Document:

Exhibit

Exhibit 4.15
DESCRIPTION OF COMMON STOCK REGISTERED UNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
		
	
	

As of February 11, 2020, American Axle & Manufacturing Holdings, Inc. (“Holdings,” “our”), has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our common stock.
The following is a summary description of our common stock and does not purport to be complete. For a complete description of the terms and provisions of our common stock refer to our Amended and Restated Certificate of Incorporation (our “Certificate of Incorporation”) and Third Amended and Restated Bylaws (our “Bylaws”). This summary description is qualified in its entirety by reference to these documents, each of which is included as an exhibit to the Annual Report on Form 10-K to which this exhibit is a part.
Authorized Capital Stock
American Axle & Manufacturing Holdings, Inc.’s (“Holdings”) authorized capital stock consists of (i) 150,000,000 shares of common stock, par value $0.01 per share, of which 112,544,942 shares were outstanding as of February 11, 2020, (ii) 10,000,000 shares of preferred stock, par value $0.01 per share (the “preferred stock”), of which no shares are issued and outstanding and (iii) 40,000,000 shares of series common stock, par value $0.01 per share (the “series common stock”), of which no shares are issued and outstanding. 
Voting Rights
Holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders.  The holders of common stock do not have cumulative voting rights in the election of directors. 
Dividends
Holders of common stock are entitled to receive dividends if, as and when dividends are declared from time to time by Holdings’ Board of Directors ("Board") out of funds legally available therefor, after payment of dividends required to be paid on outstanding preferred stock or series common stock (as described below), if any.  
Liquidation, Redemption and Preemptive Rights
In the event of liquidation, dissolution or winding up of Holdings, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities and accrued but unpaid dividends and liquidation preferences on any outstanding preferred stock or series common stock of Holdings.  The common stock has no preemptive or conversion rights and is not subject to further calls or assessment by Holdings.  There are no redemption or sinking fund provisions applicable to the common stock.
Listing
Holdings’ common stock is listed on the New York Stock Exchange under the symbol “AXL.”
Registrar and Transfer Agent
The registrar and transfer agent for the common stock is Computershare Trust Co. of New York.

Preferred Stock and Series Common Stock
The Certificate of Incorporation authorizes the Board of Directors to establish one or more series of preferred stock and series common stock and to determine, with respect to any series of preferred stock or series common stock, the terms and rights of such series. The authorized shares of preferred stock and series common stock, as well as shares of common stock, will be available for issuance without further action by Holdings’ stockholders, unless such action is required by applicable law or the rules of any stock exchange or automated quotation system on which Holdings’ securities may be listed or traded.
Although the Board has no intention at the present time of doing so, it could issue a series of preferred stock or series common stock that could, depending on the terms of such series, impede the completion of a merger, tender offer or other takeover attempt.  The Board will make any determination to issue such shares based on its judgment as to the best interests of Holdings and its stockholders.  The Board, in so acting, could issue preferred stock or series common stock having terms that could discourage an acquisition attempt or other transaction that some, or a majority, of Holdings’ stockholders might believe to be in their best interests or in which stockholders might receive a premium for their stock over the then-current market price of such stock.
Certificate of Incorporation; Bylaws
The Certificate of Incorporation and the Bylaws contain certain provisions that could make more difficult the acquisition of Holdings by means of a tender offer, a proxy contest or otherwise.
Classified Board
The Certificate of Incorporation provides that Holdings’ Board of Directors will be divided into three classes of directors, with the classes to be as nearly equal in number as possible.  As a result, approximately one-third of the Board of Directors will be elected each year.  The classification of directors will have the effect of making it more difficult for stockholders to change the composition of Holdings’ Board.  The Certificate of Incorporation provides that, subject to any rights of holders of preferred stock or series common stock to elect additional directors under specified circumstances, the number of directors will be fixed in the manner provided in the Bylaws.  The Certificate of Incorporation and the Bylaws provide that the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by the Board, but must consist of not less than three directors.  In addition, the Certificate of Incorporation provides that, subject to any rights of holders of preferred stock, and unless the Board otherwise determines, any vacancies will be filled only by the affirmative vote of a majority of the remaining directors, though less than a quorum. 
Removal of Directors
Under the Delaware General Corporation Law ("DGCL"), unless otherwise provided in the Certificate of Incorporation, directors serving on a classified board may be removed by the stockholders only for cause.  In addition, the Certificate of Incorporation and the Bylaws provide that directors may be removed only for cause and only upon the affirmative vote of holders of at least 75% of the voting power of all the then outstanding shares of stock entitled to vote generally in the election of directors (“Voting Stock”), voting together as a single class.
Stockholder Action
The Certificate of Incorporation and the Bylaws provide that stockholder action can be taken only at an annual or special meeting of stockholders and may not be taken by written consent in lieu of a meeting.  The Certificate of Incorporation and the Bylaws provide that special meetings of stockholders can be called only by Holdings’ Chief Executive Officer or pursuant to a resolution adopted by the Board.  Stockholders are not permitted to call a special meeting or to require that the Board call a special meeting of stockholders.  Moreover, the business permitted to be conducted at any special meeting of stockholders is limited to the business brought before the meeting pursuant to the notice of meeting given by Holdings.

Advance Notice Procedures 
The Bylaws establish an advance notice procedure for stockholders to make nominations of candidates for election as directors, or bring other business before an annual or special meeting of stockholders of Holdings (the “Stockholders Notice Procedure”).  The Stockholders Notice Procedure provides that only persons who are nominated by, or at the direction of the Board of Directors, the Chairman of the Board, or by a stockholder who has given timely written notice to the Secretary of Holdings prior to the meeting at which directors are to be elected, will be eligible for election as directors of Holdings. 
Proxy Access
The Bylaws contain a proxy access provision which allows eligible stockholders who comply with the requirements set forth in the Bylaws to include their own director nominees in Holdings’ proxy statement along with the candidates nominated by the Board.  Pursuant to the proxy access provision, a stockholder, or group of up to 20 stockholders, owning an aggregate of 3% or more of Holdings’ outstanding capital stock continuously for at least three years, may nominate a candidate for election to the Board and such candidate will be included in Holdings’ proxy statement for the applicable annual meeting of Holdings’ stockholders.  Holdings will not be required, however, to include in its proxy statement more stockholder nominees than that number constituting the greater of (i) two and (ii) 20% of the total number of directors of Holdings then serving on the Board.
Amendment
The Certificate of Incorporation provides that the affirmative vote of the holders of at least 75% of the voting power of the outstanding shares of Voting Stock, voting together as a single class, is required to amend provisions of the Certificate of Incorporation relating to the prohibition of stockholder action without a meeting; the number, election and term of Holdings’ directors; and the removal of directors.  The Certificate of Incorporation further provides that the Bylaws may be amended by the Board or by the affirmative vote of the holders of at least 75% of the outstanding shares of Voting Stock, voting together as a single class.Exhibit 4.1

 

Amended
and restated Promissory Note

 

	U.S. $1,600,000	January 18, 2018

 

The undersigned maker,
Forward Industries Inc, a New York Corporation (“Borrower”) promises to pay to the order of Forward Industries
(Asia-Pacific) Corporation (“Lender”), at 101, Building 13, Bishui Laintian,, New Century Villas, Dongguan City,
Guandong Province, China, 523123, the principal sum of one million six hundred thousand Dollars (U.S. $1,600,000), together
with interest accruing thereon from the date hereof at the rate and time hereinafter provided.

 

Interest (computed
on the basis of a 360-day year for the actual number of days elapsed) on the outstanding balance of principal evidenced by this
Note shall accrue at a rate per annum (the “Applicable Interest Rate”) equal to eight percent (8%).

 

Interest only shall
be due and payable on February 18, 2018, and on the 18th day (or 17th on the maturity date) of each month
thereafter until March 17, 2020, at which time the entire principal and all accrued interest hereunder shall be immediately due
and payable in full.

 

The failure of Borrower
to pay to Lender promptly within five (5) days after written notice from Lender that ampounts are due and payable under this Note
shall constitute an event or default under this Note. At any time after the occurrence of any such event of default, the indebtedness
evidenced by this Note and/or any note(s) or other obligation(s) which may be taken in renewal, extension, substitution or modification
of all or any part of the indebtedness evidenced thereby and all other obligations of Borrower to Lender howsoever created and
existing shall, at the option of the Lender in its sole discretion, immediately become due and payable without demand upon or notice
to Borrower, and Lender shall be entitled to exercise all remedies as provided by law and/or equity.

 

Borrower hereby waives
presentment for payment, demand, notice of dishonor and protest and agrees that (i) any collateral, lien or right of setoff securing
any indebtedness evidenced by this Note may, from time to time, in whole or in part, be exchanged or released, and any person liable
on or with respect to this Note may be released, all without notice to or further reservations of rights against Borrower, any
endorser, surety or guarantor and all without in any way affecting or releasing the liability of Borrower, any endorser, surety
or guarantor, and (ii) none of the terms or provisions hereof may be waived, altered, modified or amended except as Lender may
consent thereto in writing.

 

Borrower hereby agrees
to pay all out-of-pocket costs and expenses, including reasonable attorneys’ fees, incurred by Lender in the collection of
the indebtedness evidenced by this Note, in enforcing any of the rights, powers, remedies and privileges of Lender hereunder, or
in connection with any further negotiations, modifications, releases, or otherwise incurred by Lender in connection with this Note.
As used in this Note, the term “attorneys’ fees” shall mean reasonable charges and expenses for legal services
rendered to or on behalf of Lender in connection with the collection of the indebtedness evidenced by this Note at any time whether
prior to the commencement of judicial proceedings and/or thereafter at the trial and/or appellate level and/or in pre-judgment
and post-judgment or bankruptcy proceedings.

 

 

 

 

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In no event shall the
rate of interest charged under this Note exceed the rate that may legally be charged to Borrower for obligations of this nature
under the laws of the State of Florida, and any interest that may be paid in excess of the legal limit shall, at the option of
Lender, be refunded to Borrower or shall be applied towards payment of the principal obligation under this Note.

 

If any installment
of interest, principal or principal and interest shall become overdue for a period in excess of ten (10) days, in addition to such
payment, a “late charge” in the amount of five percent (5%) of such overdue payment shall be paid by Borrower to Lender
on demand for the purpose of defraying the expenses incident to handling such delinquent payments.

 

During the continuation
of any default by Borrower in the payment of any installment of interest, principal or principal and interest under this Note,
the interest rate provided herein shall be increased to a rate which shall be equal to the maximum rate of interest allowable under
the laws of the State of Florida. Venue of any litigation arising in connection with this Note shall be in Palm Beach County, Florida.

 

To the extent that
Lender receives any payment on account of any of Borrower’s obligations, and any such payment(s) or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinate and/or required to be repaid to a trustee,
receiver or any other person or entity under any bankruptcy act, state or federal law, common law or equitable cause, then, to
the extent of such payment(s) received, Borrower’s obligations or part thereof intended to be satisfied shall be revived
and continue in full force and effect, as if such payment(s) had not been received by Lender and applied on account of Borrower’s
obligations.

 

Borrower agrees that
this Note shall be deemed to have been made under and shall be governed by the laws of the State of Florida in all respects, including
matters of construction, validity and performance. If any provisions of this Note shall be deemed unenforceable under applicable
law, such provision shall be ineffective, but only to the extent of such unenforceability, without invalidating the remainder of
such provision or the remaining provisions of this Note. All of the terms and provisions of this Note shall be applicable to and
be binding upon each and every maker, endorser, surety, guarantor, all other persons who are or may become liable for the payment
hereof and their heirs, personal representatives, successors or assigns.

 

BORROWER AND LENDER
(BY ACCEPTING THIS NOTE) HEREBY MUTUALLY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER BORROWER
OR LENDER AGAINST THE OTHER AND BASED UPON, ARISING OUT OF, OR IN CONNECTION WITH, THIS NOTE OR OTHER DOCUMENTS EXECUTED IN CONNECTION
WITH THE LOAN EVIDENCED BY THIS NOTE.

 

 

 

 

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        FORWARD INDUSTRIES, INC.

         

         

         

        By:___________________________________

        Name: Michael Matte

        Its: Chief Financial Officer

 

 

	STATE OF	 	    )
	 	 	   ) SS:
	COUNTY OF	 	   )

 

The foregoing Promissory
Note was acknowledged before me this _____ day of _______________, 20__, by ____________________, the _______________ of ________________________________, a ____________________, on behalf of the _______________, (    ) who
is personally known to me OR (    ) who produced ____________________________________________________
as identification.

 

 

____________________________________

Notary Signature

 

____________________________________

Print Notary Name

 

NOTARY PUBLIC

State of _______________
at Large

My Commission Expires:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Promissory Note Signature Page

 

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