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Exhibit 4.5
DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
As of October 31, 2020, The Toro Company, a Delaware corporation (“TTC,” “we,” “us” and “our”), has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: common stock, par value $1.00 per share (“common stock”).
The following description of our common stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”) and our Amended and Restated Bylaws (the “Bylaws”), each of which is filed as an exhibit to our Annual Report on Form 10-K for the fiscal year ended October 31, 2020 and incorporated by reference herein. We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the General Corporation Law of the State of Delaware (the “DGCL”) for additional information.
Authorized Shares
Our Certificate of Incorporation authorizes the issuance of up to 176,850,000 shares of capital stock, consisting of:
•175,000,000 shares of common stock; 
•1,000,000 shares of voting preferred stock, par value $1.00 per share (“voting preferred stock”); and
•850,000 shares of non-voting preferred stock, par value $1.00 per share (“non-voting preferred stock”). 
Under the Certificate of Incorporation, the rights, preferences and privileges of the voting preferred stock and non-voting preferred stock (collectively, the “preferred stock”) may be designated from time to time by the Board of Directors of TTC (the “Board”).
We may amend from time to time our Certificate of Incorporation to increase the number of authorized shares of common stock, voting preferred stock or non-voting preferred stock. Any such amendment would require the approval of the holders of a majority of the voting power of the shares entitled to vote thereon. As of October 31, 2020, we had no shares of voting preferred stock or non-voting preferred stock outstanding.
Voting Rights
For all matters submitted to a vote of shareholders, each holder of common stock is entitled to one vote for each share registered in the holder’s name on our books. Our common stock does not have cumulative voting rights.
Our Bylaws provide that, unless a different or minimum vote is required by our Certificate of Incorporation, our Bylaws, the rules or regulations of any stock exchange applicable to us or any law or regulation applicable to us or our securities, all matters, other than the election of directors, as noted below, shall be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of TTC that are present in person or represented by proxy at the meeting and entitled to vote thereon. Our Certificate of Incorporation provides that the Board is divided into three classes, and, pursuant to our Bylaws, at all meetings of shareholders for the election of directors at which a quorum is present, a plurality of votes cast is sufficient to elect directors.
Dividend Rights
If the Board declares a dividend, holders of common stock will receive payments from our funds that are legally available to pay dividends. However, this dividend right is subject to any preferential dividend rights we may grant to the persons who hold preferred stock, if any is outstanding.
Liquidation Rights
If our company is liquidated or dissolves, the holders of our common stock will be entitled to share ratably in the assets of our company remaining after the payment of all of our liabilities, subject to any preferential liquidation rights of any preferred stock that at the time may be outstanding.
Other Rights and Preferences
Holders of our common stock do not have preemptive rights or subscription rights, and they have no right to convert their common stock into any other securities. There are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences, and privileges of our common shareholders are subject to the rights of the shareholders of any series of preferred stock that we may designate in the future. Our Certificate of Incorporation and Bylaws do not restrict the ability of a holder of our common stock to transfer his or her shares of common stock. All shares of our outstanding common stock are fully paid and non-assessable.

Exchange Listing
Our common stock is listed on the New York Stock Exchange under the symbol “TTC”.
Anti-Takeover Effects of Certain Provisions of Our Certificate of Incorporation and Bylaws and the DGCL
Our Certificate of Incorporation and Bylaws and the DGCL contain provisions that may deter or render more difficult certain proposals, such as proposals to acquire control of TTC, which a holder of our common stock may consider to be in his, her or its best interest.
Anti-Takeover Effects of Certain Provisions of our Certificate of Incorporation and Bylaws
The following provisions of our Certificate of Incorporation and Bylaws may have the anti-takeover effect of preventing, discouraging or delaying any change in the control of TTC:
•The Board is classified into three classes, each of which serves for three years, with one class being elected each year;
•Directors may be removed only for cause and only with the approval of holders of at least 80% of the voting power of our capital stock;
•Any vacancy on the Board must be filled only by the remaining directors then in office;
•Shareholder action must be taken at a meeting of shareholders, and shareholders may not act by written consent;
•Special meetings of shareholders may be called only by the Board pursuant to a resolution adopted by a majority of the entire Board;
•A “fair price” provision requires the approval by the holders of 80% of the then outstanding common stock as a condition for mergers and certain other business combinations of TTC with any holder of more than 10% of such voting power (an “interested shareholder”) unless either (a) the transaction is approved by a majority of the members of the Board who are unaffiliated with the interested shareholder and were members of the Board prior to the time that the interested shareholder became an interested shareholder, or (b) certain minimum price and procedural requirements are met;
•The provisions in our Certificate of Incorporation related to the Board, actions by stockholders and certain business combinations require at least 80% of the voting power of the then outstanding shares of TTC, voting together as a single class, to alter, amend, or repeal;
•The shareholder vote required to alter, amend or repeal the provisions of our Bylaws that are substantially similar to or implement provisions of our Certificate of Incorporation related to cumulative voting and preemptive rights, the Board, actions by stockholders, and certain business combinations, and the shareholder vote required to alter, amend or repeal the provisions in our Certificate of Incorporation setting forth these requirements, is 80% of the voting power of the then outstanding shares of  TTC, voting together as a single class;
•The Board may issue shares of preferred stock, with designations, rights and preferences as may be determined from time to time by the Board;
•Shareholders do not have the right to cumulative voting in the election of directors; and
•Shareholders must follow advance notice procedure to submit proposed nominations of persons for election to the Board and other proposals for business to be brought before an annual meeting of our shareholders.
Delaware Business Combination Statute
We are a Delaware corporation and are subject to Section 203 of the DGCL, known as the Delaware Business Combination Statute. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested shareholder” within three years of the time the shareholder became an interested shareholder, unless:
•Prior to the time the shareholder became an interested shareholder, the board of directors of the corporation approved either the business combination or the transaction that resulted in the shareholder becoming an interested shareholder;
•Upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, exclusive of shares owned by directors who are also officers and by certain employee stock plans; or
•At or subsequent to such time, the business combination is approved by the board of directors and authorized at an annual or special meeting of the shareholders by the affirmative vote of at least two-thirds of the outstanding voting stock that is not owned by the interested shareholder.
Generally, for purposes of the Delaware Business Combination Statute, a “business combination” includes a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested shareholder, and an “interested shareholder” is a person who owns, individually or through other persons, 15% or more of the corporation’s outstanding voting stock.Exhibit 4.3

 

General

 

Our
authorized capital stock consists of 50,000,000 shares of common stock, $0.001 par value per share, and 5,000,000 shares of preferred
stock, $0.01 par value per share.

 

Common Stock

 

The
holders of our common stock are entitled to one vote per share on all matters submitted to a vote of stockholders and our articles
of incorporation do not provide for cumulative voting in the election of directors unless required by applicable law.  Subject
to preferences that may be applicable to any outstanding series of preferred stock, the holders of our common stock will receive
ratably any dividends declared by our Board of Directors out of funds legally available for the payment of dividends.  In
the event of our liquidation, dissolution or winding-up, the holders of our common stock are entitled to share ratably in all assets
remaining after payment of or provision for any liabilities, subject to prior distribution rights of preferred stock, if any, then
outstanding.

 

Preferred
Stock

 

Our
articles of incorporation provide that our Board of Directors has the authority, without further action by the stockholders, to
issue up to 5,000,000 shares of preferred stock.  Our Board of Directors will be able to issue preferred stock in one
or more series and determine the voting powers, preferences and relative, participating, optional and other special rights of the
shares of any such series of preferred stock, and the qualifications, limitations, and restrictions of such shares, any or all
of which may be greater than the rights of our common stock.  Issuances of preferred stock could adversely affect the
voting power of common stock and reduce the likelihood that holders of our common stock will receive dividend payments and payments
upon liquidation.  Any issuance of preferred stock also could have the effect of decreasing the market price for our
common stock and could delay, deter or prevent a change in control of the Company.

 

Our
Board of Directors previously designated 1,000,000 shares of preferred stock as “Series A Convertible Preferred Stock,”
1,240,000 shares of preferred stock as “Series B Convertible Preferred Stock,” and 473,934 shares of preferred stock
as “Series C Convertible Preferred Stock.”  No shares of Series A Convertible Preferred Stock, Series B Convertible
Preferred Stock or Series C Convertible Preferred Stock are currently outstanding.

 

Provisions
of Our Articles of Incorporation and Bylaws and Nevada Law that May Have an Anti-Takeover Effect

 

We
are subject to anti-takeover laws for Nevada corporations.  These anti-takeover laws prevent a Nevada corporation from
engaging in a business combination with any stockholder, including all affiliates and associates of the stockholder, who is the
beneficial owner of 10% or more of the corporation’s outstanding voting stock, for two years following the date that the
stockholder first became the beneficial owner of 10% or more of the corporation’s voting stock, unless specified conditions
are met.  If those conditions are not met, then after the expiration of the two-year period the corporation may not engage
in a business combination with such stockholder unless certain other conditions are met.

 

Our
articles of incorporation and our bylaws contain a number of provisions that may deter or impede takeovers or changes of control
or management.  These provisions:

 

	 	 ̈	authorize our Board of Directors to establish one or more series of preferred stock the terms of which can be determined by the Board of Directors at the time of issuance;

                                     

	 	 ̈	do not allow for cumulative voting in the election of directors unless required by applicable law.  Under cumulative voting a minority stockholder holding a sufficient percentage of a class of shares may be able to ensure the election of one or more directors;

                                     

	 	 ̈	state that special meetings of our stockholders may be called only by the Chairman of the Board, the president or any two directors and must be called by the president upon the written request of the holders of 10 percent of the outstanding shares of capital stock entitled to vote at such special meeting; and

                                     

	 	 ̈	provide that the authorized number of directors is no more than five, as determined by our Board of Directors.

 

    	 	 	 

    	 

    

 

These
provisions, alone or in combination with each other, may discourage transactions involving actual or potential changes of control,
including transactions that otherwise could involve payment of a premium over prevailing market prices to stockholders for their
common stock.

 

Limitations
on Liability and Indemnification of Officers and Directors

 

Nevada
law authorizes corporations to limit or eliminate (with a few exceptions) the personal liability of directors to corporations and
their stockholders for monetary damages for breaches of directors’ fiduciary duties as directors.  Our articles
of incorporation and bylaws include provisions that eliminate, to the extent allowable under Nevada law, the personal liability
of directors or officers for monetary damages for actions taken as a director or officer, as the case may be.  Our articles
of incorporation and bylaws also provide that we must indemnify and advance reasonable expenses to our directors and officers to
the fullest extent permitted by Nevada law.  We are also expressly authorized to carry directors’ and officers’
insurance for our directors, officers, employees and agents for some liabilities.

 

The
limitation of liability and indemnification provisions in our articles of incorporation and bylaws may discourage stockholders
from bringing a lawsuit against directors for breach of their fiduciary duty.  These provisions may also 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
that, in a class action or direct suit, we pay the costs of settlement and damage awards against directors and officers pursuant
to the indemnification provisions in our articles of incorporation and bylaws.

 

There
is currently no pending litigation or proceeding involving any of our directors, officers or employees for which indemnification
is sought.

 

Authorized
but Unissued Shares

 

Our
authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder approval.  Nevada
law does not require stockholder approval for any issuance of authorized shares.  However, the NASDAQ listing requirements
require stockholder approval of certain issuances equal to or exceeding 20% of the then-outstanding voting power or the then-outstanding
number of shares of common stock.  No assurances can be given that our shares will remain so listed.  We may
use additional shares for a variety of corporate purposes, including future public offerings to raise additional capital, corporate
acquisitions, and employee benefit plans.  The existence of authorized but unissued shares of common stock and preferred
stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger
or otherwise.

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