Company: BNBX
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001104659-25-002521
Chunk: 48

Company: BNB PLUS CORP.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 48
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 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 any indemnification right or protection of any director, officer, employee or other agent existing at the time of
such amendment, repeal or adoption of an inconsistent provision for or in respect of any act, omission or other matter occurring, or
any action or proceeding accruing or arising prior to such amendment, repeal or adoption of an inconsistent provision.

Authorized but Unissued Shares of Common Stock and of Preferred Stock

We believe that the availability of the “Blank
Check” preferred stock under our Certificate of Incorporation provides us with flexibility in addressing corporate issues that
may arise. The Board of Directors has the power, subject to applicable law, to