Document:

EX-4.3

 Exhibit 4.3 

DESCRIPTION OF CAPITAL STOCK 
 As of the
end of the fiscal year covered by the Annual Report on Form 10-K of Watsco, Inc., a Florida corporation (the “Company”), to which this Exhibit is attached, or incorporated by reference, as an
exhibit, the following securities of the Company were registered under Section 12 of the Securities Exchange Act of 1934, as amended: Common stock, par value $0.50 per share (the “Common stock”), and Class B common stock,
par value $0.50 per share (the “Class B common stock”). Unless the context otherwise requires, all references herein to “we”, “our”, “ours”, and “us” refer to the Company.

 The following summarizes certain material terms and provisions of our Common stock, our Class B common stock and our preferred stock. This summary
is qualified in its entirety by reference to the Florida Business Corporation Act (the “Florida Act”), and the complete text of our Amended and Restated Articles of Incorporation, as amended (the “Amended and Restated Articles of
Incorporation”) and the complete text of our Second Amended and Restated Bylaws, as amended (the “Amended and Restated Bylaws”). 

Overview – Authorized and Outstanding Shares 
 Under
our Amended and Restated Articles of Incorporation, we have the authority to issue: 
  

	 	•	 	 60,000,000 shares of Common stock; 

 

	 	•	 	 10,000,000 shares of Class B common stock; and 

 

	 	•	 	 10,000,000 shares of preferred stock, par value $0.50 per share, which are issuable in series on terms determined
by our Board of Directors, of which none are currently designated. 

 Rights of Our Common Stock 

Preemptive Rights. The holders of our Common stock do not have preemptive rights to purchase or subscribe for any stock or other securities of ours.

 Voting Rights. Each outstanding share of our Common stock is entitled to one (1) vote per share. 

Dividends. Holders of our Common stock are entitled to receive dividends or other distributions when and if declared by our Board of Directors. The
right of our Board of Directors to declare dividends, however, is subject to any rights of the holders of other classes of our capital stock and the availability of sufficient funds under Florida law to pay dividends. In addition, our ability to pay
dividends depends on certain restrictions in our credit agreement. 
 Liquidation Rights. In the event of the liquidation of the Company, subject to
the rights, if any, of the holders of other classes of our capital stock, the holders of our Common stock are entitled to receive any of our assets available for distribution to our shareholders ratably in proportion to the number of shares held by
them. 
 Listing. We list our Common stock on the New York Stock Exchange under the symbol “WSO.” 

Rights of Our Class B Common Stock 
 Our Class B
common stock is substantially identical to our Common stock except: (i) each share of Common stock is entitled to one (1) vote on all matters submitted to a vote of our shareholders, and each share of Class B common stock is entitled
to ten (10) votes; (ii) shareholders of Common stock are entitled to elect 25% of our Board of Directors (rounded up to the nearest whole number), and Class B shareholders are entitled to elect the balance of the Board of Directors;
(iii) cash dividends may be paid on Common stock without paying a cash dividend on Class B common stock, and no cash dividend may be paid on Class B common stock unless at least an equal per share cash dividend is paid on Common
stock; and (iv) Class B common stock is convertible at any time into Common stock on a one-for-one basis at the option of the shareholder. 

 We list our Class B common stock on the New York Stock Exchange under the symbol “WSOB.” 

Rights of Our Preferred Stock 
 We are authorized to issue
preferred stock with such designation, rights and preferences as may be determined from time to time by our Board of Directors. Accordingly, the Board of Directors is empowered, without approval by the holders of our Common stock and Class B
common stock, to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights of the holders of our Common stock and Class B common stock. In the event of
issuance, the preferred stock could be utilized, under certain circumstances, as a method of discouraging, delaying or preventing a change in control of the Company or making removal of management more difficult. 

Material Provisions of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws 

Our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws contain provisions that could discourage, delay or prevent a tender offer or
takeover attempt at a price which many shareholders may find attractive. The existence of these provisions could limit the price that investors might otherwise pay in the future for shares of our Common stock and Class B common stock. 

Blank Check Preferred Stock. As noted above, our preferred stock could be issued quickly and utilized, under certain circumstances, as a method of
discouraging, delaying or preventing a change in control of the Company or make removal of management more difficult. 
 Election of Directors. Our
Amended and Restated Articles of Incorporation provide for the filling of vacancies occurring on the Board of Directors by certain votes of the remaining directors. These provisions may discourage a third party from voting to remove incumbent
directors and simultaneously gaining control of the Board of Directors by filling the vacancies created by that removal with its own nominees. 

Classified Board. Our Amended and Restated Articles of Incorporation provide that our Board of Directors shall be divided into three classes serving
staggered terms. Approximately one-third of the Board of Directors is elected each year. The provision for a classified board could prevent a party who acquires control of a majority of our outstanding capital
stock entitled to vote from obtaining control of our Board of Directors until the second annual shareholders’ meeting following the date the acquiring party obtains such a controlling interest. The classified board provision could discourage a
potential acquiror from making a tender offer or otherwise attempting to obtain control of the Company and could increase the likelihood that incumbent directors will retain their positions. 

Transfer Agent and Registrar 
 The transfer agent and
registrar for our Common stock and Class B common stock is American Stock Transfer & Trust Company, LLC. 
 Florida Anti-Takeover Statute

 As a Florida corporation, we are subject to certain anti-takeover provisions that apply to public corporations under Florida law. Pursuant to
Section 607.0901 of the Florida Act, a publicly held Florida corporation may not engage in a broad range of business combinations or other extraordinary corporate transactions with an interested shareholder for a period of three (3) years
following the time that such shareholder became an interested shareholder, unless: 
  

	 	•	 	 such business combination or other extraordinary corporate transaction (including a transaction which resulted in
the shareholder becoming an interested shareholder) is approved by a majority of disinterested directors before the subject shareholder becomes an interested shareholder; 

	 	•	 	 upon consummation of such a business combination or extraordinary corporate transaction that resulted in the
subject shareholder becoming an interested shareholder, such shareholder owned at least 85% of the outstanding voting shares of the corporation at the time such transaction commenced, exclusive of shares owned by directors, officers and certain
employee stock plans; or 

  

	 	•	 	 at or subsequent to the time the subject shareholder became an interested shareholder, such business combination
or other extraordinary corporate transaction is approved by the board of directors and authorized by an affirmative vote of the holders of two-thirds of the voting shares of the corporation (excluding shares
held by the interested shareholder) at an annual or special meeting of shareholders, and not by written consent. 

 The above requirements
do not apply to such business combinations or other extraordinary corporate transactions with an interested shareholder if: 
  

	 	•	 	 the corporation has not had more than 300 shareholders of record at any time during the three years preceding the
announcement date of any such business combination; 

  

	 	•	 	 the interested shareholder has owned at least 80% of the corporation’s outstanding voting shares for at
least three (3) years preceding the announcement date of any such business combination; 

  

	 	•	 	 the interested shareholder is the beneficial owner of at least 90% of the outstanding voting shares of the
corporation, exclusive of shares acquired directly from the corporation in a transaction not approved by a majority of the disinterested directors; or 

  

	 	•	 	 the consideration paid to the holders of the corporation’s voting stock is at least equal to certain fair
price criteria. 

 An interested shareholder is defined as a person who, together with affiliates and associates, beneficially owns more
than 15% of a corporation’s outstanding voting shares. We have not made an election in our Amended and Restated Articles of Incorporation to opt out of Section 607.0901. 

In addition, we are subject to Section 607.0902 of the Florida Act, which prohibits the voting of shares in a publicly held Florida corporation that are
acquired in a control share acquisition unless (i) our Board of Directors approved such acquisition prior to its consummation or (ii) after such acquisition, in lieu of prior approval by our Board of Directors, the holders of a majority of
the corporation’s voting shares, exclusive of shares owned by officers of the corporation, employee directors or the acquiring party, approve the granting of voting rights as to the shares acquired in the control share acquisition. A control
share acquisition is defined as an acquisition that immediately thereafter entitles the acquiring party to 20% or more of the total voting power in an election of directors. We have not made an election in our Amended and Restated Articles of
Incorporation or Amended and Restated Bylaws to opt out of Section 607.0902.Exhibit

Exhibit 4.2

DESCRIPTION OF COMMON STOCK
As of December 31, 2019, the common stock of Investors Bancorp, Inc. (“Investors Bancorp”) is registered under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
The following description of our common stock, certain provisions of our certificate of incorporation and bylaws and certain provisions of Delaware law is a summary and is qualified in its entirety by reference to our Certificate of Incorporation, Bylaws and the Delaware General Corporation Law (the “DGCL”). Copies of our Certificate of Incorporation and our Bylaws have been filed with the SEC and are filed as exhibits to Investors Bancorp’s Annual Report on Form 10-K filed with the Securities and Exchange Commission of which this Exhibit is a part.
General
Investors Bancorp, which is incorporated under the General Corporation Law of the State of Delaware, is authorized to issue 1,000,000,000 shares of its common stock, $0.01 par value, of which 247,439,902 shares were outstanding as of December 31, 2019. Investors Bancorp’s board of directors may at any time, without additional approval of the holders of preferred stock or common stock, issue additional authorized shares of common stock. 
Voting Rights
The holders of common stock are entitled to one vote per share on all matters presented to stockholders. Holders of common stock are not entitled to cumulate their votes in the election of directors. However, Investors Bancorp’s Certificate of Incorporation provides that a record owner of Investors Bancorp’s common stock who beneficially owns, either directly or indirectly, in excess of 10% of Investors Bancorp’s outstanding shares, is not entitled to any vote in respect of the shares held in excess of the 10% limit.
No Preemptive or Conversion Rights
The holders of common stock do not have preemptive rights to subscribe for a proportionate share of any additional securities issued by Investors Bancorp before such securities are offered to others. The absence of preemptive rights increases Investors Bancorp’s flexibility to issue additional shares of common stock in connection with Investors Bancorp’s acquisitions, employee benefit plans and for other purposes, without affording the holders of common stock a right to subscribe for their proportionate share of those additional securities. The holders of common stock are not entitled to any redemption privileges, sinking fund privileges or conversion rights.
Dividends
Holders of common stock are entitled to receive dividends ratably when, as and if declared by Investors Bancorp’s board of directors from assets legally available therefor, after payment of all dividends on preferred stock, if any is outstanding. Under Delaware law, Investors Bancorp may pay dividends out of surplus or net profits for the fiscal year in which declared and/or for the preceding fiscal year, even if our surplus accounts are in a deficit position. Dividends paid by our subsidiary bank have historically been a significant source of funds available to Investors Bancorp. Investors Bancorp’s board of directors intends to maintain its present policy of paying regular quarterly cash dividends. The declaration and amount of future dividends will depend on circumstances existing at the time, including Investors Bancorp’s earnings, financial condition and capital requirements, as well as regulatory limitations and such other factors as Investors Bancorp’s board of directors deems relevant.
Investors Bancorp’s principal assets and sources of income consist of investments in our operating subsidiaries, which are separate and distinct legal entities.
Certain Certificate of Incorporation and Bylaw Provisions Affecting Stock
Investors Bancorp’s Certificate of Incorporation and Bylaws contain several provisions that may make Investors Bancorp a less attractive target for an acquisition of control by anyone who does not have the support of Investors Bancorp’s board of directors. Such provisions include, among other things, the requirement of a supermajority vote of stockholders or directors to approve certain business combinations and other corporate actions, a minimum price provision, several special procedural rules, a vote limitation provision and the limitation that stockholder actions may only be taken at a meeting and may not be taken by unanimous written stockholder consent. Additionally, our Bylaws provide that we will indemnify our directors 

Exhibit 4.2

and executive officers to the fullest extent permitted by law. The foregoing is qualified in its entirely by reference to Investors Bancorp’s Certificate of Incorporation and Bylaws, both of which are on file with the SEC.
Restrictions on Ownership
Under the federal Change in Bank Control Act, a notice must be submitted to the Federal Reserve if any person (including a company), or group acting in concert, seeks to acquire “control” of a bank holding company or bank. An acquisition of “control” can occur upon the acquisition of 10% or more of a class of voting securities of a bank holding company or bank or as otherwise defined by the Federal Reserve. Under the Change in Bank Control Act, the Federal Reserve has 60 days from the filing of a complete notice to act, taking into consideration certain factors, including the financial and managerial resources of the acquirer and the anti-trust effects of the acquisition.

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