Company: ARMP
Filing Date: 2025-08-13
Form Type: S-3
Source: 0001104659-25-077648
Chunk: 25

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: S-3
Chunk 25
---
 the significant business transaction was approved by both the majority of the members of the target corporation’s
board of directors and approved at a shareholder meeting by at least two-thirds of the outstanding voting shares (excluding the acquiring
person’s shares or shares over which the acquiring person has voting control) at or subsequent to the acquiring person’s share
acquisition. An “acquiring person” is defined as a person or group of persons which beneficially owns 10% or more of the voting
securities of the target corporation. Such significant business transactions may include, among other things:

| · | any merger or consolidation with, disposition                                      
 of assets to, or issuance or redemption of stock to or from, the acquiring person; |

| · | any termination of 5% or more of the employees                                                               
 of the target corporation as a result of the acquiring person’s acquisition of 10% or more of the shares; or |

| · | allowing the acquiring person to receive any 
 disproportionate benefit as a shareholder.   |

After the five-year period,
a significant business transaction may take place as long as it complies with certain fair price provisions of the statute or is approved
by a majority of the votes entitled to be counted within each voting group entitled to vote separately on the transaction (excluding the
acquiring person’s shares or shares over which the acquiring person has voting control) at an annual or special meeting of shareholders.

Articles of Incorporation and Bylaws

The provisions of our articles
of incorporation and bylaws may delay or discourage transactions involving an actual or potential change in our control or change in our
management, including transactions in which shareholders might otherwise receive a premium for their shares or transactions that our shareholders
might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of our common stock.
Among other things, our articles of incorporation and bylaws, as applicable:

| · | permit our board of directors to issue up to                                                                                            
 10,000,000 shares of preferred stock, with any rights, preferences and privileges as they may designate (including the right to approve 
 an acquisition or other change in our control);                                                                                         |

<div align='center'>16</div>

| · | provide that shareholders seeking to present                                                                                             
 proposals before a meeting of shareholders or to nominate candidates for election as directors at a meeting of shareholders must provide 
 advance notice in writing in a timely manner and also specify requirements as to the form and content of a shareholder’s notice;         |

| · |