Document:

Exhibit 4.1 

 

 

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    	Page 12Exhibit 4.2

 

SECOND AMENDED AND RESTATED

CODE OF REGULATIONS

OF

DCB FINANCIAL CORP

(Adopted October 30, 2014)

 

 

 

ARTICLE 1

Offices

 

Section 1. Principal
Office. The principal office of the Company shall be at such place in the County of Delaware, Ohio, as may be designated
from time to time by the Board of Directors.

 

Section 2. Other
Offices. The Corporation shall also have offices at such other places without, as well as within, the State of Ohio, as
the Board of Directors may from time to time determine.

 

ARTICLE II

Meetings of Shareholders

 

Section 1. Annual
Meeting. The annual meeting of the shareholders of this Corporation for the purpose of fixing or changing the number of
directors of the Corporation, electing directors and transacting such other business as may come before the meeting, shall be held
at such time as may be fixed by the Board of Directors by resolution from time to time.

 

Section 2. Special
Meetings. Special meetings of the shareholders may be called at any time by the Chairman of the Board of Directors, President,
or a majority of the Board of Directors acting with or without a meeting, or by shareholders owning, in the aggregate, not less
than fifty percent (50%) of the stock of the Corporation.

 

Section 3. Place
of Meetings. Meetings of shareholders shall be held at the main office of the Corporation unless the Board of Directors
decides that a meeting shall be held at some other place within or without the State of Ohio and causes the notices thereof to
so state.

 

Section 4. Notice
of Meetings. Unless waived, a written, printed, or typewritten notice of each annual or special meeting stating the day,
hour, and place and the purpose or purposes thereof shall be served upon or mailed to each shareholder of record (a) as of the
day next preceding the day on which notice is given or (b) if a record date therefor is duly fixed, of record as of said date.
Notice of such meeting shall be mailed, postage prepaid, at least ten (10) days prior to the date thereof. If mailed, it shall
be directed to a shareholder at his address as the name appears upon the records of the Corporation.

 

Section 5. Waiver
of Notice. Any shareholder, either before or after any meeting, may waive any notice required to be given by law or under
these Regulations; and whenever all of the shareholders entitled to vote shall meet in person or by proxy and consent to holding
a meeting, it shall be valid for all purposes without call or notice, and at such meeting any action may be taken.

 

    	 

    	 

    

 

Section 6. Quorum.
A majority of the outstanding capital stock, represented in person or by proxy, shall constitute a quorum at any meeting of the
shareholders, unless otherwise provided by law; but less than a quorum may adjourn any meeting, from time to time, and a meeting
may be held, as adjourned, without further notice. A majority of the votes cast shall decide every question or matter submitted
to the shareholders at any meeting, unless otherwise provided by law or by the Articles of Incorporation.

 

Section 7. Proxies.
Any shareholder of record who is entitled to attend a shareholders’ meeting, or to vote thereat or to assent or give consents
in writing, shall be entitled to be represented at such meetings or to vote thereat or to assent or give consent in writing, as
the case may be, or to exercise any other of his rights, by proxy or proxies appointed by a writing signed by such shareholder,
which need not be sealed, witnessed or acknowledged.

 

A telegram, cablegram,
wireless message or photogram appearing to have been transmitted by a shareholder, or a photograph, photostatic facsimile or equivalent
reproduction of a writing appointing a proxy or proxies shall be a sufficient writing.

 

No appointment of a
proxy shall be valid after the expiration eleven (11) months after it is made, unless the writing specifies the date on which it
is to expire or the length of time it is to continue in force.

 

Section 8. Business
to be Conducted at Meeting. At any meeting of shareholders, the only business that shall be conducted is that which has
been properly brought before the meeting. To be properly brought before a meeting of shareholders, business must be specified in
the notice of meeting (or any supplement thereto) given by or at the direction of the directors, otherwise properly brought before
the meeting by or at the direction of the directors or otherwise properly brought before the meeting by a shareholder. For business
to be properly brought before a meeting of shareholders by a shareholder, the shareholder must have given timely notice thereof
in writing to the Secretary of the Corporation. To be timely, a shareholder’s notice must be delivered to or mailed and received
at the principal executive offices of the Corporation not less than sixty (60) days prior to the meeting. A shareholder’s
notice to the Secretary shall set forth as to each matter the shareholder proposes to bring before the meeting: (i) a brief description
of the business desired to be brought before the meeting and the reasons for conducting such business at the meeting, (ii) the
name and record address of the shareholder proposing such business, (iii) the class and number of shares of the Corporation which
are beneficially owned by such shareholder, and (iv) any material interest of such shareholder in such business.

 

Notwithstanding anything
in the Regulations of the Corporation to the contrary, no business shall be conducted at a meeting of shareholders except in accordance
with the procedures set forth in this Section 8.

 

The Chairman of the
meeting of shareholders shall, if the facts warrant, determine and declare to the meeting that business was not properly brought
before the meeting in accordance with’ the provisions of this Section 8 in which event any such business not properly brought
before the meeting shall not be acted upon.

 

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Section 9. Voting.
At any meeting of the shareholders, each shareholder of the Corporation shall, except as otherwise provided by law or by the Articles
of Incorporation or by these Regulations, be entitled to one (1) vote in person or by proxy for each share of the corporation registered
in his name on the books of the Corporation: (a) on the record date for the determination of shareholders entitled to vote at such
meeting, notwithstanding the prior or subsequent sale, or other disposal of such share or shares or transfer of the same on the
books of the Corporation on or after the record date; or (b) if no such record date shall have been fixed, then at the time of
such meeting.

 

Section 10. Action
Without Meeting. Any action which may be authorized or taken at any meeting of shareholders may be authorized or taken
without a meeting in a writing or writings signed by all of the holders of shares who would be entitled to notice of a meeting
of the shareholders held for such purpose. Such writing or writings shall be filed with or entered upon the records of the Corporation.

 

ARTICLE III

Directors

 

Section 1. Number
of Directors. The number of Directors constituting the entire Board shall not be less than three (3) nor more than twenty-five
(25), the exact number of Directors to be determined from time to time by a majority vote of the whole Board of Directors of the
Corporation, or by a vote of stockholders owning at least 80% of the total outstanding shares of the Corporation’s common
stock at an annual meeting or special meeting called for such purpose, and such exact number shall be eleven (11) until otherwise
so determined; provided, however, that any increase or decrease in the number of Directors resulting from an action by a majority
of the whole Board as herein provided for, shall be subject to a limitation of two (2) persons in any one calendar year.

 

Section 2. Election
and Term of Directors. The Board of Directors shall be divided into three (3) classes, as nearly equal in number as the
then total number of Directors constituting the whole Board permits, with the term of office of one class expiring each year. No
decrease in the number of Directors shall shorten the term of any incumbent Director. At each annual meeting of stockholders, the
successors to the class of Directors whose term shall then expire shall be elected to hold office for a term expiring at the third
succeeding annual meeting.

 

Section 3. Nominations.
Nominations of persons for election to the Board of the Corporation at a meeting of the Shareholders may be made by or at the direction
of the Board of Directors or may be made at a meeting of Shareholders by any Shareholder of the Corporation entitled to vote for
the election of Directors at the meeting who complies with the notice procedures set forth in this Section 3 of Article III. Such
nominations, other than those made by or at the direction of the Board, shall be made pursuant to timely notice in writing to the
Secretary of the Corporation. To be timely, a Shareholder’s notice shall be delivered to or mailed and received at the principal
office of the Corporation not less than ninety (90) days prior to the meeting. Such Shareholder’s notice to the Secretary
shall set forth (a) as to each person whom the Shareholder proposes to nominate for election or reelection as a Director, (i) the
name, age, business address and residence address of the persons, (ii) the principal occupation or employment of the person, and
(iii) the class and number of shares of capital stock of the Corporation which are beneficially owned by the person and (b) as
to the Shareholder giving the notice (i) the name and record address of the Shareholder and (ii) the class and number of shares
of capital stock of the Corporation which are beneficially owned by the Shareholder. The Corporation may require any proposed nominee
to furnish such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed
nominee to serve as Director of the Corporation. No person shall be eligible for election as a Director of the Corporation at a
meeting of the Shareholders unless nominated in accordance with the procedures set forth herein. The Chairman of the meeting shall,
if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the foregoing procedure
and the defective nomination shall be disregarded.

 

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Section 4. Vacancies.
In case of any vacancy in the Board of Directors, through death, resignation, disqualification, newly created directorships resulting
from an increase in the number of Directors then in office, or other cause, the remaining Directors, by an affirmative vote of
a majority thereof, although less than a quorum, may elect a successor to hold office for the unexpired portion of the term of
the Director whose place is vacant until the election and qualification of his successor.

 

Section 5. Removal.
Subject to the rights of the holders of any series of Preferred Shares then outstanding, directors may be removed from office at
any time, but only for cause, and only by the affirmative vote of the holders of not less than seventy-five percent (75%) of the
voting power of the outstanding Shares entitled to vote generally in the election of directors, voting together as a single class.
Directors may also be removed by action of the Board of Directors for the reasons provided by the Ohio Revised Code.

 

For the purposes of
this Section, “cause” shall mean: (i) declaration of unsound mind by order of court; (ii) conviction of a felony or
misdemeanor involving moral turpitude; (iii) a final judgment by a court of competent jurisdiction that the director committed
a gross dereliction of his or her duties as a director which resulted in material injury to the Corporation; (iv) a final judgment
by a court of competent jurisdiction that the director willfully violated any banking law, rule, regulation or final cease-and-desist
order entered by federal or state banking regulators; or (v) a final judgment by a court of competent jurisdiction that the director
engaged in intentional misconduct or a knowing violation of law, and that such misconduct or violation resulted in both material
injury to the Corporation and an improper substantial personal benefit.

 

ARTICLE IV

Powers, Meeting, and Compensation
Of Directors

 

Section 1. Meetings
of the Board. A meeting of the Board of Directors shall be held immediately following the adjournment of each shareholders’
meeting at which directors are elected, or within sixty (60) days thereafter, and notice of such meeting need not be given.

 

The Board of Directors
may, by bylaws or resolution, provide for other meetings of the Board.

 

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Special meetings of
the Board of Directors may be held at any time upon call of the Chairman of the Board of Directors, President, Executive Vice President
(if one is appointed and serving at such time), Senior Vice President (if one is appointed and serving at such time), or any two
(2) members of the Board.

 

Notice of any special
meeting of the Board of Directors shall be mailed to each director, addressed to him at his residence or usual place of business,
at least two (2) days before the day on which the meeting is to be held, or shall be sent to him at such place by telegraph, cable,
radio or wireless, or be given personally or by telephone, not later than the day before the day on which the meeting is to be
held. Every such notice shall state the time and place of the meeting but need not state the purposes thereof. Notice of any meeting
of the Board need not be given to any director, however, if waived by him in writing or by telegraph, cable, radio, wireless, or
telephonic communication whether before or after such meeting is held, or if he shall be present at such meeting; and any meeting
of the Board shall be a legal meeting without any notice thereof having been given, if all the directors shall be present thereat.

 

Meetings of the Board
shall be held at the office of the Corporation, or at such other place, within or without the State of Ohio, as the Board may determine
from time to time and as may be specified in the notice thereof. Meetings of the Board of Directors may also be held by the utilization
of simultaneous telephonic communications linking all directors present at such meetings, and all such business conducted via such
telephonic communication shall be considered legally enforceable by the Corporation.

 

Section 2. Quorum.
A majority of the Board of Directors serving in such capacity shall constitute a quorum for the transaction of business, provided
that whenever less than a quorum is present at the time and place appointed for any meeting of the Board, a majority of those present
may adjourn the meeting from time to time, without notice other than by announcement at the meeting, until a quorum shall be present.

 

Section 3. Action
without Meeting. Any action may be authorized or taken without a meeting in a writing or writings signed by all the directors,
which writing or writings shall be filed with or entered upon the records of the Corporation.

 

Section 4. Compensation.
The directors shall receive compensation for their services in an amount fixed by resolution of the Board of Directors.

 

Section 5. Bylaws.
For the government of its actions, the Board of Directors may adopt bylaws consistent with the Articles of Incorporation and these
Regulations.

 

ARTICLE V

Committees

 

The Board of Directors
may by resolution provide such standing or special committees as it deems desirable, and discontinue the same at its pleasure.
Each such committee shall have such powers and perform such duties, not inconsistent with law, as may be delegated to it by the
Board of Directors. Vacancies in such committees may be filled by the Board of Directors.

 

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ARTICLE VI

Officers

 

Section 1. General
Provisions. The Board of Directors shall elect a President, such number of Vice Presidents as the Board may from time to
time determine, a Secretary and Treasurer, and, in its discretion, a Chairman of the Board of Directors and a Vice Chairman of
the Board of Directors. If no such Chairman of the Board is elected by the Board of Directors, the President of the Corporation
shall act as presiding officer of the Corporation. The Board of Directors may from time to time create such offices and appoint
such other officers, subordinate officers and assistant officers as it may determine. The President and the Chairman of the Board
shall be, but the other officers need not be, chosen from among the members of the Board of Directors.

 

Section 2. Terms
of Office. The officers of the Corporation shall hold office at the pleasure of the Board of Directors and, unless sooner
removed by the Board of Directors, until the reorganization meeting of the Board of Directors following the date of their election
and until their successors are chosen and qualified.

 

A vacancy in any office,
however created, may be filled by the Board of Directors.

 

ARTICLE VII

Duties of Officers

 

Section 1. Chairman
of the Board. The Chairman of the Board, if one be elected, shall preside at all meetings of the shareholders and Board
of Directors and shall have such other powers and duties as may be prescribed by the Board of Directors or by law.

 

Section 2. Vice
Chairman of the Board. The Vice Chairman of the Board, if one be elected, shall preside at all meetings of the shareholders
and the Board of Directors, in the absence of the Chairman of the Board. The Vice Chairman shall have such powers and duties as
may be prescribed by the Board of Directors, or prescribed by the Chairman of the Board, or by law.

 

Section 3. President.
The President shall be the chief executive officer of the Corporation and shall exercise supervision over the business of the Corporation
and over its several officers, subject, however, to the control of the Board of Directors. In the absence of or if a Chairman of
the Board shall not have been elected or a Vice Chairman shall not have been elected, the President shall preside at meetings of
the shareholders and Board of Directors. He shall have authority to sign all certificates for shares and all deeds, mortgages,
bonds, contracts, notes and other instruments requiring his signature; and shall have all the powers and duties prescribed by law
and such others as the Board of Directors may from time to time assign to him.

 

Section 4. Vice
Presidents. The Vice Presidents shall perform such duties as are conferred upon them by these regulations or as may from
time to time be assigned to them by the Board of Directors, the Chairman of the Board or the President. At the request of the President,
or in his absence or disability, the Vice President, designated by the President (or in the absence of such designation, the Vice
President designated by the Board), shall perform all the duties of the President, and when so acting, shall have all the powers
of the President. The authority of Vice Presidents to sign in the name of the Corporation all certificates for shares and authorized
deeds, mortgages, bonds, contracts, notes and other instruments, shall be coordinated with like authority of the President. Any
one or more of the Vice Presidents may be designated as an “Executive Vice President” or a “Senior Vice President.”

 

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Section 5. The
Secretary. The Secretary shall issue notices of all meetings for which notice shall be required to be given, shall keep
the minutes of all meetings, shall have charge of the corporate seal, if any, and corporate record books, shall cause to be prepared
for each meeting of shareholders the list of shareholders entitled to vote thereat, and shall have such other duties and powers
as may be assigned to or vested in him by the Board of Directors, the Executive Committee or the President.

 

Section 6. The
Treasurer. The Treasurer shall have the custody of all moneys and securities of the Corporation and shall keep adequate
and correct accounts of the Corporation’s business transactions, including accounts of its assets, liabilities, receipts,
disbursements, gains, losses, stated capital and shares. The funds of the Corporation shall be deposited in the name of the Corporation
by the Treasurer in such depositories as the Board of Directors may from time to time designate. The Treasurer shall have such
other duties and powers as may be assigned to or vested in him by the Board of Directors, the Executive Committee or the President.

 

Section 7. Assistant
and Subordinate Officers. The Board of Directors may appoint such assistant and subordinate officers as it may deem desirable.
Each such officer shall hold office during the pleasure of the Board of Directors and perform such duties as the Board of Directors
may prescribe.

 

The Board of Directors
may, from time to time, authorize any officers to appoint and remove assistant and subordinate officers, to prescribe their authority
and duties, and to fix their compensation.

 

Section 8. Duties
of Officers May Be Delegated. In the absence of any officer of the Corporation, or for any other reason the Board of Directors
may deem sufficient, the Board of Directors may delegate, for the time being, the powers or duties, or any of them, of such officer
to any other officer, or to any director.

 

ARTICLE VIII

Certificates for Shares

 

Section 1. Form
and Execution. Certificates for shares shall be issued to each shareholder in such form as shall be approved by the Board
of Directors. Such certificates shall be signed by the Chairman of the Board of Directors or the President or a Vice President
and by the Secretary of the Corporation, which certificates shall certify the number and class of shares held by the shareholder
in the Corporation, but no certificates for shares shall be delivered until such shares are fully paid. When such a certificate
is countersigned by an incorporated transfer agent or registrar, the signature of any of said officers of the Corporation may be
a facsimile, or engraved, stamped or printed. Although any officer of the Corporation whose manual or facsimile signature is affixed
to a share certificate shall cease to be such officer before the certificate is delivered, such certificate, nevertheless, shall
be effective in all respects when delivered.

 

Such certificate for
shares shall be transferable in person or by attorney, but, except as hereinafter provided in the case of lost, mutilated or destroyed
certificates, no transfers of shares shall be entered upon the records of the Corporation until the previous certificates, if any,
given for the same shall have been surrendered and canceled.

 

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Section 2. Lost,
Mutilated or Destroyed Certificates. If any certificate for shares is lost, mutilated or destroyed, the Board of Directors
may authorize the issuance of a new certificate in place thereof, upon such terms and conditions as it may deem advisable. The
Board of Directors in its discretion may refuse to issue such new certificates until the Corporation has been indemnified by a
final order or decree of a court of competent jurisdiction and may, in its sole discretion, require a bond prior to issuance of
any such new certificate.

 

ARTICLE IX

Fiscal Year

 

The fiscal year of
the Corporation shall end on the 31st day of December in each year, or on such other day as may be fixed from time to time by the
Board of Directors.

 

ARTICLE X

Amendments

 

Section 1. These Regulations may
be altered, changed or amended in any respect or superseded by new Regulations in whole or in part, by:

 

(A) the affirmative vote of the holders
of shares entitling them to exercise a majority of the voting power of the Corporation, or

 

(B) the affirmative vote of a majority of
the members of the Board of Directors of the Corporation to the fullest extent permitted by Chapter 1701 of the Ohio Revised Code.

 

Section 2. Notwithstanding
the provisions of Article X, Section 1 hereof and notwithstanding the fact that a lesser percentage may be specified by law or
any other provision of these Regulations, the amendment, alteration, change or repeal of, or adoption of any provisions inconsistent
with, Article III, Sections 1, 2, 3 or 5 or this Article X, of these Regulations shall require the affirmative vote of the holders
of shares entitling them to exercise at least eighty (80%) percent of the voting power of the Corporation, unless such amendment,
alteration, change, repeal or adoption has been recommended by at least two-thirds of the members of the Board of Directors of
the Corporation then in office, in which event the provisions of Article X, Section 1(A) hereof shall apply.

 

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