Document:

EX-10.16

 Exhibit 10.16 

INTERMEDIA.NET, INC. 

SENIOR LEADER ANNUAL INCENTIVE PLAN 

(As adopted on April 13, 2018; effective as of January 1, 2018) 

 

	I.	 Purpose 

The purpose of the Intermedia.net, Inc. Senior Leader Annual Incentive Plan (this “Incentive Plan”) is to attract, retain and motivate key
senior leaders of Intermedia.net, Inc. and its affiliates (collectively, “Intermedia” or the “Company”) with rewards that are based on the achievement of Company performance measures. The participants in the
Incentive Plan are employees with responsibility for managing, directing and leading the performance of the Company during the period from January 1 to December 31 of each applicable Plan Year (as defined below) hereunder. 

 

	II.	 Eligibility 

Key employees who are in identified exempt roles, or local equivalents for employees located outside the U.S., who are not on any sales or revenue specific
compensation plan or any other incentive or commission-type compensation plan, and who are actively employed as of January 1st within the applicable Plan Year, are eligible to participate in this
Incentive Plan with respect to such Plan Year (each a “Participant”). New employees who otherwise meet all eligibility criteria can become Participants for a particular Plan Year if hired or promoted by December 31st of the applicable Plan Year. Individuals who would otherwise qualify as Participants but who are working on a Performance Improvement Plan or written reprimand, temporary employees, independent
contractors or interns are not eligible. 
 Under normal circumstances, employees must be regularly working 30 hours or more per week to be considered
eligible to participate. Where applicable, local law will take precedence over the general treatment of part-time workers. 
 Incentive Plan awards are not
vested or earned until the actual payment date of the award. Participants must be on active employment status on the applicable payment date in order to receive a payment under this Incentive Plan, except as otherwise determined by the Company. If
an otherwise eligible Participant is on an approved leave of absence on the payment date, the Participant will be eligible for an award payment on return to active employment status on or after the payment date. Payments may also be prorated for
Participants on approved unpaid leave status for periods longer than four weeks during the applicable Plan Year. A Participant’s Incentive Plan award will be prorated for the number of months within the applicable Plan Year in which the
Participant was employed. A Participant must be employed for at least 15 days in a month to be eligible for bonus consideration during that period. 
 In
the event of a Participant’s death, the Participant’s estate may be eligible to receive a discretionary payment of an award under this Incentive Plan, prorated for the amount of time that the Participant was employed with the Company
during the applicable Plan Year (in an amount not to exceed 100% of the Participant’s target award for such Plan Year), but only if awards are made under the Incentive Plan with respect to such Plan Year. Unless otherwise provided in a
Participant’s employment agreement, payments will be made to the Participant’s estate at the same time that all other awards are paid under the Incentive Plan. 

	III.	 Effective Date and Miscellaneous Terms 

This Incentive Plan applies to performance for the period from January 1 to December 31 of each Plan Year hereunder, and supersedes any and all
prior bonus and incentive plans for Participants applicable to that period. 
  

	 	a)	 A “Plan Year” is defined as the period from January 1 to December 31 of each
calendar year for which the Ivy Parent Holdings, LLC Board of Managers (the “Board”) or the Compensation Committee of the Board (the “Compensation Committee”) adopts performance metrics for the payment of bonus
incentives to Participants hereunder. 

  

	 	b)	 Incentive Plan awards will be determined as soon as possible after the close of the Company’s fiscal year
on December 31 of the applicable Plan Year. 

  

	 	c)	 Subject to the approval of either the Board or the Compensation Committee, based on the achievement of the
Company’s results for the applicable Plan Year and individual performance results, the full-year awards payable hereunder with respect to a Plan Year will be paid to Participants no later than the end of March of the year following such Plan
Year. 

  

	 	d)	 Bonus payments are made at the sole discretion of the Board or the Compensation Committee and will be paid upon
their review and approval. 

  

	 	e)	 Incentive Plan awards are subject to payroll taxes and any other statutory withholdings. 

 

	 	f)	 For purposes of determining the amount of awards, base salary is generally determined based on any pro-rated salary changes to the base annualized salary before November 1 of the applicable Plan Year. Adjustments to awards to reflect changes in base salary are in the sole discretion of the Company.

  

	 	g)	 In the event of an acquisition or other unforeseen event, the Compensation Committee may, in its sole
discretion, make any adjustments to this Incentive Plan that are deemed appropriate to reflect the transaction or event. 

  

	 	h)	 An award under this Incentive Plan to a Participant may be in an amount that is below, equal to or in excess of
the Participant’s target bonus award based on the achievement of Company performance measures, the total bonus pool funding available, a discretionary assessment of individual performance, and other factors in the sole discretion of the
Company. Awards are established as a factor of individual bonus targets and will be paid based on pool funding, an assessment of individual performance and other factors. 

  
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	IV.	 Discretionary Nature of Awards 

Under all circumstances, this Incentive Plan and any payments or awards made under this Incentive Plan are entirely discretionary. The Compensation Committee
has full and sole discretion to determine the amount of each award and whether to make any awards even if Company performance measures and specific individual objectives are achieved. The information set forth in this Incentive Plan is intended only
to provide general guidelines, should the Compensation Committee decide, in its sole discretion, that plan award payments should be made. The guidelines should not be construed as a promise that any Incentive Plan award payments will be made.
Incentive Plan award payments are not guaranteed, automatic, promised or contractually required. They will be awarded in the sole discretion of the Compensation Committee, based on Company performance measures, specific individual performance and
other considerations. Nothing in this Incentive Plan affects, or shall be construed to affect, the at-will nature of any Participant’s employment with the Company, and nothing in this Incentive Plan
should be interpreted as having contractual significance. 
  

	V.	 Methodology 

Each Participant in this Incentive Plan will be assigned an award target that will be expressed as a percentage of his or her annual base salary. These award
targets vary by level of responsibility in the organization. The establishment of these award targets and classifications of employees in the various categories rests with the sole discretion of the Company. 

The Compensation Committee will establish Company performance metrics and targets with respect to each Plan Year hereunder, which metrics and targets will be
memorialized in the form of an Addendum to this Incentive Plan, which are incorporated herein and made a part hereof. References herein to “this Incentive Plan” shall include any and all Plan Year Addendums adopted hereunder. 

If the Compensation Committee determines to make any award payments with respect to a Plan Year, the payments will be made based on the Company’s
achievement of the performance measures set by the Compensation Committee for the applicable Plan Year, an assessment of individual performance and each Participant’s award target, all in the discretion of the Compensation Committee or Company
as applicable. 
 The target bonus pool for a particular Plan Year is the sum of all Participants’ annual incentive plan awards at “target”
or 100% of the award opportunity. 
 The performance metrics adopted by the Compensation Committee with respect to a Plan Year hereunder may, but need not,
include any one or more of the following metrics: 
 “Adjusted EBITDA” for purposes of this Incentive Plan will be the Company’s
adjusted EBITDA (specifically, income from continuing operations before depreciation, amortization and accretion, and non-cash, equity-based compensation and excludes acquisition and integration costs). The
Company will remove foreign currency gains and/or losses, and one-time non-recurring items that are not reflective of the Plan Year operating performance. The Company
will reflect any expenditures related to cost of sales, general and administrative, sales and marketing, and software development activities (product development) that are capitalized consistent with internal reporting practices as an expense
(reduction to EBITDA) for purposes of calculating Adjusted 

  
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EBITDA for these purposes. Notwithstanding the foregoing, any expenses related to the billing system improvement initiative will be removed when determining Adjusted EBITDA (consistent with how
the AOP Adj. EBITDA was determined in 2018 Bonus Calculation (MDP Analysis v29)). 
 “Bookings” for purposes of this Incentive Plan,
for a particular Plan Year, will be calculated as net bookings for such Plan Year (i.e., sales less no starts) as reported in the Company’s data warehouse, adjusted as follows: (a) such amount will be increased to reflect any contract with
direct customers or partners for the purchase of Applicable Services (including without limitation service agreements, statements of work, order forms and quotes) that is not reflected within net bookings for such Plan Year in the Company’s
data warehouse but meets all of the following criteria: (i) such contract is signed (or electronically accepted by the customer or partner) during such Plan Year, (ii) such contract contains a contractual minimum purchase commitment by the
customer/partner for a specified duration, and (iii) the Company is reasonably certain that it can or will be able to perform its technical and other obligations under such contract; and (b) such amount will be decreased by (i) the
amount of any sales credited in such Plan Year for implementations that have previously been included as Bookings under this Incentive Plan for a prior Plan Year and (ii) the amount of any pricing discounts that the Company gives to its
partners and distributors that are not reflected in such net bookings number. 
 “Gross Margin” for purposes of this Incentive Plan, for a
particular Plan Year, will be calculated as the difference of (a) Revenue less (b) the amounts presented in the Cost of Services subcategories of Customer Service, Implementation, Operations, Data Operations, Payment Processing, Voice
Operations, Phones/Hardware and Allocation-COS, in each case as reported in the Company’s NetSuite system, subject to the following adjustments: The Company will exclude or remove from such reported
amounts (i) non-cash, equity-based compensation; (ii) expense and accrual amounts related to the Company’s employee bonus plan (including without limitation this Incentive Plan); (iii)
acquisition and integration costs; (iv) foreign currency gains and/or losses, and (v) one-time non-recurring items that are not reflective of the Plan Year
operating performance. The Company will reflect any expenditures related to cost of sales activities that are capitalized consistent with internal reporting practices as an expense (reduction to Gross Margin) for purposes of calculating Gross Margin
for these purposes. 
 “MRR Increase” for purposes of this Incentive Plan, for a particular Plan Year, will be calculated as the difference
of (a) MRR for the final month (the calendar month of December) of the applicable Plan Year less (b) MRR for the calendar month immediately preceding the applicable Plan Year (i.e., the prior calendar month of December). To the extent any
methodology changes occur in calculating MRR during the course of the Plan Year, appropriate adjustments will be made to ensure that the period-over-period MRR comparison described in the preceding sentence will be conducted on a consistent basis.

 “Net Add-On Units” for purposes of this Incentive Plan, for a particular Plan Year, will be
calculated as net add-on units for such Plan Year (i.e., add-on units, net of cancelled units and attrition units) as reported in the Company’s data warehouse,
adjusted as follows: (a) such amount will be increased to reflect any add-on units from direct customers or partners for the purchase of Applicable Services that are not reflected within net add-on units for such Plan Year in the Company’s data warehouse but meet all of the following criteria: (i) such add-on units are ordered

  
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by the customer or partner during such Plan Year, and (ii) the Company is reasonably certain that it can or will be able to perform its technical and other obligations with respect to such add-on units; and (b) such amount will be decreased by the amount of any sales credited in such Plan Year for implementations that have previously been included as positive Net
Add-On Units under the Incentive Plan for a prior Plan Year. 
 “Revenue” for purposes of this
Incentive Plan will be as per the Company’s accounting policy consistent with GAAP. 
 For purposes of the metrics listed above, the following terms
shall be defined as set forth below: 
 “Applicable Services” is defined for purposes of this Incentive Plan as all Company products and
services other than hosted phone systems (Hosted PBX) and individual telephonic services (but “Applicable Services” specifically including wholesale and retail SIP trunking). 

“GAAP” is defined as United States Generally Accepted Accounting Principles. 

“MRR” (or Monthly Recurring Revenue) is defined for purposes of this Incentive Plan as the revenue that the Company recognizes on a recurring
monthly basis for all Company products and services. For the avoidance of doubt, MRR shall not be defined to include (i) any non-recurring fees paid to the Company and (ii) any local, state or
federal taxes, or government-mandated fees paid to the Company. 
  

	VI.	 Individual Payments 

Individual payments may vary based on individual performance and the achievement of Company’s performance targets for the applicable Plan Year, but
ultimately are in the sole discretion of the Company. If the Compensation Committee determines to fund the bonus opportunity pool hereunder at less than 100% for a particular Plan Year, a Participant’s individual target opportunity will
generally be reduced as well. A participant’s individual performance will be considered in determining the actual amount of an individual bonus. Individual bonus target opportunities will be adjusted based on the Company’s performance as
well as an evaluation of individual performance relative to job requirements and performance objectives. 
  

	VII.	 Proprietary Information 

The information contained in this document is proprietary to Intermedia. The information in this document is not to be reproduced or disclosed outside
Intermedia. 
  

	VIII.	 Individual Participant Designation 

Human Resources will manage the review and approval process for any potential changes to Participants under this Incentive Plan or bonus target levels. 

 

	IX.	 Changes to this Incentive Plan 

Intermedia reserves the right, at any time and from time to time, to amend, suspend, interpret, or terminate this Incentive Plan. Interpretation of any terms
of this Incentive Plan shall be in the sole discretion of the Company, and any such interpretations shall be final and binding on all Participants. 

  
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Exhibit 4.10

DESCRIPTION OF COMMON STOCK AND WARRANTS REGISTERED UNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
As of December 31, 2020, WillScot Mobile Mini Holdings Corp., a Delaware corporation (the “Company,” “we,” “our,” “us”), had three class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: 1) our common stock, par value $0.0001 per share; 2) warrants to purchase common stock that were issued in connection with the initial public offering of Double Eagle Acquisition Corp., the Company’s legal predecessor company (“Double Eagle”), in September 2015, which are exercisable for one-half of one share of common stock for an exercise price of $5.75; and 3) warrants to purchase common stock that were issued in connection with the Company’s acquisition of Modular Space Holdings, Inc., a Delaware Corporation (“ModSpace”), in August 2018, which are exercisable for one share of common stock at an exercise price of $15.50 per share.
The following description of our common stock and warrants summarizes material terms and provisions that apply to those securities. The summary is subject to and qualified in its entirety by reference to certain documents, including our amended and restated certificate of incorporation (“Certificate of Incorporation”), our amended and restated bylaws (“Bylaws”), and certain other documents pertaining to our capital stock and warrants specified below, which are filed as exhibits to the Annual Report on Form 10-K to which this exhibit is a part, and applicable Delaware law, including the General Corporation Law of the State of Delaware (the “DGCL”). This description includes not only our common stock, but also our authorized preferred stock, and our warrants, certain terms of which affect the common stock.
Authorized and Outstanding Stock
Our Certificate of Incorporation authorizes the issuance of 501,000,000 shares of capital stock, consisting of: (i) 500,000,000 shares of common stock and (ii) 1,000,000 shares of preferred stock.
Common Stock
This section describes the general terms and provisions of our common stock. For more detailed information, you should refer to our Certificate of Incorporation and Bylaws, copies of which have been filed with the SEC. These documents are also incorporated by reference into the Annual Report on Form 10-K to which this exhibit is a part.
The holders of shares of common stock possess all voting power for the election of our directors and all other matters requiring stockholder action and will at all times vote together as one class on all matters properly submitted to a vote of the stockholders of the Company. Holders of common stock are entitled to one vote per share on matters to be voted on by stockholders, provided, however that, except as otherwise  required by law, holders of common stock shall not be entitled to vote on any amendment to the Certificate of Incorporation (including any preferred designation) that relates solely to the terms of one or more outstanding series of preferred stock if the holders of such affected series are entitled, either separately or together as a class with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation (including any preferred designation) or pursuant to the DGCL.
Holders of common stock will be entitled to receive dividends if and when declared by our board of directors (the “Board”) out of funds legally available therefor and shall share equally on a per share basis in such dividends and distributions. The Board may set apart out of any of the funds of the Company available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve. Upon liquidation, dissolution or winding-up of our Company, the holders of the common stock will be entitled to receive an equal amount per share of all of our assets available for distribution, after the rights of the holders of any preferred stock have been satisfied. Our stockholders have no preemptive, subscription, redemption or conversion rights and there are no sinking fund or redemption provisions applicable to our common stock. Delaware law and our Bylaws permit us to issue uncertificated shares of common stock by resolution of the Board. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of any series of preferred stock that the Company may designate and issue in the future.
As of December 31, 2020, we had 229,038,158 shares of common stock issued and outstanding.
Preferred Stock
This section describes the general terms and provisions of our preferred stock. For more detailed information, you should refer to our Certificate of Incorporation and Bylaws, copies of which have been filed with the SEC. These documents are also incorporated by reference into the Annual Report on Form 10-K to which this exhibit is a part.
Preferred stock may be issued from time to time in one or more series. Our Board can fix the rights, preferences and privileges applicable to the shares of each series and any of its qualifications, limitations or restrictions, including without limitation authority to fix by resolution or resolutions the dividend rights, dividend rate, conversion rights, voting rights, rights and terms of redemption (including sinking fund provisions), redemption price or prices, and liquidation preferences of any such series, and the number of shares constituting any such series and the designation thereof. Our Board is authorized, without stockholder approval, to issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our Board to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. 
As of December 31, 2020, we had no preferred stock outstanding.
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Exhibit 4.10

Our Board will fix the designations, voting powers, preferences and rights of each series, as well as the qualifications, limitations or restrictions thereof, of the preferred stock of each series that we offer under any applicable prospectus or prospectus supplements in the certificate of designation relating to that series. We will file as an exhibit to any applicable registration statement the form of any certificate of designation that describes the terms of the series of preferred stock we are offering before the issuance of that series of preferred stock. This description will include:
•the title and stated value;
•the number of shares we are offering;
•the liquidation preference per share;
•the purchase price per share;
•the dividend rate per share, dividend period and payment dates and method of calculation for dividends;
•whether dividends will be cumulative or non-cumulative and, if cumulative, the date from which dividends will accumulate;
•our right, if any, to defer payment of dividends and the maximum length of any such deferral period;
•the procedures for any auction and remarketing, if any;
•the provisions for a sinking fund, if any;
•the provisions for redemption or repurchase, if applicable, and any restrictions on our ability to exercise those redemption and repurchase rights;
•any listing of the preferred stock on any securities exchange or market;
•whether the preferred stock will be convertible into our common stock or other securities of ours, including depositary shares and warrants, and, if applicable, the conversion period, the conversion price, or how it will be calculated, and under what circumstances it may be adjusted;
•whether the preferred stock will be exchangeable into debt securities, and, if applicable, the exchange period, the exchange price, or how it will be calculated, and under what circumstances it may be adjusted;
•voting rights, if any, of the preferred stock;
•preemption rights, if any;
•restrictions on transfer, sale or other assignment, if any;
•whether interests in the preferred stock will be represented by depositary shares;
•a discussion of any material or special United States federal income tax considerations applicable to the preferred stock;
•the relative ranking and preferences of the preferred stock as to dividend rights and rights if we liquidate, dissolve or wind up our affairs;
•any limitations on issuances of any class or series of preferred stock ranking senior to or on a parity with the series of preferred stock being issued as to dividend rights and rights if we liquidate, dissolve or wind up our affairs; and
•any other specific terms, rights, preferences, privileges, qualifications or restrictions of the preferred stock.
The DGCL provides that the holders of preferred stock will have the right to vote separately as a class (or, in some cases, as a series) on an amendment to our Certificate of Incorporation if the amendment would change the par value or, unless our Certificate of Incorporation provided otherwise, the number of authorized shares of the class or change the powers, preferences or special rights of the class or series so as to adversely affect the class or series, as the case may be. This right is in addition to any voting rights that may be provided for in the applicable certificate of designation.
Warrants
We have outstanding warrants exercisable for common stock, consisting of: (i) warrants issued in a private placement in connection with our initial public offering, each exercisable for one-half of one share of common stock, (the “2015 Private Warrants); and (ii) the ModSpace warrants, each exercisable for one share of common stock issued in connection with our acquisition of ModSpace (the “ModSpace Warrants”). The 2015 Private Warrants were issued under a warrant agreement dated September 10, 2015, between Continental Stock Transfer & Trust Company, as warrant agent, and Double Eagle (the “2015 Warrant Agreement”). The ModSpace Warrants were issued under a warrant agreement dated August 15, 2018, between Continental Stock Transfer & Trust Company, as warrant agent, and us (the “ModSpace Warrant Agreement”).
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Exhibit 4.10

Private Warrants
The founders of Double Eagle and our former independent directors purchased 19,500,000 2015 Private Warrants at a price of $0.50 per Private Warrant for an aggregate purchase price of $9,750,000 in a private placement that occurred simultaneously with Double Eagle’s initial public offering. The 2015 Private Warrants became exercisable on December 29, 2017 and expire five years after that date, or earlier upon redemption or liquidation.  So long as the Private Warrants are held by the initial stockholders or their permitted transferees, such warrants may be exercised on a cashless basis and will not be redeemable by us. If the Private Warrants are held by holders other than the initial stockholders or their permitted transferees, each 2105 Private Warrant will be redeemable by us and exerciseable one half of one share of our common stock for and exercise price of $5.75 per half share, subject to adjustment, at any time. If redeemable by us, we may call the 2015 Private Warrants for redemption in whole and not in part, at a price of $0.01 per warrant, upon not less than 30 days’ prior written notice of redemption to each warrant holder and if, and only if, the last reported sale price of the common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption to the warrant holders.
The 2015 Private Warrants may be exercised only for a whole number of shares of common stock. No fractional shares will be issued upon exercise of the 2015 Private Warrants. If, upon exercise of the 2015 Private Warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of shares of common stock to be issued to the 2015 Private Warrant holder.
The 2015 Private Warrant holders do not have the rights or privileges of holders of common stock and any voting rights until they exercise their 2015 Private Warrants and receive shares of common stock. After the issuance of shares of common stock upon exercise of the 2015 Private Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.
As of December 31, 2020, there were 12,710,000 2015 Private Warrants outstanding. The 2015 Private Warrants have not traded in an established public trading market within the two most recent fiscal years. 
The 2015 Private Warrants were issued under the 2015 Warrant Agreement. You should review a copy of the 2015 Warrant Agreement, which is filed as an exhibit to the Annual Report on Form 10-K to which this exhibit is a part, for a complete description of the terms and conditions applicable to such warrants.
ModSpace Warrants
The ModSpace Warrants entitle the registered holder to purchase shares of common stock at an exercise price of $15.50 per share on a one to one basis, which may be adjusted in the event of an increase in the number of outstanding shares of common stock by share dividends (or a share split up or the payment of extraordinary dividends), a decrease in the number of shares of common stock by a consolidation, reverse split or similar transaction and in the in the event of certain reorganization transactions. Under the ModSpace Warrant Agreement, the ModSpace Warrants are not redeemable and may be replaced for replacement securities upon the occurrence of certain reorganization transactions of ours (other than those that would lead to an adjustment in the exercise price of the ModSpace Warrants). The ModSpace Warrants became exercisable on February 11, 2019, the 180th day after closing of the ModSpace Acquisition, and expire on November 29, 2022. As of December 31, 2020, 9,730,241 ModSpace Warrants were outstanding.
The ModSpace Warrants were issued under the ModSpace Warrant Agreement. You should review a copy of the ModSpace Warrant Agreement, which is filed as an exhibit to the Annual Report on Form 10-K to which this exhibit is a part, for a complete description of the terms and conditions applicable to such warrants.
Dividends
We have not declared or paid any cash dividends on our common stock to date. The payment of cash dividends in the future will be dependent upon our results of operations, capital requirements and general financial condition. The payment of any cash dividends is within the discretion of our Board. In addition, our Board is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, our ability to declare dividends is limited by restrictive covenants contained in the agreements governing the indebtedness of our subsidiaries.
Certain Anti-Takeover Provisions of Delaware Law, Our Certificate of Incorporation and Our Bylaws
We are subject to Section 203 of the DGCL, which we refer to as “Section 203,” regulating corporate takeovers.
Section 203 prevents certain Delaware corporations, under certain circumstances, from engaging in a “business combination” with:
•a stockholder who owns fifteen percent (15%) or more of our outstanding voting stock (otherwise known as an “interested stockholder”);
•an affiliate of an interested stockholder; or
•an associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.
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Exhibit 4.10

•A “business combination” includes a merger or sale of more than ten percent (10%) of our assets. However, the above provisions of Section 203 do not apply if:
•our Board approves the transaction that made the stockholder an “interested stockholder,” prior to the date of the transaction;
•after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least eighty-five percent (85%) of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or
•on or subsequent to the date of the transaction, the business combination is approved by our Board and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.
Our Certificate of Incorporation, our Bylaws and the DGCL contain provisions that could have the effect of rendering more difficult, delaying or preventing an acquisition deemed undesirable by our Board. These provisions could also make it difficult for stockholders to take certain actions, including electing directors who are not nominated by the members of our Board or taking other corporate actions, including effecting changes in our management. For instance, our Certificate of Incorporation provides that our Board is classified into three classes of directors. As a result, in most circumstances, a person can gain control of our Board only by successfully engaging in a proxy contest at three or more annual meetings.
In addition, our Certificate of Incorporation does not provide for cumulative voting in the election of directors. Our Board is empowered to elect a director to fill a vacancy created by the expansion of the Board or the resignation, death, or removal of a director in certain circumstances; and the advance notice provisions of our Bylaws require that stockholders must comply with certain procedures and meet strict deadlines to nominate candidates to our Board or to propose matters to be acted upon at a stockholders’ meeting.
Our Bylaws provide that, except as otherwise required by law, special meetings of stockholders for any purpose or purposes may be called at any time only by the Board,  the Chairman of the Board, or the Chief Executive Officer of the Company, to be held at such date and time as shall be designated in the notice or waiver of notice thereof. Only business within the purposes described in the Corporation’s notice of meeting may be conducted at the special meetings. The ability of the stockholders to call a special meeting is specifically denied. 
Our Bylaws also provide our Board with discretion in postponing stockholder meetings, including, within certain limits, special meetings of stockholders. Additionally, our chairman or Board (acting by resolution) may adjourn a stockholder meeting at any time prior to the transaction of business at such meeting, within certain limits. Our Bylaws also include additional procedures that apply to stockholder actions by written consent.
Our authorized but unissued common stock and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.
Stockholders Rights Plan
The Company does not have a stockholder rights plan currently in effect.
Transfer Agent and Warrant Agent
The transfer agent and warrant agent for our common stock and warrants is Continental Stock Transfer & Trust Company.
Listing of Securities
Our common stock is listed on the Nasdaq Capital Market under the symbol “WSC.” Our 2015 Warrants were listed on Nasdaq under the symbol “WSCWW,” were removed from listing on Nasdaq on October 8, 2018, and currently trade on the OTC Markets Group Inc. under the symbol “WSCWW.” The ModSpace Warrants currently trade on the OTC Markets Group Inc. under the symbol “WSCTW.”
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