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Exhibit 4.2
DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES
EXCHANGE ACT OF 1934
Opiant Pharmaceuticals, Inc. (the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our Common Stock, par value $0.001 per share.
As used in this summary, the terms “Opiant,” “the Company,” “we,” “our” and “us” refer to Opiant Pharmaceuticals, Inc.
The following is a description of the material terms and provisions relating to our Common Stock.  The following description is a summary that is not complete and is subject to and qualified in its entirety by reference to our Certificate of Incorporation and our Bylaws, and to provisions of the Delaware General Corporation Law.  Copies of our Certificate of Incorporation and our Bylaws, each of which may be amended from time to time, are included as exhibits to the Annual Report on Form 10-K to which this description is an Exhibit.
Common Stock
Under our Certificate of Incorporation, we have the authority to issue 200,000,000 shares of our Common Stock. 
Voting. For all matters submitted to a vote of stockholders, each holder of our Common Stock is entitled to one vote for each share registered in his or her name. Except as may be required by law and in connection with some significant actions, such as mergers, consolidations, or amendments to our Certificate of Incorporation that affect the rights of stockholders, holders of our Common Stock vote together as a single class. There is no cumulative voting in the election of our directors, which means that a plurality of the votes cast at a meeting of stockholders at which a quorum is present is sufficient to elect a director. As such, the holders of more than 50% of the outstanding shares of Common Stock, in a vote for the election of directors, may elect all of the directors to be elected, if they so choose, and, in that event, the holders of the remaining shares of Common Stock will not be able to elect any of the Company’s directors.
Dividends. The holders of shares of our Common Stock are entitled to receive dividends, including dividends of our stock, as and when declared by our Board, subject to any limitations under the DGCL. We have never declared or paid any cash dividends on our Common Stock. We do not anticipate paying any cash dividends to stockholders in the foreseeable future. In addition, any future determination to pay cash dividends will be at the discretion of our Board and will be dependent upon our financial condition, results of operations, capital requirements, and such other factors as our Board deems relevant.
Liquidation. In the event we are liquidated, dissolved or our affairs are wound up, after we pay or make adequate provision for all of our known debts and liabilities, each holder of our Common Stock will be entitled to share ratably in all assets that remain.
Other Rights and Restrictions. All shares of our Common Stock have equal dividend, distribution, liquidation and other rights, and have no preference, appraisal or exchange rights, except for any appraisal rights provided by the DGCL. Furthermore, holders of our Common Stock have no conversion, sinking fund or redemption rights, or preemptive rights to subscribe for any of our securities. 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 our Common Stock.
Listing. Our Common Stock is listed on the Nasdaq Capital Market under the symbol “OPNT.”
Transfer Agent and Registrar. The transfer agent and registrar for our common stock is American Stock Transfer & Trust Company (AST), LLC, 6201 15th Avenue, Brooklyn, NY 11219. 

Certain Effects of Authorized but Unissued Stock
 We have shares of Common Stock available for future issuance without stockholder approval. We may issue these additional shares for a variety of corporate purposes, including future public offerings to raise additional capital or facilitate corporate acquisitions or for payment as a dividend on our capital stock. The existence of unissued and unreserved Common Stock may enable our Board to issue shares to persons friendly to current management, thereby protecting the continuity of our management.

Delaware Law and Certificate of Incorporation and Bylaws Provisions

Board of Directors. Our Bylaws provide that:
						
		
	•	any directors, or the entire Board, may be removed from office at any time, but only with cause, by the affirmative vote of at least seventy-five percent (75%) of all eligible votes present in person or by proxy at a meeting of stockholders at which a quorum is present; and
		
	•	vacancies in the Board resulting from such removal may be filled by a majority of the directors then in office, though less than a quorum, or by the sole remaining director. Directors so chosen shall hold office until the next annual meeting of stockholders at which the term of office of the class to which they have been elected expires.

These provisions could discourage, delay or prevent a change in control of our Company or an acquisition of our Company at a price which many stockholders may find attractive. The existence of these provisions could limit the price that investors might be willing to pay in the future for shares of our Common Stock. These provisions may also have the effect of discouraging a third party from initiating a proxy contest, making a tender offer or attempting to change the composition or policies of our Board.

Stockholder Action; Special Meeting of Stockholders. Our Bylaws also provide that:
						
		
	•	stockholder action may be taken only at a duly called and convened annual or special meeting of stockholders and then only if properly brought before the meeting;
		
	•	stockholder action may not be taken by written action in lieu of a meeting;
		
	•	special meetings of stockholders may be called only by our Board, the Chairman of the Board or the Chief Executive Officer; and
		
	•	in order for any matter to be considered “properly brought” before a meeting, a stockholder must comply with requirements regarding specified information and advance notice to us.

These provisions could delay, until the next stockholders’ meeting, actions which are favored by the holders of a majority of our outstanding voting securities. These provisions may also discourage another person or entity from making a tender offer for our Common Stock, because a person or entity, even if it acquired a majority of our outstanding voting securities, would be able to take action as a stockholder only at a duly called stockholders’ meeting, and not by written consent.

Indemnification. Our Certificate of Incorporation provides that we shall, to the fullest extent permitted by, and in accordance with the provisions of, the DGCL, indemnify each of our directors or officers or employees against expenses (including attorneys’ fees), judgments, taxes, fines and amounts paid in settlement, incurred by him in connection with, and shall advance expenses (including attorneys’ fees) incurred by him in defending, any threatened, pending or 
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completed action, suit or proceeding (whether civil, criminal, administrative or investigative) to which he is, or is threatened to be made, a party by reason of the fact that he is or was a director or officer or employee of ours, or is or was serving at the request of us as a director, officer, partner, employee or agent of another domestic or foreign corporation, partnership, joint venture, trust or other enterprise. Advancement of expenses shall be made upon receipt of an undertaking, with such security, if any, as the Board or stockholders may reasonably require, by or on behalf of the person seeking indemnification to repay amounts advanced if it shall ultimately be determined that he is not entitled to be indemnified us as authorized therein.

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		Exhibit 10.1
		
	NOTICE OF GRANT OF PERFORMANCE-BASED STOCK OPTION	Super Micro Computer, Inc.
ID: 77-0353939
980 Rock Ave.
San Jose, CA 95131 
(408) 503-8000

			
	

			
	Charles Liang

			
	

You (“you” or the “Grantee) have been granted Option Rights to purchase shares of Common Stock (the “Option”) of Super Micro Computer, Inc. subject to the terms and conditions in the Super Micro Computer, Inc. 2020 Equity and Incentive Compensation Plan (the “Plan”) and the attached Nonqualified Stock Option Award Agreement (together with this Notice of Grant of Performance-Based Stock Option, the “Agreement”), as follows:
						
	Date of Grant:	March 2, 2021
	Option Exercise Price:	$45.00
	Total Number of Shares of Common Stock Covered by the Option:	1,000,000
	Total Option Exercise Price:	$45,000,000
	Type of Option:	Nonqualified
	Expiration Date:	March 2, 2031

I.Vesting Terms: 
a.The Option is a performance-based stock option award and shall have the opportunity to vest and become exercisable (unless earlier terminated as provided in the Nonqualified Stock Option Award Agreement) upon the satisfaction of both Stock Price Milestones and Revenue Milestones, as defined and described in more detail below, prior to the end of the applicable Performance Period (as defined below), in each case, so long as the Grantee continues as the Chief Executive Officer of the Company (or in such other position with the Company or a Subsidiary as the Grantee and the Board may agree) through the applicable date of Certification (as defined below).  
b.As detailed in Table 1, the Option is divided into five (5) vesting tranches (each a “Tranche”), with each Tranche representing a portion of the Option covering that number of shares of Common Stock specified next to the applicable Tranche number in Table 1 below. Each Tranche shall vest upon (i) satisfaction of the Stock Price Milestone set forth next to the applicable Tranche in Table 1 below (each, a “Stock Price Milestone”) and (ii) the achievement of the Revenue Milestone set forth next to the applicable Tranche in Table 1 below (each, a “Revenue Milestone”) prior to the end of the applicable Performance Period, all subject to the Grantee continuing to serve as the Chief Executive Officer of the Company (or in such other position with the Company or a Subsidiary as the Grantee and the Board may agree) through the date the Committee determines, approves and certifies that the requisite vesting conditions for the applicable Tranche have been satisfied in accordance with the determination process outlined in Section II and Section III below (each such event, a “Certification”). Any date on which the Committee reviews and determines whether requisite vesting conditions have been met is referred to herein as a “Determination Date.” Separate Certifications may occur on separate Determination Dates with respect to the achievement of each of a Stock Price Milestone and a Revenue Milestone that are required for the vesting of any particular Tranche, provided that the vesting date of such Tranche will be the date on which the latter Certification necessary in order for the Tranche to vest is completed. The Committee shall, periodically and upon request of the Grantee, assess whether the vesting requirements have been satisfied.
c.Notwithstanding anything herein to the contrary, in order for any Tranche to vest (including in the event of a Change in Control), (i) the satisfaction of the Stock Price Milestone for such Tranche must occur on or prior to September 30, 2026 and (ii) the satisfaction of the Revenue Milestone for such Tranche must occur on or prior to June 30, 2026 (or a Change in Control must have been consummated by such date) (the Date of Grant through the date referred to in (i) or (ii), as applicable, the “Performance Period”).  Promptly following the end of the Performance Period applicable to the Stock Price Milestone, the Committee shall assess whether any vesting requirements have been satisfied as of September 30, 2026 and provide Certification of the same.  Any Tranche of the Option that has not been satisfied as of such Certification will immediately be forfeited for no consideration and will never become vested, and the Option 

shall expire as to the shares subject to such unvested Tranche, which shares shall again be available for issuance under the Plan in accordance with the terms of the Plan.
d.The maximum term of the Option shall be ten (10) years so that absent earlier termination as provided herein, the Option shall expire automatically on the Expiration Date specified above (without regard to whether any or all of the Option vested or whether the Grantee exercised any vested part of the Option).

Table 1 – Vesting Requirements for Performance-Based Option
The following table sets forth the number of shares of Common Stock covered by the Option that shall become exercisable upon satisfaction of the Stock Price Milestones and Revenue Milestones during the applicable Performance Period in accordance with the terms set forth in this Agreement:
																																	
											
	Tranche
#	  	Number of
Shares of Common Stock
Subject to
Option	 	  	Vesting Requirements 1

	  	  	Stock Price
Milestones 2
	 	  	Revenue Milestones 2

	1
	  	 	200,000		  		$45.00	 	  	$4,000,000,000

	2
	  	 	200,000		  		$60.00	 	  	$4,800,000,000

	3
	  	 	200,000	 	  		$75.00	 	  	$5,800,000,000

	4
			200,000				$95.00			$6,800,000,000

	5
			200,000				$120.00			$8,000,000,000

    
						
	1 
	Subject to other terms of this Agreement, in order for a particular Tranche to vest, both the Stock Price Milestone set forth next to such Tranche and the Revenue Milestone for such Tranche must be achieved prior to the end of the applicable Performance Period. Achievement of the vesting requirements for each Tranche shall be determined, approved and certified by the Committee, in its sole, good faith discretion. Subject to any applicable clawback provisions, policies or other terms herein, once a milestone is achieved, it is forever deemed achieved for determining the vesting of a Tranche. For example, assume that after the first two Tranches have vested, the Committee determines that the Stock Price has exceeded $75.00, but the Company has not yet achieved the $5,800,000,000 Revenue Milestone. If the Committee later determines that the Company has achieved $5,800,000,000 in Revenue, and the Grantee continues to serve as the Chief Executive Officer of the Company (or in such other position with the Company or a Subsidiary as the Grantee and the Board may agree) through such Certification, then Tranche 3 will become vested, even if the Stock Price as of the date of such Certification has dropped below $75.00. In addition, for purposes of clarity, more than one Tranche may vest simultaneously upon a Certification, provided that the requisite Stock Price Milestones and Revenue Milestones for each Tranche have been met. For example, assume that none of the Tranches has vested, and upon a Certification, the Stock Price is determined to be $65.00 and Revenue of $4,800,000,000 had previously been met. As of the date of such Certification, and subject to the Grantee continuing to serve as the Chief Executive Officer of the Company (or in such other position with the Company or a Subsidiary as the Grantee and the Board may agree) through such date, both Tranches 1 and 2 will become vested.  

	2
	The Stock Price Milestones and Revenue Milestones are subject to adjustment pursuant to the terms of the Nonqualified Stock Option Award Agreement relating to certain corporate transactions. See Section V.

II.Determination of Stock Price Milestone  
For purposes of this Option, “Stock Price” on a Determination Date refers to the “60-day Stock Price” determined in accordance with the following:
a.A trading day refers to a day on which the primary stock exchange or national market system on which the Common Stock trades (e.g., the Nasdaq Global Select Market) is open for trading.
b.The Company’s daily stock price for a particular trading day refers to the closing price per share of Common Stock as of the close of such trading day, as reported by The Nasdaq Stock Market (“Nasdaq”) (or other reliable source selected by the Committee if Nasdaq is not reporting a closing price for that day) (such price, the “Daily Stock Price”).

c.The “60-day Stock Price” is equal to (a) the sum of the Daily Stock Price of the Company for each of the sixty (60) trading days immediately prior to and including the Determination Date, divided by (b) 60.
In order for the Stock Price Milestone set forth in Table 1 for any particular Tranche above to be met, the 60-day Stock Price must equal or exceed the value of such applicable Stock Price Milestone on any Determination Date.
III.Determination of Revenue Milestone
For purposes of this Option, “Revenue” on a Determination Date shall mean the Company’s total revenues, as reported by the Company in its financial statements on Forms 10-Q and 10-K filed with the U.S. Securities and Exchange Commission (“SEC”), for the previous four (4) consecutive fiscal quarters of the Company. For the avoidance of doubt, for purposes of this Agreement, Revenue shall be such amount without application of any rounding used in reporting the amount in the Company’s Form 10-Q or 10-K, as applicable.
IV.Vesting Determination upon a Change in Control of the Company
a.Notwithstanding Sections I, II and III above, in the event of a Change in Control, for purposes of determining whether any Tranches vest on or as a result of such Change in Control, the Revenue Milestones shall be disregarded and only the Stock Price Milestones shall be required to be met for the vesting of Tranches.
b.In the event of a Change of Control, the 60-day Stock Price shall be disregarded and the Stock Price shall equal the greater of (i) the most recent closing price per share of Common Stock immediately prior to the effective time of such Change in Control, as reported by Nasdaq (or other reliable source selected by the Committee if Nasdaq is not reporting a closing price for that day), or (ii) the per share of Common Stock price (plus the per share of Common Stock value of any other consideration) received by the Stockholders in the Change in Control.
c.To the extent that any Tranche has not vested as of immediately before the effective time of the Change in Control and otherwise does not vest as a result of the Change in Control, such unvested Tranche will be forfeited automatically as of the effective time of the Change in Control and never shall become vested and the Option shall expire as to the shares subject to such unvested Tranche, which shares shall again be available for issuance under the Plan in accordance with the terms of the Plan.
V.Milestone Adjustments in the Event of Certain Corporate Transactions
a.Milestone Adjustments for Acquisitions.  Following the closing of an Acquisition in which the Revenue of Target is greater than the Revenue Threshold, any and all Revenue Milestones that are unachieved as of immediately before the closing of such Acquisition will be increased as follows: for any Determination Date in the first fiscal quarter following the quarterly period that includes such Acquisition (the “Post-Acquisition Quarterly Period”), the Revenue Milestones will be increased by a dollar amount equal to 25% of the Revenue of Target applicable to such Acquisition; for any Determination Date in the second fiscal quarter following the Post-Acquisition Quarterly Period, the Revenue Milestones will be increased by a dollar amount equal to 50% of the Revenue of Target applicable to such Acquisition; for any Determination Date in the third fiscal quarter following the Post-Acquisition Quarterly Period, the Revenue Milestones will be increased by a dollar amount equal to 75% of the Revenue of Target applicable to such Acquisition; and for any Determination Date in the fourth fiscal quarter following the Post-Acquisition Quarterly Period or during the remainder of the term of the Option, the Revenue Milestones will be increased by a dollar amount equal to 100% of the Revenue of Target applicable to such Acquisition.  Notwithstanding the foregoing, to the extent that, following such Acquisition, the Revenue of Target is otherwise included in the calculation of “Revenue” as provided in Section III above, then the Revenue Milestone shall be immediately increased by a corresponding amount, but without duplication of any increases provided in the previous sentence.
b.Milestone Adjustments for Spin-Offs.  In the event of a spin-off involving the Company, the Committee may make such adjustments to the terms and provisions of this Option in accordance with Section 9 of the Nonqualified Stock Option Award Agreement. 
VI.Termination Period
a.If the Grantee ceases to be the Chief Executive Officer (or serve in such other position with the Company or a Subsidiary as the Grantee and the Board may agree) for any reason, the Committee shall promptly assess whether any vesting requirements have been satisfied as of the Determination Date on or prior to the date the Grantee ceases to be the Chief Executive Officer (or serve in such other position, if applicable) and provide Certification of the same, effective as of the date the Grantee ceases to be the Chief Executive Officer (or serve in such other position, if applicable).
b.If the Grantee ceases to be the Chief Executive Officer (or serve in such other position with the Company or a Subsidiary as the Grantee and the Board may agree) for any reason, any portion of this Option that has not vested by the date of Grantee’s cessation as the Chief Executive Officer (or such other position, as applicable) will remain outstanding until the date of such final Certification specified in the immediately preceding paragraph (but in no event later than the Expiration Date) solely for purposes of such final Certification, and any such portion of the Option that fails to vest upon such final Certification will be forfeited automatically and never shall become vested and the Option shall expire as to the shares subject to such portion, which shares shall again be available for issuance under the 

Plan in accordance with the terms of the Plan.  If, upon the Grantee’s cessation as the Chief Executive Officer (or such other position, as applicable) the Grantee continues as an employee of the Company, and so long as the Grantee continues as an employee of the Company, any vested and unexercised portion of the Option may be exercised until the Expiration Date of the Option, unless terminated earlier in accordance with Section 4 of the Nonqualified Stock Option Award Agreement.
c.Notwithstanding the forgoing, this Option may expire other than as provided in this Section VI as provided in Section 4 of the Nonqualified Stock Option Award Agreement.
VII.Holding Period
a.During the Grantee’s lifetime, except as permitted under a cashless exercise in accordance with Section 6(b)(i)(b)(iii) of the Nonqualified Stock Option Award Agreement and to satisfy tax withholding obligations in accordance with Section 10 of the Nonqualified Stock Option Award Agreement, the Grantee shall not sell, transfer or dispose of the shares of Common Stock acquired upon exercise of the Option until March 2, 2024; provided, however, the Grantee may conduct transactions that involve merely a change in the form in which the Grantee owns such shares of Common Stock (e.g., transfer of shares of Common Stock to an inter vivos trust for which the Grantee is the beneficiary during the Grantee’s lifetime), or as permitted by the Committee consistent with the Company’s internal policies.
VIII.Miscellaneous
a.By Grantee’s acceptance of this Agreement either electronically through the electronic acceptance procedure established by the Company or through a written acceptance delivered to the Company in a form satisfactory to the Company, Grantee agrees that this Option is granted under and governed by the terms and conditions of the Plan, this Notice and the Nonqualified Stock Option Award Agreement, attached hereto, all of which are made a part of this document. Grantee confirms that he has reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of the Agreement. Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board upon any questions relating to the Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated above.
b.Nothing in this Notice, the attached Nonqualified Stock Option Award Agreement or the Plan confers upon you any right with respect to continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate your employment or other service at any time.
c.Definitions. All capitalized terms in this Notice shall have the meaning assigned to them this Notice or in the Nonqualified Stock Option Award Agreement; provided, however, if a capitalized term is not defined in either this Notice or the Nonqualified Stock Option Award Agreement, then it will have the meaning assigned to it in the Plan.
In witness whereof, Super Micro Computer, Inc. has caused this Agreement to be executed on its behalf by its duly-authorized officer on the day and year first indicated above.

Super Micro Computer, Inc.
 
By:  ____________________________________
        David Weigand, CFO

Agreed and accepted:

Grantee: ________________________________
       Charles Liang

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