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8-K - FORM 8-K - CAPITALSOURCE INC | w81680e8vk.htm |
Exhibit 3.1
AMENDED AND RESTATED BYLAWS
OF
CAPITALSOURCE INC.
OF
CAPITALSOURCE INC.
Adopted as of July 18, 2003
ARTICLE I
Offices
Offices
Section 1. Registered Office. The registered office of the Corporation shall be in
Wilmington, County of New Castle, State of Delaware and the registered agent in charge thereof
shall be The Corporation Trust Company.
Section 2. Other Offices. The Corporation 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.
ARTICLE II
Stockholders
Stockholders
Section 1. Place of Meetings. Meetings of the stockholders may be held at such place
(if any), either within or without the State of Delaware, as shall be designated from time to time
by the Board of Directors, Chairman of the Board or the President and stated in the notice of the
meeting or in a duly executed waiver of notice thereof. In lieu of holding a meeting of
stockholders at a designated place, the Board of Directors may, in its sole discretion, determine
that any meeting of stockholders may be held solely by means of remote communication.
Section 2. Annual Meetings. The annual meeting of the stockholders for the election
of directors and for the transaction of any other business as may be properly brought before a
meeting shall be held on such date and at such time and place (if any) to be fixed by the Board of
Directors and stated in the notice of meeting.
Section 3. Special Meetings. Unless otherwise prescribed by law or by the Amended
and Restated Certificate of Incorporation, special meetings of stockholders may be called at any
time and for any purpose, by the Board of Directors, the Chairman of the Board, the Chief Executive
Officer or the President, and shall be called by the Secretary at the written request of the
holders of at least 10% in voting power of all capital stock outstanding and entitled to cast votes
at the meeting. Such written request shall be addressed to the Secretary of the Corporation and
shall state the purpose of the proposed meeting, which must be a proper matter for stockholder
action under the General Corporation Law of the State of Delaware, and shall contain such other
information as would be required under Section 9 of Article II hereof were it to be brought before
a meeting called by the Board of Directors, the Chairman of the Board, the Chief Executive Officer
or the President. In the case of any special meeting so requested by holders of at least 10% in
voting power of all capital stock outstanding and entitled to cast votes at the meeting, the Board
of Directors shall promptly, but in all events within 10 days after the
date on which such written request is received, adopt a resolution fixing a date for such
special meeting, which meeting date shall be no more than 60 days from the date of such resolution.
If the Board of Directors fails to take such action, the record date shall be the 90th
day after the date on which the written request was received. No business shall be conducted at
any special meeting of stockholders other than the items of business stated in the notice of
meeting given in accordance with Section 4 of this Article II.
Section 4. Notice of Meetings. Notice of any meeting of stockholders, whether annual
or special, stating the place (if any), date and time of the meeting, the means of remote
communication, if any, by which the stockholders and proxyholders may be deemed to be present in
person and vote at such meeting, and in the case of special meetings, the purpose for which such
special meeting is called, shall be prepared and delivered by the Corporation not less than 10 days
or more than 60 days before the date of the meeting (except to the extent that such notice is
waived or is not required to be provided pursuant to the General Corporation Law of the State of
Delaware). Notice shall be given either personally, or by mail, or to the extent and in the manner
permitted by applicable law. If mailed, notice is given when deposited in the United States mail,
postage prepaid, directed to the stockholders at his or her address as it appears on the records of
the Corporation.
Section 5. Record Date for Stockholder Meetings. For the purpose of determining the
stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment
thereof, or entitled to receive payment of any dividend or other distribution or the allotment of
any rights, or for the purpose of any other 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 by the Board, and which record date shall not be more than 60 nor less than 10 days before
the date of any such meeting, and shall not be more than 60 days prior to any other action, except
as provided by law. A determination of stockholders of record entitled to notice of or to vote at
a meeting of stockholders shall apply to any adjournment of the meeting; provided,
however, that the Board of Directors may fix a new record date for the adjourned meeting.
Section 6. List of Stockholders. After the record date for a meeting of stockholders
has been fixed, at least 10 days before such meeting, the officer who has charge over the stock
ledger of the Corporation shall prepare a complete list of the stockholders entitled to vote at the
meeting, arranged in alphabetical order, and showing the address of each stockholder and the number
of shares registered in the name of each stockholder. Such list shall be open to the examination
of any stockholder, for any purpose germane to the meeting for a period of at least 10 days prior
to the meeting: (i) on a reasonably accessible electronic network, provided that the information
required to gain access to such list is provided with the notice of meeting, or (ii) during
ordinary business hours, at the principal place of business of the Corporation. If the list is
made 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 at the time and place of the meeting and kept open
throughout the meeting for examination by any stockholder who is 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 entire time of the meeting on a reasonably accessible electronic
network, and the information required to access such list shall be provided with the
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notice of meeting. This list shall determine the identity of the stockholders entitled to
vote at the meeting and the number of shares held by each of them.
Section 7. Quorum and Adjournment. Except as otherwise provided by law, the Amended
and Restated Certificate of Incorporation or these bylaws, the holders of a majority in voting
power of the outstanding shares of capital stock of the Corporation entitled to vote at the
meeting, present in person or represented by proxy, shall constitute a quorum for the transaction
of business. Where a separate vote by a class or series is required, the holders of a majority in
voting power of the outstanding shares of such class or series, present in person or represented by
proxy, shall constitute a quorum entitled to take action with respect to the vote on that matter.
If a quorum shall fail to attend any meeting, the Chairmanchairman of the meeting or
the holders of the majority in voting power of shares of capital stock entitled to vote who are
present, in person or by proxy, may adjourn the meeting to another place, date and time. The
holders of a majority in voting power of voting shares represented at a meeting, whether or not a
quorum is present, may adjourn such meeting to another place, date or time. When a meeting is
adjourned to another place (if any), date or time, written notice need not be given of the
adjourned meeting if the place (if any), date and time thereof are announced at the meeting at
which the adjournment is taken; provided however, that if the date of the any
adjourned meeting is more than 30 days after the date for which the meeting was originally noticed,
or if after the adjournment a new record date is fixed for the adjourned meeting, written notice of
the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.
At the adjourned meeting, the Corporation may transact any business that might have been
transacted at the original meeting.
Section 8. Chairman of Meetings. Meetings of the stockholders shall be presided over
by the Chairman of the Board or, if the Chairman is not present, the President or such other
director or officer as may be designated by the Board of Directors to act as chairman, or if no
designation has been made, a chairman shall be chosen at the meeting. The order of business at all
meetings of the stockholders and the procedures at the meeting, including such regulation of the
manner of voting and the conduct of discussion, shall be determined by the chairman of the meeting.
The chairman may impose reasonable limits on the amount of time taken up at the meeting on
discussion in general or on remarks by any one stockholder. Should any person in attendance become
unruly or obstruct the meeting proceedings, the chairman shall have the power to have such person
removed from participation. The chairman shall, if the facts warrant, determine and declare at the
meeting that any proposed item of business was not properly brought before the meeting in
accordance with Section 9 of this Article II, and any such business not properly brought before the
meeting shall not be conducted.
Section 9. Notice of Stockholder Business. At an annual or special meeting of the
stockholders, only such business shall be conducted as shall have been properly brought before the
meeting. To be properly brought before a meeting of stockholders, business must be (i) specified
in the notice of meeting (or any supplement thereto) given at the direction of the Board of
Directors, (ii) properly brought before the meeting by or at the direction of the Board of
Directors, or (iii) properly brought before a meeting by a stockholder. For business to be
properly brought before a meeting by a stockholder, it must be a proper matter for stockholder
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action under the General Corporation Law of the State of Delaware, and the stockholder must
have given timely notice thereof in writing to the Secretary of the Corporation. To be timely,
notice by a stockholder must be delivered to or mailed and received at the principal executive
offices of the Corporation, not less than 120 calendar days prior to the one year anniversary of
the date of the Corporations proxy statement issued in connection with the prior years annual
meeting in the case of an annual meeting (or November 24, 2003, in the case of the 2004 Annual
Meeting), and not less than 60 days prior to the meeting in the case of a special meeting;
provided, however, that if a public announcement of the date of the special meeting
is not given at least 70 days before the scheduled date for such special meeting, then a
stockholders notice shall be timely if it is received at the principal executive offices of the
Corporation within 10 days following the date public notice of the meeting date is first given,
whether by press release or other public filing.
Notice by a stockholder to the Secretary of the Corporation shall set forth as to each matter
the stockholder proposes to bring before the annual or special meeting (i) a description of the
business desired to be brought before the meeting, (ii) the name and address of the stockholder
proposing such business and of the beneficial owner, if any, on whose behalf the business is being
brought, (iii) the class, series and number of shares of the Corporation which are beneficially
owned by the stockholder and such other beneficial owner, and (iv) any material interest of the
stockholder and such other beneficial owner in such business. In no event shall an announcement of
an adjournment or postponement of a meeting of stockholders commence a new time period (or extend
any time period) for the giving of a stockholders notice as described above.
Section 10. Nomination of Director Candidates. Subject to any provision of the
Amended and Restated Certificate of Incorporation or any Certificate of Designations establishing
the rights of holders of any class or series of capital stock then outstanding, nominations for the
election or re-election of directors at a meeting of the stockholders may be made by (i) the Board
of Directors or a duly authorized committee thereof or (ii) any stockholder entitled to vote in the
election of directors generally who complies with the procedures set forth in these Bylaws and who
is a stockholder of record at the time notice is delivered to the Secretary of the Corporation.
Subject to any provision of the Amended and Restated Certificate of Incorporation or any
Certificate of Designations establishing the rights of holders of any class or series of capital
stock then outstanding, any stockholder entitled to vote in the election of directors generally may
nominate one or more persons for election or re-election as directors at an annual meeting only if
timely notice of such stockholders intent to make such nominations has been given in writing to
the Secretary of the Corporation. To be timely, notice of a stockholder nomination for a director
to be elected must be delivered to or mailed and received at the principal executive offices of the
Corporation, not less than 120 calendar days prior to the one year anniversary of the date of the
Corporations proxy statement issued in connection with the prior years annual meeting in the case
of an annual meeting (or November 24, 2003, in the case of the 2004 Annual Meeting), and not less
than 60 days prior to the meeting in the case of a special meeting; provided,
however, that if a public announcement of the date of the special meeting is not given at
least 70 days before the scheduled date for such special meeting, then a stockholders nomination
shall be timely if it is received at the principal executive offices of the
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Corporation within 10 days following the date public notice of the meeting date is first
given, whether by press release or other public filing.
Each such notice shall set forth: (i) the name and address of the stockholder who intends to
make the nomination, of the beneficial owner, if any, on whose behalf the nomination is being made
and of each person to be nominated; (ii) a representation that the stockholder is the holder of
record of stock of the Corporation entitled to vote for the election of directors on the date of
such notice and intends to appear in person or by proxy at the meeting to nominate each person
specified in the notice; (iii) a description of all the arrangements or understandings between the
stockholder or such beneficial owner and each nominee and any other person (naming such person)
pursuant to which the nomination is to be made by the stockholder; (iv) such other information
regarding each nominee proposed by such stockholder as would be required to be included in
solicitations of proxies for the election of directors in an election contest or is otherwise
required pursuant to the federal securities laws and regulations, had the nominee been nominated,
or intended to be nominated, by the Board of Directors; and (v) the consent of each nominee to
serve as a director of the Corporation if so elected.
Notwithstanding the foregoing, in the event that the number of directors to be elected at an
annual meeting is increased and there is no public announcement by the Corporation naming the
nominees for the additional directorships at least 130 days prior to such meeting, a stockholders
notice required by this Section 10 shall also be considered timely, but only with respect to
nominees for the additional directorships, if it shall be delivered to the Secretary of the
Corporation no later than the close of business on the 10th day following the day on which such
public announcement is first made by the Corporation. In no event shall an announcement of an
adjournment or postponement of a meeting of stockholders commence a new time period (or extend any
time period) for the giving of a stockholders notice as described above.
Section 11. Voting Rights; Proxies. Unless otherwise provided in the Amended and
Restated Certificate of Incorporation or Certificate of Designations, each stockholder
shall be entitled to one vote for each share of capital stock held by such stockholder. At any
meeting of stockholders, every stockholder entitled to vote at a meeting of stockholders or to
express consent or dissent to corporate action without a meeting may vote in person or may
authorize another person or persons to act for such stockholder by proxy if such proxy is
authorized by an instrument in writing or by electronic transmission as permitted by law and filed
in accordance with the procedure established for the meeting, but no proxy shall be voted after 3
years from its date, unless such proxy provides for a longer period. Every proxy shall be executed
in writing by the stockholder or by his or her authorized representative, or otherwise as provided
under the General Corporation Law of the State of Delaware.
Except as otherwise provided by law or by the Amended and Restated Certificate of
Incorporation:
(a) Directors shall be elected by a plurality in voting power of the shares present in person
or represented by proxy at a meeting of the stockholders and entitled to vote in the election of
directors; and
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(b) Whenever any corporate action other than the election of directors is to be taken, it
shall be authorized by a majority in voting power of the shares present in person or represented by
proxy at a meeting of stockholders and entitled to vote on the subject matter.
Any vote of stockholders may be taken by written ballot, and if so authorized by the Board of
Directors, electronic transmission, telephonic communication or other means of remote communication
shall constitute a written ballot. Every written ballot shall state the name of the stockholder or
proxyholder voting and such other information as may be required under the procedures established
for the meeting. If so authorized by the Board of Directors, and in addition to such guidelines
and procedures as the Board may adopt, every stockholder vote taken by electronic or other means of
remote communication shall set forth such information from which it can be determined that the
communication was authorized by the stockholder or proxyholder. Every vote taken at the meeting
shall be counted by an inspector or inspectors appointed by the chairman of the
meetingCorporation. The Board of Directors may, and to the extent required by law shall,
in advance of any meeting of the stockholders, appoint one or more inspectors to act at the
meeting, decide upon the qualification of voters, count the votes, decide the results and make a
written report thereof. The Board of Directors may designate one or more persons as alternate
inspectors to replace any inspector who fails to act, and if no inspector or alternate is able to
act at a meeting of stockholders, the person presiding at the meeting may, and to the extent
required by law shall, appoint one or more inspectors to act at the meeting. Each inspector,
before entering upon the discharge of his or her duties, shall take and sign an oath to faithfully
execute the duties of inspector with strict impartiality and according to the best of his or her
ability.
Section 12. Meetings by Remote Communication. If authorized by the Board of
Directors, and subject to such guidelines and procedures as the Board may adopt, stockholders and
proxyholders not physically present at a meeting of stockholders may, by means of remote
communication, participate in the meeting and be deemed present in person and vote at the meeting,
whether such meeting is to be held in a designated place or solely by means of remote
communication, provided that (i) the Corporation shall 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) the Corporation shall 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 in the meeting substantially concurrently with such proceedings, and (iii) if the
stockholder or proxyholder votes or takes other action at the meeting by means of remote
communication, a record of such vote or other action shall be maintained by the Corporation.
Section 13. Stockholder Action Without Meeting. Except as otherwise prohibited or
restricted by law or the Amended and Restated Certificate of Incorporation, any action that may be
taken at any annual or special meeting of stockholders may be taken without a meeting and without
prior notice, if a consent or consents in writing, setting forth the actions so taken, are signed
by the holders of outstanding shares having not less than the minimum number of votes which would
be necessary to authorize or take such action at a meeting at which all shares entitled to vote
thereon were present and voted and are delivered to the Corporation. Such
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delivery shall be by delivery to the Corporations registered office in the State of Delaware,
its principal place of business, or an officer or agent of the Corporation having custody of the
corporate records in which proceedings of meetings of stockholders are recorded. Delivery made to
a corporations registered office shall be by hand or by certified or registered mail, return
receipt requested. All such consents shall be filed with the Secretary of the Corporation and
shall be maintained in the corporate records. Written notice of the taking of a corporate action
without a meeting shall be given to those stockholders who were entitled to take the corporate
action and have not consented in writing.
An electronic transmission consenting to an action to be taken and transmitted by a
stockholder or proxyholder, or other person authorized to act for the stockholder or proxyholder,
shall be deemed to be written, signed and dated for the purpose of this Section 13, provided that
such electronic transmission sets forth information from which the Corporation can determine (i)
that the transmission was transmitted by the stockholder or by a person authorized to act for the
stockholder and (ii) the date on which such stockholder or authorized person transmitted such
transmission. The date of the electronic transmission shall be deemed the date the consent was
signed. No consent given by electronic transmission shall be deemed to have been delivered to the
Corporation until such consent is reproduced in paper form and delivered to the Corporation by
delivery to its registered office in the State of Delaware, its principal place of business, or an
officer or agent of the corporation having custody of the corporate records in which proceedings of
meetings of stockholders are recorded. Delivery made to a corporations registered office shall be
by hand or by certified or registered mail, return receipt requested. Any copy, facsimile or
other reliable reproduction of a consent in writing may be substituted or used in lieu of the
original writing for any and all purposes for which the original writing could be used, provided
that such copy, facsimile or other reproduction shall be a complete reproduction of the entire
original writing.
Section 14. Record Date for Stockholder Action Without A Meeting. In order to
determine the stockholders entitled to consent to corporate action in writing without a meeting,
the Board of Directors may fix a record date. Such record date shall not precede the date upon
which the resolution fixing the record date is adopted by the Board of Directors, and 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. Any stockholder of record seeking to have the stockholders authorize or
take corporate action by written consent shall, by written notice to the Secretary, request the
Board of Directors to fix a record date. The Board of Directors shall promptly, but in all events
within 10 days after the date on which such a request is received, adopt a resolution fixing the
record date. If no record date has been fixed by the Board of Directors within 10 days after the
date on which such a request is received, the record date for determining stockholders entitled to
consent to corporate action in writing without a meeting, when no prior action of the Board of
Directors is required by applicable law, the Amended and Restated Certificate of Incorporation, or
these Bylaws, 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 in the manner set forth in Section 13
of this Article II. If no record date has been fixed by the Board of Directors and prior action of
the Board of Directors is required by applicable law, the Amended and Restated Certificate of
Incorporation, or these Bylaws, the record date for determining stockholders entitled to consent
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to corporate action in writing without a meeting shall be the close of business on the day on
which the Board of Directors adopts the resolution taking such prior action.
ARTICLE III
Board of Directors
Board of Directors
Section 1. General Powers. The business of the Corporation shall be managed by or
under the direction of its Board of Directors. In addition to the powers and authorities by these
Bylaws expressly conferred upon them, the Board of Directors may exercise all such powers of the
Corporation and do all such lawful acts and things as are not by law or by the Amended and Restated
Certificate of Incorporation or these Bylaws required to be exercised or done by the stockholders.
In the event of a vacancy in the Board of Directors, the remaining directors, except as otherwise
provided by law, may exercise the powers of the full Board until the vacancy is filled.
Section 2. Number. The number of directors, which shall constitute the entire Board
of Directors, shall not be fewer than two or more than 15 members, as shall be determined by the
affirmative vote of a majority of the directors then in office.
Section 3. Vacancies. Subject to the rights of holders of any class or series of
capital stock to elect additional directors under specified circumstances, vacancies resulting from
death, resignation, retirement, disqualification, removal from office or other cause, and newly
created directorships resulting from any increase in the authorized number of directors, may be
filled only by the affirmative vote of a majority of the directors then in office, though less than
a quorum, and directors so chosen shall hold office for the remainder of the full term of the class
of directors in which the new directorship was created or the vacancy occurred and until their
successors have been duly elected and qualified. No decrease in the number of authorized directors
constituting the Board of Directors shall shorten the term of any incumbent director.
Section 4. Resignation. Any director may resign at any time by giving notice in
writing or by electronic transmission of his or her resignation to the Board of Directors. A
resignation shall take effect at the time specified therein or, if not so specified, immediately
upon its receipt. Unless otherwise specified therein, the acceptance of a resignation shall not be
necessary to make it effective.
Section 5. Removal. Subject to the rights of the holders of any class or series of
capital stock then outstanding, if any, any director may be removed from office at any time only
for cause and only by the affirmative vote of at least a majority of the voting power of all of the
then outstanding shares of capital stock of the Corporation entitled to vote generally in the
election of directors, voting together as a single class.
Section 6. Meetings. The Chairman of the Board shall preside at all meetings of the
Board of Directors at which he or she shall be present. In his or her absence, such other director
as may from time to time be designated to serve as the presiding director by the Board of Directors
shall so preside or, if both the Chairman and the presiding director are absent for a
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particular meeting, the Board of Directors shall choose a chairman of the meeting who shall
preside thereat.
(a) Regular Meetings. Regular meetings of the Board of Directors may be held without
notice at such time and place, within or without the State of Delaware, as shall be determined from
time to time by the Board of Directors; provided that any director who is absent when such a
determination is made shall be given notice of the determination. A regular meeting of the Board
of Directors may be held without notice immediately after and at the same place as the annual
meeting of stockholders.
(b) Special Meetings. Special meetings of the Board of Directors may be called by the
Chairman of the Board, the President or two or more directors and may be held at any time and
place, within or without the State of Delaware. The Secretary of the Corporation or the officer or
one of the directors calling the meeting shall give notice of the time and place of any special
meeting of directors to each director.
(c) Notice. Notice, if required, shall be given by (i) giving notice to such director
in person or by telephone, facsimile, electronic transmission or voice message system at least
twenty-four (24) hours in advance of the meeting, (ii) delivering written notice by hand, to his or
her last known business or home address at least twenty-four (24) hours in advance of the meeting,
or (iii) mailing written notice to his or her last known business or home address at least 3 days
in advance of the meeting. Notice of any meeting of the Board of Directors or any committee
thereof need not be given to any director who shall submit, either before or after the time stated
therein, a waiver of notice in writing or by electronic transmission or who shall attend the
meeting, other than for the express purpose of objecting at the beginning thereof to the
transaction of any business because the meeting is not lawfully called or convened. A notice or
waiver of notice of a meeting of the Board of Directors, if required, need not specify the purpose
or purposes of the meeting.
Section 7. Quorum and Adjournment. Except as may be otherwise specifically provided
by law, the Amended and Restated Certificate of Incorporation or these Bylaws, at all meetings of
the Board of Directors, a majority of the entire Board of Directors shall constitute a quorum for
the transaction of business and the act of a majority of the directors present at any meeting at
which there is a quorum shall be the act of the Board of Directors. If a quorum shall not be
present at any meeting of the Board of Directors, the directors present thereat may adjourn the
meeting from time to time, without notice other than announcement at the meeting, until a quorum
shall be present. If the place, date and time of the new meeting are not announced at the
adjourned meeting, notice of the adjourned meeting shall be given to all directors.
Section 8. Action Without a Meeting. Unless otherwise provided by the Amended and
Restated Certificate of Incorporation or these Bylaws, any action required or permitted to be taken
at any meeting of the Board of Directors or any committee thereof may be taken without a meeting,
if all the members of the Board of Directors or committee, as the case may be, consent thereto in
writing or by electronic transmission, and the writing or writings or transmission or transmissions
are filed with the minutes of proceedings of the Board of Directors or committee.
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Such 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.
Section 9. Meetings by Other Methods of Communication. Directors or any member of
any committee designated by the Board of Directors, may participate in a meeting of the Board of
Directors or such committee by means of a telephone conference or other communications equipment by
means of which all persons participating in the meeting can hear each other, and participation in a
meeting pursuant to this Section 9 shall constitute presence in person at such meeting.
Section 10. Dividends. To the extent permitted by law, the Board of Directors shall
have full power and discretion, subject to the provisions of the Amended and Restated Certificate
of Incorporation and the terms of any other corporate document or instrument binding upon the
Corporation, to determine what, if any, dividends or distributions shall be declared and paid or
made.
Section 11. Committees. The Board of Directors may designate one or more committees
to serve at the pleasure of the Board; each committee shall consist of one or more of the directors
of the Corporation, with such lawfully delegated powers and duties as the Board of Directors shall
therefore confer. The Board of Directors may designate one or more directors as alternate members
of any committee, who may replace any absent or disqualified member at any meeting of the
committee. In the absence or disqualification of a member of a committee, if no alternate member
has been designated by the Board of Directors, the member or members present at any meeting and not
disqualified from voting, whether or not they constitute a quorum, may unanimously appoint another
member of the Board of Directors to act at the meeting in the place of the absent or disqualified
member. Any committee, to the extent allowed by law and provided in the resolution establishing
such committee, 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.
At all meetings of such committee, a majority of its members shall constitute a quorum for the
transaction of business. The act of the committee members present at any meeting at which there is
a quorum shall be the act of such committee. Each committee shall keep regular minutes and report
to the Board of Directors when required. Except as the Board of Directors may otherwise determine,
any committee may make rules for the conduct of its business, but unless otherwise provided by such
rules, its business shall be conducted as nearly as possible in the same manner as is provided in
these Bylaws for the Board of Directors.
Section 12. Compensation of Directors. Each director who is not an employee or
officer of the Corporation or its subsidiaries, may be paid such compensation for their services as
such and such reimbursement for expenses of attendance at meetings as the Board of Directors may
from time to time determine.
Section 13. Interested Directors. No contract or transaction between the Corporation
and one or more of its directors or officers, or between the Corporation and any other corporation,
partnership, association, or other organization in which one or more of its directors or officers
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are directors or officers, or has a financial interest, shall be void or voidable solely for
this reason, or solely because the director or officer is present at or participates in the meeting
of the Board of Directors or committee thereof which authorizes the contract or transaction, or
solely because his or her votes are counted for such purpose if (i) the material facts as to his or
her relationship or interest and as to the contract or transaction are disclosed or are known to
the Board of Directors or the committee, and the Board of Directors or committee in good faith
authorizes the contract or transaction by the affirmative votes of a majority of the disinterested
directors, even though the disinterested directors be less than a quorum; (ii) the material facts
as to his or her relationship or interest and as to the contract or transaction are disclosed or
are known to the shareholders entitled to vote thereon, and the contract or transaction is
specifically approved in good faith by vote of the shareholders; or (iii) the contract or
transaction is fair to the Corporation as of the time it is authorized, approved or ratified, by
the Board of Directors, a committee thereof or the shareholders. Interested directors may be
counted in determining the presence of a quorum at a meeting of the Board of Directors or of a
committee, which authorizes the contract or transaction.
ARTICLE IV
Officers
Officers
Section 1. General. The officers of the Corporation may, but shall not be required to,
include a Chairman of the Board (including, if so designated by the Board, an Executive Chairman of
the Board), a Chief Executive Officer or two Co-Chief Executive Officers, a President, a Secretary,
a Treasurer, a Chief Financial Officer, and such other officers as may be appointed by the Board of
Directors, including, but not limited to, a Vice Chairman, a Chief Credit Officer, a Chief Legal
Officer, a Chief Operating Officer, one or more Vice Presidents, one or more Assistant Vice
Presidents, one or more Assistant Secretaries, one or more Assistant Treasurers, one of more
Controllers, and one or more Assistant Controllers. The same person may hold any number of offices
unless otherwise prohibited by law, the Amended and Restated Certificate of Incorporation or these
Bylaws. Officers shall be entitled to such compensation or reimbursement as shall be fixed or
allowed from time to time by the Board of Directors. To the extent that the Board appoints a
Chairman of the Board, a Chief Executive Officer, Co-Chief Executive Officers, a President, a
Secretary, a Treasurer or a Chief Financial Officer, each such officer shall have the
responsibilities and duties set forth in Sections 3 through 8 of this Article IV.
Section 2. Term, Resignation and Removal. The officers of the Corporation shall hold
office for such terms and shall exercise and perform such duties as shall be determined from time
to time by the Board of Directors, and all officers shall hold office until their successors are
chosen and qualified, unless a different term is specified in their appointment, or until their
earlier death, resignation or removal. Any officer may resign by delivering his or her resignation
in writing or by electronic transmission to the Corporations Chief Executive Officer (or any
Co-Chief Executive Officer) and to the Corporations Secretary. Such resignation shall be effective
upon receipt unless it is specified to be effective at some other time or upon the happening of
some other event. Any officers may be removed at any time, with or without cause, by the
affirmative vote of a majority of the Board of Directors. The Board of Directors shallmay
fill any vacancy occurring in any office of the Corporation.
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Section 3. Chairman of the Board. The Chairman of the Board shall be a member of, and
appointed by, the Board of Directors. The Chairman shall preside at all meetings of the
stockholders and of the Board of Directors at which he or she is present. To the extent permitted
by law, the Chairman shall have the same power as the Chief Executive Officer, any Co-Chief
Executive Officer or the President to sign all contracts, certificates, obligations and other
instruments of the Corporation that may be authorized by the Board of Directors. The Chairman shall
perform such duties and possess such other powers as are assigned to him or her by the Board of
Directors. The Chairman of the Board may also be appointed by the Board of Directors to act as an
Executive Chairman of the Board, with such duties and powers as may be prescribed by the Board of
Directors.
Section 4. Chief Executive OfficersOfficer and Co-Chief Executive
Officers. The Chief Executive Officer of the Corporation, or any Co-Chief Executive Officer of
the Corporation acting alone, shall have full responsibility and authority for management of the
operations of the Corporation, subject to the authority of the Board of Directors. The Chief
Executive Officer, or any Co-Chief Executive Officer acting alone, shall have the power to sign certificates, contracts, obligations and other instruments of the Corporation that are
authorized and shall have general supervision and direction of all of the other officers, employees
and agents of the Corporation, other than the Chairman of the Board. To the extent permitted by
law, the Chief Executive Officer, or any Co-Chief Executive Officer acting alone, shall also
exercise any such powers and perform any such duties that are delegated to him or her by the Board
of Directors.
Section 5. President. Unless otherwise provided by the Board of Directors, the
President shall have full responsibility and authority for management of the operations of the
Corporation, subject to the authority of the Board of Directors and the Chief Executive Officer or
any Co-Chief Executive Officer. The President shall have the power to sign stock certificates,
contracts, obligations and other instruments of the Corporation that are authorized and shall have
general supervision and direction of all of the other officers, employees and agents of the
Corporation, other than the Chairman of the Board and the Chief Executive Officer or any Co-Chief
Executive Officer. To the extent permitted by law, the President shall also exercise any such
powers and perform any such duties that are delegated to him or her by the Board of Directors.
Section 6. Secretary. The Secretary shall perform such duties and shall have such
powers as the Board of Directors, the Chief Executive Officer or any Co-Chief Executive Officer or
the President may from time to time prescribe. The Secretary or a designated Assistant Secretary
shall attend meetings as requested by the Board of Directors and all meetings of stockholders and
record all the proceedings thereat in the corporate records kept for that purpose; the Secretary
shall also perform like duties for the committees of the Board of Directors when required. The
Secretary shall have the duty and power to give, or cause to be given, notice of all meetings of
the stockholders and special meetings of the Board of Directors, to maintain a stock ledger and
prepare lists of stockholders and their addresses as required, and to be custodian of the corporate
seal and to affix and attest the same on documents so requiring it. The Secretary shall see that
all books, reports, statementstatements, certificates and other documents and records
required by law to be kept or filed are properly kept or filed, as the case may be.
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Section 7. Treasurer. The Treasurer shall perform such duties and shall have such
powers as the Board of Directors, the Chief Executive Officer or any Co-Chief Executive Officer,
the President or the Chief Financial Officer may from time to time prescribe. The Treasurer shall
have the care and custody of the funds including the borrowing thereof, the securities, receipts
and disbursements of the Corporation, and shall sign all instruments that require his or her
signature. The Treasurer shall deposit all funds and other valuables in the name and credit of the
Corporation with such depositories as authorized, disburse such funds as authorized, make proper
accounts of such funds, and render to the Chairman of the Board, the Chief Executive Officer or any
Co-Chief Executive Officer, the President, the Chief Financial Officer or the Board of Directors,
whenever requested, an account of his or her transactions as Treasurer.
Section 8. Chief Financial Officer. The Chief Financial Officer shall perform such
duties and shall have such powers as the Board of Directors, the Chief Executive Officer or any
Co-Chief Executive Officer or the President may from time to time prescribe. The Chief Financial
Officer shall keep and maintain or cause to be kept and maintained, adequate and correct books and
records of account of the business transactions of the Corporation, including accounts of its
assets, liabilities, receipts, disbursements, gains, losses, capital, retained earnings and shares.
The Chief Financial Officer shall make proper accounts of such funds, and render as required by the
Board of Directors such account of all such transactions and of the financial condition of the
Corporation. The books of all accounts shall at all reasonable times be open to inspection by any
director. The Chief Financial Officer shall be empowered, from time to time, to require from the
officers or agents of the Corporation reports or statements giving such information as he or she
may desire with respect to any and all financial transactions of the Corporation.
Section 9. Other Officers. Such other officers as the Board of Directors may appoint
shall perform such duties and have such powers as from time to time may be assigned to them by the
Board of Directors. The Board of Directors may delegate to any other officer of the Corporation the
power to choose such other officers and to prescribe their respective duties and powers.
ARTICLE V
Capital Stock
Capital Stock
Section 1. Certificated and Uncertificated Shares. Shares of the Corporations stock
may be certificated or uncertificated, as provided under Delaware law. All certificates of stock of
the Corporation 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 Chief Executive Officer or the President and by the Treasurer or
the Secretary of the Corporation. Any or all of the signatures on the certificate may be a
facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile
signature has been placed upon a certificate shall have ceased to be such officer, transfer agent
or registrar before such certificate is issued, it may be issued by the Corporation with the same
effect as if he were such officer, transfer agent or registrar. Each certificate representing
shares which are restricted as to their beneficial ownership or transferability, shall have a
statement of such restriction, limitation, preference or redemption provision, or a summary
thereof, plainly stated on the certificate. In lieu of such statement or summary, the Corporation
may set forth upon the face or back of the certificate a statement that the Corporation will
furnish to any shareholder,
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upon request and without charge, a full statement of such information. At the time of issue
or transfer of shares without certificates, the Corporation shall send the shareholder a written
statement of information required on the certificates by Section 8-151 of the General Corporation
Law of the State of Delaware.
Section 2. Lost Certificates. The Corporation may issue a new certificate of stock
in place of any previously issued certificate alleged to have been lost, stolen, or destroyed, upon
such terms and conditions as the Board of Directors may prescribe for the protection of the
Corporation or any transfer agent or registrar, including the presentation of reasonable evidence
of such loss, theft or destruction and the giving of such indemnity, not to exceed double the value
of the stock, as a condition precedent to the issuance of the new certificate.
Section 3. Transfers. Each certificate for shares of stock which are subject to any
restriction on transfer pursuant to the Amended and Restated Certificate of Incorporation, these
Bylaws, applicable securities laws or any agreement among any number of shareholders or among such
holders and the Corporation shall have conspicuously noted on the face or back the certificate
either the full text of the restriction or a statement of the existence of such a restriction.
Except as otherwise established by rules and regulations established by the Board of
Directors, and subject to applicable law, transfers of shares of stock shall be made on the books
of the Corporation by the surrender to the Corporation or its transfer agent of a share
certificate, in the case of shares of stock represented by a certificate, or uncertificated
security representing such shares properly endorsed or accompanied by proper evidence of
succession, assignment or authority to transfer, a written assignment or power of attorney properly
executed, and with such proof of authority or authenticity of signature as the Corporation or its
transfer agent may reasonably require. Except as may be otherwise required by law, the Amended and
Restated Certificate of Incorporation or these Bylaws, the Corporation shall be entitled to treat
the record holder of stock as shown on its books as the owner of such stock for all purposes,
including the payment of dividends and the right to vote with respect to such stock, regardless of
any transfer, pledge or other disposition of such stock, until the shares have been transferred on
the books of the Corporation in accordance with the requirements of these Bylaws.
ARTICLE VI
General Provisions
General Provisions
Section 1. Fiscal Year. The fiscal year of the Corporation shall be as specified by
the Board of Directors.
Section 2. Corporate Seal. The corporate seal, if one is adopted, shall be in such
form as shall be approved by the Board of Directors.
Section 3. Voting Shares in Other Business Entities. Except as the Board of
Directors may otherwise designate, shares or equity interests in other corporations or business
entities that are held by the Corporation shall be represented and voted only the Chairman of the
Board, the Chief Executive Officer, the President or a proxy appointed by any of them.Section 4. Contracts. Any officer having the power to sign certificates, contracts, obligations and
other instruments of
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the Corporation may delegate such power to any other officer or employee of the Corporation,
provided that the delegating officer shall be accountable for the actions of that officer or
employee to whom power was delegated.
Section 5.4. Obligations. All checks and drafts on the Corporations bank
accounts and all bills of exchange and promissory notes, and all acceptances, obligations, bonds
and other orders or instruments for the payment of money, shall be signed by such officer,
employee, or agent, as shall be authorized from time to time by the Board of Directors. The Board
of Directors may, in its discretion, also provide for the countersignature or registration of any
or all such orders, instruments or obligations for the payment of money.
Section 6.5. Evidence of Authority. A certificate by the Secretary as to any
action taken by the stockholders, directors, a committee or any officer or representative of the
Corporation, shall as to all persons who rely on the certificate in good faith be conclusive
evidence of such action.
Section 7.6. Severability. Any determination that any provision of these
Bylaws is for any reason inapplicable, illegal or ineffective shall not affect or invalidate any
other provision of these Bylaws.
Section 8.7. Facsimile Signatures. In addition to the provisions for use of
facsimile signatures elsewhere specifically authorized by these Bylaws, facsimile signatures of any
officer or officers of the Corporation maybe used whenever and as authorized by the Board of
Directors or a committee thereof.
Section 9.8. Plural. As contained in these Bylaws, references to the
singular shall include the singular and the plural.
Section 10.9. Electronic Transmission. For purposes of these Bylaws,
electronic transmission means any form of communication, not directly involving the physical
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 such a recipient through an
automated process.
ARTICLE VII
Indemnification
Indemnification
Section 1. Indemnification. (a) Subject to Section 3 of this Article VII, the
Corporation shall indemnify, to the full extent that it shall have power under applicable law to do
so and in a manner permitted by such law, any person made or threatened to be made a party to any
threatened, pending, or completed action, suit, or proceeding, whether civil, criminal,
administrative, or investigative (hereinafter, a Proceeding), arising out of, relating to, based
upon, in connection with or due to the fact that such person is or was a director or officer of the
Corporation, any predecessor of the Corporation or any subsidiary of the Corporation, or is or was
serving at the request of the Corporation, any predecessor of the Corporation or any
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subsidiary of the Corporation as a director or officer of another corporation, partnership, joint
venture, trust, or other enterprise, including service with respect to an employee benefit plan
(collectively, Another Enterprise).
(b) The Corporation may indemnify, to the full extent that it shall have power under
applicable law to do so and in a manner permitted by such law, any person made or threatened to be
made a party to any Proceeding, arising out of, relating to, based upon, in connection with or due
to the fact that such person is or was an employee or agent of the Corporation, any predecessor of
the Corporation or any subsidiary of the Corporation, or is or was serving at the request of the
Corporation as an employee or agent of Another Enterprise.
Section 2. Advancement of Expenses. (a) Subject to Section 3 of this Article VII,
with respect to any person made or threatened to be made a party to any threatened, pending, or
completed Proceeding, arising out of, relating to, based upon, in connection with or due to the
fact that such person is or was a director or officer of the Corporation, any predecessor of the
Corporation or any subsidiary of the Corporation, or is or was serving at the request of the
Corporation as a director or officer of Another Enterprise, the Corporation shall pay the expenses
(including attorneys fees) incurred by such person in defending any such Proceeding in advance of
its final disposition (hereinafter an advancement of expenses); provided,
however, that any advancement of expenses shall be made only upon receipt of an undertaking
(hereinafter an undertaking) by or on behalf of such person to repay all amounts advanced if it
shall ultimately be determined by final judicial decision from which there is no further right to
appeal (hereinafter a Final Adjudication) that such person is not entitled to be indemnified for
such expenses under this Article VII or otherwise.
(b) With respect to any person made or threatened to be made a party to any Proceeding,
arising out of, relating to, based upon, in connection with or due to the fact that such person is
or was an employee or agent of the Corporation, any predecessor of the Corporation or any
subsidiary of the Corporation, or is or was serving at the request of the Corporation as an
employee or agent of Another Enterprise, the Corporation may, in its discretion and upon such terms
and conditions, if any, as the Corporation deems appropriate, pay the expenses (including
attorneys fees) incurred by such person in defending any such Proceeding in advance of its final
disposition.
Section 3. Actions Initiated Against The Corporation. Anything in Section 1(a) or
Section 2(a) of this Article VII to the contrary notwithstanding, with respect to a Proceeding
initiated against the Corporation by a director or officer of the Corporation, any predecessor of
the Corporation or any subsidiary of the Corporation (or by a person serving at the request of the
Corporation as a director or officer of Another Enterprise), the Corporation shall not be required
to indemnify or to advance expenses (including attorneys fees) to such person in connection with
prosecuting such Proceeding (or part thereof) or in defending any counterclaim, cross-claim,
affirmative defense, or like claim of the Corporation in such Proceeding (or part thereof) unless
such Proceeding was authorized by the Board of Directors of the Corporation.
Section 4. Contract Rights. With respect to any person made or threatened to be made
a party to any Proceeding, arising out of, relating to, based upon, in connection with or due to
the
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fact that such person is or was a director or officer of the Corporation, any predecessor of the
Corporation or any subsidiary of the Corporation, or is or was serving at the request of the
Corporation as a director or officer of Another Enterprise, the rights to indemnification and to
the advancement of expenses conferred in Sections 1(a) and 2(a) of this Article VII shall be
contract rights. Any amendment, repeal, or modification of, or adoption of any provision
inconsistent with, this Article VII (or any provision hereof) shall not adversely affect any right
to indemnification or advancement of expenses granted to any person pursuant hereto with respect to
any act or omission of such person occurring prior to the time of such amendment, repeal,
modification, or adoption (regardless of whether the Proceeding relating to such acts or omissions
is commenced before or after the time of such amendment, repeal, modification, or adoption).
Section 5. Claims. (a) If (X) a claim under Section 1(a) of this Article VII with
respect to any right to indemnification is not paid in full by the Corporation within sixty days
after a written demand has been received by the Corporation or (Y) a claim under Section 2(a) of
this Article VII with respect to any right to the advancement of expenses is not paid in full by
the Corporation within twenty days after a written demand has been received by the Corporation,
then the person seeking to enforce a right to indemnification or to an advancement of expenses, as
the case may be, may at any time thereafter bring suit against the Corporation to recover the
unpaid amount of the claim.
(b) If successful in whole or in part in any suit brought pursuant to Section 5(a) of this
Article VII, or in a suit brought by the Corporation to recover an advancement of expenses (whether
pursuant to the terms of an undertaking or otherwise), the person seeking to enforce a right to
indemnification or an advancement of expenses hereunder or the person from whom the Corporation
sought to recover an advancement of expenses, as the case may be, shall be entitled to be paid by
the Corporation the reasonable expenses (including attorneys fees) of prosecuting or defending
such suit.
(c) In any suit brought by a person seeking to enforce a right to indemnification hereunder
(but not a suit brought by a person seeking to enforce a right to an advancement of expenses
hereunder), it shall be a defense that the person seeking to enforce a right to indemnification has
not met any applicable standard for indemnification under applicable law. With respect to any suit
brought by a person seeking to enforce a right to indemnification or right to advancement of
expenses hereunder or any suit brought by the Corporation to recover an advancement of expenses
(whether pursuant to the terms of an undertaking or otherwise), neither (i) the failure of the
Corporation to have made a determination prior to commencement of such suit that indemnification of
such person is proper in the circumstances because such person has met the applicable standards of
conduct under applicable law, nor (ii) an actual determination by the Corporation that such person
has not met such applicable standards of conduct, shall create a presumption that such person has
not met the applicable standards of conduct or, in a case brought by such person seeking to enforce
a right to indemnification, be a defense to such suit.
(d) In any suit brought by a person seeking to enforce a right to indemnification or to an
advancement of expenses hereunder, or by the Corporation to recover an
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advancement of expenses (whether pursuant to the terms of an undertaking or otherwise), the burden
shall be on the Corporation to prove that the person seeking to enforce a right to indemnification
or to an advancement of expenses or the person from whom the Corporation seeks to recover an
advancement of expenses is not entitled to be indemnified, or to such an advancement of expenses,
under this Article VII or otherwise.
Section 6. Non-Exclusive Rights. The indemnification and advancement of expenses
provided in this Article VII shall not be deemed exclusive of any other rights to which any person
may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors, or
otherwise, both as to action in such persons official capacity and as to action in another
capacity while holding such office, and shall continue as to a person who has ceased to be such
director, officer, employee, or agent and shall inure to the benefit of the heirs, executors, and
administrators of such person.
Section 7. Insurance. The Corporation may purchase and maintain insurance on behalf
of any person who is or was a director, officer, employee, or agent of the Corporation, any
predecessor of the Corporation or any subsidiary of the Corporation, any predecessor of the
Corporation or any subsidiary of the Corporation, or is or was serving at the request of the
Corporation as a director, officer, employee, or agent of Another Enterprise against any liability
asserted against such person and incurred by such person in any such capacity, or arising out of
such persons status as such, whether or not the Corporation would have the power to indemnify such
person against such liability under the provisions of this Article VII or otherwise.
Section 8. Severability. If any provision or provisions of this Article VII shall be
held to be invalid, illegal, or unenforceable for any reason whatsoever: (1) the validity,
legality, and enforceability of the remaining provisions of this Article VII (including, without
limitation, each portion of any paragraph or clause containing any such provision held to be
invalid, illegal, or unenforceable, that is not itself held to be invalid, illegal, or
unenforceable) shall not in any way be affected or impaired thereby; and (2) to the fullest extent
possible, the provisions of this Article VII (including, without limitation, each such portion of
any paragraph or clause containing any such provision held to be invalid, illegal, or
unenforceable) shall be construed so as to give effect to the intent manifested by the provision
held invalid, illegal, or unenforceable.
ARTICLE VIII
Amendment
Amendment
The Board of Directors is expressly authorized to adopt, alter, amend or repeal the Bylaws of
the Corporation by affirmative vote of a majority of the directors present at any regular or
special meeting of the Board of Directors at which a quorum is present. Any Bylaws made by the
directors under the powers conferred hereby may be altered, amended or repealed by the directors or
by the stockholders. Pursuant to Article VII of the Amended and Restated Certificate of
Incorporation, Sections 2, 3, 9, 10 and 14 of Article II herein and Sections 2, 3 and 5 of Article
III herein shall not be altered, amended or repealed and no provision inconsistent therewith shall
be adopted without the affirmative vote of the holders of at least 66 2/3% of the shares of capital
stock of the Corporation issued and outstanding and entitled to vote, voting together as a single
class.
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