Exhibit 3.2
AMENDED AND RESTATED BYLAWS
OF
BERKSHIRE GREY, INC.
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Page
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ARTICLE I CORPORATE
OFFICES
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1
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1.1
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Registered Office.
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1
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1.2
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Other Offices.
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1
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1.3
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Corporate Seal.
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1
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ARTICLE II MEETINGS OF
STOCKHOLDERS
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1
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2.1
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Place of Meetings.
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1
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2.2
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Annual Meeting.
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1
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2.3
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Special Meeting.
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2
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2.4
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Notice of Stockholders’ Meetings.
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2
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2.5
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Manner of Giving Notice; Affidavit of Notice.
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2
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2.6
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Quorum.
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2
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2.7
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Adjourned Meeting; Notice.
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3
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2.8
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Organization; Conduct of Business.
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3
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2.9
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Voting.
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3
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2.10
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Waiver Of Notice.
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4
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2.11
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Stockholder Action by Written Consent Without a Meeting.
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4
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2.12
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Record Date for Stockholder Notice; Voting; Giving Consents.
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5
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2.13
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Proxies.
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5
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2.14
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Remote Communications.
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6
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2.15
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Inspectors.
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6
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ARTICLE III DIRECTORS
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6
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3.1
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Powers.
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6
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3.2
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Number of Directors.
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6
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3.3
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Nomination, Election, Qualification and Term of Office of Directors.
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6
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3.4
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Resignation and Vacancies.
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7
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3.5
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Place of Meetings; Meetings by Telephone.
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8
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3.6
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Regular Meetings.
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8
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3.7
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Special Meetings; Notice.
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8
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3.8
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Quorum.
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8
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Page |
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3.9
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Waiver of Notice.
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9
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3.10
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Board Action by Written Consent Without a Meeting.
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9
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3.11
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Approval of Loans to Officers.
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9
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3.12
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Removal of Directors.
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9
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3.13
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Compensation.
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10
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ARTICLE IV COMMITTEES
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10
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4.1
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Committees of Directors.
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10
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4.2
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Meetings and Action of Committees.
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10
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ARTICLE V OFFICERS
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11
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5.1
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Officers.
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11
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5.2
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Appointment of Officers.
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11
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5.3
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Subordinate Officers.
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11
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5.4
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Removal and Resignation of Officers.
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11
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5.5
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Vacancies in Offices.
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11
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5.6
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Chief Executive Officer.
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11
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5.7
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President.
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11
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5.8
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Vice Presidents.
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12
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5.9
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Secretary.
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12
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5.10
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Chief Financial Officer.
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12
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5.11
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Authority and Duties of Officers.
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13
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5.12
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Compensation.
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13
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5.13
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Fidelity Bonds.
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13
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ARTICLE VI
INDEMNIFICATION
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13
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6.1
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Definitions.
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13
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6.2
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Indemnification of Directors and Officers.
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14
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6.3
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Indemnification of Non-Officer Employees.
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15
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6.4
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Determination.
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15
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6.5
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Advancement of Expenses to Directors Prior to Final Disposition.
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16
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6.6
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Advancement of Expenses to Officers and Non-Officer Employees Prior to Final Disposition.
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16
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Page |
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6.7
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Contractual Nature of Rights.
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17
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6.8
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Non-Exclusivity of Rights.
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18
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6.9
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Insurance.
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18
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6.10
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Other Indemnification.
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18
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ARTICLE VII RECORDS
AND REPORTS
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18
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7.1
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Maintenance and Inspection of Records.
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18
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7.2
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Inspection by Directors.
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19
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ARTICLE VIII GENERAL
MATTERS
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19
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8.1
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Execution of Corporate Contracts and Instruments.
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19
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8.2
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Stock Certificates; Partly Paid Shares.
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19
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8.3
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Special Designation on Certificates.
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20
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8.4
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Lost Certificates.
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20
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8.5
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Construction; Definitions.
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20
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8.6
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Dividends.
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20
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8.7
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Fiscal Year.
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21
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8.8
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Transfer of Stock.
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21
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8.9
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Registered Stockholders.
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21
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8.10
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Facsimile and Electronic Signature.
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21
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ARTICLE IX AMENDMENTS
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21
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AMENDED AND RESTATED BYLAWS
OF
BERKSHIRE GREY, INC.
PREAMBLE
These amended and restated bylaws are subject to, and governed by, the General Corporation Law of the State of Delaware (“DGCL”) and the certificate of incorporation of Berkshire Grey, Inc., a Delaware corporation (the “Company”). In the event of a direct conflict between the provisions of these bylaws and the mandatory provisions of the DGCL or the provisions of the certificate of incorporation of the Company, such provisions of the DGCL or the
certificate of incorporation of the Company, as the case may be, will be controlling.
CORPORATE OFFICES
1.1 Registered Office. The registered office of the Company in the State of Delaware shall be as set forth in the Certificate of
Incorporation or in the most recent amendment of the Certificate of Incorporation or in a certificate filed with the Secretary of State of the State of Delaware.
1.2 Other Offices. The board of directors of the Company (the “
Board of Directors”) may at any
time establish other offices at any place or places, within or without the State of Delaware, where the Company is qualified to do business.
1.3 Corporate
Seal. The corporate seal shall be in such form as the Board of Directors shall prescribe.
MEETINGS OF STOCKHOLDERS
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. In the absence of any such
designation, stockholders’ meetings shall be held at the principal executive office of the Company. The directors shall designate the time of day for each meeting of the stockholders and, in the absence of such designation, every meeting of
stockholders shall be held at ten o’clock a.m. local time at the place of such meeting. Notwithstanding the foregoing, the Board of Directors may determine that the meeting shall not be held at any place, but may instead be held by means of remote
communication.
2.2 Annual Meeting. Unless directors are elected by written consent in lieu of an annual meeting, the annual meeting of stockholders shall be held on such date, time and place, either
within or without the State of Delaware, as may be designated by resolution of the Board of Directors each year. At the meeting, directors shall be elected and any other proper business may be transacted.
(a) A special meeting
of the stockholders may be called at any time by the Board of Directors, the chairperson of the Board of Directors, the president or by one or more stockholders holding shares in the aggregate entitled to cast not less than ten percent (10%) of
the votes at that meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice thereof (except to the extent that such notice is waived or is not required as provided in the DGCL or
these bylaws).
(b) If a special
meeting is called by any person or persons other than the Board of Directors, the president or the chairperson of the Board of Directors, the request shall be in writing, specifying the time of such meeting and the general nature of the
business proposed to be transacted, and shall be delivered personally or sent by registered mail or by telegraphic or other facsimile transmission to the chairperson of the Board of Directors or the president, any vice president, or the
secretary of the Company. No business may be transacted at such special meeting otherwise than specified in such notice. The officer receiving the request shall cause notice to be promptly given to the stockholders entitled to vote, in
accordance with the provisions of Sections 2.4 and 2.5, that a meeting will be held at the time requested by the person or persons calling the meeting, not less than thirty-five (35) nor more than sixty (60) days after the receipt of the
request. If the notice is not given within twenty (20) days after the receipt of the request, the person or persons requesting the meeting may give the notice. Nothing contained in this Section 2.3(b) 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.
2.4 Notice of Stockholders’ Meetings. All notices of meetings of the stockholders shall be in writing and shall be sent or otherwise given in accordance with Section 2.5 not less than ten
(10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting. The notice shall specify the place (if any), date and hour of the meeting, and in the case of a special meeting, the purpose or
purposes for which the meeting is called.
2.5 Manner of Giving Notice; Affidavit of Notice. Written notice of any meeting of stockholders, if mailed, is given when deposited in the United States mail, postage prepaid,
directed to the stockholder at his address as it appears on the records of the Company. Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders may be given by electronic mail or
other electronic transmission, in the manner provided in Section 232 of the DGCL. An affidavit of the secretary or an assistant secretary or of the transfer agent of the Company that the notice has been given shall, in the absence of fraud, be
prima facie evidence of the facts stated therein.
2.6 Quorum. Stockholders may take action on a matter at a meeting only if a quorum exists with respect to that matter. The holders of a majority of the shares of 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. Once a share is
represented for any purpose at a meeting (other than solely to object (1) to holding the meeting or transacting business at the meeting, or (2) (if it is a special meeting) to consideration of a particular matter at the meeting that is not within
the purpose or purposes described in the meeting notice), it is deemed present for quorum purposes for the remainder of the meeting and for any adjournment of that meeting unless a new record date is or must be set for the adjourned meeting. If,
however, such quorum is not present or represented at any meeting of the stockholders, then either (a) the chairperson of the meeting or (b) holders of a majority of the shares of stock entitled to vote who are present, in person or by proxy, shall
have the power to adjourn the meeting to another place (if any), date or time.
2.7 Adjourned
Meeting; Notice. When a meeting is adjourned to another place (if any), date or time, 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 proxyholders may be deemed to be present and vote at such adjourned meeting, are announced at the meeting at which the adjournment is taken. At the adjourned meeting the Company may
transact any business that might have been transacted at the original meeting. If the adjournment is for more than thirty (30) days, or a new record date is affixed for the adjourned meeting, notice of the place (if any), date and time of the
adjourned meeting and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting shall be given to each stockholder of record entitled to vote at the
meeting.
2.8 Organization;
Conduct of Business.
(a) Such person as
the Board of Directors may have designated or, in the absence of such a person, the president of the Company or, in his or her absence, such person as may be chosen by the holders of a majority of the shares entitled to vote who are present, in
person or by proxy, shall call to order any meeting of the stockholders and act as chairperson of the meeting. In the absence of the secretary of the Company, the secretary of the meeting shall be such person as the chairperson of the meeting
appoints.
(b) The chairperson
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 date and time of opening and closing of the polls for each matter upon which
the stockholders will vote at the meeting shall be announced at the meeting.
2.9 Voting.
(a) The stockholders
entitled to vote at any meeting of stockholders shall be determined in accordance with the provisions of Section 2.12, 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 (1) vote for each share of capital stock held by such stockholder. When a quorum is present at any meeting of stockholders, all elections shall be
determined by a plurality of the votes cast, and except as otherwise required by law, all other matters shall be determined by a majority of the votes cast affirmatively or negatively. Cumulative voting shall not be allowed in the election of
directors or for any other reason.
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 waiver by
electronic mail or other electronic transmission by such person, whether before or after the time stated therein, 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 unless so required by the certificate of incorporation or these bylaws.
2.11 Stockholder
Action by Written Consent Without a Meeting.
(a) Unless otherwise
provided in the certificate of incorporation, any action required to be taken at any annual or special meeting of stockholders of the Company, or any action that may be taken at any annual or special meeting of such stockholders, may be taken
without a meeting, without prior notice, and without a vote if a consent in writing, setting forth the action so taken, is (i) signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary
to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted, and (ii) delivered to the Company in accordance with Section 228(a) of the DGCL.
(b) Every written
consent shall bear the date of signature of each stockholder who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless, within sixty (60) days of the date the earliest dated consent
is delivered to the Company, a written consent or consents signed by a sufficient number of holders to take action are delivered to the Company in the manner prescribed in this Section 2.11. A telegram, cablegram, electronic mail or other
electronic transmission consenting to an action to be taken and transmitted by a stockholder or proxyholder, or by a person or persons authorized to act for a stockholder or proxyholder, shall be deemed to be written, signed and dated for
purposes of this Section 2.11 to the extent permitted by law. Any such consent shall be delivered in accordance with Section 228(d)(1) of the DGCL.
(c) Any copy,
facsimile or other reliable reproduction of a consent in writing may be substituted or used in lieu of the original writing for any and all purposes for which the original writing could be used, provided that such copy, facsimile or other
reproduction shall be a complete reproduction of the entire original writing.
(d) Prompt notice of
the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing (including by electronic mail or other electronic transmission as permitted by
law). If the action which is consented to is such as would have required the filing of a certificate under any section of the DGCL if such action had been voted on by stockholders at a meeting thereof, then the certificate filed under such
section shall state, in lieu of any statement required by such section concerning any vote of stockholders, that written notice and written consent have been given as provided in Section 228 of the DGCL.
2.12 Record Date
for Stockholder Notice; Voting; Giving Consents.
(a) In order that
the Company may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or entitled to express consent to corporate action in writing without a meeting, 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 shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting, nor more than sixty (60) days prior to any other action.
(b) If the Board of
Directors does not so fix a record date:
(i) 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;
(ii) The record
date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is necessary, shall be the day on which the first written consent (including consent by
electronic mail or other electronic transmission as permitted by law) is delivered to the Company; and
(iii) 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.
(c) 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, if such adjournment is for thirty (30) days or less; provided,
however, that the Board of Directors may fix a new record date for the adjourned meeting.
2.13 Proxies.
Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by an instrument in writing or by
an electronic transmission permitted by law filed with the secretary of the Company, but no such proxy shall be voted or acted upon after three (3) years from its date, unless the proxy provides for a longer period. A proxy shall be deemed signed
if the stockholder’s name is placed on the proxy (whether by manual signature, typewriting, telegraphic transmission or otherwise) by the stockholder or the stockholder’s attorney-in-fact. 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.
2.14 Remote
Communications. If authorized by the Board of Directors, and subject to such guidelines as the Board of Directors may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of
remote communication, participate in a meeting of stockholders and be deemed present in person and vote at such meeting whether such meeting is held at a designated place or solely by means of remote communication, provided that (1) the Company
implements reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder, (2) the Company implements reasonable measures to provide such
stockholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such
proceedings, and (3) if any stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action is maintained by the Company.
2.15 Inspectors.
The directors, in advance of any meeting, may, but need not, appoint one or more inspectors of election to act at the meeting or any adjournment thereof. If an inspector or inspectors are not appointed, the person presiding at the meeting may, but
need not, appoint one or more inspectors. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the directors in advance of the meeting or at the meeting by the person
presiding thereat. Each inspector, if any, before entering upon the discharge of his duties, shall take and sign an oath faithfully to execute the duties of inspectors at such meeting with strict impartiality and according to the best of his
ability. The inspectors, if any, shall determine the number of shares of stock outstanding and the voting power of each, the shares of stock represented at the meeting, the existence of a quorum, the validity and effect of proxies, and shall
receive votes, ballots, or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots, or consents, determine the result, and do such acts as are proper to conduct
the election or vote with fairness to all stockholders. On request of the person presiding at the meeting, the inspector or inspectors, if any, shall make a report in writing of any challenge, question, or matter determined by him or them and
execute a certificate of any fact found by him or them.
ARTICLE III
DIRECTORS
3.1 Powers.
Subject to the provisions of the DGCL and any limitations in the certificate of incorporation or these bylaws relating to action required to be approved by the stockholders or by the outstanding shares, the business and affairs of the Company shall
be managed and all corporate powers shall be exercised by or under the direction of the Board of Directors.
3.2 Number of
Directors. Upon the adoption of these bylaws, the initial number of directors constituting the entire Board of Directors shall be two (2). Thereafter, this number may be changed by a resolution of the Board of Directors or
of the stockholders, subject to Section 3.4. No reduction of the authorized number of directors shall have the effect of removing any director before such director’s term of office expires.
3.3 Nomination,
Election, Qualification and Term of Office of Directors. The Board of Directors shall nominate candidates to stand for election as directors; and other candidates also may be nominated by any Company stockholder, provided
such other nomination(s) are submitted in writing to the secretary of the Company, or such other officer of the Company as may be designated by the Board of Directors, no later than ninety days prior to the meeting of stockholders at which such
directors are to be elected, together with the identity of the nominator and the number of shares of the corporation’s stock owned, directly or indirectly, by the nominator. Except as provided in Section 3.4, directors shall be elected at each
annual meeting of stockholders to hold office until the next annual meeting. Directors need not be stockholders unless so required by the certificate of incorporation or these bylaws, wherein other qualifications for directors may be prescribed.
Each director, including a director elected to fill a vacancy, shall hold office until his or her successor is elected and qualified or until his or her earlier resignation or removal. Elections of directors need not be by written ballot.
3.4 Resignation
and Vacancies.
(a) Any director may
resign at any time upon written notice to the attention of the secretary of the Company. When one (1) 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.
(b) Unless
otherwise provided in the certificate of incorporation or these bylaws:
(i) 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; and
(ii) 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.
(c) If at any time,
by reason of death or resignation or other cause, the Company 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.
(d) 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 ten percent (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.
3.5 Place of
Meetings; Meetings by Telephone.
(a) The Board of
Directors may hold meetings, both regular and special, either within or outside the State of Delaware.
(b) 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.
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.
3.7 Special
Meetings; Notice.
(a) Special meetings
of the Board of Directors for any purpose or purposes may be called at any time by the chairperson of the Board of Directors, the president, any vice president, or the secretary.
(b) Notice of the time
and place of special meetings shall be delivered personally or by telephone to each director or sent by first-class mail or telegram or other electronic transmission, charges prepaid, addressed to each director at that director’s address as it
is shown on the records of the Company. If the notice is mailed, it shall be deposited in the United States mail at least four (4) days prior to the holding of the meeting. If the notice is delivered personally by facsimile, by electronic
transmission, by telephone or by telegram, it shall be delivered at least forty-eight (48) hours prior to the holding of the meeting. Any oral notice given personally or by telephone may be communicated either to the director or to a person at
the office of the director who the person giving the notice has reason to believe will promptly communicate it to the director. The notice need not specify the purpose or the place of the meeting, if the meeting is to be held at the principal
executive office of the Company. Unless otherwise indicated in the notice thereof, any and all business may be transacted at a special meeting.
3.8 Quorum.
(a) 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.
(b) 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.
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 waiver by
electronic mail or other electronic transmission by such person, whether before or after the time stated therein, 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 unless so required by the certificate of incorporation or these bylaws.
3.10 Board Action
by Written Consent Without a Meeting.
(a) 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 the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board of Directors or
committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.
(b) Any copy,
facsimile or other reliable reproduction of a consent in writing may be substituted or used in lieu of the original writing for any and all purposes for which the original writing could be used, provided that such copy, facsimile or other
reproduction shall be a complete reproduction of the entire original writing.
3.11 Approval of
Loans to Officers. The Company may lend money to, or guarantee any obligation of, or otherwise assist any officer or other employee of the Company or of its subsidiaries, including any officer or employee who is a director
of the Company or its subsidiaries, whenever, in the judgment of the directors, such loan, guaranty or assistance may reasonably be expected to benefit the Company. 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 Company. Nothing in this section contained shall be deemed to deny, limit or restrict the powers of
guaranty or warranty of the Company at common law or under any statute.
3.12 Removal of
Directors.
(a) 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.
(b) 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.
3.13 Compensation.
The Board of Directors shall from time to time determine the amount and type of compensation to be paid to directors for their service on the Board of Directors and its committees. No such payment shall preclude any director from serving the
corporation in any other capacity and receiving compensation therefor.
ARTICLE IV
COMMITTEES
4.1 Committees of
Directors. The Board of Directors may designate one (1) or more committees, each committee to consist of one (1) or more of the directors of the Company. The Board of Directors may designate one (1) 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 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 these bylaws, 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 Company, and may authorize the
seal of the Company to be affixed to all papers which may require it; provided, however, that no such committee shall have
such power or authority in reference to the following matters: (a) approving or adopting, or recommending to the stockholders, any action or matter expressly required by the DGCL to be submitted to stockholders for approval or (b) adopting,
amending or repealing any bylaw of the Company.
4.2 Meetings and
Action of Committees. Meetings and actions of committees shall be governed by, and held and taken in accordance with, the provisions of Section 3.5 (place of meetings; meetings by telephone), Section 3.6 (regular meetings),
Section 3.7 (special meetings; notice), Section 3.8 (quorum), Section 3.9 (waiver of notice), and Section 3.10 (board action by written consent without a meeting), with such changes in the context of such provisions as are necessary to substitute
the committee and its members for the Board of Directors and its members; provided, however, that the time of regular meetings
of committees may be determined either by resolution of the Board of Directors or by resolution of the committee, that special meetings of committees may also be called by resolution of the Board of Directors and that notice of special meetings of
committees shall also be given to all alternate members, who shall have the right to attend all meetings of the committee. The Board of Directors may adopt rules for the government of any committee not inconsistent with the provisions of these
bylaws.
ARTICLE V
OFFICERS
5.1 Officers.
The officers of the Company shall be a president, a secretary, and a chief financial officer. The Company may also have, at the discretion of the Board of Directors, a chairperson of the Board of Directors, a chief executive officer, one or more
vice presidents (including executive vice presidents or senior vice presidents), one or more assistant vice presidents, one or more assistant secretaries, one or more treasurers, one or more assistant treasurers, and any such other officers as may
be appointed in accordance with the provisions of Section 5.3. Any number of offices may be held by the same person. Each officer shall hold office until his or her successor has been elected and qualified, unless a different term is specified at
the time such officer is elected, or until his or her earlier death, resignation or removal.
5.2 Appointment of
Officers. The officers of the Company, except such officers as may be appointed in accordance with the provisions of Section 5.3, shall be appointed by the Board of Directors, subject to the rights, if any, of an officer
under any contract of employment.
5.3 Subordinate
Officers. The Board of Directors may appoint, or empower the chief executive officer (if any) or the president to appoint, such other officers and agents as the business of the Company 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 may from time to time determine.
5.4 Removal and
Resignation of Officers.
(a) 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 a majority of the Board of Directors at any regular or special meeting of the Board of Directors
or, except in the case of an officer chosen by the Board of Directors, by any officer upon whom the power of removal is conferred by the Board of Directors.
(b) Any officer may
resign at any time by giving written notice to the Company. Any resignation shall take effect on 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 Company under any contract to which the officer is a party.
5.5 Vacancies in
Offices. Any vacancy occurring in any office of the Company shall be filled by the Board of Directors.
5.6 Chief
Executive Officer. Subject to such supervisory powers, if any, as may be given by the Board of Directors to the chairperson of the Board of Directors, if any, the chief executive officer of the Company (if such an officer is
appointed) shall, subject to the control of the Board of Directors, have general supervision, direction, and control of the business and the officers of the Company. He or she shall preside at all meetings of the stockholders and, in the absence
or nonexistence of a chairperson of the Board of Directors, 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.
5.7 President.
Subject to such supervisory powers, if any, as may be given by the Board of Directors to the chairperson of the Board of Directors (if any) or the chief executive officer (if any), the president shall have general supervision, direction, and
control of the business and other officers of the Company. 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.
5.8 Vice
Presidents. In the absence or disability of the chief executive officer (if any) 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 chairperson of the Board of Directors.
5.9 Secretary.
(a) The secretary
shall keep or cause to be kept, at the principal executive office of the Company 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.
(b) The secretary
shall keep, or cause to be kept, at the principal executive office of the Company or at the office of the Company’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.
(c) 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 Company, 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.
5.10 Chief Financial
Officer.
(a) 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 Company, 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.
(b) The chief
financial officer shall deposit all moneys and other valuables in the name and to the credit of the Company with such depositories as may be designated by the Board of Directors. He or she shall disburse the funds of the Company 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 Company,
and shall have other powers and perform such other duties as may be prescribed by the Board of Directors or these bylaws.
5.11 Authority and
Duties of Officers. In addition to the foregoing authority and duties, all officers of the Company shall respectively have such authority and perform such duties in the management of the business of the Company as may be
designated from time to time by the Board of Directors or the stockholders.
5.12 Compensation.
The compensation of officers of the corporation shall be fixed by the Board of Directors or by any officer or officers authorized by the Board of Directors to prescribe the compensation of such other officers.
5.13 Fidelity
Bonds. The corporation may secure the fidelity of any or all of its officers or agents by bond or otherwise.
ARTICLE VI
INDEMNIFICATION
6.1 Definitions.
For purposes of this Article:
(a) “Corporate
Status” describes the status of a person who is serving or has served (i) as a Director of the Company, (ii) as an Officer of the Company, (iii) as a Non-Officer Employee of the Company, or (iv) as a director, partner, trustee, officer,
employee or agent of any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan, foundation, association, organization or other legal entity which such person is or was serving at the request of
the Company. For purposes of this Section 6.1(a), a Director, Officer or Non-Officer Employee of the Company who is serving or has served as a director, partner, trustee, officer, employee or agent of a Subsidiary shall be deemed to be serving
at the request of the Company. Notwithstanding the foregoing, “Corporate Status” shall not include the status of a person who is serving or has served as a director, officer, employee or agent of a constituent corporation absorbed in a merger
or consolidation transaction with the Company with respect to such person’s activities prior to said transaction, unless specifically authorized by the Board of Directors or the stockholders of the Company;
(b) “Director” means
any person who serves or has served the Company as a director on the Board of Directors of the Company;
(c) “Disinterested
Director” means, with respect to each Proceeding in respect of which indemnification is sought hereunder, a Director of the Company who is not and was not a party to such Proceeding;
(d) “Expenses” means
all reasonable, documented and out-of-pocket attorneys’ fees, retainers, court costs, transcript costs, fees of expert witnesses, private investigators and professional advisors (including, without limitation, accountants and investment
bankers), travel expenses, duplicating costs, printing and binding costs, costs of preparation of demonstrative evidence and other courtroom presentation aids and devices, costs incurred in connection with document review, organization, imaging
and computerization, telephone charges, postage, delivery service fees, and all other disbursements, costs or expenses of the type customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
being or preparing to be a witness in, settling or otherwise participating in, a Proceeding;
(e) “Liabilities”
means judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement;
(f) “Non-Officer
Employee” means any person who serves or has served as an employee or agent of the Company, but who is not or was not a Director or Officer;
(g) “Officer” means
any person who serves or has served the Company as an officer of the Company appointed by the Board of Directors of the Company;
(h) “Proceeding” means
any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, inquiry, investigation, administrative hearing or other proceeding, whether civil, criminal, administrative, arbitrative or investigative;
and
(i) “Subsidiary”
shall mean any corporation, partnership, limited liability company, joint venture, trust or other entity of which the Company owns (either directly or through or together with another Subsidiary of the Company) either (i) a general partner,
managing member or other similar interest or (ii) (A) fifty percent (50%) or more of the voting power of the voting capital equity interests of such corporation, partnership, limited liability company, joint venture or other entity, or (B)
fifty percent (50%) or more of the outstanding voting capital stock or other voting equity interests of such corporation, partnership, limited liability company, joint venture or other entity.
6.2 Indemnification
of Directors and Officers. Subject to the operation of Section 6.4 of this Article VI of these bylaws, each Director and Officer shall be indemnified and held harmless by the Company to the fullest extent authorized by the
DGCL, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than such law permitted the Company to provide prior
to such amendment), and to the extent authorized in this Section 6.2.
(a) Each Director
and Officer shall be indemnified and held harmless by the Company against any and all Expenses and Liabilities that are incurred or paid by such Director or Officer or on such Director’s or Officer’s behalf in connection with any Proceeding or
any claim, issue or matter therein (other than an action by or in the right of the Company), which such Director or Officer is, or is threatened to be made, a party to or participant in by reason of such Director’s or Officer’s Corporate
Status, if such Director or Officer acted in good faith and in a manner such Director or Officer reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal proceeding, had no reasonable
cause to believe his or her conduct was unlawful.
(b) Each Director and
Officer shall be indemnified and held harmless by the Company against any and all Expenses that are incurred by such Director or Officer or on such Director’s or Officer’s behalf in connection with any Proceeding or any claim, issue or matter
therein by or in the right of the Company, which such Director or Officer is, or is threatened to be made, a party to or participant in by reason of such Director’s or Officer’s Corporate Status, if such Director or Officer acted in good faith
and in a manner such Director or Officer reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that no indemnification shall be made under this Section 6.2(b) in respect of any claim, issue or
matter as to which such Director or Officer shall have been finally adjudged by a court of competent jurisdiction to be liable to the Company, unless, and only to the extent that, the Court of Chancery or another court in which such Proceeding
was brought shall determine upon application that, despite adjudication of liability, but in view of all the circumstances of the case, such Director or Officer is fairly and reasonably entitled to indemnification for such Expenses that such
court deems proper.
(c) The rights of
indemnification provided by this Section 6.2 shall continue as to a Director or Officer after he or she has ceased to be a Director or Officer and shall inure to the benefit of his or her heirs, executors, administrators and personal
representatives.
(d) Notwithstanding
the foregoing, the Company shall indemnify any Director or Officer seeking indemnification in connection with a Proceeding initiated by such Director or Officer only if such Proceeding (including any parts of such Proceeding not initiated by
such Director or Officer) was authorized in advance by the Board of Directors, unless such Proceeding was brought to enforce such Officer’s or Director’s rights to indemnification or, in the case of Directors, advancement of Expenses under
these bylaws in accordance with the provisions set forth herein.
6.3 Indemnification
of Non-Officer Employees. Subject to the operation of Section 6.4 of this Article VI of these bylaws, each Non-Officer Employee may, in the discretion of the Board of Directors, be indemnified by the Company to the fullest
extent authorized by the DGCL, as the same exists or may hereafter be amended, against any or all Expenses and Liabilities that are incurred by such Non-Officer Employee or on such Non-Officer Employee’s behalf in connection with any threatened,
pending or completed Proceeding, or any claim, issue or matter therein, which such Non-Officer Employee is, or is threatened to be made, a party to or participant in by reason of such Non-Officer Employee’s Corporate Status, if such Non-Officer
Employee acted in good faith and in a manner such Non-Officer Employee reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal proceeding, had no reasonable cause to believe his or her
conduct was unlawful. The rights of indemnification provided by this Section 6.3 shall exist as to a Non-Officer Employee after he or she has ceased to be a Non-Officer Employee and shall inure to the benefit of his or her heirs, personal
representatives, executors and administrators. Notwithstanding the foregoing, the Company may indemnify any Non-Officer Employee seeking indemnification in connection with a Proceeding initiated by such Non-Officer Employee only if such Proceeding
was authorized in advance by the Board of Directors.
6.4 Determination.
Unless ordered by a court, no indemnification shall be provided pursuant to this Article VI to a Director, to an Officer or to a Non-Officer Employee unless a determination shall have been made that such person acted in good faith and in a manner
such person reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal Proceeding, such person had no reasonable cause to believe his or her conduct was unlawful. Such determination shall be
made by (a) a majority vote of the Disinterested Directors, even though less than a quorum of the Board of Directors, (b) a committee comprised of Disinterested Directors, such committee having been designated by a majority vote of the
Disinterested Directors (even though less than a quorum), (c) if there are no such Disinterested Directors, or if a majority of Disinterested Directors so directs, by independent legal counsel in a written opinion, or (d) by the stockholders of the
Company.
6.5 Advancement
of Expenses to Directors Prior to Final Disposition.
(a) The Company
shall advance all Expenses incurred by or on behalf of any Director in connection with any Proceeding in which such Director is involved by reason of such Director’s Corporate Status within thirty (30) days after the receipt by the Company of a
written statement from such Director requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by such
Director and shall be preceded or accompanied by an undertaking by or on behalf of such Director to repay any Expenses so advanced if it shall ultimately be determined that such Director is not entitled to be indemnified against such Expenses.
Notwithstanding the foregoing, the Company shall advance all Expenses incurred by or on behalf of any Director seeking advancement of expenses hereunder in connection with a Proceeding initiated by such Director only if such Proceeding
(including any parts of such Proceeding not initiated by such Director) was (i) authorized by the Board of Directors, or (ii) brought to enforce such Director’s rights to indemnification or advancement of Expenses under these bylaws.
(b) If a claim for
advancement of Expenses hereunder by a Director is not paid in full by the Company within thirty (30) days after receipt by the Company of documentation of Expenses and the required undertaking, such Director may at any time thereafter bring
suit against the Company to recover the unpaid amount of the claim and if successful in whole or in part, such Director shall also be entitled to be paid the expenses of prosecuting or defending such suit. The failure of the Company (including
its Board of Directors or any committee thereof, independent legal counsel, or stockholders of the Corporation) to make a determination concerning the permissibility of such advancement of Expenses under this Article VI shall not be a defense
to an action brought by a Director for recovery of the unpaid amount of an advancement claim and shall not create a presumption that such advancement is not permissible. The burden of proving that a Director is not entitled to an advancement of
expenses shall be on the Company.
(c) In any suit
brought by the Company to recover an advancement of expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such expenses upon a final adjudication that the Director has not met any applicable standard for
indemnification set forth in the DGCL.
6.6 Advancement
of Expenses to Officers and Non-Officer Employees Prior to Final Disposition.
(a) The Company may,
at the discretion of the Board of Directors, advance any or all Expenses incurred by or on behalf of any Officer or any Non-Officer Employee in connection with any Proceeding in which such person is involved by reason of his or her Corporate
Status as an Officer or Non-Officer Employee upon the receipt by the Company of a statement or statements from such Officer or Non-Officer Employee requesting such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by such Officer or Non-Officer Employee and shall be preceded or accompanied by an undertaking by or on behalf of such person to repay
any Expenses so advanced if it shall ultimately be determined that such Officer or Non-Officer Employee is not entitled to be indemnified against such Expenses.
(b) In any suit
brought by the Company to recover an advancement of expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such expenses upon a final adjudication that the Officer or Non-Officer Employee has not met any
applicable standard for indemnification set forth in the DGCL.
6.7 Contractual
Nature of Rights.
(a) The provisions
of this Article VI shall be deemed to be a contract between the Company and each Director and Officer entitled to the benefits hereof at any time while this Article VI is in effect, in consideration of such person’s past or current and any
future performance of services for the Company. Neither amendment, repeal or modification of any provision of this Article VI nor the adoption of any provision of the certificate of incorporation inconsistent with this Article VI shall
eliminate or reduce any right conferred by this Article VI in respect of any act or omission occurring, or any cause of action or claim that accrues or arises or any state of facts existing, at the time of or before such amendment, repeal,
modification or adoption of an inconsistent provision (even in the case of a proceeding based on such a state of facts that is commenced after such time), and all rights to indemnification and advancement of Expenses granted herein or arising
out of any act or omission shall vest at the time of the act or omission in question, regardless of when or if any proceeding with respect to such act or omission is commenced. The rights to indemnification and to advancement of expenses
provided by, or granted pursuant to, this Article VI shall continue notwithstanding that the person has ceased to be a director or officer of the Company and shall inure to the benefit of the estate, heirs, executors, administrators, legatees
and distributes of such person.
(b) If a claim for
indemnification (following final disposition of such Proceeding) or advancement of Expenses hereunder by a Director or Officer is not paid in full by the Company within sixty (60) days after receipt by the Company of a written claim for
indemnification or advancement of Expenses, such Director or Officer may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim, and if successful in whole or in part, pursuant to the terms of an
undertaking, such Director or Officer shall also be entitled to be paid the expenses of prosecuting or defending such suit. The failure of the Company (including its Board of Directors or any committee thereof, independent legal counsel, or
stockholders) to make a determination concerning the permissibility of such indemnification under this Article VI shall not be a defense to an action brought by a Director or Officer for recovery of the unpaid amount of an indemnification claim
and shall not create a presumption that such indemnification is not permissible. The burden of proving that a Director or Officer is not entitled to indemnification or advancement of Expenses shall be on the Company.
(c) In any suit
brought by a Director or Officer to enforce a right to indemnification hereunder, it shall be a defense that such Director or Officer has not met any applicable standard for indemnification set forth in the DGCL.
6.8 Non-Exclusivity
of Rights. The rights to indemnification and to advancement of Expenses set forth in this Article VI shall not be exclusive of any other right which any Director, Officer, or Non-Officer Employee may have or hereafter
acquire under any statute, provision of the certificate of incorporation or these bylaws, agreement, vote of stockholders of the Company or Disinterested Directors or otherwise.
6.9 Insurance.
The Company may maintain insurance, at its expense, to protect itself and any Director, Officer or Non-Officer Employee against any liability of any character asserted against or incurred by the Company or any such Director, Officer or Non-Officer
Employee, or arising out of any such person’s Corporate Status, whether or not the Company would have the power to indemnify such person against such liability under the DGCL or the provisions of this Article VI.
6.10 Other
Indemnification. Subject to any other right which any Director, Officer or Non-Officer Employee may have or hereafter acquire under any statute, provision of the certificate of incorporation or these bylaws, agreement, vote
of stockholders or Disinterested Directors or otherwise to the contrary, the Company’s obligation, if any, to indemnify or provide advancement of Expenses to any person under this Article VI as a result of such person serving, at the request of the
Company, as a director, partner, trustee, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount such person may collect as indemnification or
advancement of Expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or enterprise (the “Primary Indemnitor”).
Subject to any other right which any Director, Officer or Non-Officer Employee may have or hereafter acquire under any statute, provision of the certificate of incorporation or these bylaws, agreement, vote of stockholders of the Company or
Disinterested Directors or otherwise to the contrary, any indemnification or advancement of Expenses under this Article VI owed by the Company as a result of a person serving, at the request of the Company, as a director, partner, trustee, officer,
employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall only be in excess of, and shall be secondary to, the indemnification or advancement of Expenses available from the
applicable Primary Indemnitor(s) and any applicable insurance policies.
ARTICLE VII
RECORDS AND REPORTS
7.1 Maintenance
and Inspection of Records.
(a) The Company
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.
(b) Any stockholder
of record, in person or by attorney or other agent, shall, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose the Company’s stock ledger, a list of
its stockholders, and its other books and records and to make copies or extracts therefrom. A proper purpose shall mean a purpose reasonably related to such person’s interest as a stockholder. In every instance where an attorney or other
agent is the person who seeks the right to inspection, the demand under oath shall be accompanied by a power of attorney or such other writing that authorizes the attorney or other agent to so act on behalf of the stockholder. The demand under
oath shall be directed to the Company at its registered office in Delaware or at its principal place of business.
(c) A complete list
of stockholders entitled to vote at any meeting of stockholders, arranged in alphabetical order for each class of stock and showing the address of each such stockholder and the number of shares registered in each such stockholder’s name, shall
be open to the examination of any such stockholder for a period of at least ten (10) days prior to the meeting in the manner provided by law. The stock list shall also be open to the examination of any stockholder during the whole time of the
meeting as provided by law. This list shall presumptively determine the identity of the stockholders entitled to vote at the meeting and the number of shares held by each of them.
7.2 Inspection by
Directors. Any director shall have the right to examine the Company’s stock ledger, a list of its stockholders, and its other books and records for a purpose reasonably related to his or her position as a director. The
Court of Chancery is hereby vested with the exclusive jurisdiction to determine whether a director is entitled to the inspection sought. The Court of Chancery may summarily order the Company to permit the director to inspect any and all books and
records, the stock ledger, and the stock list and to make copies or extracts therefrom. The Court of Chancery may, in its discretion, prescribe any limitations or conditions with reference to the inspection, or award such other and further relief
as it deems just and proper.
ARTICLE VIII
GENERAL MATTERS
8.1 Execution of
Corporate Contracts and Instruments. The Board of Directors, except as otherwise provided in these bylaws, may authorize any officer or officers, or agent or agents, to enter into any contract or execute any instrument in
the name of and on behalf of the Company; 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, no officer, agent or employee shall
have any power or authority to bind the Company by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.
8.2 Stock
Certificates; Partly Paid Shares.
(a) The shares of
the Company shall be uncertificated, provided that the Company may issue certificated shares for some or all of any or all classes or series of its capital stock if the issuance of certificated shares is deemed advisable by any officer of the
Company (and provided that the Board of Directors of the Company may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall become or remain uncertificated shares). Notwithstanding the
foregoing, every holder of stock represented by certificates and, upon request, every holder of uncertificated shares shall be entitled to have a certificate signed by or in the name of the Company by the chairperson or vice-chairperson of the
Board of Directors, or the president or vice-president, and by the chief financial officer or the treasurer or an assistant treasurer, or the secretary or an assistant secretary of the Company representing the number of shares registered in
certificate form. Any or all of the signatures on the certificate may be a facsimile or electronic signature. In case any officer, transfer agent or registrar who has signed or whose facsimile or electronic 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 Company with the same effect as if he or she were such officer, transfer agent or registrar at the date of issue.
(b) The Company 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, and upon
the books and records of the Company 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 Company 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.
8.3 Special
Designation on Certificates. If the Company 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
Company 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 Company shall issue to represent such class or series of stock a statement that the Company 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.
8.4 Lost
Certificates. Except as provided in this Section 8.4, no new certificates for shares shall be issued to replace a previously issued certificate unless the latter is surrendered to the Company and cancelled at the same time.
The Company 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 Company may require the owner of the lost, stolen or destroyed
certificate, or the owner’s legal representative, to give the Company 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.
8.5 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 both a corporation and a natural person.
8.6 Dividends.
The directors of the Company, 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 Company’s capital stock. The directors of the Company may set apart out of any of the funds of the Company 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 Company, and meeting contingencies.
8.7 Fiscal Year.
The fiscal year of the Company shall be fixed by resolution of the Board of Directors and may be changed by the Board of Directors.
8.8 Transfer of
Stock. Upon surrender to the Company or the transfer agent of the Company 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 Company to issue a new certificate to the person entitled thereto, cancel the old certificate, and record the transaction in its books.
8.9 Registered
Stockholders. The Company 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, shall be entitled to hold liable for
calls and assessments the person registered on its books as the owner of shares, 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 the State of Delaware.
8.10 Facsimile and
Electronic Signature. In addition to the provisions for use of facsimile and electronic signatures elsewhere specifically authorized in these bylaws, facsimile and electronic signatures of any officer or officers of the
Company may be used whenever and as authorized by the Board of Directors or a committee thereof.
ARTICLE IX
AMENDMENTS
The bylaws of the Company may be altered, adopted, amended or repealed by the stockholders or the Board of Directors at any regular meeting of the
stockholders or of the Board of Directors or by written action by the stockholders or the Board of Directors. The fact that such power has been so conferred upon the Board of Directors shall not divest the stockholders of the power, nor limit
their power, to adopt, amend or repeal the bylaws.
Any action taken or authorized by the stockholders or by the Board of Directors, which would be inconsistent with the bylaws then in effect but is
taken or authorized by a vote or written action that would be sufficient to amend the bylaws so that the bylaws would be consistent with such action, shall be given the same effect as though the bylaws had been temporarily amended or suspended so
far, but only so far, as is necessary to permit the specific action so taken or authorized.
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