Document:

Exhibit 4.5

 

THIS GLOBAL SECURITY IS REGISTERED IN THE NAME OF THE ENTITY APPOINTED
AS COMMON SAFEKEEPER (AS DEFINED IN THE INDENTURE) OR A NOMINEE OF THE COMMON SAFEKEEPER. THIS GLOBAL SECURITY IS NOT EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE COMMON SAFEKEEPER OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE, AND NO TRANSFER OF THIS GLOBAL SECURITY (OTHER THAN A TRANSFER OF THIS GLOBAL SECURITY AS A WHOLE BY THE COMMON SAFEKEEPER
TO A NOMINEE OF THE COMMON SAFEKEEPER OR BY A NOMINEE OF THE COMMON SAFEKEEPER TO THE COMMON SAFEKEEPER OR ANOTHER NOMINEE OF THE COMMON
SAFEKEEPER) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE COMMON SAFEKEEPER (WHICH SHALL INITIALLY BE CLEARSTREAM BANKING S.A.) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE,  OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON SAFEKEEPER OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON SAFEKEEPER (AND ANY PAYMENT IS MADE TO THE COMMON SAFEKEEPER OR SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON SAFEKEEPER), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE COMMON SAFEKEEPER, HAS AN INTEREST HEREIN.

 

     

     

    

 

	No. [●]	 	ISIN No.: [●]
	 	 	Common Code: [●]

 

€[●]

1.875% SENIOR NOTES DUE 2034

 

AMERICAN MEDICAL SYSTEMS EUROPE B.V. promises to
pay

to the person whose name is entered in the register maintained by the Registrar in relation to the

 Notes as the duly registered Holder
in the aggregate principal sum of

[●]EUROS (€[●]) or such other amount as indicated on the Schedule of Increases or Decreases 

in the Global Note attached
hereto, on

March 8, 2034.

 

Guaranteed by

 

BOSTON SCIENTIFIC CORPORATION

 

Interest Payment Date: March 8 of each year, commencing March 8,
2023.

 

Regular Record Date: On the Business Day immediately preceding the
relevant interest payment date.

 

Issue Date: March 8, 2022

 

Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this instrument
to be duly executed.

 

Dated: March 8, 2022

 

	 	AMERICAN MEDICAL SYSTEMS EUROPE B.V.

 

	 	By:	 

	 	 	Name:	 [●]  
	 	 	Title:	 [●]

 

Attest:

	By:	 	 

	 	Name:	[●]  	 
	 	Title:	[●]	 

 

     

     

    

 

AUTHENTICATED by

 

ELAVON FINANCIAL SERVICES DAC,

in its capacity as Security Registrar

 

	By:	 	 

	 	Name:	[●]  	 
	 	Title:	[●]	 

 

Dated:    March 8,
2022

 

EFFECTUATED for and on behalf of:

CLEARSTREAM BANKING S.A.

 

as Common Safekeeper, without recourse,

warranty or liability

 

	By:	 	 

	 	[●]  	 

 

Dated:    March 8,
2022

 

     

     

    

 

[REVERSE OF FORM OF SECURITY]

 

AMERICAN MEDICAL SYSTEMS EUROPE B.V.

 

1.875% SENIOR NOTES DUE 2034

 

1.            Interest.
AMERICAN MEDICAL SYSTEMS EUROPE B.V., incorporated as a private company with limited liability (besloten vennootschap met beperkte
aansprakelijkheid) in the Netherlands with its statutory seat in Amsterdam, the Netherlands, registered with the Dutch Chamber of
Commerce under number 34185686 (the “Issuer”) and an indirect wholly owned subsidiary of Boston Scientific Corporation (the
 “Guarantor”), which definitions shall include any successor thereto in accordance with the Indenture (as defined below), promises
to pay, until the principal hereof is paid or made available for payment, interest on the principal amount set forth on the reverse side
hereof at a rate of 1.875% per annum. Interest on the 1.875% Senior Notes Due 2034 (the “Securities”) will accrue from and
including the most recent date to which interest has been paid or, if no interest has been paid, from March 8, 2022 to but excluding
the date on which interest is paid. Interest shall be payable in arrears on March 8 of each year (each an “Interest Payment
Date”), commencing March 8, 2023. Interest on the Securities will be calculated on the basis of the actual number of days in
the period for which interest is being calculated and the actual number of days from and including the last date on which interest was
paid on the Securities (or March 8, 2022 if no interest has been paid on the Securities), to but excluding the next scheduled Interest
Payment Date.

 

2.            Method
of Payment. The Issuer will pay interest on the Securities to the Persons who are registered Holders of Securities at the close of
business on the immediately preceding March 8 of each year (each, a “Regular Record Date”). Holders must surrender Securities
to a Paying Agent to collect principal payments. The Issuer will pay principal, the Redemption Price (pursuant to paragraph 5 and paragraph
6 herein, as applicable), any Change of Control Payment and interest in Euro. If such currency is unavailable to the Issuer due to the
imposition of exchange controls or other circumstances beyond the Issuer’s control or if such currency is no longer being used by
the then member states of the European Economic and Monetary Union that have adopted the Euro as their currency or for the settlement
of transactions by public institutions of or within the international banking community, then all payments in respect of the Securities
will be made in U.S. dollars until such currency is again available to the Issuer or so used. In such circumstances, the amount payable
on any date in Euro will be converted by the Issuer into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the
close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not
mandated a rate of conversion, on the basis of the most recent U.S. dollar/Euro exchange rate published in the Wall Street Journal on
or prior to the second Business Day prior to the relevant payment date. Any payment in respect of the Securities so made in U.S. dollars
will not constitute an Event of Default under the Securities or the Indenture (as defined below). For purposes of these Securities, “Business
Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in The City of New
York or London are authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated
Real-Time Gross Settlement Express Transfer system, or any successor thereto, is open.

 

    	 	5	 

     

    

 

3.            Paying
Agent, Security Registrar. Initially, Elavon Financial Services DAC will act as Paying Agent and Security Registrar. The Issuer may
change any Paying Agent or Security Registrar without notice.

 

4.            Indenture.
The Issuer issued the Securities under an Indenture, dated as of March 8, 2022 (the “Indenture”), among Boston Scientific
Corporation, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”
or the “Guarantor”), having its principal office at 300 Boston Scientific Way, Marlborough, Massachusetts, USA, 01752,
the Issuer and U.S. Bank Trust Company, National Association, as Trustee (the “Trustee”). This Security is one of an issue
of Securities of the Issuer issued under the Indenture. The terms of the Securities include those stated herein and in the Indenture and
those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended from time to time (the “TIA”).
The Securities are subject to all such terms, and Holders of the Securities are referred to the Indenture and the TIA for a statement
of them. Capitalized terms used herein and not otherwise defined have the meanings set forth in the Indenture. The Securities constitute
senior unsecured obligations of the Issuer and, as such, shall be general unsecured and unsubordinated obligations of the Issuer ranking
equally in right of payment with all of the Issuer’s other future unsecured and unsubordinated indebtedness and be senior to any
future indebtedness of the Issuer that is subordinated to the Securities. The Issuer may, subject to the terms of the Indenture and applicable
law, issue additional Securities under the Indenture. The Securities issued on March 8, 2022 and any additional Securities subsequently
issued shall be treated as a single class for all purposes of the Indenture. The Indenture contains covenants that restrict the ability
of the Company and its Subsidiaries, with certain exceptions, to incur liens and that restrict the ability of the Company and the Issuer
to merge or consolidate with another entity or transfer all or substantially all of the property and assets of the Company or the Issuer,
as applicable.

 

5.            Optional
Redemption. Prior to the Par Call Date (as defined below), the Issuer may redeem the Securities, in whole or in part, at the Issuer’s
option, on at least 10 days, but no more than 60 days prior written notice mailed to the registered Holders of the Securities to be redeemed
(with a copy to the Trustee), at any time at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Securities
being redeemed; or (ii) as determined by a Quotation Agent (as defined below), the sum of the present values of the remaining scheduled
payments of principal and interest thereon to the applicable Par Call Date (not including any portion of such payments of interest accrued
to the date of redemption) discounted to the date of redemption (the “Redemption Date”) on an annual basis (ACTUAL/ACTUAL(ICMA))
at the Comparable Government Bond Rate (as defined below) plus 30 basis points, plus, in each case, accrued and unpaid interest on the
Securities to, but not including, the Redemption Date (subject to the right of Holders as of the close of business on a Regular Record
Date to receive interest due on the related Interest Payment Date). At any time and from time to time on or after December 8, 2033
(the date that is three months prior to the maturity date of the Securities) (the “Par Call Date”), the Issuer may redeem
the Securities, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Securities being redeemed plus
accrued and unpaid interest to the Redemption Date.

 

    	 	6	 

     

    

 

“Comparable Government Bond Rate” means,
for any Redemption Date, the rate per annum equal to the annual equivalent yield to maturity or interpolated yield to maturity (on a day
count basis), computed as the third Business Day immediately preceding that Redemption Date, of the Comparable Government Issue (as defined
below), assuming a price for the Comparable Government Issue (expressed as a percentage of its principal amount) equal to the Comparable
Price (as defined below) for such Redemption Date.

 

“Comparable Government Issue” means the
euro-denominated security issued by the German federal government selected by a Quotation Agent as having an actual or interpolated maturity
comparable to the remaining term of the Securities to be redeemed that would be utilized (assuming that the Securities matured on the
Par Call Date), at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such Securities.

 

“Comparable Price” means, with respect
to any Redemption Date, (1) the average of the Reference Dealer Quotations (as defined below) for such Redemption Date, after excluding
the highest and lowest such Reference Dealer Quotations, or (2) if the Trustee obtains fewer than three such Reference Dealer Quotations,
the average of all such quotations.

 

“Quotation Agent” means the Reference
Dealer (as defined below) appointed by the Trustee after consultation with the Issuer.

 

“Reference Dealer” means (1) each
of Barclays Bank PLC, BofA Securities Europe SA and Citigroup Global Markets Europe AG and their respective successors; provided, however,
that, if any of the foregoing shall cease to be a broker or dealer of, and/or a market maker in, German government bonds (a “Primary
Bond Dealer”), the Issuer shall substitute therefor another Primary Bond Dealer, and (2) any other Primary Bond Dealers selected
by the Trustee after consultation with the Issuer.

 

“Reference Dealer Quotations” means,
with respect to each Reference Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and ask prices for
the Comparable Government Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such
Reference Dealer at 11:00 a.m. London time, on the third Business Day preceding such Redemption Date.

 

If the Issuer redeems only some of the Securities,
the Trustee shall determine by lot the Securities to be redeemed or, in the case of the Securities held in global form, pursuant to applicable
procedures of the Common Safekeeper.

 

6.            Redemption
for Tax Reasons. Subject to a period of not less than ten (10) nor more than sixty (60) days’ prior written notice to the
registered Holders of the Securities to be redeemed, the Issuer may redeem the Securities at any time after the issue date and prior to
the maturity date, in whole, but not in part, at a Redemption Price equal to 100% of the aggregate principal amount of Securities being
redeemed, plus accrued and unpaid interest, if any, to (but not including) the Redemption Date, on the date determined by the Issuer for
early redemption, if:

 

		A.	as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of a Relevant Taxing
Jurisdiction (as defined below), or any change in, or amendment to, an official position regarding the application or interpretation of
such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after March 3, 2022 (or, if
a Relevant Taxing Jurisdiction becomes a Relevant Taxing Jurisdiction on a date after March 3, 2022, on or after such later date),
the Issuer has become or will become obligated to pay Additional Amounts (as defined below) with respect to the Securities; or

 

    	 	7	 

     

    

 

		B.	any act is taken by a taxing authority of a Relevant Taxing Jurisdiction on or after March 3, 2022 (or, if a Relevant Taxing
Jurisdiction becomes a Relevant Taxing Jurisdiction on a date after March 3, 2022, on or after such later date), whether or not such
act is taken with respect to the Issuer or any of its affiliates, that results in a substantial probability that the Issuer will be required
to pay Additional Amounts on the Securities; provided in each case that the Issuer determines, in its business judgment (determined in
good faith), that the obligation to pay the Additional Amounts cannot be avoided by the use of reasonable measures available to it (including,
for the avoidance of doubt, the appointment of a new Paying Agent where this would be reasonable and would not cause the Issuer to incur
material additional out-of-pocket costs, but not including assignment of the obligation to make payment with respect to the Securities).

 

No redemption above may be made unless (i) the
Issuer shall have received an opinion of independent counsel to the effect that any such change, amendment or act described in paragraphs
(A) or (B) above results in the Issuer’s requirement to pay (in the case of paragraph (A)) or a substantial probability
that the Issuer will be required to pay (in the case of paragraph (B)) the Additional Amounts described herein and (ii) the Issuer
shall have delivered to the Paying Agent a certificate, signed by a duly authorized officer, stating that based on such opinion, the Issuer
is entitled to redeem the Securities pursuant to their terms.

 

7.            Additional
Amounts. All payments of principal, premium, if any, and interest by or on behalf of the Issuer or the Guarantor, as the case may
be, pursuant to the terms of the Securities shall be made free and clear of, and without deduction or withholding for or on account of,
any present or future taxes, duties, assessments or other governmental charges of whatsoever nature required to be deducted or withheld
by the Netherlands, the United States or any other jurisdiction in which the Issuer, or the Guarantor, is incorporated, organized or otherwise
resident or doing business for tax purposes or through which payment on a Security is made, or any political subdivision or taxing authority
therein or thereof (such as any state of the United States or the District of Columbia) (each a “Relevant Taxing Jurisdiction”),
unless such withholding or deduction is required by law.

 

    	 	8	 

     

    

 

In the event any withholding or deduction on payments
in respect of the Securities for or on account of any present or future tax, duty, assessment or other governmental charge is required
to be deducted or withheld by a Relevant Taxing Jurisdiction, the Issuer, or the Guarantor, as the case may be, shall remit the full amount
required to be deducted or withheld to the relevant authority in accordance with applicable law and pay such additional amounts (the “Additional
Amounts”) so that every net payment of the principal of, premium, if any, and interest on the Securities will result in receipt
by each Holder of a Security of such amounts (after all such withholding or deduction, including on any additional amounts) as would have
been received had no such withholding or deduction been required. The Issuer, or the Guarantor, as the case may be, will not be required,
however, to make any payment of Additional Amounts for or on account of:

 

		A.	any tax, assessment or other governmental charge that would not have been imposed but for (i) the existence of any present or
former connection (other than a connection arising solely from the ownership of those Securities, the receipt of payments in respect of
those Securities or exercise or enforcement of rights under the Securities) between the Holder of a Security (or beneficial owner of a
Security), or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, that Holder or beneficial
owner (if that Holder or beneficial owner is an estate, trust, partnership or corporation) and the Relevant Taxing Jurisdiction, including
that Holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen
or resident or treated as a resident of a Relevant Taxing Jurisdiction or being or having been engaged in trade or business or present
in the Relevant Taxing Jurisdiction or having had a permanent establishment in the Relevant Taxing Jurisdiction or (ii) the presentation
of a Security (where presentation is required) for payment on a date more than 30 days after the later of the date on which that payment
becomes due and payable and the date on which payment is duly provided for;

 

		B.	any payment to a Holder of a Security that is not the sole beneficial owner of the Security, or a portion thereof, or that is a fiduciary
or partnership, but only to the extent that a beneficiary or settlor with respect to the fiduciary, or member of the partnership or beneficial
owner would not have been entitled to the payment of any such Additional Amounts had the beneficiary, settlor, member or beneficial owner
received directly its beneficial or distributive share of the payment;

 

		C.	any estate, inheritance, gift, sales, transfer, capital gains, excise, personal property, wealth or similar tax, assessment or other
governmental charge;

 

		D.	with respect to payments by the Guarantor, any tax, assessment or other governmental charge imposed by reason of the beneficial owner’s
or Holder’s past or present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt
organization or a personal holding company with respect to the United States or as a corporation that accumulates earnings to avoid U.S.
federal income tax;

 

		E.	any tax, assessment or other governmental charge which is payable otherwise than by withholding or deducting from payment of principal
of or premium, if any, or interest on such Securities;

 

		F.	any tax, assessment or other governmental charge which would not have been imposed but for the failure of a beneficial owner or any
Holder of Securities to comply (to the extent that it is legally able to do so) with a request to satisfy certification, information,
documentation or other reporting requirements concerning the nationality, residence, identity or connections with the Relevant Taxing
Jurisdiction of the beneficial owner or any Holder of Securities (with respect to payments by the Guarantor, including, but not limited
to, the requirement to provide Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, W-9 or any subsequent versions thereof or successor
thereto, and, in each case, including, without limitation, any documentation requirement under an applicable income tax treaty);

 

    	 	9	 

     

    

 

		G.	with respect to payments by the Guarantor, any tax, assessment or other governmental charge imposed by the United States, any state
thereof or the District of Columbia (or any political subdivision or taxing authority therein or thereof) on interest received by (1) a
10 percent shareholder (as defined in Section 871(h)(3)(B) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”),
and the regulations that may be promulgated thereunder) of the Guarantor, (2) a controlled foreign corporation that is related to
the Guarantor within the meaning of Section 864(d)(4) of the Code, or (3) a bank receiving interest described in Section 881(c)(3)(A) of
the Code, to the extent such tax, assessment or other governmental charge would not have been imposed but for the beneficial owner’s
status as described in subparagraphs (1) through (3) of this paragraph (G);

 

		H.	any tax, assessment or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of the Code
(commonly referred to as “FATCA”), any regulations or other guidance thereunder, or any agreement (including any intergovernmental
agreement) entered into in connection therewith; or any law, regulation or other official guidance enacted in any jurisdiction implementing
FATCA or an intergovernmental agreement in respect of FATCA;

 

		I.	any tax, assessment or other governmental charge that would not have been imposed but for a change in law, regulation, or administrative
or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs
later;

 

		J.	any tax, assessment or other governmental charge that is imposed or withheld in The Netherlands pursuant to the Dutch Withholding
Tax Act 2021 (Wet bronbelasting 2021), which for the avoidance of doubt shall include (without limitation) any such taxes withheld
by the Issuer after the first indication that the Dutch revenue service (Belastingdienst) may be of the view that the Dutch Withholding
Tax Act 2021 applies in relation to all or some of the Securities; or

 

		K.	any combination of the above.

 

The Issuer, or the Guarantor, as the case may be,
will use reasonable efforts to obtain and provide the Paying Agent with the official acknowledgment of the Relevant Taxing Jurisdiction
(or, if, notwithstanding such reasonable efforts, such acknowledgment is not available, certified copies or other reasonable documentation)
evidencing any payment of any taxes, duties, assessments or other governmental charges in respect of which the Issuer, or the Guarantor,
as the case may be, has paid any Additional Amounts. Copies of such documentation will be made available to the holders of the Securities
upon reasonable request therefor, and will be made available at the offices of the Paying Agent.

 

    	 	10	 

     

    

 

The Issuer, or the Guarantor, as the case may be,
will also pay and reimburse the Holders for any present or future stamp, issue, registration, court or documentary taxes or any excise
or property taxes, charges or similar levies (including any penalties, interest and other liabilities relating thereto) that arise in
any Relevant Taxing Jurisdiction (or, in the case of enforcement of the Securities, the Indenture or the Guarantees, in any jurisdiction)
from the execution, issuance, delivery, registration or enforcement of the Securities, the Indenture, the Guarantees or any other document
or instrument in relation thereto, or any payments under or with respect to the Securities or the Guarantees (other than, in each case,
in connection with a transfer of the Securities after this offering and limited, solely to the extent of such taxes, charges or similar
levies that arise from the receipt of any payments of principal or interest on the Securities, to any such taxes, charges or similar levies
that are not excluded under clauses (A) through (D) and (F) through (K) above).

 

Wherever there is mentioned, in any context in
this Security, the payment of principal, premium, if any, or interest with respect to the Securities (including payments thereof made
pursuant to the Guarantees), such reference shall be deemed to include payment of Additional Amounts to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof.

 

8.            Repurchase
at the Option of Holders upon Change of Control Repurchase Event. If a Change of Control Repurchase Event (as defined below) occurs,
unless the Issuer has exercised its option to redeem the Securities as described under paragraph 5 or paragraph 6 above, each Holder of
the Securities will have the right to require the Issuer to purchase all or a portion (equal to €100,000 and any integral multiples
of €1,000 in excess thereof) of such Holder’s Securities pursuant to the offer described below (a “Change of Control
Offer”) at a purchase price equal to 101% of the aggregate principal amount of such Holder’s Securities that are repurchased,
plus accrued and unpaid interest, if any, to, but not including, the date of repurchase (the “Change of Control Payment”),
subject to the rights of Holders of Securities on the relevant record date to receive interest due on the relevant Interest Payment Date.

 

The Issuer will be required to send a notice to each
Holder of the Securities by first class mail, with a copy to the Trustee, within 30 days following the date upon which any Change of Control
Repurchase Event occurred, or at the Issuer’s option, prior to any Change of Control (as defined below) but after the public announcement
of the pending Change of Control. The notice will govern the terms of the Change of Control Offer and will describe, among other things,
the transaction that constitutes or may constitute the Change of Control Repurchase Event and the purchase date. The purchase date will
be at least 30 days but no more than 60 days from the date such notice is mailed, other than as may be required by law (a “Change
of Control Payment Date”). If the notice is mailed prior to the date of consummation of the Change of Control, the notice will state
that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment
Date.

 

    	 	11	 

     

    

 

On the Change of Control Payment Date, the Issuer
will, to the extent lawful:

 

		•	accept for payment all properly tendered Securities or portions of Securities not validly withdrawn;

 

		•	deposit with the Paying Agent the required payment for all properly tendered Securities or portions of Securities not validly withdrawn;
and

 

		•	deliver or cause to be delivered to the Trustee the repurchased Securities, accompanied by an Officers’ Certificate stating,
among other things, the aggregate principal amount of repurchased Securities.

 

The Issuer will not be required to make a Change
of Control Offer with respect to the Securities upon the occurrence of a Change of Control Repurchase Event if a third party (including
the Guarantor) makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made
by the Issuer and the third party purchases all Securities properly tendered and not withdrawn under its offer. In addition, the Issuer
will not repurchase any Securities if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under
the Indenture.

 

The Issuer will comply with the requirements of Rule 14e-1
under the Exchange Act, and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable,
in connection with the repurchase of Securities as a result of a Change of Control Repurchase Event. To the extent that the provisions
of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Securities, the Issuer will comply
with those securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Offer provisions
of the Securities by virtue of any such conflict.

 

For purposes of the foregoing, the following definitions
apply:

 

“Capital Stock” means the capital
stock of every class whether now or hereafter authorized, regardless of whether such capital stock shall be limited to a fixed sum or
percentage with respect to the rights of the holders thereof to participate in dividends and in the distribution of assets upon the voluntary
or involuntary liquidation, dissolution or winding up of such corporation.

 

“Change of Control” means the
occurrence of any of the following:

 

		•	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or more series of related transactions, of all or substantially all of the Guarantor’s assets and the assets of the Guarantor’s
Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
other than the Guarantor or one of its Subsidiaries;

 

		•	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act), other than the Guarantor or one of its Subsidiaries, becomes
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of
the Guarantor’s then outstanding Voting Stock or other Voting Stock into which its Voting Stock is reclassified, consolidated, exchanged
or changed, measured by voting power rather than number of shares; or

 

    	 	12	 

     

    

 

		•	the adoption of a plan relating to the Guarantor’s liquidation or dissolution.

 

Notwithstanding the foregoing, a transaction will
not be considered to be a Change of Control if (a) the Guarantor becomes a direct or indirect wholly-owned subsidiary of a holding
company and (b)(x) immediately following that transaction, the direct or indirect holders of the Voting Stock of the holding company
are substantially the same as the holders of the Guarantor’s Voting Stock immediately prior to that transaction or (y) immediately
following that transaction, no person is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding
company.

 

“Change of Control Repurchase Event”
means the occurrence of both a Change of Control and a Rating Event (as defined below).

 

“Fitch” means Fitch, Inc.
and its successors.

 

“Investment Grade” means a rating
of Baa3 or better by Moody’s (as defined below) (or its equivalent under any successor rating categories of Moody’s), a rating
of BBB- or better by S&P (as defined below) (or its equivalent under any successor rating categories of S&P) and a rating of BBB-
or better by Fitch (or its equivalent under any successor rating categories of Fitch); provided, however, that the Issuer shall not be
required to maintain a rating by more than two Rating Agencies (as defined below) at any time and if only two Rating Agencies provide
a rating with respect to the Securities, then “Investment Grade” with respect to the Securities shall mean the applicable
rating described above of such two Rating Agencies with respect to the Securities.

 

“Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating Agencies” means each of
Moody’s, S&P and Fitch, or if any of Moody’s, S&P or Fitch ceases to rate the Securities or fails to make a rating
of the Securities publicly available, any “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62)
under the Exchange Act that is selected by the Guarantor as a replacement agency for Moody’s, S&P or Fitch, or each of them,
as the case may be; provided, however, that the Issuer shall not be required to maintain a rating by more than two Rating Agencies at
any time.

 

“Rating Event” means the rating
of the Securities shall be decreased by each of the Rating Agencies independently by one or more gradations during the Rating Period (as
defined below). If the rating of the Securities by each of the Rating Agencies is Investment Grade, then “Rating Event” will
mean the rating of the Securities shall be decreased by one or more gradations by each Rating Agency so that the ratings of the Securities
by all of the Rating Agencies fall below Investment Grade, on any date from the date of the public notice of an arrangement that could
result in a Change of Control until the end of the 30-day period following public notice of the occurrence of the Change of Control (the
 “Rating Period”) (which 30-day period shall be extended by no more than 60 days from the date of the occurrence of the Change
of Control if the rating of the Securities is under publicly announced consideration for possible downgrade by any of the Rating Agencies
and each other Rating Agency has either downgraded, or publicly announced that it is considering downgrading, the Securities). A Rating
Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change
of Control (and thus will not be deemed a Rating Event for purposes of the definition of “Change of Control Repurchase Event”)
if each Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm
or inform the Trustee under the Indenture in writing at the Issuer’s request that the reduction was the result, in whole or in part,
of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not
the applicable Change of Control has occurred at the time of the Rating Event).

 

    	 	13	 

     

    

 

“S&P” means S&P Global
Ratings, a division of S&P Global Inc., and its successors.

 

“Voting Stock” means, with respect
to any specified Person as of any date, the Capital Stock of such Person that is at the time entitled to vote generally in the election
of the board of directors of such Person.

 

9.            Guarantee.
The Securities are fully and unconditionally guaranteed by the Guarantor, as provided in Article 17 of the Indenture, on a senior
unsecured basis. The Guarantee ranks equally in right of payment with all of the Guarantor’s other existing and future unsecured
and unsubordinated indebtedness and is senior to any future indebtedness of the Guarantor that is subordinated to the Guarantee.

 

10.            Sinking
Fund. No sinking fund is provided for the Securities.

 

11.            Denominations,
Transfer, Exchange. The Securities are in registered form without coupons in minimum denominations of €100,000 and integral multiples
of €1,000 in excess thereof. A Holder may transfer or exchange Securities in accordance with the Indenture. No service charge shall
be made for any registration of transfer or exchange of Securities, but the Issuer may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 304, 906, 1107 or 1305 of the Indenture not involving any transfer.

 

12.            Persons
Deemed Owners. The registered Holder of a Security may be treated as the owner of it for all purposes.

 

13.            Unclaimed
Money. Subject to any applicable abandoned property laws, if money for the payment of principal or interest remains unclaimed for
two years, the Trustee or Paying Agent will pay the money back to the Issuer or the Guarantor on Company Request. After that, Holders
entitled to the money must look to the Issuer for payment as unsecured general creditors unless an “abandoned property” law
designates another Person.

 

    	 	14	 

     

    

 

14.            Amendment,
Supplement, Waiver. The Issuer, the Guarantor and the Trustee may, without the consent of the Holders of any outstanding Securities,
amend, waive or supplement the Indenture or the Securities for certain specified purposes, including, among other things, curing ambiguities,
defects or inconsistencies, or making any other change that does not adversely affect the rights of any Holder. Other amendments and modifications
of the Indenture or the Securities may be made by the Issuer, the Guarantor and the Trustee with the consent of the Holders of not less
than a majority of the aggregate principal amount of the outstanding Securities affected, subject to certain exceptions requiring the
consent of the Holders of each Security affected thereby.

 

15.            Successor
Corporation. When a successor corporation assumes all the obligations of its predecessor under the Securities and the Indenture and
the transaction complies with the terms of Article 8 of the Indenture, the predecessor corporation, subject to certain exceptions,
will be released from those obligations.

 

16.            Defaults
and Remedies. Events of Default are set forth in the Indenture. Subject to certain limitations in the Indenture, if an Event of Default
(other than an Event of Default specified in Section 501(6) or Section 501(7) of the Indenture) occurs and is continuing,
then the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities may, or the Trustee may, declare the
principal of, plus accrued interest, if any, to be due and payable immediately. If an Event of Default specified in Section 501(6) or
Section 501(7) of the Indenture occurs and is continuing, the principal of and accrued interest on all of the Securities shall
ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. Holders
of the Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require reasonable
security or indemnity reasonably satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations,
Holders of a majority in principal amount of the then Outstanding Securities may direct the Trustee in its exercise of any trust or power.
The Issuer and the Company must furnish an annual compliance certificate to the Trustee.

 

17.            No
Recourse Against Others. A director, officer, employee, or stockholder, as such, of the Issuer or the Guarantor or any of their respective
Affiliates shall not have any liability for any obligations of the Issuer or the Guarantor, respectively, under the Securities or the
Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder of the Securities
by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of
the Securities.

 

18.            Defeasance.
The Indenture contains provisions (which provisions apply to this Security) for defeasance at any time of (a) the entire indebtedness
of the Issuer in respect of this Security and (b) certain restrictive covenants and Defaults and Events of Default, in each case
upon compliance by the Issuer with certain conditions set forth therein.

 

19.            Authentication &
Effectuation. This Security shall not be valid until the Security Registrar signs the certificate of authentication to this Security
and the Security is effectuated for or on behalf of the Common Safekeeper.

 

    	 	15	 

     

    

 

20.            Dutch
Law Power of Attorney. If the Issuer is represented by (an) attorney(s) in connection with the execution of the Securities or
any agreement or document pursuant hereto, and the relevant power of attorney is expressed to be governed by Dutch law, such choice of
law is hereby accepted by each of the parties hereto, in accordance with Article 14 of the Hague Convention on the Law Applicable
to Agency of 14 March 1978.

 

21.            GOVERNING
LAW. THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

22.            Submission
to Jurisdiction. Each of the Issuer and the Guarantor irrevocably appoints the Guarantor as its agent to receive service of process
or other legal summons in any suit, action or proceeding with respect the Securities and the Guarantee and for actions brought under the
United States federal or state securities laws brought in any United States federal or state court located in the Borough of Manhattan
in the County and City of New York. Each of the Issuer and the Guarantor irrevocably and unconditionally submit to the exclusive jurisdiction
of the state and federal courts sitting in the Borough of Manhattan in the County and City of New York over any suit, action or proceeding
arising out of or relating to the Securities or the Guarantee and for actions brought under the United States federal or state securities
laws. Service of any process, summons, notice or document by registered mail addressed to the Issuer or the Guarantor at the address in
Section 105 of the Indenture or in accordance with the second preceding sentence shall be effective service of process against the
Issuer or the Guarantor for any suit, action or proceeding brought in any such court. Each of the Issuer and the Guarantor irrevocably
and unconditionally waives any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any
claim that any such suit, action or proceeding has been brought in an inconvenient forum. A final judgment in any such suit, action or
proceeding brought in any such court shall be conclusive and binding upon the Issuer and the Guarantor and may be enforced in any other
courts to whose jurisdiction the Issuer or the Guarantor is or may be subject, by suit upon judgment and in accordance with applicable
law. Each of the Issuer and the Guarantor further agrees that nothing herein shall affect any Holder's right to effect service of process
in any other manner permitted by law or bring a suit action or proceeding (including a proceeding for enforcement of a judgment) in any
other court or jurisdiction in accordance with applicable law.

 

23.            WAIVER
OF JURY TRIAL. EACH OF THE ISSUER, THE GUARANTOR, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE SECURITIES OR THE TRANSACTION
CONTEMPLATED HEREBY.

 

    	 	16	 

     

    

 

ASSIGNMENT FORM

 

If you the holder want to assign this Security, fill in the form below
and have your signature guaranteed:

 

	 	I or we assign and transfer this Security to 	 

 

	(Insert
assignee’s social security or tax ID number)	 

 

	(Print
or type assignee’s name, address and zip code) and irrevocably appoint	 

agent
to transfer this Security on the books of the Issuer. The agent may substitute another to act for him.  

 

 

	Date:	 	 	Your signature:	 
	 	 	 	 	(Sign exactly as your name
appears on the other side of this Security)

 

	Signature Guarantee:	 

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation
in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may
be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

    	 	17	 

     

    

 

NOTATION OF GUARANTEE

 

Boston Scientific Corporation, a Delaware corporation
(the “Guarantor”, which term includes any successor thereto under the Indenture (the “Indenture”) referred to
in the security on which this notation is endorsed (the “Security”)), unconditionally guarantees, pursuant to the terms of
the Guarantee contained in Article 17 of the Indenture, the due and punctual payment of the principal of, and any premium and interest
on this Security, when and as the same shall become due and payable, whether at maturity, redemption, repayment or otherwise, all in accordance
with the terms of this Security and the Indenture.

 

The obligations of the Guarantor to the Holders
of the Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article 17 of the Indenture
and in the Security and reference is hereby made to the Indenture for the precise terms of the Guarantee and all of the other provisions
of the Indenture to which this Guarantee relates.

 

The Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication on the Security upon which this notation of the Guarantee is endorsed shall have
been executed by the Security Registrar and the Security is effectuated for or on behalf of the Common Safekeeper.

 

    	 	18	 

     

    

 

IN WITNESS WHEREOF, the Guarantor has caused this
Guarantee to be duly executed.

 

Dated: March 8, 2022

 

	 	BOSTON SCIENTIFIC CORPORATION

 

	 	By:	 

	 	 	Name:	 [●]  
	 	 	Title:	 [●]

 

Attest:

	By:	 	 

	 	Name:	[●]  	 
	 	Title:	[●]	 

 

    	 	19	 

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN NOTE

 

The following increases or decreases in this Note
have been made:

 

	Date
    of Exchange	 	Amount
                                            of 
 decrease in
 Principal Amount 
 of this
 Note
	 	Amount
                                            of
 increase in
 Principal Amount 
 of this
 Note
	 	Principal
                                            Amount 
 of this
 Note following
 such 
 decrease or
 increase
	 	Signature
                                            of 
 authorized
 signatory of
 Common Service
 Provider to
 the Clearing

                                            Systems

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 	20Exhibit 4.6
DESCRIPTION OF XOMA CORPORATION CAPITAL STOCK
The following is a description of the Common Stock, $0.0075 par value (the “Common Stock”), Preferred Stock, $0.05 par value (the “Preferred Stock”) and depositary shares of XOMA Corporation (the “Company”). The Common Stock, 8.625% Series A Cumulative Perpetual Preferred Stock (the “Series A Preferred Stock”) and the depositary shares (the “Series B Depositary Shares”) representing the 8.375% Series B Cumulative Perpetual Preferred Stock (the “Series B Preferred Stock”) are the only securities of the Company registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
​
Common Stock
General. The Company is authorized to issue up to 277,333,332 shares of Common Stock. The following description is based on (i) the Company’s Certificate of Incorporation, as currently in effect (the “Certificate of Incorporation”), (ii) the Company’s By-laws, as currently in effect (the “By-laws”), and (iii) the Delaware General Corporation Law (the “DGCL”). The following summary description of the Common Stock of the Company is qualified in its entirety by reference to the provisions of the Certificate of Incorporation and By-laws, copies of which have been filed as exhibits to the Company’s Annual Report on Form 10-K filed herewith, and the applicable provisions of the DGCL.
Dividend Rights. The holders of our Common Stock have the right to receive dividends and distributions, whether payable in cash or otherwise, as may be declared from time to time by our board of directors, from legally available funds. 
Voting Rights. Each holder of our Common Stock is generally entitled to one vote for each share of Common Stock owned of record on all matters submitted to a vote of our stockholders. Except as otherwise required by law, holders of Common Stock (as well as holders of any Preferred Stock entitled to vote with the common stockholders) will generally vote together as a single class on all matters presented to the stockholders for their vote or approval, including the election of directors. Any matter brought before the stockholders for a vote, other than the election of directors, will generally be decided by a majority of the votes cast on the matter, unless the matter is one in which an express provision of the DGCL, the Certificate of Incorporation, the By-laws, the rules or regulations of any stock exchange applicable to us, applicable law or pursuant to any regulation applicable to us or our securities requires a different vote, in which case the express provision will govern and control the decision of the matter. Directors will be elected by a plurality of the votes cast and entitled to vote generally on the election of directors. There are no cumulative voting rights with respect to the election of directors or any other matters.
No Preemptive or Similar Rights. Holders of our Common Stock have no redemption rights, conversion rights or preemptive rights to purchase or subscribe for our securities.
Right to Receive Liquidation Distributions. In the event of our liquidation, dissolution or winding-up, holders of our Common Stock will be entitled to share equally in the assets available for distribution after payment of all creditors and the liquidation preferences of our Preferred Stock (if any).
The rights of the holders of our Common Stock are subject to, and may be adversely affected by, the rights of holders of shares of any Preferred Stock that we may designate and issue in the future.
Preferred Stock 
​
General. Under our Certificate of Incorporation, our board of directors is authorized to issue up to 1,000,000 shares of Preferred Stock, and, by resolution, to divide the Preferred Stock into series and, with respect to each series, 

to determine the designations and the powers, preferences and rights, and the qualifications, limitations and restrictions thereof, including the dividend rights, conversion or exchange rights, voting rights, redemption rights and terms, liquidation preferences, sinking fund provisions and the number of shares constituting the series. Our board of directors can, without stockholder approval but subject to the terms of the Certificate of Incorporation and to any resolution of the stockholders approved by at least 75% of all issued shares entitled to vote in respect thereof, issue Preferred Stock with voting and other rights that could adversely affect the voting power of the holders of our Common Stock and which could have certain anti-takeover effects. Before we may issue any series of Preferred Stock, our board of directors will be required to adopt resolutions creating and designating such series of Preferred Stock. 
The following summary description of the Preferred Stock of the Company, including the Series B Depositary Shares, is qualified in its entirety by reference to the provisions of the Certificate of Incorporation, By-laws and the certificates of designation of preferences, rights and limitations of each series of the Preferred Stock, copies of which have been filed as exhibits to the Company’s Annual Report on Form 10-K, and the applicable provisions of the DGCL. As of December 31, 2021, 5,003 shares of Series X Preferred Stock, 984,000 shares of Series A Preferred Stock and 1,600 shares of Series B Depositary Shares were issued and outstanding.
The 8.625% Series A Cumulative Perpetual Preferred Stock. We have designated 984,000 shares of our Preferred Stock as Series A Preferred Stock. 
The Series A Preferred Stock will rank, as to dividend rights and rights upon our liquidation, dissolution or winding up:

●senior to all classes or series of our Common Stock and to all other equity securities issued by us expressly designated as ranking junior to the Series A Preferred Stock;
​
●senior with respect to the payment of dividends and on parity with respect to the distribution of assets upon our liquidation, dissolution or winding up with our Series X Preferred Stock and on parity with any future class or series of our equity securities expressly designated as ranking on parity with the Series A Preferred Stock;
​
●junior to all equity securities issued by us with terms specifically providing that those equity securities rank senior to the Series A Preferred Stock with respect to the payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up, none of which exists on the date hereof; and;
​
●effectively junior to all our existing and future indebtedness (including indebtedness convertible into our Common Stock or Preferred Stock) and to the indebtedness and other liabilities of (as well as any preferred equity interests held by others in) our existing or future subsidiaries.
Dividends. We will pay cumulative cash dividends on the Series A Preferred Stock, when and as declared by our board of directors, at the rate of 8.625% of the $25.00 liquidation preference per share per year (equivalent to $2.15625 per year). Dividends will be payable quarterly in arrears, on or about the 15th day of January, April, July and October; provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day, and no interest, additional dividends or other sums will accumulate. Dividends will accumulate and be cumulative from, and including, the date of original issuance. The first dividend, which was paid on April 15, 2021 in the amount of $0.71875 per share of Series A Preferred Stock, was for more than a full quarter and covered the period from, and including, the first date we issued and sold the Series A Preferred Stock through, but not including, April 15, 2021. Dividends on the Series A Preferred Stock will continue to accumulate whether or not (i) any of our agreements prohibit the current payment of dividends, (ii) we have earnings or funds legally available to pay the dividends, or (iii) our board of directors does not declare the payment of the dividends.
Liquidation Preference. The liquidation preference of each share of Series A Preferred Stock is $25.00. Upon liquidation, holders of our Series A Preferred Stock will be entitled to receive the liquidation preference with respect to their shares of Series A Preferred Stock plus an amount equal to accumulated but unpaid dividends with respect to such shares. 

Optional Redemption. On and after December 15, 2021, the first anniversary of December 15, 2020, to but excluding the second anniversary, the shares of Series A Preferred Stock will be redeemable at our option, in whole or in part, at a redemption price equal to $26.00 per share, plus any accrued and unpaid dividends. On and after December 15, 2022, the second anniversary of December 15, 2020, to but excluding the third anniversary, the shares of Series A Preferred Stock will be redeemable at our option, in whole or in part, at a redemption price equal to $25.75 per share, plus any accrued and unpaid dividends. On and after December 15, 2023, the third anniversary of December 15, 2020, to but excluding the fourth anniversary, the shares of Series A Preferred Stock will be redeemable at our option, in whole or in part, at a redemption price equal to $25.50 per share, plus any accrued and unpaid dividends. On and after December 15, 2024, the fourth anniversary of December 15, 2020, to but excluding the fifth anniversary, the shares of Series A Preferred Stock will be redeemable at our option, in whole or in part, at a redemption price equal to $25.25 per share, plus any accrued and unpaid dividends. On and after December 15, 2025, the fifth anniversary of December 15, 2020, the shares of Series A Preferred Stock will be redeemable at our option, in whole or in part, at a redemption price equal to $25.00 per share, plus any accrued and unpaid dividends.
Special Optional Redemption Upon a Change of Control or Delisting Event. Upon the occurrence of a Delisting Event (as defined below), we may, at our option, redeem the Series A Preferred Stock, in whole or in part, within 90 days after the first date on which such Delisting Event occurred, for cash, at a redemption price of $25.00 per share, plus any accrued and unpaid dividends up to, but not including, the date of redemption.
With respect to the Series A Preferred Stock, a “Delisting Event” occurs when, after the original issuance of Series A Preferred Stock, both (i) the shares of Series A Preferred Stock are no longer listed on Nasdaq, the New York Stock Exchange (the “NYSE”) or the NYSE American LLC (“NYSE AMER”), or listed or quoted on an exchange or quotation system that is a successor to Nasdaq, the NYSE or the NYSE AMER, and (ii) we are not subject to the reporting requirements of the Exchange Act, but any Series A Preferred Stock is still outstanding.
Upon the occurrence of a Change of Control (as defined below), we may, at our option, redeem the Series A Preferred Stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, for cash, at a redemption price of $25.00 per share, plus any accrued and unpaid dividends up to, but not including, the date of redemption.
With respect to the Series A Preferred Stock, a “Change of Control” occurs when, after the original issuance of the Series A Preferred Stock, the following have occurred and are continuing:

		●	the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of shares of our company entitling that person to exercise more than 50% of the total voting power of all shares of our company entitled to vote generally in elections of directors (except that such person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and

​
		●	following the closing of any transaction referred to in the bullet point above, neither we nor any acquiring or surviving entity (or if, in connection with such transaction shares of our Common Stock are converted into or exchanged for (in whole or in part) common equity securities of another entity), has a class of common securities (or ADRs representing such securities) listed on Nasdaq, the NYSE or the NYSE AMER, or listed or quoted on an exchange or quotation system that is a successor to Nasdaq, the NYSE or the NYSE AMER.

​
We refer to redemption following a Delisting Event or Change of Control as a “special optional redemption.” If, prior to the Delisting Event Conversion Date (as defined below) or the Change of Control Conversion Date (as defined below), as applicable, we have provided or provide notice of exercise of any of our redemption rights relating to the Series A Preferred Stock (whether our optional redemption right or our special optional redemption right), the holders of the Series A Preferred Stock will not have the conversion right described below.
​

Conversion. Upon the occurrence of a Delisting Event or a Change of Control, as applicable, each holder of Series A Preferred Stock will have the right (unless, prior to the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, we have provided or provide notice of our election to redeem the Series A Preferred Stock) to convert some or all of the Series A Preferred Stock held by such holder on the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, into a number of shares of our Common Stock (or equivalent value of alternative consideration) per share of Series A Preferred Stock equal to the lesser of:
		●	the quotient obtained by dividing (1) the sum of the $25.00 per share liquidation preference plus the amount of any accumulated and unpaid dividends up to, but not including, the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable (unless the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable is after a record date for a Series A Preferred Stock dividend payment and prior to the corresponding Series A Preferred Stock dividend payment date, in which case no additional amount for such accumulated and unpaid dividend will be included in this sum) by (2) the Common Stock Price (as defined below); and

​
		●	1.46071 (i.e., the Share Cap), subject to certain adjustments; and subject, in each case, to certain conditions, including, under specified circumstances, an aggregate cap on the total number of shares of our Common Stock issuable upon conversion and to provisions for the receipt of alternative consideration.

If, prior to the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, we have provided or provide a redemption notice, whether pursuant to our special optional redemption right or our optional redemption right, holders of Series A Preferred Stock will not have any right to convert the Series A Preferred Stock, and any Series A Preferred Stock subsequently selected for redemption that has been tendered for conversion will be redeemed on the related date of redemption instead of converted on the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable.
​
In the event that the conversion would result in the issuance of fractional shares of Common Stock, we will pay the holder of Series A Preferred Stock cash in lieu of such fractional shares.
​
Except as provided above in connection with a Delisting Event or Change of Control, shares of the Series A Preferred Stock are not convertible into or exchangeable for any other securities or property.
​
For purposes of this description of the Series A Preferred Stock, “Change of Control Conversion Date” means a business day fixed by our board of directors that is not fewer than 20 days nor more than 35 days after the date on which we provide notice to the holders of the Series A Preferred Stock of a Change of Control.
​
For purposes of this description of the Series A Preferred Stock, “Common Stock Price” for any Change of Control will be: (1) if the consideration to be received in the Change of Control by the holders of our Common Stock is solely cash, the amount of cash consideration per share of Common Stock; and (2) if the consideration to be received in the Change of Control by holders of our Common Stock is other than solely cash (x) the average of the closing prices for our Common Stock on the principal U.S. securities exchange on which our Common Stock is then traded (or, if no closing sale price is reported, the average of the closing bid and ask prices per share or, if more than one in either case, the average of the average closing bid and the average closing ask prices per share) for the ten consecutive trading days immediately preceding, but not including, the date on which such Change of Control occurred as reported on the principal U.S. securities exchange on which our Common Stock is then traded, or (y) the average of the last quoted bid prices for our Common Stock in the over-the-counter market as reported by OTC Markets Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including, the date on which such Change of Control occurred, if our Common Stock is not then listed for trading on a U.S. securities exchange. The “Common Stock Price” for any Delisting Event will be the average of the closing price per share of our Common Stock on the 10 consecutive trading days immediately preceding, but not including, the effective date of the Delisting Event.
​
For purposes of this description of the Series A Preferred Stock, “Delisting Event Conversion Date” means a business day fixed by our board of directors that is not fewer than 20 days nor more than 35 days after the date on which we provide notice to the holders of the Series A Preferred Stock of a Delisting Event.
​

Voting Rights. Holders of Series A Preferred Stock generally will have no voting rights. However, if we do not pay dividends on any outstanding shares of Series A Preferred Stock for six or more quarterly dividend periods (whether or not declared or consecutive), holders of Series A Preferred Stock (voting separately as a class with all other outstanding series of preferred stock upon which like voting rights have been conferred and are exercisable) will be entitled to elect two additional directors to our board of directors to serve until all unpaid dividends have been fully paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series A Preferred Stock cannot be made without the affirmative vote of holders of at least 66 2/3% of the outstanding shares of Series A Preferred Stock, voting as a separate class. In any matter in which the Series A Preferred Stock may vote, each share of Series A Preferred Stock shall be entitled to one vote.
The 8.375% Series B Cumulative Perpetual Preferred Stock and the Series B Depositary Shares. We have designated 3,600 shares of our Preferred Stock as Series B Preferred Stock. 
The Series B Preferred Stock underlying the Series B Depositary Shares will rank, as to dividend rights and rights upon our liquidation, dissolution or winding up:

		●	senior to all classes or series of our Common Stock and to all other equity securities issued by us expressly designated as ranking junior to the Series B Preferred Stock;

​
		●	senior with respect to the payment of dividends and on parity with respect to the distribution of assets upon our liquidation, dissolution or winding up with our Series X Preferred Stock;

​
		●	on parity with our Series A Preferred Stock, and with any future class or series of our equity securities expressly designated as ranking on parity with the Series B Preferred Stock;

​
		●	junior to all equity securities issued by us with terms specifically providing that those equity securities rank senior to the Series B Preferred Stock with respect to the payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up, none of which exists on the date hereof; and

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		●	effectively junior to all our existing and future indebtedness (including indebtedness convertible into our Common Stock or Preferred Stock) and to the indebtedness and other liabilities of (as well as any preferred equity interests held by others in) our existing or future subsidiaries.

Dividends. We will pay cumulative cash dividends on the Series B Preferred Stock, when and as declared by our board of directors, at the rate of 8.375% of the $25,000.00 liquidation preference ($25.00 per depositary share) per year (equivalent to $2,093.75 per share or $2.09375 per depositary share per year). Dividends will be payable quarterly in arrears, on or about the 15th day of January, April, July and October; provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day, and no interest, additional dividends or other sums will accumulate. Dividends will accumulate and be cumulative from, and including, the date of original issuance. Dividends on the Series B Preferred Stock underlying the Series B Depositary Shares will continue to accumulate whether or not (i) any of our agreements prohibit the current payment of dividends, (ii) we have earnings or funds legally available to pay the dividends, or (iii) our board of directors does not declare the payment of the dividends.
Liquidation Preference. The liquidation preference of each share of Series B Preferred Stock is $25,000.00 ($25.00 per depositary share). Upon liquidation, holders of our Series B Preferred Stock will be entitled to receive the liquidation preference with respect to their shares of Series B Preferred Stock plus an amount equal to accumulated but unpaid dividends with respect to such shares. 
Optional Redemption. On and after April 15, 2022, the shares of Series B Preferred Stock will be redeemable at our option, in whole or in part, at a redemption price equal to $26,000.00 per share ($26.00 per depositary share), plus any accrued and unpaid dividends. On and after April 15, 2023, the shares of Series B Preferred Stock will be redeemable at our option, in whole or in part, at a redemption price equal to $25,750.00 per share ($25.75 per depositary share), plus any accrued and unpaid dividends. On and after April 15, 2024, the shares of Series B Preferred 

Stock will be redeemable at our option, in whole or in part, at a redemption price equal to $25,500.00 per share ($25.50 per depositary share), plus any accrued and unpaid dividends. On and after April 15, 2025, the shares of Series B Preferred Stock will be redeemable at our option, in whole or in part, at a redemption price equal to $25,250.00 per share ($25.25 per depositary share), plus any accrued and unpaid dividends. On and after April 15, 2026, the shares of Series B Preferred Stock will be redeemable at our option, in whole or in part, at a redemption price equal to $25,000.00 per share ($25.00 per depositary share), plus any accrued and unpaid dividends. On or after the date fixed for redemption of shares of Series B Preferred Stock, each holder of Series B Depositary Shares to be redeemed must present and surrender the depositary receipts evidencing the Series B Depositary Shares to the depositary at the place designated in the notice of redemption. The redemption price of such Series B Depositary Shares will then be paid to or on the order of the person whose name appears on such depositary receipts as the owner thereof.
Special Optional Redemption Upon a Change of Control or Delisting Event. Upon the occurrence of a Delisting Event (as defined below), we may, at our option, redeem the Series B Preferred Stock, in whole or in part, within 90 days after the first date on which such Delisting Event occurred, for cash, at a redemption price of $25,000.00 per share (equivalent to $25.00 per depositary share), plus any accrued and unpaid dividends up to, but not including, the date of redemption, and the depositary will redeem a proportional number of Series B Depositary Shares representing the shares redeemed.
With respect to the Series B Preferred Stock, a “Delisting Event” occurs when, after the original issuance of Series B Preferred Stock, both (i) the shares of Series B Preferred Stock (or the Series B Depositary Shares) are no longer listed on Nasdaq, the NYSE or the NYSE AMER, or listed or quoted on an exchange or quotation system that is a successor to Nasdaq, the NYSE or the NYSE AMER, and (ii) we are not subject to the Exchange Act, but any Series B Preferred Stock is still outstanding.
Upon the occurrence of a Change of Control (as defined below), we may, at our option, redeem the Series B Preferred Stock underlying the Series B Depositary Shares, in whole or in part within 120 days after the first date on which such Change of Control occurred, for cash, at a redemption price of $25,000.00 per share (equivalent to $25.00 per depositary share), plus any accrued and unpaid dividends up to, but not including, the date of redemption, and the depositary will redeem a proportional number of Series B Depositary Shares representing the shares redeemed.
With respect to the Series B Preferred Stock, a “Change of Control” occurs when, after the original issuance of the Series B Preferred Stock, the following have occurred and are continuing:

		●	the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of shares of our company entitling that person to exercise more than 50% of the total voting power of all shares of our company entitled to vote generally in elections of directors (except that such person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and

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		●	following the closing of any transaction referred to in the bullet point above, neither we nor any acquiring or surviving entity (or if, in connection with such transaction shares of our Common Stock are converted into or exchanged for (in whole or in part) common equity securities of another entity), has a class of common securities (or ADRs representing such securities) listed on Nasdaq, the NYSE or the NYSE AMER, or listed or quoted on an exchange or quotation system that is a successor to Nasdaq, the NYSE or the NYSE AMER.

We refer to redemption following a Delisting Event or Change of Control as a “special optional redemption.” If, prior to the Delisting Event Conversion Date or the Change of Control Conversion Date (each as defined below), as applicable, we have provided or provide notice of exercise of any of our redemption rights relating to the Series B Preferred Stock (whether our optional redemption right or our special optional redemption right), the holders of Series B Depositary Shares representing interests in the Series B Preferred Stock will not have the conversion right described below.
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Conversion. Upon the occurrence of a Delisting Event or a Change of Control, as applicable, each holder of Series B Depositary Shares representing interests in the Series B Preferred Stock will have the right (unless, prior to the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, we have provided or provide notice of our election to redeem the Series B Preferred Stock) to direct the depositary, on such holder’s behalf, to convert some or all of the Series B Preferred Stock underlying the Series B Depositary Shares held by such holder on the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable into a number of shares of our Common Stock (or equivalent value of alternative consideration) per depositary share equal to the lesser of:
		●	the quotient obtained by dividing (1) the sum of the $25.00 per depositary share liquidation preference plus the amount of any accumulated and unpaid dividends up to, but not including, the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable (unless the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable is after a record date for a Series B Preferred Stock dividend payment and prior to the corresponding Series B Preferred Stock dividend payment date, in which case no additional amount for such accumulated and unpaid dividend will be included in this sum) by (2) the Common Stock Price (as defined herein); and

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		●	1.25313 (i.e., the Share Cap), subject to certain adjustments; and subject, in each case, to certain conditions, including, under specified circumstances, an aggregate cap on the total number of shares of our Common Stock issuable upon conversion and to provisions for the receipt of alternative consideration.

If, prior to the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, we have provided or provide a redemption notice, whether pursuant to our special optional redemption right or our optional redemption right, holders of Series B Depositary Shares representing interests in the Series B Preferred Stock will not have any right to direct the depositary to convert the Series B Preferred Stock, and any Series B Preferred Stock subsequently selected for redemption that has been tendered for conversion will be redeemed on the related date of redemption instead of converted on the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable.
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Because each depositary share represents a 1/1000th interest in a share of the Series B Preferred Stock, the number of shares of Common Stock ultimately received for each depositary share will be equal to the number of shares of Common Stock received upon conversion of each share of Series B Preferred Stock divided by 1000. In the event that the conversion would result in the issuance of fractional shares of Common Stock, we will pay the holder of Series B Depositary Shares cash in lieu of such fractional shares.
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Except as provided above in connection with a Delisting Event or Change of Control, shares of the Series B Preferred Stock are not convertible into or exchangeable for any other securities or property.
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For purposes of this description of the Series B Preferred Stock and the underlying Series B Depositary Shares, “Change of Control Conversion Date” means a business day fixed by our board of directors that is not fewer than 20 days nor more than 35 days after the date on which we provide the notice described above to the holders of the Series B Depositary Shares representing interests in the Series B Preferred Stock.
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For purposes of this description of the Series B Preferred Stock and the underlying Series B Depositary Shares, “Common Stock Price” for any Change of Control will be: (1) if the consideration to be received in the Change of Control by the holders of our Common Stock is solely cash, the amount of cash consideration per share of Common Stock; and (2) if the consideration to be received in the Change of Control by holders of our Common Stock is other than solely cash (x) the average of the closing prices for our Common Stock on the principal U.S. securities exchange on which our Common Stock is then traded (or, if no closing sale price is reported, the average of the closing bid and ask prices per share or, if more than one in either case, the average of the average closing bid and the average closing ask prices per share) for the ten consecutive trading days immediately preceding, but not including, the date on which such Change of Control occurred as reported on the principal U.S. securities exchange on which our Common Stock is then traded, or (y) the average of the last quoted bid prices for our Common Stock in the over-the-counter market as reported by OTC Markets Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including, the date on which such Change of Control occurred, if our Common Stock is not then 

listed for trading on a U.S. securities exchange. The “Common Stock Price” for any Delisting Event will be the average of the closing price per share of our Common Stock on the 10 consecutive trading days immediately preceding, but not including, the effective date of the Delisting Event.
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For purposes of this description of the Series B Preferred Stock and the underlying Series B Depositary Shares, “Delisting Event Conversion Date” means a business day fixed by our board of directors that is not fewer than 20 days nor more than 35 days after the date on which we provide the notice described above to the holders of the Series B Depositary Shares representing interests in the Series B Preferred Stock.
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Voting Rights. Holders of the Series B Depositary Shares representing interests in the Series B Preferred Stock generally will have no voting rights. However, if we do not pay dividends on any outstanding shares of Series B Preferred Stock for six or more quarterly dividend periods (whether or not declared or consecutive), holders of Series B Preferred Stock (voting separately as a class with all other outstanding series of preferred stock upon which like voting rights have been conferred and are exercisable) will be entitled to elect two additional directors to our Board of Directors to serve until all unpaid dividends have been fully paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series B Preferred Stock cannot be made without the affirmative vote of holders of at least 66 2/3% of the outstanding shares of Series B Preferred Stock, voting as a separate class. In any matter in which the Series B Preferred Stock may vote, each share of Series B Preferred Stock shall be entitled to one vote. As a result, each depositary share will be entitled to 1/1000th of a vote.
The Series X Preferred Stock. We have designated 5,003 shares of our Preferred Stock as Series X Preferred Stock. The Series X Preferred Stock ranks: 

		●	senior to any class or series of our capital stock created specifically ranking by its terms junior to the Series X Preferred Stock;

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		●	on parity to our Common Stock;

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		●	on parity to any class or series of our capital stock created specifically ranking by its terms on parity with the Series X Preferred Stock; and

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		●	junior to any class or series of our capital stock created specifically ranking by its terms senior to the Series X Preferred Stock;

in each case, as to distributions of assets upon our liquidation, dissolution or winding up whether voluntarily or involuntarily. 
Dividends. Holders of Series X Preferred Stock are entitled to receive dividends on shares of Series X Preferred Stock equal (on an as-converted basis) to and in the same form as dividends actually paid on our Common Stock or other junior securities. 
Liquidation Preference. In the event of our liquidation, dissolution, or winding up, holders of our Series X Preferred Stock will participate pari passu (on an as-converted basis, without regard to any blocker provisions) with any distribution of proceeds to holders of our Common Stock. 
Redemption. We are not obligated to redeem or repurchase any shares of Series X Preferred Stock. Shares of Series X Preferred Stock are not otherwise entitled to any redemption rights or mandatory sinking fund or analogous fund provisions. 
Conversion. The Series X Preferred Stock is convertible at the option of the holders thereof at any time after issuance into the number of registered shares of Common Stock determined by dividing the aggregate stated value of the Series X Preferred Stock being converted by the conversion price then in effect. The initial conversion price is $4.03 and is subject to adjustment as described below. No holder may request a conversion of its Series X Preferred Stock to the extent such conversion would result in the holder and its affiliates beneficially owning more than a pre-

set conversion blocker threshold, which will initially be set at 19.99% of our Common Stock then outstanding (the “Beneficial Ownership Limitation”). The amount of beneficial ownership of a holder and its affiliates will be determined in accordance with Section 13(d) of the Exchange Act, and the rules and regulations of that section.
Conversion Price Adjustment-Stock Dividends and Stock Splits. If we pay a stock dividend or otherwise make a distribution payable in Common Stock on our Common Stock or any Common Stock equivalents, subdivide or combine our outstanding Common Stock, or reclassify our Common Stock in such a way that we issue additional shares of our capital stock, the conversion price will be adjusted by multiplying the then-existing conversion price by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately before the distribution, dividend, adjustment or recapitalization and the denominator of which is the number of shares of Common Stock outstanding immediately after such action. 
Fundamental Transaction. If we effect a “fundamental transaction” (as defined below), then upon any future conversion of the Series X Preferred Stock, the holders will have the right to receive, for each share of Common Stock they would have received upon such conversion, the same kind and amount of securities, cash or property as such holder would have been entitled to receive in the fundamental transaction had it been the holder of Common Stock immediately prior to the fundamental transaction. The term “fundamental transaction” means any of the following:

		●	a merger or consolidation of the Company with or into another entity or any stock sale to, or other business combination in which the Company is not the surviving entity;

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		●	the sale of all or substantially all of our assets in one transaction or a series of related transactions;

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		●	any completed tender offer or exchange offer involving holders of Common Stock in which more than 50% of the Common Stock is converted or exchanged into other securities, cash or property, regardless of who makes such offer; or

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		●	any reclassification of Common Stock or any compulsory share exchange by which our Common Stock is effectively converted into or exchanged for other securities, cash or property (but not a reverse stock split).

If the holders of Common Stock are given a choice as to the securities, cash or property to be received in a fundamental transaction, the holders of Series X Preferred Stock will be given the same choice on conversion of such holders’ shares. 
Voting Rights. The Series X Preferred Stock has no voting rights, except to the extent expressly provided in our Certificate of Incorporation or as otherwise required by law. However, so long as 2,502 shares of Series X Preferred Stock are outstanding, we may not take any of the following actions without the affirmative consent of holders of a majority of the outstanding Series X Preferred Stock: 

		●	amend our Certificate of Incorporation, By-laws or other charter documents so as to materially, specifically and adversely affect the preferences, rights, or privileges of the Series X Preferred Stock;

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		●	issue additional shares of Series X Preferred Stock or increase or decrease the number of authorized shares of Series X Preferred Stock;

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		●	sell, assign, monetize, pledge or otherwise divest or encumber our rights under any material license agreement, joint venture or other partnership agreement to which we are a party as of the date of this offering and involving any drug or drug candidate;

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		●	issue or commit to issue any other equity securities, with certain exceptions;

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		●	issue any equity-based award or compensation to certain of our officers, unless the award has been unanimously approved by our compensation committee at a time when a designee appointed by the Series X Preferred holders is then serving on that committee; or

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		●	enter into any agreement or understanding to take any of the actions listed above.

Anti-takeover Effects of Provisions of our Certificate of Incorporation and By-laws and Delaware Law
Certificate of Incorporation and By-laws Provisions. Our Certificate of Incorporation authorizes our board of directors to issue up to 1,000,000 shares of Preferred Stock without stockholder approval and to set the rights, preferences and other designations, including voting rights, of those shares as the board of directors may determine. In addition, our By-laws require certain procedures to be followed and time periods to be met for any stockholder to propose matters to be considered at annual meetings of stockholders, including nominating directors for election at those meetings. Our By-laws also provide that our board of directors is able to elect a director to fill a vacancy created by the expansion of the board of directors or due to the resignation or departure of an existing board member. Provisions of Delaware law and our Certificate of Incorporation and By-laws could make the acquisition of our company through a tender offer, a proxy contest or other means more difficult and could make the removal of incumbent officers and directors more difficult. We expect these provisions to discourage coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of our company to first negotiate with our board of directors. We believe that the benefits provided by our ability to negotiate with the proponent of an unfriendly or unsolicited proposal outweigh the disadvantages of discouraging these proposals. We believe the negotiation of an unfriendly or unsolicited proposal could result in an improvement of its terms.
Delaware Law. We are subject to Section 203 of the DGCL, an anti-takeover law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years following the date the person became an interested stockholder, unless: 

		●	prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

		●	upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (a) shares owned by persons who are directors and also officers, and (b) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

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

Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An “interested stockholder” is a person who, together with affiliates and associates, beneficially owns, or is an affiliate of the corporation and within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation’s outstanding voting securities. We expect the existence of this provision to have an anti-takeover effect with respect to transactions our board of directors does not approve in advance.

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