Document:

portert-2021eaamendment

 

 

 

 

Page 4  IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed as on  November 11, 2021 to be effective as of the Effective Date.  ACCEPTED AND AGREED TO BY:  EXECUTIVE  /s/ Tracy L. Porter  Tracy L. Porter  EMPLOYER:  COMMERCIAL METALS COMPANY  By: /s/ Barbara R. Smith  Barbara Smith, Chairman, Chief Executive Officer  and Presidentgarrisont-2021amendedand

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first  written above.  EXECUTIVE EMPLOYER   COMMERCIAL METALS COMPANY  /s/ Ty L. Garrison   Ty L. Garrison     By: /s/ Barbara R. Smith    Barbara R. Smith   Chairman, Chief Executive Officer and  Presidentlawrencep-2021eaamendmen

    Page 1    AMENDMENT TO TERMS AND CONDITIONS OF STOCK AWARD,   EMPLOYMENT AND SEPARATION    THIS AMENDMENT TO TERMS AND CONDITIONS OF STOCK AWARD,  EMPLOYMENT AND SEPARATION (“Amendment”) is made as of November 4, 2021 (the  “Effective Date”), by and between COMMERCIAL METALS COMPANY, a Delaware corporation  (“Employer” or the “Company”) and PAUL J. LAWRENCE (“Executive”), for the purpose of amending  and clarifying that certain Terms and Conditions of Stock Award, Employment and Separation by and  between Employer and Executive entered into as of August 13, 2019 (the “Agreement”).  Capitalized  terms used but not otherwise defined herein shall have the meanings set forth in the Agreement.    R E C I T A L S     WHEREAS, pursuant to Section 1 of the Agreement, the Agreement may be amended by a writing  signed by both Parties; and      WHEREAS, consistent with the terms hereof, the Parties desire to amend and clarify Sections 1,  2(e), 4, 5(a), and 8(d) of the Agreement.     NOW, THEREFORE, in consideration of the foregoing, of the mutual promises contained herein  and of other good and valuable consideration, the receipt and sufficiency of which are hereby  acknowledged, in accordance with Section 1 of the Agreement, the Parties hereby amend the Agreement  and supersede the following provisions of the Agreement:    1. The first sentence of Section 1 of the Agreement is replaced and superseded with the following  language:    1. PURPOSE. The purpose of this Agreement is to formalize the terms and  conditions of Executive’s employment with Employer as Senior Vice  President and Chief Financial Officer effective as of November 4, 2021.    The Parties acknowledge and agree that except as expressly amended herein, the remainder of Section 1  of the Agreement shall remain unchanged and continue in full force in effect as written.    2. The first sentence of Section 2(e) of the Agreement is replaced and superseded with the  following language:    e. “GOOD REASON” shall mean (i) the occurrence, without Executive’s  written consent, of a breach of any material provision of this Agreement by  Employer; or (ii) a significant reduction in the authorities, duties,  responsibilities, compensation and/or title of Executive as set forth in this  Agreement.    The Parties acknowledge and agree that except as expressly amended herein, the remainder of Section 2  of the Agreement shall remain unchanged and continue in full force in effect as written.    3. The first sentence of Section 4 of the Agreement is replaced and superseded with the following  language:  

 

    Page 2      4. DUTIES AND RESPONSIBILITIES. Upon execution of this Agreement,  Executive shall diligently render services to Employer as Senior Vice President  and Chief Financial Officer in accordance with Employer’s directives and shall  use his best efforts and good faith in accomplishing such directives.    The Parties acknowledge and agree that except as expressly amended herein, the remainder of Section 4  of the Agreement shall remain unchanged and continue in full force in effect as written.    4. Section 5(a) of the Agreement is replaced and superseded with the following language:    a. SALARY. Executive shall receive an annual base salary of not less than  $595,000.00 during the term of this Agreement.  Such base salary may be  adjusted from time to time.  Such base salary may be increased at the sole  discretion of Employer but may not be decreased without Executive’s written  consent.  Notwithstanding the foregoing, Executive may voluntarily decrease  Executive’s base salary at any time.    The Parties acknowledge and agree that except as expressly amended herein, the remainder of Section 5  of the Agreement shall remain unchanged and continue in full force in effect as written.    5. Section 8(d) of the Agreement is amended by adding the following subsection:    (iv) Notwithstanding any other provision of this Agreement, that Executive may  disclose Confidential Information when required to do so by a court of  competent jurisdiction, by any governmental agency having authority over  Executive or the business of the Company or by any administrative body or  legislative body (including a committee thereof) with jurisdiction to order  Executive to divulge, disclose or make accessible such information.   Additionally, Executive and the Company agree that nothing in this  Agreement is intended to interfere with Executive’s right to (a) report  possible violations of federal, state or local law or regulation to any  governmental agency or entity charged with the enforcement of any laws;  (b) make other disclosures that are protected under the whistleblower  provisions of federal, state or local law or regulation; (c) file a claim or  charge with any federal, state or local government agency or entity; or (d)  testify, assist, or participate in an investigation, hearing, or proceeding  conducted by any federal, state or local government or law enforcement  agency, entity or court.  In making or initiating any such reports or  disclosures, Executive need not seek the Company’s prior authorization and  is not required to notify the Company of any such reports or disclosures.   Additionally, Executive is hereby notified that 18 U.S.C. § 1833(b)(1)  states: “An individual shall not be held criminally or civilly liable under any  Federal or State trade secret law for the disclosure of a trade secret that— (A) is made—(i) in confidence to a Federal, State, or local government  official, either directly or indirectly, or to an attorney; and (ii) solely for the  purpose of reporting or investigating a suspected violation of law; or (B) is  made in a complaint or other document filed in a lawsuit or other  

 

    Page 3    proceeding, if such filing is made under seal.”  Accordingly, the Parties to  this Agreement have the right to disclose in confidence trade secrets to  Federal, State, and local government officials, or to an attorney, for the sole  purpose of reporting or investigating a suspected violation of law.  The  Parties also have the right to disclose trade secrets in a document filed in a  lawsuit or other proceeding, but only if the filing is made under seal and  protected from public disclosure. Nothing in this Agreement is intended to  conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade  secrets that are expressly allowed by 18 U.S.C. § 1833(b).    The Parties acknowledge and agree that except as expressly amended herein, the remainder of Section 8  of the Agreement shall remain unchanged and continue in full force in effect as written.    6. The Parties acknowledge and agree that except as expressly amended by this Amendment, the  Agreement shall continue in full force and effect in accordance with the provisions thereof.    7. The Parties further acknowledge and agree that this Amendment does not alter the at-will  employment relationship between the Parties and that Executive’s decision to enter into this Amendment  is voluntary and knowingly made.    * * * *                                                      

 

    Page 4    IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed as of  the date first written above.     ACCEPTED AND AGREED TO BY:      EXECUTIVE     /s/ Paul J. Lawrence      Paul J. Lawrence        EMPLOYER:  COMMERCIAL METALS COMPANY  By: /s/ Barbara R. Smith                                  Barbara Smith, Chairman, Chief Executive Officer  and Presidentmlvf-ex43_11.htm

 

Exhibit 4.3

DESCRIPTION OF REGISTRANT’S SECURITIES

As of September 30, 2021, Malvern Bancorp, Inc. (the “Company,” “we,” or “our”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our common stock, par value $0.01 per share (“common stock”).

DESCRIPTION OF COMMON STOCK

General

The following description of the current terms of our common stock is a summary and is not meant to be complete. It is qualified in its entirety by reference to the Pennsylvania Business Corporation Law of 1988, as amended (the “PBCL”), federal law, our Amended and Restated Articles of Incorporation (the “Articles”) and our Amended and Restated Bylaws (the “Bylaws”).

Authorized Capital Stock

Our Articles authorize us to issue up to 50,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of serial preferred stock, par value $0.01 per share.

Voting Rights

Each holder of our common stock is entitled to one vote for each share on all matters submitted to a vote of shareholders, except as otherwise required by law and subject to the rights and preferences of the holders of any outstanding shares of our preferred stock. The members of our board of directors (the “Board”) are elected by a majority of the votes cast at any meeting for the election of directors at which a quorum is present.  Notwithstanding the foregoing, in the event of a contested election of directors, directors shall be elected by the vote of a plurality of the votes cast at any meeting for the election of directors at which a quorum is present.  Our Articles expressly prohibit cumulative voting.

No Preemptive or Similar Rights

Holders of our common stock do not have preemptive or preferential rights to acquire any authorized but unissued shares of our capital stock upon any future issuance of shares.

Dividend Rights

Subject to certain regulatory restrictions and to the rights of holders of any class of stock having preference over the common stock, holders of our common stock shall be entitled to such dividends as may be declared by the Board out of funds lawfully available therefor.

Liquidation Rights 

Upon any liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, holders of common stock shall be entitled to receive pro rata the remaining assets of the Company after the holders of any class of stock having preference over the common stock have been paid in full any sums to which they may be entitled.

 

 

 

 

Restrictions on Ownership

The Bank Holding Company Act of 1956, as amended (the “BHC Act”), generally permits a company to acquire control of the Company with the prior approval of the Federal Reserve Board. However, any such company is restricted to banking activities, other activities closely related to the banking business as determined by the Federal Reserve Board and, for some companies, certain other financial activities. The BHC Act defines control in general as ownership of 25% or more of any class of voting securities, the authority to appoint a majority of the board of directors or other exercise of a controlling influence. Federal Reserve Board regulations provide that ownership of 5% or less of a class of voting securities is not control. As a policy matter, if a company owns more than 7.5% of a class of voting securities, the Federal Reserve Board expects the company to consult with the agency and in some cases will require the company to enter into passivity or anti-association commitments. Under a rebuttable presumption established by the Federal Reserve Board, the acquisition of 10% or more of a class of voting stock of a bank holding company with a class of securities registered under Section 12 of the Exchange Act would, under the circumstances set forth in the presumption, constitute acquisition of control of the bank holding company.

Certain Provisions Potentially Having an Anti-Takeover Effect

 

Pennsylvania Law Considerations

 

The PBCL contains certain provisions applicable to us that may have the effect of deterring or discouraging an attempt to take control of the Company. These provisions, among other things:

 

	
 
	
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require that, following any acquisition by any person or group of 20% of a public corporation’s voting power, the remaining shareholders have the right to receive payment for their shares, in cash, from such person or group in an amount equal to the “fair value” of the shares, including an increment representing a proportion of any value payable for control of the corporation (Subchapter 25E of the PBCL);

	
 
	
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prohibit for five years, subject to certain exceptions, a “business combination” (which includes a merger or consolidation of the corporation or a sale, lease or exchange of assets) with a person or group beneficially owning 20% or more of a public corporation’s voting power (Subchapter 25F of the PBCL);

	
 
	
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expand the factors and groups (including shareholders) which a corporation’s board of directors can consider in determining whether an action is in the best interests of the corporation;

	
 
	
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provide that a corporation’s board of directors need not consider the interests of any particular group as dominant or controlling;

	
 
	
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provide that a corporation’s directors, in order to satisfy the presumption that they have acted in the best interests of the corporation, need not satisfy any greater obligation or higher burden of proof with respect to actions relating to an acquisition or potential acquisition of control;

	
 
	
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provide that actions relating to acquisitions of control that are approved by a majority of “disinterested directors” are presumed to satisfy the directors’ standard, unless it is proven by clear and convincing evidence that the directors did not assent to such action in good faith after reasonable investigation; and

	
 
	
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provide that the fiduciary duty of a corporation’s directors is solely to the corporation and may be enforced by the corporation or by a shareholder in a derivative action, but not by a shareholder directly.

 

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Articles of Incorporation and Bylaws

 

Our Articles and Bylaws contain certain provisions which may have the effect of deterring or discouraging changes in control of the Company. These provisions:

 

	
 
	
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limit the ability of shareholders to remove directors;

	
 
	
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eliminate cumulative voting in elections of directors;

	
 
	
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require advance notice of nominations for the election of directors and the presentation of shareholder proposals at meetings of shareholders; and

	
 
	
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contain a higher shareholder approval requirement than that required by the PBCL in connection with certain specified actions, including mergers, consolidations, share exchanges, and sales of assets.

 

Stock Exchange Listing

Our common stock is listed on the NASDAQ Stock Market under the symbol “MLVF.”

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is Broadridge.

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