Document:

EX-10.117

 Exhibit 10.117 

Execution Copy 
 February 26,
2020 
 SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (“Agreement”) is made and entered into freely, by and between P. James Debney
(“Debney”) and American Outdoor Brands Corporation (“AOBC”), a Nevada corporation and its parent, subsidiaries, affiliates, agents, successors, assigns and related entities (hereinafter collectively “the Company”
unless the context requires otherwise). For purposes of this Agreement, Debney and the Company are collectively referred to herein as the “Parties.” 

RECITALS 

A.    Debney has resigned his employment effective January 14, 2020. (“Termination Date”). Debney
will receive pay and benefits through the Termination Date whether or not he signs this Agreement. 
 B.    The
separation between the Parties, as described herein, includes the resignation of any role by Debney with the Company, including but not limited to, director or officer of any Company parent, subsidiary, affiliate, agent, successor, assign or related
entity. Debney shall resign his corporate Greathorse membership. 
 C.    Debney must continue to abide by all
applicable surviving provisions of each and every agreement upon which he entered with the Company, including but not limited to, that certain Employment Agreement executed December 8, 2011 as of September 26, 2011 (“Employment
Agreement”). However, all other provisions of the Employment Agreement are superseded by this Agreement and in the event of a conflict between this Agreement and the Employment Agreement, this Agreement shall be controlling. 

D.    The Parties desire an amicable separation and wish to resolve all matters related to Debney’s separation by
this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing recitals, and the mutual covenants, obligations and general release
contained herein, the Parties hereby agree as follows: 
 AGREEMENT 

1.    Recitals. The Recitals set forth above are hereby incorporated by reference and made a part of this
Agreement. 
 2.    No Admission of Liability. The Parties acknowledge that by entering into this
Agreement, the Company does not admit it has any liability whatsoever to Debney concerning Debney’s employment or the separation of that employment, nor does Debney admit that any wrongdoing was the cause of the separation of his employment
with the Company. 
 3.    Consideration. In consideration for the provisions set forth in this Agreement,
once this Agreement has become legally effective by reason of the expiration of the revocation period set forth in paragraph 16 below, and provided further that Debney complies with his continuing 

 
obligations under this Agreement and the Employment Agreement, the Company will pay Debney severance pay and other benefits (hereinafter referred to as “Separation Obligations”) as
follows: 
 (a)    The Company will pay Debney the amount of $83,333 per month for a period of twelve (12) months
after the Termination Date as severance pay, subject to legally required deductions for wages in accordance with the Company’s normal payroll practice; 

(b)    The Company will provide reimbursement for Debney’s cost to maintain coverage under the Company’s group
medical plans pursuant to COBRA for a period of twelve (12) months after the Termination Date, after which Debney will be fully responsible for any remaining COBRA payments 

(c)    The Company will continue the payment of premiums required to maintain Debney’s Company-provided life
insurance as of the Termination Date in the amount of $5.0 million from the Company for a period of twelve (12) months after the Termination Date, or in the alternative if such life insurance cannot be maintained to reimburse Debney for
the amount of premiums that would otherwise be payable to the insurer so that Debney can either convert the coverage to an individual policy or buy other insurance.    Debney shall be solely responsible for obtaining coverage and
shall assume all obligation for premium payments except as set forth herein. The Company agrees to cooperate with Debney’s efforts to convert or buy other insurance should Debney decide to do so. 

(d)    The Company will make a lump sum payment of Five Thousand Dollars ($5000) to reimburse Debney for the costs of
moving expenses to move his personal property out of the Company’s offices. 
 (e)    The Company will extend the
exercise date for Debney’s exercise of his options to purchase 160,667 shares of the Company’s Common Stock at the price of $8.89 per share under the Company’s 2013 Incentive Stock Plan (which would otherwise expire 30 days after the
Termination Date) to the earlier of July 31, 2020 or the day prior to the Effective Date of the Company’s planned separation of its outdoor products and accessories business from the Company’s firearm business (hereinafter referred to
as the “Spin-Off”). 
 (f)    The Company will vest Debney as of the
Termination Date in 44,731 of his currently unvested RSU’s subject to the same delivery procedures applicable to Debney’s currently vested RSUs except there will be no one-year hold requirement,
provided that all other unvested RSUs shall be terminated and of no effect. All vested RSUs that remain undelivered will be delivered in accordance with the usual delivery procedures. 

Debney agrees that the Separation Obligations that are not available to employees who resign their positions, together with the Company’s other promises
and obligations under this Agreement are sufficient for the release, obligations and covenants contained in this Agreement. 

4.    Debney Representations. Debney acknowledges that no Separation Obligations will be paid to Debney
until after this Agreement has been executed, and the revocation period referenced in Paragraph 16 below has expired. Debney acknowledges and agrees that upon receipt of his final paycheck for work performed through the Termination Date, less the
usual withholdings for state and federal taxes and related deductions, Debney will have received from the Company all monies owed to Debney for services provided to the Company. Debney further specifically

  
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acknowledges having received all monies to which Debney may be entitled and has no other or further claim for unpaid compensation of any kind against the Company and/or any and all other
Releasees described in Paragraph 6 below. Debney further acknowledges, agrees and attests that Debney has not been denied any leave or benefit requested; has no workplace injuries or occupational diseases; and has been paid or received all leave
(paid and unpaid), and compensation, bonuses, commissions, and/or benefits, to which Debney claims to have been entitled. Debney reported all work-related injuries suffered during employment and any and all concerns regarding suspected ethical and
compliance issues or violations on the part of the Company or any released person or entity. Debney further represents and warrants that there are no claims, charges, lawsuits or other legal matters presently pending against the Company and that he
has not made any assignment or other transfer of any interest in any claim that is subject to the release by Debney contained in paragraph 6 below. 

5.    Tax Treatment and Indemnification. Debney agrees to be responsible for and pay any and all taxes and
assessments that are or may become due and owing on account of the payment of any of the Separation Obligations and to indemnify the Company for any taxes and assessments (including, but not limited to, unpaid taxes, penalties or interest) that the
Company may be required to pay as a result of the Parties’ agreed-upon tax treatment of the Separation Obligations or Debney’s (or Debney’s advisors’) failure to pay required taxes or other assessments on any portion of the
Separation Obligations. The Company will issue IRS W-2 forms and 1099 forms as required by law and make all legally required deductions in connection with the Separation Obligations or other future payments
due to Debney. 
 6.    General Release by Debney. In exchange for the consideration referenced in
Paragraph 3 above, and the other terms and benefits described in this Agreement, to which Debney is not otherwise entitled, Debney voluntarily and knowingly, both individually and as a member of any class, and on behalf of Debney’s spouse,
heirs, executors, successors, administrators, and assigns, hereby releases, compromises, settles, acquits, and forever discharges the Company and its affiliates, successors, subsidiaries, and their respective officers, directors, shareholders,
agents, supervisors, and employees (jointly referred to as the “Releasees”) from any and all demands, charges, claims, actions, and damages of every nature and description that Debney legally may waive and release including, but not
limited to, any and all rights to the maximum extent permitted under certain federal and state statutory provisions, orders, and regulations prohibiting discrimination based on race, color, sex, religion, disability, age, national origin and/or
veteran status, any and all claims or damages for breach of contract, retaliation, wrongful termination, unpaid wages, defamation, whistleblowing or any other tortious or intentional misconduct, back pay, front pay, statutory liquidated damages,
compensatory and punitive damages, liabilities, suits, costs, expenses, compensation, and benefits of every nature and description, including attorneys’ fees, reinstatement, and reemployment, that Debney has now or may hereafter accrue on
account of or arising in whole or in part out of Debney’s employment by the Company or separation of that employment (the “Released Matters”). The Released Matters include, but are not limited to, violations of any and all rights
Debney may have under any and all federal, state, or local statutes, regulations, ordinances, executive orders, policies, or under common law, or any employee policy, manual, or contract of employment governing the Company’s employment
practices, including by way of non-exclusive examples, Title VII of the Civil Rights Act of 1964, as amended, the Post-Civil War Civil Rights Acts, 42 U.S.C. Sections
1981-88, the Age Discrimination in Employment Act, 29 U.S.C. Section 621 et seq. (“ADEA”), the Americans with Disabilities Act, the Rehabilitation Act of 1973, the Equal Pay Act of 1963,
Executive Order 11246, the Family and 

  
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Medical Leave Act, the Sarbanes-Oxley Act of 2002, Pub. L. No. 107-204, 116 Stat. 745, the Debney Retirement Income Security Act of 1974, the Fair
Labor Standards Act (“FLSA”), the Occupational Safety and Health Act, as amended (“OSHA”), National Labor Relations Act, Equal Pay Laws, the Massachusetts Civil Rights Act, M.G.L. c. 12§ 102 and 103, the Massachusetts
Wage Statute, M. G.L. c. 149, the Massachusetts Employment Security Law, M.G.L. c. 151A, the Massachusetts Fair Employment Practices Statute, M.G.L. c. 151B; the Massachusetts Consumer Protection Act, M.G.L. c. 93A, the Massachusetts Equal
Rights Act, M.G.L. ch. 93§§102, 103, , any local laws, codes or ordinances, amendments or regulations promulgated pursuant to any of the foregoing and/or any other federal, state, local or foreign law (statutory, regulatory, or otherwise)
that may be legally waived and released; however, the identification of specific statutes is for purposes of example only, and the omission of any identification of specific statutes or law shall not limit the scope of this general release in any
manner. This Release does not extend to and does not release (a) Debney’s rights to vested benefits under the Company’s 401(k) and NDQP Plans (b) Debney’s COBRA rights, (c) Debney’s rights to unemployment benefits
or workers compensation benefits (d) any claims which cannot be released as a matter of law (e) any claim for breach of this Agreement (f) any right to indemnification for claims of third parties pursuant to the Bylaws of the Company
and subject to the terms of the Company’s Directors and Officers insurance policies. 
 7.    Protected
Rights. This Agreement does not prevent Debney from (a) filing a charge of discrimination with the EEOC (b) reporting any information to the SEC or any other government agency or regulatory authority having jurisdiction over the
Company, or in accordance with any applicable state or federal laws providing for whistleblower protection or (c) cooperating with any governmental investigation of the Company. However, by reason of the release contained in paragraph 6 hereof,
Debney agrees that he will not seek or accept any award of damages or attorneys’ fees of any kind arising out of a charge or complaint filed by Debney, provided that this does not limit Debney’s right to recover an award from the SEC. 

8.    Release by Company. The Company releases Debney and his heirs, successors, administrators and assigns
of and from any claims that the Company has against Debney arising out of or relating to his acts or omissions while employed by the Company that are reasonably known to Company as of its date of execution of this Agreement. This Release does not
extend to and does not release (a) any claims by the Company based upon fraudulent conduct or other facts concealed by Debney from the Company or (b) any claims for breach of this Agreement. 

9.    Cooperation and Notification of Legal Process. Debney agrees to reasonably cooperate with the Company
in connection with any investigation or litigation relating to any matter as to which Debney has relevant knowledge. The Company will pay Debney’s reasonable out of pocket expenses (not including attorney’s fees) associated with attending
required meetings, depositions, trials or other legal proceedings. Debney shall provide prompt notice to the Company of any subpoena or other legal process served upon Debney relating to his performance of duties for the Company. If Debney is
required to spend time on such matters, the Company shall compensate him for actual time on such matters at an hourly rate of $360.00. 

10.    Confidentiality. Debney agrees and acknowledges that the facts and circumstances leading to this
Agreement are confidential and, as such, Debney agrees not to disclose to third Parties any facts or circumstances in or any negotiations or communications leading up to the complete execution of this Agreement, or its terms except to his spouse,
attorneys, accountants, 

  
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professional career advisors, potential new employers, and/or their agents, and/or otherwise as required by law or legal process. Debney consents to the Company’s disclosure of the terms of
this Agreement or otherwise confidential matters to the extent required by the Company’s obligations under the Federal Securities Laws or to others within the Company or outside the Company having a business need to know such matters. 

11.    Reliance. The Parties acknowledge that in deciding to sign this Agreement: 

(a)    They have relied upon their own judgment and that of the persons each has chosen to provide advice or counsel
regarding this Agreement; 
 (b)    They have had the opportunity to consult with an attorney of their own choosing
before signing this Agreement; 
 (c)    They have had a sufficient period of time to consider whether to enter into
this Agreement and to consider the terms and provisions of this Agreement; 
 (d)    No statement made by any party or
their agents has in any way unduly influenced or coerced another party to sign this Agreement; 
 (e)    Debney
represents that Debney has not filed an administrative charge, complaint, or initiated any legal or quasi-legal proceeding against or involving the Company, and, to the extent any such filing has occurred, that Debney will undertake any and all
steps necessary to obtain dismissal with prejudice of any and all said charge, complaint or proceeding; and 

(f)    This Agreement is written in a manner that is understandable to the Parties and each has read and understood all
paragraphs of this Agreement. 
 12.    Severability. Should a court of competent jurisdiction declare any
portion of this Agreement unenforceable, for whatever reason, the remainder of the Agreement will continue in full force and effect as though the Agreement does not contain the unenforceable portion. 

13.    Non-Disparagement. Debney will make no statement that a
reasonable person should realize may disparage, discredit, embarrass, humiliate, cast in a negative light, or otherwise damage the Company (or any Releasee), their businesses, or their reputations unless required to by law. This provision does not
restrict the Debney from responding fully and truthfully in a legal or other government proceeding in which Debney is under oath or responding to subpoena or otherwise required by law to cooperate with a government entity. 

Other than the previous press release by the Company announcing the separation and the proposed filing by the Company of a Form 8-K Report summarizing this agreement and filing this agreement with the SEC, the Company has no intention to make any further SEC filings or to issue any written statement that a reasonable person would believe to
be disparaging, discrediting, embarrassing, casting in negative light, or otherwise damaging Debney, his business, or his reputation unless required by law or court order or in response to a written statement by Debney. 

14.    Employment Agreement. Debney affirms that the covenants contained in paragraph 5 of the Employment
Agreement are valid and legally binding obligations which are incorporated herein by reference as essential terms of this Agreement, subject to the following 

  
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modification: The duration of Debney’s obligation not to compete against the Company in its firearms business pursuant to paragraph 5(b) of the Employment Agreement shall be two
(2) years from the Termination Date. The duration of Debney’s obligation not to compete against the Company in its outdoors business pursuant to paragraph 5(b) of the Employment Agreement shall be one (1) year from the Termination
Date. For clarity, the non-solicitation covenant in paragraph 5(c) of the Employment Agreement shall be two (2) years from the Termination Date for all businesses of the Company. Debney acknowledges that
his violation of any of these covenants will cause the Company to suffer irreparable injury and thereby entitle the Company to seek equitable and/or injunctive relief to enforce its terms. In addition, because any violation of these covenants would
be a material breach of this Agreement, the Company’s obligation to provide the Consideration referred to in paragraph 3 of this Agreement will cease upon Debney’s breach of the covenants. Debney will promptly return all books, records,
papers and other Company property to the Company as required by Paragraph 5(e) of the Employment Agreement. Debney may retain his iPhone and iPad provided that all Company confidential and proprietary information has been deleted or otherwise
secured by the Company and Debney may use his iPhone number as a personal number for his own personal paid account. 

15.    Governing Law and Venue. This Agreement will be interpreted, enforced and governed by Massachusetts
law, and any action relating to this Agreement, including a request for injunctive relief to protect either Party from irreparable harm will be maintained in a state or federal court of competent jurisdiction in Massachusetts. The Parties consent to
personal jurisdiction and venue in the courts of Massachusetts. 
 16.    Older Workers Benefit Protection Act of
1990. The Age Discrimination in Employment Act of 1968, 29 U.S.C. Sec. 621, et seq., (“ADEA”) as amended by the Older Workers Benefit Protection Act of 1990 (the “OWBPA”) and, regarding said OWBPA, Debney and the Company
intend this Agreement to be a valid waiver, knowingly and voluntarily made, of any rights or claims under the ADEA and OWBPA to the maximum extent permitted by said OWBPA and: 

(a)    that this Agreement shall not cover claims that may arise after the date on which it is executed; 

(b)    that the consideration for this Agreement is in addition to anything of value to which Debney already is entitled;

 (c)    that Debney acknowledges the Company has advised Debney in writing Debney may consult with an attorney before
signing this Agreement; 
 (d)    that Debney has been given sufficient time to decide to sign this Agreement for a
period of up to twenty-one (21) calendar days after the date on which Debney received this Agreement. Debney knowingly and voluntarily waives the remainder of the
21-day consideration period, if any, following the date Debney signed this release below. Debney has not been asked by the Company to shorten Debney’s time-period for consideration of whether to sign this
release. The Company has not threatened to withdraw or alter the benefits due Debney prior to the expiration of the 21-day period nor has the Company provided different terms to Debney because Debney has
decided to sign the release prior to the expiration of the 21-day consideration period. Debney understands that having waived some portion of the 21-day consideration
period, the Company will expedite the processing of benefits provided to Debney in exchange for signing the release; 

  
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 (e)    that Debney acknowledges Debney has the right to revoke this
Agreement within seven (7 business days after signing it, and Debney and the Company agree this Agreement shall not become “effective or enforceable” until such seven (7) business day revocation period has expired. Any revocation
within this period must be submitted, in writing and delivered pursuant to the Notice provisions of this Agreement. 

17.    Remedy for Breach of Agreement. The Parties agree that the party deemed by a court or arbitrator to
be the breaching party will pay the party adjudged to be the non-breaching party or Parties its/their costs and reasonable attorneys’ fees in any action before any agency, tribunal, court or forum, to
enforce any of this Agreement’s terms or provisions. 
 18.    Entire Agreement. Except as otherwise
provided herein, this Agreement, together with those terms of the Employment Agreement incorporated herein by reference, sets forth the entire agreement between the Parties with respect to the subject matter of this Agreement, and fully supersedes
all prior agreements or understandings. This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by Debney and a duly authorized officer of the Company, which expressly identifies the amended provision of
this Agreement. By an instrument in writing similarly executed, Debney or a duly authorized officer of the Company may waive compliance by the other Party with respect to any provision of this Agreement that such other Party was or is obligated to
comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent failure to comply or perform. No failure to exercise, failure to insist on strict adherence to, or
delay in exercising any right, remedy or power hereunder shall preclude any other or further exercise of any other right, remedy or power provided herein or by law or in equity. The Parties intend that this Agreement must be fairly and reasonably
construed in light of their intent as expressed above. 
 19.    Construction. Debney and the Company each
agree that each has had a fair opportunity to participate in the negotiation and drafting of this Agreement and that each has had the opportunity to be represented by counsel. Debney and the Company each agree that the rule of construction requiring
that ambiguities are to be resolved against the drafting party does not apply to the interpretation of this Agreement, and that no inference in favor of, or against, any party shall be drawn from the fact that one party has drafted any portion of
this Agreement. 
 20.    Counterparts and Copies. This Agreement may be executed in counterparts, and
each counterpart, when executed, shall have the efficacy of a signed original. Copies of any such counterparts may be used in lieu of the originals for any purpose and may be exchanged electronically 

21.    Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
Company’s and Debney’s respective successors, assigns, heirs, estates and representatives. Upon the Effective Date of the Spin-Off, both the Company and any successor or assign shall have the right
to enforce this Agreement and the surviving terms of the Employment Agreement. 

  
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 22.    Notices. Any notice permitted or required to be
given pursuant to this Agreement must be given in writing and delivered by registered mail or through UPS, Federal Express, or other commercial delivery service that provides a written confirmation of receipt to the following addresses (which may
themselves be modified by written notice) 
 If to the Company: 

American Outdoor Brands Corporation 

2100 Roosevelt Avenue 

Springfield, MA 01104 
 Attention:
General Counsel 
 If to Debney: 

P. James Debney 
 278 Scantic Road

 Hampden, MA 01036 
 By
signing below, Debney and the Company each acknowledge that they have carefully read and understood all of the provisions of this Agreement and that they are voluntarily entering into this Agreement. 

[SIGNATURE PAGE FOLLOWS] 

  
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	P. JAMES DEBNEY	 		 	AMERICAN OUTDOOR BRANDS CORPORATION
				
	/s/ P. James Debney                                	 		 	By:	 	 /s/ Jeffrey D.
Buchanan                                       
 
 Jeffrey D. Buchanan
 Executive Vice President, Chief
Financial Officer, Chief Administrative Officer, and Treasurer

			
	Date: February 26, 2020	 		 	Date: February 26, 2020

 [Signature Page to Separation Agreement and Release]Exhibit

Exhibit 4.8
Description of the Registrant’s Securities Registered Pursuant to 
Section 12 of the Securities Exchange Act of 1934, as amended
The summary of the general terms and provisions of the registered securities of Wayfair Inc. (“Wayfair,” “we,” or “our”) set forth below does not purport to be complete and is subject to and qualified in its entirety by reference to our Restated Certificate of Incorporation, as amended (our “certificate of incorporation”) and our Amended and Restated By-laws (our “by-laws” and, together with our certificate of incorporation, our “Charter Documents”), each of which is incorporated by reference as an exhibit to our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. We encourage you to read our Charter Documents and the applicable provisions of the General Corporation Law of the State of Delaware (the “DGCL”) for additional information.
General
Our authorized capital stock consists of 500,000,000 shares of Class A common stock, par value $0.001 per share (the “Class A common stock”), 164,000,000 shares of Class B common stock, par value $0.001 per share (the “Class B common stock”) and 10,000,000 shares of preferred stock, par value $0.001 per share. 
Common Stock 
Only our Class A common stock is registered under Section 12 of the Securities Exchange Act of 1934, as amended. 
Dividends
Subject to preferences that may be applicable to any outstanding shares of preferred stock and to the extent permitted by the Charter Documents, holders of common stock are entitled to receive ratably such dividends as may be declared by our board of directors out of funds legally available for that purpose. If a dividend is declared, it will be distributed pro rata to common stockholders on a per share basis.
Voting
Under the provisions of our certificate of incorporation, holders of our Class A common stock are entitled to one vote for each share of Class A common stock held by such holder on any matter submitted to a vote at a meeting of stockholders, and holders of our Class B common stock are entitled to ten votes for each share of Class B common stock held by such holder on any matter submitted to a vote at a meeting of stockholders. Our certificate of incorporation does not provide cumulative voting rights to holders of our common stock. The approval of corporate actions may also require the approval of the holders of any series of our preferred stock; however, our Class A common stock and Class B common stock will be the only type of capital stock entitled to vote in the election and removal of directors and other matters presented to our stockholders from time to time, unless we issue voting preferred stock or our certificate of incorporation or the law requires otherwise.
 
Our by-laws provide that, except as required by law or our Charter Documents, all matters will be decided by the vote of the majority of the votes properly cast for such matter. 
Other Rights
In the event of our liquidation, dissolution or winding up, the holders of Class A common stock and Class B common stock are entitled to share ratably in all assets and funds available for distribution to common stockholders, subject to the prior distribution rights of preferred stock then outstanding. Holders of Class A common stock have no preemptive, conversion or subscription rights. Holders of Class B common stock have the right to convert Class B shares into an equal number of shares of Class A common stock. Shares of Class B common stock shall automatically convert to an equal number of shares of Class A common stock if the shares of Class B common stock are ever 

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transferred, except for transfers to permitted transferees for tax or estate planning purposes. There are no redemption or sinking fund provisions applicable to the common stock. There are no restrictions on the alienability of Class A common stock. We may issue additional shares of common stock, if authorized by our board of directors, without the common stockholders’ approval, unless required by Delaware law or the stock exchange on which our securities are traded. The issuance of additional shares could have the effect of diluting any earnings per share and the book value per share of outstanding shares of common stock. If we receive the appropriate payment, shares of common stock that we issue will be fully paid and nonassessable.
Preferred Stock
Our board of directors has the authority, without further action by our stockholders, to designate and issue up to 10,000,000 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 such time as 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.

No shares of preferred stock are outstanding as of the date of our Annual Report on Form 10-K with which this Exhibit 4.8 is filed as an exhibit.
Anti-Takeover Effects of Delaware Law and Provisions of our Charter Documents
Certain provisions of the DGCL and our Charter Documents contain provisions that could have the effect of delaying, deferring or discouraging another party from acquiring control of us. These provisions, which are summarized below, are expected to discourage certain types of coercive takeover practices and inadequate takeover bids. These provisions are also designed in part to encourage anyone seeking to acquire control of us to first negotiate with our board of directors. We believe that the advantages gained by protecting our ability to negotiate with any unsolicited and potentially unfriendly acquirer outweigh the disadvantages of discouraging such proposals, including those priced above the then-current market value of our common stock, because, among other reasons, the negotiation of such proposals could improve their terms. 
Charter Document Provisions 
Our Charter Documents include a number of provisions that could deter hostile takeovers or delay or prevent changes in control of our board of directors or management team, including the following:

		
	•
	the ability of our Board to increase or decrease the size of the Board without stockholder approval; 

		
	•
	advance notice requirements for the nomination of candidates for election to our Board and for proposals to be brought before our annual meeting of stockholders; 

		
	•
	authorization of our Board to designate the terms of and issue new series of preferred stock without stockholder approval; 

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	•
	non-cumulative voting for directors; 

		
	•
	establish that our board of directors is divided into three classes—Class I, Class II and Class III—with each class serving staggered terms; and 

		
	•
	limitations on the ability of our stockholders to call special meetings of stockholders.

Delaware Anti-Takeover Statute 
We are subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. In general, Section 203 prohibits a publicly held Delaware corporation from engaging, under certain circumstances, in a business combination with an interested stockholder for a period of three years following the date the person became an interested stockholder unless: 
		
	•
	prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which 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 commenced, excluding for purposes of determining the voting stock outstanding, but not for determining the outstanding voting stock owned by the interested stockholder, (1) shares owned by persons who are directors and also officers and (2) shares owned by 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 

		
	•
	at or subsequent to the date of the transaction, the business combination is approved by the board of directors of the corporation and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

Generally, a business combination includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An interested stockholder is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested stockholder status, did own 15% or more of a corporation’s outstanding voting stock. We expect the existence of this provision to have an anti-takeover effect with respect to transactions our board of directors does not approve in advance. We also anticipate that Section 203 of the DGCL may discourage business combinations or other attempts that might result in a premium over the market price for the shares of common stock held by our stockholders. 
The provisions of Delaware law and our Charter Documents could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, may also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests. 

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