Document:

Employee Stock Purchase Plan

 Exhibit 10.14 
  
 CABELA’S INCORPORATED EMPLOYEE 
 STOCK PURCHASE PLAN 
  
 RECITALS 
  
 WHEREAS, Cabela’s Incorporated,
a Delaware corporation, desires to establish a plan through which employees of the Company and certain adopting affiliates may purchase from the Company shares of its common stock; and 
  
 WHEREAS, the Plan is intended to qualify as an “employee stock purchase plan” within the meaning of section 423(b)
of the Internal Revenue Code of 1986, as amended (the “Code”) and Company has designed the Plan to conform with Rule 16b-3 of the Exchange Act; and 
  
 NOW, THEREFORE, the Company hereby establishes the Cabela’s Employee Stock Purchase Plan, as follows: 
  
 ARTICLE 1 
 DEFINITIONS 
  
 As used herein, the following words and phrases shall have the meanings specified below, unless a different meaning is plainly required by the context: 
  

1.1 “Board of Directors” shall mean the Board of Directors of Cabela’s Incorporated. 
  
 1.2 The “Committee” shall mean the Compensation Committee of the
Company’s Board of Directors. 
  
 1.3 The “Company”
shall mean Cabela’s Incorporated, a Delaware corporation, or its successors, the Plan sponsor for all purposes. 
  
 1.4 The “Company Stock” shall mean, subject to adjustment as provided in Article 10, those shares of the Company’s Class A Common Stock
which, pursuant to Article 2 are reserved for issuance upon the exercise of the options granted under this Plan. 
  
 1.5 “Continuous Service” shall mean the number of full years and completed months of continuous employment with an Employer calculated from an
Employee’s last hire date to the Employee’s date of severance of employment for any reason. Continuous Service shall not be broken and shall be credited for absences due to vacation, temporary sickness or injury, other paid leaves of
absence authorized by an Employer, any leave of absences under the Family and Medical Leave Act of 1993 or any state mandated family and medical leave act or law, and leaves of absence which would not cause an individual to cease to be an Employee.

  
 1.6 “Contribution Account” shall mean the account
recorded on the records of the Company established on behalf of a Participant to which the amount of the Participant’s contributions made pursuant to Article 4 shall be credited. 
  
 1.7 “Effective Date” shall mean the date the Securities and Exchange Commission declares effective a Registration
Statement on Form S-1 filed by the Company for an underwritten public offering of the Company. 

 1.8 “Eligible Compensation” for purposes of determining the amount of a Participant’s
contributions for any Option Period shall be the gross (before taxes are withheld) total of all wages, salaries, commissions, overtime and bonuses received during the Option Period, except that such term shall not include elective contributions made
on an employee’s behalf by an Employer that are not includable in income under section 125 or section 402(e)(3) of the Code. Notwithstanding the foregoing, “Eligible Compensation” shall not include (a) employer contributions to or
payments from any deferred compensation program, whether such program is qualified under section 401(a) of the Code (other than amounts considered as employer contributions under section 402(e)(3) of the Code) or nonqualified, (b) amounts realized
from the receipt or exercise of a stock option that is not an incentive stock option within the meaning of section 422 of the Code, (c) amounts realized at the time property described in section 83 of the Code is freely transferable or no longer
subject to a substantial risk of forfeiture, (d) amounts realized as a result of an election described in section 83(b) of the Code, and (e) any amount realized as a result of a disqualifying disposition within the meaning of section 421(b) of the
Code. 
  
 1.9 “Employee” shall mean each current or
future employee of an Employer as defined in Treasury Regulation section 1.423-2(b), section 1.421-7(h) and any other Regulations later finalized. 
  
 1.10 “Employer” shall mean the Company and its successors. Employer shall also include any present or future parent (as defined in section
424(e) of the Code) and any present or future subsidiary (as defined in section 424(f) of the Code) of the Company that is from time to time designated by the Committee as a participating Employer. Such designation may be by a resolution of the
Committee or any other writing that is duly adopted by the Committee for such purpose. 
  
 1.11 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
  
 1.12 “Exercise Date” shall mean the last trading day of each Option Period. 
  
 1.13 “Grant Date” shall mean the first day of each Option Period. 
  
 1.14 “Issue Price” shall mean the purchase price of the Company
Stock to be charged to participating Participants on the Exercise Date. 
  
 1.15 “Market Price” shall mean the closing sales price for the day upon which the Market Price is to be determined or, if there are no sales on such date, the last reported sales price for the most recent day preceding such date,
in either case as reported on the New York Stock Exchange or any other exchange on which the Company Stock is traded or any automated interdealer quotation system sponsored by a registered national securities association on which the Company Stock
is quoted. Notwithstanding the foregoing, if the Company Stock is not listed on a national securities exchange or quoted on an automated interdealer quotation system sponsored by a registered national securities association, the Market Price of the
Company Stock as of a particular date shall be determined using such method as shall be determined by the Committee provided such method is appropriate to qualify the Plan as an employee stock purchase plan under section 423 of the Code. 

 
 1.16 “Option Period” shall mean the 3-month period following
each Grant Date and ending with the respective Exercise Date or such other period as may be determined by the Committee. The dates of the Option Periods shall be as described in Section 5.2 hereof. 
  

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 1.17 “Participant” shall mean any Employee of an Employer who has met the conditions and
provisions for becoming a Participant as provided in Article 3. 
  
 1.18 “Participant’s Contribution Rate” shall be the amount of Eligible Compensation elected by the Participant to be contributed by regular payroll deductions to his Contribution Account as outlined in Section 4.1.

  
 1.19 “Plan” shall mean the Cabela’s Employee
Stock Purchase Plan as set forth herein and all subsequent amendments hereto. 
  
 1.20 “Trading Day” shall mean a day on which national stock exchanges and the Nasdaq System are open for trading. 
  
 ARTICLE 2 
 ISSUANCE OF STOCK

  
 2.1 Subject to Section 2.2, the maximum number of shares
of Company Stock available for issuance under the Plan shall be 500,000. 
  
 2.2 The aggregate number of shares which may be issued upon exercise of options granted hereunder shall be subject to adjustment in accordance with the provisions of Article 10 of the Plan. These shares may be
authorized and unissued shares, issued shares held in or acquired for the treasury of the Company, or shares of stock reacquired by the Company in private transactions, upon purchase in the open market or otherwise. 
  
 ARTICLE 3 
 ELIGIBILITY 
  
 3.1 Only an Employee of an Employer shall be eligible to participate in this Plan, except for the following: 
  
 a. An Employee who has not attained the age of 18. 
  
 b. An Employee who has been employed less than six months of Continuous Service (or such lesser period of
time as may be determined by the Committee in its discretion). Solely for purposes of this requirement, service with a Subsidiary of the Company which has not been designated by the Committee as eligible for participation shall be treated as service
for an Employer. 
  
 c. An Employee whose
customary employment is 20 hours or less per week (or such lesser period of time as may be determined by the Committee in its discretion). 
  
 d. An Employee whose customary employment is for five months or less a calendar year (or such lesser period of time as may be determined
by the Committee in its discretion). 
  
 e. An
Employee who would own more than 5% of the total combined power of all classes of stock of the Company or a subsidiary corporation or parent corporation (as those terms are defined in sections 424(e) and (f) of the Code) at the time such employee
would be granted an option. For purposes of this paragraph, the ownership attribution rules of section 424(d) of the Code shall apply in determining the stock 
  

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ownership of an Employee and stock which the Employee may purchase under outstanding options (under this or any other agreement) shall be treated as stock
owned by the Employee. 
  
 3.2 Any Employee who otherwise
satisfies the requirements of Section 3.1 shall be entitled to become a Participant commencing immediately following or coinciding with completion of the requisite period of employment. 
  
 3.3 Upon becoming a Participant, the Employee shall be bound by the terms of this Plan, including any amendments hereto.
Each Employee who becomes eligible to participate shall be furnished a summary of the Plan and a form for election to participate. Each Employee electing to participate shall complete such form and file it with the Employer no later than the end of
any pay period with respect to which the participant elects to make a contribution. The completed request for participation shall indicate the amount of the Participant’s Contribution Rate authorized by the Participant in accordance with
Section 4.1. If any Employee does not elect to participate in any given Option Period he or she may elect to participate as of any future Option Period if he or she continues to meet the eligibility requirements and files a timely election to
participate. 
  
 ARTICLE 4 
 CONTRIBUTIONS 
  
 4.1 Except as otherwise determined by the Committee, in order to participate in this Plan and be granted an option hereunder, a Participant must file with
the Employer an election to participate in accordance with Section 3.3 and must authorize his Employer to deduct through a payroll deduction an exact number of dollars but not less than $5 biweekly. A Participant’s elected contribution and the
amount actually allocated and deemed contributed to a Participant’s Contribution Account may not exceed the net pay due to the Participant for any pay period after all other appropriate payroll deductions are made. Such authorization shall be
in writing and on such forms as provided by the Committee. Payroll deductions shall begin as of the first pay period on or after an election. For all purposes of this Plan, a Participant’s contributions shall be allocated to and deemed a part
of the Participant’s Contribution Account. The Employer shall transfer all withheld amounts to the Company which may use such amounts for any valid corporate purposes. No interest shall accrue or be paid on any amounts withheld under this Plan.

  
 4.2 The Participant’s Contribution Rate, once
established, shall remain in effect for all Option Periods unless changed by the Participant in writing and filed with the Employer in the form and in the manner specified by the Committee any time prior to the start of any pay period. 

 
 4.3 At any time during the Option Period, a Participant may notify the
Employer that he wishes to discontinue his contributions. This notice shall be in writing and on such forms as provided by the Committee and shall become effective as of a date not more than 30 days following its receipt by the Employer. 

 
 4.4 Unless allowed by the Committee, Participants may not elect to
withdraw any or all of their contributions before the Exercise Date relating to a particular Option Period. If allowed by the Committee any such withdrawal will be made by request in writing on such forms as provided by the Committee. If a
Participant is allowed to withdraw from an Option Period, payroll deductions shall not be resumed unless the Participant delivers to the Committee a new election in accordance with Article 4. 
  

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 ARTICLE 5 
 GRANT OF OPTIONS 
  
 5.1
Except as otherwise determined by the Committee, every Employee who is otherwise eligible to become a Participant hereunder shall, on the Grant Date of each Option Period and without further action of the Committee, be granted an option to purchase
a number of whole shares of Company Stock that, in the aggregate, has an Issue Price that is not more than such Employee’s Eligible Compensation during the Option Period; provided, however, that the options granted hereunder are limited so that
the total Market Price of Company Stock that can be purchased under such options does not exceed $25,000 (determined on the date that options are granted) during any one calendar year. Options granted under this Plan shall be subject to such
amendments or modifications as the Company shall deem necessary to comply with any applicable law or regulation, and shall contain such other provisions as the Company shall from time to time approve and deem necessary. Options not exercised
pursuant to Section 6.1 shall terminate at 11:59 p.m. (Eastern Time) on the Exercise Date and be of no further force or effect. In the event an outstanding option shall for any reason expire, the shares of Company Stock allocable to the unexercised
portion of such option may again be subject to option under the Plan. This Plan is subject to stockholder approval as provided in Section 11.11 and unless so approved on or before the date which is 12 months after the date this Plan is adopted by
the Board of Directors, this Plan and all options granted hereunder shall terminate and become void. 
  
 5.2 The Option Periods shall be a series of consecutive three-month Option Periods with a new Option Period commencing on the first day of February, May,
August and November and ending on the last Trading Day of January, April, July and October; provided, however, the first Option Period under the Plan shall commence on the first Trading Day after the Effective Date. The duration of the Option
Periods and the commencement and ending dates may be changed at the discretion of the Committee with respect to future offerings and the Company shall use its best efforts to notify Employee’s of any such change at least fifteen (15) days prior
to the scheduled beginning of the first Option Period to be affected. 
  
 5.3 The Issue Price of the Company Stock under this Plan shall, with respect to each Option Period, be equal to 85% of the Market Price on the applicable Exercise Date. 
  
 5.4 Notwithstanding any provision of this Plan, no Employee shall receive options to purchase Company Stock which permit the
rights of an Employee to purchase stock under all “employee stock purchase plans” of the Company and its parent corporation and subsidiary corporation (as the terms “parent corporation” and “subsidiary corporation” are
defined in sections 424(e) and (f) of the Code) to accrue at a rate which exceeds $25,000 of fair market value of such stock (determined at the time the option is granted) for each calendar year in which the option is outstanding at any time. For
purposes of this Section 5.4, (a) the right to purchase stock under an option accrues when the option (or any portion thereof) first becomes exercisable during the calendar year, (b) the right to purchase stock under an option accrues at the rate
provided in the option but in no case may such rate exceed $25,000 of fair market value of such stock (determined at the time such option is granted) for any one calendar year, and (c) a right to purchase stock which has accrued under one option
granted pursuant to the Plan may not be carried over to any other option. 
  

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 ARTICLE 6 
 EXERCISE OF OPTIONS 
  
 6.1
On each Exercise Date, the Participant’s Contribution Account shall be used to purchase the maximum number of whole and fractional shares of Company Stock determined by dividing the Issue Price into the balance of the Participant’s
Contribution Account (subject to the limitations set forth in Section 5.4). Any money remaining in a Participant’s Contribution Account after the Exercise Date which was not needed to exercise the Participant’s option to the fullest extent
as calculated pursuant to Section 5.1 shall be returned to the Participant if requested by the Participant. If such return is not requested, the balance will remain in the Participant’s Contribution Account to be used in the next Option Period
along with new contributions made in that Option Period. If the total number of shares to be purchased under option by all Participants exceeds the number of shares authorized under Article 2 of this Plan, a pro-rata allocation of the available
shares will be made among all Participants authorizing such payroll deductions based on the amount of their respective payroll deductions through the Exercise Date. 
  
 6.2 Company Stock purchased through the exercise of the option granted hereunder shall be issued in certificate or book
entry form as elected by the Participant as soon as practicable after the Exercise Date. Unless waived by the Committee, all certificates for Company Stock shall be held on behalf of the Participants by the third party administrator of the Plan for
a period of two (2) years after the Grant Date of the Option pursuant to which the shares of Company Stock were purchased. At the end of such two-year period, if requested in writing by one or more of the Participants, the certificates for Company
Stock shall be distributed by the third-party administrator of the Plan to the applicable Participants. 
  
 ARTICLE 7 
 TERMINATION OF EMPLOYMENT 
  
 If a Participant’s employment with all Employers is terminated for any
reason, including death or retirement, or the Participant is transferred to a subsidiary of the Company which has not been designated by the Committee as eligible for participation in the Plan during the Option Period, such Participant’s
participation in the Plan shall immediately terminate and no further contributions on behalf of such Participant shall be accepted under the Plan. Unless the Committee determines otherwise, the balance accumulated in such Participant’s
Contribution Account on the date of termination shall be used to purchase Company Stock on the next Exercise Date in accordance with Article 6. 
  
 ARTICLE 8 
 DISPOSITION OF STOCK

  
 If a Participant or former Participant disposes of any
shares of Company Stock obtained under this Plan (a) prior to two years after the Grant Date of such share, or (b) prior to one year after the Exercise Date of such share, that Participant or former Participant must notify the Committee immediately
of such disposition in writing. All dispositions of Company Stock shall be made in compliance with applicable federal and state securities laws. 
  

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 ARTICLE 9 
 ADMINISTRATION 
  
 The Plan
shall be administered by the Committee. Meetings shall be held at such times and places as shall be determined by the Committee. A majority of the members of the Committee shall constitute a quorum for the transaction of business, and the vote of a
majority of those members present at any meeting shall decide any question brought under the Plan. No member of the Committee shall be liable for any act or omission of any other member of the Committee or for any act or omission on his own part
related to the Plan, including but not limited to the exercise of any power or discretion given to him under the Plan, except those resulting from his own gross negligence or willful misconduct. All questions of interpretation and application of the
Plan, or of options granted hereunder, shall be subject to the determination, which shall be final and binding, of a majority of the whole Committee. The Plan shall be administered in order to qualify the options granted hereunder as options granted
pursuant to an “employee stock purchase plan” described in section 423 of the Code. 
  
 ARTICLE 10 
 CHANGES IN COMPANY’S CAPITAL STRUCTURE 
  
 10.1 The existence of this Plan shall not affect in any way the right or
power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any
issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Company Stock or rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or part of its assets or business, or any
other corporate act or proceeding, whether of similar character or otherwise. 
  
 10.2 In the event of a subdivision or consolidation of shares or other capital readjustment, the payment of a stock dividend or other increase or decrease of the number of shares of the Company’s Stock
outstanding without receiving compensation in money, services, or property, then the class of shares of the Company’s Stock set forth in Section 1.4 of the Plan, the number of shares of stock reserved pursuant to Article 2, and the number of
options granted a Participant shall be appropriately adjusted as determined by the Committee. The Committee’s determination shall be final, binding, and conclusive, provided that each option granted pursuant to this Plan shall not be adjusted
in a manner that causes the option to fail to continue to qualify as an option issued pursuant to an “employee stock purchase plan” within the meaning of section 423 of the Code. 
  
 10.3 Subject to any required action by the stockholders, if the Company is
the surviving corporation in any merger or consolidation, each outstanding option shall pertain to and apply to the securities to which a holder of the number of shares of Company Stock subject to the option would have been entitled. Unless adopted
by the surviving corporation, upon a dissolution or liquidation of the Company or a merger or consolidation in which the Company is not the surviving corporation, the Plan shall be terminated in accordance with Section 11.2 hereof effective
immediately prior to the date of such event. 
  

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 ARTICLE 11 
 MISCELLANEOUS 
  
 11.1 Each
Participant, former Participant, or any other person who shall claim a right or benefit under this Plan, shall be entitled only to look to such Participant’s Employer for such benefit. 
  
 11.2 The Board of Directors may at any time or from time to time amend the
Plan in any respect, except that, without approval of the stockholders of the Company within 12 months prior to or after the date the amendment is adopted by the Board of Directors, no amendment may (i) increase the number of shares reserved under
the Plan other than as provided in Article 10, (ii) modify the class of employees eligible to participate in the Plan, or (iii) reduce the Issue Price per share as defined herein. The Company may terminate the Plan at any time. If the Plan is
terminated, the date of termination shall be treated as the Exercise Date and all funds in a Participant’s Contribution Account not expended to purchase Company Stock shall be refunded to the Participant. 
  
 11.3 The Employers will pay all expenses that may arise in connection with
the administration of this Plan. 
  
 11.4 Any headings or
subheadings in this Plan are inserted for convenience of reference only and are to be disregarded in the construction of any provisions hereof. All references in this Plan to Articles and Sections are to Articles and Sections of this Plan unless
specified otherwise. 
  
 11.5 This Plan shall be construed in
accordance with the laws of the state of incorporation of the Company to the extent federal law does not supersede and preempt such law. 
  
 11.6 A misstatement in the age, length of Continuous Service, date of employment or any other such matter shall be corrected when it becomes known that
any such misstatement of fact has occurred. 
  
 11.7 The option to
purchase Company Stock arising by participation in this Plan is not transferable by a Participant other than by will or the laws of descent and distribution and is exercisable during his lifetime only by him. 
  
 11.8 This Plan will not be deemed to constitute a contract between an
Employer and any Participant or to be in consideration of or an inducement for the employment of any Participant or Employee. Nothing contained in this Plan shall be deemed to give any Participant or Employee the right to be retained in the service
of an Employer or to interfere with the right of an Employer to discharge any Participant or Employee at any time regardless of the effect which such discharge shall have upon him as a Participant of the Plan. 
  
 11.9 No liability whatsoever shall attach to or be incurred by any past,
present or future stockholders, officers, or directors, as such, of an Employer, under or by reason of any of the terms, conditions, or agreements contained in this Plan or implied therefrom, and any and all liabilities of, and any and all rights
and claims against an Employer, or any stockholder, officer, or director, as such, whether arising at common law or in equity or created by statute or 
  

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constitution or otherwise, pertaining to this Plan, are hereby expressly waived and released by every Participant, as a part of the consideration for any
benefits provided by the Employers under this Plan. 
  
 11.10 With
respect to administration of the Plan, the Company shall indemnify each present and future member of the Committee and the Board of Directors against, and each member of the Committee and the Board of Directors shall be entitled without further act
on his or her part to indemnity from the Company, for all expenses (including the amount of judgments and the amount of approved settlements made with a view to the curtailment of costs of litigation, other than amounts paid to the Company itself)
reasonably incurred by him or her in connection with or arising out of any action, suit or proceeding in which he or she may be involved by reason of his or her being or having been a member of the Committee and the Board of Directors, whether or
not he or she continues to be such a member of the Committee and the Board of Directors at the time of incurring such expenses; provided, however, that such indemnity shall not include any expenses incurred by any such member of the Committee and
the Board of Directors (a) in respect of matters as to which he shall be finally adjudged in any such action, suit, or proceeding to have been guilty of gross negligence or willful misconduct in the performance of his or her duty as such a member of
the Committee and the Board of Directors, or (b) in respect of any matter in which any settlement is effected, to an amount in excess of the amount approved by the Company on the advice of its legal counsel; and provided further, that no right of
indemnification under the provisions set forth herein shall be available to or enforceable by any such member of the Committee and the Board of Directors unless, within 60 days after institution of any such action, suit, or proceeding, he or she
shall have offered the Company, in writing, the opportunity to handle and defend same at its own expense. The foregoing right of indemnification shall inure to the benefit of the heirs, executors, or administrators of each such member of the
Committee and the Board of Directors and shall be in addition to all other rights to which such member of the Committee and the Board of Directors may be entitled as a matter of law, contract, or otherwise. 
  
 11.11 Notwithstanding any other provisions of this Plan, in order for this
Plan to continue as effective, it must be approved by the stockholders holding at least a majority of the voting stock of the Company on or before the date which is 12 months after the date it is adopted by the Board of Directors. 
  
 11.12 The Company’s obligation to sell and deliver stock under the Plan
is at all times subject to all approvals of any governmental authorities required in connection with the authorization, issuance, offer, sale, or delivery of such stock and compliance with applicable state and federal securities laws. 
  
 11.13 Whenever any notice is required or permitted hereunder, such notice
must be in writing and personally delivered or sent by mail. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered on the date which it is personally delivered, or, whether actually received or not, on the third
business day after it is deposited in the United States mail, certified or registered, postage prepaid, addressed to the person who is to receive it at the address which such person has theretofore specified by written notice delivered in accordance
herewith. Notwithstanding any of the foregoing, any notice required or permitted to be given by or on behalf of a Participant under Article 4 or Article 7 hereof, shall only be effective as of the date of its actual receipt. Any party may change, at
any time and from time to time, by written notice to the other, the address which it or he had theretofore 
  

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specified for receiving notices. Until changed in accordance herewith, the Company shall be entitled to use the address of a Participant in the
Employer’s records. Any person entitled to notice hereunder may waive such notice. 
  
 11.14 This Plan is intended to qualify as an “employee stock purchase plan” within the meaning of section 423(b) of the Code. In the event the Company should receive notice that this Plan fails to qualify as
an “employee stock purchase plan” under section 423 of the Code, the Company shall have the option of returning all then existing Participants’ Contribution Accounts to the Participants and terminating the Plan. 
  
 11.15 Any words herein used in the masculine shall be read and construed in
the feminine where they would so apply. Words in the singular shall be read and construed as though in the plural in all cases where they would so apply. 
  
 11.16 This Plan is intended to be a “stock purchase plan” as defined in Rule 16b-3, promulgated under the Exchange Act, and all grants and
awards made hereunder are intended to be exempt under Rule 16b-3, and the terms hereof shall be interpreted in a manner that is consistent with such Rule 16b-3. 
  

11.17 No option may be granted after termination of the Plan, and in no event may any option be granted under the Plan after the tenth anniversary of
the date of adoption of this Plan. 
  
 IN WITNESS WHEREOF,
pursuant to action taken by the Board of Directors, the undersigned authority has executed this instrument on this 3rd day of March , 2004. 
  

			
	 CABELA’S INCORPORATED, a Delaware corporation
  

		
	By:	 	 /s/    Dennis Highby

	 	 	

	 	 	 President and Chief Executive Officer

  

 10Certificate of Designations of Series G Convertible Preferred Stock

 Exhibit 4.1 
  

CERTIFICATE OF DESIGNATIONS OF 
 SERIES G CONVERTIBLE PREFERRED STOCK 
 OF 
 DIAMETRICS MEDICAL, INC. 
 a Minnesota corporation 
  
 The undersigned, being the duly elected and acting Chief Executive Officer of
Diametrics Medical, Inc., a Minnesota corporation (the “Corporation”), hereby certifies that pursuant to the authority contained in Article 3 of the Corporation’s Amended and Restated Articles of Incorporation, as
amended, and in accordance with the provisions of Minnesota Statutes, Section 302A.401, Subd. 3(b), the Corporation’s Board of Directors has adopted the following resolutions creating a series of its Preferred Stock designated as Series G
Convertible Preferred Stock: 
  
 WHEREAS, the Corporation’s
Amended and Restated Articles of Incorporation provides for a class of shares known as Preferred Stock, issuable from time to time in one or more series; and 
  
 WHEREAS, the Board of Directors of the Corporation is authorized to determine or alter the rights, preferences, privileges and restrictions granted to or
imposed upon any wholly unissued shares of Preferred Stock, to fix the number of shares constituting any such series, and to determine the designation thereof, or any of any of them. 
  
 NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors hereby fixes and determines the designations of, the number of
shares constituting, and the rights, preferences, privileges and restrictions relating to, a new series of Preferred Stock as follows: 
  
 (a) Designation. The series of Preferred Stock is hereby designated Series G Convertible Preferred Stock (the “Series G Preferred
Stock”). 
  
 (b) Authorized Shares. The number
of authorized shares constituting the Series G Preferred Stock shall be 15,000 shares of such series. 
  
 (c) Dividends. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the
holder of the Series G Preferred Stock shall be entitled to receive, when, as and if declared by the Board of Directors, out of any assets of the Corporation legally available therefor, such dividends as may be declared from time to time by the
Board of Directors. 
  
 (d) Liquidation Preference.

  
 (i) Preference upon Liquidation, Dissolution or Winding
Up. In the event of any dissolution or winding up of the Corporation, whether voluntary or involuntary, holders of each outstanding share of Series G Preferred Stock shall be entitled to be paid first out of the assets of the Corporation
available for distribution to shareholders, whether such assets are capital, surplus or earnings, an amount equal to $100 (the “Series G Purchase Price”) per share of Series G Preferred Stock held (as adjusted for any stock
splits, stock dividends or 

 recapitalizations of the Series G Preferred Stock) and any declared but unpaid dividends on such share, before any
payment shall be made to the holders of the Common Stock, or any other stock of the Corporation ranking junior to the Series G Preferred Stock with regard to any distribution of assets upon liquidation, dissolution or winding up of the Corporation.
The holders of the Series G Preferred Stock shall be entitled to share ratably, in accordance with the respective preferential amounts payable on such stock, in any distribution which is not sufficient to pay in full the aggregate of the amounts
payable thereon. If, upon any liquidation, dissolution or winding up of the Corporation, the assets to be distributed to the holders of the Series G Preferred Stock shall be insufficient to permit payment to such shareholders of the full
preferential amounts aforesaid, then all of the assets of the Corporation available for distribution to shareholders shall be distributed to the holders of Series G Preferred Stock. Each holder of the Series G Preferred Stock shall be entitled to
receive that portion of the assets available for distribution as the number of outstanding shares of Series G Preferred Stock held by such holder bears to the total number of shares of Series G Preferred Stock. Such payment shall constitute payment
in full to the holders of the Series G Preferred Stock upon the liquidation, dissolution or winding up of the Corporation. After such payment shall have been made in full, or funds necessary for such payment shall have been set aside by the
Corporation in trust for the account of the holders of Series G Preferred Stock, so as to be available for such payment, such holders of Series G Preferred Stock shall be entitled to no further participation in the distribution of the assets of the
Corporation. 
  
 (ii) Consolidation, Merger and Other Corporate
Events. A consolidation or merger of the Corporation (except into or with a subsidiary corporation) or a sale, lease, mortgage, pledge, exchange, transfer or other disposition of all or substantially all of the assets of the Corporation or any
reclassification of the stock of the Corporation (other than a change in par value or from no par to par, or from par to no par or as the result of an event described in subsections (iv) through (vii) of paragraph (f)), shall be regarded as a
liquidation, dissolution or winding up of the affairs of the Corporation within the meaning of this paragraph (d). In no event shall the issuance of new classes of stock, whether senior, junior or on a parity with the Series G Preferred Stock, be
deemed a “reclassification” under or otherwise limited by the terms hereof. 
  
 (iii) Distribution of Cash and Other Assets. In the event of a liquidation, dissolution or winding up of the Corporation resulting in the availability of assets other than cash for distribution to the holders
of the Series G Preferred Stock, the holders of the Series G Preferred Stock shall be entitled to a distribution of cash and/or assets equal to the value of the liquidation preference stated in subsection (i) of this paragraph (d), which valuation
shall be made solely by the Board of Directors, and provided that such Board of Directors was acting in good faith, shall be conclusive. 
  
 (iv) Distribution to Junior Security Holders. After the payment or distribution to the holders of the Series G Preferred Stock of the full
preferential amounts aforesaid, the holders of the Common Stock then outstanding, or any other stock of the Corporation ranking as to assets upon liquidation, dissolution or winding up of the Corporation junior to the Series G Preferred Stock, shall
be entitled to receive ratably all of the remaining assets of the Corporation. 
  

 2 

 (v) Preference; Priority. References to a stock that is “senior” to, on a
“parity” with or “junior” to other stock as to liquidation shall refer, respectively, to rights of priority of one series or class of stock over another in the distribution of assets on any
liquidation, dissolution or winding up of the Corporation. The Series G Preferred Stock shall be senior to the Common Stock of the Corporation, all other series of Preferred Stock of the Corporation and any other capital stock of the Corporation now
or hereafter authorized.. 
  
 (e) Voting Rights. Except as
otherwise required by law, the holder of shares of Series G Preferred Stock shall not have the right to vote on matters that come before the shareholders. 
  
 (f) Conversion Rights. The holders of Series G Preferred Stock will have the following conversion rights: 
  
 (i) Right to Convert. Subject to and in compliance with the
provisions of this paragraph (f), any issued and outstanding shares of Series G Preferred Stock may, at the option of the holder, be converted at any time or from time to time into fully paid and nonassessable shares of Common Stock at the
conversion rate in effect at the time of conversion, determined as provided herein. 
  
 (ii) Mechanics of Conversion. Before any holder of Series G Preferred Stock shall be entitled to convert the same into shares of Common Stock, he shall surrender the certificate or certificates therefor, duly
endorsed, at the office of the Corporation or of any transfer agent for the Common Stock, and shall give written notice to the Corporation at such office that he elects to convert the same and shall state therein the number of shares of Series G
Preferred Stock being converted. Thereupon, the Corporation shall promptly issue and deliver at such office to such holder of Series G Preferred Stock a certificate or certificates for the number of shares of Common Stock to which he shall be
entitled. Such conversion shall be deemed to have been made immediately prior to the close of business on the date of such surrender of the shares of Series G Preferred Stock to be converted, and the person or persons entitled to receive the shares
of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares of Common Stock on such date. 
  
 (iii) Conversion Price. The number of shares into which one share of Series G Preferred Stock shall be convertible shall be determined by dividing
$100 (the “Series G Purchase Price”) by the then existing Conversion Price (as set forth below), which shall be subject to adjustment from time to time in certain instances, as provided below in this paragraph (g)(iii) (the
“Conversion Ratio”). The “Conversion Price” per share for the Series G Preferred Stock shall be equal to 75% of the Market Price (as defined below and subject to adjustment as described below), rounded
to the nearest penny; provided, however, that in no event shall the Conversion Price be less than $0.06 per share (subject to adjustment as provided below) (the “Floor Price”) or exceed the lower of (x) $0.20
per share or (y) the average of the last 20 closing prices of the Common Stock on the trading days immediately preceding the Original Issue Date, as defined below (the “Ceiling Price”). Both the Floor Price and Ceiling Price
shall be further adjusted upon the occurrence of any event in paragraph (f)(iv)-(x). 
  

 3 

 For purposes of determining the Conversion Price, the “Market Price” shall equal
the volume weighted average trading price of the lowest three (3) inter-day trading prices of the Common Stock, as obtained from Bloomberg Financial Services or another similar service, for the five consecutive trading days immediately preceding the
conversion date (which may include trading days prior to the date the Series G Preferred Stock is first issued (the “Original Issue Date”)). 
  
 For purposes of illustration only, if the Market Price is $0.25 and the Ceiling Price is $0.20 at time of conversion, the
Conversion Ratio will be $100/$0.1875 = 533.33 to 1, allowing the 15,000 shares of Series G Preferred Stock to be converted into 8,000,000 shares of Common Stock. On the other hand, if the Market Price is $1.00 and the Ceiling Price is $0.20 at time
of conversion, the Conversion Ratio will be $100/$0.20 = 500 to 1, allowing the 15,000 shares of Preferred Stock to be converted into 7,500,000 shares of Common Stock. Similarly, if the Market Price is $0.05 at time of conversion, the Conversion
Ratio will be $100/$0.06 = 1,666.67 to 1, allowing the 15,000 shares of Preferred Stock to be converted into 25,000,000 shares of Common Stock, the maximum number of shares of Common Stock into which the Series G Preferred Stock may be
converted. 
  
 (iv) Adjustment for Stock Splits and
Combinations. If the Corporation shall at any time, or from time to time after the Original Issuance Date, effect a subdivision of the outstanding Common Stock, the Conversion Price in effect immediately prior thereto shall be proportionately
decreased, and conversely, if the Corporation shall at any time or from time to time after the Original Issuance Date combine the outstanding shares of Common Stock, the Conversion Price then in effect immediately before the combination shall be
proportionately increased. Any adjustment under this paragraph (f)(iv) shall become effective at the close of business on the date the subdivision or combination becomes effective. 
  
 (v) Adjustment for Certain Dividends and Distributions. In the event the Corporation at any time, or from time to
time after the Original Issuance Date, shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in additional shares of Common Stock, then and in each
such event the Conversion Price for the Series G Preferred Stock then in effect shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by
multiplying the Conversion Price for such Series G Preferred Stock then in effect by a fraction: 
  
 (A) the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date, and 
  
 (B) the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of
shares of Common Stock issuable in payment of such dividend or distribution; 
  
 provided, however, if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price for the 
  

 4 

 Series G Preferred Stock shall be recomputed accordingly as of the close of business on such record date and thereafter,
the Conversion Price for the Series G Preferred Stock shall be adjusted pursuant to this paragraph (f)(v) as of the time of actual payment of such dividends or distributions. 
  
 (vi) Adjustments for Other Dividends and Distributions. In the event the Corporation at any time or from time to time
after the Original Issuance Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation other than shares of Common
Stock, then and in each such event provision shall be made so that the holders of such Series G Preferred Stock shall receive upon conversion thereof in addition to the number of shares of Common Stock receivable thereupon, the amount of securities
of the Corporation that they would have received had their Series G Preferred Stock been converted into Common Stock on the date of such event and had thereafter, during the period from the date of such event to and including the conversion date,
retained such securities receivable by them as aforesaid during such period giving application to all adjustments called for during such period under this paragraph (f) with respect to the rights of the holders of the Series G Preferred Stock.

  
 (vii) Adjustment for Reclassification Exchange or
Substitution. If the Common Stock issuable upon the conversion of the Series G Preferred Stock shall be changed into the same or a different number of shares of any class or classes of stock, whether by capital reorganization, reclassification
or otherwise (other than a subdivision or combination of shares or stock dividend provided for above, or a reorganization, merger, consolidation or sale of assets provided for elsewhere in this paragraph (f)), then and in each such event the holder
of each share of Series G Preferred Stock shall have the right thereafter to convert such share into the kind and amount of shares of stock and other securities and property receivable upon such reorganization, reclassification or other change, by
holders of the number of shares of Common Stock into which such shares of Series G Preferred Stock might have been converted immediately prior to such reorganization, reclassification, or change, all subject to further adjustment as provided herein.

  
 (viii) Adjustment for Event of Default. Upon (A)
commencement by the Corporation of a voluntary case or proceeding under the bankruptcy laws, (B) the Corporation’s failure to discharge or stay a bankruptcy proceeding within 60 days of such action being taken against the Corporation, (C) the
Corporation’s failure to file the Registration Statement with the SEC within 30 days of the Closing Date, other than due to a delay not caused by the Corporation, (D) the de-listing of the Corporation’s Common Stock from the OTC Bulletin
Board, (E) the Corporation’s failure to file a preliminary proxy statement with the SEC within 10 business days after the filing of the Registration statement to obtain shareholder approval of an amendment to the Corporation’s articles of
incorporation to provide authorization for issuance of up to 200,000,000 shares of Company common stock, or (F) the Corporation’s failure to file an amendment to the Registration Statement or file the Second Registration Statement within 15
business days after receipt of shareholder approval of an amendment to the Corporation’s articles of incorporation to provide authorization for issuance of up to 200,000,000 shares of Company common stock (as such terms are defined in that
certain Subscription Agreement dated May 28, 2004 by and among the Corporation and the purchasers named therein), other than due to a delay not caused by the Corporation, the Conversion Price shall be adjusted to 65% of the Market Price, rounded to
the nearest penny. 
  

 5 

 (ix) Adjustment of Floor Price. Upon receipt of shareholder approval to increase the authorized
Common Stock of the Corporation to 200,000,000 shares at a special meeting of the Corporation’s shareholders duly called for that purpose, the Floor Price will be decreased to $0.03 per share. 
  
 (x) Reorganization, Mergers, Consolidations or Sales of Assets. If at
any time or from time to time there shall be a capital reorganization of the Common Stock (other than a subdivision, combination, reclassification or exchange of shares provided for elsewhere in this paragraph (f)) or a merger or consolidation of
the Corporation with or into another corporation, or the sale of all or substantially all of the Corporation’s properties and assets to any other person, then, as a part of such reorganization, merger, consolidation or sale, provision shall be
made so that the holders of the Series G Preferred Stock shall thereafter be entitled to receive upon conversion of such Series G Preferred Stock, the number of shares of stock or other securities or property of the Corporation or of the successor
corporation resulting from such merger or consolidation or sale, to which a holder of Common Stock deliverable upon conversion would have been entitled on such capital reorganization, merger, consolidation or sale. In any such case, appropriate
adjustment shall be made in the application of the provisions of this paragraph (f) with respect to the rights of the holders of the Series G Preferred Stock after the reorganization, merger, consolidation or sale to the end that the provisions of
this paragraph (f) (including adjustment of the Conversion Price then in effect and the number of shares purchasable upon conversion of the Series G Preferred Stock) shall be applicable after that event as nearly equivalent as may be practicable.

  
 (xi) Certificate of Adjustment. In each case of an
adjustment or readjustment of the Conversion Price for the number of shares of Common Stock or other securities issuable upon conversion of the Series G Preferred Stock, the Corporation shall compute such adjustment or readjustment in accordance
herewith and the Corporation’s Chief Financial Officer shall prepare and sign a certificate showing such adjustment or readjustment, and shall mail such certificate by first class mail, postage prepaid, to each registered holder of the Series G
Preferred Stock at the holder’s address as shown in the Corporation’s books. The certificate shall set forth such adjustment or readjustment, showing in detail the facts upon which such adjustment or readjustment is based. 
  
 (xii) Notices of Record Date. In the event of (A) any taking by the
Corporation of a record of the holders of any class or series of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution or (B) any reclassification or recapitalization of the
capital stock of the Corporation, any merger or consolidation of the Corporation or any transfer of all or substantially all of the assets of the Corporation to any other corporation, entity or person, or any voluntary or involuntary dissolution,
liquidation or winding up of the Corporation, the Corporation shall mail to each holder of Series G Preferred Stock at least 10 days prior to the record date specified therein, a notice specifying (1) the date on which any such record is to be taken
for the purpose of such dividend or distribution and a description of such dividend or distribution, (2) the date on which any such reorganization, reclassification, transfer, consolidation, merger, dissolution, liquidation 
  

 6 

 or winding up is expected to become effective and (3) the time, if any is to be fixed, as to when the holders of record
of Common Stock (or other securities) shall be entitled to exchange their shares, of Common Stock (or other securities) for securities or other property deliverable upon such reorganization, reclassification, transfer, consolidation, merger,
dissolution, liquidation or winding up. 
  
 (xiii) Fractional
Shares. No fractional shares of Common Stock shall be issued upon conversion of the Series G Preferred Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the Corporation shall pay cash equal to the product
of such fraction multiplied by the fair market value of one share of the Corporation’s Common Stock on the date of conversion, as determined in good faith by the Board of Directors. 
  
 (xiv) Reservation of Stock Issuable Upon Conversion. The Corporation shall at all times reserve and keep available
out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the conversion of the shares of the Series G Preferred Stock, such number of its shares of Common Stock as shall from time to time be sufficient to effect
the conversion of all outstanding shares of Series G Preferred Stock, and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of Series G
Preferred Stock, the Corporation will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purpose.

  
 (xv) Notices. Any notice required by the provisions of
this paragraph (f) to be given to the holders of shares of Series G Preferred Stock shall be deemed given (A) if deposited in the United States mail, postage prepaid, or (B) if given by any other reliable or generally accepted means (including by
facsimile or by a nationally recognized overnight courier service), in each case addressed to each holder of record at his address (or facsimile number) appearing on the books of the Corporation. 
  
 (xvi) Payment of Taxes. The Corporation will pay all transfer taxes
and other governmental charges that may be imposed in respect of the issue or delivery of shares of Common Stock upon conversion of shares of Series G Preferred Stock. 
  
 (xvii) No Dilution or Impairment. Except with the approval of all holders of Series G Preferred Stock, the
Corporation shall not amend its Articles of Incorporation (including this Certificate of Designations) or participate in any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, for the purpose of avoiding or seeking to avoid the observance or performance of any of the terms to be observed or performed under the Articles of Incorporation (including this Certificate of Designations) by the Corporation, but will at
all times in good faith assist in carrying out of such terms and in taking of all such actions as may be necessary or appropriate in order to protect the rights of the holders of the Series G Preferred Stock against dilution or other impairment.

  

 7 

 (g) No Reissuance of Preferred Stock. Any shares of Series G Preferred Stock acquired by the
Corporation by reason of purchase, conversion or otherwise shall be canceled, retired and eliminated from the shares of Series G Preferred Stock that the Corporation shall be authorized to issue. All such shares shall upon their cancellation become
authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock subject to the conditions and restrictions on issuance set forth in the Articles of Incorporation or in any certificate of designation
creating a series of Preferred Stock or any similar stock or as otherwise required by law. 
  
 (h) Severability. If any right, preference or limitation of the Series G Preferred Stock set forth herein is invalid, unlawful or incapable of being enforced by reason of any rule, law or public policy, all
other rights, preferences and limitations set forth herein that can be given effect without the invalid, unlawful or unenforceable right, preference or limitation shall nevertheless remain in full force and effect, and no right, preference or
limitation herein shall be deemed dependent upon any other such right, preference or limitation unless so expressed herein. 
  
 IN WITNESS WHEREOF, Diametrics Medical, Inc. has caused this Certificate of Designations of Series G Preferred Stock to be executed by David B. Kaysen,
its Chief Executive Officer, this 28th day of May, 2004. 
  

	
	 /s/ David B. Kaysen

	 David B. Kaysen,
 Chief Executive Officer

  

 8

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