Document:

Document

                                                Exhibit 4.1        
DESCRIPTION OF CAPITAL STOCK OF MALIBU BOATS, INC.
General 
The following is a summary of the rights of Malibu Boats, Inc.’s (“our” or “we”) Class A Common Stock, Class B Common Stock and preferred stock and of certain provisions of our certificate of incorporation and bylaws. For more detailed information, please see our certificate of incorporation and bylaws, which are filed as exhibits to reports we file with the Securities and Exchange Commission (“SEC”). 
Our certificate of incorporation provides for two classes of common stock. In addition, our certificate of incorporation authorizes shares of undesignated preferred stock, the rights, preferences and privileges of which may be designated from time to time by our Board of Directors.
Authorized Capitalization 
Our authorized capital stock consists of shares, all with a par value of $0.01 per share, of which: 
•100,000,000 shares are designated as Class A Common Stock; 
•25,000,000 shares are designated as Class B Common Stock; and 
•25,000,000 shares are designated as preferred stock.
Common Stock 
Voting Rights 
Holders of our Class A Common Stock and our Class B Common Stock have voting power over Malibu Boats, Inc., the sole managing member of Malibu Boats Holdings, LLC (the “LLC”), at a level that is consistent with their overall equity ownership of our business. Pursuant to our certificate of incorporation and bylaws, each share of Class A Common Stock entitles the holder to one vote with respect to each matter presented to our stockholders on which the holders of Class A Common Stock are entitled to vote. Each holder of Class B Common Stock is entitled to the number of votes equal to the total number of units of the LLC (“LLC Units”) held by such holder multiplied by the exchange rate specified in the exchange agreement with respect to each matter presented to our stockholders on which the holders of Class B Common Stock are entitled to vote. Accordingly, the holders of LLC Units collectively have a number of votes that is equal to the aggregate number of LLC Units that they hold. Subject to any rights that may be applicable to any then outstanding preferred stock, our Class A and Class B Common Stock vote as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise provided in our certificate of incorporation or bylaws or required by applicable law. Holders of our Class A Common Stock and Class B Common Stock do not have cumulative voting rights. Except in respect of matters relating to the election and removal of directors on our Board of Directors and as otherwise provided in our certificate of incorporation, our bylaws, or as required by law, all matters to be voted on by our stockholders must be approved by a majority of the shares present in person or by proxy at the meeting and entitled to vote on the subject matter.
Dividends 
Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of our Class A Common Stock are entitled to share equally, identically and ratably in any dividends that our Board of Directors may determine to issue from time to time. Holders of our Class B Common Stock do not have any right to receive dividends. 
Liquidation Rights 
In the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, holders of our Class A Common Stock would be entitled to share ratably in our assets that are legally available for distribution to stockholders after payment of our debts and other liabilities. If we have any preferred stock outstanding at such time, holders of the preferred stock may be entitled to distribution and/or liquidation preferences. In either such case, we must pay the applicable distribution to the holders of our preferred stock before we may pay distributions to the holders of our Class A Common Stock. Holders of our Class B Common Stock do not have any right to receive a distribution upon a voluntary or involuntary liquidation, dissolution or winding up of our affairs. 

Other Rights 
Holders of our Class A Common Stock have no preemptive, conversion or other rights to subscribe for additional shares. The rights, preferences and privileges of the holders of our Class A Common Stock will be subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that we may designate and issue in the future. 
Preferred Stock 
Though we currently have no plans to issue any shares of preferred stock, our Board of Directors has the authority, without further action by our stockholders, to designate and issue up to 25,000,000 shares of preferred stock in one or more series. Our Board of Directors may also designate the rights, preferences and privileges of the holders of each such series of preferred stock, any or all of which may be greater than or senior to those granted to the holders of common stock. Though the actual effect of any such issuance on the rights of the holders of common stock will not be known until our Board of Directors determines the specific rights of the holders of preferred stock, the potential effects of such an issuance include: 
•diluting the voting power of the holders of common stock; 
•reducing the likelihood that holders of common stock will receive dividend payments; 
•reducing the likelihood that holders of common stock will receive payments in the event of our liquidation, dissolution, or winding up; and 
•delaying, deterring or preventing a change-in-control or other corporate takeover. 
There are no outstanding shares of preferred stock. 
Warrants 
There are no outstanding warrants to purchase our Class A Common Stock. 
Anti-Takeover Provisions 
Set forth below is a summary of the relevant provisions of our certificate of incorporation and bylaws and certain applicable sections of the General Corporation Law of the State of Delaware. For additional information we refer you to the provisions of our certificate of incorporation, our bylaws and such sections of the General Corporation Law of the State of Delaware. 
Certificate of Incorporation and Bylaws 
Our certificate of incorporation provides for our Board of Directors to be divided into three classes with staggered three-year terms. Only one class of directors is elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms. Because our stockholders do not have cumulative voting rights, our stockholders holding a majority of the shares of common stock outstanding is able to elect all of our directors. Our certificate of incorporation provides that all stockholder actions must generally be effected at a duly called meeting of stockholders and not by a consent in writing, and that only the chair of the board or a majority of our Board of Directors may call a special meeting of stockholders. 
Our certificate of incorporation and bylaws require a 66/% stockholder vote for the amendment or repeal of the bylaws or the provisions in our certificate of incorporation relating to the election and classification of directors. The combination of the classification of our Board of Directors, the lack of cumulative voting and the 66/% stockholder voting requirements makes it more difficult for our existing stockholders to replace our Board of Directors as well as for another party to obtain control of us by replacing our Board of Directors. Because our Board of Directors has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in management. In addition, the authorization of undesignated preferred stock makes it possible for our Board of Directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change our control. 
These provisions may have the effect of deterring hostile takeovers or delaying changes in our control or management. These provisions are intended to enhance the likelihood of continued stability in the composition of our Board of Directors and its policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of us. These provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal. The provisions also are intended to discourage certain tactics that may be used in proxy fights. Such provisions could have the effect, however, of discouraging others from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the market price of our stock that could result from actual or rumored takeover attempts. 
Section 203 of the Delaware General Corporation Law 
We are subject to Section 203 of the Delaware General Corporation Law, which prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions: 

•before such date, the Board of Directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder; 
•upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (1) by persons who are directors and also officers and (2) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or 
•on or after such date, the business combination is approved by the Board of Directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder. 
In general, Section 203 defines business combination to include the following:  
•any merger or consolidation involving the corporation and the interested stockholder; 
•any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder; 
•subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; 
•any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder; or 
•the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits by or through the corporation. 
In general, Section 203 defines an “interested stockholder” as an entity or person who, together with the person’s affiliates and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the corporation. 
The overall effect of the foregoing provisions may be to deter a future tender offer. Stockholders might view such an offer to be in their best interest should the offer include a substantial premium over the market price of our common stock at that time. In addition, these provisions may have the effect of assisting our management to retain its position and place it in a better position to resist changes that the stockholders may want to make if dissatisfied with the conduct of our business. 
Limitations of Liability and Indemnification Matters 
We have adopted provisions in our certificate of incorporation that limit or eliminate the liability of our directors for monetary damages for breach of their fiduciary duties, except for liability that cannot be eliminated under the Delaware General Corporation Law. Accordingly, our directors will not be personally liable for monetary damages for breach of their fiduciary duties as directors, except with respect to any of the following: 
•any breach of their duty of loyalty to us or our stockholders; 
•acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law; 
•unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law; or 
•any transaction from which the director derived an improper personal benefit. 
This limitation of liability does not apply to liabilities arising under the federal securities laws and does not affect the availability of equitable remedies such as injunctive relief or rescission. If Delaware law is amended to authorize the further elimination or limiting of director liability, then the liability of our directors will be eliminated or limited to the fullest extent permitted by Delaware law as so amended. 
Our certificate of incorporation and our bylaws also provide that we shall indemnify our directors and executive officers and shall indemnify our other officers and employees and other agents to the fullest extent permitted by law. We believe that indemnification under our bylaws covers at least negligence and gross negligence on the part of indemnified parties. Our bylaws also permit us to secure insurance on behalf of any officer, director, employee or other agent for any liability arising out of his or her actions in this capacity, regardless of whether our bylaws would permit indemnification. 

We have entered into indemnification agreements with each of our directors and executive officers that are, in some cases, broader than the specific indemnification provisions provided by Delaware law and our governing documents, and may provide additional procedural protection. These agreements require us, among other things, to: 
•indemnify officers and directors against certain liabilities that may arise because of their status as officers and directors; 
•advance expenses, as incurred, to officers and directors in connection with a legal proceeding subject to limited exceptions; and 
•cover officers and directors under any general or directors’ and officers’ liability insurance policy maintained by us. 
We believe that these provisions and agreements are necessary to attract and retain qualified persons as directors and executive officers. Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the “Securities Act”) may be permitted to directors, officers or persons controlling our company pursuant to the foregoing provisions, the opinion of the SEC is that such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. 
In addition, we maintain standard policies of insurance under which coverage is provided to our directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act, and to us with respect to payments which may be made by us to such directors and officers pursuant to the above indemnification provisions or otherwise as a matter of law. 
Transfer Agent and Registrar 
The transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC. 
Exchange Listing 
Our Class A Common Stock is listed on the Nasdaq Global Select Market under the symbol “MBUU.” 
Forum Selection Clause in our Certificate of Incorporation
Our certificate of incorporation provides that except for (i) actions in which the Court of Chancery in the State of Delaware concludes that an indispensable party is not subject to the jurisdiction of the Delaware courts, and (ii) actions in which a federal court has assumed exclusive jurisdiction of a proceeding, any derivative action brought by us or on our behalf, and any direct action brought by a stockholder against us or any of our directors or officers, alleging a violation of the Delaware General Corporation Law, our Certificate of Incorporation or Bylaws or breach of fiduciary duties or other violation of Delaware decisional law relating to our internal affairs, shall be brought in the Court of Chancery in the State of Delaware, which shall be the sole and exclusive forum for such proceedings; provided, however, that we may consent to an alternative forum for any such proceedings upon the approval of our Board of Directors.
This exclusive forum provision is intended to apply to claims arising under Delaware state law and would not apply to claims brought pursuant to the Exchange Act or the Securities Act, or any other claim for which the federal courts have exclusive jurisdiction. The exclusive forum provision in our certificate of incorporation will not relieve us of our duties to comply with the federal securities laws and the rules and regulations thereunder, and our stockholders will not be deemed to have waived our compliance with these laws, rules and regulations.
This exclusive forum provision may limit a stockholder’s ability to bring a claim in a judicial forum of its choosing for disputes with us or our directors, officers or other employees or stockholders, which may discourage lawsuits against us and our directors, officers and other employees and stockholders. In addition, stockholders who do bring a claim in the Court of Chancery of the State of Delaware could face additional litigation costs in pursuing any such claim, particularly if they do not reside in or near Delaware. The Court of Chancery of the State of Delaware may also reach different judgments or results than would other courts, including courts where a stockholder would otherwise choose to bring the action, and such judgments or results may be more favorable to us than to our stockholders. However, the enforceability of similar exclusive forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find this type of provision to be inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings. If a court were to find the exclusive forum provision contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we might incur additional costs associated with resolving such action in other jurisdictions.Exhibit
10.1

 

PROMISSORY
NOTE

 

	$500,000.00	August
    25, 2021

 

FOR
VALUE RECEIVED, VOLT H2 HOLDINGS AG, a Swiss corporation (the “Borrower”) hereby unconditionally promises to pay to
the order of Vision Hydrogen Corporation, a Nevada corporation (the “Noteholder”), the principal amount of $500,000.00
(ONE HUNDRED THOUSAND DOLLARS) (the “Loan”), as provided in this Promissory Note (this “Note”).

 

1.
Payment Dates.

 

(a)
Payment Date. The aggregate unpaid principal amount of the Loan shall be due and payable on November 1, 2021.

 

(b)
Prepayment. The Borrower may prepay the Loan in whole or in part at any time or from time to time without penalty or premium by
paying the principal amount to be prepaid.

 

2.
Interest. Principal
amounts outstanding under this Note shall not bear interest.

 

3.
Payment Mechanics.

 

(a)
Manner of Payment. All payments of principal shall be made in US dollars no later than 12:00 PM Eastern time on the date on which
such payment is due. Such payments shall be made by wire transfer of immediately available funds to the Noteholder’s account at
a bank specified by the Noteholder in writing to the Borrower from time to time.

 

(b)
Business Day. Whenever any payment hereunder is due on a day that is not a Business Day, such payment shall be made on the next
succeeding Business Day. “Business Day” means a day other than Saturday, Sunday, or other day on which commercial
banks in New York, NY are authorized or required by law to close.

 

(c)
Evidence of Debt. The Borrower authorizes the Noteholder to record on the grid attached as Exhibit A the Loan made to the Borrower
and the date and amount of each payment or prepayment of the Loan. The entries made by the Noteholder shall be prima facie evidence
of the existence and amount of the obligations of the Borrower recorded therein in the absence of manifest error. No failure to make
any such record, nor any errors in making any such records, shall affect the validity of the Borrower’s obligation to repay the
unpaid principal of the Loan in accordance with the terms of this Note.

 

    	 

     

    

 

4.
Representations and Warranties.
The Borrower represents and warrants to the Noteholder as follows:

 

(a)
Existence. The Borrower is a corporation duly incorporated, validly existing, and in good standing under the laws of the state
of its organization. The Borrower has the requisite power and authority to own, lease, and operate its property, and to carry on its
business.

 

(b)
Compliance with Law. The Borrower is in compliance with all laws, statutes, ordinances, rules, and regulations applicable to or
binding on the Borrower, its property, and business.

 

(c)
Power and Authority. The Borrower has the requisite power and authority to execute, deliver, and perform its obligations under
this Note.

 

(d)
Authorization; Execution and Delivery. The execution and delivery of this Note by the Borrower and the performance of its obligations
hereunder have been duly authorized by all necessary corporate action in accordance with applicable law. The Borrower has duly executed
and delivered this Note.

 

5.
Events of Default. The
occurrence and continuance of any of the following shall constitute an “Event of Default” hereunder:

 

(a)
Failure to Pay. The Borrower fails to pay any principal amount of the Loan when due.

 

(b)
Breach of Representations and Warranties. Any representation or warranty made by the Borrower to the Noteholder herein contains
an untrue or misleading statement of a material fact as of the date made.

 

(c)
Bankruptcy; Insolvency.

 

(i)
The Borrower institutes a voluntary case seeking relief under any law relating to bankruptcy, insolvency, reorganization, or other relief
for debtors, or equivalent thereof under applicable law.

 

(ii)
An involuntary case is commenced seeking the liquidation or reorganization of the Borrower under any law relating to bankruptcy or insolvency,
and such case is not dismissed or vacated within 60 days of its filing.

 

(iii)
The Borrower makes a general assignment for the benefit of its creditors.

 

(iv)
The Borrower is unable, or admits in writing its inability, to pay its debts as they become due.

 

(v)
A case is commenced against the Borrower or its assets seeking attachment, execution, or similar process against all or a substantial
part of its assets, and such case is not dismissed or vacated within 60 days of its filing.

 

(d)
Failure to Give Notice. The Borrower fails to give the notice
of Event of Default specified in 6.

 

    	2

     

    

 

6.
Notice of Event of Default. As soon
as possible after it becomes aware that an Event of Default has occurred, and in any event within two (2) Business Days, the Borrower
shall notify the Noteholder in writing of the nature and extent of such Event of Default and the action, if any, it has taken or proposes
to take with respect to such Event of Default.

 

7.
Remedies. Upon the occurrence
and during the continuance of an Event of Default, the Noteholder may, at its option, by written notice to the Borrower declare the outstanding
principal amount of the Loan, and all other amounts payable hereunder immediately due and payable; provided, however, if
an Event of Default described in Sections 5(c)(i), 5(c)(iii), or 5(c)(iv) shall occur, the outstanding principal amount, and all other
amounts payable hereunder shall become immediately due and payable without notice, declaration, or other act on the part of the Noteholder.

 

8.
Expenses. The Borrower
shall reimburse the Noteholder on demand for all reasonable out-of-pocket costs, expenses, and fees, including the reasonable fees and
expenses of counsel, incurred by the Noteholder in connection with the enforcement of the Noteholder’s rights hereunder.

 

9.
Notices. All notices
and other communications relating to this Note shall be in writing and shall be deemed given upon the first to occur of (x) deposit with
the United States Postal Service or overnight courier service, properly addressed and postage prepaid; (y) transmittal by facsimile or
e-mail properly addressed (with written acknowledgment from the intended recipient such as “return receipt requested” function,
return e-mail, or other written acknowledgment); or (z) actual receipt by an employee or agent of the other party. Notices hereunder
shall be sent to the following addresses, or to such other address as such party shall specify in writing:

 

	 	(a)	If
    to the Borrower:
	 	 	 
	 	 	Neuhofstrasse
    21 
	 	 	 
	 	 	6340
    Baar
	 	 	 
	 	 	Switzerland
	 	 	 
	 	 	Attention:
    Andre Jurres 
	 	 	 
	 	 	E-mail:
    ajurres@volth2.com 
	 	 	 
	 	(b)	If
    to the Noteholder:
	 	 	 
	 	 	95
    Christopher Columbus Drive, 16th Floor  
	 	 	 
	 	 	Jersey
    City, NJ 07302
	 	 	 
	 	 	Attention:
    Andrew Hidalgo  
	 	 	 
	 	 	E-mail:
    andy.hidalgo@visionh2.com 

 

    	3

     

    

 

10.
Governing Law. This
Note and any claim, controversy, dispute, or cause of action (whether in contract, tort, or otherwise) based on, arising out of, or relating
to this Note and the transactions contemplated hereby shall be governed by and construed in accordance with the laws of the State of
New York.

 

11.
Disputes.

 

(a)
Submission to Jurisdiction.

 

(i)
The Borrower irrevocably and unconditionally (A) agrees that any action, suit, or proceeding arising from or relating to this Note may
be brought in the courts of the State of New York sitting in New York County, and in the United States District Court for the Southern
District of New York, and (B) submits to the exclusive jurisdiction of such courts in any such action, suit, or proceeding. Final judgment
against the Borrower in any such action, suit, or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law.

 

(ii)
Nothing in this Section 11(a) shall affect the right of the Noteholder to bring any action, suit, or proceeding relating to this Note
against the Borrower or its properties in the courts of any other jurisdiction.

 

(iii)
Nothing in this Section 11(a) shall affect the right of the Noteholder to serve process upon the Borrower in any manner authorized by
the laws of any such jurisdiction.

 

(b)
Venue. The Borrower irrevocably and unconditionally
waives, to the fullest extent permitted by law, (i) any objection that it may now or hereafter have to the laying of venue in any action,
suit, or proceeding relating to this Note in any court referred to in Section 11(a), and (ii) the defense of inconvenient forum to the
maintenance of such action, suit, or proceeding in any such court.

 

(c)
Waiver of Jury Trial. THE BORROWER HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY.

 

12.
Successors and Assigns.
This Note may be assigned or transferred by the Noteholder to any individual, corporation, company, limited liability company, trust,
joint venture, association, partnership, unincorporated organization, governmental authority, or other entity.

 

    	4

     

    

 

13.
Integration. This Note
constitutes the entire contract between the Borrower and the Noteholder with respect to the subject matter hereof and supersedes all
previous agreements and understandings, oral or written, with respect thereto.

 

14.
Amendments and Waivers.
No term of this Note may be waived, modified, or amended, except by an instrument in writing signed by the Borrower and the Noteholder.
Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given.

 

15.
No Waiver; Cumulative
Remedies. No failure by the Noteholder to exercise and no delay in exercising any right, remedy, or power hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise of any right, remedy, or power hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, or power. The rights, remedies, and powers herein provided are cumulative
and not exclusive of any other rights, remedies, or powers provided by law.

 

16.
Severability. If any
term or provision of this Note is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability
shall not affect any other term or provision of this Note or render such term or provision invalid or unenforceable in any other jurisdiction.

 

IN
WITNESS WHEREOF, the Borrower has executed this Note as of August 25, 2021.

 

	 	VOLT
    H2 HOLDINGS AG 
	 	 
	 	By	/s/
    Andre Jurres
	 	Name:
    	Andre
    Jurres
	 	Title:
    	Managing
    Director

 

    	5

     

    

 

EXHIBIT
a

 

PAYMENTS
ON THE LOAN

 

	Date	 	Principal
    Amount Paid	 	Unpaid
    Principal Balance	 	Name
    of Person Making Notation
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]