Company: BNBX
Filing Date: 2025-12-22
Form Type: S-1/A
Source: 0001104659-25-123402
Chunk: 43

Company: BNB PLUS CORP.
Filing Date: 2025-12-22
Form: S-1/A
Chunk 43
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holder; 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 stockholder 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 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