Document:

EX-4.5

 EXHIBIT 4.5 

ARTICLES OF AMENDMENT 

OF ARTICLES OF INCORPORATION 

CONTAINING THE 

DESIGNATION OF RIGHTS AND PREFERENCES OF THE 

SERIES A CONVERTIBLE PREFERRED STOCK 

OF 
 WMI HOLDINGS CORP.

 These Articles of Amendment containing the Statement of Rights and Preferences of the Series A Preferred Stock of WMI Holdings
Corp., a Washington corporation (the “Corporation”), are executed by the Corporation, pursuant to the provisions of RCW 23B.01.200, 23B.06.020 and 23B.10.060, as follows: 

1. The name of the Corporation is WMI Holdings Corp. 

2. Effective upon filing of these Articles of Amendment with the Secretary of State of Washington, a new series of preferred stock is hereby
established and designated Series A Convertible Preferred Stock (“Series A Stock”), and the preferences, limitations and relative rights of such Series A Stock shall be as set forth on Exhibit A. 

3. The date of the adoption of the amendment by the Board of Directors of the Corporation was January 29, 2014. 

4. This amendment to the Articles of Incorporation was duly adopted by the Board of Directors of the Corporation, and shareholder approval was
not required pursuant to RCW 23B.06.020(4). 
 IN WITNESS WHEREOF, the undersigned has executed these Articles of Amendment in an official
and authorized capacity under penalty of perjury this 30th day of January, 2014. 
  

					
	WMI HOLDINGS CORP.
		
	By:	 	 /s/ Charles Edward Smith

		 	Name:	 	 Charles Edward Smith

		 	Title:	 	 Interim CEO & Secretary

 EXHIBIT A 

SERIES A CONVERTIBLE PREFERRED STOCK AND DESIGNATION OF 

RIGHTS AND PREFERENCES 

There is hereby designated a series of Convertible Preferred Stock (the “Series A Preferred Stock”), consisting of One
Million (1,000,000) shares and having a par value of $0.00001 per share. The Series A Preferred Stock shall have the following rights, preferences and limitations: 

1. Defined Terms. For purposes hereof, the following terms shall have the following meanings: 

An “Affiliate” of any Person means another Person that directly, or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with, such first Person. 
 “Board” means the board of directors of
the Corporation. 
 “business day” shall mean any day other than a Saturday, Sunday or day on which banking institutions
are authorized or required by law to be closed in the State of Washington or the State of New York. 
 “Common
Stock” means the common stock, par value $0.00001 per share, of the Corporation. 
 “Common Stock
Outstanding” has the meaning set forth in Section 6.6. 
 “Conversion Price” has the meaning set forth
in Section 6.1(a). 
 “Conversion Shares” means the shares of Common Stock or other capital stock of the
Corporation then issuable upon conversion of the Shares in accordance with the terms of Section 6. 
 “Convertible
Securities” means any securities (directly or indirectly) convertible into or exchangeable for Common Stock, including any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities. 

“Corporation” means WMI Holdings Corp., a Washington corporation. 

“Date of Issuance” means, for any Share, the date on which the Corporation initially issues such Share (without regard
to any subsequent transfer of such Share or reissuance of the certificate(s) representing such Share). 
 “KKR” means KKR
Fund Holdings L.P., a Cayman Islands limited partnership. 

 “Liquidation” has the meaning set forth in Section 3.1. 

“Liquidation Value” means, with respect to any Share on any given date, $0.00001 (as adjusted for any stock splits,
stock dividends, recapitalizations or similar transaction with respect to the Series A Preferred Stock), plus all declared but unpaid dividends on all such Shares. 

“Majority Interest” has the meaning set forth in Section 4.2. 

“Per Share Price” means $11.072192. 

“Permitted Transferees” means any Affiliate of KKR. 

“Person” means an individual, corporation, partnership, joint venture, limited liability company, governmental
authority, unincorporated organization, trust, association or other entity. 
 “Securities Act” means the Securities
Act of 1933, as amended, or any successor federal statute, and the rules and regulations thereunder, which shall be in effect at the time. 

“Series A Preferred Stock” has the meaning set forth in the Preamble. 

“Share” means a share of Series A Preferred Stock. 

“Transfer Taxes” has the meaning set forth in Section 7. 

2. Dividends. If the Corporation declares or pays a dividend or distribution on the Common Stock, whether such dividend or distribution is payable in
cash, securities or other property, including the purchase or redemption by the Corporation of shares of Common Stock for cash, securities or property, the Corporation shall simultaneously declare and pay a dividend on the Shares on a pro rata basis
with the Common Stock determined on an as-converted basis assuming all Shares had been converted pursuant to Section 6 as of immediately prior to the record date of the applicable dividend (or if no record date is fixed, the date as of
which the record holders of Common Stock entitled to such dividends are to be determined). Without the written consent of a Majority Interest, the Corporation shall not declare or pay any dividends on shares of Common Stock unless the holders of the
Shares then outstanding shall simultaneously receive participating dividends on a pro rata basis as described in the immediately preceding sentence. 
 3.
Liquidation. 
 3.1 Liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the
Corporation (a “Liquidation”), the holders of Shares then 

  
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outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its shareholders, before any payment shall be made to the holders of Common Stock by
reason of their ownership thereof, an amount in cash equal to the greater of (i) the aggregate Liquidation Value of all Shares held by such holder or (ii) the amount the holders of Shares then outstanding would be entitled to if they
participated with the holders of shares of Common Stock then outstanding, pro rata as a single class based on the number of outstanding shares of Common Stock on an as-converted basis held by each holder as of immediately prior to the Liquidation,
in the distribution of all the remaining assets and funds of the Corporation available for distribution to its shareholders. 
 3.2
Insufficient Assets. If upon any Liquidation the remaining assets of the Corporation available for distribution to its shareholders shall be insufficient to pay the holders of the Shares the full amount of the aggregate Liquidation Value of
all Shares held by such holders that such holders are entitled to under Section 3.1(a)(i), then (i) the holders of the Shares shall share ratably in any distribution of the remaining assets and funds of the Corporation in proportion
to the respective full amount of the Liquidation Value which would otherwise be payable in respect of the Shares in the aggregate upon such Liquidation if all amounts payable on or with respect to such Shares were paid in full, (ii) the holders
of the Shares shall share in any distribution of the remaining assets and funds of the Corporation made to the holders of any securities pari passu to the Shares on a pro rata basis and (iii) the Corporation shall not make or agree to
make any payments to the holders of Common Stock or any securities junior to the Shares. 
 3.3 Merger, etc. For purposes of this
Section 3, the merger or consolidation of the Corporation with or into any other corporation or other entity, or the sale, conveyance, lease or other disposition of all or substantially all of the assets of the Corporation, shall not constitute
a liquidation, dissolution or winding up of the Corporation. 
 4. Voting. 

4.1 Voting Generally. Each holder of outstanding Shares shall be entitled to vote with holders of outstanding shares of Common Stock,
voting together as a single class, with respect to any and all matters presented to the shareholders of the Corporation for their action or consideration (whether at a meeting of shareholders of the Corporation, by written action of shareholders in
lieu of a meeting or otherwise) including, without limitation, with respect to any merger, consolidation or sale of control of the Corporation or a sale of all or substantially all of the assets of the Corporation. In any such vote, each Share shall
be entitled to a number of votes equal to the number of shares of Common Stock into which the Share is convertible pursuant to Section 6 herein as of the record date for such vote or written consent or, if there is no specified record
date, as of the date of such vote or written consent. Each holder of outstanding Shares shall be entitled to notice of all shareholder meetings (or requests for written consent) in accordance with the Corporation’s bylaws. 

  
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 4.2 Special Voting Rights. Without the prior written consent of holders of not less than a
majority of the then total outstanding Shares (a “Majority Interest”), voting separately as a single class with one vote per Share, in person or by proxy, either in writing without a meeting or at an annual or a special meeting of
such holders, and any other applicable shareholder approval requirements required by law, the Corporation shall not amend, alter, modify or repeal the rights, preferences and limitations of the Series A Preferred Stock (any such action or
transaction without such prior written consent being null and void ab initio and of no force or effect), provided that, for the avoidance of doubt, the prior written consent of a Majority Interest shall not be required with respect to any
merger, consolidation or sale of control of the Corporation or a sale of all or substantially all of the assets of the Corporation. Notwithstanding the foregoing, without the prior written consent of a Majority Interest, in the event of a merger for
the primary purpose of reincorporating the Company in another state or territory the Shares shall remain outstanding subject to the terms and conditions hereof. 

5. No Redemption. The Shares shall not be redeemable. 

6. Conversion. 
 6.1 Holder
Conversion 
 (a) Right to Convert. Subject to the provisions of this Section 6, at any time and from time to time
on or after the Date of Issuance, any holder of Series A Preferred Stock shall have the right by written election to the Corporation to convert all or any portion of the outstanding Shares held by such holder into an aggregate number of shares of
Common Stock as is determined by (i) dividing (x) the Per Share Price plus declared but unpaid dividends on a Share by (y) the Conversion Price in effect immediately prior to such conversion, and then (ii) multiplying the result
by the number of Shares (including any fraction of a Share) to be converted. The initial conversion price per Share (the “Conversion Price”) shall be $1.10, subject to adjustment as applicable in accordance with Section 6.6
below. 
 (b) Procedures for Holder Conversion. In order to effectuate a conversion of Shares pursuant to
Section 6.1(a), a holder shall (a) submit a written election (which election can be contingent if the contingency is a merger, consolidation or sale of control of the Corporation) to the Corporation that such holder elects to
convert Shares, the number of Shares elected to be converted and (b) surrender, along with such written election, to the Corporation the certificate or certificates representing the Shares being converted, duly assigned or endorsed for transfer
to the Corporation (or accompanied by duly executed stock powers relating thereto) (which certificates and stock powers shall be held in custody for such holder if the conversion is contingent on a merger, consolidation or sale of control of the
Corporation) or, in the event the certificate or certificates are lost, stolen or missing, accompanied by an affidavit of loss executed by the holder. The conversion of such Shares hereunder shall be deemed effective as of the date of surrender

  
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of such Series A Preferred Stock certificate or certificates or delivery of such affidavit of loss. Upon the receipt by the Corporation of a written election and the surrender of such
certificate(s) and accompanying materials, the Corporation shall as promptly as practicable (but in any event within ten (10) days thereafter) deliver to the relevant holder (a) a certificate in such holder’s name (or the name of such
holder’s designee as stated in the written election) for the number of shares of Common Stock (including any fractional share) to which such holder shall be entitled upon conversion of the applicable Shares as calculated pursuant to
Section 6.1(a) and, if applicable (b) a certificate in such holder’s (or the name of such holder’s designee as stated in the written election) for the number of Shares (including any fractional share) represented by the
certificate or certificates delivered to the Corporation for conversion but otherwise not elected to be converted pursuant to the written election. All shares of capital stock issued hereunder by the Corporation shall be duly and validly issued,
fully paid and nonassessable, free and clear of all taxes, liens, charges, encumbrances and preemptive rights with respect to the issuance thereof. If at the time of conversion the Common Stock is listed, the Corporation will procure, at its sole
expense, the listing of the shares of Common Stock, subject to issuance or notice of issuance on the principal domestic stock exchange or inter-dealer quotation system on which the Common Stock is then listed or traded. 

6.2 Mandatory Conversion. Subject to the provisions of this Section 6, if, at any time on or after the Date of Issuance,
KKR or any Permitted Transferees shall have transferred any shares of Series A Preferred Stock, other than transfers to a Permitted Transferee, such transferred shares will be automatically converted into an aggregate number of shares of Common
Stock as determined pursuant to Section 6.1(a) above. All shares of capital stock issued hereunder by the Corporation shall be duly and validly issued, fully paid and nonassessable, free and clear of all taxes, liens, charges,
encumbrances and preemptive rights with respect to the issuance thereof. 
 6.3 Effect of Conversion. All Shares converted as
provided in this Section 6 shall no longer be deemed outstanding as of the effective time of the applicable conversion and all rights with respect to such Shares shall immediately cease and terminate as of such time. 

6.4 Reservation of Stock. The Corporation shall at all times when any Shares are outstanding reserve and keep available out of its
authorized but unissued shares of capital stock, solely for the purpose of issuance upon the conversion of the Shares, such number of shares of Common Stock issuable upon the conversion of all outstanding Shares pursuant to this
Section 6, taking into account any adjustment to such number of shares so issuable in accordance with Section 6.6 hereof. The Corporation shall take all such actions as may be necessary to assure that all such shares of
Common Stock may be so issued without violation of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which shares of Common Stock may be listed (except for official notice of issuance which
shall be immediately delivered by the Corporation upon each such issuance). The Corporation shall not close its books 

  
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against the transfer of any of its capital stock in any manner which would prevent the timely conversion of the Shares, other than pursuant to any restrictions on the transfer of securities as
set forth in the Articles of Incorporation of the Corporation. 
 6.5 No Charge or Payment. The issuance of certificates for shares
of Common Stock upon conversion of Shares pursuant to Sections 6.1 and 6.2 shall be made without payment of additional consideration by, or other charge, cost or tax to, the holder in respect thereof. 

6.6 Adjustment to Conversion Price and Conversion Shares Upon Subdivision or Combination of Common Stock. The Conversion Price shall be
subject to adjustment from time to time in accordance with this Section 6.6. The term “Common Stock Outstanding” at any time shall mean the number of shares of Common Stock outstanding on a fully-diluted basis (including
the shares of Common Stock issuable in respect of all outstanding options, warrants and securities convertible into or exercisable or exchangeable for shares of Common Stock). 

(a) If the Corporation, at any time or from time to time after the Date of Issuance while any of the Shares are outstanding, effects a share
split, reverse share split, share combination or subdivision (by a recapitalization or otherwise) in respect of the Common Stock, then the Conversion Price shall be adjusted based on the following formula: 

 

									
		 		 		  		  	

		 	where	 		  		  	
					
		 		 	CP0	  	=	  	the Conversion Price in effect on the business day immediately preceding the effective date of such share split, reverse share split, share combination or subdivision, as applicable;
					
		 		 	CP1	  	=	  	the Conversion Price in effect on the effective date of such share split, reverse share split, share combination or subdivision, as applicable;
					
		 		 	OS0	  	=	  	the number of shares of Common Stock Outstanding at the close of business on the business day immediately preceding the effective date of such share split, reverse share split, share combination or subdivision, as applicable;
and
					
		 		 	OS1	  	=	  	the number of shares of Common Stock that would be Outstanding immediately after, and solely as a result of, such share split, reverse share split, share combination or subdivision, as applicable.

  
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 (b) Whenever the Conversion Price shall be adjusted as provided in this Section 6.6,
the Corporation shall forthwith file, at each office of the Corporation designated for the conversion of Series A Preferred Stock, a statement, signed by an authorized officer of the Corporation, showing in reasonable detail the facts requiring such
adjustment and the Conversion Price that shall be in effect after such adjustment and the Corporation shall also cause a copy of such statement to be sent by mail, first class postage prepaid, to each holder of Shares at the address appearing in the
Corporation’s records. 
 7. Transfer Taxes. The issue of (a) the Series A Preferred Stock and (b) shares of Common Stock upon
conversion of the Series A Preferred Stock shall each be made without charge to any holder of shares of Series A Preferred Stock for any transfer, documentary, stamp, sales, use, registration, issue or similar tax (“Transfer Taxes”)
or other incidental expense in respect of the issuance of such certificates, all of which Transfer Taxes and expenses shall be paid by the Corporation; provided, however, that the Corporation shall not be required to pay any tax which may be payable
in respect of any transfer involved in the issuance or delivery of shares of Common Stock in a name other than that of the holder of the Series A Preferred Stock to be converted, and no such issuance or delivery shall be made unless and until the
person requesting such issuance or delivery has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid. 

8. Notices. Except as otherwise provided herein, all notices, requests, consents, claims, demands, waivers and other communications hereunder shall be
in writing and shall be deemed to have been given: (a) when delivered by hand on a business day; (b) when received by the addressee if sent by a nationally recognized overnight courier; (c) on the business day sent by facsimile or
e-mail of a PDF document if sent prior to 5:00 PM (New York time), and on the next business day if sent after; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such
communications must be sent (a) to the Corporation, at its principal executive offices and (b) to any shareholder, at such holder’s address at it appears in the stock records of the Corporation (or at such other address for a
shareholder as shall be specified in a notice given in accordance with this Section 8). 
 9. Amendment and Waiver. No provision of this
Designation of Rights and Preferences may be amended, modified or waived except by an instrument in writing executed by the Corporation and a Majority Interest, and any such written amendment, modification or waiver will be binding upon the
Corporation and each holder of Shares. 

  
 7EX-4.6

 EXHIBIT 4.6 
  

 
 See Restrictions on Reverse Side 
Certificate Number 1 
No. of Shares 1,000,000 
WMI Holdings Corp. 
Organized Under the Laws of the State of Washington 
Authorized Shares: 500,000,000 Common and 5,000,000 Preferred - $0.00001 Par Value 
This
certifies that KKR Fund Holdings L.P. is the holder of One Million (1,000,000) shares of the Series A Convertible Preferred Stock of this corporation. This certificate and the shares it represents are registered and transferable only on the
stock transfer books of the corporation pursuant to authorization on document of transfer made by the holder of this certificate or the legal representative or attorney-in-fact of the holder. 
Issued as of the day of January, 2014. 
President Secretary 

 THE TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS SUBJECT TO OWNERSHIP RESTRICTIONS PURSUANT TO ARTICLE VI OF
THE ARTICLES OF INCORPORATION OF WMI HOLDINGS CORP. REPRINTED IN SUBSTANTIAL PART ON THE RIDER ATTACHED HERETO AND INCORPORATED BY REFERENCE INTO THIS CERTIFICATE. THE CORPORATION WILL FURNISH A COPY OF ITS ARTICLES OF INCORPORATION TO THE HOLDER OF
RECORD OF THIS CERTIFICATE WITHOUT CHARGE UPON A WRITTEN REQUEST ADDRESSED TO THE CORPORATION AT ITS PRINCIPAL PLACE OF BUSINESS. 
 THE SECURITIES
REPRESENTED BY THIS CERTIFICATE OR CONFIRMATION HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. 
 ANY VOLUNTARY OR INVOLUNTARY ATTEMPT TO, DIRECTLY OR
INDIRECTLY, OFFER, SELL, ASSIGN, TRANSFER, GRANT A PARTICIPATION IN, PLEDGE, HYPOTHECATE OR OTHERWISE ENCUMBER OR DISPOSE OF, INCLUDING, WITHOUT LIMITATION, BY WAY OF ENTRY INTO ANY SWAP OR OTHER AGREEMENT OR TRANSACTION THAT HEDGES OR TRANSFERS, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, THE ECONOMIC CONSEQUENCE OF OWNERSHIP OF THE SECURITIES REPRESENTED HEREBY, OR THE CONSUMMATION OF ANY SUCH TRANSACTIONS, IS SUBJECT TO THE TERMS AND CONDITIONS OF THAT CERTAIN INVESTOR RIGHTS AGREEMENT,
DATED AS OF JANUARY     , 2014, BY AND BETWEEN WMI HOLDINGS CORP. AND KKR FUND HOLDINGS L.P. 
 THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THAT CERTAIN INVESTMENT AGREEMENT, DATED AS OF JANUARY     , 2014, BY AND AMONG WMI HOLDINGS CORP., KKR FUND HOLDINGS L.P. AND KKR MANAGEMENT HOLDINGS L.P.,
INCLUDING, BUT NOT LIMITED TO, CERTAIN DIVIDEND, LIQUIDATION, VOTING, CONVERSION AND OTHER PROVISIONS SET FORTH IN THAT CERTAIN DESIGNATION OF RIGHTS AND PREFERENCES OF THE SERIES A CONVERTIBLE PREFERRED STOCK OF WMI HOLDINGS CORP., AND THAT CERTAIN
INVESTOR RIGHTS AGREEMENT, DATED JANUARY     , 2014, BY AND BETWEEN WMI HOLDINGS CORP. AND KKR FUND HOLDINGS L.P. WMI HOLDINGS CORP. WILL FURNISH TO ANY SHAREHOLDER (INCLUDING THE HOLDER OF RECORD OF THIS CERTIFICATE) UPON
REQUEST AND WITHOUT CHARGE, A FULL STATEMENT OF THE DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH
PREFERENCES AND/OR RIGHTS, AND ANY OTHER INFORMATION REQUIRED BY SECTION 23B.06.250(3) OF THE REVISED CODE OF WASHINGTON. 

 RIDER TO 

SERIES A CONVERTIBLE 

PREFERRED STOCK CERTIFICATE 

OF WMI HOLDINGS CORP. 

Reprint in Substantial Part of Article VI 

of the Articles of Incorporation 
  

	1.	 Definitions. As used herein, the following capitalized terms shall have the following respective meanings (and any references to any portions
of Treasury Regulation Section 1.382-2T shall include any successor provision thereto). “Acquire” means the acquisition, directly or indirectly, of ownership of Corporation Securities by any means, including, without
limitation, (i) the exercise of any rights under any option, warrant, convertible security, pledge or other security interest or similar right to acquire shares, (ii) the entering into of any swap, hedge or other arrangement that results
in the acquisition of any of the economic consequences of ownership of Corporation Securities, or (iii) any other acquisition or transaction treated under the applicable rules under Section 382 of the Code as a direct or indirect
acquisition (including the acquisition of an ownership interest in a Substantial Holder), but shall not include the acquisition of any such rights unless, as a result, the acquiror would be considered an owner within the meaning of the tax laws. The
terms “Acquires” and “Acquisition” shall have the same meaning. “Board” means the board of directors of the Corporation. “Code” means the Internal
Revenue Code of 1986, as amended from time to time. “Corporation Securities” means (i) shares of Common Stock, (ii) any other interests that would be treated as “stock” of the Corporation pursuant to
Treasury Regulation Section 1.382-2T(f)(18), and (iii) warrants, rights or options (including within the meaning of Treasury Regulation Section 1.382-4(d)(9)) to purchase Corporation Securities, but only to the extent such warrants,
rights or options are treated as exercised pursuant to Treasury Regulation Section 1.382-4(d). “Disposition” means the sale, transfer, exchange, assignment, liquidation, conveyance, pledge or other disposition or
transaction treated under the applicable rules under Section 382 of the Code as a direct or indirect disposition (including the disposition of an ownership interest in a Substantial Holder). The terms “Dispose” and
“Disposition” shall have the same meaning. “DTC” means the Depository Trust Company. “Effective Date” means the effective date of the Plan, which shall be the date of filing of the
Corporation’s Amended and Restated Articles of Incorporation. “Percentage Stock Ownership” means percentage stock ownership as determined in accordance with Treasury Regulation Section 1.382-2T(g), (h) (without
regard to the rule that treats stock of an entity as to which the constructive ownership rules apply as no longer owned by that entity), (j) and (k), and Treasury Regulation Section 1.382-4. “Person” means an
individual, corporation, estate, trust, association, limited liability company, partnership, joint venture or similar organization or “entity” within the meaning of Treasury Regulation Section 1.382-3 (including, without limitation,
any group of Persons treated as a single entity under such regulation). “Plan” means the Modified Seventh Amended Joint Plan of Washington Mutual, Inc. and WMI Investment Corp. pursuant to Chapter 11 of the Bankruptcy Code.
“Prohibited Transfer” means any purported Transfer of Corporation Securities to the extent that such Transfer is prohibited and/or void under Article VI of the Corporation’s Amended and Restated Articles of Incorporation
(“Article VI”). “Restriction  

	 	
Release Date” means the earliest of (i) any date after the Effective Date if the Board in good faith determines that it is in the best interests of the Corporation and its
shareholders for the ownership and transfer limitations set forth in Article VI to expire, (ii) the beginning of a taxable year of the Corporation as of which no Tax Benefits are available, or (iii) December 31, 2030.
“Substantial Holder” means a Person (including, without limitation, any group of Persons treated as a single “entity” within the meaning of the Treasury Regulation Section 1.382-3) holding Corporation
Securities, whether as of the Effective Date, after giving effect to the Plan, or thereafter, representing a Percentage Stock Ownership (including indirect ownership, as determined under applicable Treasury Regulations) in the Corporation of at
least 4.75%. “Tax Benefits” means the net operating loss carryovers, capital loss carryovers, general business credit carryovers, alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any
“net unrealized built-in loss” within the meaning of Section 382 of the Code, of the Corporation or any direct or indirect subsidiary thereof. “Transfer” means any direct or indirect Acquisition or Disposition
of Corporation Securities. “Treasury Regulation” means a Treasury regulation promulgated under the Code. 

  

	2.	 Ownership Limitations. (a) To the fullest extent permitted by law, from and after the Effective Date and prior to the Restriction Release
Date: (A) no Person shall be permitted to make an Acquisition, whether in a single transaction or series of related transactions, and any such purported Acquisition will be void ab initio, to the extent that after giving effect to such
purported Acquisition (i) the purported acquiror or any other Person by reason of the purported acquiror’s Acquisition would become a Substantial Holder, or (ii) the Percentage Stock Ownership of a Person that, prior to giving effect
to the purported Acquisition, is a Substantial Holder would be increased; and (B) no Substantial Holder shall Dispose of any Corporation Securities without consent of the Board, as provided in Section 2(b) of Article VI, and any such
purported Disposition will be void ab initio. The prior sentence is not intended to prevent the Corporation Securities from being DTC-eligible and shall not preclude the settlement of any transaction in the Corporation Securities entered into
through the facilities of a national securities exchange but such transaction, if prohibited by the prior sentence, shall nonetheless be a Prohibited Transfer. (b) The restrictions set forth in Section 2(a) of Article VI shall not apply to
a proposed Transfer, and such Transfer shall be permitted notwithstanding anything to the contrary in Section 2(a), if the transferor or the transferee, upon providing at least fifteen (15) days prior written notice of such proposed
Transfer to the Board, obtains the written approval or consent to the proposed Transfer from the Board. The Board will consider whether the proposed Transfer, when considered alone or with other proposed or planned Transfers, will impair the
Corporation’s Tax Benefits and may, within its discretion, determine whether to permit the proposed Transfer, or not to permit the proposed Transfer, in order to protect the Corporation’s Tax Benefits. If a Substantial Holder proposes to
Dispose of stock in a transaction that would otherwise be limited by Section 2(a)(B) of Article VI, the Board shall approve such proposed Disposition, unless the Board determines in good faith that the proposed Disposition, whether considered
alone or with other transactions (including, without limitation, past transactions or contemplated transactions), would create a material risk that the Corporation’s Tax Benefits may be jeopardized. The Board shall endeavor to inform the
requesting party of its determination within ten (10) days after receiving such written notice; provided, however, that the failure of the Board to respond during such ten (10) day period shall not be deemed

	 	
to be a consent to the Transfer. As a condition to granting its consent (and in the case of Dispositions, subject to the standard set forth in the third sentence of Section 2(b) of Article
VI), the Board may in its discretion, require and/or obtain (at the expense of the transferor and/or transferee) such representations and/or agreements from the transferor or transferee, such opinions of counsel to be rendered by nationally
recognized counsel approved by the Board (which for the avoidance of doubt may include the regular counsel for the transferor or transferee), and such other advice, in each case as to such matters as the Board determines is appropriate. The Board
may waive the restrictions imposed in Article VI, in whole or in part, in circumstances where it believes doing so would be beneficial to shareholders of the Corporation taken as a whole. 

 

	3.	 Treatment of Excess Securities. (a) No employee or agent of the Corporation shall record any Prohibited Transfer, and the purported
transferee (the “Purported Transferee”) of a Prohibited Transfer shall not be recognized as a shareholder of the Corporation for any purpose whatsoever in respect of the Corporation Securities which are the subject of the
Prohibited Transfer (the “Excess Securities”). Until the Excess Securities are acquired by another Person in a Transfer that is not a Prohibited Transfer, the Purported Transferee shall not be entitled with respect to such
Excess Securities to any rights of shareholders of the Corporation, including, without limitation, the right to vote such Excess Securities and to receive dividends or distributions, whether liquidating or otherwise, in respect thereof. Once the
Excess Securities have been acquired in a Transfer that is in accordance with Section 3 of Article VI and is not a Prohibited Transfer, such Corporation Securities shall cease to be Excess Securities. (b) If the Board determines that a
Prohibited Transfer has occurred, such Prohibited Transfer and, if applicable, the recording of such Prohibited Transfer, shall, to the fullest extent permitted by law, be void ab initio and have no legal effect and, upon written demand by the
Corporation, the Purported Transferee shall transfer or cause to be transferred any certificate or other evidence of ownership of the Excess Securities within the Purported Transferee’s possession or control, together with any dividends or
other distributions that were received by the Purported Transfer from the Corporation with respect to the Excess Securities (the “Prohibited Distributions”), to an agent designated by the Board (the
“Agent”). (A) In the case of a Prohibited Transfer described in Section 2(a)(A) of Article VI, the Agent shall thereupon sell to a buyer or buyers, the Excess Securities transferred to it in one or more
arm’s-length transactions (including over a national securities exchange on which the Corporation Securities may be traded, if possible); provided, however, that the Agent, in its sole discretion, shall effect such sale or sales in an orderly
fashion and shall not be required to effect any such sale within any specific time frame if, in the Agent’s discretion, such sale or sales would disrupt the market for the Corporation Securities or otherwise would adversely affect the value of
the Corporation Securities. If the Purported Transferee has resold the Excess Securities before receiving the Corporation’s demand to surrender the Excess Securities to the Agent, the Purported Transferee shall be deemed to have sold the Excess
Securities for the Agent, and shall be required, to the fullest extent permitted by law, to transfer to the Agent any Prohibited Distributions and proceeds of such sale, except to the extent that the Corporation grants written permission to the
Purported Transferee to retain a portion of such sales proceeds not exceeding the amount that the Purported Transferee would have received from the Agent pursuant to Section 3(c) of Article VI if the Agent, rather than the Purported Transferee,
had resold the Excess Securities. (B) In 

	 	
the case of a Prohibited Transfer described in Section 2(a)(B) of Article VI, the transferor of such Prohibited Transfer (the “Purported Transferor”) shall also
deliver to the Agent the sales proceeds from the Prohibited Transfer (in the form received, i.e., whether in cash or other property), and the Agent shall thereupon sell any non-cash consideration to a buyer or buyers in one or more arm’s-length
transactions (including over a national securities exchange, if possible,). If the Purported Transferee is determinable (other than with respect to a transaction entered into through the facilities of a national securities exchange), the Agent
shall, to the extent possible, return the Prohibited Distributions to the Purported Transferor, and shall reimburse the Purported Transferee from the sales proceeds received from the Purported Transferor (or the proceeds from the disposition of any
non-cash consideration) for the cost of any Excess Securities returned in accordance with Section 3(c) of Article VI. If the Purported Transferee is not determinable, or to the extent the Excess Securities have been resold and thus cannot be
returned to the Purported Transferor, the Agent shall use the proceeds to acquire on behalf of the Purported Transferor, in one or more arm’s-length transactions (including over a national securities exchange on which the Corporation Securities
may be traded, if possible), an equal amount of Corporation Securities in replacement of the Excess Securities sold; provided, however, that, to the extent the amount of proceeds is not sufficient to fund the purchase price of such Corporation
Securities and the Agent’s costs and expenses (as described in Section 3(c) of Article VI), the Purported Transferor shall promptly fund such amounts upon demand by the Agent. (c) The Agent shall apply any proceeds or any other
amounts received by it and in accordance with Section 3 of Article VI as follows: (A) first, such amounts shall be paid to the Agent to the extent necessary to cover its costs and expenses incurred in connection with its duties hereunder;
(B) second, any remaining amounts shall be paid to the Purported Transferee up to the amount actually paid by the Purported Transferee, for the Excess Securities (or in the case of any Prohibited Transfer by gift, devise or inheritance or any
other Prohibited Transfer without consideration, the fair market value, (x) calculated on the basis of the closing market price for the Corporation Securities on the day before the Prohibited Transfer or (y) if the Corporation Securities
are not listed or admitted to trading on any stock exchange but are traded in the over-the-counter market, calculated based upon the difference between the highest bid and lowest asked prices, as such prices are reported by the National Association
of Securities Dealers through its NASDAQ system or any successor system on the day before the Prohibited Transfer or, if none, on the last preceding day for which such quotations exist, or (z) if the Corporation Securities are neither listed
nor admitted to trading on any stock exchange nor traded in the over-the-counter market, then as determined in good faith by the Board, which amount (or fair market value) shall be determined at the discretion of the Board); and (C) third, any
remaining amounts, subject to the limitations imposed by the following proviso, shall be paid to one or more organizations qualifying under Section 501(c)(3) of the Code (or any comparable successor provision) (“Section 501(c)(3)”)
selected by the Board; provided, however, that, if the Excess Securities (including any Excess Securities arising from a previous Prohibited Transfer not sold by the Agent in a prior sale or sales) represent a 4.75% or greater Percentage Stock
Ownership interest in the Corporation, then such remaining amounts shall be paid to two or more organizations qualifying under Section 501(c)(3) selected by the Board, such that no organization qualifying under Section 501(c)(3) shall
possess Percentage Stock Ownership in the Corporation in excess of 4.74%. The recourse of any Purported Transferee in respect of any Prohibited Transfer shall be 

	 	
limited to the amount payable to the Purported Transferee pursuant to clause (B) above. Except as may be required by law, in no event shall the proceeds of any sale of Excess Securities
pursuant to Article VI inure to the benefit of the Corporation. (d) If the Purported Transferee or the transferor fails to surrender the Excess Securities (as applicable) or the proceeds of a sale thereof to the Agent within thirty
(30) days from the date on which the Corporation makes a demand pursuant to Section (3)(b) of Article VI, then the Corporation shall use its best efforts to enforce the provisions hereof, including the institution of legal proceedings to
compel surrender. 

  

	4.	Obligation to Provide Information. At the request of the Corporation, any Person which is a beneficial, legal or record holder of Corporation Securities, and any proposed transferor or transferee and any Person
controlling, controlled by or under common control with the proposed transferor or transferee, shall provide such information as the Corporation may reasonably request as may be necessary from time to time in order to determine compliance with
Article VI or the status of the Corporation’s Tax Benefits.

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