Document:

Exhibit 10.107

 

UPON RECORDING RETURN TO:

 

Williams, Rentz & Moulton, P.C.

412 Ocean Boulevard

St. Simons Island, Georgia 31522

 

Assignment of
Leases and Rents

 

This Assignment of Leases and Rents (this “Agreement”)
is executed as of this 7th day of October, 2022, by GLYNN ACRES MHP LLC, a North Carolina limited liability company whose address
is 136 Main Street, Pineville, NC 28134 (“Borrower”), to RICHARD SMITH and ANNETTE SMITH, a married couple, who are Georgia
residents having a mailing address of [redacted] (“Lender”).

 

RECITALS:

 

		A.	Simultaneously with the execution of this Agreement, Borrower has executed a Secured Promissory Note and Deed to Secure Debt and Security
Agreement dated of even date herewith (as amended, modified, supplemented, extended, renewed or replaced from time to time, collectively
the “Loan Agreement”), pursuant to which Lender has agreed to make a loan to Borrower in the principal amount of $900,000.00
(as amended, modified, supplemented, extended, renewed or replaced from time to time, the “Loan”). All terms used but
not otherwise defined herein shall have the meaning provided in the Loan Agreement.

 

		B.	Borrower is required by the Loan Agreement to execute and deliver this Agreement to, among other things, provide a future source of
payment of the Obligations, which Borrower is willing to do in consideration of the agreement of Lender to make the Loan to Borrower pursuant
to the terms of the Loan Agreement.

 

AGREEMENT:

 

For valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Borrower and Lender agree as follows:

 

		1.	Absolute Assignment. Borrower unconditionally, irrevocably
and absolutely assigns to Lender all of Borrower’s right, title and interest in and to: (a) all leases, subleases, occupancy agreements,
licenses, concessions, rental contracts and other agreements (written or oral) now or hereafter existing relating to the use or occupancy
of the project located on the real property described in Exhibit A hereto (said land and project herein collectively referred to
as the “Property”), together with all guarantees, letters of credit and other credit support, modifications, extensions
and renewals thereof (whether before or after the filing by or against Borrower of any petition of relief under 11 U.S.C. § 101 et
seq., as same may be amended from time to time, the “Bankruptcy Code”), and all related security and other deposits (collectively,
the “Leases”); (b) all rents, revenues, liquidated damages following defaults under the Leases, issues, profits, income
and proceeds due or to become due from tenants of the Property, including rentals and all other payments of any kind under the Leases
for using, leasing, licensing, possessing, operating from, rendering in, selling or otherwise enjoying the Property (collectively, the
“Rents”); (c) all of Borrower’s claims and rights (the “Bankruptcy Claims”) to the payment of damages
arising from any rejection by a tenant of any Lease under the Bankruptcy Code; and (d) any and all other rights of Borrower in and to
the items set forth in subsections 4(a) through 4(c) above, and all amendments, modifications, replacements, renewals, proceeds and substitutions
thereof. This Agreement is an absolute assignment to Lender and not an assignment as security for the performance of the obligations under
the Loan Documents (defined below), or any other indebtedness, and such absolute assignment is presently and immediately effective. Notwithstanding
the foregoing, the absolute assignment contained herein shall not itself reduce the Obligations unless and until Lender actually receives
the Rents and such Rents are applied by Lender to the Obligations pursuant to Section 4 below.

 

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		2.	Rights of Lender. Subject to the provisions of Section 6
below, Lender shall upon the occurrence of an Event of Default have the right, power and authority to: (a) notify any person that the
Leases have been assigned to Lender and that all Rents are to be paid directly to Lender, whether or not Lender has commenced or completed
foreclosure or taken possession of the Property; (b) settle, compromise, release, extend the time of payment of, and make allowances,
adjustments and discounts of any Rents or other obligations under the Leases; (c) enforce payment of Rents and other rights under the
Leases, prosecute any action or proceeding, and defend against any claim with respect to Rents and Leases; (d) enter upon, take possession
of and operate the Property; (e) lease all or any part of the Property; and/or (f) perform any and all obligations of Borrower under the
Leases and exercise any and all rights of Borrower therein contained to the full extent of Borrower’s rights and obligations thereunder,
with or without the bringing of any action or the appointment of a receiver. At Lender’s request, Borrower shall deliver a copy of this
Agreement to each tenant under a Lease and to each manager and managing agent or operator of the Property. Borrower irrevocably directs
any tenant, manager, managing agent, or operator of the Property, without any requirement for notice to or consent by Borrower, to comply
with all demands of Lender under this Agreement and to turn over to Lender on demand all Rents which it receives.

 

		3.	No Obligation or Liability. Notwithstanding Lender’s rights
hereunder, Lender shall not be obligated to perform, and Lender does not undertake to perform, any obligation, duty or liability with
respect to the Leases, Rents or Property on account of this Agreement. Lender shall have no responsibility on account of this Agreement
for the control, care, maintenance or repair of the Property, for any waste committed on the Property, for any dangerous or defective
condition of the Property, or for any negligence in the management, upkeep, repair or control of the Property. Lender shall not be liable
for any loss sustained by Borrower resulting from Lender’s failure to let the Property after an Event of Default or from any other act
or omission of Lender in managing the Property after an Event of Default. Nothing herein contained shall be construed as constituting
Lender a “mortgagee in possession” in the absence of the taking of actual possession of the Property by Lender. In the exercise
of the powers herein granted to Lender, no liability shall be asserted or enforced against Lender, all such liability being expressly
waived and released by Borrower, unless such liability is the result of Lender’s willful misconduct or gross negligence.

 

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		4.	Right to Apply Rents. Lender shall have the right, but not
the obligation, to use and apply any Rents received by Lender pursuant to the terms hereof in such order and such manner as Lender may
determine for:

 

		(a)	Enforcement or Defense. The payment of costs and expenses of
enforcing or defending the terms of this Agreement or the rights of Lender hereunder, and collecting any Rents;

 

		(b)	Loan Payments. Interest, principal or other amounts payable
pursuant to (i) the Loan Agreement; (ii) the Note of even date herewith in the stated principal amount of $900,000.00, executed by Borrower,
bearing interest and being payable to the order of Lender (together with any other Note hereafter substituted for or added to the Note
under the Loan Agreement, the “Note”); (iv) the Deed to Secure Debt and Security Agreement, executed by Borrower for
the benefit of Lender and relating to the Property (the “Deed to Secure Debt”); (v) all other documents and instruments
evidencing, governing and securing the loan evidenced by the Note (the “Loan”); and (vi) any and all modifications, amendments
or extensions thereof or replacements or substitutions therefor (the Loan Agreement, the Note, the Deed to Secure Debt, such other documents
and instruments, and such modifications, amendments, extensions, replacements, and substitutions thereof being herein collectively called
the “Loan Documents”); and

 

		(c)	Operating Expenses. Payment of costs and expenses of the operation
and maintenance of the Property, including (i) rentals and other charges payable by Borrower under any ground lease or other agreement
affecting the Property; (ii) electricity, telephone, water and other utility costs, taxes, assessments, water charges and sewer rents
and other utility and governmental charges levied, assessed or imposed against the Property; (iii) insurance premiums; (iv) costs and
expenses with respect to any litigation affecting the Property, the Leases or the Rents; (v) wages and salaries of employees, commissions
of agents and attorneys’ fees and expenses; and (vi) all costs and expenses with respect to obtaining or maintaining any third party green
building certification; and (vii)] all other carrying costs, fees, charges, reserves, and expenses whatsoever relating to the Property.

 

		After the payment of all such costs and expenses and after Lender has established such reserves as
                                                                                it, in its sole and absolute discretion, deems necessary for the proper management of the Property, Lender shall apply all remaining
                                                                                Rents received by it to the reduction of the Loan.

 

		5.	No Waiver. The exercise or non-exercise by Lender of the rights
granted in this Agreement or the collection and application of Rents by Lender or its agent shall not be a waiver of any default by Borrower
under this Agreement or any other Loan Document. No action or failure to act by Lender with respect to any obligations of Borrower under
the Loan Documents, or any security or guaranty given for the payment or performance thereof, shall in any manner affect, impair or prejudice
any of Lender’s rights and privileges under this Agreement, or discharge, release or modify any of Borrower’s duties or obligations hereunder.

 

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		6.	Revocable License. Notwithstanding that this Agreement is an
absolute assignment of the Rents and Leases and not merely the collateral assignment of, or the grant of a lien or security interest in
the Rents and Leases, subject to the terms of this Section 6, Lender grants to Borrower a revocable license to collect and receive
the Rents and to retain, use and enjoy such Rents. Such license shall not (and may not) be revoked prior to, but shall be automatically
revoked upon the occurrence of any Event of Default and Lender shall immediately be entitled to receive and apply all Rents, whether or
not Lender enters upon and takes control of the Property; provided, however, that Lender may at any time, and from time to time, reinstate
the revocable license after same has been revoked. Prior to such revocation, Borrower shall apply any Rents which it receives to the payment
of debt service on the Note and other payments due under the Loan Agreement, taxes, assessments, water charges, sewer rents and other
governmental charges levied, assessed or imposed against the Property, insurance premiums, operation and maintenance charges relating
to the Property, and other obligations of landlord under the Leases before using such proceeds for any other purpose. Lender is hereby
granted and assigned by Borrower the right, at its option, upon the revocation of the license granted herein to enter upon the Property
in person, by agent or by court-appointed receiver to collect the Rents. Any Rents collected after the revocation of the license herein
granted shall be applied as provided in Section 4 above.

 

		7.	Term. This Agreement shall continue in full force and effect
until (a) all amounts due under the Loan Documents are paid in full, and (b) all other obligations of Borrower under the Loan Documents
are fully satisfied. Upon payment in full of all amounts due under the Loan Documents and satisfaction of all other obligations of Borrower
under the Loan Documents, Lender shall release this Agreement of record.

 

		8.	Appointment. Borrower irrevocably appoints Lender its true
and lawful attorney in fact, which appointment is coupled with an interest, to exercise any or all of the rights or powers described herein
with the same force and effect as if exercised by Borrower, and Borrower ratifies and confirms any and all acts done or omitted to be
done by Lender, its agents, servants, employees or attorneys in, to or about the Property.

 

		9.	Liability of Lender. Lender shall not in any way be liable
to Borrower for any action or inaction of Lender, its employees or agents under this Agreement.

 

		10.	Indemnification. Borrower shall indemnify, defend and hold
harmless Lender from and against all liability, loss, damage, cost or expense which it may incur under this Agreement or under any of
the Leases, including any claim against Lender by reason of any alleged obligation, undertaking, action, or inaction on its part to perform
or discharge any terms, covenants or conditions of the Leases or with respect to Rents, and including attorneys’ fees and expenses, but
excluding any claim to the extent caused by Lender’s gross negligence or willful misconduct. Any amount covered by this indemnity shall
be payable on demand, and shall bear interest from the date of demand until the same is paid by Borrower to Lender at a rate equal to
the Default Rate (as defined in the Deed to Secure Debt).

 

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		11.	Modification. This Agreement may not be changed orally, but
only by an agreement in writing signed by the party against whom enforcement of such change is sought.

 

		12.	Bankruptcy.

 

		(a)	Upon or at any time after the occurrence of an Event of Default, Lender shall have the right to proceed in its own name or in the
name of Borrower in respect of any claim, suit, action or proceeding relating to the rejection of any Lease, including, without limitation,
the right to file and prosecute, to the exclusion of Borrower, any proofs of claim, complaints, motions, applications, notices and other
documents, in any case in respect of the tenant under such Lease under the Bankruptcy Code.

 

		(b)	If there shall be filed by or against Borrower a petition under the Bankruptcy Code, and Borrower, as landlord under any Lease, shall
determine to reject such Lease pursuant to Section 365(a) of the Bankruptcy Code, then Borrower shall give Lender not less than ten (10)
days’ prior notice of the date on which Borrower shall apply to the bankruptcy court for authority to reject the Lease. Lender shall have
the right, but not the obligation, to serve upon Borrower within such ten-day period a notice stating that (i) Lender demands that Borrower
assume and assign the Lease to Lender pursuant to Section 365 of the Bankruptcy Code and (ii) Lender covenants to cure or provide adequate
assurance of future performance under the Lease. If Lender serves upon Borrower the notice described in the preceding sentence, Borrower
shall not seek to reject the Lease and shall comply with the demand provided for in clause (i) of the preceding sentence within thirty
(30) days after the notice shall have been given, subject to the performance by Lender of the covenant provided for in clause (ii) of
the preceding sentence.

 

		13.	Authority. Borrower represents and warrants that it has full
power and authority to execute and deliver this Agreement and the execution and delivery of this Agreement has been duly authorized and
does not conflict with or constitute a default under any law, judicial order or other agreement affecting Borrower or the Property.

 

		14.	Liability. If Borrower consists of more than one person, the
obligations and liabilities of each such person hereunder shall be joint and several.

 

		15.	Headings. The headings and captions of various paragraphs of
this Agreement are for convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent
of the provisions hereof.

 

		16.	Notices. Any notice required or permitted to be given under
this Agreement shall be (a) in writing, (b) sent in the manner set forth in the Loan Agreement, and (c) effective in accordance with the
terms of the Loan Agreement.

 

		17.	Successors and Assigns. This Agreement shall inure to the benefit
of Lender and its successors and assigns and shall be binding on Borrower and its successors and assigns.

 

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		18.	Governing Law. This Agreement shall be governed by and construed,
interpreted and enforced in accordance with the laws of the State of Georgia.

 

		19.	Conflict. If any conflict or inconsistency exists between the
absolute assignment of the Rents and the Leases in this Agreement and the assignment of the Rents and Leases as security in the Deed to
Secure Debt, the terms of this Agreement shall control.

 

		20.	Intentionally omitted.

 

		21.	Counterparts. This Agreement may be executed in multiple counterparts,
each of which shall constitute an original, but all of which shall constitute one document.

 

		22.	Waiver of Trial by Jury. BORROWER AND LENDER EACH HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, SUIT, COUNTERCLAIM, CROSSCLAIM OR
OTHERWISE, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE LOAN DOCUMENTS, THE MORTGAGED
PROPERTY OR ANY ACTS OR OMISSIONS OF BORROWER OR LENDER, AND EACH OF THEIR RESPECTIVE OFFICERS, DIRECTORS, MEMBERS, EMPLOYEES OR AGENTS
IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO A TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED
TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. BORROWER AND LENDER
ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER.

 

		23.	Provisions Subject to Applicable Law. All rights, powers and
remedies provided in this Agreement may be exercised only to the extent that the exercise of same does not violate any applicable provisions
of law and are intended to be limited to the extent necessary so that they will not render this Agreement invalid, unenforceable or not
entitled to be recorded, registered or filed under the provisions of any applicable law. If any terms of this Agreement or any application
thereof shall be invalid, illegal or unenforceable in any respect, the remainder of this Agreement shall be construed without such provision
and this Agreement and any other application of the term shall not be affected thereby.

 

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IN WITNESS WHEREOF, Borrower
has executed and delivered this Assignment of Leases and Rents under seal, as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	GLYNN ACRES MHP LLC, a Georgia limited liability company
	 	 
	 	By: Manufactured Housing Properties Inc., a Nevada corporation, its sole member and manager
	 	 
	 	Name:  	/s/ Jay Wardlaw
III
	 	Title:	President

 

	Signed, sealed and delivered in	(SEAL)	 
	the presence of:	 	 
	 	 	 
	Chelsea Gee	 	 
	Unofficial Witness	 	 
	 	 	 
	Alexander Q. Olliver	 	 
	Notary Public	 	 
	 	 	 
	(NOTARIAL SEAL)	 	 

 

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Exhibit A

 

ALL of that certain lot, tract, or parcel of land situate, lying and
being in Glynn County, Georgia containing 2.913 acres and being described and identified on that certain plat of survey prepared by Southeastern
Land Surveyors, Inc., dated July 22, 1998 and signed by Norman G. Blood, Georgia Registered Land Surveyor No. 2360, for Richard Smith
and Annette Smith and recorded in Plat Drawer 24 as Map Number 316 in the Office of the Clerk of the Superior Court of Glynn County, Georgia.
Said plat of survey is incorporated herein by reference for all further purposes of identification and description.

 

 

8Document

Exhibit 4.10

Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934
As of September 30, 2022, Energizer Holdings, Inc. has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which is our common stock, par value $.01 per share, or the “common stock”.

Description of Energizer Common Stock 
The following is a summary of the material terms of our capital stock and the provisions of our Third Amended and Restated Articles of Incorporation (our “articles of incorporation”) and Fourth Amended and Restated Bylaws (our “bylaws”) as of September 30, 2022 and is subject to and qualified in its entirety by reference to the articles of incorporation and bylaws, each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this exhibit is a part. It also summarizes some relevant provisions of the Missouri General and Business Corporation Law, which we refer to as Missouri law or GBCL and is subject to and qualified in its entirety by reference to the GBCL. Since the terms of our articles of incorporation, bylaws, and Missouri law are more detailed than the general information provided below, you should only rely on the actual provisions of those documents and Missouri law.
General 
Energizer’s authorized capital stock consists of 310 million shares, of which: 
•300 million shares are designated as common stock, par value $.01 per share; and 
•10 million shares are designated as preferred stock, par value $.01 per share.
The holders of our capital stock have no preemptive rights to purchase or subscribe for any stock or other securities and have no right to cumulative voting in the election of directors or for any other purpose.
Common Stock 
The holders of our common stock are entitled to one vote per share of common stock held by such holder on all matters to be voted on by shareholders, including the election of directors. Generally, all matters on which shareholders vote must be approved by the affirmative vote of the holders of shares constituting a majority of the voting power represented at the meeting and entitled to vote on the subject matter, unless the vote of a greater number of shares is required by our articles of incorporation or bylaws, subject to any voting rights granted to holders of any preferred stock. 
Subject to the prior rights of the holders of any shares of preferred stock which later may be issued and outstanding, holders of common stock are entitled to receive dividends as and when declared by us out of legally available funds, and, if we liquidate, dissolve, or wind up Energizer, to share ratably in all remaining assets after we pay liabilities. There are no conversion rights or redemption or sinking fund provisions for the common stock. 
We may issue additional shares of authorized common stock without shareholder approval, subject to applicable rules of the NYSE and Missouri law. 
Listing 
Our shares of common stock are listed on the New York Stock Exchange under the symbol “ENR.” 
Transfer Agent and Registrar 
The transfer agent and registrar for our common stock is Broadridge Corporate Issuer Solutions, Inc. 
Preferred Stock 
Under the terms of our articles of incorporation, our board of directors is authorized, subject to limitations prescribed by Missouri law and our articles of incorporation, to issue up to 10 million shares of preferred stock from time to time in one or more series without further action by the holders of our common stock. Our board of directors has the discretion, subject to limitations prescribed by Missouri law and by our articles of incorporation, to determine the designations, preferences, conversion, relative, participating, optional and other rights, voting powers, restrictions, and limitations as to dividends, qualifications and terms and conditions of redemption of each series of preferred stock.
Certain Effects of Authorized but Unissued Stock 
We may issue additional shares of common stock or preferred stock without shareholder approval, subject to applicable rules of the NYSE and Missouri law, for a variety of corporate purposes, including future public or private offerings to raise 

additional capital, corporate acquisitions, and employee benefit plans and equity grants. The existence of unissued and unreserved common stock and preferred stock may enable us to issue shares to persons who are friendly to current management, which could discourage an attempt to obtain control of Energizer by means of a proxy contest, tender offer, merger or otherwise.
Limitation on Liability of Directors; Indemnification 
Missouri law authorizes corporations to limit or eliminate the personal liability of directors to corporations and their shareholders for monetary damages for breaches of directors’ fiduciary duties as directors subject to specified exceptions. Our articles of incorporation limit the liability of our directors, officers and employees to Energizer and its shareholders to the maximum extent permitted by Missouri law. 
Our articles of incorporation provide that Energizer will indemnify each person (other than a party plaintiff suing on his or her own behalf or in the right of Energizer) who at any time is serving or has served as a director, officer, or employee of Energizer against any claim, liability or expense incurred as a result of such service, or as a result of any other service on behalf of Energizer, or service at the request of Energizer (which request need not be in writing) as a director, officer, employee, member, or agent of another corporation, partnership, joint venture, trust, trade or industry association, or other enterprise (whether incorporated or unincorporated, for-profit or not-for-profit), to the maximum extent permitted by law unless the conduct of such person underlying the proceeding in question has been finally adjudicated to have been knowingly fraudulent, deliberately dishonest or to constitute willful misconduct, or unless Energizer is otherwise prohibited by law from providing such indemnification. Without limiting the generality of the foregoing, Energizer will indemnify any such person (other than a party plaintiff suing on his or her behalf or in the right of Energizer), who was or is a party, or is threatened to be made a party, to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (including, but not limited to, an action by or in the right of Energizer) by reason of such service or any service on behalf of Energizer while also serving as a director, officer or employee against expenses (including, without limitation, costs of investigation and attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding. 
We have entered into indemnification contracts with our directors and officers. Pursuant to those agreements, we have agreed to indemnify the directors and officers to the fullest extent permitted by the GBCL. The agreements also provide for the advancement of expenses of defending any civil or criminal action, claim, suit or proceeding against the director or officer and for repayment of such expenses by the director or officer if it is ultimately judicially determined that the director or officer is not entitled to such indemnification. 
The inclusion of these provisions in our articles of incorporation may have the effect of reducing the likelihood of derivative litigation against our directors, officers and employees and may discourage or deter Energizer or its shareholders from bringing a lawsuit against our directors for breach of their duty of care, even though such an action, if successful, might otherwise have benefited Energizer and its shareholders.
Anti-Takeover Provisions in the Energizer Articles of Incorporation and Bylaws 
Some of the provisions in our articles of incorporation and bylaws and Missouri law could have the following effects, among others: 
•delaying, deferring or preventing a change of control of Energizer; 
•delaying, deferring or preventing the removal of our existing management or directors; 
•deterring potential acquirors from making an offer to our shareholders; and 
•limiting our shareholders’ opportunity to realize premiums over prevailing market prices of our common stock in connection with offers by potential acquirors. 
The following is a summary of some of the provisions in our articles of incorporation and bylaws that could have the effects described above. 
Directors, and Not Shareholders, Fix the Size of the Board of Directors. Our articles of incorporation and bylaws provide that the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by a majority of our board of directors, but in no event will it consist of less than three nor more than fifteen directors. In accordance with our bylaws our board of directors had fixed the number of directors at eleven. 
Directors are Removed for Cause Only. Missouri law provides that, unless a corporation’s articles of incorporation provide otherwise, the holders of a majority of the corporation’s voting stock may remove any director from office. Our articles of incorporation provide that shareholders may remove a director only “for cause” and with the approval of the holders of a majority of Energizer’s voting stock, voting together as a single class, at a special meeting of shareholders called expressly for that purpose (in addition to any required class or other vote). 

Board Vacancies to Be Filled by Remaining Directors and Not Shareholders. Any vacancy created by any reason prior to the expiration of the term in which the vacancy occurs will be filled by a majority of the remaining directors, even if less than a quorum. Any replacement director so elected will hold office for a term expiring at the next annual meeting of shareholders held immediately following such person being elected to fill the vacancy, and until such director’s successor is elected and qualified or until such director’s earlier death, resignation or removal. 
Shareholders May Only Act by Written Consent Upon Unanimous Written Consent. As required by Missouri law, shareholder action by written consent must be unanimous by all of the shareholders entitled to vote with respect to the subject matter thereof. 
Limitations on the Right to Call Special Meetings. Our articles of incorporation and bylaws provide that special meetings may be called by the affirmative vote of holders of a majority of Energizer’s voting stock, in addition to the board of directors or the chairman or president. However, our Secretary is not required to call a special meeting pursuant to a valid request by a shareholder if our board of directors calls an annual or special meeting of shareholders to be held not later than 60 days after the date on which such shareholder request has been delivered to our Secretary or such shareholder request (i) contains an identical or substantially similar item to an item that was presented at any meeting of shareholders held within 120 days prior to the date such shareholder request was delivered to our Secretary, (ii) relates to an item of business that is not a proper subject for action by the party requesting the special meeting of shareholders, (iii) was made in a manner that involved a violation of Regulation 14A under the Exchange Act or (iv) does not comply with the provisions of Article I of our bylaws. 
Advance Notice for Shareholder Proposals. Our bylaws contain provisions requiring that advance notice be delivered to Energizer of any business to be brought by a shareholder before an annual meeting and providing for procedures to be followed by shareholders in nominating persons for election to our board of directors. Ordinarily, the shareholder must give notice not less than 90 days nor more than 120 days prior to the date of the annual meeting; provided, however, that in the event that the date of the meeting is more than 30 days before or more than 60 days after such date, notice by the shareholder must be received not earlier than the 120th day prior to the date of such annual meeting and not later than the close of business on the later of the 90th day prior to the date of such annual meeting or the seventh day following the day on which such notice of the date of the meeting was mailed or on which such public notice was given. The notice must include a description of the proposal, the reasons for the proposal, and other specified matters. Our board of directors may reject any proposals that have not followed these procedures or that are not a proper subject for shareholder action in accordance with the provisions of the bylaws or applicable law. 
Missouri Statutory Provisions 
Missouri law also contains certain provisions which may have an anti-takeover effect and otherwise discourage third parties from effecting transactions with us, including business combination and takeover bid disclosure statutes. 
Business Combination Statute. Missouri law contains a “business combination statute” which restricts certain “business combinations” between us and an “interested shareholder,” or affiliates of the interested shareholder, for a period of five years after the date of the transaction in which the person becomes an interested shareholder, unless either such transaction or the interested shareholder’s acquisition of stock is approved by our board of directors on or before the date the interested shareholder obtains such status. 
The statute also provides that, after the expiration of such five-year period, business combinations are prohibited unless: 
•the holders of a majority of the outstanding voting stock, other than the stock owned by the interested shareholder, or any affiliate or associate of such interested shareholder, approve the business combination; or 
•the business combination satisfies certain detailed fairness and procedural requirements. 
A “business combination” for this purpose includes a merger or consolidation, some sales, leases, exchanges, pledges and similar dispositions of corporate assets or stock and any reclassifications or recapitalizations that generally increase the proportionate voting power of the interested shareholder. An “interested shareholder” for this purpose generally means any person who, together with his or her affiliates and associates, owns or controls 20% or more of the outstanding shares of Energizer’s voting stock. 
A Missouri corporation may opt out of coverage by the business combination statute by including a provision to that effect in its governing corporate documents. We have not done so. 
The business combination statute may make it more difficult for a 20% beneficial owner to effect other transactions with us and may encourage persons that seek to acquire us to negotiate with our board of directors prior to acquiring a 20% interest. It is possible that such a provision could make it more difficult to accomplish a transaction which shareholders may otherwise deem to be in their best interest. 
Takeover Bid Disclosure Statute. Missouri’s “takeover bid disclosure statute” requires that, under some circumstances, before making a tender offer that would result in the offeror acquiring control of us, the offeror must file certain disclosure materials with the Missouri commissioner of securities.

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