Document:

tyme-ex46_186.htm

 

Exhibit 4.6

DESCRIPTION OF COMMON STOCK 

We are authorized to issue up to 300,000,000 shares of common stock, $0.0001 par value per share. 

Voting 

Each holder of common stock is entitled to one vote per share on all matters requiring a vote of the security holders, including the election of directors. We do not have cumulative voting rights. 

Dividends 

Holders of common stock are entitled to receive dividends, in cash, securities, or property, as may from time to time be declared by our board of directors. 

Rights Upon Liquidation 

In the event of our voluntary or involuntary liquidation, dissolution, or winding up, the holders of common stock will be entitled to share equally in our assets available for distribution after payment in full of all debts. 

Rights and Preferences 

Holders of our common stock have no preemptive, conversion or subscription rights, and there are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock in general are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that we may designate and issue in the future. 

Fully Paid and Nonassessable. 

All of our outstanding shares of common stock are fully paid and nonassessable.

Anti-Takeover Provisions 

Statutory Provisions 

Section 203 of the Delaware General Corporation Law (the “DGCL”) prohibits a defined set of transactions between a Delaware corporation, such as us, and an interested security holder. An interested security holder is generally defined as a person who, together with any affiliates or associates of such person, beneficially owns, directly or indirectly, 15% or more of the outstanding voting shares of a Delaware corporation. This provision may prohibit business combinations between an interested security holder and a corporation for a period of three years after the date the interested security holder becomes an interested security holder. The term business combination is broadly defined to include mergers, consolidations, sales or other dispositions of assets having a total value in excess of 10% of the consolidated assets of the corporation, and some other transactions that would increase the interested security holder’s proportionate share ownership in the corporation. 

This prohibition is effective unless: 

 

	
 
	
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the business combination is approved by the corporation’s board of directors prior to the time the interested security holder becomes an interested security holder; 

 

	
 
	
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the interested security holder acquired at least 85% of the voting stock of the corporation, other than stock held by directors who are also officers or by qualified employee stock plans, in the transaction in which it becomes an interested security holder; or 

 

	
 
	
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the business combination is approved by a majority of the board of directors and by the affirmative vote of two-thirds of the outstanding voting stock that is not owned by the interested security holder. 

 

 

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In general, the prohibitions do not apply to business combinations with persons who were security holders before we became subject to Section 203. 

Certificate of Incorporation and By-Law Provisions 

Our certificate of incorporation and by-laws contain certain provisions that may have the effect of delaying, deferring or preventing a future takeover or change in control of the Company, including transactions in which stockholders might otherwise receive a premium for their shares, unless such takeover or change in control is approved by the board of directors. These provisions could also limit the price that investors might be willing to pay in the future for shares of our common stock, thereby depressing the market price of our common stock. In addition, these provisions may frustrate or prevent any attempts by our stockholders to replace or remove our current management. 

These provisions include, among other items: 

 

	
 
	
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Classified Board. Our certificate of incorporation provides that our board of directors is divided three classes of directors with a three-year term of office that expires as to one class each year, commonly referred to as a “staggered board”. The classification of directors has the effect of making it more difficult for stockholders to change the composition of our board. 

 

	
 
	
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Removal of Directors. Our certificate of incorporation provides that our directors (other than those elected by the holders of any series of preferred stock) may be removed only for cause and only by the affirmative vote of at least a majority of the total voting power of the outstanding shares of the capital stock of the corporation entitled to vote in any annual election of directors or class of directors, voting together as a single class. The limitations on the removal of directors would have the effect of making it more difficult for a third party to acquire control of us, or of discouraging a third party from acquiring control of us. 

 

	
 
	
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Vacancies; Number of Directors. Vacant directorships, including newly created seats, may only be filled by (1) a majority of the directors then in office, although less than a quorum, or (2) by a sole remaining director, if applicable, or (3) only in the case where there are no directors then in office, by the stockholders. In addition, our certificate of incorporation also provides that the number of directors will be fixed from time to time by the board of directors in its sole and absolute discretion. These provisions would prevent a stockholder from increasing the size of our board of directors and then gaining control of our board of directors by filling the resulting vacancies with its own nominees. This makes it more difficult to change the composition of our board of directors but promotes continuity of management. 

 

	
 
	
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Special Meetings of Stockholders. Our certificate of incorporation also provides that the annual meetings and, subject to the rights of any preferred stockholders, the special meetings of the stockholders can be called only by a resolution of the board of directors in its sole and absolute discretion. 

 

	
 
	
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Advance Notice Procedures. Our by-laws establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of our stockholders, including proposed nominations of persons for election to the board of directors. Stockholders at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of the board of directors or by a stockholder who was a stockholder of record, entitled to vote at the meeting, and who has given our secretary timely written notice, in proper form, of the stockholder’s intention to bring that business before the meeting. These provisions may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of the Company. 

 

	
 
	
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Amendment of the By-laws. Our by-laws provide that our by-laws may be altered, amended or repealed by the affirmative vote of a majority of our stockholders entitled to vote or a majority of our directors then in office without prior notice to or approval by our stockholders. Accordingly, our board of directors could take action to amend our by-laws in a manner that could have the effect of delaying, deferring or discouraging another party from acquiring control of the Company. 

 

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Issuance of Undesignated Preferred Stock. The board of directors has the authority, without further action by the stockholders, to issue shares of preferred stock with rights and preferences, including voting rights, designated from time to time by the board. The enables the board to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise. 

 

These anti-takeover provisions, together with the provisions of Section 203 of the DGCL, could have the effect of delaying, deferring or preventing a change in control or the removal of existing management, of deterring potential acquirers from making an offer to our security holders and of limiting any opportunity to realize premiums over prevailing market prices for our common stock in connection therewith. This could be the case notwithstanding that certain of our security holders might benefit from such a change in control or offer. 

 

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Exhibit 10.11

 

TYME TECHNOLOGIES, INC. 2016 STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS 

 

NONQUALIFIED STOCK OPTION AWARD AGREEMENT 

 

THIS AGREEMENT is made on ___________ (the “Date of Grant”), by and between Tyme Technologies, Inc., a Delaware corporation (the “Company”), and __________ (the “Participant”). 

 

WHEREAS, the Company has adopted the Tyme Technologies, Inc. 2016 Stock Option Plan for Non-Employee Directors (the “Plan”); and 

 

WHEREAS, the Company desires to grant to the Participant options under the Plan to acquire an aggregate of _________ shares of common stock of the Company (“Common Stock”), on the terms set forth herein. 

 

NOW, THEREFORE, the parties hereby agree as follows: 

 

1. Definitions. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan. 

 

2. Grant of Options. The Participant is hereby granted an option (the “Option”) to purchase an aggregate of ____________ (____) shares of Common Stock, pursuant to the terms of this Agreement and the provisions of the Plan. This Option is intended to constitute a nonqualified stock option. 

 

3. Option Price. The initial exercise price per share of Common Stock subject to this Option shall be $______, subject to equitable adjustment in accordance with the Plan. 

 

4. Conditions to Exercisability. Except as otherwise provided herein, the Option shall become exercisable according to the following schedule, provided that the Optionee is serving as a director of the Company on such dates:

 

		
	
Date
	
Number of Shares

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

 

[Notwithstanding the foregoing, (i) the Option shall become immediately vested and exercisable in the event of the Participant’s death, and (ii) if the Participant’s service on the Board terminates by reason of Retirement, Permanent Disability or Partial Disability, the Option shall become immediately vested and exercisable.] 

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5. Period of Option. [This Option shall remain outstanding for a term of [___] years from the Date of Grant. Upon the cessation of a Participant’s membership on the Board for any reason, vested Options granted to the Participant shall expire upon the earliest to occur of (i) [_____] years from the date of such cessation of Board membership, (ii) the tenth anniversary of the date of grant of the Option, or (iii) the [_____] anniversary of the Participant’s death, provided that the periods set forth in clauses (i) and (iii) may be extended upon Board approval. Any portion of an Option that is not vested on the Participant’s cessation of Board membership for any reason (or does not become vested by reason of such cessation of membership) shall be permanently forfeited on the date such membership ceases.] [This Option shall remain outstanding for a term of [five] [two] years from the Date of Grant.]

 

6. Exercise of Option. This Option may be exercised in whole or part, to the extent then exercisable, in the following manner: the Participant shall deliver to the Company written notice specifying the number of shares of Common Stock that the Participant elects to purchase. The Participant must include with such notice full payment of the exercise price for the Common Stock being purchased pursuant to such notice. The exercise price shall be paid in full at the time of exercise. The exercise price may be paid in cash or by check; by tendering shares of Common Stock previously acquired by the Participant; or in a combination of any of the foregoing, in an amount having a combined value equal to such exercise price. The value of any Common Stock tendered pursuant to the preceding sentence shall be the Fair Market Value of such Common Stock as of the last trading day prior to the date of exercise. The Committee, in its discretion, may require that any previously-owned shares of Common Stock tendered by the Participant in payment of the exercise price have been held by the Participant for at least six months prior to such tender. Upon the delivery of shares of Common Stock acquired pursuant to the exercise of Options, the Company shall have the right to require the payment of the amount of any taxes that are required by law to be withheld with respect to such delivery. The Participant shall not be deemed to be a holder of any shares of Common Stock pursuant to exercise of this Option until the date of the issuance of a stock certificate to him or her for such shares and until such shares are paid for in full, including any applicable withholding taxes. If permitted by the Committee at the time of exercise, this Option may also be exercised pursuant to a cashless exercise program. 

7.  Investment Representation and Legend of Certificates.  The Company shall have the right to place upon the face and/or reverse side of any stock certificate or certificates evidencing the shares of Common Stock such legend as the Committee may prescribe for the purpose of preventing disposition of such shares of Common Stock in violation of the Securities Act.

 

8.  Non Transferability.  The Option shall not be transferable by Participant, other than by will, the laws of descent and distribution or pursuant to a domestic relations order, and is exercisable during the lifetime of Participant only by Participant, except as otherwise specifically provided in this Agreement or the Plan. The terms of this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Participant. 

 

9.  Continued Directorship.  Nothing herein shall confer upon the Participant the right to continue to serve as a director of the Company or to be entitled to any remuneration or benefits not set forth in the Agreement. 

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10. Clawback or Recoupment Policy. This Option, Common Stock delivered pursuant to this Option, and any gains or profits on the sale of such Common Stock shall be subject to any “clawback” or recoupment policy adopted by the Company.

 

11. Applicable Law.  This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware without regard to principles of conflict of laws.

 

12. Limitations Applicable to Section 16 Persons.  The grant of the Option pursuant to this Agreement is intended to qualify for an exemption from Section 16 of the Exchange Act pursuant to Rule 16b-3(d)(1) promulgated thereunder.  To the extent such exemption is not available, notwithstanding any other provision of the Plan or this Agreement, the Option and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemption. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

13. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

	
 
	
 
	
 
	
 
	
 

	
 
	
Tyme Technologies, Inc.

 

 
	
 

	
 
	
By: 
	
 
	
 

	
 
	
 
	
Name: 
	
Steve Hoffman
	
 

	
 
	
 
	
Title: 
	
Chief Executive Officer
	
 

	
 

	
 
	
 
	
 

	
 
	
By: 
	
 
	
 

	
 
	
 
	
Name: 
	
 ___________________ 
	
 

 

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