Document:

EXHIBIT 4.1

 

AMENDED AND RESTATED

ARTICLES OF INCORPORATION

OF

MAIR HOLDINGS, INC.

 

The following
amended and restated Articles of Incorporation of MAIR Holdings, Inc. were duly
approved by the Board of Directors and shareholders of this corporation in accordance
with the provisions of Minnesota Statutes, Section 302A.139.

 

ARTICLE I

 

The name of
this corporation shall be MAIR Holdings, Inc.

 

ARTICLE II

 

The registered
office of this corporation in the State of Minnesota shall be 150 South Fifth
Street, Suite 1720, Minneapolis, Minnesota, 55402.

 

ARTICLE III

 

3.01                           The
aggregate number of shares of Common Stock which this corporation shall have
the authority to issue is sixty million (60,000,000) shares of Common Stock
each with $.01 par value.  Such shares shall
be designated as this corporation’s “Common Stock.”

 

3.02                           The
aggregate number of shares of Preferred Stock which this corporation shall have
the authority to issue is one million (1,000,000) shares, which may be issued
in one or more series as determined from time to time by the Board of
Directors. Such shares shall be designated as the “Preferred Stock, Series
                            .”  The shares of Preferred Stock of any Series
authorized for issuance by the Board of Directors of this corporation shall be
senior to the Common Stock with respect to any distribution (as such term is
defined in Section 302A.011, Subd. 10, of the Minnesota Statutes) if so
designated by the Board of Directors of this corporation upon issuance of the
shares of that Series.  The Board of
Directors is hereby granted the express authority to fix by resolution any
other designations, powers, preferences, rights, qualifications, limitations or
restrictions with respect to any particular Series of Preferred Stock prior to
issuance thereof.

 

3.03                           Except
as otherwise required by law, the holders of the shares of Common Stock shall
have the sole voting rights of this corporation.

 

3.04                           There
shall be no cumulative voting by the holders of the Common Stock.

 

3.05                           The
shareholders shall take action by the affirmative vote of the holders of
majority of the voting power of the shares represented and voting at a duly
held meeting, except where the affirmative vote of a greater number or the
affirmative vote of a majority of the voting power of all voting shares is
required by statute and except where the holders of a class or series are
entitled by statute to vote as a class or series whether or not such holders
are otherwise entitled to vote.

 

 

3.06                           The
shareholders of this corporation shall have no pre-emptive right to subscribe
for or otherwise acquire any new or additional shares of stock of this
corporation of any class whether now authorized or authorized hereafter, or any
options or warrants to purchase, subscribe for or otherwise acquire any such
new or additional shares of any class, or any shares, bonds, notes, debentures,
or other securities convertible into or carrying options or warrants to
purchase, subscribe for or otherwise acquire any such new or additional shares of
any class.

 

ARTICLE IV

 

In addition
to, and not by way of limitation of the powers granted to the Board of
Directors by the Chapter 302A, Minnesota Revised Statutes, the Board of
Directors of this corporation shall have the following powers and authority:

 

4.01                           To fix
by resolution any designation, power, preference, right, qualification,
limitation or restriction with respect to the issuance of any Series of the
Preferred Stock of this corporation authorized by these Articles.

 

4.02                           To
issue shares of a class or series to holders of shares of another class or
series to effectuate share dividends, splits, or conversion of its outstanding
shares.

 

4.03                           To fix
the terms, provisions and conditions of and to authorize the issuance, sale,
pledge or exchange of bonds, debentures, notes, or other evidences of
indebtedness of this corporation.

 

4.04                           To
adopt, amend or repeal all or any of the Bylaws of this corporation by the vote
of a majority of its members present at a duly held meeting, subject to the
power of the shareholders to adopt, amend or repeal such Bylaws.

 

4.05                           To take
any action required or permitted by law or by these Articles to be taken by the
Board of Directors at a duly held meeting by written action signed by a
majority of the members of the Board, except as to those matters which require
shareholder approval, in which case the written action shall be signed by all
members of the Board of Directors.

 

4.06                           As to
any member of the Board, to give advance written consent or opposition to a
resolution stating an action to be taken by the Board. If such member is not
present at the meeting at which action is taken upon such resolution, such
consent to opposition does not constitute presence for purposes of determining
the existence of a quorum, but shall be counted as a vote in favor of or
against the resolution and shall be entered in the minutes or other record of
action taken by the Board at the meeting if the resolution acted upon by the
Board at the meeting is substantially the same or has substantially the same
effect as the resolution to which the member of the Board has consented or
objected.

 

4.07                           To
adopt an indemnity plan and to purchase and maintain insurance for officers,
directors, employees and agents against liability asserted against them and
incurred in any such capacity or arising out of their status as such to the
fullest extent permissible under the provisions of Chapter 302A, Minnesota
Revised Statutes.

 

2

 

ARTICLE V

 

5.01                           The
number of directors of this corporation shall not be less than six (6) or more
than twelve (12).

 

5.02                           The
Board of Directors of this corporation shall be divided into three classes,
each class to consist of not less than two (2) nor more than four (4)
members.  The classes shall be
designated Class One, Class Two, and Class Three, respectively.  The terms of office of the initial Class
One, Class Two, and Class Three directors shall expire at the annual meetings
of the shareholders of this corporation to be held during the years 1989, 1990
and 1991, respectively.  At each annual
meeting of the shareholders of this corporation commencing in 1989, and each
year thereafter, the successors to the class of directors whose terms expire at
such meeting shall be elected to serve for terms of three years.  In the event of the death, resignation, or
removal of a director during his elected term of office, his successor shall be
elected to serve only until the expiration of the term of his predecessor.

 

5.03                           The
holders of a majority of the shares entitled to vote at an election of
directors, upon a vote of not less than the majority of the entire Board of
Directors, may remove any director with cause, but may not remove any director
without cause.

 

ARTICLE VI

 

To the fullest
extent permitted by the Minnesota Business Corporation Act, as the same now
exists or may hereafter be amended, a director of this corporation shall not be
personally liable to the corporation or its shareholders for monetary damages
for any breach of fiduciary duty as a director. No amendment to or repeal of
this Article shall apply to or have any effect on the liability or alleged
liability of any director of the corporation for or with respect to any acts or
omissions of a director occurring prior to such amendment or repeal.

 

ARTICLE VII

 

This
corporation shall be subject to the provisions of Section 302A.671 of the
Minnesota Business Corporation Act, as the same now exists or may hereafter be
amended.

 

In witness
whereof, the undersigned has hereunto set his hand this 26th day of August,
2003.

 

 

	
   

  	
  /s/ Paul F.
  Foley

  	
   

  
	
   

  	
  Paul F.
  Foley

  
	
   

  	
  President
  and Chief Executive Officer

  

 

3EXHIBIT 4.2

 

	
  COMMON

  	
  COMMON

  

 

MAIR HOLDINGS, INC.

 

INCORPORATED UNDER THE LAWS
OF THE STATE OF MINNESOTA

 

 

SEE REVERSE FOR CERTAIN
DEFINITIONS

CUSIP 560635 10 4

THIS CERTIFIES THAT

 

 

IS THE OWNER OF

 

FULLY PAID AND
NONASSESSABLE SHARES OF THE COMMON STOCK OF THE PAR VALUE OF $.01 EACH OF

 

MAIR HOLDINGS,
INC.

 

transferable on the books of the Corporation
by the holder hereof in person or by Attorney upon surrender of this
Certificate properly endorsed. This certificate is not valid unless
countersigned by the Transfer Agent-Registrar.

 

IN WITNESS WHEREOF the said
Corporation has caused this Certificate to be signed by its duly authorized
officers.

 

Dated:

 

 

	
  VICE PRESIDENT, CHIEF
  FINANCIAL OFFICER

  AND TREASURER

  	
  PRESIDENT AND

  CHIEF EXECUTIVE OFFICER

  
	
   

  	
   

  
	
  COUNTERSIGNED AND
  REGISTERED:

  	
   

  
	
   

  	
  WELLS FARGO BANK
  MINNESOTA, N.A.

  	
   

  
	
   

  	
  TRANSFER AGENT AND
  REGISTRAR

  	
   

  
	
   

  	
   

  
	
  BY

  	
   

  	
   

  	
   

  
	
   

  	
  AUTHORIZED SIGNATURE

  	
   

  
					

 

 

The following
abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	
  TEN COM

  	
  as tenants in common

  
	
  TEN ENT

  	
  as tenants by the
  entireties

  
	
  JT TEN

  	
  as joint tenants with
  right of survivorship and not as tenants in common

  
	
  UNIF GIFT MIN ACT

  	
   

  	
  Custodian 

  	
   

  	
  under Uniform Transfers to
  Minors Act

  	
   

  
	
   

  	
  (Cust)

  	
   

  	
  (Minor)

  	
   

  	
  (State)

  
	
   

  
	
  UNIF TRF MIN ACT

  	
   

  	
  Custodian (until age

  	
  )

  	
  under Uniform Transfers to
  Minors Act

  	
   

  
	
   

  	
  (Cust)

  	
   

  	
  (Minor)

  	
   

  	
  (State)

  
								

 

Additional abbreviations may also be used
though not in the above list.

 

FOR VALUE RECEIVED,
                 
hereby sell, assign and transfer unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

 

                                                                                                                                                Shares
of the capital stock represented by the within Certificate, and do hereby irrevocably
constitute and appoint
                                                                                                                                          
Attorney to transfer the said stock on the books of the within-named
Corporation with full power of substitution in the premises.

 

	
  Dated

  	
   

  	
   

  	
   

  
	
   

  	
  X

  	
   

  
	
   

  	
  X

  	
   

  

 

NOTICE: THE SIGNATURE(S) TO
THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FAX OF THE
CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY
CHANGE WHATEVER.

 

	
  SIGNATURE GUARANTEED:

  
	
   

  
	
  By:

  	
   

  	
   

  

 

2

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