Company: BNBX
Filing Date: 2025-01-17
Form Type: 424B3
Source: 0001104659-25-004510
Chunk: 46

Company: BNB PLUS CORP.
Filing Date: 2025-01-17
Form: 424B3
Chunk 46
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-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 its stockholders only for cause. In In re VAALCO Energy, Inc. Stockholder Litigation,Consol.
C.A. No. 11775-VCL (Del. Ch. Dec. 21, 2015), the Court ruled from the bench to hold that, in the absence of a classified board
of directors or cumulative voting, VAALCO’s “only for-cause” director removal provisions conflict with Section 141(k) of
the DGCL and are therefore invalid. Because the Company’s Certificate of Incorporation and By-Laws contain similar “only
for-cause” director removal provisions and the Company does not have a classified board of directors or cumulative voting, the
Company will not attempt to enforce the foregoing “only for-cause” director removal provision in light of the recent VAALCO decision.

Size of Board and Vacancies

The authorized number of directors may be determined
by the Board of Directors, provided the board shall consist of at least one (1) member. No decrease in the number of directors constituting
the board shall shorten the term of any incumbent director.

Vacancies occurring on our Board of Directors
for any reason and newly created directorships resulting from an increase in the authorized number of directors may be filled only by
a vote of a majority of the remaining members of the Board of Directors, although less than a quorum, or by a sole remaining director,
at any meeting of the Board of Directors.

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Amendment

The Certificate of Incorporation may be amended
in the manner prescribed by the DGCL. The Board of Directors is authorized to adopt, amend, alter or repeal the By-Laws by the affirmative
vote of at least a majority of the Board of Directors then in office. No amendment to the Certificate of Incorporation or the By-Laws
may adversely affect