Document:

EX-10.34

 Exhibit 10.34 

EXECUTION VERSION 

LIMITED WAIVER AND FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT 

THIS LIMITED WAIVER AND FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT, dated as of October 28, 2019 (this
“Agreement”), is entered into among FREIGHTCAR AMERICA, INC., a Delaware corporation (the “Company”), JAC OPERATIONS, INC., a Delaware corporation (“JAC”), FREIGHT CAR SERVICES,
INC., a Delaware corporation (“FCS”), JOHNSTOWN AMERICA, LLC, a Delaware limited liability company (“Johnstown”), FREIGHTCAR RAIL SERVICES, LLC, a Delaware limited liability company
(“FCRS”), FREIGHTCAR ROANOKE, LLC, a Delaware limited liability company (“Roanoke”), FREIGHTCAR ALABAMA, LLC, a Delaware limited liability company (“Alabama”) (each of the
Company, JAC, FCS, Johnstown, FCRS, Roanoke, and Alabama, may be referred to herein individually, as a “Borrower” and collectively, as the “Borrowers”), FREIGHTCAR SHORT LINE, INC., a Delaware
corporation (“FCSL”) and FCAI HOLDINGS, LLC, a Delaware limited liability company (“FCAI” and with FCSL, the “Guarantors”) (collectively, together with the Borrowers, the
“Loan Parties”) and BMO HARRIS BANK N.A., as Lender (in such capacity, together with its successors and assigns in such capacity, the “Lender”). 

Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement (as defined
below). 
 RECITALS 

WHEREAS, the Loan Parties and the Lender are parties to that certain Credit and Security Agreement, dated as of April 12, 2019 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, a Dominion Trigger Period is currently in effect pursuant to the definition thereof in Section 1.01 of the Credit Agreement
pursuant to clause (ii) of such definition; 
 WHEREAS, pursuant to the terms of the Credit Agreement, such Dominion Trigger Period
shall continue until the date that (i) no Event of Default has occurred and is continuing and not waived, (ii) Adjusted Excess Availability has been greater than or equal $25,000,000 for thirty (30) consecutive days (the
“Availability Condition”) and (iii) the Outstanding Amount of Revolving Loans has been less than or equal to $10,000,000 for thirty (30) consecutive days; 

WHEREAS, the Loan Parties have requested and, subject to the terms and conditions set forth herein, the Lender has agreed to (i) waive
the Availability Condition with respect to the Dominion Trigger Period in effect on the date hereof and (ii) amend the Credit Agreement as set forth herein; 

NOW, THEREFORE, in consideration of the agreements contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT 

1. Limited Waiver. Subject to satisfaction of the conditions precedent set forth in Section 3 hereof and solely with respect to
the Dominion Trigger Period in effect as of the date hereof, the Lender hereby waives the Availability Condition and any obligations of the Loan Parties or any of their Subsidiaries that resulted solely from such Dominion Trigger Period. The waiver
set forth in this Section 1 is effective solely for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (w) waive, release, modify or limit any Loan Party’s obligations to otherwise
comply with any other terms and conditions of the Credit Agreement and the other Loan Documents, (x) except as 

 
expressly provided herein, be a consent to any amendment, waiver or modification of any term or condition of the Credit Agreement or of any other Loan Document, (y) waive any future Event of
Default or (z) prejudice any right or rights that the Lender may have or may have in the future under or in connection with the Credit Agreement or any other Loan Document, except as expressly provided herein. For the avoidance of doubt, as a
result of the foregoing waiver of the Availability Condition, no Dominion Trigger Period shall be deemed to be in effect as of the First Amendment Effective Date. 

2. Amendments to Credit Agreement. 

(a) Section 1.01 of the Credit Agreement is hereby amended by adding the following new defined terms to Section 1.01
of the Credit Agreement in the appropriate alphabetical order: 
 “First Amendment Effective Date” means
October 28, 2019. 
 “JV Payment Conditions” means, with respect to any Investment pursuant to
Section 8.03(l), the satisfaction of the following conditions: 
 (a) as of the date of any such Investment and
immediately after giving effect thereto, no Default or Event of Default has occurred and is continuing; 
 (b) Adjusted
Excess Availability (after giving Pro Forma Effect to such Investment) during the thirty (30) consecutive day period ending on and including the date of such Investment shall be not less than $30,000,000; and 

(c) the Lender shall have received a certificate of a Responsible Officer of the Borrower Agent certifying as to compliance
with the preceding clauses and demonstrating (in reasonable detail) the calculations required thereby. 
 (b)
Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of “Adjusted Excess Availability” in its entirety and replacing it with the following: 

“Adjusted Excess Availability” means, at any time of calculation, the sum of (a) Excess Availability
plus (b) (x) for the period commencing on the First Amendment Effective Date and continuing until the earlier of (1) January 31, 2020 and (2) the date of the first Borrowing following the First Amendment Effective Date,
Qualified Unrestricted Cash, and thereafter (y) the lesser of (1) Qualified Unrestricted Cash of the Borrowers and (2) $12,500,000. 

(c) Sections 2.06(b)(i), 2.06(b)(iii), 2.06(b)(iv) and 8.13 of the Credit Agreement are hereby amended to replace the term
“Designated Joint Venture Entities” with the term “Designated Entities”. 
 (d) Section 8.03 of the
Credit Agreement is hereby amended: 
 (i) by deleting Section 8.03(j) in its entirety and replacing it with the
following: 
 “(j) Investments in Designated Entities in an amount not to exceed $25,000,000 in the aggregate during the
term of this Agreement less any amounts utilized pursuant to Section 8.03(l), so long as the Payment Conditions are satisfied with respect thereto; provided that to the extent Average Excess Availability (after giving Pro Forma
Effect to such Investment) during the thirty (30) consecutive day period ending on and 

  
 2 

 
including the date of such Investment is greater than the greater of (x) 25.0% of the Revolving Credit Facility and (y) $12,500,000, at the time of any such Investment, then only clauses
(a) and (d) of the definition of Payment Conditions shall be required to be satisfied at the time of such Investment;”; 

(ii) by deleting “.” at the end of Section 8.03(k) and replacing it with “; and”; and 

(iii) by inserting a new clause (l) to read as follows: 

“(l) Investments in Designated Entities in an amount not to exceed $6,000,000 in the aggregate to the extent made on or
prior to January 31, 2020, so long as the JV Payment Conditions are satisfied with respect thereto.” 
 3. Effectiveness;
Conditions Precedent. This Agreement shall be effective upon the satisfaction of the following conditions precedent (such date, the “First Amendment Effective Date”): 

(a) Receipt by the Lender of the executed counterparts of this Agreement executed by Loan Parties and the Lender. 

(b) The representations and warranties contained in Article VI of the Credit Agreement and each other Loan Document, shall be
true and correct in all material respects, except (i) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date,
(ii) to the extent that such representations and warranties are qualified by materiality or Material Adverse Effect, in which case they shall be true and correct in all respects, and (iii) the representations and warranties contained in
subsections (a) and (b) of Section 6.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 7.01 of the Credit Agreement. 
 (c) Borrowers shall have paid all fees, charges and
disbursements of counsel to the Lender (directly to such counsel if requested by the Lender) pursuant to the Credit Agreement to the extent invoiced at least one (1) Business Day prior to or on the date hereof. 

4. Reaffirmation by Loan Parties. 

(a) All the Loan Documents are hereby ratified, approved, reaffirmed and confirmed in all respects. Without limiting the
foregoing, each of the Borrowers and the other Loan Parties, as debtors, grantors, pledgors, guarantors, assignors, or in other similar capacities in which such parties grant liens or security interests in their properties or otherwise act as
accommodation parties or guarantors, as the case may be, under the Loan Documents, hereby ratifies and reaffirms all of its payment and performance obligations and obligations to indemnify, contingent or otherwise, under each of such Loan Documents
to which such party is a party, and each such party hereby ratifies and reaffirms its grant of liens on or security interests in its properties pursuant to such Loan Documents to which it is a party as security for the Obligations under or with
respect to the Credit Agreement, and confirms and agrees that such liens and security interests hereafter secure all of the Obligations, including, without limitation, all additional Obligations hereafter arising or incurred pursuant to or in
connection with this Agreement, the Credit Agreement or any other Loan Document. The Borrowers and other Loan Parties each further agrees and reaffirms that the Loan Documents to which it is a party now apply to all Obligations as defined in the
Credit Agreement, (including, without limitation, all additional 

  
 3 

 
Obligations hereafter arising or incurred pursuant to or in connection with this Agreement, the Credit Agreement or any other Loan Document). Each such party (i) further acknowledges receipt
of a copy of this Agreement and all other agreements, documents, and instruments executed and/or delivered in connection herewith and (ii) consents to the terms and conditions of same. 

(b) Neither the Borrowers nor any other Loan Party has any rights of offset, defenses, claims, counterclaims or challenges
against the payment of any sums owing under the Loan Documents, or the enforcement of any of the terms or conditions thereof as of the date hereof. Each of the Borrowers and the other Loan Parties further agrees that, to the extent any such offset,
defenses, claims, counterclaims or challenges against the payment of any sums owing under the Loan Documents, or the enforcement of any of the terms or conditions thereof of any kind exists as of the date hereof, each of the Borrowers and the other
Loan Parties hereby waives and releases each and all of them in consideration for the Lender entering into this Agreement. 

(c) Neither this Agreement nor any other agreement executed in connection herewith or pursuant to the terms hereof, nor any
actions taken pursuant to this Agreement or such other agreement shall be deemed to waive or cure any Default or any other Events of Default which may now or hereafter exist under the Loan Documents (other than the waiver pursuant to Section 1
hereof) or of any rights or remedies in connection therewith or with respect thereto, it being the intention of the parties hereto that the obligations of Loan Parties under the Loan Documents are and shall remain in full force and effect. 

5. No Waiver; Loan Documents. 

(a) Other than the waiver pursuant to Section 1 hereof, nothing contained herein shall be deemed to constitute a waiver of
compliance with any term or condition contained in the Credit Agreement or any of the other Loan Documents and shall not be deemed to prejudice any right or rights which the Lender may now have or may have in the future under or in connection with
any Loan Documents or any of the instruments or agreements referred to therein, as the same may be amended from time to time. 

(b) Except as expressly stated herein, the Lender reserves all rights, privileges and remedies under the Loan Documents, and
the Credit Agreement and other Loan Documents remain unmodified and in full force and effect in accordance with their terms. This Agreement is a Loan Document, and, together with the other Loan Documents, incorporates all negotiations of the parties
hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof. This Agreement shall not be deemed or construed to be a satisfaction, reinstatement, novation
or release of the Credit Agreement or any other Loan Document, nor, is it to be construed as a release, waiver or modification of any of the terms, conditions, representations, warranties or covenants set forth in the Loan Documents, except as
expressly stated herein. Other than the waiver pursuant to Section 1 hereof, nothing contained in this Agreement shall constitute a waiver of any rights or remedies of the Lender under the Loan Documents, in equity or at law. 

6. Representations and Warranties. Each Loan Party represents and warrants as follows: 

(a) It has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of
this Agreement. 
 (b) This Agreement has been duly executed and delivered by such Loan Party and constitutes its legal,
valid and binding obligation, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’ rights
generally and general principles of equity (whether considered in a proceeding in equity or law). 

  
 4 

 (c) No approval, consent, exemption, authorization, or other action by, or
notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by such Loan Party of this Agreement, other than those that have been duly obtained or made
and which are in full force and effect, or if not obtained or made, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

(d) The execution and delivery of this Agreement does not (i) contravene the terms of its Organization Documents or
(ii) violate any material applicable Law, except, with respect to the foregoing clause (ii), to the extent such contravention could not reasonably be expected to have a Material Adverse Effect. 

(e) After giving effect to this Agreement (i) the representations and warranties set forth in Article VI of the
Credit Agreement and in each other Loan Document, are true and correct in all material respects (except to the extent such representations and warranties are already qualified by materiality or Material Adverse Effect, which representations and
warranties shall be true and correct in all respects) as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date, in which case they are true and correct in all material respects as of
such earlier date and (ii), no Default or Event of Default exists as of the date hereof. 
 (f) After giving effect to this
Agreement and the other transactions related thereto, Company and its Subsidiaries, on a consolidated basis, are Solvent. 

(g) Since the Closing Date, (i) no new Loan Parties or Subsidiaries have been formed or acquired, other than FCAI and
Designated Entities, (ii) the address of the principal place of business, the chief executive office and the location of books and records of each Loan Party has not changed, and (iii) no Loan Party has changed its name or jurisdiction of
organization. 
 7. Release. Each Loan Party hereby remises, releases, acquits, satisfies and forever discharges the Lender, its
affiliates, agents, employees, officers, directors, members, shareholders, partners, predecessors, attorneys, other advisors and all other Persons acting or purporting to act on behalf of or at the direction of the Lender (the foregoing,
collectively, the “Releasees”), of and from any and all manner of actions, causes of action, suit, debts, accounts, covenants, contracts, controversies, agreements, variances, damages, judgments, claims and demands
whatsoever, in law or in equity, and whether known or unknown, in each case, which any of such parties ever had, now has or, to the extent arising from or in connection with any act, omission or state of facts relating to, or in connection with or
arising out of the Loan Documents or the transactions contemplated thereby and taken or existing on or prior to the date hereof. Without limiting the generality of the foregoing, each Loan Party waives and affirmatively agrees not to allege or
otherwise pursue any defenses, affirmative defenses, counterclaims, claims, causes of action, setoffs or other rights they do, shall or may have as of the date hereof relating to, or in connection with or arising out of the Loan Documents or the
transactions contemplated thereby, including, but not limited to, the rights to contest: (a) the right of the Lender to exercise its rights and remedies described in this Agreement, the Credit Agreement or the other Loan Documents; (b) any
provision of this Agreement, the Credit Agreement or the other Loan Documents; or (c) the conduct of the Lender or any other Releasees relating to, in connection with, or arising out of the Credit Agreement or any of the other Loan Documents on
or prior to the date hereof. 

  
 5 

 8. Counterparts. This Agreement may be executed in any number of counterparts, each
of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of executed counterparts of this Agreement by facsimile or other secure electronic format (.pdf) shall be effective
as an original. 
 9. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. The terms and provisions of Sections 10.13
(“Governing Law; Jurisdiction; Etc.”) and 10.14 (“Waivers of Jury Trial”) of the Credit Agreement are hereby incorporated herein by reference, mutatis mutandis, with the same force and effect as if fully set forth herein, and the
parties hereto agree to such terms. 
 10. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted by the Credit Agreement. 
 11. Headings. The headings of the
sections hereof are provided for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 

12. Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, (a) the legality, validity
and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
 13. Loan Document. This Agreement constitutes a “Loan Document” under and defined in the Credit
Agreement and is subject to the provisions therein regarding Loan Documents. 
 [Signature pages follow] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written. 
  

			
	BORROWERS:
	
	FREIGHTCAR AMERICA, INC.
		
	By:	 	 /s/ Chris Eppel

	Name: Chris Eppel
	Title: Chief Financial Officer
	
	JAC OPERATIONS, INC.
		
	By:	 	 /s/ Chris Eppel

	Name: Chris Eppel
	Title: Chief Financial Officer
	
	FREIGHT CAR SERVICES, INC.
		
	By:	 	 /s/ Chris Eppel

	Name: Chris Eppel
	Title: Chief Financial Officer
	
	JOHNSTOWN AMERICA, LLC
		
	By:	 	 /s/ Chris Eppel

	Name: Chris Eppel
	Title: Chief Financial Officer
	
	FREIGHTCAR RAIL SERVICES, LLC
		
	By:	 	 /s/ Chris Eppel

	Name: Chris Eppel
	Title: Chief Financial Officer

  
 [Signature Page to
Limited Waiver and First Amendment to Credit and Security Agreement] 

 
			
	FREIGHTCAR ROANOKE, LLC
		
	By:	 	 /s/ Chris Eppel

	Name: Chris Eppel
	Title: Chief Financial Officer
	
	FREIGHTCAR ALABAMA, LLC
		
	By:	 	 /s/ Chris Eppel

	Name: Chris Eppel
	Title: Chief Financial Officer
	
	GUARANTORS:
	
	FREIGHTCAR SHORT LINE, INC.
		
	By:	 	 /s/ Chris Eppel

	Name: Chris Eppel
	Title: Chief Financial Officer
	
	FCAI HOLDINGS, LLC
		
	By:	 	 /s/ Chris Eppel

	Name: Chris Eppel
	Title: Chief Financial Officer

  
 [Signature Page to
Limited Waiver and First Amendment to Credit and Security Agreement] 

 
			
	LENDER:
	
	BMO HARRIS BANK N.A., as Lender
		
	By:	 	 /s/ Jason Hoefler

	Name: Jason Hoefler
	Title: Managing Director

  

  
 [Signature Page to
Limited Waiver and First Amendment to Credit and Security Agreement]Exhibit

Exhibit 4.1

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

As of December 31, 2019, Parker Drilling Company (“Parker,” the “Company,” “we,” “us,” and “our”) had one class of common stock, par value $0.01, registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

The following description of our common stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our amended and restated certificate of incorporation (as amended, the “Certificate of Incorporation”) and our amended and restated bylaws (the “Bylaws”), each of which is incorporated herein by reference as an exhibit to the Annual Report on Form 10-K filed with the Securities and Exchange Commission, of which this Exhibit 4.1 is a part. We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the General Corporation Law of the State of Delaware (the “DGCL”) for additional information.

Authorized Capital Stock

Our Certificate of Incorporation currently authorizes our Board of Directors to issue 500,000,000 shares of common stock, par value $0.01 per share. As of February 28, 2020, 15,044,676 shares of our common stock were issued and outstanding. There are no redemption or sinking fund provisions applicable to our common stock and the shares of our common stock are not convertible into any of Parker’s other securities. All outstanding shares of our common stock are fully paid and non-assessable. 

Dividend Rights

The DGCL and our Certificate of Incorporation do not require our Board of Directors to declare dividends on our common stock. Holders of our common stock may receive such dividends as our Board of Directors may declare in its discretion out of legally available funds. Our payment of dividends on our common stock in the future will be determined by our Board of Directors in its sole discretion and will depend on business conditions, our financial condition, earnings and liquidity, and other factors.

Voting Rights

Our Certificate of Incorporation provides that, except as may otherwise be provided in the Certificate of Incorporation (including any designation relating to any outstanding series of preferred stock) or by applicable law, each holder of shares of common stock, as such, shall be entitled to one vote for each share of common stock held of record by such holder on all matters on which stockholders generally are entitled to vote and the common stock shall have the exclusive right to vote for the election of directors and all other matters properly submitted to a vote of the stockholders. Under our Bylaws, those nominees who, in an election of directors, receive a plurality of the votes cast by the stockholders present in person or represented by proxy at the meeting and entitled to vote thereon shall be elected. All other matters properly submitted to a vote of the stockholders shall be decided by the vote of the holders of a majority of the voting power of the shares entitled to vote thereon present in person or by proxy at the meeting, unless otherwise provided by law, rule or regulation, including any stock exchange rule or regulation, applicable to Parker. Holders of our common stock do not possess cumulative voting rights. 

Liquidation Rights

In the event of any liquidation, dissolution or winding up of Parker, the holders of our common stock would be entitled to, after payment or provision for payment of all of our debts and liabilities, share equally in all of our assets available for distribution. Holders of our preferred stock, if any such shares are then outstanding, may have a priority over the holders of common stock in the event of any liquidation or dissolution.

Listing
    
On December 31, 2019, our common stock was traded on the NYSE under the trading symbol “PKD.” As described above, on January 29, 2019, Parker filed a Form 25 with the SEC to give the NYSE notice of our intention to voluntarily delist our common stock and withdraw its registration with the SEC. As a result, our common stock was delisted from the NYSE on February 10, 2020 and has ceased trading on the NYSE.

Preferred Stock

Our Board of Directors has the authority, without action by our stockholders, to designate and issue preferred stock in one or more series or classes, with each such series to consist of such number of shares and to have such voting powers, full or limited, or no voting powers, and such designations, preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions thereof, as shall be stated in the resolution or resolutions providing for the issuance of such series adopted by our Board of Directors.  It is not possible to state the actual effect of the issuance of any shares of preferred stock upon the rights of holders of our common stock until our Board of Directors determines the specific rights of the holders of the preferred stock. However, the effects might include:
		
	•
	restricting dividends on our common stock;

		
	•
	diluting the voting power of our common stock;

		
	•
	impairing liquidation rights of our common stock; or

		
	•
	delaying or preventing a change in control of us without further action by our stockholders.

Anti-Takeover Provisions
Some provisions of Delaware law, the Certificate of Incorporation and the Bylaws summarized below could make certain change of control transactions more difficult, including acquisitions of Parker by means of a tender offer, proxy contest or otherwise, as well as removal of the incumbent directors. These provisions may have the effect of preventing changes in management. It is possible that these provisions would make it more difficult to accomplish or deter transactions that a stockholder might consider in his or her best interest, including those attempts that might result in a premium over the market price for the common stock.
Business Combinations under Delaware Law
Parker has opted out of Section 203 of the DGCL.
Number and Election of Directors
The Certificate of Incorporation provides that the Board shall initially be comprised of seven directors, with the number of directors to be fixed from time to time by resolution adopted by a majority of the total number of directors the Board would have if there were no vacancies.
The Bylaws provide that special meetings of stockholders may be called only by (i) the chairman of the Board, (ii) the Board pursuant to a resolution adopted by the majority of the Board or (iii) the secretary of Parker upon the delivery of a written request to Parker by the holders of at least a majority of the outstanding shares of common stock in the manner provided in the Bylaws.
Amendments to the Bylaws
The Bylaws may be amended or repealed or new bylaws may be adopted (i) by action of the Board or (ii) without action of the Board, by the affirmative vote of the holders of a majority of the voting power of all outstanding shares of common stock entitled to vote generally in the election of directors.
Other Limitations on Stockholder Actions
Advance notice is required for stockholders to nominate directors or to submit proposals for consideration at meetings of stockholders. These procedures provide that notice of stockholder proposals must be timely given in writing to the corporate secretary prior to the meeting at which the action is to be taken. Generally, to be timely, notice must be received at the principal executive offices not less than 90 days nor more than 120 days prior to the anniversary of the immediately preceding annual meeting of stockholders. The Bylaws specify in detail the requirements as to form and content of all stockholder notices. These requirements may preclude stockholders from bringing matters before the stockholders at an annual or special meeting. The Bylaws also describe certain criteria for when stockholder-requested meetings need not be held.    
Directors may be removed from office at any time by the affirmative vote of holders of at least a majority of the outstanding shares of common stock entitled generally to vote in the election of directors.
Newly Created Directorships and Vacancies on the Board

Under the Bylaws, any newly created directorships resulting from any increase in the number of directors and any vacancies on the Board for any reason may be filled solely by a majority vote of the directors then in office, even if less than a quorum, or by a sole remaining director (and not by stockholders).
No Cumulative Voting
The Certificate of Incorporation provides that there will be no cumulative voting in the election of directors.
Authorized but Unissued Shares
Under Delaware law, Parker’s authorized but unissued shares of common stock are available for future issuance without stockholder approval. Parker may use these additional shares of common stock for a variety of corporate purposes, including future public offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued shares of common stock could render more difficult or discourage an attempt to obtain control of Parker by means of a proxy contest, tender offer, merger or otherwise.
Exclusive Forum 
Our Certificate of Incorporation provides that, subject to limited exceptions, the Court of Chancery in the State of Delaware (or, if and only if the Court of Chancery lacks subject matter jurisdiction, the federal district court for the District of Delaware) will be the sole and exclusive forum for any: (i) derivative action or proceeding brought on our behalf; (ii) action asserting a claim of breach of fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders; (iii) action asserting a claim against us arising pursuant to any provision of the Delaware General Corporation Law, our certificate of incorporation, our bylaws or as to which the Delaware General Corporation Law confers jurisdiction on the Court of Chancery; or (iv) action asserting a claim against us that is governed by the internal affairs doctrine. In addition, our certificate of incorporation provides that if any action specified above (each is referred to herein as a covered proceeding), is filed in a court other than a court located within the State of Delaware (each is referred to herein as a foreign action), the claiming party will be deemed to have consented to (i) the personal jurisdiction of state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce the exclusive forum provision described above and (ii) having service of process made upon such claiming party in any such enforcement action by service upon such claiming party’s counsel in the foreign action as agent for such claiming party. These provisions may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage such lawsuits against us and our directors, officers and employees. Alternatively, if a court were to find these provisions of our a certificate of incorporation inapplicable to, or unenforceable in respect of, one or more of the covered proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business and financial condition.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]