Document:

Document

EXHIBIT 4.1

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

As of December 31, 2021, Citizens, Inc. (the “Company”) had Class A Common Stock, with no par value (the “Class A Common Stock”), registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  

DESCRIPTION OF CLASS A COMMON STOCK

The following is a description of the rights of the Class A Common Stock and related provisions of the Company’s Restated and Amended Articles of Incorporation (the “Articles”), Amended and Restated Bylaws (the “Bylaws”) and applicable Colorado law. This description is qualified in its entirety by, and should be read in conjunction with, the Articles, Bylaws and applicable Colorado law.

Authorized Capital Stock

The aggregate number of shares of common stock of which the Company is authorized to issue is 100,000,000 shares of Class A Common Stock and 2,000,000 shares of Class B common stock, with no par value (the “Class B Common Stock”).  

Class A Common Stock

Fully Paid and Nonassessable

All of the outstanding shares of the Company’s Class A Common Stock are fully paid and nonassessable.

Voting Rights

The voting rights of Class A Common Stock and Class B Common Stock are equal in all respects except that the holders of Class B Common Stock have the exclusive right to elect a simple majority of the members of the Company’s Board of Directors (“Board”), and the holders of Class A Common Stock have the exclusive right to elect the remaining directors. 

The holders of shares of the Class A Common Stock and Class B Common Stock do not have cumulative voting rights. The Company’s Articles contain a provision to reduce the two-thirds voting requirement found in the Colorado Business Corporation Act.

Dividends

The holders of shares of Class A Common Stock are entitled to receive such dividends, if any, as may be declared from time to time by the Board in its discretion from funds legally available therefor.

The cash dividends paid upon each share of Class A Common Stock are twice the cash dividends paid on each share of the Class B Common Stock. The Company has never paid cash dividends on its Class A Common Stock.

Liquidation Rights

In the event of any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary, the shareholders are entitled to share, on a share-for-share basis, any of the assets or funds of the Company which are distributable to its shareholders upon such liquidation, dissolution, or winding up.

122

No Preemptive or Similar Rights

No shareholder has any preemptive or preferential right to purchase or to subscribe for any shares of capital stock or other securities which may be issued by the Company, and there are no conversion rights or redemption or sinking fund provisions with respect to our common stock. 

Anti-Takeover Provisions of the Articles, Bylaws and State Insurance Laws

Provisions of the Articles and Bylaws, as well as various state insurance laws, may delay or discourage a takeover attempt our shareholders might consider to be in their best interests. As a result, our shareholders may be prevented from receiving the benefit from any premium to the market price of our Class A Common Stock that may be offered by a bidder in a takeover context. The following provisions in the Articles and Bylaws make it difficult for our Class A shareholders to replace or remove our directors and have other anti-takeover effects that may delay, deter or prevent a takeover attempt:

•holders of shares of our Class B Common Stock elect a simple majority of our Board; and
•our Board may issue one or more series of preferred stock without the approval of our shareholders.

U.S. state insurance laws generally require prior approval of a change in control of an insurance company.  Generally, such laws provide that control over an insurer is presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing 10% or more of the voting securities of the insurer.  In considering an application to acquire control of an insurer, an insurance commissioner generally will consider such factors as the experience, competence and financial strength of the proposed acquirer, the integrity of the proposed acquirer's board of directors and executive officers, the proposed acquirer's plans for the management and operation of the insurer, and any anti-competitive results that may arise from the acquisition.  In addition, a person seeking to acquire control of an insurance company is required in some states to make filings prior to completing an acquisition if the acquirer and the target insurance company and their affiliates have sufficiently large market shares in particular lines of insurance in those states.  These state insurance requirements may delay, deter or prevent our ability to complete an acquisition.

Listing

The Company’s Class A Common Stock is listed on The New York Stock Exchange under the trading symbol “CIA.”

123EX-10.1

 Exhibit 10.1 

Rambus Inc. 
 4453 North
First Street, Suite 100 
 San Jose, CA 94089 

March 11, 2022 
 Barington Companies Equity Partners, L.P.

 888 Seventh Avenue, 6th Floor 
 New York, NY 10019 

Attn: James A. Mitarotonda 
 Ladies and Gentlemen: 

This letter amends the letter agreement, dated March 12, 2021 (the “Agreement”), between (a) Rambus Inc., a Delaware
corporation (“Company”), and (b) Barington Companies Equity Partners, L.P., a Delaware limited partnership (“Barington”), and each of the other related Persons (as defined below) set forth on the signature
pages to the Agreement (collectively with Barington, the “Barington Signatories”). Company and the Barington Signatories are collectively referred to as the “Parties.” 

It is agreed that the definition of Restricted Period in the Agreement is amended and restated as follows: 

“Restricted Period” means the period from the date of this Agreement until 11:59 p.m., Pacific time, on the first anniversary
of the date of the annual meeting of Company’s stockholders at which the Barington Designee’s term as a director of the Company expires. 

Except as expressly provided in this letter, the Agreement, as amended by this letter, remains in full force and effect. In the event of a
conflict between the terms of this letter and the Agreement, this letter will control. 
 [Signature page follows.] 

 
					
	Very truly yours,
	
	RAMBUS INC.
		
	By:	 	 /s/ Chuck Kissner

		 	Name:	 	Charles Kissner
		 	Title:	 	Chairman of the Board of Directors

  

					
	ACCEPTED AND AGREED
	as of the date written above:
	
	BARINGTON COMPANIES EQUITY PARTNERS, L.P.
		
	By:	 	Barington Companies Investors, LLC
		 	its general partner
		
	By:	 	 /s/ James A. Mitarotonda

		 	Name:	 	James A. Mitarotonda
		 	Title:	 	Managing Member
	
	BARINGTON COMPANIES INVESTORS, LLC
		
	By:	 	 /s/ James A. Mitarotonda

		 	Name:	 	James A. Mitarotonda
		 	Title:	 	Managing Member
	
	BARINGTON CAPITAL GROUP, L.P.
		
	By:	 	LNA Capital Corp.,
		 	its general partner
		
	By:	 	 /s/ James A. Mitarotonda

		 	Name:	 	James A. Mitarotonda
		 	Title:	 	President and CEO

 [Signature Page to Letter Agreement] 

					
	LNA CAPITAL CORP.
		
	By:	 	 /s/ James A. Mitarotonda

		 	Name:	 	James A. Mitarotonda
		 	Title:	 	President and CEO
	
	JAMES A. MITAROTONDA
	
	 /s/ James A. Mitarotonda

 [Signature Page to Letter Agreement]EX-10.2

 Exhibit 10.2 

RAMBUS INC. 
 DIRECTOR
TRANSITION AND CONSULTING AGREEMENT 
 This Director Transition and Consulting Agreement (this “Agreement”) is entered
into on March 11, 2022, by and between Rambus Inc., a Delaware corporation (the “Company”) and Barington Companies Equity Partners, L.P. (“Barington Equity”) and Barington Capital Group, L.P.
(“Barington Capital” and, together with Barington Equity, “Barington”). Each of the Company and Barington is a “Party” to this Agreement and, collectively, the “Parties.” 

WHEREAS the Parties desire and agree to enter this relationship by means of this Agreement; 

NOW THEREFORE in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, it is mutually covenanted and agreed by and among the Parties as follows: 
 1.
Director Transition and Related Matters. The Parties agree that James A. Mitarotonda (Chief Executive Officer of the Special Advisor) (the “Principal”) will no longer serve on the Board as of the date of the
2022 annual meeting of stockholders when his term expires. In consideration of the Principal serving as consultant under this Agreement, Barington and its affiliates agree to contemporaneously enter into an amendment to that certain letter
agreement, dated March 12, 2021, between the Company and Barington pursuant to which the “Restricted Period” will be so amended to end on the first anniversary of the date of the annual meeting of the Company’s stockholders at
which the Principal’s term as a director of the Company expires. 
 2. Consulting Duties; Term. In his
capacity as consultant to the Company, the Principal agrees to perform advisory services for the Company as requested including consulting to the Board Chair, Chief Executive Officer, and Chief Financial Officer, on an as needed basis, and to
conduct a quarterly consulting telephone/virtual call with Board Chair (the “Services”). The Company understands and agrees that its consulting relationship with the Principal is not exclusive, and that the Principal currently has
and may continue to have consulting relationships with other entities. The term of the Principal’s consulting arrangement will commence on the day after the date of the 2022 annual meeting of stockholders and continue through and including the one-year anniversary of the date of the 2022 annual meeting of stockholders (the “Consulting Term”). 

3. Compensation. In consideration for the Services, the Company agrees to pay Barington $230,000 cash during the
Consulting Term, paid quarterly in arrears. 
 4. Confidentiality. The Principal shall be subject to the same
confidentiality obligations to the Company as existed during his service as a member of the Board. 
 5. Independent
Contractor. Nothing in this Agreement shall in any way be construed to constitute the Principal as an employee of the Company. The Principal shall perform the Services as an independent contractor. The Principal acknowledges and
agrees that he is obligated to report as income all compensation received by him pursuant to this Agreement, and the Principal agrees to and acknowledges the obligation to pay all self-employment and other taxes thereon. 

 6. Benefits. The Principal acknowledges and agrees, and it is
the intent of the Parties hereto, that the Principal receive no benefits from the Company, either as an independent contractor or employee. If the Principal is reclassified by a state or federal agency or court as an employee for tax or other
purposes, the Principal will become a non-benefit employee and will receive no benefits from the Company, except those mandated by state or federal law, even if by the terms of the benefit plans or programs of
the Company in effect at the time of such reclassification the Principal would otherwise be eligible for such benefits. 
 7.
Arbitration. Barington and the Company agree that any dispute or controversy arising out of, relating to, or in connection with this Agreement, or the interpretation, validity, construction, performance, breach, or termination thereof,
shall be settled by binding arbitration to be held in Portland, Oregon in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association. The arbitrator may grant injunctions or
other relief in such dispute or controversy. The decision of the arbitrator shall be final, conclusive and binding on the Parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. The
Company and Barington each hereby agree to waive its and his right to have any dispute between them resolved in a court of law by a judge or jury to the extent permissible under applicable law. 

8. Successors. 

(a) Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase,
lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in
the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company,” as applicable, shall include any such successor.

 (b) Successors. Without the written consent of the Company, the Principal shall not assign or transfer this
Agreement or any right or obligation under this Agreement to any other person or entity. 
 9. Notice. Any notice
hereby required or permitted to be given shall be sufficiently given if in writing and upon mailing by registered or certified mail, postage prepaid, or by Federal Express or similar overnight delivery service to either Party at the address of such
Party or such other address as shall have been designated by written notice by such Party to the other Party. Any notice or other communication required or permitted to be given under this Agreement will be deemed given on the day when delivered in
person, or the third business day after the day on which such notice was mailed in accordance with this section. 
 10.
Governing Law. This Agreement shall be governed by and construed in accordance with the internal substantive laws, but not the choice of law rules, of the state of Delaware. 

  
 -2- 

 11. Severability. The invalidity or unenforceability of any
provision of this Agreement, or any terms hereof, shall not affect the validity or enforceability of any other provision or term of this Agreement. 

12. Integration. This Agreement represents the entire agreement and understanding between the Parties as to the
subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral. No waiver, alteration, or modification of any of the provisions of this Agreement shall be binding unless in writing and signed by duly authorized
representatives of the Parties hereto. 
 13. Right to Advice of Counsel. Barington acknowledges that it has had
the right to consult with counsel and is fully aware of its rights and obligations under this Agreement. 
 [Signature page follows]

  
 -3- 

 IN WITNESS WHEREOF, each of the Parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year first above written. 
  

			
	RAMBUS INC.
		
	By:	 	 /s/ Chuck Kissner

	Title:	 	Chairman of the Board of Directors

  

					
	 BARINGTON COMPANIES EQUITY PARTNERS, L.P.
  

By: Barington Companies Investors, LLC, its general partner

		
	By:	 	 /s/ James A. Mitarotonda

		 	Name:	 	James A. Mitarotonda
		 	Title:	 	Chairman and CEO
	
	 BARINGTON CAPITAL GROUP, L.P.
  

By: LNA Capital Corp, its general partner

		
	By:	 	 /s/ James A. Mitarotonda

		 	Name:	 	James A. Mitarotonda
		 	Title:	 	Chairman and CEO

  

	
	 /s/ James A. Mitarotonda

	James A. Mitarotonda

 SIGNATURE PAGE TO DIRECTOR TRANSITION AND CONSULTING AGREEMENT 

  
 -4-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}]]