VHC 8-K
VirnetX Holding Corp (VHC)
8-K
2023-01-27
For: 2023-01-26
View Original
Added on
April 06, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
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)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices, including zip code)
(775 ) 548-1785
(Registrant’s telephone number, including area code)
Not Applicable
(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
(see General Instruction A.2):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in 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 5.03 |
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
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On January 26, 2023, the Board of Directors (the “Board”) of VirnetX Holding Corporation (the “Company”) approved the Company’s Amended and Restated Bylaws (the
“Amended Bylaws”), effective January 26, 2023. The Amended Bylaws supersede and replace the Company’s bylaws in effect immediately prior to the adoption of the Amended Bylaws.
Among other things, the amendments effected by the Amended Bylaws:
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update and clarify the procedures for delivery of notices of stockholder meetings and communications regarding adjourned
stockholder meetings;
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update and clarify the procedures for Board action by written consent;
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revise the advance notice procedures for stockholder nominations of directors and submission of stockholder proposals (other
than proposals to be included in the Company’s proxy statement pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended) made in connection with annual and special meetings of stockholders; and
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make certain other clarifying, conforming and ministerial changes.
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The foregoing description of the Amended Bylaws is qualified in its entirety by reference to the full text of the Amended Bylaws filed as Exhibit 3.1 to this Current
Report on Form 8-K, which is incorporated by reference into this Item 5.03.
| Item 9.01 |
Financial Statements and Exhibits.
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| (d) |
Exhibits
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Exhibit
No.
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Description
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Amended and Restated Bylaws of VirnetX Holding Corporation
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104
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Cover Page Interactive Data File, formatted in inline XBRL.
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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.
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VirnetX Holding Corporation
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By:
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/s/ Kendall Larsen
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Kendall Larsen
Chief Executive Officer
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| Dated: January 27, 2023 | |||
Exhibit 3.1
BYLAWS
OF
VIRNETX HOLDING CORPORATION
(As Amended and Restated Effective January 26, 2023)
TABLE OF CONTENTS
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Page
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ARTICLE I CORPORATE OFFICES
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1
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Section 1.1
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REGISTERED OFFICE
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1
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Section 1.2
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OTHER OFFICES
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1
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ARTICLE II MEETINGS OF STOCKHOLDERS
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1
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Section 2.1
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PLACE OF MEETINGS
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1
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Section 2.2
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ANNUAL MEETING
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1
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Section 2.3
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SPECIAL MEETING
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2
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Section 2.4
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NOTICE OF STOCKHOLDER’S MEETINGS; AFFIDAVIT OF NOTICE
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3 | |
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Section 2.5
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ADVANCE NOTICE OF STOCKHOLDER NOMINEES AND OTHER STOCKHOLDER PROPOSALS
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3
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Section 2.6
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QUORUM
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10
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Section 2.7
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ADJOURNED MEETING; NOTICE
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10
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Section 2.8
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CONDUCT OF BUSINESS
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11
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Section 2.9
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VOTING
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11
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Section 2.10
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WAIVER OF NOTICE
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11
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Section 2.11
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RECORD DATE FOR STOCKHOLDER NOTICE; VOTING
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11
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Section 2.12
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PROXIES
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12
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Section 2.13
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LIST OF STOCKHOLDERS ENTITLED TO VOTE
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12
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ARTICLE III DIRECTORS
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13
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Section 3.1
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POWERS
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13
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Section 3.2
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NUMBER OF DIRECTORS
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13
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Section 3.3
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ELECTION, QUALIFICATION AND TERM OF OFFICE OF DIRECTORS
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13
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Section 3.4
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RESIGNATION AND VACANCIES
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13
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Section 3.5
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PLACE OF MEETINGS; MEETINGS BY TELEPHONE
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Section 3.6
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REGULAR MEETINGS
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Section 3.7
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SPECIAL MEETINGS; NOTICE
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Section 3.8
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QUORUM
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Section 3.9
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WAIVER OF NOTICE
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Section 3.10
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BOARD ACTION BY WRITTEN CONSENT WITHOUT A MEETING
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Section 3.11
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FEES AND COMPENSATION OF DIRECTORS
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Section 3.12
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APPROVAL OF LOANS TO OFFICERS
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Section 3.13
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REMOVAL OF DIRECTORS
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Section 3.14
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CHAIRMAN OF THE BOARD OF DIRECTORS
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ARTICLE IV COMMITTEES
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17
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Section 4.1
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COMMITTEES OF DIRECTORS
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1
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Section 4.2
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COMMITTEE MINUTES
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Section 4.3
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MEETINGS AND ACTION OF COMMITTEES
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ARTICLE V OFFICERS
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Section 5.1
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OFFICERS
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Section 5.2
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APPOINTMENT OF OFFICERS
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Section 5.3
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SUBORDINATE OFFICERS
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Section 5.4
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REMOVAL AND RESIGNATION OF OFFICERS
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Section 5.5
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VACANCIES IN OFFICES
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Section 5.6
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CHIEF EXECUTIVE OFFICER
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Section 5.7
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PRESIDENT
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Section 5.8
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VICE PRESIDENTS
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Section 5.9
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SECRETARY
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Section 5.10
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CHIEF FINANCIAL OFFICER
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Section 5.11
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REPRESENTATION OF SECURITIES OF OTHER ENTITIES
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Section 5.12
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AUTHORITY AND DUTIES OF OFFICERS
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ARTICLE VI INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES, AND OTHER AGENTS
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Section 6.1
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INDEMNIFICATION OF DIRECTORS AND OFFICERS
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Section 6.2
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INDEMNIFICATION OF OTHERS
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Section 6.3
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PAYMENT OF EXPENSES IN ADVANCE
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Section 6.4
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INDEMNITY NOT EXCLUSIVE
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Section 6.5
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INSURANCE
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Section 6.6
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CONFLICTS
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Section 6.7
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LIMITATION ON INDEMNIFICATION.
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ARTICLE VII RECORDS AND REPORTS
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Section 7.1
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MAINTENANCE AND INSPECTION OF RECORDS
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Section 7.2
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ANNUAL STATEMENT TO STOCKHOLDERS
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ARTICLE VIII GENERAL MATTERS
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Section 8.1
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CHECKS
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Section 8.2
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EXECUTION OF CORPORATE CONTRACTS AND INSTRUMENTS
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Section 8.3
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STOCK CERTIFICATES; PARTLY PAID SHARES
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Section 8.4
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SPECIAL DESIGNATION ON CERTIFICATES
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Section 8.5
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LOST CERTIFICATES
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Section 8.6
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CONSTRUCTION; DEFINITIONS
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Section 8.7
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DIVIDENDS
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24
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Section 8.8
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FISCAL YEAR
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Section 8.9
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SEAL
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Section 8.10
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TRANSFER OF STOCK
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Section 8.11
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STOCK TRANSFER AGREEMENTS
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Section 8.12
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REGISTERED STOCKHOLDERS
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2
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ARTICLE IX EXCLUSIVE FORUM
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25
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ARTICLE X AMENDMENTS
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25
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3
BYLAWS
OF
VIRNETX HOLDING CORPORATION
ARTICLE I
Section 1.1 REGISTERED OFFICE. The address of the Corporation’s registered office in the State of Delaware is 251 Little Falls Drive, Wilmington, County of New Castle. The name of its registered agent at such address is Corporation
Service Company.
Section 1.2 OTHER OFFICES. The Board of Directors may at any time establish other offices at any place or places where the Corporation is qualified to do business.
ARTICLE II
Section 2.1 PLACE OF MEETINGS. Meetings of stockholders shall be held at any place, within or outside the State of Delaware, designated by the Board of Directors of the Corporation (the “Board of Directors”). The Board of Directors
may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized by Section 211(a)(2) of the Delaware General Corporation Law or any
successor legislation (the “DGCL”). In the absence of any such designation, stockholders’ meetings shall be held at the principal executive office of the Corporation.
(a) The annual meeting of stockholders
shall be held each year on a date and at a time designated by resolution of the Board of Directors. At the meeting, directors shall be elected and any other proper business, brought in accordance with Section 2.2(b) of these Bylaws, may be
transacted. The Board of Directors may cancel, postpone or reschedule any previously scheduled annual meeting at any time, before or after the notice for such meeting has been sent to the stockholders.
(b) Nominations of persons for election to
the Board of Directors of the Corporation and the proposal of business to be transacted by the stockholders may be made at an annual meeting of stockholders only (i) pursuant to the Corporation’s notice with respect to such meeting (or any
supplement thereto), (ii) by or at the direction of the Board of Directors, or any committee thereof that has been formally delegated authority to nominate such persons or propose such business pursuant to a resolution adopted by the Board of
Directors, (iii) as may be provided in the certificate of designations for any class or series of preferred stock or (iv) by any stockholder of the Corporation who (A) is a stockholder of record at the time of giving of the notice provided for in
this Section 2.2 and Section 2.5, (B) is a stockholder of record on the record date for the determination of stockholders entitled to notice at the annual meeting, (C) is a stockholder of record on the record date for the determination of
stockholders entitled to vote at the annual meeting, (D) is a stockholder of record at the time of the annual meeting and (E) and has complied with the notice procedures set forth in this Section 2.2 and Section 2.5.
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(c) For nominations or other business to be
properly brought before an annual meeting by a stockholder pursuant to clause (iv) of paragraph (b) of this Section 2.2, the stockholder must have given timely notice thereof in writing to the secretary of the Corporation (the “secretary”), as
provided in Section 2.5, and such nomination or business must be a proper matter for stockholder action under the DGCL.
(d) Only such business or nominations shall
be conducted at an annual meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in these Bylaws.
(e) For purposes of these Bylaws, “public
announcement” shall mean disclosure by a national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13, Section 14 or Section 15(d) of the Securities
Exchange Act of 1934 (as amended and inclusive of rules and regulations thereunder, the “1934 Act”) or by such other means as is reasonably designed to inform the public or stockholders of the Corporation in general of such information,
including, without limitation, posting on the Corporation’s investor relations website..
(a) A special meeting of the stockholders,
other than as required by statute, may be called at any time by the Board of Directors, or by the chairman of the board, or by the president, but a special meeting may not be called by any other person or persons and any power of stockholders to
call a special meeting of stockholders is specifically denied. The Board of Directors may cancel, postpone or reschedule any previously scheduled special meeting at any time, before or after the notice for such meeting has been sent to the
stockholders. The notice of a special meeting shall include the purpose for which the meeting is called. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting by or at the
direction Board of Directors, the chairman of the board or the president. Nothing contained in this Section 2.3(a) shall be construed as limiting, fixing or affecting the time when a meeting of stockholders called by action of the Board of
Directors may be held.
(b) 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 pursuant to such notice of meeting (i) by or at the direction of the Board of Directors or (ii) by any stockholder of the Corporation who
(A) is a stockholder of record at the time of giving of notice provided for in Section 2.5, (B) is a stockholder of record on the record date for the determination of stockholders entitled to notice of the special meeting, (C) is a stockholder of
record on the record date for the determination of stockholders entitled to vote at the meeting, (D) is a stockholder of record at the time of the special meeting and (E) complies with the notice procedures set forth in Section 2.5 (with such
procedures that the Corporation deems to be applicable to such special meeting).
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Section 2.4 NOTICE OF STOCKHOLDER’S MEETINGS; AFFIDAVIT OF NOTICE. All notices of meetings of stockholders shall be given in accordance with Section 232 of the DGCL and, except otherwise provided in the DGCL, the Certificate of
Incorporation or these Bylaws, 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 as of the record date for determining the stockholders entitled to notice of
the meeting. The notice shall specify the place, if any, date, and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, the record
date for determining the stockholders entitled to vote at the meeting, if such date is different from the record date for determining stockholders entitled to notice of the meeting, and, in the case of a special meeting, the purpose or purposes for
which the meeting is called. An affidavit of the secretary or an assistant secretary or of the transfer agent or other agent of the Corporation that the notice has been given shall, in the absence of fraud, be prima facie evidence of the facts
stated therein.
(a) Annual Meetings of Stockholders.
(i) Nominations of persons for election to
the Board of Directors may be made at a meeting of stockholders in the manner set forth in Section 2.2, including by or at the direction of the Board of Directors or by any stockholder of the Corporation who complies with the procedures set forth
in Section 2.2 and this Section 2.5. Such nominations, other than those made by or at the direction of the Board of Directors, shall be made pursuant to timely notice in writing to the secretary of the Corporation in accordance with this Section
2.5. In accordance with Section 2.2, stockholders may bring the proposal of other business to be transacted by the stockholders at the annual meeting, provided that timely notice is provided to the secretary of the Corporation in accordance with
this Section 2.5, and provided further that such business is a proper matter for stockholder action under the DGCL.
(ii) To be timely, a stockholder’s notice
shall be received by the secretary at the principal executive offices of the Corporation no later than 5:00 p.m., Eastern time, on the 90th day and no earlier than 8:00 a.m., Eastern time, on the 120th day prior to the anniversary date of the
prior year’s annual meeting as first specified in the Corporation’s notice of such annual meeting (without regard to any adjournment, rescheduling, postponement or other delay of such annual meeting occurring after such notice was first sent);
provided, however, that in the event that no annual meeting of stockholders was held in the preceding year, or if the date of the annual meeting for the current year is changed by more than 25 days from the anniversary date, notice by the
stockholder to be timely must be so received no earlier than 8:00 a.m., Eastern time, on the 120th day prior to the day of the annual meeting and no later than 5:00 p.m., Eastern time on the later of the 90th day prior to the day of the annual
meeting or, if the first public announcement of the date of such annual meeting is less than 100 days prior to the date of such annual meeting, on the 10th day following the day on which public announcement of the date of the meeting was first
made by the Corporation. In no event will the adjournment, rescheduling, postponement or other delay of any annual meeting, or any announcement thereof, commence a new time period (or extend any time period) for the giving of a stockholder’s
notice as described above. In no event may a stockholder provide notice with respect to a greater number of director candidates than there are director seats subject to election by stockholders at the annual meeting. If the number of directors to
be elected to the Board of Directors is increased and there is no public announcement naming all of the nominees for director or specifying the size of the increased Board of Directors at least 10 days before the last day that a stockholder may
deliver a notice of nomination pursuant to the foregoing provisions, then a stockholder’s notice required by this Section 2.5(a) will also be considered timely, but only with respect to any nominees for any new positions created by such increase,
if it is received by the secretary at the principal executive offices of the Corporation no later than 5:00 p.m., Eastern time, on the 10th day following the day on which such public announcement is first made.
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(iii) Such stockholder’s notice shall set
forth:
(a) as to each person whom the stockholder proposes to nominate for election as a director: (i) the name, age, business address and residence address of such person, (ii) the principal occupation or employment of such person,
(iii) the class and number of shares of the Corporation which are held of record or are beneficially owned by such person and any (A) Derivative Instruments (as defined below) held or beneficially owned by such person, including the full notional
amount of any securities that, directly or indirectly, underlie any Derivative Instrument, and (B) other agreement, arrangement or understanding that has been made the effect or intent of which is to create or mitigate loss to, manage risk or
benefit of share price changes for, or increase or decrease the voting power of such person with respect to the Corporation’s securities, (iv) all information relating to such person that is required to be disclosed in solicitations of proxies
for the contested election of directors, or is otherwise required, in each case pursuant to Section 14 of the 1934 Act, (v) such person’s written consent to being named as a nominee, to being named in the Corporation’s form of proxy pursuant to
Rule 14a‑19 under the 1934 Act and to serving as a director if elected, (vi) any direct or indirect compensatory, payment, indemnification or other financial agreement, arrangement or understanding that such person has, or has had within the past
three years, with any person or entity other than the Corporation (including, without limitation, the amount of any payment or payments received or receivable thereunder), in each case in connection with candidacy or service as a director of the
Corporation (such agreement, arrangement or understanding, a “Third-Party Compensation Arrangement”) and (vii) a description of any other material relationships between such person and such person’s respective affiliates and associates, or others
acting in concert with them, on the one hand, and such stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination is made, and their respective affiliates and associates, or others acting in concert with them,
on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item 404 under Regulation S-K if such stockholder, beneficial owner, affiliate or associate were the “registrant” for purposes of
such rule and such person were a director or executive officer of such registrant;
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(b) as to any other business that the stockholder proposes to bring before the meeting: (i) a brief description of such business, (ii) the text of the proposal or business (including the text of any resolutions proposed for
consideration and, if applicable, the text of any proposed amendment to these Bylaws), (iii) the reasons for conducting such business at the meeting, (iv) any material interest in such business of such stockholder giving the notice and the
beneficial owner, if any, on whose behalf the proposal is made and their respective affiliates and associates, or others acting in concert with them and (v) all agreements, arrangements and understandings between such stockholder and the
beneficial owner, if any, on whose behalf the proposal is made, and their respective affiliates or associates or others acting in concert with them, and any other persons (including their names) in connection with the proposal of such business by
such stockholder; and
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(c) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made: (i) the name and address of the stockholder, as they appear on the Corporation’s books, of such
beneficial owner and of their respective affiliates or associates or others acting in concert with them and (ii) for each class or series, the class and number of shares of stock of the Corporation which are, directly or indirectly, owned of
record or beneficially owned by such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, (iii) any agreement, arrangement or understanding between such stockholder, such
beneficial owner or their respective affiliates or associates or others acting in concert with them, and any other person or persons (including, in each case, their names) in connection with the proposal of such nomination or other business, (iv)
any (A) agreement, arrangement or understanding (including, without limitation and regardless of the form of settlement, any derivative, long or short positions, profit interests, forwards, futures, swaps, options, warrants, convertible
securities, stock appreciation or similar rights, hedging transactions and borrowed or loaned shares) that has been entered into by or on behalf of such stockholder, such beneficial owner or their respective affiliates or associates or others
acting in concert with them with respect to the Corporation’s securities (any of the foregoing, a “Derivative Instrument”) including the full notional amount of any securities that, directly or indirectly, underlie any Derivative Instrument and
(B) other agreement, arrangement or understanding that has been made the effect or intent of which is to create or mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such stockholder,
such beneficial owner or their respective affiliates or associates or others acting in concert with them with respect to the Corporation’s securities, (v) any proxy, contract, arrangement, understanding or relationship pursuant to which such
stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them has a right to vote any shares of any security of the Corporation, (vi) any rights to dividends on the Corporation’s securities
owned beneficially by such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them that are separated or separable from the underlying security, (vii) any proportionate interest in the
Corporation’s securities or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with
them is a general partner or, directly or indirectly, beneficially owns an interest in a general partner of such general or limited partnership, (viii) any performance-related fees (other than an asset-based fee) that such stockholder, such
beneficial owner or their respective affiliates or associates or others acting in concert with them is entitled to based on any increase or decrease in the value of the Corporation’s securities or Derivative Instruments, including, without
limitation, any such interests held by members of the immediate family of such persons sharing the same household, (ix) any significant equity interests or any Derivative Instruments in any principal competitor of the Corporation that are held by
such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, (x) any direct or indirect interest of such stockholder, such beneficial owner or their respective affiliates or
associates or others acting in concert with them in any contract with the Corporation, any affiliate of the Corporation or any principal competitor of the Corporation (in each case, including, without limitation, any employment agreement,
collective bargaining agreement or consulting agreement), (xi) any material pending or threatened legal proceeding in which such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them
is a party or material participant involving the Corporation or any of its officers, directors or affiliates, (xii) any material relationship between such stockholder, such beneficial owner or their respective affiliates or associates or others
acting in concert with them, on the one hand, and the Corporation or any of its officers, directors or affiliates, on the other hand, (xiii) a representation and undertaking that the stockholder is a holder of record of stock of the Corporation
as of the date of submission of the stockholder’s notice and intends to appear in person or by proxy at the annual meeting to bring such nomination or other business before the annual meeting, (xiv) a representation and undertaking as to whether
such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them intends, or is part of a group that intends, to (A) deliver a proxy statement or form of proxy to holders of at least the
percentage of the voting power of the Corporation’s then-outstanding stock required to approve or adopt the proposal or to elect each such nominee (which representation and undertaking must include a statement as to whether such stockholder, such
beneficial owner or their respective affiliates or associates or others acting in concert with them intends to solicit the requisite percentage of the voting power of the Corporation’s stock under Rule 14a-19 of the 1934 Act) or (B) otherwise
solicit proxies from stockholders in support of such proposal or nomination, (xv) any other information relating to such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, or
director nominee or proposed business, that, in each case, would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies in support of such nominee (in a contested
election of directors) or proposal pursuant to Section 14 of the 1934 Act and (xvi) such other information relating to any proposed item of business as the Corporation may reasonably require to determine whether such proposed item of business is
a proper matter for stockholder action.
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(d) In addition to the requirements of this Section 2.5, to be timely, a stockholder’s notice (and any additional information submitted to the Corporation in connection therewith) must further be updated and supplemented (i) if
necessary, so that the information provided or required to be provided in such notice is true and correct as of the record date(s) for determining the stockholders entitled to notice of, and to vote at, the annual meeting and as of the date that
is 10 business days prior to the annual meeting or any adjournment, rescheduling, postponement or other delay thereof and (ii) to provide any additional information that the Corporation may reasonably request. Any such update and supplement or
additional information (including, if requested pursuant to Section 2.5(a)(iii)(c)(xvi)) must be received by the secretary at the principal executive offices of the Corporation (A) in the case of a request for additional information, promptly
following a request therefor, which response must be received by the secretary not later than such reasonable time as is specified in any such request from the Corporation or (B) in the case of any other update or supplement of any information,
not later than five business days after the record date(s) for the annual meeting (in the case of any update and supplement required to be made as of the record date(s)), and not later than eight business days prior to the date for the annual
meeting or any adjournment, rescheduling, postponement or other delay thereof (in the case of any update or supplement required to be made as of 10 business days prior to the annual meeting or any adjournment, rescheduling, postponement or other
delay thereof). No later than five business days prior to the annual meeting or any adjournment, rescheduling, postponement or other delay thereof, a stockholder nominating individuals for election as a director will provide the Corporation with
reasonable evidence that such stockholder has met the requirements of Rule 14a-19. The failure to timely provide such update, supplement, evidence or additional information shall result in the nomination or proposal no longer being eligible for
consideration at the annual meeting. If the stockholder fails to comply with the requirements of Rule 14a-19 (including because the stockholder fails to provide the Corporation with all information or notices required by Rule 14a-19), then the
director nominees proposed by such stockholder shall be ineligible for election at the annual meeting and any votes or proxies in respect of such nomination shall be disregarded, notwithstanding that such proxies may have been received by the
Corporation and counted for the purposes of determining quorum. For the avoidance of doubt, the obligation to update and supplement, or provide additional information or evidence, as set forth in these Bylaws shall not limit the Corporation’s
rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines pursuant to these Bylaws or enable or be deemed to permit a stockholder who has previously submitted notice pursuant to these Bylaws
to amend or update any nomination or to submit any new nomination. No disclosure pursuant to these Bylaws will be required with respect to the ordinary course business activities of any broker, dealer, commercial bank, trust company or other
nominee who is the stockholder submitting a notice pursuant to this Section 2.5 solely because such broker, dealer, commercial bank, trust company or other nominee has been directed to prepare and submit the notice required by these Bylaws on
behalf of a beneficial owner.
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(b) Special Meetings of Stockholders. Except to the extent required by the DGCL, and subject to Section 2.3(a), special meetings of stockholders may be called only in accordance with the Corporation’s Certificate
of Incorporation and these Bylaws. Only such business will be conducted at a special meeting of stockholders as has been brought before the special meeting pursuant to the Corporation’s notice of meeting. For nominations to be properly brought by
a stockholder before a special meeting pursuant to Section 2.3(b) and this Section 2.5(b), the stockholder’s notice must be received by the secretary at the principal executive offices of the Corporation no earlier than 8:00 a.m., Eastern time,
on the 120th day prior to the day of the special meeting and no later than 5:00 p.m., Eastern time, on the 10th day following the day on which public announcement of the date of the special meeting was first made. In no event will any
adjournment, rescheduling, postponement or other delay of a special meeting or any announcement thereof commence a new time period (or extend any time period) for the giving of a stockholder’s notice as described above. A stockholder’s notice to
the secretary must comply with the applicable notice requirements of Section 2.5(a)(iii), with references therein to “annual meeting” deemed to mean “special meeting” for the purposes of this final sentence of this Section 2.5(b).
(c) Other
Requirements and Procedures.
(i) To be eligible to be a nominee of any
stockholder for election as a director of the Corporation, the proposed nominee must provide to the secretary, in accordance with the applicable time periods prescribed for delivery of notice under Section 2.5(a)(ii) or Section 2.5(b):
(A) a signed and completed written
questionnaire (in the form provided by the secretary at the written request of the nominating stockholder, which form will be provided by the secretary within 10 days of receiving such request) containing information regarding such nominee’s
background and qualifications and such other information as may reasonably be required by the Corporation to determine the eligibility of such nominee to serve as a director of the Corporation or to serve as an independent director of the
Corporation;
(B) a written representation and
undertaking that, unless previously disclosed to the Corporation, such nominee is not, and will not become, a party to any voting agreement, arrangement, commitment, assurance or understanding with any person or entity as to how such nominee, if
elected as a director, will vote on any issue;
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(C) a written representation and
undertaking that, unless previously disclosed to the Corporation, such nominee is not, and will not become, a party to any Third-Party Compensation Arrangement;
(D) a written representation and undertaking
that, if elected as a director, such nominee would be in compliance, and will continue to comply, with the Corporation’s corporate governance, conflict of interest, confidentiality, stock ownership and trading guidelines, and other policies and
guidelines applicable to directors and in effect during such person’s term in office as a director (and, if requested by any candidate for nomination, the secretary will provide to such proposed nominee all such policies and guidelines then in
effect); and
(E) a written representation and
undertaking that such nominee, if elected, intends to serve a full term on the Board of Directors.
(ii) At the request of the Board of
Directors any person nominated by the Board of Directors for election as a director shall furnish to the secretary of the Corporation that information required to be set forth in a stockholder’s notice of nomination which pertains to the nominee.
(iii) No person shall be eligible to be
nominated by a stockholder for election as a director of the Corporation, or to be seated as a director of the Corporation, unless nominated in accordance with the procedures set forth in this Section 2.5. No business proposed by a stockholder
will be conducted at a stockholder meeting except in accordance with this Section 2.5.
(iv) The chairman of the applicable meeting
of stockholders shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the procedures prescribed by the Bylaws or that other proposed business was not properly brought before the
meeting, and if he or she should so determine, he or she shall so declare to the meeting and the defective nomination shall be disregarded or such business will not be transacted, as the case may be.
(v) Notwithstanding anything to the
contrary in this Section 2.5, unless otherwise required by law, if the stockholder (or a qualified representative of the stockholder) does not appear in person at the meeting to present a nomination or other proposed business, such nomination
will be disregarded or such business will not be transacted, as the case may be, notwithstanding that proxies in respect of such nomination or business may have been received by the Corporation and counted for purposes of determining a quorum.
For purposes of this Section 2.5, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by a writing executed by such stockholder
or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting, and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic
transmission, at the meeting.
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(vi) Without limiting this Section 2.5, a
stockholder must also comply with all applicable requirements of the 1934 Act with respect to the matters set forth in this Section 2.5, it being understood that (1) any references in these Bylaws to the 1934 Act are not intended to, and will
not, limit any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this Section 2.5; and (2) compliance with clause (iv) of Section 2.2(b) and with Section 2.5(b) are the exclusive means for a
stockholder to make nominations or submit other business (other than as provided in Section 2.5(c)(vii)).
(vii) Notwithstanding anything to the
contrary in this Section 2.5, the notice requirements set forth in these Bylaws with respect to the proposal of any business pursuant to this Section 2.5 will be deemed to be satisfied by a stockholder if (1) such stockholder has submitted a
proposal to the Corporation in compliance with Rule 14a-8 under the 1934 Act; and (2) such stockholder’s proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies for the meeting of stockholders.
Subject to Rule 14a-8 and other applicable rules and regulations under the 1934 Act, nothing in these Bylaws will be construed to permit any stockholder, or give any stockholder the right, to include or have disseminated or described in the
Corporation’s proxy statement any nomination of a director or any other business proposal.
Section 2.6 QUORUM. The holders of a majority of the voting power of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the
stockholders for the transaction of business except as otherwise provided by statute or by the Certificate of Incorporation. If, however, such quorum is not present or represented at any meeting of the stockholders, then either (a) the chairman of
the meeting or (b) the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present or
represented. At such adjourned meeting at which a quorum is present or represented, any business may be transacted that might have been transacted at the original meeting.
Section 2.7 ADJOURNED MEETING; NOTICE. When a meeting is adjourned to another time or place (including an adjournment taken to address a technical failure to convene or continue a meeting using remote communication), unless these
Bylaws otherwise require, notice need not be given of the adjourned meeting if the time and place, if any, thereof 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 such adjourned meeting are (i) announced at the meeting at which the adjournment is taken, (ii) displayed, during the time scheduled for the meeting, on the same electronic network used to enable stockholders and proxy holders to
participate in the meeting by means of remote communication or (iii) set forth in the notice of meeting given in accordance with Section 222(a) of the DGCL. At the adjourned meeting the Corporation may transact any business that might have been
transacted at the original meeting. If the adjournment is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for
stockholders entitled to vote is fixed for the adjourned meeting, the Board of Directors shall fix a new record date for notice of such adjourned meeting in accordance with Section 213(a) of the DGCL and Section 2.11 of these Bylaws, and shall give
notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date fixed for notice of such adjourned meeting.
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Section 2.8 CONDUCT OF BUSINESS. The chairman of any meeting of stockholders shall determine the order of business and the procedure at the meeting, including the manner of voting and the conduct of business. The chairman of any
meeting of stockholders shall have the power to adjourn the meeting to another place, if any, date or time, whether or not a quorum is present.
(a) The stockholders entitled to vote at
any meeting of stockholders shall be determined in accordance with the provisions of Section 2.11 of these Bylaws, subject to the provisions of Sections 217 and 218 of the DGCL (relating to voting rights of fiduciaries, pledgors and joint owners
of stock and to voting trusts and other voting agreements).
(b) Except as may be otherwise provided in
the Certificate of Incorporation, each stockholder shall be entitled to one vote for each share of capital stock held by such stockholder as of the applicable record date that has voting power upon the matter in question. Except as otherwise
provided by law, the Certificate of Incorporation, these Bylaws or the rules of any applicable stock exchange on which the Corporation’s securities are listed, in all matters other than the election of directors, the affirmative vote of a
majority of the shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of the stockholders. Except as otherwise required by law, the Certificate of Incorporation or these
Bylaws, directors shall be elected by a plurality of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. Except as otherwise provided by law, the Certificate of Incorporation,
these Bylaws or the rules of any applicable stock exchange on which the Company’s securities are listed, where a separate vote by a class or series or classes or series is required, in all matters other than the election of directors, the
affirmative vote of the majority of the outstanding shares of such class or series or classes or series present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of such class or series
or classes or series.
Section 2.10 WAIVER OF NOTICE. Whenever notice is required to be given under any provision of the DGCL or of the Certificate of Incorporation or these Bylaws, a written waiver thereof, signed by the person entitled to notice, or a
waiver by electronic transmission by the person entitled to notice, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver
of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the
business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice or any waiver by electronic transmission unless so required by the
Certificate of Incorporation or these Bylaws.
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Section 2.11 RECORD DATE FOR STOCKHOLDER NOTICE; VOTING. 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 or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or 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 by the Board of Directors, and which shall not be more than 60 nor less than 10 days
before the date of such meeting, nor more than 60 days prior to any other action. If the Board of Directors so fixes a record date for a meeting, such date shall also be the record date for determining the stockholders entitled to vote at such
meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If the Board of Directors does not so fix a record
date:
(a) 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.
(b) The record date for determining
stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.
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 for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for stockholders
entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance with the provisions of Section 2.11 of the DGCL and this Section at the adjourned meeting.
Section 2.12 PROXIES. Each stockholder entitled to vote at a meeting of stockholders, or such stockholder’s authorized officer, director, employee or agent, may authorize another person or persons to act for such stockholder by
proxy authorized by a document or by a transmission permitted by law filed in accordance with the procedure established for the meeting, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a
longer period. The authorization of a person to act as a proxy may be documented, signed and delivered in accordance with Section 116 of the DGCL; provided that such
authorization shall set forth, or be delivered with information enabling the Corporation to determine, the identity of the stockholder granting such authorization. The revocability of a proxy that states on its face that it is irrevocable shall be
governed by the provisions of Section 212(e) of the DGCL.
Section 2.13 LIST OF STOCKHOLDERS ENTITLED TO VOTE. The Corporation shall prepare, no later than the tenth day before each meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting; provided,
however, if the record date for determining the stockholders entitled to vote is less than 10 days before the meeting date, the list shall reflect the stockholders entitled to vote as of the tenth day before the meeting date, arranged in
alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. The Corporation shall not be required to include electronic mail addresses or other electronic contact information
on such list. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period of ten days ending on the day before the meeting date: (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 Corporation’s principal place of business. 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.
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ARTICLE III
Section 3.1 POWERS. Subject to the provisions of the DGCL and any limitations in the Certificate of Incorporation, the business and affairs of the Corporation shall be managed and all corporate powers shall be exercised by or under
the direction of the Board of Directors.
Section 3.2 NUMBER OF DIRECTORS. The number of directors constituting the entire Board of Directors shall be five.
Thereafter, this number may be changed by a resolution of the Board of Directors, subject to Section 3.4 of these Bylaws and the Certificate of
Incorporation. No reduction of the authorized number of directors shall have the effect of removing any director before such director’s term of office expires.
Section 3.3 ELECTION, QUALIFICATION AND TERM OF OFFICE OF DIRECTORS. Directors need not be stockholders unless so required by the Certificate of Incorporation or these Bylaws, wherein other qualifications for directors may be
prescribed. Except as provided in Section 3.4 of these Bylaws, each director, including a director elected to fill a vacancy or newly created directorship, shall hold office until the expiration of the term for which elected and until his or her
successor is elected and qualified or until his or her earlier death, resignation or removal.
If so provided in the Certificate of Incorporation, the directors of the Corporation shall be divided into three classes.
Section 3.4 RESIGNATION AND VACANCIES. Any director may resign at any time upon notice given in writing or electronic transmission to the Corporation. A resignation is effective when the resignation is delivered unless the
resignation specifies a later effective date or an effective date determined upon the happening of an event or events. Unless otherwise provided in the Certificate of Incorporation or these Bylaws,
when one or more directors so resigns and the resignation is 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 as provided in this Section 3.4 in the filling of other vacancies. Unless otherwise provided in the Certificate of Incorporation or
these Bylaws, a vacancy created by the removal of a director by the vote of the stockholders or by court order may be filled only by the affirmative vote of a majority of the voting power of the then-outstanding shares of voting stock of the
Corporation entitled to vote generally in the election of directors, voting together as a single class, or by the affirmative vote of a majority of the remaining directors then in office, even though less than a quorum of the Board of Directors.
Each director so elected shall hold office until the next annual meeting of the stockholders and until a successor has been elected and qualified.
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Unless otherwise provided in the Certificate of Incorporation or these Bylaws:
(a) Vacancies and newly created
directorships resulting from any increase in the authorized number of directors elected by all of the stockholders having the right to vote as a single class may be filled by a majority of the directors then in office, although less than a
quorum, or by a sole remaining director.
(b) 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 may 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.
If at any time, by reason of death or resignation or other cause, the Corporation should have no directors in office, then any officer or any
stockholder or an executor, administrator, trustee or guardian of a stockholder, or other fiduciary entrusted with like responsibility for the person or estate of a stockholder, may call a special meeting of stockholders in accordance with the
provisions of the Certificate of Incorporation or these Bylaws, or may apply to the Court of Chancery for a decree summarily ordering an election as provided in Section 211 of the DGCL.
If the directors are divided into classes, a person so chosen to fill a vacancy or newly created directorship shall hold office until the next
election of the class for which such director shall have been chosen and until his or her successor shall have been duly elected and qualified.
If, at the time of filling any vacancy or any newly created directorship, the directors then in office constitute less than a majority of the whole
Board of Directors (as constituted immediately prior to any such increase), then the Court of Chancery may, upon application of any stockholder or stockholders holding at least 10% of the total number of the shares at the time outstanding having the
right to vote for such directors, summarily order an election to be held to fill any such vacancies or newly created directorships, or to replace the directors chosen by the directors then in office as aforesaid, which election shall be governed by
the provisions of Section 211 of the DGCL as far as applicable.
Section 3.5 PLACE OF MEETINGS; MEETINGS BY TELEPHONE. The Board of Directors of the Corporation may hold meetings, both regular and special, either within or outside the State of Delaware. Unless otherwise restricted by the
Certificate of Incorporation or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or any committee, by means of conference telephone or
other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.
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Section 3.6 REGULAR MEETINGS. Regular meetings of the Board of Directors may be held without notice at such time and at such place as shall from time to time be determined by the Board of Directors.
Section 3.7 SPECIAL MEETINGS; NOTICE. Special meetings of the Board of Directors for any purpose or purposes may be called at any time by the chairman of the board, the president, any vice president, the secretary or any two (2)
directors, provided that the person(s) authorized to call a special meeting of the Board of Directors may authorize another person or persons to send notice of such meeting.
Notice of the time and place of special meetings shall be delivered personally by hand, by courier or by telephone; sent by United States first-class
mail, postage prepaid; sent by facsimile; sent by electronic mail; or otherwise given by electronic transmission (as defined in Section 232 of the DGCL), directed to each director at that director’s address, telephone number, facsimile number,
electronic mail address or other contact for notice by electronic transmission, as the case may be, as it is shown on the records of the Corporation. If the notice is mailed, it shall be deposited in the United States mail at least four (4) days
before the time of the holding of the meeting. If the notice is delivered personally by hand, by courier, or by telephone, sent by facsimile, sent by electronic mail or otherwise given by electronic transmission, it shall be delivered, sent or
otherwise directed to each director, as applicable, at least twenty-four (24) hours before the time of the holding of the meeting, or on such shorter notice as the person or persons calling such meeting may deem necessary and appropriate in the
circumstances. Any oral notice of the time and place of the meeting may be communicated to the director in lieu of written notice if such notice is communicated at least 24 hours before the time of the holding of the meeting. The notice need not
specify the place of the meeting, if the meeting is to be held at the principal executive office of the Corporation, nor the purpose of the meeting, unless required by statute.
Section 3.8 QUORUM. At all meetings of the Board of Directors, a majority of the authorized number of directors shall constitute a quorum for the transaction of business and the act of a majority of the directors present at any
meeting at which there is a quorum shall be the act of the Board of Directors, except as may be otherwise specifically provided by statute or by the Certificate of Incorporation. If a quorum is not present at any meeting of the Board of Directors,
then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present.
A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of directors, if any action taken is
approved by at least a majority of the required quorum for that meeting.
Section 3.9 WAIVER OF NOTICE. Whenever notice is required to be given under any provision of the DGCL or of the Certificate of Incorporation or these Bylaws, a written waiver thereof, signed by the person entitled to notice, or a
waiver by electronic transmission by the person entitled to notice, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver
of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the
business to be transacted at, nor the purpose of, any regular or special meeting of the directors, or members of a committee of directors, need be specified in any written waiver of notice or any waiver by electronic transmission unless so required
by the Certificate of Incorporation or these Bylaws.
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Section 3.10 BOARD ACTION BY WRITTEN CONSENT WITHOUT A 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 a consent may be documented, signed and delivered in
any manner permitted by Section 116 of the DGCL. Any person (whether or not then a director) may provide, whether through instruction to an agent or otherwise, that a consent to action will be effective at a future time (including a time determined
upon the happening of an event), no later than 60 days after such instruction is given or such provision is made and such consent shall be deemed to have been given for purposes of this Section 3.10 at such effective time so long as such person is
then a director and did not revoke the consent prior to such time. Any such consent shall be revocable prior to its becoming effective. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of
proceedings of the Board of Directors or committee in the same paper or electronic form as the minutes are maintained.
Section 3.11 FEES AND COMPENSATION OF DIRECTORS. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board of Directors shall have the authority to fix the compensation of directors. No such
compensation shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.
Section 3.12 APPROVAL OF LOANS TO OFFICERS. 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 subsidiary, including any officer or
employee who is a director of the Corporation or its subsidiary, whenever, in the judgment of the directors, such loan, guaranty or assistance may reasonably be expected to benefit the Corporation. The loan, guaranty 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 this Section 3.12 contained shall be deemed to
deny, limit or restrict the powers of guaranty or warranty of the Corporation at common law or under any statute.
Section 3.13 REMOVAL OF DIRECTORS. Unless otherwise restricted by statute, by the Certificate of Incorporation or by these Bylaws, any director or the entire Board of Directors may be removed, with or without cause, by the holders
of a majority of the shares then entitled to vote at an election of directors.
No reduction of the authorized number of directors shall have the effect of removing any director prior to the expiration of such director’s term of
office.
Section 3.14 CHAIRMAN OF THE BOARD OF DIRECTORS. The Corporation may also have, at the discretion of the Board of Directors, a Chairman of the Board of Directors who shall not be considered an officer of the Corporation.
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ARTICLE IV
Section 4.1 COMMITTEES OF DIRECTORS. The Board of Directors may, by resolution passed by a majority of the whole Board of Directors, designate one or more committees, with each committee to consist of one or more of the directors
of the Corporation. 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. In the absence or disqualification of a member
of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members 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. Any such committee, to the extent provided in the resolution of the Board of Directors or in the Bylaws of the Corporation, 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 that may require it; but no such committee shall have the power or authority to (a)
approve or adopt, or recommend 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 (b) adopt, amend or repeal any bylaw of the
Corporation.
Section 4.2 COMMITTEE MINUTES. Each committee and subcommittee shall keep regular minutes of its meetings.
Section 4.3 MEETINGS AND ACTION OF COMMITTEES. Meetings and actions of committees and subcommittees shall be governed by, and held and taken in accordance with, the provisions of Section 3.5 (place of meetings and meetings by
telephone), Section 3.6 (regular meetings), Section 3.7 (special meetings and notice), Section 3.8 (quorum), Section 3.9 (waiver of notice), and Section 3.10 (action without a meeting) of these Bylaws, with such changes in the context of such
provisions as are necessary to substitute the committee or subcommittee and its members for the Board of Directors and its members; provided, however, that the time and place of regular meetings of committees or subcommittees may be determined
either by resolution of the Board of Directors or by resolution of the committee or subcommittee, that special meetings of committees or subcommittees may also be called by resolution of the Board of Directors or the committee or the subcommittee
and that notice of special meetings of committees and subcommittees shall also be given to all alternate members, who shall have the right to attend all meetings of the committee or subcommittee. The Board of Directors may adopt rules for the
government of any committee or subcommittee.
ARTICLE V
Section 5.1 OFFICERS. The officers of the Corporation shall be a chief executive officer, a president, a secretary, and a chief financial officer. The Corporation may also have, at the discretion of the Board of Directors, one or
more vice presidents, one or more assistant secretaries, one or more assistant treasurers, and any such other officers as may be appointed in accordance with the provisions of Section 5.3 of these Bylaws. Any number of offices may be held by the
same person.
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Section 5.2 APPOINTMENT OF OFFICERS. The officers of the Corporation, except such officers as may be appointed in accordance with the provisions of Sections 5.3 or 5.5 of these Bylaws, shall be appointed by the Board of Directors,
subject to the rights, if any, of an officer under any contract of employment.
Section 5.3 SUBORDINATE OFFICERS. The Board of Directors may appoint, or empower any officer to appoint, such other officers as the business of the Corporation may require, each of whom shall hold office for such period, have such
authority, and perform such duties as are provided in these Bylaws or as the Board of Directors or, for the avoidance of doubt, any duly authorized committee or subcommittee thereof or by any officer who has been conferred such power of
determination may from time to time determine.
Section 5.4 REMOVAL AND RESIGNATION OF OFFICERS. Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by an affirmative vote of the majority of the
Board of Directors or, for the avoidance of doubt, any duly authorized committee or subcommittee thereof or by any officer upon whom such power of removal may be conferred by the Board of Directors.
Any officer may resign at any time by giving notice, in writing or by electronic transmission, to the Corporation. Any resignation shall take effect
at the date of the receipt of that notice or at any later time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without
prejudice to the rights, if any, of the Corporation under any contract to which the officer is a party.
Section 5.5 VACANCIES IN OFFICES. Any vacancy occurring in any office of the Corporation shall be filled by the Board of Directors or as provided in Section 5.3.
Section 5.6 CHIEF EXECUTIVE OFFICER. Subject to such supervisory powers, if any, as may be given by the Board of Directors to the chairman of the board, if any, the chief executive officer of the Corporation shall, subject to the
control of the Board of Directors, have general supervision, direction, and control of the business and the officers of the Corporation. He or she shall preside as chairman at all meetings of the stockholders and, in the absence or nonexistence of
a chairman of the board, at all meetings of the Board of Directors and shall have the general powers and duties of management usually vested in the office of chief executive officer of a corporation and shall have such other powers and duties as
may be prescribed by the Board of Directors or these Bylaws.
Section 5.7 PRESIDENT. Subject to such supervisory powers, if any, as may be given by the Board of Directors to the chairman of the board (if any) or the chief executive officer, the president shall have general supervision,
direction, and control of the business and other officers of the Corporation. He or she shall have the general powers and duties of management usually vested in the office of president of a corporation and such other powers and duties as may be
prescribed by the Board of Directors or these Bylaws.
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Section 5.8 VICE PRESIDENTS. In the absence or disability of the chief executive officer and president, the vice presidents, if any, in order of their rank as fixed by the Board of Directors or, if not ranked, a vice president
designated by the Board of Directors, shall perform all the duties of the president and when so acting shall have all the powers of, and be subject to all the restrictions upon, the president. The vice presidents shall have such other powers and
perform such other duties as from time to time may be prescribed for them respectively by the Board of Directors, these Bylaws, the president or the chairman of the board.
Section 5.9 SECRETARY. The secretary shall keep or cause to be kept, at the principal executive office of the Corporation or such other place as the Board of Directors may direct, a book of minutes of all meetings and actions of
directors, committees of directors, and stockholders. The minutes shall show the time and place of each meeting, the names of those present at directors’ meetings or committee meetings, the number of shares present or represented at stockholders’
meetings, and the proceedings thereof.
The secretary shall keep, or cause to be kept, at the principal executive office of the Corporation or at the office of the Corporation’s transfer
agent or registrar, as determined by resolution of the Board of Directors, a share register, or a duplicate share register, showing the names of all stockholders and their addresses, the number and classes of shares held by each, the number and date
of certificates evidencing such shares, and the number and date of cancellation of every certificate surrendered for cancellation.
The secretary shall give, or cause to be given, notice of all meetings of the stockholders and of the Board of Directors required to be given by law
or by these Bylaws. He or she shall keep the seal of the Corporation, if one be adopted, in safe custody and shall have such other powers and perform such other duties as may be prescribed by the Board of Directors or by these Bylaws.
Section 5.10 CHIEF FINANCIAL OFFICER. The chief financial officer shall keep and maintain, or cause to be kept and maintained, adequate and correct books and records of accounts of the properties and business transactions of the
Corporation, including accounts of its assets, liabilities, receipts, disbursements, gains, losses, capital retained earnings, and shares. The books of account shall at all reasonable times be open to inspection by any director.
The chief financial officer shall deposit all moneys and other valuables in the name and to the credit of the Corporation with such depositories as
may be designated by the Board of Directors. He or she shall disburse the funds of the Corporation as may be ordered by the Board of Directors, shall render to the president, the chief executive officer, or the directors, upon request, an account of
all his or her transactions as chief financial officer and of the financial condition of the Corporation, and shall have other powers and perform such other duties as may be prescribed by the Board of Directors or the Bylaws.
Section 5.11 REPRESENTATION OF SECURITIES OF OTHER ENTITIES. The chairman of the board, the chief executive officer, the president, any vice president, the chief financial officer, the secretary or assistant secretary of this
Corporation, or any other person authorized by the Board of Directors or the chief executive officer or the president or a vice president, is authorized to vote, represent, and exercise on behalf of this Corporation all rights incident to any and
all shares or other securities of, or interests in, or issued by any other entity or entities, and all rights incident to any management authority conferred on the Corporation in accordance with the governing documents of any entity or entities,
standing in the name of this Corporation, including the right to act by written consent. The authority granted herein may be exercised either by such person directly or by any other person authorized to do so by proxy or power of attorney duly
executed by the person having such authority.
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Section 5.12 AUTHORITY AND DUTIES OF OFFICERS. In addition to the foregoing authority and duties, all officers of the Corporation shall respectively have such authority and perform such duties in the management of the business of
the Corporation as may be designated from time to time by the Board of Directors or, for the avoidance of doubt, by any duly authorized committee or subcommittee thereof or by any officer who has been conferred such power of designation, and, to
the extent not so provided, as generally pertain to such office, subject to the control of the Board of Directors.
ARTICLE VI
Section 6.1 INDEMNIFICATION OF DIRECTORS AND OFFICERS. The Corporation shall, to the maximum extent and in the manner permitted by the DGCL, indemnify each of its directors and officers against expenses (including attorneys’ fees),
judgments, fines, settlements and other amounts actually and reasonably incurred in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a “proceeding”) in which
such person was or is a party or is threatened to be made a party arising by reason of the fact that such person is or was a director or officer the Corporation. For purposes of this Section 6.1, a “director” or “officer” of the Corporation
includes any person (a) who is or was a director or officer of the Corporation, (b) who is or was a director or officer of the Corporation serving at the request of the Corporation as a director or officer of another corporation, partnership, joint
venture, trust or other enterprise, or (c) who was a director or officer of a Corporation which was a predecessor corporation of the Corporation or of another enterprise at the request of such predecessor corporation.
Section 6.2 INDEMNIFICATION OF OTHERS. The Corporation shall have the power, to the maximum extent and in the manner permitted by the DGCL, to indemnify each of its employees and agents (other than directors and officers) against
expenses (including attorneys’ fees), judgments, fines, settlements and other amounts actually and reasonably incurred in connection with any proceeding, in which such person was or is a party or is threatened to be made a party arising by reason
of the fact that such person is or was an agent of the Corporation. For purposes of this Section 6.2, an “employee” or “agent” of the Corporation (other than a director or officer) includes any person (a) who is or was an employee or agent of the
Corporation, (b) who is or was serving at the request of the Corporation as an employee or agent of another corporation, partnership, joint venture, trust or other enterprise, or (c) who was an employee or agent of a corporation which was a
predecessor corporation of the Corporation or of another enterprise at the request of such predecessor corporation.
Section 6.3 PAYMENT OF EXPENSES IN ADVANCE. Expenses (including attorneys’ fees) actually and reasonably incurred in defending any action or proceeding for which indemnification is required pursuant to Section 6.1 or for which
indemnification is permitted pursuant to Section 6.2 following authorization thereof by the Board of Directors shall be paid by the Corporation in advance of the final disposition of such action or proceeding upon receipt of an undertaking by or on
behalf of the indemnified party to repay such amount if it shall ultimately be determined that the indemnified party is not entitled to be indemnified as authorized in this Article VI or the DGCL.
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Section 6.4 INDEMNITY NOT EXCLUSIVE. The indemnification and advancement provided by this Article VI shall not be deemed exclusive of any other rights to which those seeking indemnification may been entitled under the Certificate
of Incorporation, any Bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office, to the extent that such additional
rights to indemnification are authorized in the Certificate of Incorporation. Any amendment, repeal or elimination of the provisions of this Article shall not adversely affect any right or protection hereunder of any person in respect of any act or
omission occurring prior to the time of such amendment, repeal or elimination.
Section 6.5 INSURANCE. The Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a
director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her
status as such, whether or not the Corporation would have the power to indemnify him or her against such liability under the provisions of the DGCL.
Section 6.6 CONFLICTS. Except as otherwise required by the DGCL, no indemnification or advance shall be made under this Article VI, except where such indemnification or advance is mandated by law or the order, judgment or decree of
any court of competent jurisdiction, in any circumstance where it appears:
(a) That it would be inconsistent with a
provision of the Certificate of Incorporation, these Bylaws, a resolution of the stockholders or an agreement in effect at the time of the accrual of the alleged cause of the action asserted in the proceeding in which the expenses were incurred
or other amounts were paid, which prohibits or otherwise limits indemnification; or
(b) That it would be inconsistent with any
condition expressly imposed by a court in approving a settlement.
Subject to the requirements in the DGCL, the Corporation shall not be obligated to indemnify any person pursuant to this Article VI in connection with any proceeding (or
any part of any proceeding):
(a) for which payment has actually been
made to or on behalf of such person under any statute, insurance policy, indemnity provision, vote or otherwise, except with respect to any excess beyond the amount paid;
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(b) for an accounting or disgorgement of
profits pursuant to Section 16(b) of the 1934 Act, or similar provisions of federal, state or local statutory law or common law, if such person is held liable therefor (including pursuant to any settlement arrangements);
(c) for any reimbursement of the
Corporation by such person of any bonus or other incentive-based or equity-based compensation or of any profits realized by such person from the sale of securities of the Corporation, as required in each case under the 1934 Act (including any
such reimbursements that arise from an accounting restatement of the Corporation pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Corporation of profits arising from the purchase and sale
by such person of securities in violation of Section 306 of the Sarbanes-Oxley Act), if such person is held liable therefor (including pursuant to any settlement arrangements);
(d) initiated by such person, including any
proceeding (or any part of any proceeding) initiated by such person against the Corporation or its directors, officers, employees, agents or other indemnitees, unless (i) the Board of Directors authorized the proceeding (or the relevant part of
the proceeding) prior to its initiation, (ii) the Corporation provides the indemnification, in its sole discretion, pursuant to the powers vested in the Corporation under applicable law, or (iii) otherwise required by applicable law; or
(e) if prohibited by applicable law.
ARTICLE VII
Section 7.1 MAINTENANCE AND INSPECTION OF RECORDS. The Corporation shall, either at its principal executive offices or at such place or places as designated by the Board of Directors, keep a record of its stockholders listing their
names and addresses and the number and class of shares held by each stockholder, a copy of these Bylaws as amended to date, accounting books, and other records.
Section 7.2 ANNUAL STATEMENT TO STOCKHOLDERS. The Board of Directors shall present at each annual meeting, and at any special meeting of the stockholders when called for by vote of the stockholders, a full and clear statement of
the business and condition of the Corporation.
ARTICLE VIII
Section 8.1 CHECKS. From time to time, the Board of Directors shall determine by resolution which person or persons may sign or endorse all checks, drafts, other orders for payment of money, notes or other evidences of indebtedness
that are issued in the name of or payable to the Corporation, and only the persons so authorized shall sign or endorse those instruments.
Section 8.2 EXECUTION OF CORPORATE CONTRACTS AND INSTRUMENTS. The Board of Directors, except as otherwise provided by law, the Certificate of Incorporation or in these Bylaws, may authorize any officer or officers, or agent or
agents, or employee or employees, to enter into any contract or execute any instrument in the name of and on behalf of the Corporation; such authority may be general or confined to specific instances. Unless so authorized or ratified by the Board
of Directors or within the agency power of an officer, agent or employee, 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.
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Section 8.3 STOCK CERTIFICATES; PARTLY PAID SHARES. The shares of the Corporation shall be represented by certificates, provided that the Board of Directors of the Corporation may provide by resolution or resolutions that some or
all of any or all classes or series of its stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. Unless otherwise provided by
resolution by the Board of Directors, every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of the Corporation by any two officers of the Corporation representing the number of shares
registered in certificate form. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be
such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he or she were such officer, transfer agent or registrar at the date of issue.
The Corporation may issue the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration to be paid
therefor. Upon the face or back of each stock certificate issued to represent any such partly paid shares, or upon the books and records of the Corporation in the case of uncertificated partly paid shares, the total amount of the consideration to be
paid therefor and the amount paid thereon shall be stated. Upon the declaration of any dividend on fully paid shares, the Corporation shall declare a dividend upon partly paid shares of the same class, but only upon the basis of the percentage of the
consideration actually paid thereon.
Section 8.4 SPECIAL DESIGNATION ON CERTIFICATES. If the Corporation is authorized to issue more than one class of stock or more than one series of any class,
then the powers, the designations, the preferences, and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights
shall be set forth in full or summarized on the face or back of the certificate that the Corporation shall issue to represent such class or series of stock; provided, however, that, except as otherwise provided in Section 202 of the DGCL, in lieu
of the foregoing requirements there may be set forth on the face or back of the certificate that the Corporation shall issue to represent such class or series of stock a statement that the Corporation will furnish without charge to each stockholder
who so requests the powers, the designations, the preferences, and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or
rights.
Section 8.5 LOST CERTIFICATES. Except as provided in this Section 8.5, no new certificates for shares shall be issued to replace a previously issued certificate unless the latter is surrendered to the Corporation and canceled at
the same time. The Corporation may issue a new certificate of stock or uncertificated shares in the place of any certificate previously issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the
lost, stolen or destroyed certificate, or the owner’s legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such
certificate or the issuance of such new certificate or uncertificated shares.
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Section 8.6 CONSTRUCTION; DEFINITIONS. Unless the context requires otherwise, the general provisions, rules of construction, and definitions in the DGCL shall govern the construction of these Bylaws. Without limiting the generality
of this provision, the singular number includes the plural, the plural number includes the singular, and the term “person” includes a corporation, partnership, limited liability corporation, joint venture, trust or other enterprise, and a natural
person. Any reference in these Bylaws to a section of the DGCL shall be deemed to refer to such section as amended from time to time and any successor provisions thereto.
Section 8.7 DIVIDENDS. The Board of Directors of the Corporation, subject to any restrictions contained in (a) the DGCL or (b) the Certificate of Incorporation, may declare and pay dividends upon the shares of its capital stock.
Dividends may be paid in cash, in property, or in shares of the Corporation’s capital stock.
The Board of Directors of the Corporation may set apart out of any of the funds of the Corporation available for dividends a reserve or reserves for
any proper purpose and may abolish any such reserve. Such purposes shall include but not be limited to equalizing dividends, repairing or maintaining any property of the Corporation, and meeting contingencies.
Section 8.8 FISCAL YEAR. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors and may be changed by the Board of Directors.
Section 8.9 SEAL. The Corporation may adopt a corporate seal, which may be altered at pleasure, and may use the same by causing it or a facsimile thereof, to be impressed or affixed or in any other manner reproduced.
Section 8.10 TRANSFER OF STOCK. Subject to Section 8.5, if such stock is certificated, upon surrender to the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper
evidence of succession, assignation or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate, and record the transaction in its books.
Section 8.11 STOCK TRANSFER AGREEMENTS. The Corporation shall have power to enter into and perform any agreement with any number of stockholders of any one or
more classes or series of stock of the Corporation to restrict the transfer of shares of stock of the Corporation of any one or more classes or series owned by such stockholders in any manner not prohibited by the DGCL.
Section 8.12 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 another person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware.
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ARTICLE IX
To the fullest extent permitted by applicable law:
(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 the Court of Chancery does not have jurisdiction, another State court in Delaware or the federal district court for the District of Delaware)
shall, to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director,
stockholder, officer or other employee of the Corporation to the Corporation or the Corporation’s stockholders, (iii) any action arising pursuant to any provision of the DGCL or the Certificate of Incorporation or these Bylaws (as either may be
amended from time to time) or (iv) any action asserting a claim governed by the internal affairs doctrine, except for, as to each of (i) through (iv) above, any claim as to which such court determines that there is an indispensable party not
subject to the jurisdiction of such court (and the indispensable party does not consent to the personal jurisdiction of such court within 10 days following such determination), which is vested in the exclusive jurisdiction of a court or forum
other than such court or for which such court does not have subject matter jurisdiction.
(b) unless the Corporation consents in
writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act
of 1933, as amended, against any person in connection with any offering of the Corporation’s securities, including, without limitation and for the avoidance of doubt, any auditor, underwriter, expert, control person or other defendant.
(c) Any person or entity purchasing or
otherwise acquiring or holding any interest in any security of the Corporation shall be deemed to have notice of and consented to this Article IX. This provision shall be enforceable by any party to a complaint
covered by the provisions of this Article IX. For the avoidance of doubt, nothing contained in this Article IX shall apply to any claim brought to enforce a duty or liability created by the 1934 Act or any successor thereto.
ARTICLE X
The Bylaws of the Corporation may be adopted, amended or repealed by the stockholders entitled to vote, as specified in the Certificate of
Incorporation; provided, however, that the Corporation may, in its Certificate of Incorporation, confer the power to adopt, amend or repeal Bylaws upon the directors. The fact that such power has been so conferred upon the directors shall not divest
the stockholders of the power, nor limit their power to adopt, amend or repeal Bylaws.
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