Document:

Exhibit 4.6

 

[Form of 3.875% Senior Note due 2060]

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (“DTC”)
TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC, OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

     

     

    

 

	No. R-	$                    
	 	CUSIP No. 713448 EV6

ISIN US713448EV64 

 

PEPSICO, INC.

 

3.875% SENIOR NOTE DUE 2060

 

PEPSICO, INC., a corporation in existence
under the laws of the State of North Carolina (herein called the “Company,” which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co.
or registered assigns, the principal sum of $      on March 19, 2060, and to pay interest on said principal sum semi-annually on
March 19 and September 19 of each year, commencing September 19, 2020, at the rate of 3.875% per annum from March 19, 2020, or
from the most recent date in respect of which interest has been paid or duly provided for, until payment of the principal sum has
been made or duly provided for. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered
at the close of business on the Record Date for such Interest Payment Date, which shall be the March 5 and September 5 (whether
or not a New York Business Day) next preceding such Interest Payment Date. Any such interest that is payable but is not so punctually
paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Record Date and may either be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Notes not earlier than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such
exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture.

 

Payment of the principal of and interest
on this Note will be made at the Place of Payment in such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts; provided, however, that payments of interest may be made at the option of the Company
by funds transmitted to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.

 

Reference is made to the further provisions
of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed by manual or facsimile signature under its corporate seal or a facsimile thereof.

 

	Dated: _____________, 2020	PEPSICO, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[seal]

 

Attest:

 

	 	 

 

    2

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

	 	The Bank of New York Mellon, as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory
	 	 
	 	Dated:	 

 

    3

     

    

 

[REVERSE OF NOTE]

 

PEPSICO, INC.

 

3.875% SENIOR NOTE DUE 2060

 

This Note is one of a duly authorized issue
of debentures, notes or other evidences of indebtedness of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an Indenture, dated as of May 21, 2007 (herein called the “Indenture”),
between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes
any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon
which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not
otherwise defined herein. The Securities may be issued in one or more series, which different series may be issued in various aggregate
principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different
rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different
sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Company designated as set forth on the face
hereof (herein called the “Notes”), initially limited in aggregate principal amount to $750,000,000.

 

The Notes shall be redeemable as a whole
or in part, at the Company’s option, at any time and from time to time prior to September 19, 2059 (six months prior to the
maturity date of the Notes) (the “Par Call Date”) at a Redemption Price equal to the greater of (i) 100% of
the principal amount of such Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of
principal and interest thereon (exclusive of interest accrued to the date of redemption), assuming for such purpose that the Notes
matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 35 basis points, plus in each case accrued and unpaid interest to the date of redemption.

 

The Notes shall be redeemable as a whole
or in part, at the Company’s option, at any time and from time to time on or after the Par Call Date, at a Redemption Price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date.

 

Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article 11 of the Indenture.

 

“Comparable Treasury Issue”
means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated
maturity comparable to the remaining term of the Notes to be redeemed, assuming for such purpose that the Notes matured on the
Par Call Date (the “Remaining Term”), that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the Remaining Term.

 

     

     

    

 

“Comparable Treasury Price”
means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Independent Investment Banker”
means one of the Reference Treasury Dealers appointed by the Company.

 

“Reference Treasury Dealer”
means each of any four primary U.S. Government securities dealers in the United States of America selected by the Company.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m. New York time on
the third New York Business Day preceding such Redemption Date.

 

“Treasury Rate” means,
with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on
a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

The Trustee will not be responsible for
calculating the Redemption Price of the Notes or portions thereof called for redemption.

 

Notice of any redemption will be transmitted
at least 15 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of DTC). If fewer than all of the Notes are to be redeemed, the particular Notes to be redeemed,
in the case of Notes in global form, shall be selected in accordance with the procedures of the Depositary. In the case of physical
Notes in definitive form, such selection shall be done by the Trustee by lot. If any Note is to be redeemed only in part, the notice
of redemption that relates to such Note shall state the principal amount thereof to be redeemed. A new Note in principal amount
equal to and in exchange for the unredeemed portion of the principal of the Note surrendered may be issued in the name of the Holder
of the Note upon surrender of the original Note.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series under the Indenture at any time by the Company and the Trustee with the consent of
the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected
by such amendment or modification. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.

 

    2

     

    

 

The Indenture contains provisions setting
forth certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy
under the Indenture.

 

If an Event of Default with respect to the
Notes shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated
in the manner and with the effect provided in the Indenture.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of
this Note for registration of transfer at the office or agency of the Company in any Place of Payment duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Notes are issuable only in registered
form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount
of Notes of different authorized denominations as requested by the Holder surrendering the same.

 

No service charge shall be made for any
such registration or transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to the presentment of this Note for
registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the
contrary.

 

All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.

 

    3

     

    

 

FOR VALUE RECEIVED,
the undersigned hereby sell(s), assign(s) and transfer(s) unto

 

____________________________________________

[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE]

__________________________________________________________________

 

__________________________________________________________________

 

__________________________________________________________________

[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP
CODE, OF ASSIGNEE]

 

the within Note and all rights thereunder,
hereby irrevocably constituting and appointing _________________________ attorney to transfer such Note on the books of the Issuer,
with full power of substitution in the premises.

 

Dated:_______________________

 

NOTICE: The signature to this assignment must correspond
with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.

 

    4Exhibit

Exhibit 4.1
Description of the Registrant’s Securities Registered Pursuant
to Section 12 of the Securities Exchange Act of 1934, as amended

The common stock, par value $0.01 per share (“Common Stock”), of BJ’s Wholesale Club Holdings, Inc. (“we,” “us,” or “our”) is registered under Section 12 of the Securities Exchange Act of 1934, as amended. The following description sets forth certain general terms and provisions of our Common Stock. These descriptions are in all respects subject to and qualified in their entirety by, and should be read in conjunction with, the applicable provisions of our Second Amended and Restated Certificate of Incorporation (our “Certificate of Incorporation”) and our Second Amended and Restated Bylaws (our “Bylaws”), each of which is incorporated herein by reference and copies of which are incorporated by reference as exhibits to our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and the applicable provisions of the Delaware General Corporation Law (the “DGCL”).
General
Our authorized capital stock consists of 300,000,000 shares of Common Stock and 5,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”).  Unless our board of directors determines otherwise, we will issue all shares of our capital stock in uncertificated form.  
Common Stock    
Dividend Rights 
Holders of our Common Stock are entitled to receive proportionately any dividends as may be declared by our board of directors, subject to any preferential dividend rights of any series of Preferred Stock  that we may designate and issue in the future.
Declaration and payment of any dividend will be subject to the discretion of our board of directors.  The time and amount of dividends will depend upon our financial condition, operations, cash requirements and availability, debt repayment obligations, capital expenditure needs, restrictions in our debt instruments, industry trends, the provisions of Delaware law affecting the payment of distributions to stockholders and any other factors our board of directors may consider relevant. In addition, because we are a holding company and have no direct operations, we will only be able to pay dividends from funds we receive from our subsidiaries.
Voting Rights
Holders of our Common Stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative voting rights.  
An election of directors by our stockholders shall be determined by a plurality of the votes cast by the stockholders entitled to vote on the election. See “Anti-Takeover Effects of Provisions of Our Certificate of Incorporation, our Bylaws and Delaware Law-Classified Board of Directors” below for more information.  
Distributions on Liquidation
In the event of our liquidation, dissolution, or winding up, the holders of our Common Stock are entitled to receive proportionately our net assets available for distribution to stockholders after the payment in full of all debts and other liabilities and subject to the prior rights of any outstanding Preferred Stock.  
Other Rights
Holders of our Common Stock have no preemptive, subscription, redemption or conversion rights. There are no sinking fund provisions applicable to our Common Stock.

Listing 
Our Common Stock is listed on the New York Stock Exchange (the “NYSE”) under the symbol “BJ.”
Transfer Agent and Registrar
The transfer agent and registrar for our Common Stock is American Stock Transfer & Trust Company, LLC.
Relationship to Preferred Stock 
The rights, preferences and privileges of holders of our Common Stock are subject to and may be adversely affected by the rights of the holders of shares of any series of Preferred Stock that we may designate and issue in the future. As of the date of the Annual Report with which this Exhibit 4.1 is filed, we have no shares of Preferred Stock issued or outstanding.
Under the terms of our Certificate of Incorporation, our board of directors is authorized to direct us to issue shares of Preferred Stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of Preferred Stock.
The purpose of authorizing our board of directors to issue Preferred Stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of Preferred Stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock. 
Anti-Takeover Effects of Provisions of Our Certificate of Incorporation, our Bylaws and Delaware Law
Certain provisions of Delaware law and our Certificate of Incorporation and Bylaws contain provisions that may delay, defer or discourage another party from acquiring control of us.  We expect that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids.  These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders.  However, they also give our board of directors the power to discourage acquisitions that some stockholders may favor.
Authorized but Unissued Shares
The authorized but unissued shares of our Common Stock and our Preferred Stock are available for future issuance without stockholder approval, subject to any limitations imposed by the listing standards of the NYSE.  These additional shares may be used for a variety of corporate finance transactions, acquisitions and employee benefit plans.  The existence of authorized but unissued and unreserved Common Stock and Preferred Stock could make more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 
Amendments to our Certificate of Incorporation and our Bylaws
Our board of directors may amend, alter, change or repeal any provision of our Certificate of Incorporation without seeking approval of our stockholders, except as described below and as required by the DGCL. Our Certificate of Incorporation provides that, in addition to any affirmative vote of the holders of any particular class or series of stock required by law or our Certificate of Incorporation, the affirmative vote of holders of at least two-thirds of the voting power of the then outstanding shares of voting stock entitled to vote thereon, voting together as a single class, is required to alter, amend or repeal certain provisions of our Certificate of Incorporation, including provisions relating to:
		
	•
	the powers, election of, removal of and terms of directors;

		
	•
	stockholder action;

		
	•
	limitation of liability;

		
	•
	exclusive forum;

		
	•
	conflicts of interest; and 

		
	•
	amendment of our Certificate of Incorporation and Bylaws.  

Unless otherwise required by law, our board of directors may make, repeal, alter, amend and rescind, in whole or in part, our Bylaws by a majority vote of the directors then in office. Our Bylaws may also be amended at a meeting of stockholders by the affirmative vote of at least two-thirds of the voting power of all of the then outstanding shares of voting stock, voting together as a single class.
Classified Board of Directors 
Our Certificate of Incorporation provides that our board of directors is divided into three classes, with the classes as nearly equal in number as possible and, following the expiration of specified initial terms for each class, each class serving three-year staggered terms. As a result, approximately one-third of our directors are elected each year. Our Certificate of Incorporation provides that, subject to any special rights of the holders of one or more series of Preferred Stock, directors may only be removed from our board of directors for cause by the affirmative vote of at least two-thirds of the voting power of the outstanding shares of our stock entitled to vote on the election of such directors. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control of us or our management.
Requirements for Advance Notification of Stockholder Meetings, Nominations and Proposals
Our Certificate of Incorporation provides that, subject to any special rights of the holders of one or more series of Preferred Stock, special meetings of our stockholders may be called for any purpose or purposes, at any time, only by the chairman of our board of directors or by a resolution adopted by the affirmative vote of the majority of the directors then in office, and not by our stockholders or any other person or persons.  Our Bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. In addition, any stockholder who wishes to bring business before an annual meeting or nominate directors must comply with the advance notice requirements set forth in our Bylaws. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers or changes in control of us or our management.
Stockholder Action By Written Consent
Pursuant to Section 228 of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were present and voted, unless the corporation’s certificate of incorporation provides otherwise.  Our Certificate of Incorporation prohibits stockholder action by written consent (and, thus, requires that all stockholder actions be taken at a meeting of our stockholders).

Business Combinations
Section 203 of the DGCL prevents a publicly held corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless: 

		
	•
	before the date on which the person became an interested stockholder, the board of directors of the corporation approved either the business combination or the transaction which resulted in the person becoming an interested stockholder;

		
	•
	the interested stockholder owned at least 85% of the outstanding voting stock of the corporation at the time the transaction commenced, excluding stock held by directors who are also officers of the corporation and by employee stock plans that do not provide participants with the rights to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

		
	•
	at or after the date on which the person became an interested stockholder, the business combination is approved by the board of directors and the holders of at least two-thirds of the voting stock of the corporation voting at a meeting, excluding the voting stock owned by the interested stockholder. 

As defined in Section 203, the term “interested stockholder” is generally (1) a person who, together with affiliates and associates, owns 15% or more of a corporation’s outstanding voting stock or (2) a person who is an affiliate or associate of the corporation and was, together with affiliates and associates, the owner of 15% or more of a corporation’s outstanding voting stock within the past three years. As defined in Section 203, a “business combination” includes mergers, consolidations, stock and assets sales and other transactions with the interested stockholder.

We have opted out of Section 203 of the DGCL pursuant to a provision in our Certificate of Incorporation. 

Exclusive Forum    
Our Certificate of Incorporation requires, to the fullest extent permitted by law, that (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, employees or stockholders to us or to our stockholders, (iii) any action arising pursuant to any provision of the DGCL or our Certificate of Incorporation or our Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim against us governed by the internal affairs doctrine must be brought only in the Court of Chancery of the State of Delaware (or in the event such court does not have jurisdiction, the federal district court for the District of Delaware or other state courts of the State of Delaware), unless we consent in writing to the selection of an alternative forum.  Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers.
Limitations on Liability and Indemnification of Officers and Directors
The DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors’ fiduciary duties, subject to certain exceptions.  Our Certificate of Incorporation includes a provision that eliminates the personal liability of directors for monetary damages for any breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL.  The effect of these provisions is to eliminate the rights of us and our stockholders, through stockholders’ derivative suits on our behalf, to recover monetary damages from a director for breach of fiduciary duty as a director, including breaches resulting from grossly negligent behavior.  However, exculpation does not apply to any director if the director has acted in bad faith, knowingly or intentionally violated the law, authorized illegal dividends or redemptions or derived an improper benefit from his or her actions as a director.

Our Bylaws provide that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the DGCL.  We also are expressly authorized to carry directors’ and officers’ liability insurance providing indemnification for our directors, officers and certain employees for some liabilities.  We believe that these indemnification and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.
The limitation of liability, indemnification and advancement provisions in our Certificate of Incorporation and Bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duty.  These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders.  In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.
We currently are party to indemnification agreements with certain of our directors and officers.  These agreements require us to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified.
Conflicts of Interest
Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors or stockholders.  Our Certificate of Incorporation renounces, to the maximum extent permitted from time to time by Delaware law, any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to our directors or stockholders or their respective affiliates, other than those directors who are our or our subsidiaries’ employees.  Our Certificate of Incorporation provides that, to the fullest extent permitted by law, any director who is not employed by us (including any non-employee director who serves as one of our officers in both his director and officer capacities) or his or her affiliates does not have any duty to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage or (ii) otherwise competing with us or our affiliates.  In addition, to the fullest extent permitted by law, in the event that any non-employee director acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for himself or his affiliates or for us or our affiliates, such person will have no duty to communicate or offer such transaction or business opportunity to us or any of our affiliates and they may take any such opportunity for themselves or offer it to another person or entity.  Our Certificate of Incorporation does not renounce our interest in any business opportunity that is expressly offered to a non-employee director solely in his or her capacity as a director or officer of the Company.  To the fullest extent permitted by law, a corporate opportunity shall not be deemed to be a potential corporate opportunity for the Company if it is a business opportunity that (i) the Company is neither financially or legally able, nor contractually permitted, to undertake, (ii) from its nature, is not in the line of the Company’s business or is of no practical advantage to the Company or (iii) is one in which the Company has no interest or reasonable expectancy.

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