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8-K - FORM 8-K - JAVELIN PHARMACEUTICALS, INC | b81570e8vk.htm |
EX-3.1 - EX-3.1 - JAVELIN PHARMACEUTICALS, INC | b81570exv3w1.htm |
Exhibit 3.2
AMENDED AND RESTATED
BYLAWS
OF
JAVELIN PHARMACEUTICALS, INC.
(a Delaware corporation)
ARTICLE 1
OFFICES
1.1 | REGISTERED OFFICE |
The corporation shall maintain a registered office and registered agent in the state of
Delaware. The registered office and/or registered agent of the corporation may be changed from
time to time by action of the board of directors.
1.2 | OTHER OFFICES |
The corporation may also have offices at such other places both within or outside the state of
Delaware as the board of directors may from time to time determine or the business of the
corporation may require.
ARTICLE 2
MEETINGS OF STOCKHOLDERS
2.1 | ANNUAL MEETING; ELECTION OF DIRECTORS |
(a) An annual meeting of the stockholders shall be held for the election of directors on a
date and at a time and place designated by the board of directors. Any other proper business may
also be transacted at the annual meeting.
(b) The stockholders may elect the board of directors by written consent in lieu of the annual
meeting. If the consent is less than unanimous, it will constitute a consent in lieu of the annual
meeting only if all of the directorships to which directors could be elected at an annual meeting
held at the effective time of the consent were (i) vacant at the effective time and (ii) filled by
action of the consent.
(c) If the annual meeting is not held on the date designated for it or if the board of
directors has not been elected by written consent in lieu of an annual meeting, the standing
directors shall cause the meeting to be held as soon as is convenient.
2.2 | SPECIAL MEETINGS |
Except as otherwise required by law, special meetings of the stockholders for any purpose may
be called and the location of the meeting designated by the board of directors, the chairman of the
board, or the president. Holders of shares entitled to cast not less than one-third of the votes
entitled to be cast at the meeting may also call a special meeting by written request. The written
request must state the purposes of the meeting and must be delivered to the chairman of the board
or the president. The chairman of the board or the president, as the case may be, shall fix a
date, time and place for the meeting as promptly as practicable following receipt of the written
request.
2.3 | REMOTE COMMUNICATION |
The board of directors may, in its sole discretion, determine that a stockholders meeting
shall not be held at any place, but may instead be held solely by means of remote communication.
Further, the board of directors may, in its sole discretion, authorize stockholders and
proxyholders not physically present at a meeting of stockholders to, by means of remote
communication and subject to such guidelines and procedures as the board of directors may adopt:
(a) participate in a meeting of stockholders and (b) be deemed present in person and vote at a
meeting of stockholders, whether such meeting is to be held at a designated place or solely by
means of remote communication. If the board of directors authorizes a meeting solely by remote
communication or authorizes presence, participation and voting at a meeting by means of remote
communication, the corporation must (i) implement 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, (ii) implement 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 (iii) maintain a record of any vote
or other action taken at the meeting by means of remote communication by any stockholder or
proxyholder.
2.4 | NOTICE OF MEETINGS |
Except as provided in Section 230 of the General Corporation Law of the State of Delaware (the
GCL), written or printed notice of each annual or special meeting of the stockholders
shall be given to each stockholder entitled to vote at the meeting. The notice (i) shall state the
place, if any, date, time, means of remote communication, if any, by which stockholders and
proxyholders may be deemed to be present in person and vote at such meeting and, in the case of a
special meeting, the purpose or purposes for which the meeting is called, (ii) shall be given not
less than 10 days nor more than 60 days before the date of the meeting, and (iii) shall be given in
a manner provided by and subject to Article 10 of these bylaws.
2.5 | STOCKHOLDERS LIST |
At least ten days before every meeting of stockholders, the officer having charge of the stock
ledger shall prepare a complete list of the stockholders entitled to vote at the meeting. The list
must be arranged in alphabetical order and show the address of each such stockholder and the
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number of shares registered in the name of the stockholder. Electronic mail addresses or
other electronic contact information need not be included on the list. The list shall be open to
the examination of any stockholder for any purpose germane to the meeting for a period of at least
ten days prior to the meeting: (a) on a reasonably accessible electronic network, provided that
the information required to gain access to the 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 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 be
produced and kept at the place of the meeting during the whole time of the meeting, and may be
inspected by any stockholder present. If the meeting is to be held solely 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 access such list shall be provided with the notice of the meeting.
2.6 | QUORUM |
The holders of a majority of the outstanding shares of capital stock entitled to vote, present
in person or represented by proxy, shall be requisite for, and shall constitute, a quorum at all
meetings of the stockholders of the corporation for the transaction of business, except as
otherwise required by law, the certificate of incorporation or these bylaws. If, however, a
separate vote by class or series is required with respect to any matter, the holders of a majority
of the shares of such class or series, as the case may be, shall constitute a quorum (as to such
class or series) with respect to the matter. If a quorum is not present or represented at any
meeting of the stockholders, the stockholders entitled to vote at the meeting present in person or
represented by proxy shall have power to adjourn the meeting from time to time until a quorum is
present or represented.
2.7 | ADJOURNED MEETINGS |
When a meeting is adjourned to another time and place, notice need not be given of the
adjourned meeting if its time and place, if any, and the means of remote communication, if any, by
which stockholders and proxyholders may be deemed to be present in person and vote at the adjourned
meeting, are announced at the meeting at which the adjournment is taken. At the adjourned meeting
the corporation may transact any business that might have been transacted at the original meeting.
If the adjournment is for more than 30 days, 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.
2.8 | VOTE REQUIRED |
Except as otherwise required by law, the certificate of incorporation, or these bylaws, when a
quorum is present at a meeting: (a) the affirmative vote of a majority of shares present in person
or represented by proxy and entitled to vote on the subject matter shall be the act of the
stockholders; and (b) where a separate vote by class or series is required, the affirmative vote of
the majority of shares of such class or series present in person or represented by proxy shall be
the act of such class or series.
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2.9 | 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 proxy. No proxy may be voted or acted upon after three years from its
date, unless the proxy provides for a longer period. At each meeting of the stockholders, and
before any voting commences, all proxies filed at or before the meeting shall be submitted to and
examined by the secretary or a person designated by the secretary. No shares may be represented or
voted under a proxy that has been found to be invalid or irregular.
Without limiting the manner in which a stockholder may authorize a proxy, the following shall
constitute valid means of doing so:
(a) A stockholder may execute a writing authorizing another person to act for the stockholder
as proxy. Either the stockholder or the stockholders authorized officer, director, employee or
agent may sign the writing. Alternatively, such person may cause his or her signature to be
affixed to the writing by any reasonable means, including facsimile signature.
(b) A stockholder may authorize another person to act for the stockholder as proxy by
transmitting or authorizing the transmission of a telegram, cablegram, or other means of electronic
transmission to the person who will be the holder of the proxy or to a proxy solicitation firm,
proxy support service organization or like agent duly authorized by the person who will be the
holder of the proxy to receive such transmission. Any such transmission must either set forth or
be submitted with information from which it can be determined that the stockholder authorized the
transmission. If it is determined that the transmission is valid, the inspectors or, if there are
no inspectors, such other persons making that determination shall specify the information upon
which they relied.
Any copy, facsimile telecommunication or other reliable reproduction of such writing or
transmission may be substituted or used in lieu of the original writing or transmission for all
purposes for which the original writing or transmission could be used, provided that the
reproduction is a complete reproduction of the entire original writing or transmission.
2.10 | VOTING OF CERTAIN SHARES |
With respect to shares entitled to vote:
(a) Shares standing in the name of another corporation or other entity, domestic or foreign,
may be voted by such officer, agent, or proxy as the (i) bylaws or other governing document of such
corporation or entity may prescribe or, (ii) in the absence of such provision, as the board of
directors or other governing body of such corporation or entity may determine.
(b) Shares held in a fiduciary capacity may be voted by the fiduciary.
(c) Shares standing in the name of a trustee, receiver or pledgee may be voted by such
trustee, receiver or pledgee either in person or by proxy as provided by statute.
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If the shares stand of record in the names of two or more persons, whether fiduciaries,
members of a partnership, joint tenants, tenants in common, tenants by the entirety or otherwise,
or if two or more persons have the same fiduciary relationship respecting the same shares, unless
the secretary of the corporation is given written notice to the contrary and is furnished with a
copy of the instrument or order appointing such persons or creating the relationship, their acts
with respect to voting shall have the following effect:
if only one votes, the voters act binds all;
(d) if more than one vote, the act of the majority so voting binds all;
(e) if more than one vote, but the vote is evenly split on any particular matter, each faction
may vote the securities in question proportionately unless otherwise ordered by a court having
jurisdiction.
If the instrument so filed shows that any such tenancy is held in unequal interests, a
majority or even split shall be a majority or even split in interest.
2.11 | ACTION BY WRITTEN CONSENT OR ELECTRONIC TRANSMISSION |
(a) Unless otherwise restricted by the certificate of incorporation, any action required or
permitted to be taken at an annual or special meeting of stockholders may be taken by written
consent without a meeting, without prior notice and without a vote, as follows:
(i) The holders of outstanding capital stock of the corporation having not less than
the minimum number of votes that would be necessary to take such action at a meeting at
which all shares entitled to vote thereon were present and voted must sign and date the
written consent setting forth the action so taken. Consents may be executed in counterparts.
(ii) The consent(s) must be delivered to the corporations registered office in
Delaware, to its principal place of business, or to an officer or agent of the corporation
having custody of the book(s) in which proceedings of meetings of the stockholders are
recorded. Delivery made to the registered office must be by hand or by certified or
registered mail, return receipt requested, and will be deemed delivered upon actual receipt
by the registered office.
(b) All consents properly delivered in accordance with this section shall be deemed to be
recorded when so delivered. No written consent shall be effective to take the corporate action
referred to therein unless, within 60 days of the earliest dated consent delivered to the
corporation as required by this section, written consents signed by the holders of a sufficient
number of shares to take such corporate action are so recorded.
(c) A stockholder or proxyholder may consent to action by means of a telegram, cablegram or
other electronic transmission. The stockholder, the proxyholder or a person or persons authorized
to act for the stockholder or proxyholder must transmit the consent. The consent shall be deemed
to be written, signed and dated if the transmission sets forth or is delivered with information
from which the corporation can determine (i) that the transmission
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was transmitted by the stockholder, proxyholder or authorized person(s), and (ii) the date on
which it was transmitted. The date on which the transmission is transmitted shall be deemed to be
the date on which the consent was signed. No consent given by electronic transmission shall be
deemed to have been delivered until it is reproduced in a paper form and delivered in accordance
with Section 2.11(a), provided, however, that it may be otherwise delivered to the
principal place of business of the corporation or to an officer or agent of the corporation having
custody of the book in which proceedings of meetings of stockholders are recorded if, to the extent
and in the manner provided by the board of directors.
(d) Any copy, facsimile or other reliable reproduction of a consent in writing may be
substituted or used in lieu of the original writing for all purposes for which the original writing
could be used, provided that the reproduction is of the entire original writing.
(e) 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
and who, if action had been taken at a meeting, would have been entitled to notice of the meeting
if the record date for such meeting had been the date that written consents signed by a sufficient
number of holders to take the action were delivered to the corporation as provided above.
2.12 | TREASURY STOCK |
Shares of its own stock belonging to the corporation or to another corporation, if a majority
of the shares entitled to vote in the election of directors of such other corporation is held,
directly or indirectly, by such corporation, shall not be entitled to vote nor counted for quorum
purposes. Notwithstanding the foregoing, the corporation may vote shares of its own stock that it
holds in a fiduciary capacity.
ARTICLE 3
DIRECTORS
3.1 | NUMBER, ELECTION AND TERM OF OFFICE |
The board of directors shall consist of not less than one nor more than ten members, which
number shall be fixed from time to time by action of the board of directors or the stockholders.
The board of directors shall consist of one member as of the date of adoption of these bylaws.
Except as provided in Sections 3.3 and 3.4, the directors shall be elected at the annual meeting of
stockholders. Elections of directors need not be by written ballot unless the board of directors
votes to require a written ballot. If the election is to be by written ballot, then, if the board
of directors authorizes it, a ballot submitted by electronic transmission may satisfy the
requirement of a written ballot. Any such electronic transmission must either set forth or be
submitted with information from which the corporation can determine that it was authorized by the
stockholder or proxyholder. The directors shall be elected by a plurality of the votes of the
shares present in person or represented by proxy at the meeting and entitled to vote in the
election of directors. Each director shall hold office until such directors successor is duly
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elected and qualified or until such directors earlier death, resignation or removal as
hereinafter provided.
3.2 | MANAGEMENT OF AFFAIRS OF CORPORATION |
The property and business of the corporation shall be managed by or under the direction of its
board of directors. The board of directors may exercise all such powers of the corporation and do
all such lawful acts and things as are not reserved exclusively to the stockholders by law, the
certificate of incorporation or these bylaws.
3.3 | RESIGNATIONS AND VACANCIES |
Any director may resign at any time by giving notice to the board of directors, the chairman
of the board or the president in writing or by electronic transmission. Any such resignation shall
take effect on the date of the receipt of the notice or at any later time specified in the notice.
Acceptance of the resignation shall not be necessary to make it effective. If, at any time other
than the annual meeting of the stockholders, any vacancy occurs in the board of directors or any
new directorship is created by an increase in the authorized number of directors, a majority of the
directors then in office (even if less than a quorum) may choose a successor or fill the newly
created directorship. Unless removed sooner, the director so chosen shall hold office until the
next annual election of directors by the stockholders and until such directors successor is duly
elected and qualified. Whenever the certificate of incorporation entitles holders of any class or
series of stock to elect one or more directors, vacancies and newly created directorships of such
class or series may be filled by a majority of the directors elected by such class or series then
in office, or by a sole remaining director so elected.
3.4 | REMOVAL AND VACANCIES |
Any director or the entire board of directors may be removed by the holders of a majority of
the shares then entitled to vote at an election of directors except as follows: (a) if the
stockholders are entitled to exercise cumulative voting rights, then no director may be removed
without cause if the votes cast against such directors removal would be sufficient to elect such
director if then cumulatively voted at an election of the entire board of directors, and (b) if
there are classes of directors, then the stockholders may effect such removal only for cause. The
successor to any director so removed may be elected at the meeting at which the removal was
effectuated. The remaining directors may fill any remaining vacancies created by the removal.
Whenever the holders of any class or series are entitled to elect one or more directors by the
provisions of the certificate of incorporation, the provisions of this section shall apply, in
respect to the removal without cause of a director or directors so elected, to the vote of the
holders of the outstanding shares of that class or series and not to the vote of the outstanding
shares as a whole.
3.5 | ANNUAL AND REGULAR MEETINGS |
The annual meeting of the board of directors shall be held, without other notice than this
bylaw, immediately after, and at the same place as, the annual meeting of the stockholders.
Regular meetings of the board of directors, other than the annual meeting, may be held at such time
and at such place as the board may from time to time fix by resolution and no notice (other than
the resolution) need be given as to any regular meeting.
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3.6 | SPECIAL MEETINGS |
Special meetings of the board of directors may be called by the chairman of the board or the
president and shall be called by the secretary at the request of any director, to be held at such
time and place, either within or outside Delaware, as shall be designated by the call and specified
in the notice of such meeting.
3.7 | NOTICE OF MEETINGS |
Notice of special meetings of the board of directors shall be provided to each director
pursuant to Article 10 of these bylaws. If such notice is mailed, it shall be deposited in the
United States mail, postage prepaid, at least three days before such meeting. If such notice is
given by overnight courier, it shall be given to the overnight courier service for delivery at
least two days before such meeting. If such notice is given personally or by electronic
transmission, it shall be delivered or transmitted at least 24 hours before the time of the
meeting. Except as otherwise provided by law or these bylaws, meetings may be held at any time
without notice if all of the directors are present or if, at any time before or after the meeting,
those not present waive notice of the meeting in writing.
3.8 | QUORUM REQUIRED, VOTE AND ADJOURNMENT |
Except as otherwise provided by law or these bylaws: (a) at each meeting of the board of
directors, the presence of not less than a majority of the whole board shall be necessary and
sufficient to constitute a quorum for the transaction of business; and (b) 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. If a quorum is not present at any meeting of directors, the directors present may
adjourn the meeting, without notice other than announcement at the meeting, until a quorum is
present.
3.9 | COMMUNICATIONS EQUIPMENT |
Unless otherwise restricted by the certificate of incorporation, any member of the board of
directors or of any committee designated by the board may participate in a meeting of the directors
or committee by means of conference telephone or other communications equipment by means of which
all persons participating in the meeting can hear each other, and participation in a meeting by
means of such equipment shall constitute presence in person at such meeting.
3.10 | PRESUMPTION OF ASSENT |
Unless applicable law provides otherwise, a director of the corporation who is present at a
meeting of the board of directors at which action is taken on any corporate matter shall be
presumed to have assented to the action taken unless: (a) the directors dissent is entered in the
minutes of the meeting; or (b) the director files a written dissent to the action with the person
acting as secretary of the meeting before the adjournment thereof or forwards the dissent by
registered mail to the secretary of the corporation immediately after the adjournment of the
meeting. Such right to dissent shall not apply to a director who voted in favor of any action.
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3.11 | ACTION BY WRITTEN CONSENT |
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 or of such committee, as the
case may be, consent to the action in writing or by electronic transmission, and the writing or
electronic transmission is filed with the minutes of proceedings of the board or committee. The
filing shall be in paper form if the minutes are maintained in paper form and in electronic form if
the minutes are maintained in electronic form.
3.12 | EXECUTIVE COMMITTEE |
The board of directors may designate one or more directors of the corporation to constitute an
executive committee, which, to the extent provided in the resolution and except as otherwise
provided by law, shall have and may exercise all the powers and authority of the board of directors
in the management of the business and affairs of the corporation.
3.13 | OTHER COMMITTEES |
The board of directors may designate other committees consisting of one or more directors.
Each member of a committee shall serve for such term and the committee shall have and may exercise
such duties, functions and powers as these bylaws and the board of directors may provide, except as
otherwise restricted by law.
3.14 | ALTERNATES |
The board of directors may designate one or more directors as alternate members of any
committee to replace any absent or disqualified member at any meeting of the committee. In the
absence or disqualification of a member of a committee, the members present at any meeting and not
disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint
another member of the board of directors to act at the meeting in place of the absent or
disqualified member.
3.15 | QUORUM AND MANNER OF ACTING COMMITTEES |
The presence of a majority of members of any committee shall constitute a quorum for the
transaction of business at any meeting of such committee, and the act of a majority of those
present shall be necessary for the taking of any action at the meeting.
3.16 | COMMITTEE CHAIRMAN, BOOKS AND RECORDS, ETC. |
The chairman of each committee shall be selected by the board of directors from among the
members of the committee. Each committee shall fix its own rules of procedure not inconsistent with
these bylaws or the resolution of the board of directors designating the committee. Each committee
shall meet at such times and places and upon such call or notice as shall be provided by such
rules. Each committee shall keep a record of its actions and proceedings and shall report on them
to the board of directors at the boards next meeting.
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3.17 | FEES AND COMPENSATION OF DIRECTORS |
Directors shall not receive any stated salary for their services as such, but by resolution of
the board of directors a fixed fee, with or without expenses of attendance, may be allowed for
attendance at each regular or special meeting of the board. Members of the board shall be allowed
their reasonable traveling expenses when actually engaged in the business of the corporation.
Members of any committee may be allowed like fees and expenses for attending committee meetings.
Nothing in these bylaws shall be construed to preclude any director from serving the corporation in
any other capacity and receiving compensation therefor.
3.18 | RELIANCE UPON RECORDS |
Every director of the corporation, or member of any committee designated by the board of
directors, shall, in the performance of such directors duties, be fully protected in relying in
good faith upon the records of the corporation and upon such information, opinions, reports or
statements presented to the corporation by any of the corporations officers or employees, or
committees of the board of directors, or by any other person as to matters the director reasonably
believes are within such other persons professional or expert competence and who has been selected
with reasonable care by or on behalf of the corporation.
3.19 | DIVIDENDS AND RESERVES |
Except as otherwise provided by law or the certificate of incorporation, the board of
directors may declare dividends upon stock of the corporation at any regular or special meeting.
Dividends may be paid in cash, in property, in shares of stock or otherwise in the form, and to the
extent, permitted by law. The board of directors may set apart, out of any funds of the
corporation available for dividends, a reserve or reserves for working capital or for any other
lawful purpose, and also may abolish any such reserve in the manner in which it was created.
ARTICLE 4
OFFICERS
4.1 | OFFICES AND OFFICIAL POSITIONS |
The officers of the corporation shall consist of a president and a secretary, and may consist
of a chairman of the board, a treasurer, one or more vice presidents, and such assistant
secretaries, assistant treasurers, and other officers as the board of directors shall determine.
The same person may hold any two or more offices. The board of directors may choose not to fill
any office for any period as it may deem advisable. None of the officers need be a director, a
stockholder of the corporation or a resident of Delaware. The board of directors may from time to
time establish, and abolish, official positions within the divisions into which the business and
operations of the corporation are divided, pursuant to Article 5 of these bylaws, and assign titles
and duties to such positions. Those appointed to official positions within divisions may, but need
not, be officers of the corporation. The board of directors shall appoint persons to official
positions within a division and may with or without cause remove from such a position any person
appointed to it. In any event, the authority incident to an official position within a
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division shall be limited to acts and transactions within the scope of the business and
operations of such division.
4.2 | ELECTION AND TERM OF OFFICE |
The board of directors shall elect the officers of the corporation at its annual meeting. If
the election of officers is not held at such meeting, the election shall be held at a regular or
special meeting of the board of directors as soon thereafter as may be convenient. Each officer
shall hold office until such officers successor is elected and qualified or until such officers
death, resignation or removal.
4.3 | REMOVAL |
The board of directors may remove an officer at any time, either with or without cause; but
such removal shall be without prejudice to the contract rights, if any, of the officer.
4.4 | VACANCIES |
The board of directors may fill a vacancy in any office for the unexpired portion of the term.
4.5 | CHAIRMAN OF THE BOARD |
The chairman of the board, if a chairman of the board has been elected and is serving, shall
preside at all meetings of the stockholders and the board of directors. The chairman of the board
shall perform such other duties and have such other powers as the board of directors may from time
to time assign to him or her. The chairman may sign with the secretary or an assistant secretary,
or the treasurer or an assistant treasurer, certificates for shares of stock of the corporation the
board of directors has authorized for issuance.
4.6 | PRESIDENT |
The president shall be the chief executive officer of the corporation and, in the absence of
the chairman of the board, shall preside at all meetings of the stockholders, the board of
directors or any committee of the board of which the president is a member. The president shall
have the overall supervision of the business of the corporation and shall direct the affairs and
policies of the corporation, subject to such policies and directions as the board of directors may
provide. The president shall have authority to designate the duties and powers of other officers
and delegate special powers and duties to specified officers, so long as such designation is not
inconsistent with applicable law, these bylaws or action of the board of directors. The president
shall also have power to execute, and shall execute, deeds, mortgages, bonds, contracts and other
instruments of the corporation except where required or permitted by law to be otherwise executed
and except where the board of directors or president expressly delegates the execution to some
other officer or agent of the corporation. The president may sign with the secretary or an
assistant secretary, or the treasurer or an assistant treasurer, certificates for shares of stock
of the corporation the board of directors has authorized for issuance. The president shall vote,
or give a proxy, power of attorney or other delegation of authority to any other person to vote,
all equity interests of any other entity standing in the name of the corporation. The president in
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general shall have all other powers and shall perform all other duties incident to the chief
executive office of a corporation or as the board of directors may from time to time assign to the
president.
4.7 | VICE PRESIDENTS |
In the absence of the president, at the presidents request or in the event of the presidents
inability or refusal to act, the vice presidents in order of their rank as fixed by the board of
directors or, if not ranked, the vice president designated by the board of directors or the
president shall perform all duties of the president, including the duties of the chairman of the
board if and as assumed by 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, not inconsistent with applicable laws, these bylaws, or
action of the board of directors, as the board of directors or the president may from time to time
assign to them. Any vice president may sign, with the secretary or an assistant secretary, or the
treasurer or an assistant treasurer, certificates for shares of stock of the corporation the board
of directors has authorized for issuance.
4.8 | SECRETARY |
The secretary shall: (a) keep the minutes of the meetings of the stockholders, the board of
directors and committees of directors in one or more books provided for that purpose; (b) see that
all notices are duly given in accordance with the provisions of these bylaws or as required by law;
(c) have charge of the corporate records and of the seal of the corporation; (d) keep a register
of the post office address of each stockholder, director and committee member which shall from time
to time be furnished to the secretary by such stockholder, director or member; (e) sign with the
chairman of the board, the president or a vice president, certificates for shares of stock of the
corporation the board of directors has authorized for issuance; (f) have general charge of the
stock transfer books of the corporation; and (g) in general, perform all duties incident to the
office of secretary and such other duties as the board of directors, the chairman of the board, or
president may from time to time assign to the secretary. The secretary may delegate such details
of the performance of duties of the secretarys office as may be appropriate in the exercise of
reasonable care to one or more persons in his or her stead, but shall not thereby be relieved of
responsibility for the performance of such duties.
4.9 | TREASURER |
The treasurer shall: (a) be responsible to the board of directors for the receipt, custody and
disbursement of all funds and securities of the corporation; (b) receive and give receipts for
monies due and payable to the corporation from any source and deposit all such monies in the name
of the corporation in such banks, trust companies or other depositories as shall from time to time
be selected in accordance with these bylaws; (c) disburse the funds of the corporation as ordered
by the board of directors or the president or as otherwise required in the conduct of the business
of the corporation; (d) render to the president or the board of directors, upon request, an account
of all his or her transactions as treasurer and on the financial condition of the corporation; and
(e) in general, perform all duties incident to the office of treasurer and such other duties as the
board of directors, the chairman of the board, or the president may from time
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to time may assign to the treasurer. The treasurer may delegate such details of the
performance of duties of such office as may be appropriate in the exercise of reasonable care to
one or more persons in his or her stead, but shall not thereby be relieved of responsibility for
the performance of such duties. If required by the board of directors, the treasurer shall give a
bond for the faithful discharge of his or her duties in such sum, and with such surety or sureties,
as the board of directors shall determine.
4.10 | ASSISTANT TREASURERS AND ASSISTANT SECRETARIES |
The assistant treasurers and assistant secretaries shall perform all functions and duties
which the secretary or treasurer, as the case may be, may assign or delegate; but such assignment
or delegation shall not relieve the principal officer from the responsibilities and liabilities of
his or her office. In addition, an assistant secretary or an assistant treasurer may sign with the
chairman of the board, the president, or a vice president, certificates for shares of stock the
board of directors has authorized for issuance; and the assistant secretaries and assistant
treasurers shall, in general, perform such duties as the secretary or the treasurer, respectively,
or the president or board of directors may from time to time assign to them. The assistant
treasurers shall, if required by the board of directors, give bonds for the faithful discharge of
their duties in such sums, and with such surety or sureties, as the board of directors shall
determine.
4.11 | SALARIES |
The salaries of the officers shall be fixed from time to time by the board of directors, by
such officer as it shall designate for such purpose or as it shall otherwise direct. No officer
shall be prevented from receiving a salary or other compensation by reason of the fact that the
officer is also a director of the corporation.
ARTICLE 5
DIVISIONS
5.1 | DIVISIONS OF THE CORPORATION |
The board of directors shall have the power to create and establish such operating divisions
of the corporation as it may from time to time deem advisable.
5.2 | OFFICIAL POSITIONS WITHIN A DIVISION |
The chairman of the board or the president may appoint individuals to, and may, with or
without cause, remove them from, official positions established within a division but not filled by
the board of directors. The individuals appointed need not be officers of the corporation.
Neither the chairman of the board nor the president may remove any individual appointed by the
board of directors.
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ARTICLE 6
CONTRACTS, LOANS, CHECKS AND DEPOSITS
6.1 | CONTRACTS AND OTHER INSTRUMENTS |
The board of directors may authorize any officer(s), agent(s) or employee(s) to enter into any
contract or execute and deliver any instrument in the name of and on behalf of the corporation, or
of any division thereof, subject to applicable law. Such authority may be general or confined to
specific instances.
6.2 | LOANS |
No loans shall be contracted on behalf of the corporation, or any division thereof, and no
evidence of indebtedness, other than in the ordinary course of business, shall be issued in the
name of the corporation, or any division thereof, unless authorized by the board of directors.
Such authorization may be general or confined to specific instances.
6.3 | CHECKS, DRAFTS, ETC. |
All checks, demands, drafts or other orders for the payment of money, notes or other evidences
of indebtedness issued in the name of the corporation, or any division thereof, outside of the
ordinary course of business shall be signed by such officers or agents of the corporation, and in
such manner, as the board of directors may from time to time authorize.
6.4 | DEPOSITS |
All funds of the corporation, or any division thereof, not otherwise employed shall be
deposited from time to time to the credit of the corporation in such banks, trust companies or
other depositories as the board of directors may select.
ARTICLE 7
CERTIFICATES OF STOCK AND THEIR TRANSFER
7.1 | CERTIFICATES OF STOCK |
The certificates of stock of the corporation shall be in a form approved by the board of
directors, shall be numbered and shall be entered in the books of the corporation as they are
issued. They shall exhibit the holders name and number of shares and shall be signed by the
chairman of the board, the president or a vice president and by the treasurer or an assistant
treasurer or the secretary or an assistant secretary. If any stock certificate is signed (a) by a
transfer agent or an assistant transfer agent or (b) by a transfer clerk acting on behalf of the
corporation and a registrar, the signature of any officer of the corporation may be facsimile. In
case any officer whose facsimile signature has thus been used on any such certificate shall cease
to be such officer before the certificate has been issued, the certificate may nevertheless be
issued with the same effect as if he or she were such officer at the date of issue. All
certificates properly surrendered to the corporation for transfer shall be cancelled and, except as
set forth in
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Section 7.2 below, no new certificate shall be issued to evidence transferred shares until the
former certificate for at least a like number of shares has been surrendered and cancelled and the
corporation reimbursed for any applicable taxes on the transfer.
7.2 | LOST, STOLEN OR DESTROYED CERTIFICATES |
The corporation may direct a new certificate or uncertificated shares to be issued in place of
any certificate theretofore issued by the corporation alleged to have been lost, stolen or
destroyed, and may also require the owner of the lost, stolen or destroyed certificate, or the
owners legal representative, to give the corporation a bond sufficient to indemnify it against any
claim that may be made against the corporation on account of the alleged loss, theft or destruction
of such certificate or the issuance of a new certificate or uncertificated shares.
7.3 | TRANSFERS OF STOCK |
Transfers of shares of stock shall be made only on the books of the corporation by the
registered holder thereof or by its attorney or successor duly authorized as evidenced by documents
filed with the secretary or transfer agent of the corporation. Upon surrender to the corporation
or the transfer agent of the corporation of a certificate for shares duly endorsed or accompanied
by proper evidence of succession, assignment or authority to transfer, and in compliance with any
restrictions on transfer of which the corporation has notice applicable to the certificate or
shares represented thereby, the corporation shall issue a new certificate to the person entitled
thereto, cancel the old certificate and record the transaction upon its books. The board of
directors may adopt such additional rules and regulations as it deems advisable concerning the
transfer and registration of certificates of stock of the corporation.
7.4 | RESTRICTIONS ON TRANSFER |
Any stockholder may enter into an agreement with other stockholders or with the corporation
providing for any reasonable restriction on the right of such stockholder to transfer shares of
stock of the corporation held by such stockholder. If such restriction is set forth conspicuously
on the certificates representing the shares or, in the case of uncertificated shares, is contained
in a notice sent pursuant to Section 151(f) of the GCL, the corporation or the transfer agent shall
not be required to transfer such shares upon the books of the corporation without receipt of
satisfactory evidence of compliance with the terms of such restriction.
7.5 | FIXING RECORD DATE |
(a) In order that the corporation may determine the stockholders entitled to notice of or to
vote at any meeting of stockholders or any adjournment thereof, the board of directors may fix a
record date, which record date shall not precede the date upon which the resolution fixing the
record date is adopted by the board of directors, and which record date shall not be more than 60
nor less than 10 days before the date of such meeting. If no record date is fixed by the board of
directors, the record date for determining stockholders entitled to notice of or to vote at a
meeting of stockholders shall be at the close of business on the day next preceding the day on
which notice is given, or, if notice is waived, at the close of business on the day next preceding
the day on which the meeting is held. A determination of stockholders of record entitled to notice
of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting;
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provided, however, that the board of directors may fix a new record date for the adjourned
meeting.
(b) In order that the corporation may determine the stockholders entitled to consent to
corporate action in writing without a meeting, the board of directors may fix a record date, which
record date shall not precede the date upon which the resolution fixing the record date is adopted
by the board of directors, and which date shall not be more than ten days after the date upon which
the resolution fixing the record date is adopted by the board of directors. If no record date has
been fixed by the board of directors, 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 required, shall be the first date on which a signed written consent setting forth the
action taken or proposed to be taken is delivered to the corporation by delivery to its registered
office, its principal place of business, or an officer or agent of the corporation having custody
of the book in which proceedings of meetings of stockholders are recorded. If no record date has
been fixed by the board of directors and prior action by the board of directors is required by law,
the record date for determining stockholders entitled to consent to corporate action in writing
without a meeting shall be at the close of business on the day the board of directors adopts the
resolution taking such prior action.
(c) In order that the corporation may determine the stockholders entitled to receive payment
of any dividend or other distribution or allotment of any rights or the stockholders entitled to
exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose
of any other lawful action, the board of directors may fix a record date, which record date shall
not precede the date upon which the resolution fixing the record date is adopted, and which record
date shall be not more than 60 days prior to such action. If no record date is fixed, the record
date for determining stockholders for any such purpose shall be at the close of business on the day
on which the board of directors adopts the resolution relating thereto.
7.6 | STOCKHOLDERS OF RECORD |
The corporation shall be entitled to treat the holder of record of any shares of stock as the
holder in fact of such shares. Accordingly, the corporation shall not be bound to recognize any
equitable or other claim to or interest in such shares on the part of any other person, whether or
not it has express or other notice thereof, except as otherwise provided by Delaware law.
ARTICLE 8
NOTICE
8.1 | MANNER OF NOTICE |
Whenever under law, the certificate of incorporation or these bylaws notice is required to be
given to any stockholder, director or member of any committee of the board of directors, it shall
not be construed to require personal delivery. Such notice also may be given in writing by
depositing it in the United States mail (postage prepaid), by express overnight courier, or by
facsimile or other electronic transmission. For purposes of these bylaws, electronic
transmission means any form of communication, not directly involving the physical
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transmission of paper, that creates a record that may be retained, retrieved and reviewed by a
recipient thereof, and that may be directly reproduced in paper form by the recipient through an
automated process.
8.2 | NOTICE TO STOCKHOLDERS BY ELECTRONIC TRANSMISSION |
Without limiting the manner by which notice otherwise may be given effectively to
stockholders, any notice to stockholders given by the corporation shall be effective if given by a
form of electronic transmission consented to by the stockholder to whom notice is given. Any such
consent shall be revocable by the stockholder by written notice to the corporation. Any such
consent shall be deemed revoked if (a) the corporation is unable to deliver by electronic
transmission two consecutive notices given by the corporation in accordance with such consent and
(b) such inability becomes known to the secretary or an assistant secretary of the corporation or
the transfer agent, or other person responsible for giving of notice; provided, however, the
inadvertent failure to treat such inability as a revocation shall not invalidate any meeting or
other action.
8.3 | EFFECTIVENESS OF NOTICE |
Notice given by mail shall be deemed to be given at the time it is deposited in the United
States mail. Notice given by overnight courier service shall be deemed to be given when delivered
to the overnight courier service for delivery. Notice given by facsimile or other electronic
transmission shall be deemed given: (a) if by facsimile transmission, when directed to a number at
recipient has consented to receive notice; (b) if by electronic mail, when directed to an
electronic mail address at which the recipient has consented to receive notice; (c) if by a posting
on an electronic network together with separate notice to the recipient of such specific posting,
upon the later of (i) such posting and (ii) the giving of such separate notice; and (d) if by any
other form of electronic transmission, when directed to the recipient. An affidavit of the
secretary or an assistant secretary or of the transfer agent or other agent of the corporation that
the notice has been given by a form of electronic transmission shall, in the absence of fraud, be
prima facie evidence of the facts stated therein. The requirement for notice shall be deemed
satisfied, except in the case of a stockholder meeting with respect to which written notice is
required by law, if actual notice is received orally or in writing by the person entitled thereto
as far in advance of the event with respect to which notice is given as the minimum notice period
required by law or these bylaws.
8.4 | WAIVER OF NOTICE |
Whenever under law, the certificate of incorporation or these bylaws notice is required to be
given, a waiver thereof in writing signed by the person or persons entitled to such notice, or a
waiver by electronic transmission by the person entitled to notice, whether before, at or after the
time stated therein, shall be deemed equivalent to notice. Attendance by 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, directors or
committee of directors need be specified in any written waiver of notice or any waiver by
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electronic transmission, unless so required by law, the certificate of incorporation or these
bylaws.
ARTICLE 9
INDEMNIFICATION
9.1 | RIGHT TO INDEMNIFICATION |
(a) The corporation shall indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by or in the right of the
corporation) by reason of the fact that he is or was a director of the corporation, or is or was
serving at the request of the corporation as a director, officer, manager, employee or agent of
another corporation, limited liability company, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by him in connection with such action, suit or
proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the corporation, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe his conduct was unlawful.
(b) The corporation shall indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding whether civil,
criminal, administrative or investigative, by or in the right of the corporation by reason of the
fact that he is or was a director of the corporation, or is or was serving at the request of the
corporation as a director, officer, manager, employee or agent of another corporation, limited
liability company, partnership, joint venture, trust or other enterprise, against expenses
(including attorneys fees) judgments, fines and amounts paid in settlement actually and reasonably
incurred by him in connection with such action, suit or proceeding if he acted in good faith and in
a manner he reasonably believed to be in or not opposed to the best interests of the corporation,
and except that no indemnification shall be made in respect of any claim, issue or matter under
this paragraph as to which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Delaware Court of Chancery or the court in which action or
suit was brought shall determine upon application that, despite the adjudication of liability but
in view of all the circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses which the Delaware Court of Chancery or such other court shall deem
proper.
9.2 | PREPAYMENT OF EXPENSES |
The corporation shall pay the expenses (including attorneys fees) incurred in defending any
proceeding in advance of its final disposition; provided, however, that the payment
of expenses incurred by a director or officer in advance of the final disposition of the proceeding
shall be made only upon receipt of an undertaking by the director or officer to repay all amounts
advanced if it should be ultimately determined that the director or officer is not entitled to be
indemnified under this Article 9 or otherwise. Such expenses (including attorneys fees) incurred
by other employees and agents may be so paid upon such terms and conditions, if any, as the
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board of directors deems appropriate. The corporation may, by action of its board of
directors, provide for payment of such expenses incurred by employees and agents of the corporation
as it deems appropriate.
9.3 | CLAIMS |
If a claim for indemnification or payment of expenses under this Article 9 is not paid in full
within sixty (60) days after a written claim therefor has been received by the corporation, the
claimant may file suit to recover the unpaid amount of such claim and, if successful in whole or in
part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the
corporation shall have the burden of proving that the claimant was not entitled to the requested
indemnification or payment of expenses under applicable law.
9.4 | NON-EXCLUSIVITY OF RIGHTS |
The rights conferred on any person by this Article 9 shall not be exclusive of any other
rights which such person may have or hereafter acquire under any statute, provision of the
certificate of incorporation, these bylaws, agreement, vote of stockholders or disinterested
directors or otherwise. These rights shall continue as to any person who has ceased to be a
director or officer of the corporation and shall inure to the benefit of the heirs, executors and
administrators of such a person.
9.5 | OTHER INDEMNIFICATION; INSURANCE |
The corporations obligation, if any, to indemnify any person who was or is serving at its
request as a director, officer, manager, employee or agent of another corporation, limited
liability company, partnership, joint venture, trust, or other enterprise shall be reduced by any
amount such person may collect as indemnification from such other corporation, limited liability
company, partnership, joint venture, trust, or other enterprise. The corporation may purchase and
maintain insurance on behalf of any person who is or was a director, officer, employee or agent of
the corporation, or is or was serving at the request of the corporation as a director, officer,
manager, employee or agent of another corporation, limited liability company, partnership, joint
venture, trust, or other enterprise against any liability asserted against him in any such
capacity, or arising out of his status as such, whether or not the corporation would have the power
to indemnify him against such liability under the provisions of law or this Section 9.5.
9.6 | AMENDMENT OR REPEAL |
Any repeal or modification of the foregoing provisions of this Article 9 shall not adversely
affect any right or protection hereunder of any person in respect of any act or omission occurring
prior to the time of such repeal or modification.
9.7 | SAVINGS |
If this Article 9 or any portion hereof shall be invalidated on any ground by any court of
competent jurisdiction, then the corporation shall nevertheless indemnify each director or officer
of the corporation against judgments, fines, amounts paid in settlement and expenses (including
attorneys fees) incurred in connection with any actual or threatened action or proceeding
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whether civil or criminal, including an actual or threatened action by or in the right of the
corporation, or any appeal therein, to the full extent permitted by any applicable portion of this
Article 9 that shall not have been invalidated and to the full extent permitted by applicable law.
ARTICLE 10
GENERAL PROVISIONS
10.1 | FISCAL YEAR |
The fiscal year of the corporation shall be fixed by resolution of the board of directors. In
the absence of such a resolution, the fiscal year of the corporation shall be the calendar year.
10.2 | CORPORATE SEAL |
The board of directors may adopt a corporate seal inscribed with the name of the corporation
and the words CORPORATE SEAL and DELAWARE and otherwise in the form approved by the board.
10.3 | AMENDMENTS |
(a) These bylaws may be altered, amended or repealed by the affirmative vote of a majority of
the stock having voting power present in person or by proxy at any annual meeting of stockholders
at which a quorum is present, or at any special meeting of stockholders at which a quorum is
present, if notice of the proposed alteration, amendment or repeal is contained in the notice of
such special meeting; provided, however, that the affirmative vote of at least
eighty percent (80%) of the stock having voting power present in person or by proxy at any annual
meeting of stockholders at which a quorum is present, or at any special meeting of stockholders at
which a quorum is present, if notice of the proposed alteration, amendment or repeal is contained
in the notice of such special meeting, shall be required to alter, amend or repeal, or to adopt any
provision as part of these bylaws inconsistent with the purpose and intent of any provision of
Article 9.
(b) These bylaws may also be altered, amended or repealed by the affirmative vote of a
majority of the directors then qualified and acting at any regular or special meeting of the board,
if the certificate of incorporation confers such power upon the board; provided,
however, that the stockholders may provide specifically for limitations on the power of
directors to amend particular bylaws and, in such event, the directors power of amendment shall be
so limited; and further provided that no reduction in the number of directors shall have the effect
of removing any director prior to the expiration of such directors term of office.
* * * * *
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