Document:

Exhibit 4.7
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DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934
The following summary of the capital stock and warrants of GTY Technology Holdings Inc. does not purport to be complete and is qualified in its entirety by reference to our restated articles of organization (as amended, our “charter”), our amended and restated bylaws (our “bylaws”, and together with our charter, our “organizational documents”), 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, and certain provisions of Massachusetts law. Unless the context requires otherwise, all references to “we”, “us,” “our” and “GTY” in this section refer solely to GTY Technology Holdings Inc. and not to our subsidiaries.
General
Under our charter, our authorized capital stock consists of 400,000,000 shares of common stock, par value $0.0001 per share and 25,000,000 shares of preferred stock, par value $0.0001 per share.  As of February 18, 2022, there were 57,783,815 shares of common stock outstanding and no shares of preferred stock outstanding.  As of February 18, 2022, there were 27,093,334 warrants to purchase shares of our common stock outstanding.  The transfer agent and registrar for our common stock and our warrants is Broadridge Corporate Issuer Solutions, Inc., 51 Mercedes Way, Edgewood, NY 11717.
Common Stock
The holders of shares of our common stock are entitled to one vote for each share held and each share of our common stock is entitled to participate equally in dividends out of funds legally available therefor, as and when declared by our board of directors, and in the distribution of assets in the event of liquidation.  The shares of our common stock have no preemptive or conversion rights, redemption provisions or sinking fund provisions.  The outstanding shares of our common stock are duly and validly issued, fully paid and nonassessable, and any shares of our common stock issued upon exercise of our warrants will be duly and validly issued, fully paid and nonassessable.  Our common stock is listed on the Nasdaq Capital Market under the symbol “GTYH.”
Preferred Stock
Our board of directors is authorized to create and issue one or more series of preferred stock and to determine the rights and preferences of each series, to the extent permitted by our charter.  The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could also adversely affect the voting power and dividend and liquidation rights of the holders of common stock.  The issuance of preferred stock could also, under certain circumstances, have the effect of delaying, deferring or preventing a change of control of the GTY or the removal of existing management or otherwise adversely affect the market price of our common stock.  It is not possible to state the actual effect of the issuance of any shares of preferred stock on the rights of holders of common stock until the board of directors determines the specific rights of that series of preferred stock.
You should refer to the amendment to our charter establishing a particular series of preferred stock which will be filed with the Secretary of State of the State of Massachusetts and the Securities and Exchange Commission in connection with any offering of preferred stock.
Each prospectus relating to a series of preferred stock may describe material U.S. federal income tax considerations applicable to the purchase, holding and disposition of such series of preferred stock.
Warrants
Each whole warrant, whether a public warrant or private placement warrant, is exercisable to purchase one share of common stock at $11.50 per share.
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Public Warrants
As of February 18, 2022, we had 18,400,000 public warrants outstanding.  Each public warrant entitles the registered holder to purchase one share of our common stock at a price of $11.50 per whole share and is subject to adjustment as discussed below.  A warrant holder may exercise its warrants only for a whole number of shares.  The warrants will expire on February 19, 2024, which is five years after the closing date of the business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. The public warrants were determined to be equity classified in accordance with ASC 815, Derivatives and Hedging.
We will not be obligated to deliver any shares of common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act of 1933, as amended (the “Securities Act”) with respect to the shares of common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to 

its satisfying its obligations described below with respect to registration.  No warrant will be exercisable and we will not be obligated to issue a share of common stock upon exercise of a warrant unless the share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.  In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless.  In no event will we be required to net cash settle any warrant.
We were obligated to file with the Securities and Exchange Commission (the “SEC”), under the Securities Act, of the shares of common stock issuable upon exercise of the warrants, and are obligated to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement.  A registration statement covering the shares of common stock issuable upon exercise of the warrants was declared effective by the SEC on May 28, 2019 and amended effective December 1, 2021.  During any period when we may fail to maintain an effective registration statement, warrant holders may, until such time as there is again an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption.
Private Placement Warrants
At the time of our initial public offering, our sponsor purchased 8,693,334 warrants in a private placement at a price of $1.50 per warrant.  The private placement warrants are identical to the public warrants, except that the private placement warrants and the shares issuable upon exercise of the private placement warrants were not transferable, assignable or salable until 30 days after the completion of the business combination, subject to certain limited exceptions.  Additionally, the private placement warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the private placement warrants are held by someone other than the initial shareholders or their permitted transferees, the private placement warrants will be redeemable by us and exercisable by such holders on the same basis as the public warrants. Because the Company’s private placement warrants do not otherwise contain a provision whereby the Company can redeem them, the private placement warrants were recorded at fair value as a liability in the Company’s consolidated balance sheet following the Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies that the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the SEC issued on April 12, 2021.
Redemption
We may call the public warrants for redemption:
·      in whole and not in part;
·      at a price of $0.01 per warrant;
·      upon a minimum of 30 days’ prior written notice of redemption; and
·      if, and only if, the last reported closing price of our shares equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.
If we call the public warrants for redemption, management will have the option to require all holders that wish to exercise the public warrants to do so on a “cashless basis,” as described in the warrant agreement.
The exercise price and number of shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation.  However, the warrants will not be adjusted for issuance of shares at a price below its exercise price.  Additionally, in no event will we be required to net cash settle the warrants shares.
Provisions of the Restated Articles of Organization and Bylaws that May Have an Anti-Takeover Effect
We are a corporation incorporated under the laws of the Commonwealth of Massachusetts, subject to the provisions of the Massachusetts General Laws.
Chapter 110F of the Massachusetts General Laws generally provides that, if a person acquires 5% or more of the stock of a Massachusetts corporation without the approval of the board of directors of that corporation, such person may not engage in certain transactions with the corporation for a period of three years following the time that person becomes a 5% shareholder, with certain exceptions.  A Massachusetts corporation may elect in its articles of organization or bylaws not be governed by Chapter 110F.

Under the Massachusetts control share acquisitions statute, Chapter 110D of the Massachusetts General Laws, a person who acquires beneficial ownership of shares of stock of a corporation in a threshold amount equal to one-fifth or more but less than one-third, one-third or more but less than a majority, or a majority or more of the voting stock of the corporation, referred to as a control share acquisition, must obtain the approval of a majority of shares entitled to vote generally in the election of directors (excluding (1) any shares owned by any person acquiring or proposing to acquire beneficial ownership of shares in a control share acquisition, (2) any shares owned by any officer of the corporation and (3) any shares owned by any employee of the corporation who is also a director of the corporation) for the purpose of acquiring voting rights for the shares that such person acquires in crossing the foregoing thresholds.
The Massachusetts control share acquisitions statute permits the corporation, to the extent authorized by its articles of organization or bylaws, to redeem all shares acquired by an acquiring person in a control share acquisition for fair value (which is to be determined in accordance with procedures adopted by the corporation) if (1) no control share acquisition statement is delivered by the acquiring person or (2) a control share acquisition statement has been delivered and voting rights were not authorized for such shares by the shareholders in accordance with the applicable provision of the control share acquisitions statute.
If the voting rights for shares acquired in a control share acquisition are authorized by a majority of shareholders, the acquirer has acquired beneficial ownership of a majority or more of all voting power in the election of directors, then each stockholder of record, other than the acquirer, who has not voted in favor of authorizing voting rights for the control may demand payment for his or her stock and an appraisal in accordance with Chapter 156D of the Massachusetts General Laws.
The Massachusetts control share acquisition statute permits a Massachusetts corporation to elect not to be governed by the statute’s provisions by including a provision in the corporation’s articles of organization or bylaws pursuant to which the corporation opts out of the statute.
Massachusetts law provides that the board of directors of a public corporation be staggered into three groups having terms of three years.  This could make it difficult to replace a majority of the board in any one year.  A corporation may elect not to be governed by this provision by a vote of the board of directors, or by two-thirds of each class of stock outstanding at a meeting duly called for the purpose of voting on an exemption.
Chapter 110C of the Massachusetts General Laws (1) subjects an offeror to certain disclosure and filing requirements before such offeror can proceed with a takeover bid, defined to include any acquisition of or offer to acquire stock by which, after acquisition, the offeror would own more than 10% of the issued and outstanding equity securities of a target company and (2) provides that, if a person (together with its associates and affiliates) beneficially owns more than 5% of the stock of a Massachusetts corporation, such person may not make a takeover bid if during the preceding year such person acquired any of the subject stock with the undisclosed intent of gaining control of the corporation.  The statute contains certain exceptions to these prohibitions, including if the board of directors approves the takeover bid, recommends it to the corporation’s shareholders and the terms of the takeover are furnished to shareholders.  The validity of Chapter 110C has been called into questioned by a 1982 U.S. Supreme Court decision that invalidated a similar law in the state of Illinois.
Elimination of Liability in Certain Circumstances
Our charter contains provisions that limit the liability of our directors for monetary damages to the fullest extent permitted by Massachusetts law.  Consequently, our directors will not be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as directors to the extent provided by applicable law, except liability for:
·      any breach of the director’s duty of loyalty to us or our stockholders;
·      any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
·      distributions to shareholders not in compliance with the MBCA; or
·      any transaction from which the director derived an improper personal benefit.
Our charter provides that we are required to indemnify our directors and officers, in each case to the fullest extent permitted by Massachusetts law.  We expect to enter into agreements to indemnify our directors, executive officers and other employees as determined by our Board.  With specified exceptions, these agreements provide for indemnification for related expenses including, among other things, attorneys’ fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding.  We believe that these indemnification agreements are necessary to attract and retain qualified persons as directors and officers.  We also maintain directors’ and officers’ liability insurance.
The limitation of liability and indemnification provisions in our charter may discourage stockholders from bringing a lawsuit against our directors and officers for breach of their fiduciary duty.  They may also reduce the likelihood of derivative litigation against our 

directors and officers, even though an action, if successful, might benefit us and our stockholders.  Further, a stockholder’s investment may be adversely affected to the extent that we pay the costs of settlement and damage.Document

Exhibit 10.32

TRANSITION AGREEMENT AND RELEASE

THIS TRANSITION AGREEMENT AND RELEASE (this “Agreement”) is made and entered as of November 2021 by and between QUIDEL CORPORATION, a Delaware corporation (the “Company”), and Karen Gibson, an individual (“Gibson”).

BACKGROUND

A.Karen Gibson currently serves as the SVP, Digital Health and intends to retire from this current role and transition to the role of Special Advisor (as defined below). Pursuant to pre-existing and continuing employment and related understandings and agreements, Gibson’s employment with the Company is “at will”.

B.The Company and Gibson have agreed that Gibson’s employment with the Company will terminate on March 31, 2023 (the “End Date”).

C.The Company and Gibson are entering into this Agreement to confirm their understandings as to Gibson’s employment prior to the End Date and each party’s commitments and obligations on and after the End Date.

AGREEMENT

1.Employment. Upon and subject to the terms and conditions set forth herein, Gibson’s employment in her current position shall end on December 31, 2021.  Gibson acknowledges and agrees that, provided she has signed and not revoked the Release required by Section 4 hereof, she will become a “Special Advisor”, and be available to answer questions or assist with projects as may be reasonably requested by the Company from time to time. Specifically, Gibson will consult with Doug Bryant (“Bryant”) on consumer-facing products.  With guidance from Bryant, Gibson will help direct those activities and consult on IT and Business Transformation matters.  Unless earlier terminated pursuant to this Agreement, Gibson will remain in this position through the End Date. In such role, Gibson agrees to make herself reasonably available on an as-needed basis for assignments and or questions and agrees to dutifully complete such assignments to the best of her ability at such locations as reasonably designated.

2.Term. The term of Gibson’s employment shall continue until, and then automatically terminate, as of March 31, 2023, unless terminated earlier pursuant to this Agreement.

3.Compensation.

a.Base Salary. Subject to the terms and conditions herein, Gibson’s base annualized salary shall be $287,277, which is her current salary adjusted to reflect a reduction in work hours and responsibilities, from January 1, 2022 through the End Date. 

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b.Benefits, Equity, and Incentive Compensation. Gibson’s employee benefits for medical dental and vision and 401(k) plan shall continue through the End Date at the same levels as are in effect as of the date of this Agreement, provided that she has signed and not revoked the Release pursuant to Section 4 hereof. Gibson acknowledges and agrees that she shall not receive any further annual grants of equity incentive awards nor shall she be eligible to participate in any bonus plans applicable to fiscal year 2022 or any year thereafter.  Gibson will be eligible for an equity grant based upon performance as determined by Bryant and a shorter vesting schedule will be considered.

c.2021 Incentive Compensation.  Gibson will be eligible for 2021 compensation bonus earned during her full time employment throughout December 31, 2021.  Payouts will be calculated according to the plan requirements and using her full time 2021 salary as a baseline. 

4.    Release. On or before 21 days from date of agreement, and as a material condition to Gibson’s (a) continued employment hereunder pursuant to Sections 1 and 3 hereof; and (b) receipt of the benefits set forth in Sections 3 and 6 hereof, Gibson shall execute and deliver to the Company (and thereafter not revoke) a Release in the form attached hereto as Exhibit A. For avoidance of doubt, the parties acknowledge and agree that Gibson’s failure to deliver (and not thereafter revoke) the Release in the time period specified above shall result in termination of employment on or before 21 days and no further vesting of Gibson’s equity awards thereafter.

5.    Gibson’s Acknowledgements and Obligations. As a material condition to Gibson’s receipt of the benefits set forth in Sections 3 and 6 hereof, Gibson acknowledges and reaffirms her continuing obligation to adhere to the Agreement Re Confidential Information, Inventions, Non-Solicitation and Conflicts of Interest (“Confidentiality Agreement”) she signed on March 11, 2015. In particular, Gibson reaffirms her obligations under Section 4 of the Confidentiality Agreement, which precludes soliciting of or causing employees to leave their employment with Quidel for one year following the termination of his employment. In addition, and as a material condition to Gibson’s receipt of the benefits set forth in Sections 3 and 6 hereof. Gibson agrees that while employed by the Company hereunder she will not, directly or indirectly, provide services, whether as an employee, consultant, director, independent contractor, agent, owner or partner, to any person or entity that competes or is planning to compete with the Company in the human in vitro diagnostic test market within the following product categories and disease states which the Company develops and markets: (1) Cardiac Immunoassay, (2) Rapid Immunoassay for autoimmune diseases, bone health, colorectal cancer, gastrointestinal, eye health, respiratory, and women’s health (3) Specialized Diagnostic Solutions, and (4) Molecular Diagnostics for respiratory, women’s health, and hospital acquired infections; provided, however, that Gibson’s passive investment of up to five percent (5%) of the outstanding voting securities or similar equity interest in a publicly held entity shall not be deemed a breach of this Agreement. Gibson agrees that she will not make any statement that is disparaging of the Company or any of its affiliates, or any of their respective directors, employees or distributors (except to the extent necessary to respond truthfully to any inquiry from applicable regulatory authorities or to provide information pursuant to legal process).

6.    Vesting of Equity Awards. The vesting of equity awards (restricted stock and options) held by Gibson shall not be accelerated. Such equity awards shall, during Gibson’s continuing employment, continue to vest through the End Date and be governed in accordance with the 
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Company’s applicable equity incentive plans and specific equity award grant documentation. All equity awards held by Gibson at the time of the termination of her employment shall also be handled in accordance with the Company’s applicable equity incentive plans and grant documentation.

7.    Termination by the Company. In the event that Gibson is terminated by the Company with “Cause” (as defined below) prior to the End of the agreement, Gibson shall not be entitled to the payments, benefits or vesting of equity as described in Sections 3 or Section 6 hereof, but shall only be entitled to salary, accrued benefits and other amounts legally owing to Gibson through the date of employment termination. The Company shall thereafter have no further obligations to Gibson under this agreement.

In the event that Gibson is terminated by the Company without “Cause” (as defined below) provided that Gibson executes and delivers to the Company within 21 calendar days after such termination (and there after does not revoke) a Release in the form attached hereto as Exhibit A, Gibson shall be entitled to receive the following severance payments and benefits: (i) a lump-sum payment equal to the remaining amount of base salary that Gibson would have received if the term of this Agreement had continued until March 31, 2023, less applicable taxes and withholdings, payable within thirty (30) days from the date of termination, and (ii) the vesting of equity awards, as and to the extent described in and contemplated by Section 6 hereof, as though Gibson’s employment continued through March 31, 2023.

For purposes, hereof, “Cause” shall be limited to the following: (1) fraud; (2) personal dishonesty involving money or property of the Company or that results in material harm to the Company; (3) Gibson’s willful misconduct that is injurious to the Company; (4) a serious breach of a fiduciary duty to the Company involving personal profit; (5) Gibson’s conviction for a felony (including via a guilty or nolo contendere plea), excluding traffic offenses; (6) Gibson’s willful and continued neglect of duties (other than any such failure resulting from her incapacity because of physical or mental illness); or (7) Gibson’s material breach of this Agreement; provided, however, that unsatisfactory job performance shall not be considered Cause for termination of Gibson’s employment by the Company. Gibson shall be afforded a reasonable opportunity of up to 30 days (as of and upon written notice from the Company) to cure any willful neglect of her duties and any other alleged material breach of this Agreement if such breach is reasonably susceptible of cure. If, in the reasonable good faith judgment of the Company, the alleged breach is not reasonably susceptible of cure, or such circumstances or material breach has not satisfactorily been cured within such thirty (30) day period, such neglect of duties or material breach shall there upon constitute “Cause”.

8.    Confidentiality of Business and Legal Information. Gibson acknowledges that the Company holds as confidential and/or privileged certain information (including, but not limited to, non-public information obtained by Gibson in her position as an executive for the Company), as well as certain trade secret information and knowledge concerning the intimate and confidential affairs of the Company and the various phases of its business, including, for example and without limitation, processes, formulae, data and know-how, improvements, inventions, techniques, marketing plans, strategies, forecasts, mailing lists, customer lists, pricing information, manufacturing processes, distribution systems, computer systems or programs and other types of similar information within Gibson’s knowledge by virtue of her employment with the Company (collectively, the foregoing shall be referred to herein as 
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“Confidential Trade Secret, Proprietary and Legal Information”). Gibson agrees that all Confidential Trade Secret, Proprietary and Legal Information shall be the sole property of the Company and that the Company shall be and is the sole owner of all patents and other rights in connection therewith as well as any privileges. Gibson further agrees to hold in strictest confidence and to refrain from using or disclosing to any other person or entity any Confidential Trade Secret, Proprietary and Legal Information, other than the Company, its employees, Directors, and representatives. In that regard, Gibson expressly acknowledges that she has not disclosed (other than to the Company, its employees, Directors, and representatives) any Confidential Trade Secret, Proprietary and Legal Information. Gibson specifically agrees that she will not disclose any Confidential Trade Secret, Proprietary and Legal Information at any time in the future (other than to the Company, its employees, Directors, and representatives). Gibson further represents and warrants that, on the last day of her employment, she will have returned to the Company all property and documents of the Company, whether kept electronically or in hard copy form and will have retained no copies thereof. This Section supplements the obligations of Gibson contained in Section 5 hereof.

9.    Entire Agreement. This Transition Agreement sets forth the entire agreement between the parties hereto and, except for the Confidentiality Agreement between Gibson and the Company, fully supersedes any and all prior agreements or understandings between the parties pertaining to the subject matter hereof. For the avoidance of doubt, the March 10, 2015 Employment Offer letter (the “Offer letter”) and the Agreement Re: Change in Control between the Company and Gibson dated March 13, 2015 (the “CIC Agreement”), shall automatically expire as of the date of this Transition Agreement (after which the Offer letter and CIC Agreement will be of no force or effect), and except as expressly provided in this Transition Agreement, Gibson shall not be entitled to any payments or benefits of any kind in connection with a termination or resignation for any reason. The parties agree that no amendment or modification of this Transition Agreement shall be effective unless it is in writing signed by both parties.

10.    Miscellaneous.

a.Notices. Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and delivered in person or sent by registered or certified mail to Gibson’s residence in the case of Gibson or to its principal office in the case of the Company.

b.Arbitration. Any dispute arising out of this Agreement shall be resolved exclusively by final and binding arbitration before a single arbitrator, in San Diego, California pursuant to the rules of JAMS. Judgment upon any such arbitration award may be entered by any state or federal court of competent jurisdiction. In the event, any party to this Agreement initiates any arbitration action or proceeding in connection with enforcement of this Agreement, the prevailing party in such action or proceeding shall be entitled to recover its costs and attorney’s fees from the non-prevailing party.

c.Waiver. The waiver of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement. No waiver shall be valid unless in writing and executed by the party to be charged therewith.

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d.Severability/Modification. In the event that any clause or provision of this Agreement shall be determined to be invalid, illegal or unenforceable, such clause or provision may be severed or modified to the extent necessary, and, as severed and/or modified, this Agreement shall remain in full force and effect.

e.Assignment. This Agreement may not be assigned by Gibson. The rights and obligations of the Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company.

f.Governing law and Jurisdiction. This Agreement shall be interpreted, construed, and enforced under the internal laws of the State of California. The courts and authorities of the State of California shall have sole jurisdiction and venue for purposes of enforcing the arbitration agreement above.

g.Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together constitute one in the same Agreement.

IN WITNESS, WHEREOF, the parties have executed and delivered this Agreement as of the date first written above.

QUIDEL CORPORATION

__/s/ Douglas Bryant_
Douglas Bryant
President & CEO

___/s/ Karen Gibson_
Karen Gibson
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