Document:

EX-10.2

 Exhibit 10.2 

STOCK REPURCHASE AGREEMENT 

BY AND BETWEEN 
 OPEN
LENDING CORPORATION 
 AND 

THE STOCKHOLDERS LISTED HEREIN 

Dated as of December 7, 2020 

THIS STOCK REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of December 7, 2020 by and between Open
Lending Corporation, a Delaware corporation (“Open Lending”) and the stockholders of Open Lending set forth on Exhibit A attached hereto (each a “Seller” and collectively, the
“Sellers”). 
 WHEREAS, Open Lending and Sellers propose to enter into a transaction whereby the Sellers shall sell to Open Lending,
and Open Lending shall purchase from the Sellers, shares of Open Lending’s Common Stock, par value $0.01 per share (the “Common Stock”) as set forth in this Agreement (the “Repurchase
Transaction”); and 
 WHEREAS, certain stockholders of Open Lending have proposed to sell through an underwritten public offering (the
“Secondary Offering”) shares of Open Lending’s common stock, par value $0.01 per share. 
 NOW, THEREFORE, in consideration of
the foregoing, of the mutual promises herein set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows: 

ARTICLE I 

REPURCHASE 
 Section 1.1
Repurchase of Common Stock. 
 (a) Under the terms and subject to the conditions hereof and in reliance upon the representations, warranties and
agreements contained herein, at the Closing (as defined below), the Sellers shall sell to Open Lending such aggregate number of shares of Common Stock (such aggregate amount, the “Repurchased Shares”) equal to
$37.5 million (the “Purchase Price”), divided by the price at which the shares of Common Stock are sold to the public in the Secondary Offering, less the underwriting discount. 

Section 1.2 Closing . The closing (the “Closing”) of the purchase of the Seller Shares shall be held at the offices of
Open Lending immediately subsequent to the satisfaction or waiver of the conditions set forth in Articles V and VI herein (the “Closing Date”), by telephonic meeting on such date or at such other time, date or place as Seller
and Open Lending may agree in writing. 

 Section 1.3 Deliveries. 

(a) At the Closing, each Seller shall deliver or cause to be delivered to Open Lending (collectively, the “Seller Closing Deliveries”):

  

	 	(i)	 such Sellers’ pro rata portion (as determined by such Seller’s participation in the Secondary
Offering) of the Repurchase Shares (such pro rata portion of the Repurchase Shares, the “Seller Shares”) to Open Lending require, free and clear of any Lien (as defined below); and 

 

	 	(ii)	 a completed and executed original copy of Internal Revenue Service (the “IRS”) Form W-9 or IRS Form W-8BEN, as applicable. 

 (b) At the Closing,
Open Lending shall deliver to each Seller their pro rata portion of the Purchase Price (such pro rata portion, the “Seller’s Purchase Price”), payable by wire transfer of immediately available funds to an account or
accounts that such Seller shall designate in writing at least two business days prior to the Closing Date. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF SELLERS 

Each Seller hereby represents and warrants to Open Lending as follows: 

Section 2.1 Title to Seller Shares . As of the Closing, such Seller shall own and shall deliver such Seller’s Seller Shares, free and clear of
any and all option, call, contract, commitment, mortgage, pledge, security interest, encumbrance, lien, tax, claim or charge of any kind or right of others of whatever nature, other than any arising out of, resulting from or in connection with any
agreement, arrangement or understanding between such Seller or any of its subsidiaries and Open Lending (collectively, a “Lien”). 

Section 2.2 Authority Relative to this Agreement . Such Seller has the requisite power and authority to execute and deliver this Agreement and to
consummate the transactions contemplated hereby. To the extent such Seller is an entity, the execution and delivery of this Agreement by such Seller and the consummation by Seller of the transactions contemplated hereby, including the sale of the
such Seller’s Seller Shares, has been duly authorized by the board of directors (or similar governing body) of such Seller and no other corporate, stockholder, member or similar proceedings on the part of such Seller are necessary to authorize
this Agreement or for such Seller to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by such Seller and constitutes the valid and binding obligations of such Seller, enforceable
against such Seller in accordance with its terms, except as may be limited by bankruptcy, insolvency or other equitable remedies. 
 Section 2.3
Approvals. No material consent, approval, authorization or order of, or registration, qualification or filing with, any court, regulatory authority, governmental body or any other third party is required to be obtained or made by such Seller
for the execution, delivery or performance by such Seller of this Agreement or the consummation by such Seller of the transactions contemplated hereby. 

Section 2.4 Receipt of Information. Each Seller has received all the information it considers necessary or appropriate for deciding whether to
dispose of such Seller’s Seller Shares. Such Seller had an opportunity to ask questions and receive answers from Open Lending regarding the terms and conditions of Open Lending’s purchase of such Seller’s Seller Shares and the
business and financial condition of Open Lending and to obtain additional information (to the extent Open Lending possessed such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any
information furnished to it or to which it had access. Such Seller has not received, or relying on, any representations or warranties from Open Lending, other than as provided herein. 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF OPEN LENDING 

Open Lending hereby represents and warrants to Sellers as follows: 

Section 3.1 Authority Relative to this Agreement. Open Lending has the requisite corporate power and authority to execute and deliver this
Agreement and consummate the transactions contemplated hereby. The execution and delivery of this Agreement by Open Lending, and the consummation by Open Lending of the transactions contemplated hereby, including the purchase of the Seller Shares
have been duly authorized by the disinterested members of Open Lending’s board of directors and no other corporate or stockholder proceedings on the part of Open Lending are necessary to authorize this Agreement or to consummate the
transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by Open Lending and constitutes the valid and binding obligations of Open Lending, enforceable against Open Lending in accordance with its terms,
except as may be limited by bankruptcy, insolvency or other equitable remedies. 
 Section 3.2 Approvals. No material consent, approval,
authorization or order of, or registration, qualification or filing with, any court, regulatory authority, governmental body or any other third party is required to be obtained or made by Open Lending for the execution, delivery or performance by
Open Lending of this Agreement or the consummation by Open Lending of the transactions contemplated hereby. 
 Section 3.3 Funds. Open Lending
will have as of the Closing sufficient cash available to pay the Seller’s Purchase Price to each Seller, as the case may be, on the terms and conditions contained herein, and there will be no restriction on the use of such cash for such
purpose. 
 ARTICLE IV 

ADDITIONAL AGREEMENTS 

Section 4.1 Additional Agreements. The parties shall and shall cause their subsidiaries (if applicable) to take such action and execute,
acknowledge and deliver such agreements, instruments and other documents as the other party may reasonably require from time to time in order to carry out the purposes of this Agreement. 

Section 4.2 Public Announcements. Except as may be required by applicable law, neither party hereto shall make any public announcements or
otherwise communicate with any news media with respect to this Agreement or any of the transactions contemplated hereby (a “Public Announcement”), without prior consultation with the other parties as to the timing and contents of any such
announcement or communications; provided, however, that nothing contained herein shall prevent any party from promptly making any filings with any governmental entity or disclosures with the stock exchange, if any, on which such party’s capital
stock is listed, as may, in its judgment, be required in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. 

Section 4.3 Withholding. Open Lending shall pay the Seller’s Purchase Price to each Seller, free and clear of, and without reduction or
withholding for, any taxes. Notwithstanding the foregoing, each Seller shall indemnify Open Lending against any and all taxes (and any and all related losses, claims, liabilities, penalties, interest, and expenses) incurred by or asserted against
Open Lending by the IRS or any other governmental authority as a result of Open Lending’s failure to deduct and withhold the proper amount of tax from the Seller’s Purchase Price for any reason, including, without limitation, the treatment
of all or any portion of the Seller’s Purchase Price as a distribution under Sections 302(d) and 301 of the Code. 

 ARTICLE V 

CONDITIONS TO CLOSING OF OPEN LENDING 

The obligation of Open Lending to purchase the Seller Shares at the Closing is subject to the fulfillment on or prior to the Closing of each of the following
conditions: 
 Section 5.1 Representations and Warranties. Each representation and warranty made by each Seller in Article II above shall be true
and correct on and as of the Closing Date as though made as of the Closing Date. 
 Section 5.2 Performance. All covenants, agreements and
conditions contained in this Agreement to be performed or complied with by each Seller on or prior to the Closing Date shall have been performed or complied with by such Seller in all respects. 

Section 5.3 Closing Certificate. To the extent a Seller is an entity, such Seller shall have delivered to Open Lending a certificate, dated the
Closing Date and signed by an authorized signatory of such Seller, certifying to the effect that the conditions set forth in Sections 5.1 and 5.2 have been satisfied. 

Section 5.4 Certificates and Documents. Each Seller shall have delivered at or prior to the Closing to Open Lending or its designee such
Seller’s Seller Closing Deliveries. 
 Section 5.5 Completion of Secondary Offering. The Secondary Offering shall have been consummated in
accordance with the terms and conditions of any underwriting or purchase agreement entered into in connection therewith. For greater certainty all references to the consummation of the Secondary Offering contained herein do not require the exercise
of any option granted to the underwriters for such offering. 
 ARTICLE VI 

CONDITIONS TO CLOSING OF SELLERS 

The obligation of each Seller to sell such Seller’s Seller Shares to Open Lending at the Closing is subject to the fulfillment on or prior to the Closing
of each of the following conditions: 
 Section 6.1 Representations and Warranties. Each representation and warranty made by Open Lending in
Article III above shall be true and correct on and as of the Closing Date as though made as of the Closing Date. 
 Section 6.2 Performance. All
covenants, agreements and conditions contained in this Agreement to be performed or complied with by Open Lending on or prior to the Closing Date shall have been performed or complied with by Open Lending in all respects. 

Section 6.3 Certificate. Open Lending shall have delivered to Sellers a certificate, dated the Closing Date and signed by an executive officer of
Open Lending, certifying to the effect that the conditions set forth in Sections 6.1 and 6.2 have been satisfied. 

 Section 6.4 Purchase Price. Open Lending shall have delivered to each Seller or its designee or
designees such the applicable Seller’s Purchase Price, payable by wire transfer of immediately available funds to the account or accounts that such Seller shall designate at least two business days prior to the date of Closing. 

Section 6.5 Completion of Secondary Offering. The Secondary Offering shall have been consummated in accordance with the terms and conditions of
any underwriting or purchase agreement entered into in connection therewith. For greater certainty all references to the consummation of the Secondary Offering contained herein do not require the exercise of any option granted to the underwriters
for such offering. 
 ARTICLE VII 

MISCELLANEOUS 
 Section 7.1
Termination. This Agreement may be terminated prior to the Closing as follows: (i) at any time on or prior to the Closing, by mutual written consent of each Seller and Open Lending or (ii) at the election of the Sellers or Open
Lending by written notice to the other party hereto after 5:00 p.m., New York time, on December 31, 2020, if the Closing shall not have occurred, unless such date is extended by the mutual written consent of the Sellers and Open Lending;
provided, however, that the right to terminate this Agreement pursuant to this clause (ii) shall not be available to a party whose failure or whose subsidiaries’ or affiliate’s failure to perform or observe in any material
respect any of its obligations under this Agreement in any manner shall have been the principal cause of or resulted in the failure of the Closing to occur on or before such date. 

Section 7.2 Savings Clause. No provision of this Agreement shall be construed to require any party or its affiliates to take any action that would
violate any applicable law (whether statutory or common), rule or regulation. 
 Section 7.3 Amendment and Waiver. This Agreement may not be
amended except by an instrument in writing signed on behalf of each of the parties hereto. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect
the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
 Section 7.4
Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. Any term or provision of this
Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this
Agreement in any other jurisdiction and a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision. 

Section 7.5 Entire Agreement. Except as otherwise expressly set forth herein, this Agreement, together with the several agreements and other
documents and instruments referred to herein or therein or annexed hereto and executed contemporaneously herewith, embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersede and
preempt any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way. 

 Section 7.6 Successors and Assigns. Neither this Agreement nor any of the rights or obligations
of any party under this Agreement shall be assigned, in whole or in part by any party without the prior written consent of the other parties. 

Section 7.7 Counterparts. This Agreement may be executed in separate counterparts each of which shall be an original and all of which taken
together shall constitute one and the same agreement. 
 Section 7.8 Remedies. 

(a) Each party hereto acknowledges that monetary damages would not be an adequate remedy in the event that each and every one of the covenants or agreements in
this Agreement are not performed in accordance with their terms, and it is therefore agreed that, in addition to and without limiting any other remedy or right it may have, the non-breaching party shall have
the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically each and every one of the terms and provisions hereof. Each party hereto
agrees not to oppose the granting of such relief in the event a court determines that such a breach has occurred, and to waive any requirement for the securing or posting of any bond in connection with such remedy. 

(b) All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not
alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party. 

Section 7.9 Notices. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally, sent by
electronic mail, telecopied (upon telephonic confirmation of receipt), on the first business day following the date of dispatch if delivered by a recognized next day courier service, or on the third business day following the date of mailing if
delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such
notice. 
 If to Open Lending: 
 Charles D. Jehl 

1501 S. MoPac Expressway, Suite 450 
 Austin, TX 78740 

with a copy (which shall not constitute notice) to: 
 Goodwin
Procter LLP 
 100 Northern Avenue 
 Boston, MA 02210 

Attention: Jocelyn M. Arel and Michael J. Minahan. 
 If to
Sellers: 
 John J. Flynn 
 c/o Open Lending Corporation 

1501 S. MoPac Expressway, Suite 450 
 Austin, TX 78740 

 with a copy (which shall not constitute notice) to: 

Whalen LLP 
 1601 Dove Street 

Suite 270 
 Newport Beach CA 92660 

Section 7.10 Governing Law; Consent to Jurisdiction. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the principles of conflicts
of law. Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction in the Court of Chancery of the State of Delaware or any court of the United States located in the State of Delaware, for any
action, proceeding or investigation in any court or before any governmental authority (“Litigation”) arising out of or relating to this Agreement and the transactions contemplated hereby. Each of the parties hereto hereby
irrevocably and unconditionally waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such Litigation, the defense of sovereign immunity, any claim that it is not personally subject to the jurisdiction
of the aforesaid courts for any reason other than the failure to serve process in accordance with this Section 7.10, that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such
courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and to the fullest extent permitted by applicable law, that the Litigation in any such court is
brought in an inconvenient forum, that the venue of such Litigation is improper, or that this Agreement, or the subject matter hereof, may not be enforced in or by such courts and further irrevocably waives, to the fullest extent permitted by
applicable law, the benefit of any defense that would hinder, fetter or delay the levy, execution or collection of any amount to which the party is entitled pursuant to the final judgment of any court having jurisdiction. Each of the parties
irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Litigation arising out of or relating to this Agreement or the transactions contemplated hereby.

 (b) Each of the parties expressly acknowledges that the foregoing waiver is intended to be irrevocable under the laws of the State of Delaware and of the
United States of America; provided that consent by Sellers and Open Lending to jurisdiction and service contained in this Section 7.10 is solely for the purpose referred to in this Section 7.10 and shall not be deemed to be a
general submission to said courts or in the State of Delaware other than for such purpose. 
 Section 7.11 Interpretation. The headings
contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Stock Repurchase Agreement to be duly executed and
delivered as of the date first above written. 
 [Signature Page to Repurchase Agreement] 

 

			
	SELLERS
		
	By:	 	 /s/ John Flynn

	Name:	 	John Flynn
	Title:	 	Attorney-in-Fact, for and on behalf of the Non-Sponsor Stockholders listed on Exhibit A.
	
	Bregal Sagemount I, L.P.
	For and on behalf of Bregal Sagemount I, L.P. acting by its general partner Bregal North America
	General Partner Jersey Limited
		
	By:	 	 /s/ Colin James Dow

	Name:	 	Colin James Dow
	Title:	 	Director
		
	By:	 	 /s/ Paul Andrew Bradshaw

	Name:	 	Paul Andrew Bradshaw
	Title:	 	Director
	
	Bregal Investments, Inc.
		
	By:	 	 /s/ Michelle S. Riley

	Name:	 	Michelle S. Riley
	Title:	 	Secretary
	
	Nebula Holdings, LLC
	a Delaware limited liability company by True Wind Capital, L.P., its Managing Member
		
	By:	 	 /s/ Adam Clammer

	Name:	 	Adam Clammer
	Title:	 	Managing Member
	
	OPEN LENDING CORPORATION
		
	By:	 	 /s/ Charles D. Jehl

	Name:	 	Charles D. Jehl
	Title:	 	CFO

 Exhibit A 

Selling Stockholders 
 Sponsor
Stockholders 
 Nebula Holdings LLC 
 Bregal Sagemount I,
L.P. 
 Bregal Investments, Inc. 
 Non-Sponsor Stockholders 
 John Flynn 

Ross Jessup 
 Scott Gordon 

David Kerko 
 Frank Kern 

Keith Jezekex_216642.htm

EXHIBIT 4.1

 

DESCRIPTION OF CAPITAL STOCK

 

General

 

The following description sets forth certain material terms and provisions of our securities that are registered under Section 12 of the Securities Exchange Act of 1934 (the “Exchange Act”). This description also summarizes relevant provisions of the Delaware General Corporation Law (the “DGCL”) applicable to such securities. The following description is a summary and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, the applicable provisions of the DGCL and our Certificate of Incorporation, as amended (the “Certificate of Incorporation”) and our Restated Bylaws, as amended (the “Bylaws”), each of which is incorporated by reference exhibits to our Annual Report on Form 10-K to which this Exhibit 4.1 is filed as an exhibit. We encourage you to read the Certificate of Incorporation and Bylaws and the applicable provisions of the DGCL for additional information.

 

Authorized Capital Stock

 

Our authorized capital stock consists of 50 million shares of Common Stock, par value $0.00001 per share, and five million shares of Preferred Stock, par value $0.00001 per share.

 

Common Stock

 

Voting Rights. The holders of our Common Stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders. Holders of shares of our Common Stock do not have cumulative voting rights.

 

Dividends. Subject to the preferences and other rights of any class or series of Preferred Stock then outstanding, our Board of Directors may cause dividends to be paid to the holders of shares of Common Stock out of funds legally available for the payment of dividends by declaring an amount per share as a dividend. When and as dividends are declared, whether payable in cash, in property or in shares of our stock \, the holders of Common Stock shall be entitled to share equally, share for share, in such dividends.

 

Liquidation Rights. Subject to the preferences and other rights of any class or series of Preferred Stock then outstanding, in the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of Common Stock shall be entitled, to share, ratably according to the number of shares of Common Stock held by them, in all of our remaining assets available for distribution to its shareholders.

 

Fully Paid. The issued and outstanding shares of our Common Stock are fully paid and non-assessable. Any additional shares of Common Stock that we may issue in the future will also be fully paid and non-assessable.

 

Absence of Other Rights. The holders of Common Stock have no preferences or rights of conversion, exchange, pre-emption or other subscription rights. There are no redemption or sinking fund provisions applicable to the Common Stock. Stockholders do not have the right of cumulative voting in the election of directors.

 

Preferred Stock

 

Our Certificate of Incorporation authorizes our Board to designate and issue from time to time one or more series of preferred stock without stockholder approval. Our Board may fix and determine the preferences, limitations and relative rights of each series of preferred stock. The rights of the holders of our Common Stock are subject to the rights and preferences of any series of preferred stock currently outstanding or that we may issue.

 

 

 

 

Certain Provisions of Delaware Law, Our Certificate of Incorporation and Bylaws

 

Certificate of Incorporation and Bylaws

 

Certain provisions in our Certificate of Incorporation and Bylaws summarized below may be deemed to have an anti-takeover effect and may delay, deter or prevent a tender offer or takeover attempt that a stockholder might consider to be in its best interests, including attempts that might result in a premium being paid over the market price for the shares held by stockholders. These provisions are intended to discourage certain types of transactions that may involve an actual or threatened change of control.

 

Blank Check Preferred Stock. Our Certificate of Incorporation permits us to issue, without any further vote or action by the stockholders, up to five million shares of preferred stock in one or more series and, with respect to each such series, to fix the number of shares constituting the series and the designation of the series, the voting powers (if any) of the shares of the series, and the preferences and relative, participating, optional and other special rights, if any, and any qualifications, limitations or restrictions, of the shares of such series. The ability to issue such preferred stock could discourage potential acquisition proposals and could delay or prevent a change in control.

 

Special Stockholder Meetings. Under our Bylaws, only the chairman of our Board, our Chief Executive Officer, a majority of the members of our Board or the holders of shares entitled to cast not less than 10 percent (10%) of the votes at the meeting are able to call a special meeting of stockholders.

 

Requirements for Advance Notification of Stockholder Nominations and Proposals. Under our Bylaws, stockholders of record are able to nominate persons for election to our Board or bring other business constituting a proper matter for stockholder action only by providing proper notice to our secretary. Proper notice must be timely, generally between 60 and 90 days prior to the first anniversary of the prior year’s annual meeting, and must include, among other information, the name and address of the stockholder giving the notice, certain information regarding such stockholder’s beneficial ownership of our securities and any derivative instruments or other agreements the value of or return on which is based on or linked to the value of or return on our securities as of the date of the notice, certain information relating to each person whom such stockholder proposes to nominate for election as a director, including any arrangements or understandings between the nominating stockholder and the nominee, in the case of a director nomination, a representation that such stockholder is a holder of record of our Common Stock as of the date of the notice and a brief description of any other business such stockholder proposes to bring before the meeting and the reason for conducting such business, and, if such stockholder intends to solicit proxies, a representation to that effect.

 

Delaware Takeover Statute

 

Section 203 of the Delaware General Corporation Law, subject to certain exceptions, prohibits a Delaware corporation from engaging in any “business combination” (as defined below) with any “interested stockholder” (as defined below) for a period of three years following the date that such stockholder became an interested stockholder, unless: (1) prior to such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder; (2) on consummation 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 those shares owned (x) by persons who are directors and also officers and (y) 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 (3) on or subsequent to such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

 

Section 203 of the Delaware General Corporation Law defines “business combination” to include: (1) any merger or consolidation involving the corporation and the interested stockholder; (2) any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder; (3) subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; (4) any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or (5) the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation. In general, Section 203 defines an “interested stockholder” as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by such entity or person.

 

 

 

 

Listing

 

Our common stock is listed on the Nasdaq Capital Market under the symbol “GNSS.”

 

Transfer Agent and Registrar.

 

The Transfer Agent and Registrar for our common stock is Issuer Direct Corporation.

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