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Page
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1
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Section 1. Registered Office
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1
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1
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ARTICLE II CORPORATE SEAL
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1
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Section 3. Corporate Seal
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1
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ARTICLE III STOCKHOLDERS’
MEETINGS
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1
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Section 4. Place of Meetings
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1
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Section 5. Annual Meetings
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1
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Section 6. Special Meetings
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4
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Section 7. Notice of Meetings
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5
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Section 8. Quorum and Voting
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5
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Section 9. Adjournment and Notice of
Adjourned Meetings
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6
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Section 10. Voting Rights
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6
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Section 11. Joint Owners of
Stock
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6
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Section 12. List of Stockholders
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7
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Section 13. Action Without
Meeting
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7
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7
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8
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Section 15. Number and Term of
Office
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8
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Section 16. Nomination of Director
Candidates
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8
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8
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Section 18. Classes of Directors
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8
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9
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9
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9
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9
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9
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9
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(c) Meetings by Electronic Communications
Equipment
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10
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(d) Notice of Special Meetings
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10
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i.
Table Of
Contents
(continued)
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Page
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10
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Section 23. Quorum and Voting
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10
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Section 24. Action Without
Meeting
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11
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Section 25. Fees and
Compensation
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11
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11
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11
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11
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11
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12
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12
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12
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Section 28. Officers Designated
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12
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Section 29. Tenure and Duties of
Officers
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13
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13
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(b) Duties of Chairman of the Board of
Directors
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13
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(c) Duties of Chief Executive
Officer
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13
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13
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(e) Duties of Vice Presidents
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13
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14
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(g) Duties of Chief Financial
Officer
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14
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14
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(i) Duties of Assistant
Treasurer
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14
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Section 30. Delegation of
Authority
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14
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14
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15
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ARTICLE VI EXECUTION OF CORPORATE INSTRUMENTS
AND VOTING OF SECURITIES OWNED BY THE CORPORATION
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15
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Section 33. Execution of Corporate
Instruments
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15
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Section 34. Voting of Securities Owned by
the Corporation
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15
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ARTICLE VII SHARES OF STOCK
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16
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ii.
Table Of
Contents
(continued)
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Page
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Section 35. Form and Execution of
Certificates
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16
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Section 36. Lost Certificates
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16
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17
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Section 38. Fixing Record Dates
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17
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Section 39. Registered
Stockholders
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18
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ARTICLE VIII OTHER SECURITIES OF THE
CORPORATION
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18
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Section 40. Execution of Other
Securities
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18
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ARTICLE IX CERTAIN TRANSACTIONS
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18
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Section 41. Transactions with Interested
Parties
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18
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19
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19
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Section 43. Declaration of
Dividends
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19
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Section 44. Dividend Reserve
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19
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19
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19
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ARTICLE XII INDEMNIFICATION
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20
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Section 46. Indemnification of Directors,
Executive Officers, Other Officers, Employees and Other
Agents
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20
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(a) Directors and Executive
Officers
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20
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(b) Other Officers, Employees and Other
Agents
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20
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20
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21
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(e) Non-Exclusivity of Rights
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22
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22
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22
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22
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22
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22
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23
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23
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iii.
Table Of
Contents
(continued)
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Page
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(a) Notice to Stockholders
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23
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23
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23
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(d) Time Notices Deemed Given
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24
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24
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(f) Failure to Receive Notice
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24
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(g) Notice to Person with Whom
Communication Is Unlawful
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24
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(h) Notice to Person with Undeliverable
Address
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24
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(i) Notice to Stockholders Sharing an
Address
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25
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25
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25
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25
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Section 49. Election not to be subject to
Arizona Control Share Acquisitions Statute
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25
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iv.
Bylaws of
PetSmart, Inc.
(A Delaware Corporation)
Section 1. Registered Office. The registered office of
the corporation in the State of Delaware shall be in the City of
Dover, County of Kent.
Section 2. Other Offices. The corporation shall also
have and maintain an office or principal place of business at such
place as may be fixed by the Board of Directors, and may also have
offices at such other places, both within and without the State of
Delaware as the Board of Directors may from time to time determine
or the business of the corporation may require.
Section 3. Corporate Seal. The Board of Directors may
adopt a corporate seal. The corporate seal shall consist of a die
bearing the name of the corporation and the inscription,
“Corporate Seal-Delaware.” Said seal may be used by
causing it or a facsimile thereof to be impressed or affixed or
reproduced or otherwise.
Section 4. Place of Meetings. Meetings of the
stockholders of the corporation may be held at such place, either
within or without the State of Delaware, as may be designated from
time to time by the Board of Directors. The Board of Directors may,
in its sole discretion, determine that the meeting shall not be
held at any place, but may instead be held solely by means of
remote communication as provided under the Delaware General
Corporation Law (the “DGCL”).
Section 5. Annual Meetings .
(a) The annual meeting of the stockholders of the
corporation, for the purpose of election of directors and for such
other business as may lawfully come before it, shall be held on
such date and at such time as may be designated from time to time
by the Board of Directors. Nominations of persons for election to
the Board of Directors of the corporation and the proposal of
business to be considered by the stockholders may be made at an
annual meeting of stockholders: (i) pursuant to the
corporation’s notice of meeting of stockholders; (ii) by
or at the direction of the Board of Directors; or (iii) by any
stockholder of the corporation who was a
1.
stockholder of
record at the time of giving the stockholder’s notice
provided for in the following paragraph, who is entitled to vote at
the meeting and who complied with the notice procedures set forth
in Section 5.
(b) At an annual meeting of the stockholders, only such
business shall be conducted as shall have been properly brought
before the meeting. For nominations or other business to be
properly brought before an annual meeting by a stockholder pursuant
to clause (iii) of Section 5(a) of these Bylaws, (i) the
stockholder must have given timely notice thereof in writing to the
Secretary of the corporation, (ii) such other business must be
a proper matter for stockholder action under the DGCL,
(iii) if the stockholder, or the beneficial owner on whose
behalf any such proposal or nomination is made, has provided the
corporation with a Solicitation Notice (as defined in Section
5(c)), such stockholder or beneficial owner must, in the case of a
proposal, have delivered a proxy statement and form of proxy to
holders of at least the percentage of the corporation’s
voting shares required under applicable law to carry any such
proposal, or, in the case of a nomination or nominations, have
delivered a proxy statement and form of proxy to holders of a
percentage of the corporation’s voting shares reasonably
believed by such stockholder or beneficial owner to be sufficient
to elect the nominee or nominees proposed to be nominated by such
stockholder, and must, in either case, have included in such
materials the Solicitation Notice, and (iv) if no Solicitation
Notice relating thereto has been timely provided pursuant to this
section, the stockholder or beneficial owner proposing such
business or nomination must not have solicited a number of proxies
sufficient to have required the delivery of such a Solicitation
Notice under this Section 5. To be timely, a
stockholder’s written notice shall be delivered to the
Secretary at the principal executive offices of the corporation not
later than the close of business on the one hundred twentieth
(120 th
) day prior to the date on which the
corporation first mailed its proxy materials for the prior
year’s annual meeting of stockholders or any longer period
provided for by applicable law; provided, however , that in
the event that the date of the annual meeting is advanced more than
thirty (30) days prior to or delayed by more than thirty
(30) days after the anniversary of the preceding year’s
annual meeting, to be timely, such stockholder’s written
notice must be delivered to the Secretary not later than ninety
(90) days prior to such annual meeting or the tenth (10
th ) day following the day on which public
announcement of the date of such meeting is first made by the
corporation. In no event shall the public announcement of an
adjournment of an annual meeting commence a new time period for the
giving of a stockholder’s notice as described
above.
(c) A stockholder’s written notice sent to the
Secretary shall set forth: (i) as to each person whom the
stockholder proposed to nominate for election or reelection as a
director: (A) the name, age, business address and residence
address of such person, (B) the principal occupation or
employment of such person, (C) the class and number of shares
of the corporation which are beneficially owned by such person,
(D) a description of all arrangements or understandings
between the stockholder and each nominee and any other person or
persons (naming such person or persons) pursuant to which the
nominations are to be made by the stockholder, (E) all
information relating to such person that is required to be
disclosed in solicitations of proxies for election of directors in
an election contest, or is otherwise required, in each case
pursuant to Regulation 14A under the Securities Exchange Act
of 1934 (the “Exchange Act”) and Rule 14a-4(d)
thereunder (including such person’s written consent to being
named in the proxy statement as a nominee and to serving as a
director if elected), and (F) a statement
2.
whether such
person, if elected, intends to tender, promptly following such
person’s election or re-election, an irrevocable resignation
effective upon such person’s failure to receive the required
vote for re-election at the next meeting at which such person would
face re-election and upon acceptance of such resignation by the
Board of Directors, in accordance with the corporation’s
board practice on director elections; (ii) as to any other
business that the stockholder proposes to bring before the annual
meeting, a brief description of the business desired to be brought
before the annual meeting, the reasons for conducting such business
at the annual meeting and any material interest in such business of
such stockholder and the beneficial owner, if any, on whose behalf
the proposal is made; and (iii) as to the stockholder giving
the notice and the beneficial owner, if any, on whose behalf the
nomination or proposal is made (a) the name and address of
such stockholder, as they appear on the corporation’s books,
and of such beneficial owner, (b) the class and number of
shares of the corporation which are owned beneficially and of
record by such stockholder and such beneficial owner, and
(c) whether either such stockholder or beneficial owner
intends to deliver a proxy statement and form of proxy to holders
of, in the case of the proposal, at least the percentage of the
corporation’s voting shares required under applicable law to
carry the proposal or, in the case of a nomination or nominations,
a sufficient number of holders of the corporation’s voting
shares to elect such nominee or nominees (an affirmative statement
of such intent, a “Solicitation Notice”).
(d) Notwithstanding anything in the third sentence of
Section 5(b) of these Bylaws to the contrary, in the event that the
number of directors to be elected to the Board of Directors of the
Corporation 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 made by the corporation at least one
hundred (100) days prior to the first anniversary of the
preceding year’s annual meeting, a stockholder’s notice
required by this Section 5 shall also be considered timely,
but only with respect to nominees for any new positions created by
such increase, if it shall be delivered to the Secretary at the
principal executive offices of the corporation not later than the
close of business on the tenth (10 th )
day following the day on which such public announcement is first
made by the corporation.
(e) Except as set forth in Section 19 of these Bylaws,
only such persons who are nominated in accordance with the
procedures set forth in this Section 5 shall be eligible to
serve as directors and only such business 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 this
Section 5. Except as otherwise provided by law, the chairman
of the meeting shall have the power and duty to determine whether a
nomination or any business proposed to be brought before the
meeting was made, or proposed, as the case may be, in accordance
with the procedures set forth in these Bylaws and, if any proposed
nomination or business is not in compliance with these Bylaws, to
declare that such defective proposal or nomination shall not be
presented for stockholder action at the meeting and shall be
disregarded.
(f) Notwithstanding the foregoing provisions of this
Section 5, in order for a stockholder to include information
with respect to a stockholder proposal in the proxy statement and
form of proxy for a stockholders’ meeting, a stockholder must
also comply with all applicable requirements of the Exchange Act
and the rules and regulations thereunder with respect to matters
set forth in this Section 5. Nothing in these Bylaws shall be
deemed to affect
3.
any rights of
stockholders to request inclusion of proposals in the corporation
proxy statement pursuant to Rule 14a-8 under the Exchange
Act.
(g) For purposes of this Section 5, “public
announcement” shall mean disclosure in a press release
reported by the Dow Jones News Service, Associated Press or
comparable national news service or in a document publicly filed by
the corporation with the Securities and Exchange Commission
pursuant to Section 13, 14 or 15(d) of the Exchange
Act.
Section 6. Special Meetings.
(a) Special meetings of the stockholders of the corporation
may be called, for any purpose or purposes, by (i) the
Chairman of the Board of Directors, (ii) the Chief Executive
Officer, or (iii) the Board of Directors pursuant to a resolution
adopted by a majority of the total number of authorized directors
(whether or not there exist any vacancies in previously authorized
directorships at the time any such resolution is presented to the
Board of Directors for adoption).
(b) The Board of Directors shall determine the time and
place of such special meeting. Upon determination of the time and
place of the meeting, the secretary shall cause a notice of meeting
to be given to the stockholders entitled to vote, in accordance
with the provisions of Section 7 of these Bylaws. No business
may be transacted at such special meeting otherwise than specified
in such notice. Nothing contained in this paragraph (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.
(c) Nominations of persons for election to the Board of
Directors may be made at a special meeting of stockholders at which
directors are to be elected pursuant to the corporation’s
notice of meeting (i) by or at the direction of the Board of
Directors or (ii) by any stockholder of the corporation who is
a stockholder of record at the time of giving notice provided for
in these Bylaws who shall be entitled to vote at the meeting and
who complies with the notice procedures set forth in Section 5
of these Bylaws. In the event the corporation calls a special
meeting of stockholders for the purpose of electing one or more
directors to the Board of Directors, any such stockholder may
nominate a person or persons (as the case may be), for election to
such position(s) as specified in the corporation’s notice of
meeting, if the stockholder’s notice required by
Section 5 of these Bylaws shall be delivered to the Secretary
at the principal executive offices of the corporation not earlier
than the close of business on the one hundred twentieth (120
th ) day
prior to such special meeting and not later than the close of
business on the later of the ninetieth (90 th )
day prior to such meeting or the tenth (10 th )
day following the day on which public announcement is first made of
the date of the special meeting and of the nominees proposed by the
Board of Directors to be elected at such meeting. In no event shall
the public announcement of an adjournment of a special meeting
commence a new time period for the giving of a stockholder’s
notice as described above.
(d) Notwithstanding the foregoing provisions of this
Section 6, a stockholder must also comply with all applicable
requirements of the Exchange Act and the rules and regulations
thereunder with respect to matters set forth in this
Section 6. Nothing in these Bylaws
4.
shall be deemed
to affect any rights of stockholders to request inclusion of
proposals in the corporation’s proxy statement pursuant to
Rule 14a-8 under the Exchange Act.
Section 7. Notice of Meetings. Except as otherwise
provided by law or the Certificate of Incorporation, notice, given
in writing or by electronic transmission in the manner provided by
Section 232 of the DGCL, of each meeting of stockholders shall
be given not less than ten (10) nor more than sixty
(60) days before the date of the meeting to each stockholder
entitled to vote at such meeting, such notice to specify the place,
if any, date and hour, in the case of special meetings, the purpose
or purposes of the meeting, and the means of remote communications,
if any, by which stockholders and proxyholders may be deemed to be
present in person and vote at any such meeting. If mailed, notice
is given when deposited in the United States mail, postage prepaid,
directed to the stockholder at such address as it appears on the
records of the corporation. Notice of the time, place, if any, and
purpose of any meeting of stockholders may be waived in writing,
signed by the person entitled to notice thereof, or by electronic
transmission by such person, either before or after such meeting,
and will be waived by any stockholder by his attendance thereat in
person, by remote communication, if applicable, or by proxy, except
when the stockholder attends a meeting for the express purpose of
objecting, at the beginning of the meeting, to the transaction of
any business because the meeting is not lawfully called or
convened. Any stockholder so waiving notice of such meeting shall
be bound by the proceedings of any such meeting in all respects as
if due notice thereof had been given.
Section 8. Quorum and Voting.
(a) At all meetings of stockholders, except where otherwise
provided by statute or by the Certificate of Incorporation, or by
these Bylaws, the presence, in person, by remote communication, if
applicable, or by proxy duly authorized, of the holders of a
majority of the voting power of all the then-outstanding shares of
stock entitled to vote shall constitute a quorum for the
transaction of business. In the absence of a quorum, any meeting of
stockholders may be adjourned, from time to time, either by the
chairman of the meeting or by vote of the holders of a majority of
the voting power of the shares represented thereat, but no other
business shall be transacted at such meeting. The stockholders
present at a duly called or convened meeting, at which a quorum is
present, may continue to transact business until adjournment,
notwithstanding the withdrawal of enough stockholders to leave less
than a quorum. Except as otherwise provided by statute or by
applicable stock exchange rules or the rules of the NASDAQ Stock
Market, or by the Certificate of Incorporation or these Bylaws, in
all matters other than the election of directors, the affirmative
vote of the majority of shares present in person, by remote
communication, if applicable, or represented by proxy at the
meeting and entitled to vote generally on the subject matter shall
be the act of the stockholders.
(b) Except as otherwise mandated by statute, the Certificate
of Incorporation or these Bylaws, each director shall be elected by
the vote of the majority of the shares cast with respect to the
director at any meeting of stockholders for the election of
directors at which a quorum is present; provided, however,
that the directors shall be elected by a plurality of the votes
cast at any meeting of stockholders for which (i) the
Secretary of the Corporation receives notice that a stockholder has
nominated a person for election to the Board of Directors in
compliance with the advance notice requirements for stockholder
nominees for director set forth
5.
in
Section 5 above; and (ii) such nomination has not been
withdrawn by such stockholder on or prior to the tenth day
preceding the date the Corporation first mails its notice of
meeting for such meeting to the stockholders. For purposes of this
Section, a vote of the majority of the shares cast means that the
number of shares voted “for” a director must exceed the
number of votes cast “against” that director. Where a
separate vote by a class or classes or series is required, except
where otherwise provided by the statute or by the Certificate of
Incorporation or these Bylaws, a majority of the voting power of
the then-outstanding shares of such class or classes or series,
present in person, by remote communication, if applicable, or
represented by proxy duly authorized, shall constitute a quorum
entitled to take action with respect to that vote on that matter.
Except where otherwise provided by statute or by the Certificate of
Incorporation or these Bylaws, the affirmative vote of the majority
of the voting power of the shares of such class or classes or
series present in person, by remote communication, if applicable,
or represented by proxy at the meeting shall be the act of such
class or classes or series.
Section 9. Adjournment and Notice of Adjourned
Meetings. Any meeting of stockholders, whether annual or
special, may be adjourned from time to time either by the chairman
of the meeting or by the vote of a majority of the voting power of
the shares casting votes present in person, by remote
communication, if applicable, or represented by proxy at the
meeting. When a meeting is adjourned to another time or place, if
any, notice need not be given of the adjourned meeting if the time
and place, if any, thereof are announced at the meeting at which
the adjournment is taken. At the adjourned meeting, the corporation
may transact any business which might have been transacted at the
original meeting. If the adjournment is for more than thirty
(30) days or if after the adjournment a new record date is
fixed for the adjourned meeting, a notice of the adjourned meeting
shall be given to each stockholder of record entitled to vote at
the meeting.
Section 10. Voting Rights. For the purpose of
determining those stockholders entitled to vote at any meeting of
the stockholders, except as otherwise provided by law, only persons
in whose names shares stand on the stock records of the corporation
on the record date, as provided in Section 12 of these Bylaws,
shall be entitled to vote at any meeting of stockholders. Unless
otherwise provided in the corporation’s Certificate of
Incorporation each stockholder, shall at every meeting of the
stockholders, be entitled to one vote for each share of capital
stock having voting power held by such stockholder. Every person
entitled to vote shall have the right to do so either in person, by
remote communication, if applicable, or by an agent or agents
authorized by a proxy granted in accordance with the DGCL. An agent
so appointed need not be a stockholder. No proxy shall be voted or
acted upon after three (3) years from its date of creation
unless the proxy provides for a longer period.
Section 11. Joint Owners of Stock. If shares or other
securities having voting power stand of record in the names of two
(2) or more persons, whether fiduciaries, members of a
partnership, joint tenants, tenants in common, tenants by the
entirety, or otherwise, or if two (2) or more persons have the
same fiduciary relationship respecting the same shares, unless the
Secretary is given written notice to the contrary and is furnished
with a copy of the instrument or order appointing them or creating
the relationship wherein it is so provided, their acts with respect
to voting shall have the following effect: (a) if only one
(1) votes, his act binds all; (b) if more than one
(1) votes, the act of the majority so voting binds all;
(c) if more than one (1) votes,
6.
but the vote is
evenly split on any particular matter, each faction may vote the
securities in question proportionally, or may apply to the Delaware
Court of Chancery for relief as provided in the DGCL,
Section 217(b). If the instrument filed with the Secretary
shows that any such tenancy is held in unequal interests, a
majority or even-split for the purpose of subsection (c) shall
be a majority or even-split in interest.
Section 12. List of Stockholders. The officer in charge
of the stock ledger of the corporation or the transfer agent shall
prepare and make, at least ten (10) days before every meeting
of stockholders, a complete list of the stockholders entitled to
vote at said meeting, arranged in alphabetical order, showing the
address of each stockholder and the number of shares registered in
the name of each stockholder. Such list shall be open to the
examination of any stockholder, for any purpose germane to the
meeting, (a) on a reasonably accessible electronic network,
provided that the information required to gain access to such list
is provided with the notice of the meeting, or (b) during
ordinary business hours, at the principal place of business of the
corporation. In the event that the corporation determines to make
the list available on an electronic network, the corporation may
take reasonable steps to ensure that such information is available
only to stockholders of the corporation. If the meeting is to be
held at a place, then the list shall also be produced and kept at
the time and place of the meeting during the whole meeting thereof,
and may be inspected by any stockholder who is present. If the
meeting is to be held by means of remote communication, then the
list shall also be open to the examination of any stockholder
during the whole time of the meeting on a reasonably accessible
electronic network, and the information required to gain access to
such list shall be provided with the notice of the
meeting.
Section 13. Action Without Meeting. No action shall be
taken by the stockholders except at an annual or special meeting of
stockholders called in accordance with these Bylaws, and no action
shall be taken by the stockholders by written consent or by
electronic transmission.
Section 14. Organization.
(a) At every meeting of stockholders, the Chairman of the
Board of Directors, or, if a Chairman has not been appointed or is
absent, the Chief Executive Officer, or, if the Chief Executive
Officer is absent, a chairman of the meeting chosen by a majority
in interest of the stockholders entitled to vote, present in person
or by proxy, shall act as chairman of the meeting. The Secretary,
or in his absence any person appointed by the chairman of the
meeting, shall act as secretary of the meeting.
(b) The Board of Directors of the corporation shall be
entitled to make such rules or regulations for the conduct of
meetings of stockholders as it shall deem necessary, appropriate or
convenient. Subject to such rules and regulations of the Board of
Directors, if any, the chairman of the meeting shall have the right
and authority to prescribe such rules, regulations and procedures
and to do all such acts as, in the judgment of such chairman, are
necessary, appropriate or convenient for the proper conduct of the
meeting, including, without limitation, establishing an agenda or
order of business for the meeting, rules and procedures for
maintaining order at the meeting and the safety of those present,
limitations on participation in such meeting to stockholders of
record of the corporation and their duly authorized and constituted
proxies and
7.
such other
persons as the chairman shall permit, restrictions on entry to the
meeting after the time fixed for the commencement thereof,
limitations on the time allotted to questions or comments by
participants and regulation of the opening and closing of the polls
for balloting on matters which are to be voted on by ballot. The
date and time of the opening and closing of the polls for each
matter upon which the stockholders will vote at the meeting shall
be announced at the meeting. Unless and to the extent determined by
the Board of Directors or the chairman of the meeting, meetings of
stockholders shall not be required to be held in accordance with
rules of parliamentary procedure.
Section 15. Number and Term of Office. The authorized
number of directors of the corporation shall be fixed in accordance
with the Certificate of Incorporation. Directors need not be
stockholders unless so required by the Certificate of
Incorporation. If for any cause, the directors shall not have been
elected at an annual meeting, they may be elected as soon
thereafter as convenient at a special meeting of the stockholders
called for that purpose in the manner provided in these
Bylaws.
Section 16. Nomination of Director Candidates.
Nominations for the election of Directors at the annual meeting, by
or at the direction of the Board of Directors, may be made by any
nominating committee or person appointed by the Board of Directors.
Nominations may also be made by any stockholder of record of the
corporation entitled to vote for the election of directors at the
annual meeting who complies with the notice procedures set forth in
Section 5 hereof. Nominations for the election of directors at
a special meeting of stockholders shall be made pursuant to the
procedures of Section 6 hereof.
Section 17. Powers. The powers of the corporation shall
be exercised, its business conducted and its property controlled by
or under the direction of the Board of Directors, except as may be
otherwise provided by statute or by the Certificate of
Incorporation.
Section 18. Classes of Directors. Subject to the rights
of the holders of any series of Preferred Stock to elect additional
directors under specified circumstances, the directors shall be
divided into three classes designated as Class I,
Class II and Class III, respectively. Directors shall be
assigned to each class in accordance with a resolution or
resolutions adopted by the Board of Directors. At the first annual
meeting of stockholders following the closing of the first public
offering of equity securities of the Corporation, the term of
office of the Class I directors shall expire and Class I
directors shall be elected for a full term of three years. At the
second annual meeting of stockholders following the closing of the
first public offering of equity securities of the Corporation, the
term of office of the Class II directors shall expire and
Class II directors shall be elected for a full term of three
years. At the third annual meeting of stockholders following the
closing of the first public offering of equity securities of the
Corporation, the term of office of the Class III directors
shall expire and Class III directors shall be elected for a
full term of three years. At each succeeding annual meeting of
stockholders,
8.
directors shall
be elected for a full term of three years to succeed the directors
of the class whose terms expire at such annual meeting.
Notwithstanding
the foregoing provisions of this Section 18, each director
shall serve until his successor is duly elected and qualified or
until his death, resignation or removal. No decrease in the number
of directors constituting the Board of Directors shall shorten the
term of any incumbent director.
Section 19. Vacancies. Unless otherwise provided in the
Certificate of Incorporation and subject to the rights of the
holders of any series of Preferred Stock or as otherwise provided
by applicable law, any vacancies on the Board of Directors
resulting from death, resignation, disqualification, removal or
other causes and any newly created directorships resulting from any
increase in the number of directors shall, unless the Board of
Directors determines by resolution that any such vacancies or newly
created directorships shall be filled by stockholders, be filled
only by the affirmative vote of a majority of the directors then in
office, even though less than a quorum of the Board of Directors or
by a sole remaining director. Except (i) as otherwise provided
by applicable law or (ii) as may be otherwise determined by
the Board of Directors by resolution and subject to the rights of
the holders of any series of Preferred Stock, any director elected
in accordance with the preceding sentence shall hold office for the
remainder of the full term of the director for which the vacancy
was created or occurred and until such director’s successor
shall have been elected and qualified. A vacancy in the Board of
Directors shall be deemed to exist under this Section 19 in
the case of the death, removal or resignation of any
director.
Section 20. Resignation. Any director may resign at any
time by delivering his or her notice in writing or by electronic
transmission to the Secretary, such resignation to specify whether
it will be effective at a particular time, upon receipt by the
Secretary or at the pleasure of the Board of Directors. If no such
specification is made, it shall be deemed effective at the pleasure
of the Board of Directors. When one or more directors shall resign
from the Board of Directors, effective at a future date, a majority
of the directors then in office, including those who have so
resigned, shall have power to fill such vacancy or vacancies, the
vote thereon to take effect when such resignation or resignations
shall become effective, and each Director so chosen shall hold
office for the unexpired portion of the term of the Director whose
place shall be vacated and until his successor shall have been duly
elected and qualified.
Section 21. Removal. Subject to the rights of the
holders of any series of Preferred Stock, the Board of Directors or
any individual director may be removed from office at any time
(i) with cause by the affirmative vote of the holders of a
majority of the voting power of all the then-outstanding shares of
voting stock of the corporation, entitled to vote at an election of
directors (the “Voting Stock”) or (ii) without
cause by the affirmative vote of the holders of at least sixty-six
and two-thirds percent (66 2/3%) of the voting power of all the
then-outstanding shares of the Voting Stock.
9.
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