Document:

Exhibit

Exhibit 4.4

DESCRIPTION OF SECURITIES
The following is a summary of the material terms of our capital stock. You are strongly encouraged, however, to read our restated certificate of incorporation, bylaws and other agreements, copies of which are available from us upon request. Please also refer to “Where You Can Find Additional Information” to find out where copies of these documents may be obtained.
General
The following description of our capital stock and provisions of our restated certificate of incorporation and bylaws are summaries and are qualified by reference to the restated certificate of incorporation and the bylaws currently in effect. Copies of these documents have been filed with the SEC.
Our authorized capital stock consists of 5,000,000 shares of preferred stock, of which no shares are outstanding, and 30,000,000 shares of common stock, of which 20,703,838 shares were outstanding on March 14, 2016, held by 307 holders of record.
Common Stock
The holders of common stock vote cumulatively when electing directors and are entitled to one vote per share on all other matters. The board of directors presently consists of three classes of directors based on when their terms expire. Each class is elected every three years to a three-year term. Because only a portion of the total number of directors is elected each year, a greater number of shares is required to ensure the ability to elect a specific number of directors using cumulative voting than would be required if the entire Board were elected each year.
Holders of common stock are entitled to receive ratably such dividends as may be declared by the board of directors out of funds legally available therefore. In the event of liquidation, dissolution or winding up of the Company holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities and satisfaction of any preferential rights of the holders of the preferred stock. Holders of common stock have no preemptive, subscription or conversion rights. There are no redemption or sinking fund provisions, and there is no liability for further calls or assessments by the Company.
Preferred Stock
The Board has the authority to issue 5,000,000 shares of preferred stock in one or more series with dividend rights, conversion rights, voting rights, redemption terms, liquidation preferences and other rights or preferences that could be senior to those of holders of common stock. There are no shares of preferred stock outstanding.
Anti-Takeover Provisions
We are subject to Section 203 of the DGCL. Subject to certain exceptions, Section 203 prevents a publicly held Delaware corporation from engaging in a “business combination” with any “interested stockholder” for three years following the date that the person became an interested stockholder, unless the interested stockholder attained such status with the approval of our board of directors or unless the business combination is approved in a prescribed manner. A “business combination” includes, among other things, a merger or consolidation involving us, and the interested stockholder and the sale of more than 10% of our assets. In general, an “interested stockholder” is any entity or person beneficially owning 15% or more of our outstanding voting stock and any entity or person affiliated with or controlling or controlled by such entity or person. The restrictions contained in Section 203 are not applicable to any of our existing stockholders.
 
In addition, our restated certificate of incorporation and bylaws include a number of provisions that may have the effect of discouraging persons from pursuing non-negotiated takeover attempts. These provisions include:
 
	
				
	 
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	a classified Board;

 
	
				
	 
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	a requirement that directors may only be removed for cause and only by an affirmative vote of the holders of a majority of the Company’s voting stock; and

 
	
				
	 
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	the elimination of the ability of stockholders to call special meetings and to act without a meeting.

Subject to the exceptions set forth below, certain business combinations involving a “Related Person” require the approval of the holders of at least 80% of the outstanding shares entitled to vote generally in the election of directors (which we refer to as 

Exhibit 4.4

“voting shares”) and the approval of the holders of a majority of the voting shares not owned beneficially by the Related Person. The 80% voting requirement does not apply if:
 
	
				
	 
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	the terms of the business combination meet certain fairness standards set forth in our restated certificate of incorporation;

 
	
				
	 
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	the business combination is approved by the holders of a majority of the voting shares not owned beneficially by the Related Person; and

 
	
				
	 
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	all other affirmative voting requirements imposed by applicable law or our restated certificate of incorporation are met.

Alternatively, the business combination can be approved by a majority of the Continuing Directors and such other vote as may be required by law or by our restated certificate of incorporation.
“Related Person” means any person, entity or group that beneficially owns five percent or more of the outstanding voting stock (subject to certain exceptions) and affiliates and associates of any such person, entity or group.
“Continuing Director” means, as to any Related Person:
 
	
				
	 
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	a member of the board of directors who was a director of our company’s predecessor prior to June 9, 1987 or thereafter became a director of our company prior to the time the Related Person became a Related Person; and

 
	
				
	 
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	any successor of such a director who is recommended by a majority of such directors then on the Board.

However, to be a Continuing Director as to any Related Person, the director must not be the Related Person or an affiliate of the Related Person.Exhibit

Exhibit 10.47
                

        
EXECUTIVE OFFICER SEVERANCE AGREEMENT
This Executive Officer Severance Agreement (“Agreement”) is entered into as of January 29, 2020, to be effective as of January 1, 2020 (the “Effective Date”), by and between Tejon Ranch Co. (the “Company”) and Gregory S. Bielli (“Executive”).  Currently, Executive is employed by the Company as Chief Executive Officer and President.
WHEREAS, the Company and Executive wish to formalize the circumstances under which Severance Pay (as defined below) is to be made, in accordance with the terms and conditions set forth in this Agreement.
NOW THEREFORE, in consideration of the mutual promises, covenants and conditions set forth herein, the Company and Executive hereby agree as follows:
		
	1.
	TERM OF AGREEMENT

The term of this Agreement shall begin on the Effective Date and, unless earlier terminated pursuant to the terms herein, shall continue through December 31, 2022 (“Term”).
		
	2.
	SEVERANCE PAY

In the event that during the Term the Executive’s employment is involuntarily terminated by the Company Without Cause (as defined below), or voluntarily terminated by Executive for Good Reason (as defined below), Executive shall be entitled to the following compensation (“Severance Pay”):
a.Base Salary, Annual Incentive Compensation Continuation.  The Company shall pay Executive all accrued base salary, all accrued but unused vacation, all personal paid leave, and any expense reimbursements then due and owing, and, in addition, a lump sum cash payment comprised of the following amounts: (i) an amount equal to eighteen (18) months of base salary as in effect at the time of Executive’s termination; and (ii) an amount equal to eighteen (18) months of Executive’s the target annual cash incentive under the Company’s Annual Incentive Compensation Plan (or any successor plan), which items in “(i)” – “(iii)” shall be payable within thirty (30) days following the Executive’s termination; 
b.Restricted Stock Award Vesting.  Any restricted stock awards that were scheduled to vest during the calendar year of termination shall accelerate and be deemed vested as of the date of termination; and 
c.Benefit Continuation.  The Company shall continue to pay its portion of Executive’s medical benefits, under the same terms and payment percentages in effect as of the date of Executive’s termination, for a period of eighteen (18) months after Executive’s termination. 
d.Release.  As a condition to receiving any portion of Severance Pay (other than accrued obligations), Executive shall be required to execute a general release of all claims (other than claims for amounts required to be paid pursuant to this Section 2) to be set forth in a separation agreement and general release that is in a form and content similar to that used by Company for 

Exhibit 10.47
                

other executive and management level employees (such agreement shall also address continuing confidentiality obligations, return of Company property and related matters), and such release of claims must become effective and irrevocable within thirty (30) days following Executive’s termination of employment.
e.Defined Terms.  The following defined terms shall have the meanings attributed as follows:
		
	1.
	For purposes of this Agreement, a termination with “Cause” shall mean the involuntary termination of Executive’s employment with the Company under this Agreement during the Term for any of the following reasons: (i) Executive commits a felony or other crime involving dishonesty, breach of trust, or physical harm to any person; (ii) Executive willfully engages in conduct that is in bad faith and materially injurious to the Company, including but not limited to, misappropriation of trade secrets, fraud or embezzlement; (iii) Executive materially breaches any material provision of this Agreement, which breach is not cured within twenty (20) days after written notice to Executive from the Company; (iv) Executive willfully refuses to implement or follow a lawful policy or directive of the Company; or (v) Executive engages in misfeasance or malfeasance demonstrated by a pattern of failure to perform job duties diligently and professionally.  

		
	2.
	For purposes of this Agreement, a termination “Without Cause” shall mean the involuntary termination of Executive’s employment with the Company under this Agreement during the Term by the Company for any reason other than a termination (i) for Cause, (ii) Executive’s death, or (iii) Executive’s Disability.  

		
	3.
	For purposes of this Agreement, “Disability” means that Executive has become eligible for the Company’s long term disability benefits or if, in the sole opinion of the Company, Executive is unable to carry out the responsibilities and functions of the position held by Executive by reason of any physical or mental impairment for more than ninety (90) consecutive days or more than one hundred and twenty (120) days in any twelve-month period.

		
	4.
	For purposes of this Agreement, a voluntary termination by Executive for “Good Reason” shall mean the voluntary termination of Executive’s employment with the Company during the Term as a result of the occurrence of the following events: (i) a material diminution in the Executive’s authority, duties or responsibilities without Executive’s consent; or (ii) any material breach by the Company of any material provision of this Agreement.  For Executive to resign for Good Reason: (A) Executive must notify the Company in writing within thirty (30) days of the event constituting Good Reason; (B) the event must remain uncorrected by the Company for fifteen (15) days following such notice (the “Company Notice Period”); and (C) if 

Exhibit 10.47
                

the Company fails to correct the same during the Company Notice Period (as determined by the Company and Executive, in each party’s reasonable judgment, but both operating in good faith), then the termination must occur within fifteen (15) days thereafter.  
f.Limitations; No Change in “At-Will” Relationship.  Severance Pay shall be provided only for Without Cause termination by Company or Good Reason termination by Executive during the Term.  No Severance Pay shall be made in connection with any other termination of Executive, including, without limitation termination with Cause, or as a result of death or Disability.  Executive shall not be entitled to Severance Pay for voluntary resignation that is without Good Reason.  This Agreement does not alter the at-will employment relationship between Company and Executive.  The Company may terminate Executive’s employment hereunder for “Cause” or “Without Cause” at any time, subject to the terms of this Agreement and Executive may terminate employment with the Company at any time with or without “Good Reason”. 
		
	3.
	ASSIGNMENT

The rights afforded to Executive by this Agreement are personal to Executive, and Executive shall have no right to assign and shall not assign or purport to assign any rights under this Agreement.  
		
	4.
	ENTIRE AGREEMENT

This Agreement is intended to be the final, complete, and exclusive statement of the rights and duties of the Company and Executive with respect to Severance Pay and may not be contradicted by evidence of any prior or contemporaneous statements or agreements, except for agreements specifically referenced herein.  Notwithstanding the prior sentence, the parties recognize that the Executive has rights under that certain Amended and Restated Severance Agreement, dated September 30, 2013, as amended by that First Amendment to the Amended and Restated Severance Agreement, dated January, 2019 (collectively, the “2013 Agreement”) relating to the vesting of stock following a change in control (as defined therein) of the Company, and upon such terms and conditions as are provided in that agreement; the parties acknowledge and agree that this Agreement does not supersede or replace the 2013 Agreement and that the two agreements relate to separate matters.  To the extent that the practices, policies or procedures of the Company, now or in the future, apply to Executive and are inconsistent with the terms of this Agreement, the provisions of this Agreement shall control.  Any subsequent change in Executive’s duties, position, or compensation shall not affect the validity or scope of this Agreement.
		
	5.
	AMENDMENT; WAIVER

This Agreement may not be amended or waived except by a writing signed by Executive and by the Company.  Failure to exercise any right under this Agreement shall not constitute a waiver of such right.  Any waiver of any breach of this Agreement shall not operate as a waiver of any subsequent breaches.
		
	6.
	NOTICES

Exhibit 10.47
                

All notices or other communications required or permitted hereunder shall be made in writing and shall be deemed to have been duly given if delivered: (a) by hand; (b) by a nationally recognized overnight courier service; or (c) by United States first class registered or certified mail, return receipt requested, to the principal address of the other party, as set forth below.  The date of notice shall be deemed to be the earlier of (i) actual receipt of notice by any permitted means, or (ii) five business days following dispatch by overnight delivery service or the United States Mail.  Executive shall be obligated to notify the Company in writing of any change in Executive’s address.  Notice of change of address shall be effective only when done in accordance with this paragraph.
Company’s Notice Address:            Executive’s Notice Address:
Tejon Ranch Company            Gregory S. Bielli
P.O. Box 1000                    P.O. Box 1000
4436 Lebec Road                4436 Lebec Road
Lebec, CA 93243                Lebec, CA 93243

		
	7.
	SEVERABILITY

If any provision of this Agreement shall be held by a court or arbitrator to be invalid, unenforceable, or void, such provision shall be enforced to the fullest extent permitted by law, and the remainder of this Agreement shall remain in full force and effect. 
		
	8.
	TAX TREATMENT

All amounts paid under this Agreement shall be paid less all applicable state and federal tax withholdings and any other withholdings required by any applicable jurisdiction.
		
	9.
	GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of California.
		
	10.
	COUNTERPARTS

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original of this Agreement, but all of which together shall constitute one and the same instrument.
[Agreement continues on next page.]

Exhibit 10.47
                

		
	11.
	AUTHORITY

Each party represents and warrants that such party has the right, power and authority to enter into and execute this Agreement and to perform and discharge all of the obligations hereunder; and that this Agreement constitutes the valid and legally binding agreement and obligation of such party and is enforceable in accordance with its terms.
IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first written above.

TEJON RANCH CO.            EXECUTIVE:

By:    /s/ Allen E. Lyda            By: /s/ Gregory S. Bielli 
Name:    Allen E. Lyda                 Gregory S. Bielli
Its:    Executive Vice President,
Chief Operating Officer

Date: January 29, 2020            Date: January 29, 2020

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