Document:

Exhibit 4.1

     

    

    DESCRIPTION OF SECURITIES

     

    
      Title of Class of Security:  Blended Strategies Portfolio - Class 0 Units and Class 2 Units

       

      Dividend Rights

       

    

    
      The Manager has sole discretion in determining what distributions of profits and income, if any, are made to investors.  Due to the
        capital appreciation investment objective of the Fund and the fact that Units may be redeemed monthly, the Manager does not anticipate paying dividends or making distributions to investors.

       

    

    
      Redemption Provisions

       

    

    
      The Units are not subject to any minimum holding period.  Members may redeem Units at their Net Asset Value as of each Valuation Day
        upon not less than three business days’ prior written notice to the Administrator, or upon such other notice and on such other dates as the Manager may permit in its sole and absolute discretion.  The Manager may reject a partial redemption request
        for an amount less than $10,000 or that would result in an investor owning Class 0 Units with a total Net Asset Value of less than $25,000 or Class 2 Units with a total Net Asset Value of less than $25,000.  The redemption proceeds normally will be
        remitted within 15 business days after the Valuation Day, without interest for the period from the Valuation Day to the payment date.  Redemption payments will ordinarily be made in U.S. dollars, and will be remitted either by wire transfer to an
        account designated by the investor or by check posted at the investor’s risk (as specified by the investor in his written redemption notice).  The Administrator will process redemption requests which are initially received by facsimile, but no part
        of the redemption proceeds will be paid to redeeming members until the Administrator has received the original redemption request signed by the redeeming member or by an authorized signatory of the redeeming member.  Neither the Fund nor the
        Administrator shall be responsible for any mis-delivery or non-receipt of any facsimile.  Facsimiles sent to the Administrator shall only be effective when actually received by the Administrator.

       

      The Manager has the right to require the compulsory redemption of all Units held by a member for any reason in its discretion. 
        Compulsory redemptions will be made at the Net Asset Value as of the Valuation Day next following the issuance of a notice of redemption to the member.  The Manager may suspend the right of any member to redeem Units, as well as the issuance of
        additional Units, upon the occurrence of any of the following circumstances:

       

    

    
      
        	

              	(1)	
                when any exchange, board of trade or organized inter-dealer market on which a significant portion of the assets of the Fund is regularly quoted or traded is closed (other than
                  for holidays) or trading thereon has been restricted or suspended;

              

      

    

     

    
      
        	

              	(2)	
                whenever, as a result of events, conditions or circumstances beyond the control or responsibility of the Fund, disposal of the assets of the Fund or other transactions in the
                  ordinary course of the Fund’s business involving the sale, transfer, delivery or withdrawal of securities or Funds is not reasonably practicable without being detrimental to the interests of the Fund or the investors;

              

      

    

     

    
      
        	

              	(3)	
                if it is not reasonably practicable to determine the Net Asset Value of the Units on an accurate and timely basis; or

              

      

    

     

    
      
        

    

    
      
        	

              	(4)	
                if the Manager has adopted a resolution calling for the liquidation and dissolution of the Fund.

              

      

    

     

    
      The Manager may withhold payment to any person whose Units have been tendered for redemption until after any suspension has been
        lifted.  Notice of any suspension will be given to any investor who has tendered his Units for redemption and to whom full payment of the redemption proceeds has not yet been remitted.  If a redemption request is not withdrawn by an investor
        following notification of a suspension, the redemption will be completed as of the next Valuation Day following the end of the suspension on the basis of the Net Asset Value as of such Valuation Day.

       

      Class 2 Units are subject to a redemption fee equal to 2% of their Net Asset Value if redeemed within six months from their
        subscription and acceptance into the Fund and a redemption fee equal to 1% of their Net Asset Value if redeemed more than six and less than twelve months from their subscription.  Class 0 Units are not subject to a redemption fee.  Redemption fees
        are payable to the Manager upon redemption of Units.

       

    

    
      Voting Rights

       

    

    
      Members have no voting rights with respect to any matters pertaining to the Fund, other than the right to vote on amendments to the
        Company Agreement approved by the Manager when such a vote is required by the Company Agreement or as otherwise provided under the terms of the Company Agreement or by law.

       

    

    
      Liquidation Rights

       

    

    
      The Company Agreement provides that the Fund shall remain in existence until the year 2050, except upon prior dissolution. 
        Dissolution of the Fund may occur at the end of its term or earlier upon the election of the Manager to dissolve the Fund or the occurrence of the bankruptcy of the Manager or any event which results in the Manager (or a successor to its business)
        ceasing to be the Manager of the Fund or the date on which the Fund ceases to have more than one member.  Upon the occurrence of any such event, the Manager (or a liquidator elected by a majority in interest of the members, if the Manager is unable
        to perform this function) is charged with winding up the affairs of the Fund and liquidating its assets.  Upon the liquidation of the Fund, its assets are to be distributed:  (i) first to satisfy the debts, liabilities and obligations of the entity
        (other than debts to members), including liquidation expenses, actual or anticipated; (ii) next to repay debts owing to the members; and (iii) finally to the members proportionately in accordance with the balances in their respective Capital
        Accounts.  Assets may be distributed in kind on a pro rata basis if the Manager or liquidator determines that such a distribution would be in the interests of the members in facilitating an orderly liquidation.

      

      

    

    
      Restrictions on Alienability

      

      

    

    
      The Units are subject to restrictions on alienability.  A member may not assign or pledge its Units in whole or in part, except by
        operation of law, nor substitute for itself as a member any other person, without the prior written consent of the Manager, which may be withheld in its sole and absolute discretion.EX-4.5

 Exhibit 4.5 

DESCRIPTION OF REGISTRANT’S SECURITIES 

The following summary of Pivotal Investment Corporation II’s securities is based on and qualified by the Company’s Amended and Restated
Certificate of Incorporation (the “Amended and Restated Charter”). References to the “Company” and to “we,” “us,” and “our” refer to Pivotal Investment Corporation II.” 

General 
 As of December 31, 2019,
the Company is authorized to issue 85,000,000 shares of common stock, par value $0.0001, including 75,000,000 shares of Class A common stock and 10,000,000 shares of Class B common stock, as well as 1,000,000 shares of preferred stock, par
value $0.0001. As of December 31, 2019, there are 23,000,000 shares of Class A common stock outstanding, 5,750,000 shares of Class B common stock outstanding, and no shares of preferred stock currently outstanding. 

Units 
 As of December 31, 2019,
there were 23,000,000 units outstanding. Each unit has an offering price of $10.00 and consists of one share of Class A common stock and one-third of one warrant. Each whole warrant entitles the
holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A common stock. This
means only a whole warrant may be exercised at any given time by a warrant holder and no fractional warrants will be issued and only whole warrants will trade. 

Common Stock 
 As of December 31,
2019, there were 23,000,000 shares of Class A common stock and 5,750,000 shares of Class B common stock issued and outstanding. All shares of Class B common stock issued and outstanding are held by our initial shareholders, including
Pivotal Investment Holdings II LLC, our sponsor (“Sponsor”), and our officers and directors. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of a Business Combination
on a one-for-one basis, subject to adjustment, as detailed below. 

Class A Shares 
 Stockholders of
record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote
of our stockholders except as required by law. However, prior to the vote on our initial business combination, only holders of our founder shares will have the right to vote on the election of directors. Holders of our public shares will not be
entitled to vote on the election of directors during such time. 
 Because our Amended and Restated Charter authorizes the issuance of up to
75,000,000 shares of Class A common stock, if we were to enter into a business combination, we may 

 
(depending on the terms of such a business combination) be required to increase the number of shares of common stock which we are authorized to issue at the same time as our stockholders vote on
the business combination to the extent we seek stockholder approval in connection with our initial business combination. 
 Our board of
directors is divided into three classes with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. In accordance with
NYSE corporate governance requirements, we are not required to hold an annual meeting until one year after our first full fiscal year end following our listing on the NYSE. We may not hold an annual meeting of stockholders to elect new directors
prior to the consummation of our initial business combination. 
 Our Amended and Restated Charter provides that, at all times prior to the
consummation of our initial business combination, Pivotal Spac Funding II LLC, a managing member of our Sponsor and affiliate of Kevin Griffin, one of our directors, may designate a director to serve on our board. Prior to the consummation of our
initial business combination, amending our Amended and Restated Charter or bylaws will require the approval of such designee and such designee’s presence will be required to form a quorum of the board. In addition, our Amended and Restated
Charter provides that, prior to the consummation of our initial business combination, transactions between the company and any managing member of our Sponsor or any other officer, director or 5% stockholder of the company or their respective
affiliates will require the unanimous approval of the board. Pivotal Spac Funding II LLC has designated Kevin Griffin as a director. Should Mr. Griffin cease to serve as a director prior to the consummation of our initial business combination,
Pivotal Spac Funding II LLC will have the right to designate his successor. 
 We will provide our public stockholders with the opportunity
to convert all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the trust account (less interest to pay our tax obligations), divided by the number of then outstanding
public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per-share amount we will distribute to
investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. Our initial stockholders, which include our independent directors, have entered into agreements with us,
pursuant to which they have agreed to waive their redemption rights with respect to their founder shares and public shares in connection with the completion of our initial business combination. The members of our management team have entered into
agreements similar to the one entered into by our initial stockholders with respect to any public shares acquired by them directly in or after this offering. Unlike many blank check companies that hold stockholder votes and conduct proxy
solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder vote
is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our Amended and Restated Charter, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender
offer documents with the SEC prior to completing our initial business combination. Our 

 
Amended and Restated Charter requires these tender offer documents to contain substantially the same financial and other information about our initial business combination and the redemption
rights as is required under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required by law, or we decide to obtain stockholder approval for business or other legal reasons, we will, like many blank check
companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial business combination only if a majority
of the shares voted are voted in favor of our initial business combination. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions, if any, could result in the approval of
our initial business combination even if a majority of our public stockholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking approval of the majority of our outstanding shares of common
stock, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. 

If we seek stockholder approval in connection with our initial business combination, our initial stockholders have agreed to vote their
founder shares and any public shares purchased after the IPO in favor of our initial business combination. 
 Class B Shares 

The shares of Class B Common stock are identical to the shares of Class A Common stock, and holders of the Class B shares have
the same stockholder rights as public shareholders, except that (i) the Class B shares are subject to certain transfer restrictions, as described in more detail below, (ii) our initial stockholders have entered into agreements with
us, pursuant to which they have agreed (A) to waive their redemption rights with respect to their Class B shares and public shares in connection with the completion of our initial business combination, (B) to waive their redemption
rights with respect to their Class B shares and public shares in connection with a stockholder vote to approve an amendment to our Amended and Restated Charter that would affect the substance or timing of our obligation to redeem 100% of our
public shares if we have not consummated an initial business combination by January 16, 2021, and (C) to waive their rights to liquidating distributions from the trust account with respect to their Class B shares if we fail to
complete our initial business combination by January 16, 2021, although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business
combination within such time period, (iii) the Class B shares are automatically convertible into Class A common stock at the time of our initial business combination, or at any time prior thereto at the option of the holder, on a one-for-one basis, subject to adjustment as described herein, (iv) prior to the completion of our initial business combination, only our Class B shares
will have the right to vote on the election of our directors and (v) have registration rights. If we submit our initial business combination to our public stockholders for a vote, our initial stockholders have agreed to vote their Class B
shares and any public shares purchased during or after our IPO in favor of our initial business combination. The members of our management team have entered into agreements similar to the one entered into by our initial stockholders with respect to
any public shares acquired by them after our IPO. 
 The Class B shares will automatically convert into Class A common stock at
the time our initial business combination on a one-for-one basis, subject to adjustment as provided herein. In 

 
the case that additional shares of Class A common stock, or equity-linked securities convertible or exercisable for shares of Class A common stock, such as options, rights or warrants
are issued or deemed issued in excess of the amounts sold in our IPO and related to the closing of our initial business combination, the ratio at which Class B shares will convert into shares of Class A common stock will be adjusted unless
waived by majority of Class B holders so that the number of shares of Class A common stock issuable upon conversion of all Class B shares will equal, in the aggregate 20% of the sum of the shares of common stock outstanding after
completion of our IPO plus the number of shares of Class A common stock and equity-linked shares issued or deemed issued in connection with our initial business combination (net of redemptions), excluding any shares or equity-linked securities
issued, or to be issued, pursuant to the forward purchase contract, or to any seller in our initial business combination and any Private Warrants or Working Capital Warrants issued to our Sponsor, officers and directors or any of their affiliates.

 With certain limited exceptions, the Class B shares are not transferable, assignable or salable (except to our officers and
directors and other persons or entities affiliated with our Sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial business combination or earlier if,
subsequent to our initial business combination, the closing price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after our initial business combination and (B) the date following the completion of our initial business combination on
which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our stockholders having the right to exchange their Class A common stock for cash, securities or other property. 

Preferred Stock 
 There are no shares of
preferred stock outstanding. Our Amended and Restated Charter authorizes 1,000,000 shares of preferred stock and provides that preferred stock may be issued from time to time in one or more series. Our board of directors will be authorized to fix
the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors
will be able to, without stockholder approval, issue shares of preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The
ability of our board of directors to issue shares of preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no shares of
preferred stock issued and outstanding at the date hereof. Although we do not currently intend to issue any preferred stock, we cannot assure you that we will not do so in the future. 

Warrants 
 Public Warrants 

As of December 31, 2019, there were 11,900,000 warrants outstanding. Each whole warrant entitles the registered holder to purchase one
share of Class A common stock at a price of 

 
$11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of July 16, 2020 or 30 days after the completion of our initial business combination, provided
in each case that we have an effective registration statement under the Securities Act covering the Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to
exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the
holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or
liquidation. 
 We have agreed that as soon as practicable, but in no event later than fifteen (15) business days after the closing of
our initial business combination, we will use our best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the warrants. We will
use our best efforts to cause the same to become effective within 60 days and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the
provisions of the warrant agreement. If a registration statement covering the Class A common stock issuable upon exercise of the warrants is not effective by the sixtieth (60th) day after the closing of our initial business combination, warrant
holders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with
Section 3(a)(9) of the Securities Act or another exemption. 
 Once the warrants become exercisable, we may call the warrants (except
for the Private Warrants held by our Sponsor) for redemption: 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at a price of $0.01 per warrant; 

 

	 	•	 	 upon not less than 30 days’ prior written notice of redemption
(the “30-day redemption period”) to each warrant holder; and 

  

	 	•	 	 if, and only if, the reported closing price of the Class A common stock equals or exceeds $18.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before we send to
the notice of redemption to the warrant holders. 

 If and when the warrants become redeemable by us, we may exercise our redemption right
even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. 

 If we call the warrants for redemption as described above, our management will have the
option to require any holder that wishes to exercise his, her or its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will
consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our
warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing
(x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair
market value. The “fair market value” will mean the average reported closing price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the
holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be received upon exercise of the warrants,
including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an
attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take advantage of this option, the holders of the private
placement warrants and their permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use
had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below. 
 In addition, if
(x) we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at a newly issued price of less than $9.20 per share of
Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares
held by our sponsor or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, inclusive of interest earned on equity held in trust,
available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will
be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the newly issued price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the
greater of the Market Value and the newly issued price. 
 No fractional shares will be issued upon exercise of the warrants. If, upon
exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round up to the nearest whole number the number of shares of Class A common stock to be issued to the warrant holder. 

 Private Warrants 

Except as described below, the Private Warrants have terms and provisions that are identical to those of the warrants sold as part of the units
in our IPO. The Private Warrants (and the Class A common stock issuable upon exercise of the Private Warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial business combination (except, among
other limited exceptions to our officers and directors and other persons or entities affiliated with the Sponsor) and they will be exercisable on a cashless basis and not be redeemable by us so long as they are held by the Sponsor or its permitted
transferees. The Sponsor or its permitted transferees have the option to exercise the Private Warrants on a cashless basis. If the private placement warrants are held by holders other than the Sponsor or its permitted transferees, the Private
Warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units sold in our IPO. 

If holders of the Private Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or
its warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between
the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” will mean the average reported closing price of the Class A common stock for the 10
trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. 
 In
order to finance transaction costs in connection with an intended initial business combination, our sponsor, officers, directors or their respective affiliates may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such
loans may be convertible into warrants of the post business combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the Private Warrants. 

Dividends 
 We have not paid any cash
dividends on our shares of common stock to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital
requirements and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a business combination will be within the discretion of our then board of directors. It is the present
intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board does not anticipate declaring any dividends in the foreseeable future 

Listing of Securities 
 Our units, common
stock, and warrants are listed on NYSE under the symbols “PIC.U,” “PIC,” and “PIC WS,” respectively. 

 Delaware Anti-Takeover Law 

Staggered Board of Directors 
 Our amended
and restated charter provides that our board of directors will be classified into three classes of directors of approximately equal size. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a
proxy contest at two or more annual meetings. 
 Special Meeting of Stockholders 

Our bylaws provide that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our president
or by our chairman or by our secretary at the request in writing of stockholders owning a majority of our issued and outstanding capital stock entitled to vote. 

Advance Notice Requirements for Stockholder Proposals and Director Nominations 

Our bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for
election as directors at our annual meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to be delivered to our principal executive offices not later than the close of
business on the 60th day nor earlier than the close of business on the 90th day prior to the scheduled date of the annual meeting of
stockholders. In the event that less than 70 days’ notice or prior public disclosure of the date of the annual meeting of stockholders is given, a stockholder’s notice shall be timely if delivered to our principal executive offices not
later than the 10th day following the day on which public announcement of the date of our annual meeting of stockholders is first made or sent by us. Our bylaws also specify certain
requirements as to the form and content of a stockholders’ meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of
stockholders. 
 Authorized but Unissued Shares 

Our authorized but unissued common stock and preferred stock are available for future issuances without stockholder approval and could be
utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more
difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 
 Exclusive Forum Selection

 Our Amended and Restated Charter requires, to the fullest extent permitted by law, that derivative actions brought in our name,
actions against directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the State of Delaware, except any action (A) as to which the Court of Chancery in the State
of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such
determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction or (D) any action arising under the
Securities 

 
Act, as to which the Court of Chancery and the federal district court for the District of Delaware shall have concurrent jurisdiction. If an action is brought outside of Delaware, the stockholder
bringing the suit will be deemed to have consented to service of process on such stockholder’s counsel. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of
lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers, although our stockholders
will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder and therefore bring a claim in another appropriate forum. Additionally, we cannot be certain that a court will decide that this
provision is either applicable or enforceable, and if a court were to find the choice of forum provision contained in our Amended and Restated Charter to be inapplicable or unenforceable in an action, we may incur additional costs associated with
resolving such action in other jurisdictions, which could harm our business, operating results and financial condition. 
 Our Amended and
Restated Charter provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty
or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which
the federal courts have exclusive jurisdiction.

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