Company: BNBX
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001104659-25-002521
Chunk: 47

Company: BNB PLUS CORP.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 47
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 is approved in a prescribed
manner. A “business combination” includes, among other things, a merger, asset or stock sale or other transaction resulting
in a financial benefit to the interested stockholder. An “interested stockholder” is a person who, together with affiliates
and associates, owns, or did own within three years prior to the determination of interested stockholder status, 15% or more of the corporation’s
voting stock.

Under Section 203, a business combination
between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions: before the stockholder
became interested, the board of directors approved either the business combination or the transaction which resulted in the stockholder
becoming an interested stockholder; upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder,
the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced,
excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and
employee stock plans, in some instances; or at or after the time the stockholder became interested, the business combination was approved
by the board of directors of the corporation and authorized at an annual or special meeting of the stockholders by the affirmative vote
of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

Election and Removal of Directors

Directors will be elected by a plurality of the
voting power of the shares present in person or represented by proxy at the stockholders meeting and entitled to vote on the election
of directors. Our Certificate of Incorporation does not provide for a classified board of directors or for cumulative voting in the election
of directors. Under Article VIII of the Certificate of Incorporation and Section 3.13 of the By-Laws, directors may be removed
by the stockholders of the Company only for cause, and in such case only by the affirmative vote of the holders of at least a majority
of the voting power of the issued and outstanding shares of capital stock of the Company then entitled to vote in the election of directors.
On December 21, 2015, the Court of Chancery of the State of Delaware invalidated as a matter of law certain provisions of the certificate
of incorporation and bylaws of VAALCO Energy, Inc. (“VAALCO”), a Delaware corporation, that permitted the removal of
VAALCO’s directors by