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Exhibit 4.5 

DESCRIPTION OF SECURITIES 
REGISTERED UNDER SECTION 12 OF THE 
SECURITIES EXCHANGE ACT OF 1934 

The following information is a summary of the material terms of the common stock of Insmed Incorporated (“we”, “our” and “us,”), which is based upon, and is qualified in its entirety by reference to, our Articles of Incorporation, as amended (the “Articles of Incorporation”), our Amended and Restated Bylaws (the “Bylaws”) and applicable provisions of the Virginia Stock Corporation Act (“VSCA”). This summary may not contain all of the information that is important to you; you can obtain additional information regarding our Articles of Incorporation and Bylaws by referring to such documents, copies of which are included as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.5 is a part.

General

Under our Articles of Incorporation, we have authority to issue 500,000,000 shares of common stock, par value $0.01 per share. All of our issued and outstanding shares of common stock are fully paid and nonassessable.

Dividend Rights

Subject to the rights of the holders of any of our preferred stock then outstanding, the holders of our common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by our board of directors out of legally available funds. As of the date of this Annual Report on Form 10-K, we have not declared or paid any dividends on our shares of common stock, and there were no shares of preferred stock outstanding, although our board of directors is authorized to issue preferred stock with rights senior to those of the common stock without any further vote or action by the holders of our common stock.

Rights Upon Liquidation

In the event we are liquidated, dissolved or our affairs are wound up, after we pay or make adequate provision for all of our known debts and liabilities, each holder of common stock will receive distributions pro rata out of assets that we can legally use to pay distributions, subject to the rights of the holders of any of our preferred stock then outstanding.

Voting Rights

Holders of our common stock are entitled to one vote per share and will have the exclusive power to vote on all matters presented to our shareholders, including the election of directors, except as otherwise provided by the VSCA and subject to the rights of the holders of any of our preferred stock then outstanding. An election of directors by our shareholders will be determined by a plurality of the votes cast by the shareholders entitled to vote on the election, although we have a director resignation policy applicable to director nominees in uncontested elections. Our Articles of Incorporation do not provide for cumulative voting. In accordance with our Articles of Incorporation, our board is divided into three classes serving staggered three-year terms, with one class being elected each year at our annual meeting of shareholders.

Subject to certain exceptions set forth in the VSCA, matters other than the election of directors generally will be approved if the votes cast by our shareholders favoring the action exceed the votes cast opposing the action. Subject to the rights of the holders of any of our preferred stock then outstanding, however, the affirmative vote of at least 75% of the voting power of the outstanding shares of our capital stock entitled to vote generally in the election of directors, voting together as a single group, will be required to take the following actions:

•remove a director, which may only be done for cause; and

•alter, amend, repeal, or adopt any provision inconsistent with, the provisions of (1) our Articles of Incorporation that provide for a classified board, director removal only for cause, filling of newly created or vacant directorships, or bylaw amendments or (2) our Bylaws.

Other Rights

Holders of our common stock will have no preference, appraisal or exchange rights, except for any appraisal rights provided by the VSCA. Furthermore, holders of our common stock have no conversion, sinking fund or redemption rights, or preemptive rights to subscribe for any of our securities.

Potential Anti-Takeover Effects of Certain Provisions of Virginia Law and Our Organizational Documents 

Certain provisions of the VSCA, our Articles of Incorporation and our Bylaws could hamper a third-party’s acquisition of, or discourage a third-party from attempting to acquire control of, us or limit the price that investors might be willing to pay for shares of our common stock. These provisions or arrangements include:

•The ability to issue preferred stock with rights senior to those of our common stock without any further vote or action by the holders of our common stock. The issuance of preferred stock could decrease the amount of earnings and assets available for distribution to the holders of our common stock or could adversely affect the rights and powers, including voting rights, of the holders of our common stock. In certain circumstances, such issuance could have the effect of decreasing the market price of our common stock.
•The existence of a staggered board of directors in which there are three classes of directors serving staggered three-year terms, thus expanding the time required to change the composition of a majority of directors.
•The requirement that shareholders provide advance notice when nominating director candidates to serve on our board of directors.
•The inability of shareholders to convene a shareholders’ meeting without the chairman of the board, the president or a majority of the board of directors first calling the meeting.
•The prohibition against entering into a business combination with the beneficial owner of 10% or more of our
outstanding voting stock for a period of three years after the 10% or greater owner first reached that level of
stock ownership, unless certain criteria are met.Document

OMNIBUS AMENDMENT TO
INSMED INCORPORATED
INCENTIVE PLANS

December 10, 2020

WHEREAS, Insmed Incorporated (the “Company”) sponsors and maintains the Insmed Incorporated Amended and Restated 2000 Stock Incentive Plan (as amended, the “2000 Plan”), the Insmed Incorporated 2013 Incentive Plan (as amended, the “2013 Plan”), the Insmed Incorporated 2015 Incentive Plan (as amended, the “2015 Plan”), the Insmed Incorporated 2017 Incentive Plan (as amended, the “2017 Plan”) and the Insmed Incorporated 2019 Incentive Plan (as amended, the “2019 Plan” and, together with the 2000 Plan, the 2013 Plan, the 2015 Plan and the 2017 Plan, the “Plans”); and

WHEREAS, the Company desires to amend each Plan to permit the transfer of certain awards made thereunder for estate-planning purposes; 

WHEREAS, each Plan authorizes the Board of Directors of the Company (the “Board”) to amend such Plan and provides that, subject to certain exceptions, the Board may exercise any power of the Administrator under such Plan, which in each case is the Compensation Committee of the Board; and

WHEREAS, the Administrator under each Plan, subject to certain exceptions, may amend or alter any agreement or other document evidencing an award made under such Plan. 

NOW, THEREFORE, the Plans are amended as follows, effective as of the date hereof: 

1.    Article XIII of the 2000 Plan (“General Provisions”) is hereby amended by adding the following as a new Section 13.05:

Section 13.05    Transferability.

Notwithstanding anything to the contrary in Section 6.04, Section 7.05 and Section 8.05 of the Plan, a Participant may, with the prior approval of the Company’s Chief Legal Officer or Chief Financial Officer or any designee of the Company’s Chief Legal Officer or Chief Financial Officer (provided that no such person may approve a transfer under this Section 13.05 by such person) and subject to applicable laws, rules and regulations and such terms and conditions as the Company’s Chief Legal Officer or Chief Financial Officer or such designee, as applicable, shall specify, transfer an award granted under the Plan (other than an incentive stock option), for no consideration, to a family member (as defined in the General Instructions to Form S-8 under the Securities Act of 1933) of the Participant, in each case, with respect to whom such award or the exercise thereof (as applicable) is covered by an effective registration statement under the Securities Act of 1933 (collectively, the “Permitted Transferees”). Any award transferred to a Permitted Transferee shall be further transferable only by will or the laws of descent and 

distribution or, for no consideration, to another Permitted Transferee of the Participant. Notwithstanding anything to the contrary in Section 6.04 of the Plan, during the Participant’s lifetime, each Option shall be exercisable only by the Participant or by his or her Permitted Transferee to whom such Option has been transferred in accordance with this paragraph; provided, however, that outstanding Options may be exercised following the Participant’s death by the Participant’s beneficiaries, any such Permitted Transferee or as permitted by the Administrator.

2.    Section 16 of the 2013 Plan, the 2015 Plan and the 2017 Plan, and Section 15 of the 2019 Plan (“Transferability”) are, in each case, hereby amended and restated in their entirety as follows:

No Award may be sold, transferred for value, pledged, assigned, or otherwise alienated or hypothecated by a Participant other than by will or the laws of descent and distribution; provided, however, that a Participant may, with the prior approval of the Company’s Chief Legal Officer or Chief Financial Officer or any designee of the Company’s Chief Legal Officer or Chief Financial Officer (provided that no such person may approve a transfer under this Section by such person) and subject to applicable laws, rules and regulations and such terms and conditions as the Company’s Chief Legal Officer or Chief Financial Officer or such designee, as applicable, shall specify, transfer an Award, other than an Incentive Stock Option, for no consideration, to a family member (as defined in the General Instructions to Form S-8 under the Securities Act of 1933) of the Participant, in each case, with respect to whom such Award or the exercise thereof (as applicable) is covered by an effective registration statement under the Securities Act of 1933 (collectively, the “Permitted Transferees”). Any Award transferred to a Permitted Transferee shall be further transferable only by will or the laws of descent and distribution or, for no consideration, to another Permitted Transferee of the Participant. During the Participant’s lifetime, each Option or Stock Appreciation Right shall be exercisable only by the Participant or by his or her Permitted Transferee to whom such Option or Stock Appreciation Right has been transferred in accordance with this paragraph; provided, however, that outstanding Options may be exercised following the Participant’s death by the Participant’s beneficiaries, any such Permitted Transferee or as permitted by the Administrator.

3.     This Amendment shall be and is hereby incorporated in, and forms a part of, each applicable Plan as set forth above. All other terms and provisions of the Plans shall remain unchanged except as specifically modified by this Amendment. Each Plan, as amended by this Amendment, is hereby ratified and confirmed.

[Signature page follows]

2

IN WITNESS WHEREOF, the undersigned officer hereby certifies that the foregoing amendment to the Plans was duly adopted by the Board.

						
		INSMED INCORPORATED
		

By:                         

		Name:
		Title:

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