the 1934 Act and the rules and regulations thereunder with respect to matters set forth in this Section 3.3. Nothing in these Bylaws shall be deemed to affect any rights of stockholders to request inclusion of proposals in the corporation’s proxy statement pursuant to Rule 14a-8 under the 1934 Act; provided, however, that any references in these Bylaws to the 1934 Act or the rules and regulations thereunder are not intended to and shall not limit the requirements applicable to nominations for the election to the Board of Directors to be considered pursuant to Section 3.3(c) of these Bylaws.
Section 3.4. Notice of Meetings. Except as otherwise provided by law, notice, given in writing or by electronic transmission, of each meeting of stockholders shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting, such notice to specify the place, if any, date and hour, 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 at the meeting, and, in the case of special meetings, the purpose or purposes of the meeting, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at any such meeting. If mailed, notice is deemed given when deposited in the United States mail, postage prepaid, directed to the stockholder at such stockholder’s address as it appears on the records of the corporation. If sent via electronic transmission, notice is deemed given as of the sending time recorded at the time of transmission. Notice of the time, place, if any, and purpose of any meeting of stockholders may be waived in writing, signed by the person entitled to notice thereof, or by electronic transmission by such person, either before or after such meeting, and will be waived by any stockholder by his or her attendance thereat in person, by remote communication, if applicable, or by proxy, except when the stockholder attends a meeting for the express purpose of objecting, and does so object, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Any stockholder so waiving notice of such meeting shall be bound by the proceedings of any such meeting in all respects as if due notice thereof had been given.
Section 3.5. Quorum. At all meetings of stockholders, except where otherwise provided by statute or by the Certificate of Incorporation, or by these Bylaws, the presence, in person, by remote communication, if applicable, or by proxy duly authorized, of the holders of a majority of the voting power of the then-outstanding shares of capital stock entitled to vote shall constitute a quorum for the transaction of business. In the absence of a quorum, any meeting of stockholders may be adjourned, from time to time, either by the chairman of the meeting or by vote of the holders of a majority of the voting power of the then-outstanding shares of capital stock represented thereat, but no other business shall be transacted at such meeting. The stockholders present at a duly called or convened meeting, at which a quorum is present, may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum. Except as otherwise provided by statute or by applicable stock exchange rules, or by the Certificate of Incorporation or these Bylaws, in all matters other than the election of directors, the affirmative vote of the majority of the voting power of the stock present in person, by remote communication, if applicable, or represented by proxy at the meeting and entitled to vote generally on the subject matter shall be the act of the stockholders. Except as otherwise provided by statute or by applicable stock exchange rules, the Certificate of Incorporation or these Bylaws, directors shall be elected by a plurality of the votes of the shares present in person, by remote communication, if applicable, or represented by proxy at the meeting and entitled to vote generally on the election of directors. Where a separate vote by a class or classes or series is required, except where otherwise provided by the statute or by the Certificate of Incorporation, applicable stock exchange rules or these Bylaws, a majority of the voting power of such class or classes or series, present in person, by remote communication, if applicable, or represented by proxy duly authorized, shall constitute a quorum entitled to take action with respect to that vote on that matter. Except where otherwise provided by statute, applicable stock exchange rules or by the Certificate of Incorporation or these Bylaws, the affirmative vote of the majority (plurality, in the case of the election of directors) of the voting power of such class or classes or series present in person, by remote communication, if applicable, or represented by proxy at the meeting shall be the act of such class or classes or series.
Section 3.6. Adjournment and Notice of Adjourned Meetings. Any meeting of stockholders, whether annual or special, may be adjourned from time to time either by the chairman of the meeting or by the vote of a majority of the voting power of shares present in person, by remote communication, if applicable, or represented by proxy at the meeting, though less than a quorum. When a meeting is adjourned to another time or place, if any, notice need not be given of the adjourned meeting if the time and place, if any, thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.
Section 3.7. Voting Rights. For the purpose of determining those stockholders entitled to vote at any meeting of the stockholders, except as otherwise provided by law, only persons in whose names shares stand on the stock records of the corporation on the record date, as provided in Section 3.9 of these Bylaws, shall be entitled to vote at any meeting of stockholders. Every person entitled to vote shall have the right to do so either in person, by remote communication, if applicable, or by an agent or agents authorized by a proxy granted in accordance with Delaware law. An agent so appointed need not be a stockholder. No proxy shall be voted after three years from its date of creation unless the proxy provides for a longer period. A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power.
Section 3.8. Joint Owners of Stock. If shares or other securities having voting power stand of record in the names of two or more persons, whether fiduciaries, members of a partnership, joint tenants, tenants in common, tenants by the entirety, or otherwise, or if two or more persons have the same fiduciary relationship respecting the same shares, unless the Secretary is given written notice to the contrary and is furnished with a copy of the instrument or order appointing them or creating the relationship wherein it is so provided, their acts with respect to voting shall have the following effect: (a) if only one votes, his or her act binds all; (b) if more than one votes, the act of the majority so voting binds all; or (c) if more than one votes, but the vote is evenly split on any particular matter, each faction may vote the securities in question proportionally, or may apply to the Delaware Court of Chancery for relief as provided in the DGCL, Section 217(b). If the instrument filed with the Secretary shows that any such tenancy is held in unequal interests, a majority or even-split for the purpose of clause (c) of this Section 3.8 shall be a majority or even-split in interest.
Section 3.9. List of Stockholders. The Secretary shall prepare and make, at least 10 days before every meeting of stockholders, a complete list of the stockholders entitled to vote at said meeting, arranged in alphabetical order, showing the address of each stockholder and the number of shares registered in the name of each stockholder.
Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting for a period of at least 10 days prior to the meeting, (a) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting, or (b) during ordinary business hours, at the principal place of business of the corporation. In the event that the corporation determines to make the list available on an electronic network, the corporation may take reasonable steps to ensure that such information is available only to stockholders of the corporation. The list shall be open to examination of any stockholder during the time of the meeting as provided by law.
Section 3.10. Organization.
(a) At every meeting of stockholders, the Chairman of the Board of Directors, or, if a Chairman has not been appointed or is absent, the Chief Executive Officer, or, if the Chief Executive Officer is absent, the President, or, if the President is absent, if applicable, the Lead Independent Director (as defined below), or, if the Lead Independent Director is absent, a chairman of the meeting chosen by a majority in interest of the stockholders entitled to vote, present in person or by proxy, shall act as chairman. The Secretary, or, in his or her absence, an Assistant Secretary directed to do so by the chairman of the meeting, shall act as secretary of the meeting.
(b) The Board of Directors of the corporation shall be entitled to make such rules or regulations for the conduct of meetings of stockholders as it shall deem necessary, appropriate, or convenient. Subject to such rules and regulations of the Board of Directors, if any, the chairman of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are necessary, appropriate or convenient for the proper conduct of the meeting, including, without limitation, establishing an agenda or order of business for the meeting, rules and procedures for maintaining order at the meeting and the safety of those present, limitations on participation in such meeting to stockholders of record of the corporation and their duly authorized and constituted proxies and such other persons as the chairman shall permit, restrictions on entry to the meeting after the time fixed for the commencement thereof, limitations on the time allotted to questions or comments by participants and regulation of the opening and closing of the polls for balloting on matters which are to be voted on by ballot. The date and time of the opening and closing of the polls for each matter upon which the stockholders will vote at the meeting shall be announced at the meeting. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with rules of parliamentary procedure.
Section 3.11. Action Without Meeting by the Majority. Unless otherwise provided by state law, any action which may be taken at any annual or special meeting of shareholders may be taken without a meeting and without prior notice if a consent in writing setting forth the action so taken shall be signed either manually, by electronic transmittal or in facsimile, by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Unless the consents of all shareholders entitled to vote have been solicited in writing, prompt notice shall be given of the taking of any other corporate action approved by shareholders without a meeting by less than unanimous written consent, to each of those shareholders entitled to vote who have not consented in writing.
ARTICLE IV
DIRECTORS
Section 4.1. Number and Term of Office. The authorized number of directors of the corporation shall be fixed in accordance with the Certificate of Incorporation. Directors need not be stockholders unless so required by the Certificate of Incorporation. If for any cause, the directors shall not have been elected at an annual meeting, they may be elected as soon thereafter as convenient at a special meeting of the stockholders called for that purpose in the manner provided in these Bylaws.
Section 4.2. Powers. The business and affairs of the corporation shall be managed by or under the direction of the Board of Directors, except as may be otherwise provided by statute or by the Certificate of Incorporation.
Section 4.3. Classes of Directors. Subject to the rights of the holders of any series of preferred stock to elect additional directors under specified circumstances, the directors shall be divided into three classes designated as Class I, Class II, and Class III, respectively. The Board of Directors is authorized to assign members of the Board of Directors already in office to such classes at the time the classification becomes effective. At the first annual meeting of stockholders following the adoption of these Bylaws, the term of office of the Class I directors shall expire and Class I directors shall be elected for a full term of three years. At the second annual meeting of stockholders following the adoption of these Bylaws, the term of office of the Class II directors shall expire and Class II directors shall be elected for a full term of three years. At the third annual meeting of stockholders following the adoption of these Bylaws, the term of office of the Class III directors shall expire and Class III directors shall be elected for a full term of three years. At each succeeding annual meeting of stockholders, directors shall be elected for a full term of three years to succeed the directors of the class whose terms expire at such annual meeting.
Notwithstanding the foregoing provisions of this Section 4.3, each director shall serve until his or her successor is duly elected and qualified or until his or her earlier death, resignation, or removal. No decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent director.
Section 4.4. Vacancies. Unless otherwise provided in the Certificate of Incorporation, and subject to the rights of the holders of any series of preferred stock, any vacancies on the Board of Directors resulting from death, resignation, disqualification, removal or other causes and any newly created directorships resulting from any increase in the number of directors shall, unless the Board of Directors determines by resolution that any such vacancies or newly created directorships shall be filled by stockholders, be filled only by the affirmative vote of a majority of the directors then in office, even though less than a quorum of the Board of Directors, or by a sole remaining director, and not by the stockholders, provided, however, that whenever the holders of any class or classes of stock or series thereof are entitled to elect one or more directors by the provisions of the Certificate of Incorporation, vacancies and newly created directorships of such class or classes or series shall, unless the Board of Directors determines by resolution that any such vacancies or newly created directorships shall be filled by stockholders, be filled by a majority of the directors elected by such class or classes or series thereof then in office, or by a sole remaining director so elected, and not by the stockholders. Any director elected in accordance with the preceding sentence shall hold office for the remainder of the full term of the director for which the vacancy was created or occurred and until such director’s successor shall have been elected and qualified. A vacancy in the Board of Directors shall be deemed to exist under this Bylaw in the case of the death, removal, or resignation of any director.
Section 4.5. Resignation. Any director may resign at any time by delivering his or her notice in writing or by electronic transmission to the Chairman of the Board, the Chief Executive Officer or the Secretary, such resignation to specify whether it will be effective at a particular time. If no such specification is made, the resignation shall be deemed effective at the time of delivery to the Chairman of the Board, the Chief Executive Officer, or the Secretary. When one or more directors shall resign from the Board of Directors, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office for the unexpired portion of the term of the director whose place shall be vacated and until his or her successor shall have been duly elected and qualified.
Section 4.6. Removal.
(a) Subject to the rights of any series of preferred stock to elect additional directors under specified circumstances, neither the Board of Directors nor any individual director may be removed without cause.
(b) Subject to any limitation imposed by law, any individual director or directors may be removed with cause by the affirmative vote of the holders of at least 66 2/3% of the voting power of all then-outstanding shares of capital stock of the corporation entitled to vote generally at an election of directors, voting together as a single class.
Section 4.7. Meetings.
(a) Regular Meetings. Unless otherwise restricted by the Certificate of Incorporation, regular meetings of the Board of Directors may be held at any time or date and at any place within or without the State of Delaware which has been designated by the Board of Directors and publicized among all directors, either orally or in writing, by telephone, including a voice-messaging system or other system designed to record and communicate messages, facsimile, telegraph or telex, or by electronic mail or other electronic means. No further notice shall be required for regular meetings of the Board of Directors.
(b) Special Meetings. Unless otherwise restricted by the Certificate of Incorporation, special meetings of the Board of Directors may be held at any time and place within or without the State of Delaware whenever called by the Chairman of the Board, the Chief Executive Officer, or a majority of the authorized number of directors.
(c) Meetings by Electronic Communications Equipment. Any member of the Board of Directors, or of any committee thereof, may participate in a meeting 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 by such means shall constitute presence in person at such meeting.
(d) Notice of Special Meetings. Notice of the time and place of all special meetings of the Board of Directors shall be orally or in writing, by telephone, including a voice messaging system or other system or technology designed to record and communicate messages, facsimile, telegraph, or telex, or by electronic mail or other electronic means, during normal business hours, at least 24 hours before the date and time of the meeting. If notice is sent by U.S. mail, it shall be sent by first class mail, charges prepaid, at least three days before the date of the meeting. Notice of any meeting may be waived in writing, or by electronic transmission, at any time before or after the meeting and will be waived by any director by attendance thereat, except when the director attends the meeting for the express purpose of objecting, and does so object, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.
(e) Waiver of Notice. The transaction of all business at any meeting of the Board of Directors, or any committee thereof, however called or noticed, or wherever held, shall be as valid as though it had been transacted at a meeting duly held after regular call and notice, if a quorum be present and if, either before or after the meeting, each of the directors not present who did not receive notice shall sign a written waiver of notice or shall waive notice by electronic transmission. All such waivers shall be filed with the corporate records or made a part of the minutes of the meeting.
Section 4.8. Quorum and Voting.
(a) Unless the Certificate of Incorporation requires a greater number, and except with respect to questions related to indemnification arising under Section 11.1 of these Bylaws for which a quorum shall be one-third of the exact number of directors fixed from time to time, a quorum of the Board of Directors shall consist of a majority of the exact number of directors fixed from time to time by the Board of Directors in accordance with the Certificate of Incorporation; provided, however, at any meeting whether a quorum be present or otherwise, a majority of the directors present may adjourn from time to time until the time fixed for the next regular meeting of the Board of Directors, without notice other than by announcement at the meeting.
(b) At each meeting of the Board of Directors at which a quorum is present, all questions and business shall be determined by the affirmative vote of a majority of the directors present, unless a different vote be required by law, the Certificate of Incorporation or these Bylaws.
Section 4.9. Action Without Meeting. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or committee, as the case may be, consent thereto in writing or by electronic transmission, and such writing or writings or transmission or transmissions are filed with the minutes of proceedings of the Board of Directors or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.
Section 4.10. Fees and Compensation. Directors shall be entitled to such compensation for their services as may be approved by the Board of Directors, including, if so approved, by resolution of the Board of Directors, a fixed sum and expenses of attendance, if any, for attendance at each regular or special meeting of the Board of Directors and at any meeting of a committee of the Board of Directors. Nothing herein contained shall be construed to preclude any director from serving the corporation in any other capacity as an officer, agent, employee, or otherwise and receiving compensation therefor.
Section 4.11. Committees.
(a) Executive Committee. The Board of Directors may appoint an Executive Committee to consist of one or more members of the Board of Directors. The Executive Committee, to the extent permitted by law and provided in the resolution of the Board of Directors shall have and may exercise all the powers and authority of the Board of Directors 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 which may require it; but no such committee shall have the power or authority in reference to (i) approving or adopting, or recommending to the stockholders, any action or matter (other than the election or removal of directors) expressly required by the DGCL to be submitted to stockholders for approval, or (ii) adopting, amending, or repealing any Bylaw of the corporation.
(b) Other Committees. The Board of Directors may, from time to time, appoint such other committees as may be permitted by law. Such other committees appointed by the Board of Directors shall consist of one or more members of the Board of Directors and shall have such powers and perform such duties as may be prescribed by the resolution or resolutions creating such committees, but in no event shall any such committee have the powers denied to the Executive Committee in these Bylaws.
(c) Term. The Board of Directors, subject to any requirements of any outstanding series of preferred stock and the provisions of subsections (a) or (b) of this Section 4.11, may at any time increase or decrease the number of members of a committee or terminate the existence of a committee. The membership of a committee member shall terminate on the date of his or her death or voluntary resignation from the committee or from the Board of Directors. The Board of Directors may at any time for any reason remove any individual committee member and the Board of Directors may fill any committee vacancy created by death, resignation, removal or increase in the number of members of the committee. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee, and, in addition, in the absence or disqualification of any member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member.
(d) Meetings. Unless the Board of Directors shall otherwise provide, regular meetings of the Executive Committee or any other committee appointed pursuant to this Section 4.11 shall be held at such times and places as are determined by the Board of Directors, or by any such committee, and when notice thereof has been given to each member of such committee, no further notice of such regular meetings need be given thereafter. Special meetings of any such committee may be held at any place which has been determined from time to time by such committee, and may be called by any director who is a member of such committee, upon notice to the members of such committee of the time and place of such special meeting given in the manner provided for the giving of notice to members of the Board of Directors of the time and place of special meetings of the Board of Directors. Notice of any special meeting of any committee may be waived in writing or by electronic transmission at any time before or after the meeting and will be waived by any director by attendance thereat, except when the director attends such special 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. Unless otherwise provided by the Board of Directors in the resolutions authorizing the creation of the committee, a majority of the authorized number of members of any such committee shall constitute a quorum for the transaction of business, and the act of a majority of those present at any meeting at which a quorum is present shall be the act of such committee. Unless the Board of Directors shall otherwise provide, each committee shall conduct its business in the same manner as the Board of Directors conducts its business pursuant to Article IV of these Bylaws.
Section 4.12. Duties of Chairman of the Board of Directors. The Chairman of the Board of Directors, when present, shall preside at all meetings of the stockholders and the Board of Directors. The Chairman of the Board of Directors shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers, as the Board of Directors shall designate from time to time.
Section 4.13. Lead Independent Director. The Chairman of the Board of Directors, or if the Chairman is not an independent director, one of the independent directors, may be designated by the Board of Directors as lead independent director (“Lead Independent Director”) to serve until replaced by the Board of Directors. The Lead Independent Director will, with the Chairman of the Board of Directors, establish the agenda for regular Board meetings and serve as chairman of Board of Directors meetings in the absence of the Chairman of the Board of Directors; establish the agenda for meetings of the independent directors; coordinate with the committee chairs regarding meeting agendas and informational requirements; preside over meetings of the independent directors; preside over any portions of meetings of the Board of Directors at which the evaluation or compensation of the Chief Executive Officer is presented or discussed; preside over any portions of meetings of the Board of Directors at which the performance of the Board of Directors is presented or discussed; and perform such other duties as may be established or delegated by the Chairman of the Board of Directors.
Section 4.14. Organization. At every meeting of the Board of Directors, the Chairman of the Board of Directors, or, if a Chairman has not been appointed or is absent, the Lead Independent Director, or if the Lead Independent Director is absent, the Chief Executive Officer (if a director), or, if a Chief Executive Officer is absent, the President (if a director), or if the President is absent, the most senior Vice President (if a director), or, in the absence of any such person, a chairman of the meeting chosen by a majority of the directors present, shall preside over the meeting. The Secretary, or in his or her absence, any Assistant Secretary or other officer or director directed to do so by the Chairman, shall act as secretary of the meeting.
ARTICLE V
OFFICERS
Section 5.1. Officers Designated. The officers of the corporation shall include, if and when designated by the Board of Directors, the Chief Executive Officer, the President, one or more Vice Presidents, the Secretary, the Chief Financial Officer and the Treasurer. The Board of Directors may also appoint one or more Assistant Secretaries and Assistant Treasurers and such other officers and agents with such powers and duties as it shall deem necessary. The Board of Directors may assign such additional titles to one or more of the officers as it shall deem appropriate. Any one person may hold any number of offices of the corporation at any one time unless specifically prohibited therefrom by law. The salaries and other compensation of the officers of the corporation shall be fixed by or in the manner designated by the Board of Directors. The officers of the corporation need not be stockholders of the corporation.
Section 5.2. Tenure and Duties of Officers.
(a) General. All officers shall hold office at the pleasure of the Board of Directors and until their successors shall have been duly elected and qualified, or until such officer’s earlier death, resignation, or removal. Any officer elected or appointed by the Board of Directors may be removed at any time by the Board of Directors. If the office of any officer becomes vacant for any reason, the vacancy may be filled by the Board of Directors.
(b) Duties of Chief Executive Officer. The Chief Executive Officer shall preside at all meetings of the stockholders and at all meetings of the Board of Directors (if a director) unless the Chairman of the Board of Directors or the Lead Independent Director has been appointed and is present. Unless an officer has been appointed Chief Executive Officer of the corporation, the President shall be the Chief Executive Officer of the corporation and shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the corporation. To the extent that a Chief Executive Officer has been appointed and no President has been appointed, all references in these Bylaws to the President shall be deemed references to the Chief Executive Officer. The Chief Executive Officer shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers, as the Board of Directors shall designate from time to time.
(c) Duties of President. The President shall preside at all meetings of the stockholders and at all meetings of the Board of Directors, unless the Chairman of the Board of Directors (if a director), the Lead Independent Director, or the Chief Executive Officer has been appointed and is present. Unless another officer has been appointed Chief Executive Officer of the corporation, the President shall be the Chief Executive Officer of the corporation and shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the corporation. The President shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers, as the Board of Directors shall designate from time to time.
(d) Duties of Vice Presidents. The Vice Presidents may assume and perform the duties of the President in the absence or disability of the President or whenever the office of President is vacant. The Vice Presidents shall perform other duties commonly incident to their office and shall also perform such other duties and have such other powers as the Board of Directors or the Chief Executive Officer, or, if the Chief Executive Officer has not been appointed or is absent, the President shall designate from time to time.
(e) Duties of Secretary. The Secretary shall attend all meetings of the stockholders and of the Board of Directors and shall record all acts and proceedings thereof in the minute book of the corporation. The Secretary shall give notice in conformity with these Bylaws of all meetings of the stockholders and of all meetings of the Board of Directors and any committee thereof requiring notice. The Secretary shall perform all other duties provided for in these Bylaws and other duties commonly incident to the office and shall also perform such other duties and have such other powers, as the Board of Directors shall designate from time to time. The President may direct any Assistant Secretary or other officer to assume and perform the duties of the Secretary in the absence or disability of the Secretary, and each Assistant Secretary shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors or the President shall designate from time to time.
(f) Duties of Chief Financial Officer. The Chief Financial Officer shall keep or cause to be kept the books of account of the corporation in a thorough and proper manner and shall render statements of the financial affairs of the corporation in such form and as often as required by the Board of Directors or the President. The Chief Financial Officer, subject to the order of the Board of Directors, shall have the custody of all funds and securities of the corporation. The Chief Financial Officer shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors or the President shall designate from time to time. To the extent that a Chief Financial Officer has been appointed and no Treasurer has been appointed, all references in these Bylaws to the Treasurer shall be deemed references to the Chief Financial Officer. The President may direct the Treasurer, if any, or any Assistant Treasurer, or the Controller or any Assistant Controller to assume and perform the duties of the Chief Financial Officer in the absence or disability of the Chief Financial Officer, and each Treasurer and Assistant Treasurer and each Controller and Assistant Controller shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors or the President shall designate from time to time.
(g) Duties of Treasurer. Unless another officer has been appointed Chief Financial Officer of the corporation, the Treasurer shall be the chief financial officer of the corporation and shall keep or cause to be kept the books of account of the corporation in a thorough and proper manner and shall render statements of the financial affairs of the corporation in such form and as often as required by the Board of Directors or the President, and, subject to the order of the Board of Directors, shall have the custody of all funds and securities of the corporation. The Treasurer shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors or the President shall designate from time to time.
(h) Duties of Other Officers. Such other officers as the Board of Directors may choose shall perform such duties and have such powers as from time to time may be assigned to them by the Board of Directors. The Board of Directors may delegate to any other officer of the corporation the power to choose such other officers and to prescribe their respective duties and powers.
Section 5.3. Delegation of Authority. The Board of Directors may from time to time delegate the powers or duties of any officer to any other officer or agent, notwithstanding any provision hereof.
Section 5.4. Resignations. Any officer may resign at any time by giving notice in writing or by electronic transmission to the Board of Directors or to the President or to the Secretary. Any such resignation shall be effective when received by the person or persons to whom such notice is given, unless a later time is specified therein, in which event the resignation shall become effective at such later time. Unless otherwise specified in such notice, the acceptance of any such resignation shall not be necessary to make it effective. Any resignation shall be without prejudice to the rights, if any, of the corporation under any contract with the resigning officer.
Section 5.5. Removal. Any officer may be removed from office at any time, either with or without cause, by the affirmative vote of a majority of the directors in office at the time, or by the unanimous written consent of the directors in office at the time, or by any committee or by the Chief Executive Officer or by other superior officers upon whom such power of removal may have been conferred by the Board of Directors.
ARTICLE VI
EXECUTION OF CORPORATE INSTRUMENTS AND VOTING OF SECURITIES OWNED BY THE CORPORATION
Section 6.1. Execution of Corporate Instruments. The Board of Directors may, in its discretion, determine the method and designate the signatory officer or officers, or other person or persons, to execute on behalf of the corporation any corporate instrument or document, or to sign on behalf of the corporation the corporate name without limitation, or to enter into contracts on behalf of the corporation, except where otherwise provided by law or these Bylaws, and such execution or signature shall be binding upon the corporation.
All checks and drafts drawn on banks or other depositaries on funds to the credit of the corporation or in special accounts of the corporation shall be signed by such person or persons as the Board of Directors shall authorize so to do.
Unless authorized or ratified by the Board of Directors or within the agency power of an officer, no officer, agent, or employee shall have any power or authority to bind the corporation by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.
Section 6.2. Voting of Securities Owned by the Corporation. All stock and other securities of other corporations owned or held by the corporation for itself, or for other parties in any capacity, shall be voted, and all proxies with respect thereto shall be executed, by the person authorized so to do by resolution of the Board of Directors, or, in the absence of such authorization, by the Chairman of the Board of Directors, the Chief Executive Officer, the President, or any Vice President.
ARTICLE VII
SHARES OF STOCK
Section 7.1. Form and Execution of Certificates. The shares of the corporation shall be represented by certificates, or shall be uncertificated if so provided by resolution or resolutions of the Board of Directors. Certificates for the shares of stock of the corporation, if any, shall be in such form as is consistent with the Certificate of Incorporation and applicable law. Every holder of stock represented by certificate in the corporation shall be entitled to have a certificate signed by or in the name of the corporation by the Chairman of the Board of Directors, the Chief Executive Officer, or the President or any Vice President and by the Chief Financial Officer, Treasurer or Assistant Treasurer or the Secretary or Assistant Secretary, certifying the number of shares owned by him or her in the corporation. Any or all of the signatures on the certificate may be facsimiles. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.
Section 7.2. Lost Certificates. A new certificate or certificates shall be issued in place of any certificate, or certificates theretofore issued by the corporation alleged to have been lost, stolen, or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen, or destroyed. The corporation may require, as a condition precedent to the issuance of a new certificate or certificates, the owner of such lost, stolen, or destroyed certificate or certificates, or the owner’s legal representative, to agree to indemnify the corporation in such manner as it shall require or to give the corporation a surety bond in such form and amount as it may direct as indemnity against any claim that may be made against the corporation with respect to the certificate alleged to have been lost, stolen, or destroyed.
Section 7.3. Transfers.
(a) Transfers of record of shares of stock of the corporation shall be made only upon its books by the holders thereof, in person or by attorney duly authorized, and, in the case of stock represented by certificate, upon the surrender of a properly endorsed certificate or certificates for a like number of shares.
(b) The corporation shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes of stock of the corporation to restrict the transfer of shares of stock of the corporation of any one or more classes owned by such stockholders in any manner not prohibited by the DGCL.
Section 7.4. Fixing Record Dates.
(a) In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall, subject to applicable law, not be more than 60 nor less than 10 days before the date of such meeting. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or 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. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.
(b) In order that the corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.
Section 7.5. Registered Stockholders. The corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware.
ARTICLE VIII
OTHER SECURITIES OF THE CORPORATION
Section 8.1. Execution of Other Securities. All bonds, debentures and other corporate securities of the corporation, other than stock certificates (covered in Section 7.1 of these Bylaws), may be signed by the Chairman of the Board of Directors, the Chief Executive Officer, the President or any Vice President, or such other person as may be authorized by the Board of Directors, and the corporate seal impressed thereon or a facsimile of such seal imprinted thereon and attested by the signature of the Secretary or an Assistant Secretary, or the Chief Financial Officer or Treasurer or an Assistant Treasurer; provided, however, that where any such bond, debenture or other corporate security shall be authenticated by the manual signature, or where permissible facsimile signature, of a trustee under an indenture pursuant to which such bond, debenture or other corporate security shall be issued, the signatures of the persons signing and attesting the corporate seal on such bond, debenture or other corporate security may be the imprinted facsimile of the signatures of such persons. Interest coupons appertaining to any such bond, debenture, or other corporate security, authenticated by a trustee as aforesaid, shall be signed by the Treasurer or an Assistant Treasurer of the corporation or such other person as may be authorized by the Board of Directors, or bear imprinted thereon the facsimile signature of such person. In case any officer who shall have signed or attested any bond, debenture or other corporate security, or whose facsimile signature shall appear thereon or on any such interest coupon, shall have ceased to be such officer before the bond, debenture or other corporate security so signed or attested shall have been delivered, such bond, debenture or other corporate security nevertheless may be adopted by the corporation and issued and delivered as though the person who signed the same or whose facsimile signature shall have been used thereon had not ceased to be such officer of the corporation.
ARTICLE IX
DIVIDENDS
Section 9.1. Declaration of Dividends. Dividends upon the capital stock of the corporation, subject to the provisions of the Certificate of Incorporation and applicable law, if any, may be declared by the Board of Directors pursuant to law at any regular or special meeting. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation and applicable law.
Section 9.2. Dividend Reserve. Before payment of any dividend, there may be set aside out of any funds of the corporation available for dividends such sum or sums as the Board of Directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or for such other purpose as the Board of Directors shall think conducive to the interests of the corporation, and the Board of Directors may modify or abolish any such reserve in the manner in which it was created.
ARTICLE X
FISCAL YEAR
Section 10.1. Fiscal Year. The fiscal year of the corporation shall be fixed by resolution of the Board of Directors.
ARTICLE XI
INDEMNIFICATION
Section 11.1. Indemnification of Directors, Officers, Employees and Other Agents.
(a) Directors and Officers. The corporation shall indemnify its directors and officers to the extent not prohibited by the DGCL or any other applicable law; provided, however, that the corporation may modify the extent of such indemnification by individual contracts with its directors and officers; and, provided, further, that the corporation shall not be required to indemnify any director or officer in connection with any proceeding (or part thereof) initiated by such person unless (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board of Directors of the corporation, (iii) such indemnification is provided by the corporation, in its sole discretion, pursuant to the powers vested in the corporation under the DGCL or any other applicable law or (iv) such indemnification is required to be made under subsection (d).
(b) Employees and Other Agents. The corporation shall have power to indemnify its employees and other agents as set forth in the DGCL or any other applicable law. The Board of Directors shall have the power to delegate the determination of whether indemnification shall be given to any such person (except for officers) or other persons as the Board of Directors shall determine.
(c) Expenses. The corporation shall advance to any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a director or officer, of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, prior to the final disposition of the proceeding, promptly following request therefor, all expenses incurred by any director or officer in connection with such proceeding provided, however, that if the DGCL requires, an advancement of expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such indemnitee, including, without limitation, service to an employee benefit plan) shall be made only upon delivery to the corporation of an undertaking (hereinafter an “undertaking”), by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal (hereinafter a “final adjudication”) that such indemnitee is not entitled to be indemnified for such expenses under this Section 11.1 or otherwise.
Notwithstanding the foregoing, unless otherwise determined pursuant to paragraph (e) of this Section 11.1, no advance shall be made by the corporation to an officer of the corporation (except by reason of the fact that such officer is or was a director of the corporation in which event this paragraph shall not apply) in any action, suit or proceeding, whether civil, criminal, administrative or investigative, if a determination is reasonably and promptly made (i) by a majority vote of directors who were not parties to the proceeding, even if not a quorum, or (ii) by a committee of such directors designated by a majority vote of such directors, even though less than a quorum, or (iii) if there are no such directors, or such directors so direct, by independent legal counsel in a written opinion, that the facts known to the decision-making party at the time such determination is made demonstrate clearly and convincingly that such person acted in bad faith or in a manner that such person did not believe to be in or not opposed to the best interests of the corporation.
(d) Enforcement. Without the necessity of entering into an express contract, all rights to indemnification and advances to directors and officers under this Section 11.1 shall be deemed to be contractual rights and be effective to the same extent and as if provided for in a contract between the corporation and the director or officer. Any right to indemnification or advances granted by this Section 11.1 to a director or officer shall be enforceable by or on behalf of the person holding such right in any court of competent jurisdiction if (i) the claim for indemnification or advances is denied, in whole or in part, or (ii) no disposition of such claim is made within 90 days of request therefor. To the extent permitted by law, the claimant in such enforcement action, if successful in whole or in part, shall be entitled to be paid also the expense of prosecuting the claim. In connection with any claim for indemnification, the corporation shall be entitled to raise as a defense to any such action that the claimant has not met the standards of conduct that make it permissible under the DGCL or any other applicable law for the corporation to indemnify the claimant for the amount claimed. In connection with any claim by an officer of the corporation (except in any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such officer is or was a director of the corporation) for advances, the corporation shall be entitled to raise a defense as to any such action clear and convincing evidence that such person acted in bad faith or in a manner that such person did not believe to be in or not opposed to the best interests of the corporation, or with respect to any criminal action or proceeding that such person acted without reasonable cause to believe that his or her conduct was lawful. Neither the failure of the corporation (including its Board of Directors, independent legal counsel or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because the director or officer has met the applicable standard of conduct set forth in the DGCL or any other applicable law, nor an actual determination by the corporation (including its Board of Directors, independent legal counsel or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that claimant has not met the applicable standard of conduct. In any suit brought by a director or officer to enforce a right to indemnification or to an advancement of expenses hereunder, the burden of proving that the director or officer is not entitled to be indemnified, or to such advancement of expenses, under this Section 11.1 or otherwise shall be on the corporation.
(e) Non-Exclusivity of Rights. The rights conferred on any person by this Bylaw shall not be exclusive of any other right which such person may have or hereafter acquire under any applicable statute, provision of the Certificate of Incorporation, Bylaws, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding office. The corporation is specifically authorized to enter into individual contracts with any or all of its directors, officers, employees or agents respecting indemnification and advances, to the fullest extent not prohibited by the DGCL, or by any other applicable law.
(f) Survival of Rights. The rights conferred on any person by this Bylaw shall continue as to a person who has ceased to be a director or officer, or, if applicable, employee or other agent, and shall inure to the benefit of the heirs, executors and administrators of such a person.
(g) Insurance. To the fullest extent permitted by the DGCL or any other applicable law, the corporation, upon approval by the Board of Directors, may purchase insurance on behalf of any person required or permitted to be indemnified pursuant to this Section 11.1.
(h) Amendments. Any repeal or modification of this Section 11.1 shall only be prospective and shall not affect the rights under this Bylaw in effect at the time of the alleged occurrence of any action or omission to act that is the cause of any proceeding against any agent of the corporation.
(i) Saving Clause. If this Bylaw or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the corporation shall nevertheless indemnify each director and officer to the full extent not prohibited by any applicable portion of this Section 11.1 that shall not have been invalidated, or by any other applicable law. If this Section 11.1 shall be invalid due to the application of the indemnification provisions of another jurisdiction, then the corporation shall indemnify each director and officer to the full extent under any other applicable law.
(j) Certain Definitions. For the purposes of this Bylaw, the following definitions shall apply:
(i) The term “proceeding” shall be broadly construed and shall include, without limitation, the investigation, preparation, prosecution, defense, settlement, arbitration, and appeal of, and the giving of testimony in, any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative.
(ii) The term “expenses” shall be broadly construed and shall include, without limitation, court costs, attorneys’ fees, witness fees, fines, amounts paid in settlement or judgment and any other costs and expenses of any nature or kind incurred in connection with any proceeding.
(iii) The term the “corporation” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Section 45 with respect to the resulting or surviving corporation as he would have with respect to such constituent corporation if its separate existence had continued.
(iv) References to a “director,” “officer,” “employee,” or “agent” of the corporation shall include, without limitation, situations where such person is serving at the request of the corporation as, respectively, a director, officer, employee, trustee or agent of another corporation, partnership, joint venture, trust, or other enterprise.
(v) References to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the corporation” shall include any service as a director, officer, employee or agent of the corporation which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the corporation” as referred to in this Section 11.1.
ARTICLE XII
NOTICES
Section 12.1. Notices.
(a) Notice to Stockholders. Written notice to stockholders of stockholder meetings shall be given as provided in Section 3.4 of these Bylaws. Without limiting the manner by which notice may otherwise be given effectively to stockholders under any agreement or contract with such stockholder, and except as otherwise required by law, written notice to stockholders for purposes other than stockholder meetings may be sent by U.S. mail or nationally recognized overnight courier, or by facsimile, telegraph or telex, or by electronic mail or other electronic means.
(b) Notice to Directors. Any notice required to be given to any director may be given by the method stated in subsection (a), or as otherwise provided in these Bylaws, except that such notice other than one which is delivered personally shall be sent to such address as such director shall have filed in writing with the Secretary, or, in the absence of such filing, to the last known post office address of such director.
(c) Affidavit of Mailing. An affidavit of mailing, executed by a duly authorized and competent employee of the corporation or its transfer agent appointed with respect to the class of stock affected, or other agent, specifying the name and address or the names and addresses of the stockholder or stockholders, or director or directors, to whom any such notice or notices was or were given, and the time and method of giving the same, shall in the absence of fraud, be prima facie evidence of the facts therein contained.
(d) Methods of Notice. It shall not be necessary that the same method of giving notice be employed in respect of all recipients of notice, but one permissible method may be employed in respect of any one or more, and any other permissible method or methods may be employed in respect of any other or others.
(e) Notice to Person With Whom Communication is Unlawful. Whenever notice is required to be given, under any provision of law or of the Certificate of Incorporation or Bylaws of the corporation, 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 any provision of the DGCL, 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.
(f) Notice to Stockholders Sharing an Address. Except as otherwise prohibited under the DGCL, any notice given under the provisions of the DGCL, the Certificate of Incorporation or the Bylaws 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. Such consent shall have been deemed to have been given if such stockholder fails to object in writing to the corporation within 60 days of having been given notice by the corporation of its intention to send the single notice. Any consent shall be revocable by the stockholder by written notice to the corporation.
ARTICLE XIII
AMENDMENTS
Section 13.1. Amendments. Subject to the limitations set forth in Section 11.1(h) of these Bylaws or the provisions of the Certificate of Incorporation, the Board of Directors is expressly empowered to adopt, amend, or repeal the Bylaws of the corporation. Any adoption, amendment, or repeal of the Bylaws of the corporation by the Board of Directors shall require the approval of a majority of the authorized number of directors. The stockholders also shall have power to adopt, amend or repeal the Bylaws of the corporation; provided, however, that, in addition to any vote of the holders of any class or series of stock of the corporation required by law or by the Certificate of Incorporation, such action by stockholders shall require the affirmative vote of the holders of at least 66 2/3% of the voting power of all of the then-outstanding shares of the capital stock of the corporation entitled to vote generally in the election of directors, voting together as a single class.
ARTICLE XIV
LOANS TO OFFICERS OR EMPLOYEES
Section 14.1. Loans to Officers or Employees. Except as otherwise prohibited by applicable law, the corporation may lend money to, or guarantee any obligation of, or otherwise assist any officer or other employee of the corporation or of its subsidiaries, including any officer or employee who is a director of the corporation or its subsidiaries, whenever, in the judgment of the Board of Directors, such loan, guarantee or assistance may reasonably be expected to benefit the corporation. The loan, guarantee or other assistance may be with or without interest and may be unsecured, or secured in such manner as the Board of Directors shall approve, including, without limitation, a pledge of shares of stock of the corporation. Nothing in these Bylaws shall be deemed to deny, limit, or restrict the powers of guaranty or warranty of the corporation at common law or under any statute.
ARTICLE XV
MISCELLANEOUS
Section 15.1. Forum.
(a) Unless the corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if and only if the Court of Chancery of the State of Delaware lacks subject matter jurisdiction, any state court located within the State of Delaware or, if and only if all such state courts lack subject matter jurisdiction, the federal district court for the District of Delaware) and any appellate court therefrom shall be the sole and exclusive forum for the following claims or causes of action under Delaware statutory or common law: (A) any derivative claim or cause of action brought on behalf of the corporation; (B) any claim or cause of action for breach of a fiduciary duty owed by any current or former director, officer or other employee of the corporation, to the corporation or the corporation’s stockholders; (C) any claim or cause of action against the corporation or any current or former director, officer or other employee of the corporation, arising out of or pursuant to any provision of the DGCL, the Certificate of Incorporation or the Bylaws of the corporation (as each may be amended from time to time); (D) any claim or cause of action seeking to interpret, apply, enforce or determine the validity of the Certificate of Incorporation or the Bylaws of the corporation (as each may be amended from time to time, including any right, obligation, or remedy thereunder); (E) any claim or cause of action as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware; and (F) any claim or cause of action against the corporation or any current or former director, officer or other employee of the corporation, governed by the internal-affairs doctrine or otherwise related to the corporation’s internal affairs, in all cases to the fullest extent permitted by law and subject to the court having personal jurisdiction over the indispensable parties named as defendants. This Section 15.1 of Article XV shall not apply to claims or causes of action brought to enforce a duty or liability created by the 1933 Act or the 1934 Act or any other claim for which the federal courts have exclusive jurisdiction.
(b) Unless the corporation consents in writing to the selection of an alternative forum, to the fullest extent permitted by law, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the 1933 Act, including all causes of action asserted against any defendant named in such complaint. For the avoidance of doubt, this provision is intended to benefit and may be enforced by the corporation, its officers and directors, the underwriters for any offering giving rise to such complaint, and any other professional entity whose profession gives authority to a statement made by that person or entity and who has prepared or certified any part of the documents underlying the offering.
Exhibit 99.1
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All right. Hello and welcome to a special meeting of the shareholders of Banzai International,
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Inc. I am Joseph Davy, Chief Executive Officer of the company. There are five items of business
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on today's agenda. One, to grant the board authority to issue shares of our Class A Common
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Stock in excess of 20% of the number of shares issued and outstanding as of the closing of
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a merger by and among the company, Banzai Reel Acquisition Inc., a Delaware corporation
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and wholly owned subsidiary of Banzai, ClearDoc, Inc., a Delaware corporation who does business
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as OpenReel and stockholders of OpenReel pursuant to that certain agreement and plan
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a merger dated as of December 10, 2024, between the aforementioned parties. For purposes of
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complying with NASDAQ Listing Rule 5635D, we need shareholder approval of the issuance
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of Class A Common Stock, including upon the exercise of prefunded warrants in an amount
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equal to or in excess of 20% of the Class A Common Stock and Class B Common Stock outstanding
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immediately prior to the closing of the merger. The proxy statement referred to this proposal
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as the merger issuance proposal. Two, to authorize the issuance of shares of Class A Common Stock,
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including upon exercise of the warrants issue, issuable pursuant to that certain securities
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purchase agreement dated as of September 24, 2024 between the company and one institutional
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investor and in an amount equal to or in excess of 20% of all common stock outstanding on
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the date of the purchase agreement to comply with NASDAQ Rule 5635D. The proxy statement
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referred to the proposal as private financing issuance proposal. Three, to amend the Amended & Restated
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Certificate of Incorporation to allow for shareholder approval via written consents.
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Proxy statement referred to this proposal as the written consent proposal. Four, to
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increase the number of shares available for issuance under our 2023 Equity Incentive
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Plan from 102,319 to 10 million. The proxy statement referred to this proposal as the
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option proposal. Five, to approve one or more adjournments if necessary. Since we have sufficient
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votes to approve the foregoing proposals, this meeting will not be adjourned. Being
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appointed by the Board of Directors, I will act as chairman of this meeting and Alvin
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Yip, the inspector, will act as inspector of this meeting. The following directors are
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present at the meeting. Joseph Davy, chief executive officer, chairman and director,
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and Alvin Yip, our interim chief financial officer. I believe that that is it. I
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just want to confirm that. Yes, that is it.
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Yes, Joe.
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Thank you. Let's see. Also present today are Alvin Yip, the company's interim CFO, and
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Rachael Schmierer, a representative from our outside U.S. securities counsel, Hunter Taubman
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Fischer & Li LLC is also present. With certain exceptions, all persons who held shares of
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the company on the record date January 13, 2025, were permitted to vote for this shareholders
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meeting. Many shareholders have already submitted their proxies. All proxies will be voted as
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marked. If you have already voted by proxy, you do not need to take any further action.
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Before we continue, I would like to review some of the rules for the meeting. Stockholders
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who would like to ask a question may do so by writing a question in the chat room of
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the meeting at any time during the meeting. I will review the questions after revealing
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the vote and then answer certain selected questions.
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Thank you, Joe. As inspector of the election, I would like to report some preliminary matters.
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First, we have reached a quorum since the holders of more than a majority of the outstanding
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shares have returned proxies to us. Second, we have received a statement from Broadridge,
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our proxy interpolator, showing that notice and proxy materials were properly mailed to
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our shareholders on February 17, 2025. These records are available for inspection at this
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meeting to anyone who wishes to review them. Since the quorum is present, the meeting is
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duly constituted and the business of the meeting can begin.
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Thank you, inspector. I will now discuss the matter to be voted on at this meeting. Inspector,
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were there any shareholder nominations or proposals for business at this meeting filed
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with you? No.
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Then the business of the meeting is limited to the five matters on the agenda mentioned
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above. I would like to report that of the proxies received, the votes submitted are
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as follows. For proposal number one, the merger issuance proposal, with the shareholders of
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OpenReel common stock not being permitted to vote, 66.94% of the Class A Common Stock,
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the Class A Common Stock shares voted in favor of the merger issuance proposal, 33.06% of the
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Class A Common Stock voted against or abstained, 100% of the Class B Common Stock, the class
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Class B Stock together with the Class A Stock, the common stock shares voted in favor of the
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merger issuance proposal, 0% of the Class B Stock voted against or abstained. For proposal
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number two, the private financing proposal with the holders of the private warrants not
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being permitted to vote, 99.62% of the shares of the common stock voted in favor of the
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private financing issuance proposal, 0.38% of the shares of common stock voted against
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or abstained. For proposal number three, the written consent proposal, 99.65% of the shares
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of common stock voted in favor of the written consent proposal, 0.53% of the shares of common
00:05:40.400 --> 00:05:48.040
stock voted against or abstained. For proposal number four, the option proposal, 99.53% of
00:05:48.040 --> 00:05:54.820
the shares of common stock voted in favor of the option proposal and 0.47 of the shares
00:05:54.820 --> 00:05:58.040
of common stock voted against or abstained.
00:05:58.040 --> 00:06:03.960
For proposal number five, the adjournment proposal 99.60% of the shares of common stock
00:06:03.960 --> 00:06:13.960
voted in favor of the adjournment proposal and 0.40% of the shares of common stock voted
00:06:13.960 --> 00:06:16.480
against or abstained.
00:06:16.480 --> 00:06:18.840
The proposals have been approved.
00:06:18.840 --> 00:06:23.040
Ladies and gentlemen, we have already finished the business set out in our agenda of the
00:06:23.040 --> 00:06:24.040
meeting.
00:06:24.040 --> 00:06:27.520
I will take a few moments to review the questions provided in the chat room.
00:06:27.520 --> 00:06:32.800
After reviewing the questions, I will let you know.
00:06:32.800 --> 00:06:34.800
Let's see.
00:06:34.800 --> 00:06:36.800
Okay.
00:06:36.800 --> 00:06:44.480
We've got one question here, which I will answer now.
00:06:44.480 --> 00:06:48.520
The question is, what specific capabilities or technologies are we prioritizing in these
00:06:48.520 --> 00:06:52.640
MarTech acquisitions to strengthen our competitive position in the market?
00:06:52.640 --> 00:06:54.000
This is a fantastic question.
00:06:54.000 --> 00:06:56.480
Thank you for asking.
00:06:56.480 --> 00:07:08.440
We have a belief that the future marketing technology is going to include both more automation
00:07:08.440 --> 00:07:11.440
and more AI.
00:07:11.440 --> 00:07:16.640
And we talk a lot about how we think that is going to play out.
00:07:16.640 --> 00:07:25.080
But in terms of what we think about when we are looking at acquisitions, first of all,
00:07:25.080 --> 00:07:28.640
we are not looking at buying pure technologies.
00:07:28.640 --> 00:07:35.960
We are really looking at buying operating businesses that have a technology solution
00:07:35.960 --> 00:07:37.160
attached to them.
00:07:37.160 --> 00:07:41.880
In other words, we don't want to buy something that is an unproven product or something that
00:07:41.880 --> 00:07:44.760
might be an interesting thing down the road.
00:07:44.760 --> 00:07:49.760
In most cases, what we are looking at are operating businesses that we feel have an
00:07:49.760 --> 00:07:55.320
existing customer base, already have market demand, and where we think that our existing
00:07:55.320 --> 00:08:00.600
customers want that product, that that adds something in terms of the customer value we
00:08:00.600 --> 00:08:08.100
can create, and that the products that we already offer will create value for their
00:08:08.100 --> 00:08:09.100
customer base.
00:08:09.100 --> 00:08:13.160
So we think a lot more about the customer base.
00:08:13.160 --> 00:08:24.440
In terms of the technology or capabilities, though, we are really looking at how can this
00:08:24.440 --> 00:08:33.480
grow the AI context that we can control, the private context, meaning the data that we
00:08:33.480 --> 00:08:41.840
can gather, or the assets that we can gather that can help our AI better understand the
00:08:41.840 --> 00:08:48.000
businesses, that better understand our customers, so that ultimately we can build more useful,
00:08:48.000 --> 00:08:56.800
more interesting AI features, AI functionality to automate more stuff, get stuff done faster
00:08:56.800 --> 00:08:57.800
for the customers.
00:08:57.800 --> 00:09:00.360
It is a really pretty simple strategy.
00:09:00.360 --> 00:09:06.020
The more that we understand and the more that we can put into that AI context over time,
00:09:06.020 --> 00:09:10.560
the more AI will be able to do for you and the less our customers will have to go out
00:09:10.560 --> 00:09:12.280
and do stuff on their own.
00:09:12.280 --> 00:09:21.000
So for example, we just a couple weeks ago rolled out Create Studio 4, which is a fantastic
00:09:21.000 --> 00:09:22.000
product.
00:09:22.000 --> 00:09:25.780
If you haven't already checked this out, go to createstudio.com.
00:09:25.780 --> 00:09:28.020
You can buy the product right on the website.
00:09:28.020 --> 00:09:30.820
It's a very affordable product.
00:09:30.820 --> 00:09:33.360
I think everybody will be really impressed with it.
00:09:33.360 --> 00:09:39.480
But that Create Studio 4 includes a lot of new AI features.
00:09:39.480 --> 00:09:45.280
For example, our customers can now answer a small handful of questions and generate
00:09:45.280 --> 00:09:48.760
an entire video ad campaign inside Create Studio.
00:09:48.760 --> 00:09:54.480
It creates content for them, creates scenes, writes scripts, does everything they need
00:09:54.480 --> 00:09:59.200
to do, generates 3D avatars, all the stuff that they would want to do on their own.
00:09:59.200 --> 00:10:06.800
So the product already made it easy for you to do that, but now leveraging AI, the version
00:10:06.800 --> 00:10:10.160
3 of the product took something that would originally take a week and shrunk it down
00:10:10.160 --> 00:10:11.960
to an hour.
00:10:11.960 --> 00:10:17.640
Now it takes something that would take an hour and shrinks it down to 5 or 10 minutes.
00:10:17.640 --> 00:10:24.900
And so this is really powerful because it gives ordinary marketing managers the superpower
00:10:24.900 --> 00:10:33.560
to be able to generate their own content without having to bring in a video animator, 3D animator,
00:10:33.560 --> 00:10:38.560
stuff like that, which is incredibly, incredibly valuable.
00:10:38.560 --> 00:10:43.520
And we think a lot about that when we're thinking about products is basically what superpower
00:10:43.520 --> 00:10:46.600
does this give the customer?
00:10:46.600 --> 00:10:56.600
And we call it the magic mushroom, basically, reference to Super Mario Brothers.
00:10:56.600 --> 00:11:00.080
But what superpower does the customer get from this?
00:11:00.080 --> 00:11:04.200
And so in the case of Create Studio 4, by adding in those AI features, it does that.
00:11:04.200 --> 00:11:11.560
Now once we have a greater context about the customer, so once we know more about their
00:11:11.560 --> 00:11:16.680
business, we can bring in their website, bring in their product information, their knowledge
00:11:16.680 --> 00:11:23.320
base, their notion, all that stuff, then we'll be able to automatically create and suggest
00:11:23.320 --> 00:11:26.800
new video projects for them, maybe even generate those projects for them without them even
00:11:26.800 --> 00:11:28.120
having to ask for it.
00:11:28.120 --> 00:11:32.260
So that's the kind of stuff that's coming up down the road.
00:11:32.260 --> 00:11:35.080
So when we're looking at acquisitions, we're really looking at things that get more of
00:11:35.080 --> 00:11:38.640
that data into the context that we control.
00:11:38.640 --> 00:11:41.840
So hope that helps answer your question.
00:11:41.840 --> 00:11:44.600
Thanks because I thought that was a great question.
00:11:44.600 --> 00:11:48.300
We have one more question.
00:11:48.300 --> 00:11:49.600
This is from James.
00:11:49.600 --> 00:11:53.600
What are some major catalyst stockholders can expect for the near future?
00:11:53.600 --> 00:11:57.760
What are some expected revenues with the current acquisitions?
00:11:57.760 --> 00:12:00.720
So great question.
00:12:00.720 --> 00:12:12.200
I think what we've kind of publicly disclosed so far is that the consolidated, unaudited
00:12:12.200 --> 00:12:27.240
2024 revenues were roughly $44 million for the acquisitions that we have signed and announced.
00:12:27.240 --> 00:12:38.960
And so that represents roughly a 900% growth versus where we started last year.
00:12:38.960 --> 00:12:45.680
So that's a major catalyst for us.
00:12:45.680 --> 00:12:49.080
And so you think about grow the business.
00:12:49.080 --> 00:12:51.880
Obviously we're issuing some shares here.
00:12:51.880 --> 00:12:54.800
So there's some dilution associated with that.
00:12:54.800 --> 00:12:59.320
But if you grow the business 10x in the process of doing that, what we think a lot about is
00:12:59.320 --> 00:13:01.800
just how do we grow revenue per share?
00:13:01.800 --> 00:13:03.960
How do we grow earnings per share?
00:13:03.960 --> 00:13:11.200
So look, I think the catalysts are continuing to see the top line growth.
00:13:11.200 --> 00:13:19.000
We believe that as we grow that top line that we will see more.
00:13:19.000 --> 00:13:21.880
First of all, we'll just be a bigger company.
00:13:21.880 --> 00:13:25.880
We'll see more customer cross sales because we'll have more products that we can offer
00:13:25.880 --> 00:13:27.760
to the existing customer base.
00:13:27.760 --> 00:13:29.320
We'll be able to grow that AI context.
00:13:29.320 --> 00:13:32.080
We'll be able to create more customer value.
00:13:32.080 --> 00:13:37.520
We'll be able to ultimately be a bigger company.
00:13:37.520 --> 00:13:44.880
We'll be able to hopefully get picked up by larger funds, larger investors.
00:13:44.880 --> 00:13:50.680
And over time, we'll have a much more competitive offering overall because we'll be able to
00:13:50.680 --> 00:13:56.840
solve a lot more different problems for customers and grow that ASP and make them stickier and
00:13:56.840 --> 00:13:57.840
all of that.
00:13:57.840 --> 00:14:00.280
So that's a big focus area for us.
00:14:00.280 --> 00:14:08.000
I think the other thing is really just focusing on getting to profitability.
00:14:08.000 --> 00:14:09.000
Obviously you can't make...
00:14:09.000 --> 00:14:14.560
I don't think we've made any public statements about that yet other than to say that it is
00:14:14.560 --> 00:14:17.080
a big priority for us right now.
00:14:17.080 --> 00:14:22.120
And putting these acquisitions together, the purchase price that we're paying for them
00:14:22.120 --> 00:14:24.200
is very affordable on average.
00:14:24.200 --> 00:14:26.400
I think we're paying two times revenue.
00:14:26.400 --> 00:14:31.520
The average company in the comps that we look at is valued at about six and a half times
00:14:31.520 --> 00:14:33.300
revenue.
00:14:33.300 --> 00:14:35.960
So we think that we'll start to see that multiple expansion.
00:14:35.960 --> 00:14:39.920
We think that that will ultimately reflect in the share price going up.
00:14:39.920 --> 00:14:44.880
Again, we can't control that, but we think as the company grows, as the profitability
00:14:44.880 --> 00:14:50.740
grows, as the revenue grows, as the customer base grows, as the stickiness grows, the average
00:14:50.740 --> 00:14:55.640
customer value grows, we'll start to see that reflected in the financial results.
00:14:55.640 --> 00:14:58.920
We'll start to see that reflected in the share price.
00:14:58.920 --> 00:15:02.040
And I think we're hopefully...
00:15:02.040 --> 00:15:10.960
We've got our 10K coming out on 3/31 that will partially reflect this.
00:15:10.960 --> 00:15:14.840
Hopefully our Q1s will even further reflect it.
00:15:14.840 --> 00:15:19.400
So we said we're going to do this starting last year.
00:15:19.400 --> 00:15:20.840
We've delivered on that promise.
00:15:20.840 --> 00:15:23.420
I think we're hopefully going to continue doing it this year.
00:15:23.420 --> 00:15:28.080
So far we've been able to find really great deals and really great businesses to incorporate.
00:15:28.080 --> 00:15:32.320
So thank you for the question.
00:15:32.320 --> 00:15:33.320
Let's see.
00:15:33.320 --> 00:15:37.240
We've got a couple more questions here, so I just want to make sure I'm addressing all
00:15:37.240 --> 00:15:38.240
of them.
00:15:38.240 --> 00:15:40.760
So I got a question from Van.
00:15:40.760 --> 00:15:43.720
Considering that you're attracting and financing new acquisitions by issuing warrants, how
00:15:43.720 --> 00:15:47.220
do you plan to manage dilution strategically in order to maintain the value of the stock?
00:15:47.220 --> 00:15:48.520
This is a great question.
00:15:48.520 --> 00:15:49.520
Thank you, Van.
00:15:49.520 --> 00:15:52.640
Look, I think a couple of things.
00:15:52.640 --> 00:16:00.480
Number one, when we're making an acquisition and we're using stock to do that, we're really
00:16:00.480 --> 00:16:06.040
looking for people, looking for shareholders that we think are going to be long-term shareholders
00:16:06.040 --> 00:16:08.120
that believe in the long-term vision of the business.
00:16:08.120 --> 00:16:13.960
I think in a lot of cases, it doesn't make financial sense for, if you're a private equity
00:16:13.960 --> 00:16:18.760
firm that owns a SaaS business, it doesn't make financial sense for you to do a deal
00:16:18.760 --> 00:16:23.360
at a 2x multiple unless you believe that that shareholder value is going to get created
00:16:23.360 --> 00:16:25.120
over time.
00:16:25.120 --> 00:16:31.800
And so that's, I think, the primary investment thesis from their perspective, from the perspective
00:16:31.800 --> 00:16:33.920
of the companies that we're buying.
00:16:33.920 --> 00:16:39.400
And so I think the strategy of using shares in pre-funded warrants is actually a great
00:16:39.400 --> 00:16:42.480
strategy.
00:16:42.480 --> 00:16:49.880
It minimizes the immediate impact in terms of dilution, and it also allows us to have
00:16:49.880 --> 00:16:58.200
a lot more visibility into the holdings and all of that for the folks that hold those
00:16:58.200 --> 00:17:02.580
warrants because we know in their exercise and everything else.
00:17:02.580 --> 00:17:06.920
So we can manage the relationships with those shareholders.
00:17:06.920 --> 00:17:10.680
But mainly, I think it's just having great relationships with those shareholders, finding
00:17:10.680 --> 00:17:14.360
shareholders that are like-minded, believe in the long-term vision.
00:17:14.360 --> 00:17:19.640
And so far, I think everybody that we've worked with believes in that long-term value creation,
00:17:19.640 --> 00:17:20.960
and that's really why they're here.
00:17:20.960 --> 00:17:28.920
So I think everybody's in it for the long run, and we hope that they'll continue to
00:17:28.920 --> 00:17:30.400
be long-term shareholders here.
00:17:30.400 --> 00:17:32.400
Thank you for the question.
00:17:32.400 --> 00:17:37.560
Let's see.
00:17:37.560 --> 00:17:42.680
Question from M. Asked, how does Act-On compare or compete with market leaders like HubSpot?
00:17:42.680 --> 00:17:46.920
Are you looking at social media marketing tools, web crawlers, DSPs, keywords, and SEO
00:17:46.920 --> 00:17:49.120
tools in the future?
00:17:49.120 --> 00:17:50.280
So two questions.
00:17:50.280 --> 00:17:53.000
So I'll answer the first one first.
00:17:53.000 --> 00:17:57.200
So when we started looking at Act-On, we've obviously been familiar with Act-On for a long
00:17:57.200 --> 00:17:58.200
time.
00:17:58.200 --> 00:18:01.920
I think Act-On has been one of the kind of top five competitors in that space.
00:18:01.920 --> 00:18:10.520
HubSpot has obviously built a fantastic business, and that's great for them.
00:18:10.520 --> 00:18:15.400
But when we started looking at this, we really wanted to look at this from the perspective
00:18:15.400 --> 00:18:19.840
of creating customer value.
00:18:19.840 --> 00:18:24.160
And at first, we weren't really sure what to think about it.
00:18:24.160 --> 00:18:30.800
But as we started digging into the Act-On product and the Act-On business, we just became really,
00:18:30.800 --> 00:18:36.360
really impressed with the product that they've built.
00:18:36.360 --> 00:18:41.840
These guys have invested over $19 million in product development over the last couple
00:18:41.840 --> 00:18:42.840
of years.
00:18:42.840 --> 00:18:45.760
They've completely rebuilt their engineering leadership.
00:18:45.760 --> 00:18:52.880
They've built a ton of AI features that nobody else has, things like smart segments, things
00:18:52.880 --> 00:18:59.120
like automatically detecting correlations in your data that can help marketers better
00:18:59.120 --> 00:19:01.200
define their strategies.
00:19:01.200 --> 00:19:05.420
So this is stuff that nobody else has, like nobody else has in this business.
00:19:05.420 --> 00:19:09.160
We think a lot of the competitors have been under invested in.
00:19:09.160 --> 00:19:12.320
Obviously HubSpot has built a phenomenal brand.
00:19:12.320 --> 00:19:17.520
But our opinion is that the Act-On product is the best product in the marketing automation
00:19:17.520 --> 00:19:20.920
space today in terms of capabilities.
00:19:20.920 --> 00:19:25.360
We're super excited to be able to bring that product to our customer base.
00:19:25.360 --> 00:19:30.960
As you guys know, we have over 90,000 customers today, so we have a lot of expansion opportunity
00:19:30.960 --> 00:19:34.440
now to bring that product into those customers.
00:19:34.440 --> 00:19:42.320
And I think it's going to be very successful in terms of cross sales to those customers.
00:19:42.320 --> 00:19:47.800
So we're really excited to get that integrated in and start working on it.
00:19:47.800 --> 00:19:52.640
And so the second question is, are you looking at social media marketing tools, web crawlers,
00:19:52.640 --> 00:19:54.600
DSPs, keyword SEO tools?
00:19:54.600 --> 00:20:06.760
I think the answer here is we're looking at any tools that build our moat of data that
00:20:06.760 --> 00:20:13.280
we can leverage for AI context, build our moat of assets that we can leverage across
00:20:13.280 --> 00:20:15.880
different products.
00:20:15.880 --> 00:20:21.640
So we have looked at SEO tools.
00:20:21.640 --> 00:20:25.640
We have looked at social media marketing.
00:20:25.640 --> 00:20:29.380
We have looked at DSPs.
00:20:29.380 --> 00:20:34.560
So I think there's a lot of opportunities out there right now.
00:20:34.560 --> 00:20:40.300
High level things that we also care about are basically the overall customer retention
00:20:40.300 --> 00:20:43.200
and net retention of the businesses that we're looking at.
00:20:43.200 --> 00:20:48.160
So we really want to find tool categories that are already sticky themselves.
00:20:48.160 --> 00:20:51.600
The stickier customers we can bring in, the easier it's going to be for us to grow that
00:20:51.600 --> 00:20:53.320
business and expand that business.
00:20:53.320 --> 00:20:58.600
If you find something that's struggling there, there's going to be a bit of a turnaround
00:20:58.600 --> 00:21:00.920
effort to fix it.
00:21:00.920 --> 00:21:03.640
So we want to find stuff that customers already love the product.
00:21:03.640 --> 00:21:05.520
They're already using the product.
00:21:05.520 --> 00:21:07.080
They've already got a fanatical customer base.
00:21:07.080 --> 00:21:08.240
I'll give you a great example.
00:21:08.240 --> 00:21:09.240
This is Create Studio.
00:21:09.240 --> 00:21:16.600
When we did the Create Studio launch, we had over 2,600 people just on the launch call
00:21:16.600 --> 00:21:21.560
to introduce the new product, and it's an incredibly fanatical customer base.
00:21:21.560 --> 00:21:25.100
The customers love this product.
00:21:25.100 --> 00:21:27.080
They're absolutely rabid about this product.
00:21:27.080 --> 00:21:32.160
And so we want to find those types of customer bases where the customers are already very
00:21:32.160 --> 00:21:34.680
sticky and really love the products that are out there.
00:21:34.680 --> 00:21:42.160
So I would say anything that we think is tangential to our existing product line, anything we
00:21:42.160 --> 00:21:46.960
think our existing customers would want to add on and make sense for them to add on in
00:21:46.960 --> 00:21:52.560
that context is stuff that we're looking at as potential acquisitions.
00:21:52.560 --> 00:22:01.160
So thank you for the question.
00:22:01.160 --> 00:22:02.560
This is a great question.
00:22:02.560 --> 00:22:05.480
Are there additional areas of technologies you're exploring to further enhance Banzai's
00:22:05.480 --> 00:22:07.820
offerings?
00:22:07.820 --> 00:22:11.360
There are a handful of areas that we're looking at.
00:22:11.360 --> 00:22:24.080
I would say the things that are most interesting to me right now probably are number one, I
00:22:24.080 --> 00:22:29.400
think the advertising space is really interesting.
00:22:29.400 --> 00:22:34.400
Not the ad platform space necessarily, but ad tech.
00:22:34.400 --> 00:22:38.800
I think that AI is going to absolutely transform this space over the next few years.
00:22:38.800 --> 00:22:45.920
We're going to see AI that can generate your ads, run those ads across different platforms,
00:22:45.920 --> 00:22:49.820
see what's working, see what's not working, automatically adjust your audiences, automatically
00:22:49.820 --> 00:22:55.440
adjust your bidding strategies, automatically shift your budget to the areas that are performing
00:22:55.440 --> 00:22:57.120
the best.
00:22:57.120 --> 00:23:02.640
Maybe even that can go into your landing pages or into your website and do live personalization
00:23:02.640 --> 00:23:05.680
or a live generation of content there.
00:23:05.680 --> 00:23:10.040
And so basically a fully closed loop system for customer acquisition.
00:23:10.040 --> 00:23:14.840
I think we're going to see AI really take over that space.
00:23:14.840 --> 00:23:18.400
So right now there's a lot of people doing pieces of that.
00:23:18.400 --> 00:23:24.240
And I think putting all those pieces together in a platform that can give that closed loop
00:23:24.240 --> 00:23:26.320
is going to be really powerful.
00:23:26.320 --> 00:23:29.900
So we're looking into that actively right now.
00:23:29.900 --> 00:23:39.600
I think customer success technology, so like customer experience enablement, learning management.
00:23:39.600 --> 00:23:43.380
As I said, we're really focused on things that can bring data into our platform.
00:23:43.380 --> 00:23:49.800
So marketing ETL, attribution, analytics, products like that are really interesting
00:23:49.800 --> 00:23:50.800
categories for us.
00:23:50.800 --> 00:23:57.280
So basically anything we think will grow that AI context that we can then leverage to deliver
00:23:57.280 --> 00:24:03.880
new interesting features for our customers.
00:24:03.880 --> 00:24:08.000
Let's see.
00:24:08.000 --> 00:24:13.320
Last one here is will the revenues be fully realized in Q1 2025?
00:24:13.320 --> 00:24:15.560
Four million, 44 million ARR.
00:24:15.560 --> 00:24:21.880
I think the 44 million ARR number is going to be, again, that's an unaudited number,
00:24:21.880 --> 00:24:28.640
but that's the number that's going to be disclosed as part of the kind of consolidated filings
00:24:28.640 --> 00:24:32.240
that we're in the process of doing right now.
00:24:32.240 --> 00:24:35.400
Part of this is we got to get the acquisition of Act-On closed.
00:24:35.400 --> 00:24:38.160
We're making good progress on that.
00:24:38.160 --> 00:24:42.440
So I think hopefully we're pretty close on that.
00:24:42.440 --> 00:24:48.200
So assuming we get Act-On closed and everything else, I mean, I think that's the number that
00:24:48.200 --> 00:24:50.040
we put out there publicly.
00:24:50.040 --> 00:24:54.600
So that would be the number as of 12-31-2024.
00:24:54.600 --> 00:25:02.480
And then I think the Q1 number is going to reflect all of the stuff that happened in
00:25:02.480 --> 00:25:05.540
Q1 in addition to that.
00:25:05.540 --> 00:25:10.880
So the Q1 number will come out mid-May, I think, right Alvin?
00:25:10.880 --> 00:25:11.880
Right.
00:25:11.880 --> 00:25:12.880
Yeah.
00:25:12.880 --> 00:25:13.880
Yeah.
00:25:13.880 --> 00:25:21.200
So I think the Q1 numbers will be really, really interesting for folks.
00:25:21.200 --> 00:25:26.200
So let's see.
00:25:26.200 --> 00:25:34.760
Just wanted to emphasize that we have, I think, announced three total acquisitions in the
00:25:34.760 --> 00:25:41.560
last 75 days, OpenReel, Vidello, and Act-On.
00:25:41.560 --> 00:25:42.880
We've already closed two of those.
00:25:42.880 --> 00:25:45.280
We've already closed OpenReel and Vidello.
00:25:45.280 --> 00:25:47.940
We're working on Act-On right now.
00:25:47.940 --> 00:25:51.180
We are actively in talks with other folks as well.
00:25:51.180 --> 00:25:57.320
We don't have anything to share publicly about that right now, but we're always open to other
00:25:57.320 --> 00:25:58.780
exciting opportunities.
00:25:58.780 --> 00:26:01.660
We've had a lot of people reach out to us.
00:26:01.660 --> 00:26:04.200
So I do think there's a lot of great opportunities in the space right now.
00:26:04.200 --> 00:26:10.920
So very excited to share updates with you guys as soon as we have them ready to go.
00:26:10.920 --> 00:26:15.560
So we're just going to grow this business to the moon.
00:26:15.560 --> 00:26:17.940
That's our plan and our aspiration here.
00:26:17.940 --> 00:26:24.900
So thank you all for all the questions today.
00:26:24.900 --> 00:26:26.060
Let's see.
00:26:26.060 --> 00:26:29.960
Seeing no further questions, that concludes the formal business of today's shareholders
00:26:29.960 --> 00:26:30.960
meeting.
00:26:30.960 --> 00:26:33.820
I declare that the formal part of today's meeting is hereby adjourned.
00:26:33.820 --> 00:26:36.980
Thank you for your attendance in supporting Banzai International, Inc.
00:26:36.980 --> 00:26:39.700
Be safe and have a great rest of your day.
00:26:39.700 --> 00:26:40.700
Thank you, everyone.
00:26:40.700 --> 00:26:41.700
Bye-bye.
00:26:41.700 --> 00:27:11.540
Thank you to everyone for the great questions.