Document:

Exhibit 4.1

 

Fifth Supplemental Indenture

 

Fifth Supplemental Indenture (this
 “Fifth Supplemental Indenture”), dated as of June 12, 2020, between Fidelity National Financial, Inc. (formerly
known as Fidelity National Title Group, Inc.), a Delaware corporation (the “Company”), and The Bank of New York
Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), a national banking association (the “Trustee”).

 

WHEREAS, the Company and the Trustee
entered into an Indenture (the “Original Indenture”), dated as of December 8, 2005, pursuant to which the Company
may issue Securities from time to time;

 

WHEREAS, the Company and the Trustee
entered into a First Supplemental Indenture (the “First Supplemental Indenture”), dated as of January 6, 2006,
a Second Supplemental Indenture (the “Second Supplemental Indenture”), dated as of May 5, 2010, a Third Supplemental
Indenture (the “Third Supplemental Indenture”), dated as of June 30, 2014, and a Fourth Supplemental Indenture
(the “Fourth Supplemental Indenture”), dated as of August 13, 2018 (the Original Indenture, as amended by the
First Supplemental Indenture, the Second Supplemental Indenture and this Fifth Supplemental Indenture, the “Indenture”);

 

WHEREAS, on November 9, 2006,
the Company changed its corporate name from “Fidelity National Title Group, Inc.” to “Fidelity National Financial,
Inc.”;

 

WHEREAS, the Company has determined
to issue, offer and sell a newly established series of Securities to be designated as the 3.400% Senior Notes due 2030 (the “Notes”)
and desires to establish the matters set forth in Section 3.1 of the Indenture with respect to such series in this Fifth Supplemental
Indenture pursuant to Section 8.1(7) of the Original Indenture;

 

WHEREAS, the Company desires to
make certain additional amendments to the provisions of the Indenture pursuant to Section 8.1(5) thereof, which amendments shall
only apply to the Notes;

 

WHEREAS, the Original Indenture provides
that the Company, when authorized by or pursuant to a Board Resolution and the Trustee, may enter into indentures supplemental
to the Original Indenture without the consent of any Holders to establish the form or terms of Securities of any series as permitted
by Sections 2.1 and 3.1 and to amend or supplement any provision contained in the Indenture, provided that such amendment or supplement
does not apply to any Outstanding Security issued prior to the date of such supplemental indenture and entitled to the benefits
of such provision; and

 

WHEREAS, all things necessary to
make the Notes, when executed by the Company and authenticated and delivered by the Trustee, issued upon the terms and subject
to the conditions set forth herein and in the Indenture and delivered as provided in the Indenture against payment therefor, valid,
binding and legal obligations of the Company according to their terms, and all actions required to be taken by the Company under
the Indenture to make this Fifth Supplemental Indenture a valid, binding and legal agreement of the Company, have been done.

 

NOW, THEREFORE, for and in consideration
of the premises, it is mutually covenanted and agreed as follows:

 

    

     

    

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01 Definitions.

 

(a)             
All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Indenture. Unless
the context otherwise requires all Section references herein refer to Sections in the Original Indenture, as heretofore amended
and supplemented by the First Supplemental Indenture and the Second Supplemental Indenture and as further amended and supplemented
by this Fifth Supplemental Indenture.

 

(b)            
For purposes hereof and of the Notes, the following definitions shall be inserted in Section 1.1 of the Indenture:

 

“Comparable Treasury
Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable
to the remaining term of the Notes and that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

 

“Comparable Treasury Price”
of a Comparable Treasury Issue means, with respect to any Redemption Date: (x) the average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations; or (y) if the Company
obtains fewer than four (4) Reference Treasury Dealer Quotations, the arithmetic average of all Reference Treasury Dealer Quotations
so obtained; or (z) if the Company obtains only one Reference Treasury Dealer Quotation, such Reference Treasury Dealer Quotation.

 

“Independent Investment
Banker” means one of the Reference Treasury Dealers, or its successor, selected by the Company.

 

“Reference Treasury Dealers”
means each of (i) BofA Securities, Inc. and J.P. Morgan Securities LLC (or their respective successors); and (ii) any other primary
U.S. government securities dealer in New York City (a “Primary Treasury Dealer ”) selected by the Company. If
any of the foregoing ceases to be a Primary Treasury Dealer, the Company shall substitute another Primary Treasury Dealer in its
place.

 

“Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the Notes, the average,
as determined by the Company (or the Independent Investment Banker), of the bid and asked prices for the Comparable Treasury Issue
for the Notes, expressed in each case as a percentage of its principal amount, quoted in writing to the Company by such Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third (3rd) Business Day preceding such Redemption Date.

 

“Treasury Yield” means,
with respect to any Redemption Date applicable to the Notes, the rate per annum equal to the semiannual equivalent yield to maturity,
computed as of the third (3rd) Business Day immediately preceding such Redemption Date, of the Comparable Treasury Issue, assuming
a price for the Comparable Treasury Issue, expressed as a percentage of its principal amount, equal to the applicable Comparable
Treasury Price for such Redemption Date.

 

ARTICLE II

 

ESTABLISHMENT, FORM AND TERM OF NOTES

 

Section 2.01 Establishment
of the Notes. In accordance with Section 3.1 of the Indenture, the Company hereby establishes the Notes as a new series of
its Securities pursuant to the Indenture. The Notes shall be issued initially in an aggregate principal amount of $650,000,000.

 

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Section 2.02 Terms
and Conditions of the Notes. In accordance with Section 3.1 of the Indenture, the Notes are established with the following
terms (among others provided herein).

 

(a)            Title of the Notes; CUSIP Number. The title of the Securities of the series is “3.400% Senior Notes due 2030.”
The Notes shall initially have the following CUSIP number: 31620RAJ4.

 

(b)            Aggregate Principal Amount of Notes. The limit upon the aggregate principal amount of the Notes which may be authenticated
and delivered under the Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of other Notes pursuant to Sections 3.4, 3.5, 3.6, 8.6 or 10.7 of the Indenture or Appendix A to this Fifth Supplemental
Indenture, and except as provided in the last sentence of Section 3.1(c) of the Indenture) is six hundred and fifty million Dollars
($650,000,000). The limit upon the aggregate principal amount of the Notes may be increased by the Company without the consent
of the holders of any outstanding Notes.

 

(c)            Maturity Date of Notes. The date on which the principal of the Notes is payable, unless the Notes are theretofore
accelerated or redeemed pursuant to the Indenture, shall be June 15, 2030.

 

(d)            Interest Rate. The rate at which the Notes shall bear interest shall be 3.400% per annum. Interest shall be computed on
the basis of a 360-day year of twelve 30-day months and shall be payable semi-annually in arrears in accordance herewith and with
the Indenture.

 

 (e)            Additional Amounts. No Additional Amounts shall be payable on or in respect of the Notes.

 

(f)             Interest Payment Dates. Interest on the Notes shall accrue on the principal amount from, and including, the most
recent date to which interest has been paid or provided for (or, if there is no existing default in the payment of interest and
if the Note is authenticated between a Regular Record Date and the next Interest Payment Date, from such Interest Payment Date)
or, if no interest has been paid, from, and including, the issue date of the Notes, in each case to, but excluding, the next Interest
Payment Date. The Interest Payment Dates of the Notes shall be June 15 and December 15 of each year. The initial Interest Payment
Date shall be December 15, 2020. The Regular Record Date corresponding to any Interest Payment Date occurring on June 15 shall
be the immediately preceding June 1, and the Regular Record Date corresponding to any Interest Payment Date occurring on December
15 shall be the immediately preceding December 1. Interest payable on the Notes on an Interest Payment Date shall be payable to
the persons in whose name the Notes are registered at the close of business on the Regular Record Date for such Interest Payment
Date, except that interest payable on June 15, 2030 shall be payable to the persons to whom principal is payable on such date;
provided, however, that Defaulted Interest shall be payable as provided in the Indenture.

 

(g)            Place
of Payment. The Place of Payment where the principal of and interest on the Notes shall be payable is at the agency of
the Trustee maintained for that purpose at the office of The Bank of New York Mellon Trust Company, N.A., 10161 Centurion
Parkway North, Jacksonville, Florida, 32256; provided, however, that payment of interest, other than on June 15, 2030, may be
made at the option of the Company by check mailed to the address of the person entitled thereto as such address shall appear
in the Register; and provided further that the Depository, or its nominee, as holder of Notes in global form, shall be
entitled to receive payments of interest and principal by wire transfer of immediately available funds.

 

(h)            Redemption. The Notes shall be subject to redemption by the Company in whole or in part in the manner described herein.
There shall be no obligation of the Company to redeem or purchase the Notes pursuant to any sinking fund or analogous provisions,
or to repay any of the Notes prior to June 15, 2030 at the option of a Holder thereof. Article 11 of the Indenture shall not apply
to the Notes.

 

(i)             Registration and Form. The Notes shall be issued in fully registered form as Registered Securities without interest coupons
(and shall in no event be issuable in the form of Bearer Securities) in denominations of two thousand Dollars ($2,000) or any amount
in excess thereof which is an integral multiple of one thousand Dollars ($1,000). The Notes shall initially be issued in global
form in the form attached hereto as Exhibit A. The Notes shall be denominated, and all payments thereon shall be made, in
Dollars. The Depository Trust Company shall be the initial Depository for the Notes. The Notes shall be transferred only in accordance
with the provisions of Annex A of this Fifth Supplemental Indenture and the Indenture.

 

    3

     

    

 

(j)              
Registrar and Paying Agent. The Company appoints the Trustee as Registrar and Paying Agent in connection with the Notes.

 

ARTICLE III

 

REDEMPTION

 

Section 3.01 Redemption.
(a) Prior to March 15, 2030, the Notes shall be redeemable, at the option of the Company, at any time in whole, or from time to
time in part, at a Redemption Price, payable in cash, equal to the greater of: (x) 100% of the principal amount of the Notes to
be redeemed; and (y) the sum of the present values of the remaining (as of the Redemption Date) scheduled interest and principal
payments on the Notes (or portions thereof) to be redeemed (excluding interest accrued to such Redemption Date), discounted to
such Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury
Yield plus 40 basis points, in each case plus unpaid interest that has accrued to, but excluding, such Redemption Date and (b)
on or after March 15, 2030, the Notes shall be redeemable, at the option of the Company, at any time in whole, or from time to
time in part, at a Redemption Price, payable in cash, equal to 100% of the principal amount of the Notes to be redeemed, plus unpaid
interest that has accrued to, but excluding the Redemption Date. The Trustee shall not be responsible for calculating the Redemption
Price. If such Redemption Date is after a Regular Record Date for the Notes and on or before the related Interest Payment Date,
then the payment of interest becoming due on such Interest Payment Date shall be payable, on such Interest Payment Date, to the
Holder of record at the close of business on such Regular Record Date, and the Redemption Price shall not include unpaid interest
that has accrued to, but excluding, such Redemption Date. The Notes shall not be redeemable by the Company except as provided in
the preceding sentences. The Notes shall not be redeemable at the election of any Holder, except to the extent that the principal
of, and interest on, the Notes may be accelerated in accordance with Article 5 of the Indenture.

 

Section 3.02 Applicability
of Article X. Article 10 of the Indenture shall apply to the Notes and shall be amended as provided below with respect to the
Notes:

 

(a)            
The phrase “at least
60 days prior to the Redemption Date” in Section 10.2 of the Indenture shall be replaced with the phrase “at least
30 days prior to the Redemption Date.”

 

(b)            
The phrase “equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof”
in Section 10.3 of the Indenture shall be replaced with the phrase “equal to any authorized denomination for Securities
of that series.”

 

(c) The phrase “in such manner
as the Trustee shall deem fair and appropriate” in Section 10.3 of the Indenture shall be replaced with the phrase
 “in accordance with the procedures of DTC.”

 

(d)            
The first paragraph of Section 10.4 of the Indenture is deleted in its entirety and replaced with the following paragraph:

 

“Notice of Redemption. Notice of redemption
shall be given in the manner provided in Section 1.6 of the Indenture not less than 15 days nor more than 60 days prior to the
Redemption Date to the Holders of the Securities to be redeemed (except that such notice of redemption may be given more than 60
days prior to the Redemption Date if the notice is issued in connection with a satisfaction, discharge and/or defeasance pursuant
to Article 4 of the Indenture).”

 

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(e)       The following
sentence shall be added to the end of Section 10.4 of the Indenture:

 

“Any redemption and notice thereof pursuant to
this Indenture may, in the Company’s discretion, be subject to the satisfaction of one or more conditions and, at the Company’s
discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the
Company in its sole discretion) or the Redemption Date may not occur at all and such notice may be rescinded if all such conditions
shall not have been satisfied (or waived by the Company in its sole discretion).”

 

(f)        The phrase “the Redemption Price” in Section 10.4(2) of the Indenture shall be replaced with the phrase “the
Redemption Price and the aggregate principal amount to be redeemed pursuant to such redemption.”

 

(g)       The clause “, and (unless the Redemption Date shall be an Interest Payment Date) interest accrued to the Redemption
Date on,” in Section 10.5 of the Indenture shall be deleted.

 

(h)       The
text of the first paragraph of Section 10.6 of the Indenture shall be amended to read as follows:

 

“Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the applicable Redemption Date, become due and payable at the Redemption
Price therein specified (subject to the Company’s obligation, if applicable, to pay, on the Interest Payment Date that occurs
on, or immediately following, such Redemption Date, unpaid interest on such Securities that has accrued to, but excluding, such
Interest Payment Date), and from and after such Redemption Date (unless the Company shall default in the payment of the Redemption
Price or, if applicable, such interest) such Securities shall cease to be Outstanding or to bear interest. Upon surrender of any
such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price;
provided, however, that, unless otherwise specified as contemplated by Section 3.1, installments of interest on Registered
Securities whose Stated Maturity is on or prior to the Redemption Date shall, without duplication, be payable to the Holders of
such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant record date
according to their terms and this Indenture.”

 

ARTICLE IV

 

COVENANTS

 

The covenants contained in Section
4 of the Indenture shall apply to the Notes as modified by the amendment listed below.

 

Section 4.01 With respect to the Notes,
the following paragraph shall be inserted at the end of Section 9.6 of the Indenture:

 

“For avoidance of doubt, in no event shall
the Company be required to deliver to, or file with, the Trustee any material for which the Company is seeking, or has received,
confidential treatment from the Commission. For purposes of this Section 9.6, each document or other report of the Company that
is filed with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, shall
be deemed to be delivered to, and filed with, the Trustee (and, if applicable, the Holders) if such document or report is so filed
through the Commission’s EDGAR or IDEA database (or any successor thereto).”

 

    5

     

    

 

ARTICLE V

 

SATISFACTION, DISCHARGE AND DEFEASANCE

 

Section 5.01 Article
4 of the Indenture shall apply to the Notes. For purposes of the Notes, each occurrence of the phrase “Sections 7.1, 9.4
(other than the Company’s obligation to maintain its corporate existence), 9.8 and 9.10” in Section 4.5 of the Indenture
shall be replaced with the phrase “Sections 7.1, 9.4 (other than the Company’s obligation to maintain its corporate
existence), 9.5, 9.6, 9.8, 9.9 and 9.10”.

 

Section 5.02 For purposes
of the Notes, amounts deposited pursuant to Section 4.1 of the Indenture may, notwithstanding anything to the contrary in the Indenture,
consist of cash, Government Obligations or a combination of cash and Government Obligations, in each case on the same basis on
which the Company is permitted, pursuant to Section 4.6(a) of the Indenture, to deposit cash, Government Obligations or a combination
of cash and Government Obligations to effect a defeasance or covenant defeasance.

 

ARTICLE VI

 

AMENDMENTS

 

Section 6.01 For purposes
of the Notes, the following sentence shall be inserted at the end of the first paragraph of Section 1.6 of the Indenture: “For
avoidance of doubt, notice to any Holder(s) of any Security that is issued in global form and registered in the name of a Depository
or a nominee thereof shall be sufficient in all respects if given in compliance with the rules, policies, procedures, practices
or instructions of such Depository.”

 

Section 6.02 For purposes
of the Notes, for avoidance of doubt, (i) the phrase “accrued interest” in Section 5.2 of the Indenture refers to accrued
and unpaid interest; and (ii) the phrase “interest upon installments of interest” in Section 5.2(1) of the Indenture
refers to interest upon overdue installments of interest.

 

Section 6.03 For purposes
of the Notes, the phrase “a Default in payment on the Securities of any series” in Section 6.6 of the Indenture shall
be replaced with the phrase “a Default with respect to Securities of any series (other than a Default in payment on Securities
of such series)”.

 

Section 6.04 For purposes
of the Notes, the phrase “a corporation” in Section 7.1(1) of the Indenture shall be replaced with the phrase “an
entity” and the following sentence shall be inserted at the end of Section 7.1 of the Indenture: “For the avoidance
of doubt, this Article 7 shall not apply to a mere assignment for security purposes or pledge of assets.”

 

Section 6.05 Section
2.4 of the Indenture shall not apply to the Notes. The provisions governing the legends to be applied to Notes are set forth in
Appendix A hereto.

 

Section 6.06 The sixth paragraph of Section 3.5 of
the Indenture shall not apply to the Notes.

 

ARTICLE VII

 

MISCELLANEOUS

 

Section 7.01 The Indenture,
as amended hereby, is in all respects ratified and confirmed, and the terms and conditions thereof, as amended hereby, shall be
and remain in full force and effect. The amendments to the Indenture set forth in this Fifth Supplemental Indenture shall apply
only with respect to the Notes.

 

    6

     

    

 

Section 7.02 The recitals
contained in this Fifth Supplemental Indenture shall be taken as the statements of the Company, and the Trustee shall have no liability
or responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental
Indenture.

 

Section 7.03 THIS
FIFTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

Section 7.04 This
Fifth Supplemental Indenture may be signed in any number of counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument. The Trustee may authenticate the Notes by manual or electronic
signature.

 

Section 7.05 Capitalized
terms used but not otherwise defined herein have the meanings assigned to them in the Indenture.

 

 

[The Remainder of This Page Intentionally Left Blank;
Signature Page Follows]

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Fifth
Supplemental Indenture to be duly executed as of the date first written above.

 

	FIDELITY NATIONAL FINANCIAL, INC.	 
	 	 
	 	 
	By:	/s/ Michael L. Gravelle	 
	 	Name:	 Michael L. Gravelle	 
	 	Title:	Executive Vice President, General	 
	 	 	Counsel and Corporate Secretary	 

 

	 	THE BANK OF NEW YORK MELLON TRUST
	 	COMPANY, N.A., as Trustee
	 	 
	 	 
	 	By:	/s/ Mitchell L. Brumwell
	 	Name:	Mitchell L. Brumwell
	 	Title:	Vice President

 

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APPENDIX A

 

PROVISIONS RELATING TO THE NOTES

 

		1.	Definitions.

 

For the purposes of this Appendix
A the following terms shall have the meanings indicated below:

 

“Business Day”
means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York City or
the Corporate Trust Office are authorized or obligated by law or executive order to close.

 

“Depository” means
The Depository Trust Company, its nominees and their respective successors.

 

“Global Notes Legend” means the
legend set forth in Section 2.2(c).

 

Unless the context otherwise
requires, any reference in this Appendix A to a section refers to a section of this Appendix A.

 

		2.	The Notes.

 

		2.1	Form and Dating; Global Notes.

 

		(a)	The Notes may be transferred in accordance herewith.

 

(i)              
Global Notes. The Notes are issuable in definitive, fully registered book-entry form as a global security (the “Global
Notes”). The Global Notes shall bear the Global Note Legend. The Global Notes initially shall (i) be registered in the
name of the Depository or the nominee of such Depository, in each case for credit to an account of an Agent Member (as defined
herein) and (ii) be delivered to the Trustee as custodian for such Depository. The aggregate principal amount of each Global Note
(as defined below) may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository
or its nominee, as the case may be, in connection with transfers and exchanges of interests therein as herein provided.

 

(ii)            
Members of, or direct or indirect participants in, the Depository (“Agent Members”) shall have no rights under
the Indenture with respect to any Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under
the Global Notes. The Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the
absolute owner of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depository, or impair, as between the Depository and its Agent Members, the operation of customary
practices governing the exercise of the rights of a Holder of any Note.

 

(iii)          
Transfers of Global Notes shall be limited to transfer in whole, but not in part, to the Depository, its successors or their respective
nominees.

 

(iv)           
The Holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action which a Holder is entitled to take under the Indenture or the Notes.

 

    Appendix A-1

     

    

 

		2.2	Transfer and Exchange.

 

(a)           Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set forth in Section
2.1(b). Global Notes also may be transferred, exchanged or replaced, in whole or in part, as provided in Section 3.6
of the Indenture. Beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.2(b) and
2.2(c).

 

(b)           Transfer and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial interests in the
Global Notes shall be effected through the Depository, in accordance with the provisions of the Indenture and the applicable rules
and procedures of the Depository. Beneficial interests in Global Notes shall be transferred or exchanged only for beneficial interests
in Global Notes except in the circumstances described in the seventh paragraph of Section 3.5 of the Indenture, provided
that for purposes of the Notes, the words “and the Depositary requests the issuance of definitive notes in certificated form”
shall be deemed to have been inserted in clause (iii) thereof immediately prior to the phrase “, the Company’s election
pursuant to Section 3.1(b)(24) shall no longer be effective”.

 

(c)           Legend. Each Note certificate evidencing the Global Notes (and all Notes issued in exchange therefor or in substitution
thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes
of the legend only):

 

“UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK,
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
 & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS
OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF”

 

(d)            Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a particular Global Note have been
exchanged for definitive notes in certificated form or a particular Global Note has been redeemed, repurchased or canceled in whole
and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section
3.9 of the Indenture.

 

 (e)            Obligations with Respect to Transfers and Exchanges of Notes.

 

(i)              
To permit registrations of transfers and exchanges the Company shall execute, and the Trustee shall authenticate, definitive notes
in certificated form and Global Notes at the Registrar’s request.

 

    Appendix A-2

     

    

 

(ii)             
No service charge shall be made for any registration of transfer or exchange; provided, however, that the
Company may require payment of a sum sufficient to pay all taxes, assessments or similar governmental charges in connection with
any transfer or exchange.

 

(iii)          
Prior to the due presentation for registration of transfer of any Note, the Company, the Trustee, a Paying Agent or the Registrar
shall deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving
payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and
none of the Company, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.

 

(iv)           
All Notes issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be
entitled to the same benefits under the Indenture as the Notes surrendered upon such transfer or exchange.

 

(v)             
The transferor of any Note shall provide or cause to be provided to the Trustee all information reasonably requested by the Trustee
that is necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any
cost basis reporting obligations under Section 6045 of the Internal Revenue Code of 1986, as amended. The Trustee may rely on information
provided to it and shall have no responsibility to verify or ensure the accuracy of such information. In connection with any proposed
exchange of a certificated Note for a Global Note, the Company or the Depository shall provide or cause to be provided to the Trustee
all information reasonably requested by the Trustee that is necessary to allow the Trustee to comply with any applicable tax reporting
obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Internal Revenue Code
of 1986, as amended. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the
accuracy of such information.

 

		(f)	No Obligation of the Trustee.

 

(i)               
The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant
in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant
or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member,
beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or
the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all
payments to be made to the Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depository
or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through
the Depository subject to the applicable rules and procedures of the Depository. The Trustee may conclusively rely and shall be
fully protected in so relying upon information furnished by the Depository with respect to its members, participants and any beneficial
owners.

 

(ii)            
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under the Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by,
the terms of the Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

    Appendix A-3

     

    

 

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[Global Notes Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS
OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.

 

    	 	A-1	 

     

    

 

	No.
    A-	 	CUSIP
    No.: 31620RAJ4
		 	ISIN No.: US31620RAJ41

 

3.400% SENIOR NOTE DUE 2030

 

FIDELITY NATIONAL FINANCIAL, INC., a Delaware
corporation, promises to pay to Cede & Co., or its registered assigns, the principal sum of [ ] Dollars ($[ ]) or such other
amount as shall be set forth on Schedule I hereto on June 15, 2030.

 

Interest Payment Dates: June 15 and December 15, with
the first Interest Payment Date to be December 15, 2020

 

Regular Record Dates: June 1 and December 1

 

Authenticated: June 12, 2020

 

Dated: June 12, 2020

 

    	 	A-2	 

     

    

 

	FIDELITY NATIONAL FINANCIAL, INC.	 
	 	 	 
	By:	 	 
		Name:	 
		Title:	 

 

 

	By:	 	 
		Name:	 
		Title:	 

 

    	 	A-3	 

     

    

 

Certificate of Authentication

 

THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A., as Trustee, certifies that this is one of the Securities of the series described in the within-mentioned Indenture.

 

	 	THE BANK OF NEW YORK MELLON TRUST

                                                                 COMPANY, N.A., as Trustee

	 	 	 
	 	 	 
	 	By:	 
	 	 	Authorized Signatory
	 	 	 
	Dated:	 	 

 

    	 	A-4	 

     

    

 

FIDELITY NATIONAL FINANCIAL, INC.

 

3.400% SENIOR NOTE DUE 2030

 

1.  INTEREST. Fidelity National Financial,
Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Security at
the rate of 3.400% per annum, payable semiannually in arrears on June 15 and December 15 of each year (each, an “Interest
Payment Date”), commencing on December 15, 2020, until the principal is paid or made available for payment. Interest on this
Security will accrue from, and including, the most recent date to which interest has been paid or provided for (or, if there is
no existing default in the payment of interest and if this Note is authenticated between a Regular Record Date and the next Interest
Payment Date, from such Interest Payment Date) or, if no interest has been paid, from, and including, the date hereof, in each
case to, but excluding, the next Interest Payment Date. Interest shall be computed on the basis of a 360-day year of twelve 30-day
months.

 

2.  METHOD OF PAYMENT. The
Company shall pay interest on this Security (except Defaulted Interest, if any, which shall be paid on such special payment date
as may be fixed in accordance with the Indenture referred to below) to the persons who are registered Holders at the close of business
on the June 1 or December 1 immediately preceding the applicable Interest Payment Date, except that interest payable on June 15,
2030 shall be payable to the persons to whom principal is payable on such date. A holder must surrender this Security to a Paying
Agent to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time
of payment is legal tender for payment of public and private debts.

 

3.  PAYING AGENT AND REGISTRAR.
Initially, The Bank of New York Mellon Trust Company, N.A., shall act as Paying Agent and Registrar. The Company may change or
appoint any Paying Agent, Registrar or co-Registrar without notice. The Company or any of its Subsidiaries may act as Paying Agent,
Registrar or co-Registrar.

 

4.  INDENTURE. The Company
issued this Security under the Indenture (the “Base Indenture”), dated as of December 8, 2005, between Fidelity National
Title Group, Inc. (as predecessor in interest to the Company) and The Bank of New York Trust Company, N.A. (now known as The Bank
of New York Mellon Trust Company, N.A.), as Trustee, as amended by the First Supplemental Indenture (the “First Supplemental
Indenture”), dated as of January 6, 2006, between such parties, the Second Supplemental Indenture (the “Second Supplemental
Indenture”), dated as of May 5, 2010, between such parties and the Fifth Supplemental Indenture (the “Fifth Supplemental
Indenture” and the Base Indenture as amended by the First Supplemental Indenture, the Second Supplemental Indenture and the
Fifth Supplemental Indenture, the “Indenture”), dated as of June 12, 2020. The terms of this Security were established
pursuant to the Fifth Supplemental Indenture. The terms of this Security include those stated in the Indenture and those made part
of the Indenture by reference to the Trust Indenture Act of 1939 (“TIA”). This Security is subject to all such terms,
and Holders are referred to the Indenture and the TIA. The Company will provide a copy of the Indenture, without charge, upon written
request to the Company sent to 601 Riverside Avenue, Jacksonville, Florida 32204, Attention: Corporate Secretary. Capitalized terms
used herein without definition shall have the respective meanings ascribed to them in the Indenture.

 

5.  PERSONS
DEEMED OWNERS. The registered Holder or Holders of this Security shall be treated as owners of it for all purposes.

 

    	 	A-5	 

     

    

 

6.  OPTIONAL
REDEMPTION. This Security is redeemable, at the option of the Company, (a) prior to March 15, 2030, at any time in whole, or
from time to time in part, at a Redemption Price, payable in cash, equal to the greater of: (x) 100% of the principal amount
to be redeemed; and (y) the sum of the present values of the remaining (as of the Redemption Date for such redemption)
scheduled interest and principal payments on this Security (or the portion hereof) to be redeemed (excluding interest accrued
to such Redemption Date), discounted to such Redemption Date on a semiannual basis (assuming a 360-day year consisting of
twelve 30-day months) at the applicable Treasury Yield plus 40 basis points, in each case plus unpaid interest that has
accrued to, but excluding, such Redemption Date and (b) on or after March 15, 2030, at any time in whole, or from time to
time in part, at a Redemption Price, payable in cash, equal to 100% of the principal amount to be redeemed, plus unpaid
interest that has accrued to, but excluding, such Redemption Date. If such Redemption Date is after a Regular Record Date for
this Security and on or before the related Interest Payment Date, then the payment of interest becoming due on such Interest
Payment Date shall be payable, on such Interest Payment Date, to the Holder of record hereof at the close of business on such
Regular Record Date, and the Redemption Price shall not include unpaid interest that has accrued to, but excluding, the
Redemption Date. This Security shall not be redeemable by the Company except as provided in the preceding sentences and the
Indenture. This Security shall not be redeemable at the election of any Holder, except to the extent that the principal of,
and interest on, this Security may be accelerated in accordance with Article 5 of the Indenture.

 

For purposes of determining the Redemption Price with
respect to redemptions occurring prior to March 15, 2030 the following definitions are applicable:

 

“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining
term of this Security and that would be utilized, at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Security.

 

“Comparable Treasury Price” of a Comparable
Treasury Issue means, with respect to any Redemption Date: (x) the average of the Reference Treasury Dealer Quotations for such
Redemption Date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations; or (y) if the Company obtains
fewer than four (4) Reference Treasury Dealer Quotations, the arithmetic average of all Reference Treasury Dealer Quotations so
obtained; or (z) if the Company obtains only one Reference Treasury Dealer Quotation, such Reference Treasury Dealer Quotation.

 

“Independent Investment Banker” means one
of the Reference Treasury Dealers, or its successor, selected by the Company.

 

“Reference Treasury Dealers” means each of (i) BofA
Securities, Inc. and J.P. Morgan Securities LLC (or their respective successors); and (ii) any other primary U.S. government securities
dealer in New York City (a “Primary Treasury Dealer”) selected by the Company. If any of the foregoing ceases
to be a Primary Treasury Dealer, the Company shall substitute another Primary Treasury Dealer in its place.

 

“Reference Treasury Dealer Quotations” means,
with respect to each Reference Treasury Dealer and any Redemption Date for this Security, the average, as determined by the Company
(or the Independent Investment Banker), of the bid and asked prices for the Comparable Treasury Issue for this Security, expressed
in each case as a percentage of its principal amount, quoted in writing to the Company by such Reference Treasury Dealer at 5:00
p.m., New York City time, on the third (3rd) Business Day preceding such Redemption Date.

 

“Treasury Yield” means, with respect to
any Redemption Date applicable to this Security, the rate per annum equal to the semiannual equivalent yield to maturity, computed
as of the third (3rd) Business Day immediately preceding such Redemption Date, of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue, expressed as a percentage of its principal amount, equal to the applicable Comparable Treasury
Price for such Redemption Date.

 

    	 	A-6	 

     

    

 

7.  LEGAL HOLIDAYS. In any case where any
Interest Payment Date, Redemption Date, Stated Maturity or Maturity of this Security shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of the Indenture or of this Security), payment of principal or interest need
not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment
with the same force and effect as if made on such date; provided that no interest shall accrue on the amount so payable for the
period from and after such Interest Payment Date, Redemption Date, Stated Maturity or Maturity, as the case may be.

 

8.  UNCLAIMED MONEY. Subject to
the terms of the Indenture, if money for the payment of principal or interest remains unclaimed for two (2) years, the Trustee
or Paying Agent shall pay the money back to the Company at its request, and thereafter Holders entitled to the money shall, as
unsecured general creditors, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease.

 

9. 
AMENDMENT, SUPPLEMENT. Subject to certain exceptions, the Indenture or this Security may be amended or supplemented with
the consent of at least a majority in aggregate principal amount of the Holders affected by the amendment. Without the consent
of any Holder, the Company and the Trustee may amend or supplement the Indenture or this Security to, among other things, cure
certain ambiguities or correct certain mistakes or to create another series of Securities and establish its terms.

 

10.  DEFAULTS
AND REMEDIES. The Events of Default set forth in Sections 5.1(1), (2), (3), (4), (5) and (6) of the Indenture apply to this Security.

 

If an Event of Default with respect to the Outstanding
securities of the same series as this Security occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate
principal amount of all Outstanding securities of the same series as this Security, by written notice to the Company (and, if given
by the Holders, to the Trustee), may declare the principal of and accrued and unpaid interest, if any, on the aggregate principal
amount of all Outstanding securities of the same series as this Security to be due and payable, and upon any such declaration,
such principal and interest, if any, shall be immediately due and payable.

 

At any time after such a declaration of acceleration
with respect to this Security has been made and before a judgment or decree for payment of the money due has been obtained by the
Trustee as provided in the Indenture, the Holders of a majority in aggregate principal amount of all Outstanding securities of
the same series as this Security, by written notice to the Trustee, may rescind and annul such declaration and its consequences
as provided, and subject to satisfaction of the conditions set forth, in the Indenture.

 

The Holders of a majority in aggregate principal amount
of all Outstanding securities of the same series as this Security, by written notice to the Trustee, may waive, on behalf of all
Holders of such securities, any past Default or Event of Default with respect to such securities and its consequences except (a)
a Default or Event of Default in the payment of the principal of, or interest on, any such security or (b) in respect of a covenant
or provision of the Indenture which, pursuant to the Indenture, cannot be amended or modified without the consent of each Holder
of each affected Outstanding security of the same series as this Security. Upon any such waiver, such Default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured.

 

11.  AMOUNT UNLIMITED. The aggregate principal amount of
Securities which may be authenticated and delivered under the Indenture is unlimited. The Securities may be issued from time
to time in one or more series. The Company may from time to time, without the consent of the Holders of this Security, issue
additional Securities of the series of which this Security is a part on substantially the same terms and conditions as those
of this Security (except for issue date, issue price and, if applicable, the first payment of interest thereon), and with the
same CUSIP number (if the additional Securities are fungible for U.S. federal income tax purposes with this Security).

 

    	 	A-7	 

     

    

 

12.  TRUSTEE DEALINGS WITH
COMPANY. Subject to the TIA, The Bank of New York Mellon Trust Company, N.A., as Trustee under the Indenture, in its individual
or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may
otherwise deal with the Company or its affiliates, as if it were not Trustee.

 

13.  NO RECOURSE AGAINST OTHERS. No
director, officer, employee or stockholder, as such, of the Company shall have any liability for any obligations of the Company
under this Security or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.
Each Holder, by accepting this Security, waives and releases all such liability. Such waiver and release are part of the consideration
for the issue of this Security.

 

14. 
DISCHARGE OF INDENTURE. The Indenture contains certain provisions pertaining to discharge and defeasance.

 

15. 
AUTHENTICATION. This Security shall not be valid until the Trustee signs the certificate of authentication on the other side of
this Security.

 

16. 
GOVERNING LAW. This Security shall be governed by and construed in accordance with the internal laws of the State of New York.

 

17.  ABBREVIATIONS. Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).

 

[Remainder of Page Intentionally Left Blank]

 

    	 	A-8	 

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below:

 

I or we assign and transfer this Security to:

 

 

(Print or type assignee’s name, address
and zip code)

 

 

 

(Insert assignee’s soc. sec. or tax identification
No.)

 

and irrevocably appoint __________ as agent to transfer this
Security on the books of the Company. The agent may substitute another to act for him.

 

	Date: 	 	 	Your Signature:	 	 

 

_____________________________________________________________________________________________________________

 

Sign exactly as your name appears on the other side of this
Security.

 

	Signature Guarantee: 	 	 	Signature of Signature Guarantee: 	 	 

 

Date: _________________

 

Signature must be guaranteed by a participant in

a recognized signature guaranty medallion program

or other signature guarantor program reasonably

acceptable to the Trustee

 

    	 	A-9	 

     

    

 

[TO BE ATTACHED TO GLOBAL SECURITIES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

 

	The initial principal amount of this Global Security is $	. The following
	increases or decreases in this Global Security have been made:	 
	 	 	 	 
	 	 	 	Principal amount	Signature of
	 	Amount of	Amount of	of this Global	authorized
	 	decrease in	increase in	Security	signatory of
	 	Principal	Principal	following such	Trustee or
	Date of	Amount of this	Amount of this	decrease or	Securities
	Exchange	Global Security	Global Security	increase	Custodian
	 	 	 	 	 

 

    	 	A-10Exhibit

EXHIBIT 4(vi)

DAKTRONICS, INC.
DESCRIPTION OF SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

The following is a summary of the terms of the common stock, no par value (the “Common Stock”) of Daktronics, Inc. (the “Company,” “we,” “us,” or “our”); the Company’s Series A Junior Participating Preferred Stock, no par value (the “Series A Preferred Stock”); and rights (the “Rights”) to purchase specified fractions of the Series A Preferred Stock 

The summary is subject to, and qualified in its entirety by reference to, our Amended and Restated Articles of Incorporation (the “Articles”) (incorporated by reference to Exhibit 3.1 to our Quarterly Report on Form 10‐Q/A filed on December 21, 2018); our Amended and Restated Bylaws (the “Bylaws”) (incorporated by reference to Exhibit 3.4 to our Annual Report on Form 10‐K filed on June 12, 2013); and the Rights Agreement dated as of November 16, 2018 (the “Rights Agreement”) between the Company and Equiniti Trust Company, as Rights Agent (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8‐K filed on November 16, 2018). We encourage you to carefully read the Articles, Bylaws, Rights Agreement, and applicable portions of the South Dakota Codified Laws (the “SDCL”), including the South Dakota Business Corporation Act (the “SDBCA”), Chapter 47‐1A of the SDCL.

Authorized Shares of Capital Stock

As of May 2, 2020, we were authorized to issue up to 120,000,000 shares of stock, each without par value, consisting of 115,000,000 shares of Common Stock and 5,000,000 shares of undesignated stock.  Our Board of Directors (the “Board”) has the power to authorize and issue any or all of the shares of undesignated stock without shareholder approval, including the authority to establish the rights and preferences of the undesignated stock. 

Common Stock

As of May 2, 2020, we had 45,913,209 shares of Common Stock outstanding.

Voting Rights

All shares of Common Stock are voting shares, and each share is entitled to one vote.  The Common Stock has cumulative voting rights for the election of directors.  All director elections are decided by a plurality of the shares entitled to vote on the election of directors.  Except as otherwise provided by applicable law, our Articles, or our Bylaws, every matter other than the election of directors is decided by the affirmative vote of a majority of the votes cast by shareholders present in person or by proxy at the meeting and entitled to vote on such matter.

Classified Board

Members of the Board are divided into three classes and serve staggered three‐year terms.  Under the Bylaws, directors can be removed from office, with or without cause, by the affirmative vote of a majority of the shareholders entitled to vote as a special meeting called for that purpose and the shareholders may also elect his/her successor.

Dividend Rights

Holders of our shares of Common Stock are entitled to receive dividends declared by the Board out of funds legally available for the payment for the payment of dividends under South Dakota law, subject to the rights, if any, of holders of our preferred stock.

Liquidation Rights

Upon any liquidation, dissolution or winding up of the Company, voluntary or otherwise, each share of Common Stock is entitled to participate pro rata in all assets available for distribution after the payment of all liabilities and provision for the liquidation preference of any shares of preferred stock then outstanding.

Rights and Preferences

The holders of our Common Stock have no preemptive rights and no rights to convert their Common Stock into any other securities.  There are also no redemption or sinking fund provisions applicable to our Common Stock.
All outstanding shares of Common Stock are fully paid and non‐assessable.  In addition, see “Anti‐Takeover Effects of Provisions of the Rights Agreement, Our Articles and Bylaws and South Dakota Law” below.

Listing, Transfer Agent, and Registrar

Our Common Stock is listed on the Nasdaq Global Select Market under the trading symbol “DAKT.”  The transfer agent and registrar for our Common Stock is EQ Shareowner Services (Equiniti Trust Company).

Preferred Stock

The Board has the authority, without further action by our shareholders, to issue up to 5,000,000 shares of undesignated preferred stock, no par value, in one or more classes or series and to fix the rights, preferences, privileges and restrictions of the preferred stock.  These rights, preferences, and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms, and the number of shares constituting, or the designation of, such class or series, any or all of which may be greater than the rights of Common Stock.  The issuance of our preferred stock could adversely affect the voting power of holders of Common Stock and the likelihood that such holders will receive dividend payments and payments upon our liquidation.  In addition, the issuance of shares of preferred stock could have the effect of delaying, deferring or preventing a change in control of our Company or other corporate action.

Effective on November 19, 2018, the Board adopted Articles of Amendment to our Articles setting forth the rights, powers and preferences of our Series A Preferred Stock, as described below.  In addition, we have issued Rights to purchase specified fractions of Series A Preferred Stock.  For more information about the Rights, see “Rights to Purchase Series A Preferred Stock” below.

In addition, see “Anti‐Takeover Effects of Provisions of the Rights Agreement, Our Articles and Bylaws and South Dakota Law” below.

Series A Preferred Stock

Amount.  Under our Articles, we may issue 50,000 shares of Series A Preferred Stock.  As of May 2, 2020, there were no shares of Series A Preferred Stock outstanding.

Rank.  The Series A Preferred Stock will rank, with respect to the payment of dividends and the distribution of assets, junior to all series of any other class of the Company’s preferred stock and senior to the Common Stock as to such matters.

Dividends and Distributions; Adjustment.  Subject to the rights of the holders of any shares of any other series of our preferred stock (or any similar stock) ranking prior and superior to the Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock, in preference to the holders of Common Stock and of any other junior stock of the Company, will be entitled to receive, when, as and if declared by the Board out of funds legally available for that purpose, quarterly dividends payable in cash on the first day of March, June, September, and December in each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (1) $1.00 or (2) subject to the provision for adjustment described below, 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non‐cash dividends or other distributions, other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred Stock.  If the Company at any time declares or pays any dividend on the Common Stock payable in shares of Common Stock, or effects a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then, in each such case, the amount to which holders of shares of Series A Preferred Stock were entitled immediately before such event under clause (2) of the preceding sentence will be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately before such event.

We will be required to declare a dividend or distribution on the Series A Preferred Stock as provided in the foregoing paragraph immediately after we declare a dividend or distribution on the Common Stock (other than dividends payable in shares of Common Stock); provided, that if no dividend or distribution was declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Series A Preferred Stock will be payable on such subsequent Quarterly Dividend Payment Date.

Dividends will begin to accrue and be cumulative on outstanding shares of Series A Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such shares is before the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares will begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends will begin to accrue and be cumulative from such Quarterly Dividend Payment Date.  Accrued but unpaid dividends will not bear interest.  Dividends paid on the shares of Series A Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares will be allocated pro rata on a share‐by‐share basis among all such shares at the time outstanding.  The Board may fix a record date for the determination of holders of shares of Series A Preferred Stock entitled to receive payments of a dividend or distribution declared on the shares of Series A Preferred Stock, which record date will be not more than 60 days before the date fixed for the payment of the dividend or distribution.

Voting Rights; Adjustment.  Subject to the provision for adjustment set forth in the next sentence, each share of Series A Preferred Stock will entitle its holder to 1,000 votes on all matters submitted to a vote of the shareholders of the Company.  If the Company declares or pays any dividend on the Common Stock payable in shares of Common Stock, or effects a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case, the number of votes per share to which holders of shares of Series A Preferred Stock were entitled immediately before such event will be adjusted by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately before such event.  Except as otherwise provided in the Articles, in any other articles of amendment creating a series of the Company’s preferred stock or any similar stock, or by law, the holders of shares of Series A Preferred Stock and the holders of shares of Common Stock and any other capital stock of the Company having general voting rights will vote together as one class on all matters submitted to a vote of shareholders of the Company.  Except as set forth in the Articles, or as otherwise provided by law, holders of Series A Preferred Stock will have no special voting rights, and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth in the Articles) for taking any corporate action.

Certain Restrictions on Dividends.  Whenever quarterly dividends or other dividends or distributions payable on the Series A Preferred Stock as described above are in arrears, and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Preferred Stock outstanding shall have been paid in full, the Company will be restricted in its ability to declare or pay dividends on, redeem, purchase or otherwise acquire for consideration, or make other distributions of shares of stock ranking junior to, or on parity with, the Series A Preferred Stock (subject to specified exceptions for stock ranking on a parity with the Series A Preferred Stock). In such event, the Company will also be restricted in its ability to purchase shares of Series A Preferred Stock or shares of capital stock of the Company ranking junior to, or on parity with, the Series A Preferred Stock, subject to certain exceptions.

Distribution Upon Liquidation of Dissolution.  Upon any liquidation, dissolution or winding up of the Company, no distribution will be made (1) to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock unless, prior thereto, the holders of shares of Series A Preferred Stock have received the greater of (a) $1,000 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment, and (b) an amount, subject to the provision for adjustment set forth below, equal to 1,000 times the aggregate amount to be distributed per share to holders of shares of Common Stock; or (2) to the holders of shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution, or winding up) with the Series A Preferred Stock, except distributions made ratably on the Series A Preferred Stock and all such parity stock in proportion to the total amounts to which the holders of all such shares are entitled upon such liquidation, dissolution, or winding up.  If the Company declares or pays any dividend on the Common Stock payable in shares of Common Stock, or effects a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then, in each such case, the aggregate amount to which holders of shares of Series A Preferred Stock were entitled immediately before such event under the proviso in clause (1) of the preceding sentence will be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such 

event and the denominator of which is the number of shares of Common Stock that were outstanding immediately before such event.

Exchange Upon Consolidation or Merger.  If the Company enters into any consolidation, merger, combination, or other transaction in which shares of Common Stock are exchanged for or changed into other stock or securities, cash, and/or any other property, then each share of Series A Preferred Stock will be similarly exchanged or changed into an amount per share, subject to the provision for adjustment set forth in the next sentence, equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind) into which or for which each share of Common Stock is changed or exchanged.  If the Company declares or pays any dividend on the Common Stock payable in shares of Common Stock, or effects a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then the amount set forth in the preceding sentence with respect to the exchange or change of shares of Series A Preferred Stock will be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately before such event.

Redemption; Sinking Fund.  The shares of Series A Preferred Stock will not be redeemable.  There is no sinking fund provision that applies to the Series A Preferred Stock.

Certain Rights and Preferences.  All outstanding shares of Series A Preferred Stock, when issued in accordance with the terms of the Articles and the Rights Agreement, will be fully paid and non‐assessable.  In addition, see “Anti‐Takeover Effects of Provisions of the Rights Agreement, Our Articles and Bylaws and South Dakota Law” below.

Amendments.  Our Articles may not be amended in any manner which would materially alter or change the powers, preferences or special rights of the Series A Preferred Stock so as to affect them adversely without the affirmative vote of the holders of at least two‐thirds of the outstanding shares of Series A Preferred Stock, voting together as a single class.

Rights to Purchase Series A Preferred Stock

As described above, we are a party to the Rights Agreement with the Rights Agent.  On November 16, 2018, the Board declared a dividend of one Right, initially representing the right to purchase from the Company one one‐thousandth of a share of Series A Preferred Stock at an initial exercise price of $25.00 per Right, subject to certain adjustments (the “Exercise Price”), for each share of Common Stock outstanding on November 19, 2018 (the “Record Date”) to the shareholders of record at the close of business on that date.  

The Rights will not be exercisable until the earliest to occur of (1) the close of business on the 10th business day after the first date of a public announcement that a person or a group of affiliated or associated persons (with certain exceptions, an “Acquiring Person”) has acquired beneficial ownership of 20% or more of the outstanding shares of Common Stock and (2) the close of business on the 10th business day after the date of the commencement by any person of, or of the first public announcement of the intention of any person to commence, a tender or exchange offer the consummation of which would result in such person becoming the beneficial owner of 20% or more of the outstanding shares of Common Stock (the earlier of such dates being called the “Distribution Date”). Any existing shareholder or group that beneficially owned 20% or more of the Common Stock on November 16, 2018 was grandfathered at its current ownership level.  However, the Rights will become exercisable if at any time after the announcement of the Rights Agreement such shareholder or group increases its ownership of shares of Common Stock to an amount equal to or greater than the greater of (a) 20% of the shares of Common Stock then outstanding and (b) the sum of (i) the lowest beneficial ownership of such person as a percentage of the shares of Common Stock outstanding at any time after the public announcement of the Rights Agreement plus (ii) one share of Common Stock.  Certain synthetic interests in securities created by derivative positions, whether or not such interests are considered to be ownership of the underlying Common Stock or are reportable for purposes of Regulation 13D under the Securities Exchange Act of 1934, as amended, are treated as beneficial ownership of the number of shares of Common Stock equivalent to the economic exposure created by the derivative position to the extent actual shares of Common Stock are directly or indirectly held by counterparties to the derivatives contracts.

With respect to certificates representing shares of Common Stock outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates for shares of Common Stock registered in the names of the holders thereof and not by separate Rights Certificates, as described below.  With respect to book entry shares of Common Stock outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by the balances indicated in the book entry account system of the transfer agent for the Common Stock.  Until the earlier of the Distribution Date and the “Expiration Date” (as defined below), the transfer of any shares of Common Stock outstanding on the Record Date will also 

constitute the transfer of the Rights associated with such shares of Common Stock.  As soon as practicable after the Distribution Date, separate certificates evidencing the Rights (the “Rights Certificates”) will be mailed to holders of record of the Common Stock as of the close of business on the Distribution Date, and such separate Rights Certificates alone will evidence the Rights.

The Rights, which are not exercisable until the Distribution Date, will expire at the earliest to occur of (1) the close of business on November 19, 2021; (2) the time at which the Rights are redeemed pursuant to the Rights Agreement; (3) the time at which the Rights are exchanged pursuant to the Rights Agreement; and (4) the time at which the Rights are terminated upon the closing of any merger or other acquisition transaction involving the Company and a person pursuant to a merger or other acquisition agreement that has been approved by the Board before such person has become an Acquiring Person (the earliest of (1), (2), (3) and (4) is referred to as the “Expiration Date”).

The Exercise Price payable, and the number of shares of Series A Preferred Stock or other securities or property issuable, upon exercise of the Rights, are subject to adjustment from time to time to prevent dilution (1) upon a stock dividend on, or a subdivision, combination or reclassification of, the Series A Preferred Stock; (2) upon the grant to holders of the Series A Preferred Stock of certain rights or warrants to subscribe for or purchase Series A Preferred Stock at a price, or securities convertible into Series A Preferred Stock with a conversion price, less than the then‐current market price of the Series A Preferred Stock; or (3) upon the distribution to holders of the Series A Preferred Stock of evidences of indebtedness or assets (excluding regular periodic cash dividends or dividends payable in Series A Preferred Stock) or of subscription rights or warrants (other than those referred to above). The number of outstanding Rights and the number of one one‐thousandths of a share of Series A Preferred Stock issuable upon exercise of each Right are also subject to adjustment in the event of a stock split, reverse stock split, stock dividend and other similar transactions.

If any person or group of affiliated or associated persons becomes an Acquiring Person, each holder of a Right (other than Rights beneficially owned by the Acquiring Person, affiliates and associates of the Acquiring Person, and certain transferees thereof, which will have become null and void), will thereafter have the right to receive upon exercise of a Right that number of shares of Common Stock having a market value of two times the exercise price of the Right.

If, after a person or group of affiliated or associated persons becomes an Acquiring Person, the Company is acquired in a merger or other business combination transaction or 50% or more of its consolidated assets or earning power are sold, proper provision will be made so that each holder of a Right (other than Rights beneficially owned by an Acquiring Person, affiliates and associations of the Acquiring Person, and certain transferees thereof, which will have become null and void) will thereafter have the right to receive upon the exercise of a Right that number of shares of common stock of the acquiring company having a market value at the time of that transaction equal to two times the Exercise Price.

With certain exceptions, no adjustment in the Exercise Price will be required unless cumulative adjustments require an increase or decrease of at least 1% in the Exercise Price.  No fractional shares of Series A Preferred Stock or Common Stock will be issued (other than fractions of shares of Series A Preferred Stock which are integral multiples of one one‐thousandth of a share of Series A Preferred Stock, which may, at the election of the Company, be evidenced by depositary receipts) and, in lieu thereof, an adjustment in cash will be made based on the then‐current market price of the Series A Preferred Stock or the Common Stock.

At any time after any person or group becomes an Acquiring Person and before the acquisition of beneficial ownership by such Acquiring Person of 50% or more of the outstanding shares of Common Stock, the Board, at its option, may exchange the Rights (other than Rights owned by such Acquiring Person, affiliates and associates of the Acquiring Person, and certain transferees thereof, which will have become null and void), in whole or in part, for shares of Common Stock or Series A Preferred Stock (or a series of the Company’s preferred stock having equivalent rights, preferences and privileges) at an exchange ratio of one share of Common Stock, or a fractional share of Series A Preferred Stock (or other preferred stock) equivalent in value thereto, per outstanding Right.

At any time before the time an Acquiring Person becomes such, the Board may redeem the Rights in whole, but not in part, at a price of $0.001 per Right (the “Redemption Price”) payable, at the option of the Company, in cash, shares of Common Stock or such other form of consideration as the Board shall determine.  The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may establish.

Immediately upon any redemption or exchange of the Rights, the right to exercise the Rights will terminate, and the only right of the holders of Rights will be to receive the Redemption Price or the securities for which the Rights were exchanged.

Until a Right is exercised or exchanged, the holder of the Right, as such, will have no rights as a shareholder of the Company, including, without limitation, the right to vote or to receive dividends.

For so long as the Rights are redeemable, the Company may, except with respect to the Redemption Price, amend the Rights Agreement in any manner.  After the Rights are no longer redeemable, the Company may, except with respect to the Redemption Price, amend the Rights Agreement in any manner that does not adversely affect the interests of holders of the Rights (other than holders of Rights owned by or transferred to any person who is or becomes an Acquiring Person, affiliates and associates of an Acquiring Person, and certain transferees thereof).

Anti‐Takeover Effects of Provisions of the Rights Agreement, Our Articles and Bylaws and South Dakota Law

Rights Agreement

The general purpose of the Rights Agreement described above is to deter and mitigate the time pressures of non‐negotiated, hostile takeover attempts made at unfair or inadequate prices, or by coercive or unfair tactics.  The Rights Agreement provides, subject to certain exceptions, that if any person or group acquires 20% or more of our outstanding shares of Common Stock, there would be a triggering event potentially resulting in significant dilution in the voting power and economic ownership of that person or group.  Existing shareholders who owned 20% or more of our outstanding Common Stock as of the Record Date will trigger a dilutive event only if they acquire an additional 1% of the outstanding shares of our Common Stock.  For more information about the Rights and the Rights Agreement, see “Rights to Purchase Series A Preferred Stock.”

Articles and Bylaws

Certain provisions of our Articles may delay or discourage transactions involving an actual or potential change in our control or change in our management, including transactions in which shareholders might otherwise receive a premium for their shares, or transactions that our shareholders might otherwise deem to be in their best interests.  Therefore, these provisions could adversely affect the price of our Common Stock.  Among other things, our Articles:

		
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	permit our Board to authorize and issue shares of preferred stock without prior shareholder approval, commonly referred to as “blank check” preferred stock, with any rights, preferences and privileges as the Board may designate, including the right to approve an acquisition or other change in our control;

		
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	provide that the authorized number of directors may be increased by resolution of the Board;

		
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	provide that all vacancies, including newly‐created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum;

		
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	do not allow cumulative voting rights (therefore allowing the holders of a majority of the shares of Common Stock entitled to vote in any election of directors to elect all of the directors standing for election); and

		
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	require three classes of directors, each consisting of two or three directors, with each class elected every three years, which increases the difficulty of takeovers because a hostile bidder cannot replace an entire staggered board in a single proxy contest.

The Articles provide that the Company must indemnify its officers and directors to the fullest extent authorized or permitted by the SDBCA or any other applicable laws as may from time to time be in effect, as the same exist or may be amended from time to time.  Section 47-1A-851 and Section 47-1A-856(1) of the SDBCA provide that the Company may indemnify its officers and directors against liability incurred in connection with proceedings in which such persons are parties by reason of being an officer or director of the Company if they (1) acted in good faith; (2) reasonably believed: (a) in the case of conduct in an official capacity, that the conduct was in the best interests of the Company, and (b) in all other cases, that the conduct was at least not opposed to the best interests of the Company; and (3) in the case of any criminal proceeding, had no reasonable cause to believe that the conduct was unlawful.  In addition, Section 47-1A-856(2)(b) of the SDBCA permits the Company to indemnify an officer of the Company who is a party to a proceeding by reason of being an officer of the Company against liability, except for liability arising out of conduct that constitutes receipt of a financial benefit to which the officer is not entitled, an intentional infliction of harm on the Company or its shareholders, or an intentional violation of criminal law.  Section 47-1A-857 of the SDBCA permits the Company to purchase and maintain insurance on behalf of its officers and directors against any liability which may be asserted against, or incurred by, such persons in their capacities as officers and directors of the Company, whether or not the Company would have power to indemnify or advance expenses to the person against the same liability under the provisions of the SDBCA.  The Company maintains officers’ and directors’ liability insurance for the benefit of its officers and directors.

Our Bylaws and Article 8 of our Articles of Incorporation also provide that the Company may indemnify other persons, for such expenses and liabilities, in such manner and under such circumstances, as the Board of directors may determine from time to time.

South Dakota Law

South Dakota law, under which the Company is incorporated, contains certain provisions that may have anti‐takeover effects and thus may delay, deter, or prevent a change in control of the Company.  For complete information, you should review the applicable provisions of the SDCL, including the Domestic Public Corporation Takeover Act, SDCL Chapter 47‐33 (the “Takeover Act”).

Control Share Acquisitions.  The Takeover Act generally provides that the shares of a publicly‐held South Dakota corporation acquired by a person that exceed the thresholds of voting power described below will have the same voting rights as other shares of the same class or series only if approved by:
		
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	the affirmative vote of the majority of all outstanding shares entitled to vote, including all shares held by the acquiring person; and

		
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	the affirmative vote of the majority of all outstanding shares entitled to vote, excluding all interested shares.

Each time an acquiring person reaches a threshold, the acquiring person must deliver an information statement to the Company and a vote must be held as described above before the acquiring person will have any voting rights with respect to shares in excess of such threshold.  The thresholds that require shareholder approval before voting powers are obtained with respect to shares acquired in excess of such thresholds are 20%, 33‐1/3% and 50%, respectively.

Shares acquired in the absence of such approval are denied voting rights and are redeemable at their then‐current market value by the Company within 10 days after the acquiring person has failed to give a timely information statement to the Company or the date the shareholders voted not to grant voting rights to the acquiring person’s shares.

Business Combinations.  We are subject to the provisions of Section 47‐33‐17 of the Takeover Act.  In general, Section 47‐33‐17 prohibits a publicly‐held South Dakota corporation from engaging in a “business combination” with an “interested shareholder” unless the business combination or the transaction in which the person became an interested shareholder is approved in a prescribed manner.  A business combination with the interested shareholder must be approved by (1) the board of directors of the corporation prior to the date that the person became an interested shareholder of the corporation (referred to as the person’s “share acquisition date”); (2) the affirmative vote of all of the holders of all of the outstanding voting shares, or, under some circumstances, by the affirmative vote of the holders of a majority of the outstanding voting shares not including those shares beneficially owned by the interested shareholder or any of its affiliates or associates; (3) the affirmative vote of the holders of a majority of the outstanding voting shares not including those shares beneficially owned by the interested shareholder or any of its affiliates or associates at a meeting no earlier than four years after the interested shareholder’s share acquisition date; or (4) the affirmative vote of the holders of a majority of the outstanding voting shares at a meeting no earlier than four years after the interested shareholder’s share acquisition date if the business combination satisfies the conditions of Section 47‐33‐18 of the Takeover Act.  Generally, an “interested shareholder” is a person who, together with affiliates and associates, beneficially owns, directly or indirectly, 10% or more of the corporation’s voting stock.  A “business combination” includes a merger, a transfer of 10% or more of the corporation’s assets, the issuance or transfer of stock equal to 5% or more of the aggregate market value of all of the corporation’s outstanding shares, the adoption of a plan of liquidation or dissolution, or other transaction resulting in a financial benefit to the interested shareholder.

Multiple Constituencies.  The Takeover Act further provides that the Board, in determining whether to approve a merger or other change of control, may take into account both the long‐term as well as short‐term interests of us and our shareholders, the effect on our employees, customers, creditors and suppliers, the effect upon the community in which we operate, and the effect on the economy of the state and nation.  This provision may permit the Board to vote against some proposals that, in the absence of this provision, it would otherwise have a fiduciary duty to approve.

Shareholder Action by Written Consent Must Be Unanimous.  Section 47‐1A‐704 of the SDBCA provides that any action that may be taken at a meeting of shareholders may be taken without a meeting if a written consent, setting forth the action taken, is signed by all of the shareholders entitled to vote with respect to the action taken.  This provision prevents holders of less than all of our common stock from using the written consent procedure to take shareholder action.

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