Document:

EX-4.(c)(ii)

 Exhibit 4(c)(ii) 
  

 
 INTERCONTINENTAL HOTELS GROUP 

RULES 
 LONG TERM INCENTIVE PLAN 

(as amended on 14 February 2019 and 4 December 2019) 
  

					
		 	Directors’ Adoption:	  	13 February 2014
			
		 	Shareholders’ Approval:	  	2 May 2014
			
		 	Effective Date:	  	2 May 2014
			
		 	Expiry Date:	  	2 May 2024

 DECEMBER 2019 

 TABLE OF CONTENTS 
  

									
	 1    
	 	 Meanings of Words Used
	  	 	1	 
			
	 2
	 	 Operation of the Plan
	  	 	3	 
				
		 	2.1    	  	 Committee Authority
	  	 	3	 
				
		 	2.2	  	 Eligibility
	  	 	3	 
				
		 	2.3	  	 End date for Awards
	  	 	3	 
			
	 3
	 	 Making of Awards
	  	 	3	 
				
		 	3.1	  	 Contract
	  	 	3	 
				
		 	3.2	  	 Details
	  	 	3	 
				
		 	3.3	  	 Timing of Awards
	  	 	3	 
				
		 	3.4	  	 Notification
	  	 	4	 
				
		 	3.5	  	 US Participants
	  	 	4	 
			
	 4
	 	 Individual limits
	  	 	4	 
				
		 	4.1	  	 Salary limit
	  	 	4	 
				
		 	4.2	  	 Exceptional circumstances
	  	 	4	 
			
	 5
	 	 Plan Limits
	  	 	4	 
				
		 	5.1	  	 10 per cent. 10 year limit
	  	 	4	 
				
		 	5.2	  	 5 per cent. 10 year limit
	  	 	4	 
				
		 	5.3	  	 Exclusions
	  	 	4	 
				
		 	5.4	  	 Meaning of Allocate
	  	 	5	 
			
	 6
	 	 Voting, dividends and Dividend Equivalents
	  	 	5	 
				
		 	6.1	  	 Rights
	  	 	5	 
				
		 	6.2	  	 Dividend Equivalents
	  	 	5	 
				
		 	6.3	  	 Settling Dividend Equivalents
	  	 	5	 
			
	 7
	 	 Vesting Date
	  	 	5	 
				
		 	7.1	  	 Normal Vesting Date
	  	 	5	 
				
		 	7.2	  	 Delayed Vesting Date
	  	 	5	 
				
		 	7.3	  	 Vesting – impact of investigation 
	  	 	5	 
				
		 	7.4	  	 US Participants
	  	 	6	 
			
	 8
	 	 Holding Period
	  	 	6	 
				
		 	8.1	  	 Application of rule
	  	 	6	 
				
		 	8.2	  	 Nominee
	  	 	6	 
				
		 	8.3	  	 Cash awards
	  	 	6	 
				
		 	8.4	  	 Proof of ownership
	  	 	6	 
			
	 9
	 	 Termination provisions
	  	 	6	 
				
		 	9.1	  	 Death
	  	 	6	 
				
		 	9.2	  	 Good Leavers
	  	 	7	 
				
		 	9.3	  	 Other leavers
	  	 	7	 
				
		 	9.4	  	 Leavers – Holding Period
	  	 	7	 
				
		 	9.5	  	 Date of termination
	  	 	8	 

  
  

					
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	 10    
	 	 Determination of Awards
	  	 	8	 
				
		 	10.1    	  	 End of Performance Period
	  	 	8	 
				
		 	10.2	  	 Options
	  	 	8	 
			
	 11
	 	 Vesting of Conditional Awards
	  	 	8	 
				
		 	11.1	  	 Satisfying Conditional Awards
	  	 	8	 
				
		 	11.2	  	 Vesting statement
	  	 	8	 
			
	 12
	 	 Exercise of Options
	  	 	8	 
				
		 	12.1	  	 Exercise Period
	  	 	8	 
				
		 	12.2	  	 Method
	  	 	8	 
				
		 	12.3	  	 Delivery
	  	 	9	 
				
		 	12.4	  	 Lapse
	  	 	9	 
			
	 13
	 	 Cash alternative
	  	 	9	 
			
	 14
	 	 Reconstructions and Takeovers
	  	 	9	 
				
		 	14.1	  	 Acceleration of rights
	  	 	9	 
				
		 	14.2	  	 Exchange of rights
	  	 	10	 
				
		 	14.3	  	 Other transactions
	  	 	10	 
			
	 15
	 	 Discretion to reduce Awards
	  	 	10	 
				
		 	15.1	  	 Committee can reduce Awards
	  	 	10	 
				
		 	15.2	  	 Circumstances
	  	 	10	 
				
		 	15.3	  	 Notification
	  	 	11	 
			
	 16
	 	 General
	  	 	11	 
				
		 	16.1	  	 Notice
	  	 	11	 
				
		 	16.2	  	 Final and conclusive
	  	 	11	 
				
		 	16.3	  	 Costs
	  	 	11	 
				
		 	16.4	  	 Withholding
	  	 	11	 
				
		 	16.5	  	 Regulations
	  	 	12	 
				
		 	16.6	  	 Section 409A
	  	 	12	 
			
	 17
	 	 Terms of employment
	  	 	12	 
				
		 	17.1	  	 Application
	  	 	12	 
				
		 	17.2	  	 Not part of employment contract
	  	 	12	 
				
		 	17.3	  	 No future expectation
	  	 	12	 
				
		 	17.4	  	 No entitlement
	  	 	12	 
				
		 	17.5	  	 Decisions
	  	 	12	 
				
		 	17.6	  	 No compensation
	  	 	13	 
				
		 	17.7	  	 Waiver
	  	 	13	 
				
		 	17.8	  	 Third parties
	  	 	13	 
				
		 	17.9	  	 Separate and independent
	  	 	13	 

  
  

					
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	 18    
	 	 Personal data
	  	 	13	 
				
		 	18.1    	  	 Consent
	  	 	13	 
				
		 	18.2	  	 Types of processing
	  	 	13	 
			
	 19
	 	 Changes to and termination of the Plan
	  	 	14	 
				
		 	19.1	  	 Committee powers
	  	 	14	 
				
		 	19.2	  	 Participant’s consent
	  	 	14	 
				
		 	19.3	  	 Shareholder approval
	  	 	14	 
				
		 	19.4	  	 Minor changes
	  	 	14	 
				
		 	19.5	  	 Employees’ share scheme
	  	 	14	 
				
		 	19.6	  	 Termination
	  	 	14	 
			
	 20
	 	 Operating the Plan overseas
	  	 	15	 
			
	 21
	 	 Governing law
	  	 	15	 

  
  

					
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 InterContinental Hotels Group Long Term Incentive Plan Rules 

 

	1	 Meanings of Words Used 

In these Rules: 
 “Award” means a
Conditional Award, an Option or a conditional award of cash made to a Participant under this Plan. An Award may be designated to relate to a particular Plan Cycle. 

“Award Date” means the date of the Award set by the Committee under Rule 3.2. 

“Change in Ownership under Section 409A” means a “change in ownership” within the meaning of US Treasury
Regulation Section 1.409A-3(i)(5)(v). In general, a change in the ownership of a corporation occurs on the date that any one person, or more than one person acting as a group (as defined for purposes of
Section 409A), acquires ownership of stock of the corporation that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of such corporation.
However, if any one person, or more than one person acting as a group, is considered to own more than 50 percent of the total fair market value or total voting power of the stock of a corporation, the acquisition of additional stock by the same
person or persons is not considered to cause a change in the ownership of the corporation. An increase in the percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which the corporation acquires
its stock in exchange for property will be treated as an acquisition of stock for purposes of this section. This section applies only when there is a transfer of stock of a corporation (or issuance of stock of a corporation) and stock in such
corporation remains outstanding after the transaction. 
 “Clawback” has the meaning given in the Malus and Clawback Policy. 

“Committee” means the board of directors of the Company or a duly authorised committee. 

“Company” means InterContinental Hotels Group PLC (with registered number 5134420). 

“Conditional Award” means a conditional award of Shares. 

“Dividend Equivalent” means a cash payment (as defined in Rule 6.2) which, although not a real dividend payment, reflects the economic
value of dividends that are paid on real Shares. 
 “Employee” means, except for the purposes of Rule 17, any employee, or former
employee of any Group Company. 
 “Good Leaver” means Participants who terminate employment in certain termination situations as
described in Rule 9.2. 
 “Group Company” means: 
  

	(i)	 the Company; 

  

	(ii)	 a Subsidiary; or 

  

	(iii)	 any other company which is associated with the Company and is so designated by the Committee. 

“Holding Period” means a period after Vesting during which the Participant is required to hold Shares. 

“Lapse Date” is defined in Rule 12.4. 

“Malus” means: 
  

	 	(i)	 the adjustment of an Award under rule 15 (Discretion to reduce Awards); or 

 

	 	(ii)	 where the Malus and Clawback Policy is expressed to apply to an Award, as set out in the Malus and Clawback Policy.

  
  

					
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 “Malus and Clawback Policy” means the Company’s malus and clawback policy (as
amended from time to time). 
 “Option” means a right to acquire Shares. The amount payable for the Shares comprised in an Option
shall be nil irrespective of the number of Shares acquired, unless the Committee decides otherwise. 
 “Participant” means an
Employee to whom the Committee has made an Award, and includes his personal representatives where appropriate. 
 “Performance Condition”
means the performance condition specified in relation to an Award, if any. 
 “Performance Period” means the period during which
the Performance Condition is to be satisfied. 
 “Plan” means the InterContinental Hotels Group Long Term Incentive Plan constituted
by this document as amended from time to time. 
 “Plan Cycle” means the operation of the Plan in a particular year or period or in
relation to particular off cycle Awards. 
 “Reconstruction or Takeover” means any takeover or merger, however effected, including a
reverse takeover, partial offer, reorganisation or scheme of arrangement sanctioned by the court other than an internal reconstruction or reorganisation which does not involve a significant change in the identity of the ultimate shareholders of the
Company. 
 “Remuneration Policy” means the Company’s Directors’ Remuneration Policy as last approved by Shareholders; 

“Rules” means these rules as amended from time to time. 

“Salary” for a financial year, means the basic annual salary in effect on the last day of that financial year excluding all payments
additional to basic salary (for example mortgage support allowance, expatriate allowance etc). 
 “Section 409A” means
Section 409A of the Internal Revenue Code of 1986, as amended. 
 “Shares” means ordinary shares in the Company, and includes
any shares representing them following a Reconstruction or Takeover. 
 “Subsidiary” means a company which is a subsidiary of the
Company within the meaning of section 1159 of the Companies Act 2006. 
 “Tax Election” means an election for a particular tax and/or
social security treatment in respect of an Award and/or any Shares acquired pursuant to it;  
 “US Participant” means a
Participant who is or becomes subject to taxation under the federal income tax rules of the United States of America. 
 “Vested
Shares” means 
  

	(i)	 in relation to a Conditional Award, the number of Shares to be transferred to a Participant or his nominee; and

  

	(ii)	 in relation to an Option, the number of Shares which may be acquired by a Participant on the exercise of the Option;

 and “Vest” shall be construed accordingly. 

  
  

					
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 “Vesting Date” is defined in Rule 7. 

References in the Plan to any statutory provisions are to those provisions as amended, extended or re-enacted
from time to time and include any regulations made under them; and, unless the context otherwise requires, words in the singular include the plural (and vice versa) and words imputing gender include all genders. 

 

	2	 Operation of the Plan 

 

	2.1	 Committee Authority 

The Plan shall be operated and administered by the Committee on behalf of the Company. The Committee shall have full authority from the
Company to operate the Plan as it considers reasonable in all the circumstances. 
  

	2.2	 Eligibility 

Only Employees may be made Awards. 

The Committee shall have an absolute discretion as to the selection of Employees for participation in the Plan in respect of any Plan
Cycle. 
  

	2.3	 End date for Awards 

Awards may be granted at any time before 2 May, 2024. 
  

	3	 Making of Awards 

  

	3.1	 Contract 

Awards will be granted by deed or in any other manner which is legally enforceable in the relevant jurisdiction. 

 

	3.2	 Details 

When the Committee grants an Award it shall determine the terms of the Award in its absolute discretion, including: 

 

	 	3.2.1	 the Award Date; 

  

	 	3.2.2	 whether the Award is an Option, a Conditional Award or a conditional award of cash; 

 

	 	3.2.3	 the Performance Period; 

  

	 	3.2.4	 the Performance Condition, if any; 

  

	 	3.2.5	 the maximum number of Shares subject to the Award; 

 

	 	3.2.6	 the Vesting Date; 

  

	 	3.2.7	 details of any Holding Period; 

  

	 	3.2.8	 whether the Malus and Clawback Policy will apply; 

 

	 	3.2.9	 whether the Participant is required to enter into any Tax Election; and 

 

	 	3.2.10	 whether or not Dividend Equivalents will be paid. 

 

	3.3	 Timing of Awards 

Subject to any dealing restrictions, Awards may only be made within 42 days of: 

 

	 	3.3.1	 the day after the announcement of the Company’s results for any period; 

  
  

					
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	 	3.3.2	 any day on which the Directors decide that exceptional circumstances exist which justify the grant of Awards; 

 

	 	3.3.3	 any day on which changes to law or regulation affecting employee share plans are announced, made or become effective; or

  

	 	3.3.4	 the lifting of dealing restrictions which prevented the granting of Awards during any period specified above. 

No awards may be granted after 2 May, 2024. 
  

	3.4	 Notification 

The Company may send an award certificate or statement to the Participant specifying the terms of the Award. 

 

	3.5	 US Participants 

Options will not be granted to US Participants. 
  

	3.6	 Malus and Clawback 

If there is any discrepancy between the Malus and Clawback Policy and the Plan, the Malus and Clawback Policy will prevail. 

 

	4	 Individual limits 

  

	4.1	 Salary limit 

Subject to Rule 4.2, an Award must not be made to an Employee if it would at the proposed Award Date cause the aggregate of the market
value of Shares or the amount of cash over which Awards have been made in any financial year to exceed 3 times his Salary as at the Award Date. 
  

	4.2	 Exceptional circumstances 

The limit in this Rule 4 may be exceeded if the Committee determine that exceptional circumstances make it desirable that Awards
should be granted in excess of those limits. 
  

	5	 Plan Limits 

  

	5.1	 10 per cent. 10 year limit 

The number of Shares which may be allocated under the Plan on any day must not exceed 10 per cent. of the ordinary share capital of
the Company in issue immediately before that day, when added to the total number of Shares which have been allocated in the previous 10 years under the Plan and all other employee share plan operated by the Company. 

 

	5.2	 5 per cent. 10 year limit 

The number of Shares which may be allocated under the Plan on any day must not exceed 5 per cent. of the ordinary share capital of
the Company in issue immediately before that day when added to the total number of Shares which have been allocated in the previous 10 years under the Plan and any other discretionary share plans operated by the Company. 

 

	5.3	 Exclusions 

Where the right to acquire Shares is released or lapses, the Shares concerned are ignored when calculating the limits in this Rule 5.

  
  

					
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	5.4	 Meaning of Allocate 

“Allocate” means granting a right to acquire unissued Shares or to acquire Shares which are held by the Company in
treasury or, if there is no such grant, the issue and allotment of Shares or the transfer of Shares from treasury. (However, if at any time the relevant institutional investor guidelines cease to require treasury shares to be taken into account for
this purpose, then Allocate shall not include such treasury shares.) 
  

	6	 Voting, dividends and Dividend Equivalents 

 

	6.1	 Rights 

A Participant shall not be entitled to vote, to receive dividends or to have any other rights of a shareholder in respect of Shares
subject to an Award until the Shares are issued or transferred to the Participant or his nominee. 
  

	6.2	 Dividend Equivalents 

Notwithstanding Rule 6.1, the Company may grant an Award on the basis that the Participant shall receive an amount equal to the
dividends the record date for which falls between the Award Date and the Vesting Date, multiplied by the number of Shares in respect of which the Award is Vesting and adjusted assuming full dividend reinvestment (“Dividend Equivalents”).
In the case of a Participant’s death, the relevant period will be extended (if relevant) to the date of issue or transfer to the Participants’ personal representatives. No shareholder rights or Dividend Equivalents shall attach to
conditional awards of cash. 
  

	6.3	 Settling Dividend Equivalents 

Any Dividend Equivalent may be paid in cash or in such whole number of Shares (rounded down) as has a market value (as at the Vesting
Date) as nearly as practicable equal to that amount. The cash will be paid or Shares issued or transferred on the same date as cash is paid or Shares are issued or transferred with respect to the underlying Award. 

 

	7	 Vesting Date 

  

	7.1	 Normal Vesting Date 

“Vesting Date” shall generally mean the first business day after the announcement of the Company’s results for the last
financial year of the Performance Period. 
 The Committee may decide in its reasonable discretion that the Vesting Date will be a
date within 45 days of the announcement of the Company’s results for the last financial year of the Performance Period. 
  

	7.2	 Delayed Vesting Date 

In the event that the acquisition or disposal of Shares is not permitted by law or by any relevant restrictions, the Vesting Date will
be deferred until the ending of such restrictions unless the Committee decides otherwise. For US Participants, such a deferral shall be effected only to the extent permitted under Section 409A. 

 

	7.3	 Vesting – impact of investigation 

If an investigation is ongoing which might lead to Malus and/or Clawback being triggered then, unless otherwise determined by the
Committee, the Participant’s Award will not Vest, if at all, until the investigation is concluded and, if an Option, Rule 12.5 will apply. For US Participants, such a deferral shall be effected only to the extent permitted under
Section 409A. 

  
  

					
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	7.4	 US Participants 

In all cases, for Awards granted to US Participants, the Vesting Date shall be a date during the period from January 1 to
March 15 of the calendar year following the calendar year in which the Performance Period ends. 
  

	8	 Holding Period 

  

	8.1	 Application of rule 

An Award granted to an executive director of the Company will be subject to a Holding Period as determined by the Committee under Rule
3.2 (Details) for at least such period as is set out in the Remuneration Policy, if any. Any other Award may be subject to a Holding Period as determined by the Committee under Rule 3.2 (Details). 

If a Holding Period applies, the Shares may not be transferred, assigned or otherwise disposed of during the Holding Period other than a
transfer: 
  

	 	8.1.1	 to the Participant’s personal representatives on death; 

 

	 	8.1.2	 to a nominee in accordance with Rule 8.2 (Nominee); 

 

	 	8.1.3	 in accordance with Rule 16.4 (Withholding); 

 

	 	8.1.4	 in accordance with the Malus and Clawback Policy; 

 

	 	8.1.5	 in connection with an event described in Rule 14 (Reconstructions and takeovers) or Rule 15 (Discretion to reduce); or

  

	 	8.1.6	 otherwise with the agreement of the Committee, 

and any such attempted action will be invalid and ineffective. 

 

	8.2	 Nominee 

The Committee may determine that Shares will be delivered to and held by a nominee on behalf of the Participant until the expiry of the
Holding Period on such terms as the Committee may determine. 
 At the end of the Holding Period, the Participant may take the Shares
out of the nominee arrangement. 
  

	8.3	 Cash awards 

The Committee will decide if and how any Holding Period will operate in relation to cash and will communicate this to the Participant.

  

	8.4	 Proof of ownership 

If the Committee requires, a Participant must provide such proof of continued beneficial ownership of the Shares, as the Committee
requests, during and at the end of the Holding Period. 
  

	9	 Termination provisions 

 

	9.1	 Death 

If a Participant dies before the Vesting Date, the Committee will as soon as reasonably practicable determine in its reasonable
discretion the number of Shares which shall Vest. The Committee will take account of the proportion of the Performance Period that has elapsed and the extent to which the Performance Condition has been satisfied. 

  
  

					
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 In the case of a Conditional Award, the Committee will then procure the transfer of
the Vested Shares or will pay the cash to the Participant’s personal representatives as soon as reasonably practicable. In the case of Awards granted to US Participants, the Committee will settle such Conditional Award, to the extent deemed
Vested, within 60 days following the Participant’s date of death. 
 In the case of an Option, this may be exercised by the
Participant’s personal representatives over the Vested Shares in the period of six months from the date of death, and will lapse if not exercised. 

On death any Holding Period will be waived. 
  

	9.2	 Good Leavers 

If a Participant’s employment with any Group Company terminates before the Vesting Date for any of the reasons specified below,
then the number of Vested Shares relating to his Awards shall be the number determined under Rule 10 after the end of the Performance Period, reduced pro rata to reflect the proportion of the Performance Period that had elapsed on the date of
termination. However, the Committee shall retain discretion to accelerate the Vesting Date if it considers it reasonable to do so in all the circumstances. If the Vesting Date is accelerated then the number of Shares which will vest will be
determined by the Committee in its reasonable discretion. 
 The reasons are: 

 

	 	9.2.1	 ill-health, injury, disability; 

 

	 	9.2.2	 redundancy; 

  

	 	9.2.3	 retirement by agreement with the Participant’s employer; 

 

	 	9.2.4	 the Participant’s employing company being transferred to a person which is not a Group Company; 

 

	 	9.2.5	 a transfer of the undertaking, or part of the undertaking, in which the Participant works to a person which is not a Group Company; or

  

	 	9.2.6	 any other reason determined by the Committee. 

The Committee will procure the transfer of the Vested Shares in a Conditional Award or pay cash to the Participant in accordance with
Rule 11. For a US Participant, the transfer or payment will be made before March 15 of the calendar year following the calendar year in which the Performance Period ends. An Option may be exercised by the Participant over the Vested Shares in
the period of six months from the Vesting Date, and will lapse if not exercised. 
  

	9.3	 Other leavers 

If a Participant’s office or employment with any Group Company terminates before the Vesting Date for any reason not included in
Rules 9.1 and 9.2, he shall cease to be a Participant in the Plan. The Participant shall not be eligible to receive any Shares or cash in respect of his Awards unless the Committee decides otherwise within a reasonable time of the termination. For
US Participants the timing of any settlement of an Award pursuant to this Rule 9.3 shall be made in a manner consistent with the requirements of Section 409A, if applicable. If the termination is by reason of gross misconduct, he shall not be
eligible to receive any Shares or cash in respect of any Awards in any circumstances. 
  

	9.4	 Leavers – Holding Period 

If a Participant’s office or employment terminates, any Holding Period will continue to apply unless the Committee determines
otherwise, except that any Holding Period will cease to apply on death. 

  
  

					
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	9.5	 Date of termination 

For the purposes of this Rule, a Participant’s employment with a Group Company will not be treated as having terminated until the
Participant ceases to be employed by any Group Company. Unless the Committee decides otherwise, in the case of termination for any of the reasons set out in Rule 9.2 (other than retirement) the Participant will be treated as having terminated on the
date of actual termination and not at the end of his contractual notice period or severance period. 
  

	10	 Determination of Awards 

 

	10.1	 End of Performance Period 

As soon as reasonably practicable after the end of the Performance Period, the Committee will calculate: 

 

	 	10.1.1	 the extent to which the Performance Condition has been satisfied; and 

 

	 	10.1.2	 the number of Shares which Vest in respect of each Award, or the amount of cash to be awarded to each Participant.

  

	10.2	 Options 

In the case of an Option: 
  

	 	10.2.1	 the Committee will notify the Participant of the number of Vested Shares; and 

 

	 	10.2.2	 the balance of the Option will immediately lapse. 

 

	11	 Vesting of Conditional Awards 

 

	11.1	 Satisfying Conditional Awards 

The Committee shall arrange delivery of the Vested Shares or cash to each Participant or his nominee on, or as soon as reasonably
practical after, the Vesting Date, subject to Rule 11.3 (Investigation). 
  

	11.2	 Vesting statement 

The Committee may notify each Participant of the number of Vested Shares transferred to him or his nominee in respect of his Conditional
Award and the amount of any tax and social security contributions withheld. 
  

	11.3	 Investigation 

If an investigation is ongoing which might lead to Malus and/or Clawback being triggered then, unless otherwise determined by the
Committee, the Participant’s Award will only be settled (if at all) after such investigation has been concluded. 
  

	12	 Exercise of Options 

 

	12.1	 Exercise Period 

Except as otherwise provided in Rule 8 and this Rule 12, a Participant may exercise an Option to the extent that it has Vested at any
time from the Vesting Date until the Lapse Date. 
  

	12.2	 Method 

In order to exercise an Option, the Participant must deliver to the Company a notice of exercise in the prescribed form. The date on
which the notice is received by the Company shall, unless the notice is conditional or specifies some other date, be the Option exercise date. 

  
  

					
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	12.3	 Delivery 

Subject to Rules 12.4 (Lapse) and 12.5 (Timing of Investigation), as soon as reasonably practicable following the Option exercise, the
Committee will arrange delivery of the appropriate number of Shares to the Participant. 
  

	12.4	 Lapse 

The Lapse Date in relation to an Option is the earliest of the following dates: 

 

	 	12.4.1	 the second anniversary of the Vesting Date; 

 

	 	12.4.2	 if a Participant dies or terminates employment before the Vesting Date then, subject to Rule 8, the date on which the
Participant’s employment with any Group Company ends; and 

  

	 	12.4.3	 if a Participant dies or terminates employment after the Vesting Date, six months after the date on which the Participant’s
employment with any Group Company ends. 

  

	12.5	 Impact of investigation 

If an investigation is ongoing which might lead to Malus and/or Clawback being triggered then, unless otherwise determined by the
Committee: 
  

	 	12.5.1	 exercise (if any) and/or delivery will take effect after the investigation is concluded; and 

 

	 	12.5.2	 if the exercise period would otherwise have ended, it will be extended as determined by the Committee. 

 

	13	 Cash alternative 

The Committee may decide to satisfy any Award by paying an equivalent amount in cash, if it considers in its discretion that this would
be appropriate. The Committee will in its discretion determine the appropriate cash amount by any reasonable means. 
  

	14	 Reconstructions and Takeovers 

 

	14.1	 Acceleration of rights 

In the event of a Reconstruction or Takeover before the Vesting Date, the Award may be accelerated and the Committee will as soon as
practicable determine the number of Vested Shares or cash due in relation to all Awards, taking account of the proportion of the Performance Period that has elapsed, and the degree to which the Performance Condition has been satisfied. 

The Committee will procure as soon as reasonably practicable the delivery to each Participant of the Vested Shares in a Conditional
Award or payment of the cash so determined. 
 For a US Participant the transfer of Shares or payment of cash with respect to an Award
subject to Section 409A may be advanced only if the Reconstruction or Takeover constitutes a Change in Ownership under Section 409A in which case the transfer or payment, as applicable, shall be made upon the date of the Reconstruction or
Takeover. For a US Participant, such a Reconstruction or Takeover that is a Change in Ownership under Section 409A shall always trigger an advancement in time of the transfer of Shares or payment of cash. 

In the case of an Option, this may only be exercised by the Participant over the number of Vested Shares in the period of 21 days from
the date of the Reconstruction or Takeover, unless the Committee decides a longer period should apply, and will lapse if it has not been exercised. 

  
  

					
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 If Awards are accelerated under this rule any Holding Period will still apply unless
the Committee determines otherwise. 
  

	14.2	 Exchange of rights 

In the case of a Reconstruction or Takeover involving the exchange of Shares for shares in another company, or in more than one other
company, the Committee may in its discretion determine that no Shares or cash should be transferred, and that instead the Participant’s right to the Shares comprised in an Award should be replaced by a right to the appropriate number of shares
in that other company or companies. For US Participants who are subject to Section 409A any such replacement of Shares with shares in that other company or companies, if made, shall be made in a manner consistent with the requirements of
Section 409A. 
 If Awards are exchanged under this rule any Holding Period will still apply unless the Committee determines
otherwise. 
  

	14.3	 Other transactions 

The Committee has discretion to take such action as it may think appropriate if other events happen which may have an effect on Awards.
For a US Participant no such action shall result in an advancement or additional deferral in time of the transfer of shares or payment of cash with respect to an Award subject to Section 409A, unless otherwise permitted under Section 409A.

  

	14.4	 Malus and Clawback Policy 

If this Rule 14 (Reconstructions and Takeovers) applies to an Award, the Committee may determine that the Malus and Clawback Policy will
no longer apply to an Award or will be varied in its application to the Award. 
 In relation to any cash or Shares acquired prior to
the relevant event, the Malus and Clawback Policy will continue to apply, subject to Committee discretion to disapply or make other such amendments as it so determines. 
  

	15	 Discretion to reduce Awards 

 

	15.1	 Committee can reduce Awards 

Notwithstanding any other Rule of the Plan, if circumstances occur which, in the reasonable opinion of the Committee, justify a
reduction in one or more Awards granted to any one or more Participants, the Committee may reduce the Awards. The Committee may, at any time prior to the Vesting Date, determine (acting fairly and reasonably) that the cash amount payable under an
Award or the number of Shares over which an Award is granted shall be reduced to such amount or number (including to nil) as the Committee considers appropriate in the circumstances. 

 

	15.2	 Circumstances 

The circumstances in which the Committee may consider that it is appropriate to exercise its discretion under Rule 15.1, include the
following: 
  

	 	15.2.1	 the misconduct of a Participant which results in or is reasonably likely to result in 

 

	 	(i)	 significant reputational damage to the Company, any Group Company or to a relevant business unit (as appropriate);

  

	 	(ii)	 a material adverse effect on the financial position of the Company, any Group Company or to a relevant business unit
(as appropriate); or 

  
  

					
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	 	(iii)	 a material adverse effect on the business opportunities and prospects for sustained performance or profitability of
the Company, any Group Company or relevant business unit (as appropriate); 

  

	 	15.2.2	 a material misstatement or restatement in the Company’s or any Group Company’s audited financial accounts (other than as a
result of a change in accounting practice). 

  

	15.3	 Notification 

If the Committee decides to exercise its discretion under this Rule, it shall confirm this in writing to each affected Participant. For
the purposes of these Rules: 
  

	 	15.3.1	 the Award shall be deemed to have been granted over the reduced cash amount or reduced number of Shares (as the case may be);

  

	 	15.3.2	 any subsequent vesting of an Award shall be determined by reference to this reduced cash amount or reduced number of Shares; and

  

	 	15.3.3	 if the cash amount or number of Shares is reduced to nil, the Award shall be treated as if it had never been granted and a Participant
(including a Participant who has left employment before the Vesting Date other than by reason of death) shall have no rights to any cash amount or Shares. 

  

	16	 General 

  

	16.1	 Notice 

Any notice or other document given to any Employee or Participant pursuant to the Plan shall be delivered to him or sent to him by post
or by an electronic communication (including by the updating of any web page) at his address according to the records of his employing company. Notices or other documents sent by post shall be deemed to have been given 5 days following the date of
posting. 
 Notices or other documents delivered electronically shall be deemed to have been given the day of transmission. 

 

	16.2	 Final and conclusive 

The decision of the Committee in any question of interpretation of the Rules or any dispute relating to or connected with this Plan
shall be final and conclusive. 
  

	16.3	 Costs 

The costs of introducing, operating and administering the Plan shall be borne by the Company and the relevant Group Companies. The Group
Company will, if required by the Company, reimburse the Company for any costs incurred in connection with Awards made to Participants who are employed by it. 
  

	16.4	 Withholding 

The Company, any relevant Group Company and/or any relevant trustee may withhold any amounts or make such arrangements as they consider
necessary to meet any liability to taxation and social security contributions in respect of the Shares, Dividend Equivalents or cash awarded under the Plan. The arrangements may include the sale of some or all of any Shares subject to an Award on
behalf of the Participant, and the use of the proceeds to discharge the liability. 

  
  

					
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	16.5	 Regulations 

The Committee shall have power from time to time to make or vary regulations for the administration and operation of the Plan provided
that they are not inconsistent with these Rules. 
  

	16.6	 Section 409A 

With respect to Awards granted to Participants who are or become subject to taxation under the federal income tax rules of the United
States of America, it is intended for such Awards to be exempt from Section 409A and, to the extent such Awards are not so exempt, for such Awards to comply with the requirements of Section 409A. In furtherance of such intent the
provisions of the Plan and any Award document shall be interpreted in a manner that does not result in the imputation of any tax, penalty or interest pursuant to Section 409A, and the Plan shall be operated accordingly. If any provision of the
Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. Notwithstanding the foregoing, the tax treatment
of the benefits provided under the Plan or any Award document is not warranted or guaranteed. 
  

	17	 Terms of employment 

 

	17.1	 Application 

This Rule applies: 
  

	 	17.1.1	 during an Employee’s employment or employment relationship; and 

 

	 	17.1.2	 after the termination of an Employee’s employment or employment relationship, whether the termination is lawful or unlawful.

  

	17.2	 Not part of employment contract 

Nothing in the Rules or the operation of the Plan forms part of the contract of employment or employment relationship of an Employee.
The rights and obligations of an Employee are separate from, and are not affected by, the Plan. Participation in the Plan does not create any right to, or expectation of, continued employment or a continued employment relationship. 

 

	17.3	 No future expectation 

The grant of Awards on a particular basis in any year does not create any right to or expectation of the grant of Awards on the same
basis, or at all, in any future year. 
  

	17.4	 No entitlement 

No Employee is entitled to participate in the Plan, or be considered for participation in it, at a particular level or at all.
Participation in one operation of the Plan does not imply any right to participate, or to be considered for participation in any later operation of the Plan. 
  

	17.5	 Decisions 

Without prejudice to an Employee’s right to receive the Shares comprised in an Award subject to and in accordance with the express
terms of the Rules and the Performance Condition, no Employee has any rights in respect of the exercise or omission to exercise any discretion, or the making or omission to make any decision, relating to the Award. Any and all discretions, decisions
or omissions relating to the Award may operate to the disadvantage of the Employee, even if this could be regarded as capricious or unreasonable, or could be regarded as in breach of any implied term between the Employee and his employer, including
any implied duty of trust and confidence. Any such implied term is excluded and overridden by this Rule. 

  
  

					
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	17.6	 No compensation 

No Employee has any right to compensation for any loss in relation to the Plan, including: 

 

	 	17.6.1	 any loss or reduction of any rights or expectations under the Plan in any circumstances or for any reason (including lawful or
unlawful termination of employment or the employment relationship); 

  

	 	17.6.2	 any exercise of a discretion or a decision taken in relation to an Award or to the Plan, or any failure to exercise a discretion or
take a decision; 

  

	 	17.6.3	 the operation, suspension, termination or amendment of the Plan. 

 

	17.7	 Waiver 

Participation in the Plan is permitted only on the basis that the Participant accepts all the provisions of the Rules, including in
particular this Rule. By participating in the Plan, an Employee waives all rights under the Plan, other than the right to receive Shares subject to and in accordance with the express terms of the Rules and the Performance Condition, in consideration
for, and as a condition of, the grant of an Award under the Plan. 
  

	17.8	 Third parties 

Nothing in this Plan confers any benefit, right or expectation on a person who is not an Employee. No such third party has any rights
under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Plan. This does not affect any other right or remedy of a third party which may exist. 
  

	17.9	 Separate and independent 

Each of the provisions of this Rule is entirely separate and independent from each of the other provisions. If any provision is found to
be invalid then it will be deemed never to have been part of these Rules and to the extent that it is possible to do so, this will not affect the validity or enforceability of any of the remaining provisions. 

 

	18	 Personal data 

  

	18.1	 Consent 

By participating in the Plan the Participant consents to the holding and processing of personal data provided by the Participant to the
Company for all purposes relating to the operation of the Plan. 
  

	18.2	 Types of processing 

These include, but are not limited to: 
  

	 	18.2.1	 administering and maintaining Participant records; 

 

	 	18.2.2	 providing information to trustees of any employee benefit trust, registrars, brokers or third party administrators of the Plan;

  

	 	18.2.3	 providing information to future purchasers of the Company or the business in which the Participant works; 

 

	 	18.2.4	 transferring information about the Participant to a country or territory outside the European Economic Area. 

  
  

					
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	19	 Changes to and termination of the Plan 

 

	19.1	 Committee powers 

Subject as provided in this Rule, the Committee may, in its discretion, amend the Rules or any part of the Plan as it considers
appropriate. Variations may affect the terms of Awards which have already been made. 
  

	19.2	 Participant’s consent 

No amendment shall be made to the Rules or to any outstanding Award which would have the effect of abrogating or altering adversely in
any material respect any of the subsisting rights of Participants in relation to Awards, except with the consent of the majority of the Participants affected by the proposed amendment. For a US Participant, no amendment of the Plan may result in the
advancement or additional deferral in timing of the transfer of shares or payment of cash with respect to an Award subject to Section 409A except to the extent permitted by Section 409A. 

 

	19.3	 Shareholder approval 

Except as provided in Rule 19.4, the prior approval of the Company in general meeting is required for any proposed change to the Rules
to the advantage of present or future Participants which relates to: 
  

	 	19.3.1	 the persons to or for whom Awards may be made; 

 

	 	19.3.2	 the limitations on the number of Shares which may be allocated under the Plan; 

 

	 	19.3.3	 the individual limits under Rule 4; 

  

	 	19.3.4	 any rights attaching to Conditional Awards, Options, Awards or Shares; 

 

	 	19.3.5	 the terms of this Rule 19.3. 

  

	19.4	 Minor changes 

The approval of the Company in general meeting is not required for any minor changes to the Rules which are: 

 

	 	19.4.1	 to benefit the administration of the Plan; 

  

	 	19.4.2	 to comply with or take account of the provisions of any proposed or existing legislation; 

 

	 	19.4.3	 to take account of any changes to legislation; or 

 

	 	19.4.4	 to obtain or maintain favourable tax, exchange control or regulatory treatment of any Group Company or any present or future
Participant. 

  

	19.5	 Employees’ share scheme 

No amendment shall take effect to the extent that it would cause the Plan to cease to be an “employees’ share scheme” as
defined in section 1166 of the Companies Act 2006. 
  

	19.6	 Termination 

The Committee shall have discretion to terminate the Plan at any time, without prejudice to subsisting Awards. 

  
  

					
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	20	 Operating the Plan overseas 

The Plan may be operated by the Company both in the United Kingdom and overseas. If the Plan is operated overseas the Committee may vary these rules as
it reasonably considers necessary for legal; tax; regulatory or administrative reasons to facilitate the operation of the Plan. 
 In order to enable
the Plan to operate in other overseas jurisdictions, the Committee may decide that when a Participant terminates employment with an employing entity in an overseas jurisdiction or when a Participant relocates outside of an overseas jurisdiction, all
rights that the Participant may have under the plan may be terminated; accelerated; varied or settled as the Committee thinks reasonable in all the circumstances. 
  

	21	 Governing law 

The Plan is governed by English law and if there is any conflict of laws, English law shall prevail. All Group Companies and Participants shall submit
to the jurisdiction of the English Courts as regards any matter arising under the Plan. 

  
  

					
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	  	©Tapestry Compliance LLP 2018Exhibit

Exhibit 4.1

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

Luminex Corporation (“Luminex,” “we,” “our,” “us” or the “Company”) is incorporated in the state of Delaware. Our common stock, par value $.001 per share (“Common Stock”) is registered under Section 12 of the Securities Exchange Act of 1934, as amended. The following description of our Common Stock is a summary and does not purport to be complete. The description of our Common Stock is subject to and qualified in its entirety by reference to our Restated Certificate of Incorporation (the “Certificate of Incorporation”), and our Amended and Restated Bylaws (the “Bylaws”), which are incorporated by reference as Exhibit 3.1 and Exhibit 3.2, respectively, to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We encourage you to read the Certificate of Incorporation, the Bylaws and the applicable provisions of the Delaware General Corporation Law (the “DGCL”) for additional information.

General

Our Certificate of Incorporation provides that we may issue up to 200,000,000 shares of Common Stock, and 5,000,000 shares of preferred stock, par value $.001 per share.

Common Stock

Each share of Common Stock has identical rights and privileges in every respect. The holders of our Common Stock are entitled to vote upon all matters submitted to a vote of our stockholders and are entitled to one vote for each share of Common Stock held. The Common Stock has no cumulative voting rights.

Subject to the prior rights and preferences, if any, applicable to shares of preferred stock or any series of preferred stock, the holders of Common Stock are entitled to receive such dividends, payable in cash, stock or otherwise, as may be declared by our Board of Directors (the “Board”) out of any funds legally available for the payment of dividends.

If we voluntarily or involuntarily liquidate, dissolve or wind-up, the holders of our Common Stock will be entitled to receive after distribution in full of the preferential amounts, if any, to be distributed to the holders of preferred stock or any series of preferred stock, all of the remaining assets available for distribution ratably in proportion to the number of shares of Common Stock held by them. Holders of Common Stock have no preferences or any preemptive, conversion or exchange rights. All outstanding shares of Common Stock are fully paid and nonassessable.

The Common Stock has no redemption or sinking fund provisions. The rights, preferences, and privileges of the holders of Common Stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock, which we may designate in the future.

Preferred Stock

Our Board of Directors has the authority, within the limitations and restrictions stated in our Certificate of Incorporation, to authorize the issuance of shares of preferred stock, in one or more classes or series, and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, preemptive rights and the number of shares constituting any series or the designation of such series. The issuance of preferred stock could have the effect of decreasing the market price of our Common Stock and could adversely affect the voting and other rights of the holders of our Common Stock. Our Board has the authority to issue shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control of the Company that might involve a premium price for holders of our Common Stock or that a stockholder might consider in its best interest. There are no restrictions on the repurchase or redemption of shares by the registrant while there is any arrearage in the payment of dividends or sinking fund installments.

Board of Directors

The Certificate of Incorporation provides for a board of directors of eight members, the exact number to be determined from time to time by resolution adopted by the affirmative vote of a majority of the entire Board, provided that the number so fixed shall not be less than five nor more than 15 (the number of seats constituting the Board is currently fixed at nine); provided, however, that no decrease in the number of directors constituting the Board shall shorten the term of any incumbent director, and no action shall be taken by the directors (whether through amendment to the Bylaws or otherwise) to increase the number of directors unless at least 75% of the directors then in office shall concur in said action. The Certificate of Incorporation provides that the Board shall be classified with respect to the time for which they severally hold office into three classes, Class One, Class Two and Class Three.

Directors of each class are elected for a term expiring at the annual meeting of stockholders held in the third year following their election and until their respective successor is duly elected and qualifies, and each year one class of directors will be elected by the stockholders. Holders of shares of our capital stock have no right to cumulative voting in the election of directors. Consequently, at each annual meeting of stockholders, the holders of a majority of the Common Stock entitled to vote are able to elect all of the successors of the class of directors whose terms expire at that meeting; provided, however, that if the number of nominees proposed to be elected for the class of directors whose term expires at that annual meeting of stockholders exceeds the number of directors determined by the Board to constitute that class of directors, then the persons receiving the greatest number of votes, up to the number of Board seats open for election, shall be elected.

Any director elected to fill a vacancy shall serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is elected and qualifies. When one or more directors resign and the resignation is effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have the sole power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective. Subject to the rights of holders of capital stock of the Company pursuant to any valid and binding agreement, any vacancy occurring on the Board created by reason of newly created directorships resulting from the issuance of any class or series of capital stock of the Company or newly created directorships resulting from any increase in the number of directors and any vacancy occurring on the Board resulting from death, resignation, removal or other cause shall be filled solely by the affirmative vote of a majority of the remaining directors then in office, even though less than a quorum of the Board, or by a sole remaining director. Unless otherwise provided in the Certificate of Incorporation or the Bylaws, whenever any holders of a class or series of capital stock of the Company have the right to elect one or more directors pursuant to the Certificate of Incorporation or the provisions of any valid and binding agreement, vacancies in directorships to which such right relates may be filled by a majority of the directors elected by the holders of such class or classes or series then in office, or by a sole remaining director so elected.

Subject to provisions of the DGCL and the rights of the holders of any shares of capital stock of the Company, any director may be removed from office only for cause and only by the affirmative vote of the holders of a majority of the combined voting power of the then outstanding shares of voting capital stock of the Company, voting together as a single class.

We believe that classification of our Board helps to assure the continuity and stability of our business strategies and policies as determined by our directors. Our classified board could have the effect of making the replacement of incumbent directors more time consuming and difficult. At least two annual meetings of stockholders, instead of one, will generally be required to effect a change in a majority of our Board. Thus, our classified board could increase the likelihood that incumbent directors will retain their positions. The classified terms of directors may delay, defer or prevent a tender offer or an attempt to change control of us or another transaction that might involve a premium price for our Common Stock or that a stockholder might consider in its best interest.

Supermajority Vote

Our Certificate of Incorporation provides that the affirmative vote of at least 75% of the voting power of the outstanding shares of our capital stock outstanding and entitled to vote is required to amend or repeal, or to adopt any provision inconsistent with, certain provisions of our Certificate of Incorporation, including certain provisions which could have the effect of delaying, deferring or preventing a transaction or a change in control of the Company.

Anti-Takeover Effects of Provisions of our Certificate of Incorporation and Bylaws

Our Certificate of Incorporation and Bylaws contain provisions which could have the effect of delaying, deferring or preventing a transaction or a change in control of the Company. Examples of such anti-takeover effects include the following:    

		
	•
	our Board is divided into three classes of directors with each class serving a staggered three-year term;

		
	•
	our Board is authorized to expand the size of the Board with the consent of 75% of the directors in office and then fill the vacancies created by such expansion;

		
	•
	notice of stockholder nominations for directors and proposals for other business must be made within a certain period prior to an annual meeting; and

		
	•
	stockholder action by written consent is prohibited and therefore the power of stockholders to call special meetings is significantly limited.

These provisions may discourage a third party from making a tender offer or otherwise attempting to obtain control of us, as it generally makes it more difficult for stockholders to replace a majority of the directors. There is no cumulative voting in the election of directors.

Anti-Takeover Effects of Delaware Law

Certain Delaware law provisions may make it more difficult for someone to acquire us through a tender offer, proxy contest or otherwise.

We are subject to the provisions of Section 203 of the DGCL. Section 203 of the DGCL provides that, subject to certain stated exceptions, an “interested stockholder” is any person (other than the corporation and any direct or indirect majority-owned subsidiary) who owns 15% or more of the outstanding voting stock of the corporation or is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within the three-year period immediately prior to the date of determination, and the affiliates and associates of such person. Under Section 203, we would generally be prohibited from engaging in any business combination with any interested stockholder for a period of three years following the time that such stockholder became an interested stockholder unless:

		
	•
	prior to this time, the board of directors of the corporation approved either the business combination or the transaction that resulted in such stockholder becoming an interested stockholder;

		
	•
	upon consummation of the transaction that resulted in such stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding shares owned by persons who are directors and also officers, and by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

		
	•
	at or subsequent to such time, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

Under Section 203 of the DGCL, a “business combination” includes:
		
	•
	any merger or consolidation involving the corporation and the interested stockholder;

		
	•
	any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;

		
	•
	any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder, subject to limited exceptions;

		
	•
	any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or

		
	•
	the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

Transfer Agent and Registrar

The Transfer Agent and Registrar for our Common Stock is Computershare.

National Securities Exchange

Our Common Stock is listed on the Nasdaq Global Select Market under the trading symbol “LMNX.”

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