Document:

exhibit4-1.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              Exhibit
      4.1

            

    

    

    
      	
               
      

            	
              AMENDMENT
      NO. 1 TO RIGHTS AGREEMENT

            

    

    

    This
Amendment No. 1, (this “Amendment”) dated as of July
16, 2009, amends that certain Rights Agreement dated as of March 7, 2003 (the
“Rights Agreement”),
between GameTech International, Inc., a Delaware corporation (the “Company”), and Mellon
Investor Services LLC, a New Jersey limited liability company, as rights agent
(the “Rights
Agent”).  Terms used but not otherwise defined herein shall
have the meanings ascribed to them in the Rights Agreement.

    

    
      	
               
      

            	
              WITNESSETH

            

    

    

    WHEREAS,
Section 27 of the Rights Agreement permits the Company, so long as the Rights
are outstanding and then redeemable, to supplement or amend any provision of the
Rights Agreement in any respect without the approval of any holders of the
Company’s common stock;

    

    WHEREAS,
the rights remain redeemable pursuant to the terms of the Rights Agreement;
and

    

    WHEREAS,
the Board of Directors of the Company deems it to be in the best interest of the
Company and its stockholders to amend the definition of “Acquiring Person” in
the Rights Agreement to increase from 15% to 26.5% the minimum beneficial
ownership interest in the Company’s outstanding common stock that would cause
the current Chairman of the Board (as a “Grandfathered Person”) to become an
Acquiring Person (thus permitting the current Chairman of the Board to acquire
up to 26.5% of the Company’s common stock before triggering the dilutive effect
of the rights under the Rights Agreement).

    

    NOW,
THEREFORE, the parties hereto agree as follows:

    

    1.  Section
1(a) of the Rights Agreement shall be amended and restated to read as
follows:

     

    “Acquiring Person” shall mean
any Person who or which, together with all Affiliates and Associates of such
Person, shall be the Beneficial Owner of 15% or more of the Common Shares of the
Company then outstanding, but shall not include an Exempt Person (as such term
is hereinafter defined); provided, however, that (i) if the
Board of Directors of the Company determines in good faith that a Person who
would otherwise be an “Acquiring Person” (as defined in this Section 1(a))
became or has become such inadvertently (including, without limitation, because
(A) such Person was unaware that it beneficially owned an amount or
percentage of Common Shares that would otherwise cause such Person to be an
“Acquiring Person” or (B) such Person was aware of the extent of its
Beneficial Ownership of Common Shares but had no actual knowledge of the
consequences of such Beneficial Ownership under this Agreement) and without any
intention of changing or influencing control of the Company, then such Person
shall not be deemed to be or to have become an “Acquiring Person” for any
purposes of this Agreement unless and until such Person shall have failed to
divest itself, as soon as practicable (as determined, in good faith, by the
Board of Directors of the Company), of Beneficial Ownership of a sufficient
number of Common Shares so that such Person would no longer otherwise qualify as
an “Acquiring Person” under this Agreement; (ii) if, as of the date hereof or at
any time after the date hereof and prior to the first public announcement of the
adoption of this Agreement, any Person (other than a Grandfathered Person, as
defined and addressed in clause (iii) immediately below) is or becomes the
Beneficial Owner of 15% or more of the Common Shares then outstanding (an “Existing 15% Holder”), such
Person shall not be deemed to be or to become an “Acquiring Person” unless and
until such time as such Person shall, after the first public announcement of the
adoption of this Agreement, become the Beneficial Owner of an additional 1.0% or
more of the Common Shares then outstanding (other than pursuant to a dividend or
distribution paid or made by the Company on the outstanding Common Shares or
pursuant to a split or subdivision of the outstanding Common Shares), unless,
upon becoming the Beneficial Owner of such additional Common Shares, such Person
is not then the Beneficial Owner of 15% or more of the Common Shares then
outstanding; provided,
however, that the
exception (from qualification as an “Acquiring Person” under this Agreement)
provided in this clause (ii) shall not apply to any Person who or which is
not an Affiliate or Associate of an Existing 15% Holder on the date of the first
public announcement of the adoption of this Agreement and who or which
subsequently acquires direct or indirect control of an Existing 15% Holder
without the prior written approval of the Board of Directors of the Company;
(iii) if, as of February 25, 2003, any individual (other than an Existing
15% Holder, as defined and addressed in clause (ii) immediately above) on such date both (A) was a member of the Board
of Directors of the Company and (B) beneficially owned 15% or more of the
Common Shares then outstanding (a “Grandfathered Person”), such
individual shall not be deemed to be, to have become or to become an “Acquiring
Person” unless and until such time as such Person shall, after February 25,
2003, become the Beneficial Owner of an additional 1.0% or more of the Common
Shares then outstanding (other than pursuant to a dividend or distribution paid
or made by the Company on the outstanding Common Shares or pursuant to a split
or subdivision of the outstanding Common Shares), unless, upon becoming the
Beneficial Owner of such additional Common Shares, such Person is not then the
Beneficial Owner of 26.5% or more of the Common Shares then outstanding; and
(iv) no Person shall become an “Acquiring Person” solely as the result of
the purchase or acquisition of Common Shares by the Company which, by reducing
the number of shares outstanding, increases the proportionate number of Common
Shares beneficially owned by such Person to 15% (or such other percentage as
would otherwise result in such person becoming an “Acquiring Person” under this
Section 1(a)) or more of the Common Shares then outstanding; provided, however, that if a Person
shall become the Beneficial Owner of 15% (or such other percentage) or more of
the Common Shares then outstanding by reason of such share purchase or
acquisition by the Company (as addressed in clause (iv) of this
Section 1(a)) and such Person shall thereafter become the Beneficial Owner
of any additional Common Shares (other than pursuant to a dividend or
distribution paid or made by the Company on the outstanding Common Shares or
pursuant to a split or subdivision of the outstanding Common Shares), then such
Person shall be deemed to be an “Acquiring Person” unless upon becoming the
Beneficial Owner of such additional Common Shares such Person does not
beneficially own 15% (or such other percentage as would otherwise result in such
person becoming an “Acquiring Person” under this Section 1(a)) or more of
the Common Shares then outstanding.

     

    2.  Except
as expressly set forth herein, the provisions of the Rights Agreement shall not
by implication or otherwise be supplemented or amended by virtue of this
Amendment, but shall remain in full force and effect,
as amended hereby.  This Amendment shall be construed in
accordance with and as a part of the Rights Agreement, and all terms,
conditions, representations, warranties, covenants and agreements set forth in
the Rights Agreement and each other instrument or agreement referred to therein,
except as herein amended, are hereby ratified and confirmed.

     

    3.  By
its execution and delivery hereof, the Company directs the Rights Agent to
execute this Amendment.

     

    4.  The
parties intend that this Amendment be enforced and interpreted as written. If,
however, any term, provision, covenant or restriction of this Amendment is held
by a court of competent jurisdiction or other authority to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Amendment shall remain in full force and effect and shall
in no way be affected, impaired or invalidated.

     

    5.  This
Amendment shall be deemed to be a contract made under the laws of the State of
Delaware and for all purposes shall be governed by and construed in accordance
with the laws of such State applicable to contracts to be made and performed
entirely within such State; provided, however, that all
provisions regarding the rights, duties, obligations and immunities of the
Rights Agent shall be governed by and construed in accordance with the laws of
the State of New York applicable to contracts made and to be performed entirely
within such state.

     

    6.  This
Amendment may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same
instrument.

     

    7.  This
Amendment shall be deemed effective as of the date first written above, as if
executed on such date, when each party hereto shall have received a counterpart
hereof signed by the other party hereto.

    

    

    [signature
page follows]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
respective authorized officers as of the year and day first above
written.

    

    

    GAMETECH
INTERNATIONAL, INC.

    

    By:
_____________________________

    

    Name:  Jay
M. Meilstrup

    Title:
Chief Executive Officer

    

    MELLON
INVESTOR SERVICES LLC

    

    By:
_____________________________

    

    Name: Asa
Drew

    Title:
Vice PresidentExhibit 4.4

 

SECOND AMENDMENT TO AMENDED AND 

RESTATED STOCKHOLDERS AGREEMENT

 

THIS
SECOND AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT, dated as of January 5,
2009 (this “Amendment”), is by and among AGA MEDICAL HOLDINGS, INC., a
Delaware corporation (the “Company”), WELSH, CARSON, ANDERSON &
STOWE IX, L.P., a Delaware limited partnership (“WCAS”), FRANCK L.
GOUGEON (“Gougeon”), GOUGEON SHARES LLC, a Minnesota limited liability
company (the “Gougeon LLC”), and the FRANCK L. GOUGEON REVOCABLE TRUST
UNDER AGREEMENT DATED JUNE 28, 2006 (together with Gougeon and the Gougeon LLC,
the “Gougeon Stockholders”), amending that certain Amended and Restated
Stockholders Agreement, dated as of April 21, 2008, by and among the
Company, WCAS, the Gougeon Stockholders and the other individuals and entities
party thereto, as first amended as of June 20, 2008 (the “Stockholders
Agreement”).  Capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth
in the Stockholders Agreement.

 

WHEREAS,
the Company has entered into that certain Securities Purchase Agreement, dated
as of the date hereof, with AGA and WCAS CP IV, pursuant to which, among other
things, AGA shall issue and sell a 10% Senior Subordinated Note in an aggregate
principal amount of $15,000,000, and the Company shall issue and sell 1,879
shares of Series B Preferred Stock (as hereinafter defined), to WCAS CP
IV;

 

WHEREAS,
the Company, WCAS and the Gougeon Stockholders wish to enter into this
Amendment to, among other things, amend certain provisions of the Stockholders
Agreement as set forth herein; and

 

WHEREAS,
the Stockholders Agreement may be amended, pursuant to Section 8.05
thereof, by a written instrument signed by the Company, WCAS and the Gougeon
Stockholders;

 

NOW,
THEREFORE, in consideration of the premises and covenants herein contained, the
parties hereto hereby agree as follows:

 

1.                                    The definition
of “Company Capital Stock” in Section 1.01 of the Stockholders Agreement
is hereby amended and restated as follows:

 

“ “Company Capital Stock” means (i) prior to the
effectiveness of the Company IPO Charter, all Series A Preferred Stock, Series B
Preferred Stock, Class A Common Stock and Common Stock, and (ii) upon
and after the effectiveness of the Company IPO Charter, all Common Stock and
all preferred stock issued by the Company in the future after the effectiveness
of the Company IPO Charter (if any).”

 

2.                                    The definition
of “Conversion Shares” in Section 1.01 of the Stockholders Agreement is
hereby amended and restated as follows:

 

“ “Conversion Shares” means the shares of undesignated Common
Stock issued or issuable upon conversion of the outstanding shares of Class A
Common Stock, Series A Preferred Stock and Series B Preferred Stock
pursuant to the Company Pre-IPO Charter.”

 

 

3.                                    Section 1.01
of the Stockholders Agreement is hereby amended to add the following defined
term:

 

“ “Series B Preferred Stock” means the Series B
Convertible Preferred Stock, par value $0.001 per share, of the Company,
authorized by the Company Pre-IPO Charter which will be reclassified into
Common Stock upon the effectiveness of the Company IPO Charter.”

 

4.                                    Section 4.05(ix) of
the Stockholders Agreement is hereby amended and restated in its entirety as
follows:

 

“(ix)                          approve any of
the matters set forth in paragraphs A.7(b) or (c) of Article Fourth
of the Company Pre-IPO Charter that would require approval of the holders of Series A
Preferred Stock and/or Series B Preferred Stock (as applicable); and”

 

5.                                    The Company IPO
Bylaws in the form attached as Exhibit A to the Stockholders
Agreement is hereby replaced in its entirety by the form of Company IPO Bylaws
attached as Exhibit A hereto.

 

6.                                    The Company IPO
Charter in the form attached as Exhibit B to the Stockholders
Agreement is hereby replaced in its entirety by the form of Company IPO Charter
attached as Exhibit B hereto.

 

7.                                    The
Stockholders Agreement, as amended by this Amendment, is hereby in all respects
confirmed.

 

8.                                    This Amendment,
the rights of the parties and all actions, claims or suits arising in whole or
in part under or in connection herewith, will be governed by and construed in
accordance with the domestic substantive laws of the State of Delaware
(regardless of the laws that might otherwise govern under applicable principles
or rules of conflicts of law to the extent such principles or rules are
not mandatorily applicable by statute and would require the application of the
laws of another jurisdiction).

 

9.                                    This Amendment
may be executed in any number of counterparts, and each such counterpart hereof
shall be deemed to be an original instrument, but all such counterparts
together shall constitute but one and the same instrument.

 

[Signature Page to Follow]

 

2

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day
and year first above written.

 

 

	
   

  	
  AGA MEDICAL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ John Barr

  
	
   

  	
   

  	
  Name: John Barr

  
	
   

  	
   

  	
  Title: President and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELSH, CARSON, ANDERSON & STOWE IX, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  WCAS IX Associates LLC,

  
	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Sean M. Traynor

  
	
   

  	
   

  	
  Name: Sean M. Traynor

  
	
   

  	
   

  	
  Title: Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Franck L. Gougeon

  
	
   

  	
  Franck L. Gougeon

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GOUGEON SHARES, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Franck L. Gougeon

  
	
   

  	
   

  	
  Name: Franck L. Gougeon

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  FRANCK L. GOUGEON REVOCABLE TRUST UNDER AGREEMENT DATED JUNE 28, 2006

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Franck L. Gougeon

  
	
   

  	
   

  	
  Name: Franck L. Gougeon

  
	
   

  	
   

  	
  Title: Director

  

 

[Signature Page to Second Amendment to Amended and Restated
Stockholders Agreement of AGA Medical Holdings, Inc.]

 

 

Exhibit
A

 

AMENDED AND
RESTATED BY-LAWS

 

OF

 

AGA MEDICAL
HOLDINGS, INC.

 

 

ARTICLE
I

STOCKHOLDERS

 

Section 1.  The annual meeting
of the stockholders of AGA Medical Holdings, Inc. (the “Corporation”)
for the purpose of electing directors and for the transaction of such other
business as may properly be brought before the meeting shall be held on such
date, and at such time and place, if any, within or without the State of
Delaware as may be designated from time to time by the Board of Directors of
the Corporation (the “Board”).

 

Section 2.  Except as
otherwise provided by law, the certificate of incorporation of the Corporation
or these By-Laws, notice of the date, time, place (if any) and, in the case of
a special meeting, the purpose or purposes of the meeting of stockholders shall
be given not more than 60 nor less than 10 days prior thereto, to each
stockholder of record entitled to vote at the meeting at such address as
appears on the records of the Corporation.

 

Section 3.  The holders of a
majority in voting power of the stock issued and outstanding and entitled to
vote thereat, present in person or represented by proxy, shall constitute a
quorum at all meetings of the stockholders for the transaction of business,
except as otherwise provided by statute or by the certificate of incorporation
of the Corporation; but if at any meeting of stockholders there shall be less
than a quorum present, the chairman of the meeting or the stockholders present,
by a majority in voting power thereof, may, to the extent permitted by law,
adjourn the meeting from time to time without further notice other than
announcement at the meeting of the date, time and place, if any, of the
adjourned meeting, until a quorum shall be present or represented.  At such adjourned meeting at which a quorum
shall be present or represented any business may be transacted which might have
been transacted at the original meeting. 
If the adjournment is for more than 30 days, or if, after the
adjournment, a new record date is fixed for the adjourned meeting, a notice of
the adjourned meeting shall be given to each stockholder of record entitled to
vote at the meeting.  Notwithstanding the
foregoing, where a separate vote by a class or series or classes or series is
required, a majority in voting power of the outstanding shares of such class or
series or classes or series, present in person or represented by proxy, shall
constitute a quorum entitled to take action with respect to that vote on that
matter.  Shares of its own stock
belonging to the Corporation or to another corporation, if a majority of the
shares entitled to vote in the election of directors of such other corporation
is held, directly or indirectly, by the Corporation, shall neither be entitled
to vote nor be counted for quorum purposes; provided, however,
that the foregoing shall not limit the right of the Corporation or any
subsidiary of the Corporation to vote stock, including but not limited to its
own stock, held by it in a fiduciary capacity

 

 

Section 4.  The Chairman of
the Board, the Chief Executive Officer of the Corporation or any two directors
of the Corporation shall call all meetings of the stockholders to order and
shall act as chairman or co-chairman, as applicable, of any such meetings.  The Secretary of the Corporation or, in such
officer’s absence, an Assistant Secretary shall act as secretary of the
meeting.  If neither the Secretary nor an
Assistant Secretary is present, the chairman of the meeting shall appoint a
secretary of the meeting.  The Board may
adopt such rules and regulations for the conduct of the meeting of
stockholders as it shall deem appropriate. 
Unless otherwise determined by the Board prior to the meeting, the
chairman of the meeting shall determine the order of business and shall have
the authority in his or her discretion to regulate the conduct of any such
meeting, including, without limitation, convening the meeting and adjourning
the meeting (whether or not a quorum is present), announcing the date and time
of the opening and the closing of the polls for each matter upon which the
stockholders will vote, imposing restrictions on the persons (other than
stockholders of record of the Corporation or their duly appointed proxies) who
may attend any such meeting, establishing procedures for the dismissal of
business not properly presented, maintaining order at the meeting and safety of
those present, restricting entry to the meeting after the time fixed for
commencement thereof and limiting the circumstances in which any person may
make a statement or ask questions at any meeting of stockholders.

 

Section 5.  At all meetings of
stockholders, any stockholder entitled to vote thereat shall be entitled to
vote in person or by proxy, but no proxy shall be voted after three years from
its date, unless such proxy provides for a longer period.  A proxy shall be irrevocable if it states
that it is irrevocable and if, and only as long as, it is coupled with an
interest sufficient in law to support an irrevocable power.  A stockholder may revoke any proxy which is
not irrevocable by attending the meeting and voting in person or by delivering
to the Secretary of the Corporation a revocation of the proxy or a new proxy
bearing a later date.

 

Proxies shall be filed with
the secretary of the meeting prior to or at the commencement of the meeting to
which they relate.

 

Section 6.  At all meetings of
stockholders for the election of directors at which a quorum is present a
plurality of the votes cast shall be sufficient to elect.  All other elections and questions presented
to the stockholders at a meeting at which a quorum is present shall, unless
otherwise provided by the certificate of incorporation of the Corporation,
these By-Laws, the rules or regulations of any stock exchange applicable
to the Corporation or applicable law or regulation, be decided by the
affirmative vote of the holders of a majority of the votes cast.  Notwithstanding the foregoing, where a
separate vote by a class or series or classes or series is required and a
quorum is present, the affirmative vote of a majority of the votes cast by
shares of such class or series or classes or series shall be the act of such
class or series or classes or series, unless the question is one upon which by
express provision of the certificate of incorporation of the Corporation, these
By-Laws, the rules or regulations of any stock exchange applicable to the
Corporation or applicable law or regulation, a different vote is required, in
which case such express provision shall govern and control the decision of such
question.

 

Section 7.  In order that the
Corporation may determine the stockholders entitled to notice of or to vote at
any meeting of stockholders or any adjournment thereof, or entitled to receive
payment of any dividend or other distribution or allotment of any rights, or
entitled to 

 

2

 

exercise any rights in respect of any change, conversion or exchange of
stock or for the purpose of any other lawful action, the Board may fix a record
date, which record date shall not precede the date upon which the resolution
fixing the record date is adopted by the Board, and which record date:  (1) in the case of determination of
stockholders entitled to vote at any meeting of stockholders or adjournment
thereof, shall, unless otherwise required by law, not be more than 60 nor less
than 10 days before the date of such meeting; and (2) in the case of any
other action, shall not be more than 60 days prior to such other action.  If no record date is fixed:  (A) the record date for determining
stockholders entitled to notice of, or to vote at, a meeting of stockholders
shall be at the close of business on the day next preceding the day on which
notice is given, or, if notice is waived, at the close of business on the day next
preceding the day on which the meeting is held; and (B) the record date
for determining stockholders for any other purpose shall be at the close of
business on the day on which the Board adopts the resolution relating
thereto.  A determination of stockholders
of record entitled to notice of, or to vote at, a meeting of stockholders shall
apply to any adjournment of the meeting; provided, however, that
the Board may fix a new record date for the adjourned meeting.

 

Section 8.  At any time when
any action required or permitted to be taken by the holders of any series of
Preferred Stock (as defined in the Corporation’s certificate of incorporation)
may be taken, to the extent expressly permitted by the certificate of
designation relating to such series of Preferred Stock, by written consent, the
provisions of the General Corporation Law of the State of Delaware (the “DGCL”)
and the certificate of incorporation of the Corporation shall apply.

 

Section 9.  The officer who
has charge of the stock ledger of the Corporation shall prepare and make at
least ten days before every meeting of stockholders, a complete list of the
stockholders entitled to vote at the meeting showing the address of each
stockholder and the number of shares registered in the name of each stockholder.  Such list shall be open to the examination of
any stockholder for any purpose germane to the meeting for a period of at least
ten days prior to the meeting: (i) on a reasonably accessible electronic
network, provided that the information required to gain access to such list is
provided with the notice of the meeting, or (ii) during ordinary business
hours, at the principal place of business of the Corporation.  In the event that the Corporation determines
to make the list available on an electronic network, the Corporation may take
reasonable steps to ensure that such information is available only to
stockholders of the Corporation.  If the
meeting is to be held at a place, then the list shall be produced and kept at
the time and place of the meeting during the whole time thereof, and may be
inspected by any stockholder who is present. 
If the meeting is to be held solely by means of remote communication,
then the list shall also be open to the examination of any stockholder during
the whole time of the meeting on a reasonably accessible electronic network,
and the information required to access such list shall be provided with the
notice of the meeting.

 

Section 10.  The Board, in
advance of all meetings of the stockholders, may, and if required by law shall,
appoint one or more inspectors of stockholder votes, who may be employees or
agents of the Corporation or stockholders or their proxies, but not directors
of the Corporation or candidates for election as directors.  In the event that the Board fails to so
appoint one or more inspectors of stockholder votes or, in the event that one
or more inspectors of stockholder votes previously designated by the Board
fails to appear or act at the meeting of stockholders, the chairman of the
meeting may appoint one or more inspectors of stockholder 

 

3

 

votes to fill such vacancy or vacancies.  Inspectors of stockholder votes appointed to
act at any meeting of the stockholders, before entering upon the discharge of
their duties, shall take and sign an oath to faithfully execute the duties of
inspector of stockholder votes with strict impartiality and according to the
best of their ability and the oath so taken shall be subscribed by them.  Inspectors of stockholder votes shall,
subject to the power of the chairman of the meeting to open and close the
polls, take charge of the polls, and, after the voting, shall make a
certificate of the result of the vote taken.

 

Section 11.

 

(A)          Annual Meetings of Stockholders.

 

(i)            Nominations of persons for election to the Board and
the proposal of business to be considered by the stockholders may be made at an
annual meeting of stockholders only (a) pursuant to the Corporation’s
notice of meeting (or any supplement thereto) delivered pursuant to Article I,
Section 2 of these By-Laws, (b) by or at the direction of the Board
or any committee thereof, or (c) by any stockholder of the Corporation who
is entitled to vote on such election or such business at the meeting, who
complied with the notice procedures set forth in subparagraphs (ii) and (iii) of
this paragraph (A) of this By-Law and who was a stockholder of record at
the time such notice is delivered to the Secretary of the Corporation.

 

(ii)           For nominations or other
business to be properly brought before an annual meeting by a stockholder
pursuant to clause (c) of paragraph A(i) of this By-Law, the
stockholder must have given timely notice thereof in writing to the Secretary
of the Corporation, and, in the case of business other than nominations, such
other business must be a proper matter for stockholder action.  To be timely, a stockholder’s notice shall be
delivered to the Secretary at the principal executive offices of the
Corporation not less than 90 days nor more than 120 days prior to the first
anniversary of the preceding year’s annual meeting; provided, however, that in
the event that the date of the annual meeting is advanced by more than 30 days,
or delayed by more than 70 days, from such anniversary date, notice by the
stockholder to be timely must be so delivered not earlier than the 120th day
prior to such annual meeting and not later than the close of business on the
later of the 90th day prior to such annual meeting or the tenth day following
the day on which public announcement of the date of such meeting is first made
by the Corporation.  For purposes of the
first annual meeting following the adoption of these By-Laws, the date of the
first anniversary of the preceding year’s annual meeting shall be deemed to be
[·].

 

Such stockholder’s notice
shall set forth (a) as to each person whom the stockholder proposes to
nominate for election or re-election as a director all information relating to
such person that is required to be disclosed in solicitations of proxies for
election of directors, or is otherwise required, in each case pursuant to
Regulation 14A under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), including such person’s written consent to being named in the proxy
statement as a nominee and to serving as a director if elected; (b) as to
any other business that the stockholder proposes to bring before the meeting, a
brief description of the business desired to be brought before the meeting
(including the text of any resolutions proposed for consideration and, in the
event that such business includes a proposal to amend these By-Laws, the
language of the proposed amendment), the reasons for conducting such business
at the meeting and any material interest in such business of such stockholder
and the 

 

4

 

beneficial
owner, if any, on whose behalf the proposal is made; (c) as to the
stockholder giving the notice and the beneficial owner, if any, on whose behalf
the nomination or proposal is made (i) the name and address of such
stockholder, as they appear on the Corporation’s books, and of such beneficial
owner, (ii) the class and number of shares of the Corporation which are
owned beneficially and of record by such stockholder and such beneficial owner,
(iii) whether and the extent to which any hedging or other transaction or
series of transactions has been entered into by or on behalf of, or any other
agreement, arrangement or understanding (including any short positions or any
borrowing or lending of shares of stock) has been made, the effect or intent of
which is to mitigate loss to or manage risk of stock price changes for, or to
increase the voting power of, such stockholder or any such beneficial owner
with respect to any share of stock of the Corporation, (iv)a representation
that the stockholder is a stockholder of record and intends to appear in person
or by proxy at the meeting to propose such business or nomination, (v) a
description of all arrangements or understandings between such stockholder and
each nominee and any other person or persons (naming such person or persons)
pursuant to which the nomination or nominations are to be made by such
stockholder and (vi) a representation whether the stockholder or the
beneficial owner, if any, intends or is part of a group which intends (A) to
deliver a proxy statement and/or form of proxy to holders of at least the
percentage of the Corporation’s outstanding capital stock required to approve
or adopt the proposal or elect the nominee and/or (B) otherwise to solicit
proxies from stockholders in support of such proposal or nomination.  The foregoing notice requirements of this Section 11
shall be deemed satisfied by a stockholder if the stockholder has notified the
Corporation of his or her intention to present a proposal or nomination at an
annual meeting in compliance with Rule 14a-8 (or any successor thereof)
promulgated under the Exchange Act and such stockholder’s proposal or
nomination has been included in a proxy statement that has been prepared by the
Corporation to solicit proxies for such annual meeting.  The Corporation may require any proposed
nominee to furnish such other information as it may reasonably require to
determine the eligibility of such proposed nominee to serve as a director of
the Corporation.

 

(iii)          Notwithstanding anything in
the second sentence of paragraph (A)(ii) of this By-Law to the contrary,
in the event that the number of directors to be elected to the Board of the
Corporation is increased and there is no public announcement naming all of the
nominees for director or specifying the size of the increased Board made by the
Corporation at least 80 days prior to the first anniversary of the preceding
year’s annual meeting, a stockholder’s notice required by this By-Law shall
also be considered timely, but only with respect to nominees for any new
positions created by such increase, if it shall be delivered to the Secretary
at the principal executive offices of the Corporation not later than the close
of business on the tenth day following the day on which a public announcement
of such increase is first made by the Corporation before the meeting; provided,
however, that if no such announcement is made at least ten days before
the meeting, then no such notice shall be required.

 

(B)           Special Meetings of Stockholders.

 

Only such business shall be
conducted at a special meeting of stockholders as shall have been brought
before the meeting pursuant to the Corporation’s notice of meeting pursuant to Article I,
Section 2 of these By-Laws. 
Nominations of persons for election to the Board may be made at a
special meeting of stockholders at which directors are to be elected pursuant
to the Corporation’s notice of meeting (a) by or at the direction of the
Board or (b) 

 

5

 

provided
that the Board has determined that directors shall be elected at such meeting,
by any stockholder of the Corporation who is entitled to vote on such election
at the meeting, who complies with the notice procedures set forth in this
By-Law and who is a stockholder of record at the time such notice is delivered
to the Secretary of the Corporation. 
Nominations by stockholders of persons for election to the Board may be
made at such a special meeting of stockholders if the stockholder’s notice as
required by paragraph (A)(ii) of this By-Law shall be delivered to the
Secretary at the principal executive offices of the Corporation not earlier
than the 120th day prior to such special meeting and not later than the close
of business on the later of the 90th day prior to such special meeting or the
tenth day following the day on which public announcement is first made of the
date of the special meeting and of the nominees proposed to be elected at such
meeting.

 

(C)           General.

 

(i)            Only persons who are nominated in accordance with
the procedures set forth in this By-Law shall be eligible to serve as directors
and only such business shall be conducted at a meeting of stockholders as shall
have been brought before the meeting in accordance with the procedures set
forth in this By-Law.  Except as
otherwise provided by law, the certificate of incorporation of the Corporation
or these By-Laws, the chairman of the meeting shall have the power and duty to
determine whether a nomination or any business proposed to be brought before
the meeting was made in accordance with the procedures set forth in this By-Law
and, if any proposed nomination or business is not in compliance with this
By-Law, to declare that such defective nomination shall be disregarded or that
such proposed business shall not be transacted. 
Notwithstanding the foregoing provisions of this By-Law, unless
otherwise required by law, if the stockholder (or a qualified representative of
the stockholder) does not appear at the annual or special meeting of
stockholders of the Corporation to present a nomination or business, such
nomination shall be disregarded and such proposed business shall not be
transacted, notwithstanding that proxies in respect of such vote may have been
received by the Corporation.  For
purposes of this By-Law, to be considered a qualified representative of the
stockholder, a person must be a duly authorized officer, manager or partner of
such stockholder or must be authorized by a valid writing executed by such
stockholder or a valid electronic transmission delivered by such stockholder to
act for such stockholder as proxy at the meeting of stockholders and such
person must produce such writing or electronic transmission, or a reliable
reproduction of the writing or electronic transmission, at the meeting of
stockholders.

 

(ii)           For purposes of this By-Law,
“public announcement” shall mean disclosure in a press release reported by the
Dow Jones News Service, Associated Press or comparable national news service or
in a document publicly filed or furnished by the Corporation with the
Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of
the Exchange Act.

 

(iii)          For purposes of this By-Law,
no adjournment or postponement or notice of adjournment or postponement of any
meeting shall be deemed to constitute a new notice of such meeting for purposes
of this By-Law, and in order for any notification required to be delivered by a
stockholder pursuant to this By-Law to be timely, such notification must be
delivered within the periods set forth above with respect to the originally
scheduled meeting.

 

6

 

(iv)          Notwithstanding the
foregoing provisions of this Article I, a stockholder shall also comply
with all applicable requirements of the Exchange Act and the rules and
regulations thereunder with respect to the matters set forth in this Article I.  Nothing in this Article I shall (a) be
deemed to affect any rights of stockholders to request inclusion of proposals
in the Corporation’s proxy statement pursuant to Rule 14a-8 under the
Exchange Act, (b) apply to the right, if any, of the holders of any series
of Preferred Stock to elect directors pursuant to any applicable provisions of
the Corporation’s certificate of incorporation, except as so specified therein
or (c) apply to the designation of persons for election as directors
pursuant to any stockholders’ agreement to which the Corporation is a party.

 

ARTICLE
II

BOARD OF DIRECTORS

 

Section 1.  Meetings of the
Board shall be held at such place, if any, within or without the State of
Delaware as may from time to time be fixed by resolution of the Board or as may
be specified in the notice of any meeting. 
Regular meetings of the Board shall be held at such times as may from
time to time be fixed by resolution of the Board and special meetings may be
held at any time upon the call of the Chairman of the Board or the Board, by
notice, including telegraph, telex or transmission of a telecopy, e-mail or other
means of electronic transmission, duly served on or sent and delivered to each
director to such director’s address, e-mail address or telephone or telecopy
number as shown on the books of the Corporation not less than 24 hours before
the meeting.  The notice of any meeting
need not specify the purposes thereof.  A
meeting of the Board may be held without notice immediately after the annual
meeting of stockholders at the same place, if any, at which such meeting is
held.  Notice need not be given of regular
meetings of the Board held at times fixed by resolution of the Board.  Notice of any meeting need not be given to
any director who shall attend such meeting (except when the director attends a
meeting for the express purpose of objecting, at the beginning of the meeting,
to the transaction of any business because the meeting is not lawfully called
or convened), or who shall waive notice thereof, before or after such meeting,
in writing (including by electronic transmission).

 

Section 2.  The Board may from
time to time establish committees of the Board including, without limitation,
an Executive Committee, an Audit Committee, a Nominating and Corporate
Governance Committee and a Compensation Committee, to serve at the
pleasure of the Board which shall be comprised of such members of the Board and
have such duties as the Board shall from time to time establish.  Any director may belong to any number of
committees of the Board.  The Board may
designate one or more directors as alternate members of any committee, who may
replace any absent or disqualified member at any meeting of the committee. In
the absence or disqualification of a member of a committee, the member or
members present at any meeting and not disqualified from voting, whether or not
such member or members constitute a quorum, may unanimously appoint another
member of the Board to act at the meeting in the place of any such absent or
disqualified member.  Unless prohibited
by applicable law, otherwise provided in the certificate of incorporation of
the Corporation, these By-Laws or the resolution of the Board designating the
committee, a committee may create one

 

7

 

or more subcommittees, each subcommittee to consist of one or more
members of the committee, and delegate to a subcommittee any or all of the
powers and authority of the committee.

 

Section 3.  Unless otherwise
restricted by the certificate of incorporation of the Corporation or these
By-Laws, any action required or permitted to be taken at any meeting of the
Board or of any committee thereof may be taken without a meeting if all members
of the Board or committee, as the case may be, consent thereto in writing
(including by electronic transmission), and the writing or writings are filed
with the minutes of proceedings of the Board.

 

Section 4.  The members of the
Board or any committee thereof may participate in a meeting of such Board or
committee, as the case may be, by means of conference telephone or other
communications equipment by means of which all persons participating in the
meeting can hear each other, and participation in a meeting pursuant to this
subsection shall constitute presence in person at such a meeting.

 

Section 5.  A majority of the
total number of directors constituting the entire Board shall constitute a
quorum for the transaction of business. 
Except as otherwise provided by law, the certificate of incorporation of
the Corporation or these By-Laws, the act of a majority of the directors
present at any meeting at which there is a quorum shall be the act of the
Board.

 

Section 6.  The Board may
establish policies for the compensation of directors and for the reimbursement
of the expenses of directors in connection with services provided by directors
to the Corporation.

 

Section 7.  The provisions
relating to removal of directors and filling of vacancies and newly created
directorships shall be as set forth in the certificate of incorporation of the
Corporation.

 

ARTICLE
III

OFFICERS

 

Section 1.  The Board, at its
next meeting following each annual meeting of the stockholders, shall elect
officers of the Corporation, including a President, a Chief Executive Officer
and one or more Secretaries. The Board may also from time to time elect such
other officers (including a Chief Financial Officer, a Chief Operating Officer,
a Chief Legal Officer, a General Counsel, one or more Presidents, Vice
Presidents, a Treasurer, one or more Assistant Vice Presidents, one or more
Assistant Secretaries and one or more Assistant Treasurers) as it may deem
proper or may delegate to any elected officer of the Corporation the power to
appoint and remove any such other officers and to prescribe their respective terms
of office, authorities and duties.  Any
Vice President may be designated Executive, Senior or Corporate, or may be
given such other designation or combination of designations as the Board or the
Chief Executive Officer may determine. 
Any two or more offices may be held by the same person.

 

Section 2.  All officers of
the Corporation shall hold office for such terms as may be determined by the
Board or, except with respect to his or her own office, the Chief Executive
Officer, or until their respective successors are chosen, and qualified or
until his or her earlier 

 

8

 

resignation or removal.  Any
officer may be removed from office at any time either with or without cause by
the Board, or, in the case of appointed officers, by any elected officer
upon whom such power of removal shall have been conferred by or the Board.  Any officer may resign at any time upon
written notice to the Board, the Chief Executive Officer or the Secretary of
the Corporation.

 

Section 3.  Each of the
officers of the Corporation elected by the Board or appointed by an officer in
accordance with these By-Laws shall have the powers and duties prescribed by
law, by the By-Laws or by the Board and, in the case of appointed officers, the
powers and duties prescribed by the appointing officer, and, unless otherwise
prescribed by the By-Laws or by the Board or such appointing officer, shall
have such further powers and duties as ordinarily pertain to that office.  The Chief Executive Officer shall have
authority over the general direction of the affairs of the
Corporation.

 

Section 4.  Unless
otherwise provided in these By-Laws, in the absence or
disability of any officer of the Corporation, the Board or the Chief Executive
Officer may, during such period, delegate such officer’s powers and duties to
any other officer or to any director and the person to whom such powers and
duties are delegated shall, for such time, hold such office.

 

ARTICLE
IV

STOCK

 

Section 1.  The shares of the
Corporation shall be represented by certificates; provided that the Board may
provide by resolution or resolutions that some or all of any or all classes or
series of stock shall be uncertificated shares. 
Any such resolution shall not apply to shares represented by a
certificate until such certificate is surrendered to the Corporation.   Every holder of stock represented by
certificates shall be entitled to have a certificate signed by or in the name
of the Corporation by the Chairman or Vice Chairman of the board of directors,
if any, or the President or a Vice President, and by the Treasurer or an
Assistant Treasurer, or the Secretary or an Assistant Secretary, of the
Corporation certifying the number of shares owned by such holder in the
Corporation.  Any of or all the
signatures on the certificate may be a facsimile.  The Board shall have the power to appoint one
or more transfer agents and/or registrars for the transfer or registration of
certificates of stock of any class, and may require stock certificates to be
countersigned or registered by one or more of such transfer agents and/or
registrars.  In case any officer,
transfer agent or registrar who has signed or whose facsimile signature has
been placed upon a certificate shall have ceased to be such officer, transfer
agent, or registrar before such certificate is issued, it may be issued by the
Corporation with the same effect as if such person were such officer, transfer
agent, or registrar at the date of issue. All certificates for shares shall be
consecutively numbered or otherwise identified.

 

Section 2.  Shares of stock of
the Corporation shall only be transferred on the books of the Corporation by
the holder of record thereof or by such holder’s attorney duly authorized in
writing, upon surrender to the Corporation of the certificate or certificates
for such shares, if any, endorsed by the appropriate person or persons, with
such evidence of the authenticity of such endorsement, transfer, authorization,
and other matters as the Corporation may reasonably require, and accompanied by
all necessary stock transfer stamps. In that event, it 

 

9

 

shall be the duty of the Corporation to issue a new certificate, if
any, to the person entitled thereto, cancel the old certificate or
certificates, if any, and record the transaction on its books.

 

Section 3.  The Corporation
may direct a new certificate or certificates to be issued in place of any
certificate or certificates previously issued by the Corporation alleged to
have been lost, stolen, or destroyed, upon the making of an affidavit of that
fact by the person claiming the certificate of stock to be lost, stolen, or
destroyed. When authorizing such issue of a new certificate or certificates,
the Corporation may, in its discretion and as a condition precedent to the
issuance thereof, require the owner of such lost, stolen, or destroyed
certificate or certificates, or his or her legal representative, to give the
Corporation a bond or other indemnity sufficient to indemnify the Corporation
against any claim that may be made against the Corporation on account of the
alleged loss, theft or destruction of any such certificate or the issuance of
such new certificate.

 

Section 4.  The names and
addresses of the holders of record of the shares of each class and series of
the Corporation’s capital stock, together with the number of shares of each
class and series held by each record holder and the date of issue of such
shares, shall be entered into the books of the Corporation. Prior to the
surrender to the Corporation of the certificate or certificates for a share or
shares of stock, if any, with a request to record the transfer of such share or
shares, the Corporation may, to the fullest extent permitted by law, treat the registered
owner as the person entitled to receive dividends, to vote, to receive
notifications, and otherwise to exercise all the rights and powers of an owner.

 

ARTICLE
V

INDEMNIFICATION AND ADVANCEMENT OF EXPENSES

 

Section 1.  To the fullest
extent permitted by applicable law as it presently exists or may hereafter be
amended, the Corporation shall indemnify and hold harmless any person (and such
person’s heirs, executors or administrators) who was or is made or is
threatened to be made a party to or is otherwise involved in any threatened,
pending or completed action, suit or proceeding (brought in the right of the
Corporation or otherwise), whether civil, criminal, administrative or
investigative, and whether formal or informal, including appeals, by reason of
the fact that such person, or a person for whom such person was the legal
representative, is or was a director or officer of the Corporation or, while a
director or officer of the Corporation, is or was serving at the request of the
Corporation as a director, officer, partner, trustee, employee or agent of
another corporation, partnership, joint venture, trust, limited liability
company, nonprofit entity or other enterprise, for and against all loss and
liability suffered and expenses (including attorneys’ fees), judgments, fines
and amounts paid in settlement reasonably incurred by such person or such
heirs, executors or administrators in connection with such action, suit or
proceeding, including appeals. 
Notwithstanding the preceding sentence, except as otherwise provided in Section 3
of this By-Law, the Corporation shall be required to indemnify a person
described in such sentence in connection with any action, suit or proceeding
(or part thereof) commenced by such person only if the commencement of such
action, suit or proceeding (or part thereof) by such person was authorized in
the specific case by the Board.

 

10

 

Section 2.  To the fullest
extent not prohibited by applicable law, the Corporation shall promptly pay
expenses (including attorneys’ fees) incurred by any person described in Section 1
of this By-Law defending any action, suit or proceeding in advance of the final
disposition of such action, suit or proceeding, including appeals; provided,
however, that, to the extent required by law, such payment of expenses in
advance of the final disposition of the proceeding shall be made only upon
receipt of an undertaking on behalf of such person to repay such amount if it
shall ultimately be determined that such person is not entitled to be
indemnified under this By-Law or otherwise.

 

Section 3.  If a claim for
indemnification (following the final disposition of such action, suit or
proceeding) or advancement of expenses under this By-Law is not paid in full
within thirty days after a written claim therefor by any person described in Section 1
of this By-Law has been received by the Corporation, such person may file suit
to recover the unpaid amount of such claim and, if successful in whole or in
part, shall be entitled to be paid the expense of prosecuting such claim to the
fullest extent permitted by law.  In any
such action the Corporation shall have the burden of proving that such person
is not entitled to the requested indemnification or advancement of expenses
under applicable law.

 

Section 4.  To the fullest
extent permitted by the laws of the State of Delaware, the Corporation may
purchase and maintain insurance on behalf of any person described in Section 1
of this By-Law against any liability asserted against such person, whether or
not the Corporation would have the power to indemnify such person against such
liability under the provisions of this By-Law or otherwise.

 

Section 5.  The rights
conferred on any such person described in Section 1 of this By-Law by this
By-Law shall not be exclusive of any other rights which such person may have or
hereafter acquire under any statute, provision of the certificate of
incorporation, these By-Laws, agreement, vote of stockholders or disinterested
directors or otherwise.

 

Section 6.  The Corporation’s
obligation, if any, to indemnify or to advance expenses to any such person
described in Section 1 of this By-Law who was or is serving at its request
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust, enterprise or nonprofit entity shall be reduced by any
amount such person may collect as indemnification or advancement of expenses
from such other corporation, partnership, joint venture, trust, enterprise or non-profit
enterprise.

 

Section 7.  For purposes of
this By-Law, references to “other enterprises” shall include employee benefit
plans; references to “fines” shall include any excise taxes assessed on a
person with respect to an employee benefit plan; and references to “serving at
the request of the Corporation” shall include any service as a director,
officer, employee or agent of the Corporation which imposes duties on, or
involves services by, such director, officer, employee, or agent with respect
to an employee benefit plan, its participants, or beneficiaries.

 

Section 8.  Any repeal or
modification of the foregoing provisions of this By-Law shall not adversely
affect any right or protection hereunder of any such person described in Section 1
of this By-Law in respect of any proceeding (regardless when such proceeding is
first 

 

11

 

threatened, commenced or completed) arising out of, or related to, act
or omission occurring prior to the time of such repeal or modification.

 

Section 9.  This By-Law shall
not limit the right of the Corporation, to the extent and in the manner
permitted by law, to indemnify and to advance expenses to, and purchase and
maintain insurance on behalf of, persons other than persons described in Section 1
of this By-Law.

 

ARTICLE
VI

CORPORATE BOOKS.

 

The books of the Corporation
may be kept inside or outside of the State of Delaware at such place or places
as the Board may from time to time determine.

 

ARTICLE
VII

CHECKS, NOTES, PROXIES, ETC.

 

All checks and drafts on the
Corporation’s bank accounts and all bills of exchange and promissory notes, and
all acceptances, obligations and other instruments for the payment of money,
shall be signed by such officer or officers or agent or agents as shall be
authorized from time to time by the Chief Executive Officer, Chief Financial
Officer, Treasurer or such other officer or officers who may be delegated such
authority by the foregoing.  Proxies to
vote and consents with respect to securities of other corporations owned by or
standing in the name of the Corporation may be executed and delivered from time
to time on behalf of the Corporation by the Chairman of the Board, the Chief
Executive Officer, or by such officers as the Chairman of the Board, the Chief
Executive Officer or the Board may from time to time determine.

 

ARTICLE
VIII

FISCAL YEAR

 

The fiscal year of the
Corporation shall begin on the first day of January in each year and shall
end on the thirty-first day of the following December.

 

ARTICLE
IX

CORPORATE SEAL

 

The corporate seal shall
have inscribed thereon the name of the Corporation.  In lieu of the corporate seal, when so
authorized by the Board or a duly empowered committee thereof, a facsimile
thereof may be impressed or affixed or reproduced.

 

12

 

ARTICLE
X

GENERAL PROVISIONS

 

Section 1.  Whenever notice is
required to be given by law or under any provision of the certificate of
incorporation of the Corporation or these By-Laws, notice of any meeting need
not be given to any person who shall attend such meeting (except when the
person attends a meeting for the express purpose of objecting, at the beginning
of the meeting, to the transaction of any business because the meeting is not
lawfully called or convened), or who shall waive notice thereof, before or
after such meeting, in writing (including by electronic transmission).

 

Section 2.  Section headings
in these By-Laws are for convenience of reference only and shall not be given
any substantive effect in limiting or otherwise construing any provision
herein.

 

Section 3.  In the event that
any provision of these By-Laws is or becomes inconsistent with any provision of
the certificate of incorporation of the Corporation, the DGCL or any other
applicable law, the provision of these By-Laws shall not be given any effect to
the extent of such inconsistency but shall otherwise be given full force and
effect.

 

ARTICLE XI

 

AMENDMENTS

 

These By-Laws may be made,
amended, altered, changed, added to or repealed as set forth in the certificate
of incorporation of the Corporation.

 

13

 

Exhibit
B

 

AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION

OF

AGA MEDICAL HOLDINGS, INC.

 

AGA Medical Holdings, Inc. (the “Corporation”),
a corporation organized and existing under the laws of the State of Delaware,
hereby certifies as follows:

 

A.            The name of the Corporation is AGA
Medical Holdings, Inc.  The
Corporation’s original Certificate of Incorporation was filed with the
Secretary of State of the State of Delaware on July 25, 2005.

 

B.            This Amended and Restated
Certificate of Incorporation, which restates, integrates and further amends the
Corporation’s Amended and Restated Certificate of Incorporation filed with the
Secretary of State of the State of Delaware on July 28, 2005, was duly
adopted in accordance with Sections 242 and 245 of the General Corporation Law
of the State of Delaware [and by the
written consent of the stockholders in accordance with Section 228 of the
General Corporation Law of the State of Delaware].

 

C.            The Amended and Restated Certificate
of Incorporation of the Corporation is hereby amended and restated to read in
its entirety as follows:

 

ARTICLE I

 

Section 1.1.   Name.  The name of the Corporation is AGA Medical
Holdings, Inc. (the “Corporation”).

 

ARTICLE II

 

Section 2.1.   Address. The registered office of
the Corporation in the State of Delaware is [2711
Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808]; and the name of the Corporation’s registered agent at
such address is [Corporation Services Company].

 

ARTICLE III

 

Section 3.1.   Purpose.  The purpose of the Corporation is
to engage in any lawful act or activity for which corporations may be organized
under the General Corporation Law of the State of Delaware (the “DGCL”).

 

ARTICLE IV

 

Section 4.1.   Capitalization.

 

(A)          The total number of shares of all classes of stock that the
Corporation is authorized to issue is 3,500,000,000 shares, consisting of (i) 1,000,000,000
shares of Preferred Stock, par value $0.01 per share (“Preferred Stock”),
and (ii) 2,500,000,000 shares of Common Stock, par value $0.01 per share (“Common
Stock”). The number of authorized shares of

 

 

Preferred Stock and Common Stock may be
increased or decreased (but not below the number of shares thereof then
outstanding) by the affirmative vote of the holders of a majority in voting
power of the stock of the Corporation entitled to vote thereon irrespective of
the provisions of Section 242(b)(2) of the DGCL (or any successor
provision thereto), and no vote of the holders of any of the Common Stock or
the Preferred Stock voting separately as a class shall be required therefor.

 

(B)           Upon the filing of this Amended and Restated Certificate
of Incorporation with the Secretary of State of the State of Delaware (the “Filing
Time”), each [    ] shares(1) of common stock, par
value $0.01 per share, of the Corporation, however designated (including,
without limitation, each share of Class A common stock and Class B
common stock), outstanding immediately prior thereto (including treasury
shares) (“Old Common Stock”) shall automatically, without further action
on the part of the Corporation or any holder of such Old Common Stock, be
reclassified as and shall become one (1) new validly issued, fully paid
and nonassessable share of Common Stock, each [    ]shares
of Series A convertible preferred stock, par value $0.001 per share, of
the Corporation outstanding immediately prior thereto (including treasury
shares) (“Old Series A Preferred Stock”), shall automatically,
without further action on the part of the Corporation or any holder of such Old
Series A Preferred Stock, be reclassified as and shall become [one
thousand (1,000)](2) new validly issued, fully paid and nonassessable
shares of Common Stock, and each [    ]shares of Series B
convertible preferred stock, par value $0.001 per share, of the Corporation
outstanding immediately prior thereto (including treasury shares) (“Old Series B
Preferred Stock,” and together with the Old Series A Preferred Stock,
the “Old Preferred Stock”), shall automatically, without further action
on the part of the Corporation or any holder of such Old Series B
Preferred Stock, be reclassified as and shall become [three hundred and
sixty-three and 6364 / 1000 (363.6364)] new validly issued, fully paid and
nonassessable shares of Common Stock. 
The reclassification of the Old Common Stock and the Old Preferred Stock
into Common Stock will occur at the Filing Time, regardless of when any
certificates previously representing such shares of Old Common Stock or Old
Preferred Stock (if such shares are held in certificated form) are physically
surrendered to the Corporation in exchange for certificates representing such
new shares of Common Stock.  Until
surrendered, stock certificates previously representing shares of Old Common
Stock shall represent the same number of shares of Common Stock, and stock
certificates previously representing shares of Old Series A Preferred
Stock and Old Series B Preferred Stock shall represent [one thousand
(1,000)] and [three hundred and sixty-three and 6364 / 1000 (363.6364)] shares of
Common Stock for each share of Old Series A Preferred Stock and Series B
Preferred Stock, respectively.

 

(C)           No fractional shares of Common Stock shall be issued upon
conversion of the Old Series A Preferred Stock or the Old Series B
Preferred Stock.  In lieu of any fractional shares to which the holder
would otherwise be entitled, the Corporation shall pay 

 

(1)          Number
of shares to be determined based on reverse stock split, if any.

 

(2)          Please
note that this exchange ratio assumes that all accrued and unpaid dividends
will be declared prior to effectiveness of this Amended and Restated
Certificate of Incorporation and paid with a portion of the proceeds to be
received by the Corporation in connection therewith.

 

2

 

cash equal to such fraction multiplied
by the fair market value of a share of Common Stock as determined in good faith
by the Board of Directors.  Whether or not fractional shares would be
issuable upon such conversion shall be determined on the basis of the total
number of shares of Old Series A Preferred Stock and/or Old Series B
Preferred Stock the holder is at the time converting into shares of Common
Stock and the aggregate number of shares of Common Stock issuable upon such
conversion.

 

Section 4.2.   Preferred Stock.  The Board of Directors of the Corporation
(the “Board”) is hereby expressly authorized, by resolution or
resolutions, at any time and from time to time, to provide, out of the unissued
shares of Preferred Stock, for series of Preferred Stock and, with respect to
each such series, to fix the number of shares constituting such series and the
designation of such series, the voting powers (if any) of the shares of such
series, and the powers, preferences and relative, participating, optional or
other special rights, if any, and any qualifications, limitations or
restrictions thereof, of the shares of such series and to cause to be filed
with the Secretary of State of the State of Delaware a certificate of
designation with respect thereto.  The
powers, preferences and relative, participating, optional and other special
rights of each series of Preferred Stock, and the qualifications, limitations
or restrictions thereof, if any, may differ from those of any and all other
series at any time outstanding.

 

Section 4.3.   Common Stock.

 

(A)          Voting Rights. 
Each holder of Common Stock, as such, shall be entitled to one vote for
each share of Common Stock held of record by such holder on all matters on
which stockholders generally are entitled to vote; provided,
however, that to the fullest extent permitted by law, holders of
Common Stock, as such, shall have no voting power with respect to, and shall
not be entitled to vote on any amendment to this Amended and Restated
Certificate of Incorporation (including any certificate of designations
relating to any series of Preferred Stock) 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 with the holders of
one ore more other such series, to vote thereon pursuant to this Amended and
Restated Certificate of Incorporation (including any certificate of
designations relating to any series of Preferred Stock) or pursuant to the
DGCL.

 

(B)           Dividends and Distributions.  Subject to the rights of the holders of
Preferred Stock, holders of Common Stock shall be entitled to receive such
dividends and other distributions in cash, stock of any corporation or property
of the Corporation as may be declared thereon by the Board from time to time
out of assets or funds of the Corporation legally available therefor and shall
share equally on a per share basis in all such dividends and other
distributions.

 

(C)           Liquidation, Dissolution or Winding Up.  In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation, after
payment or provision for payment of the debts and other liabilities of the
Corporation and of the preferential and other amounts, if any, to which the
holders of Preferred Stock shall be entitled, the holders of all outstanding
shares of Common Stock shall be entitled to receive the 

 

3

 

remaining assets of the Corporation
available therefor and shall share equally on a per share basis in all such
distributions.

 

ARTICLE V

 

Section 5.1.   By-Laws.  In furtherance and not in limitation of the
powers conferred by the DGCL, the Board is expressly authorized to make, amend,
alter, change, add to or repeal the by-laws of the Corporation without the
assent or vote of the stockholders in any manner not inconsistent with the laws
of the State of Delaware or this Amended and Restated Certificate of
Incorporation.  Notwithstanding anything
to the contrary contained in this Amended and Restated Certificate of
Incorporation, the affirmative vote of the holders of at least 75% of the
voting power of all the then outstanding shares of stock of the Corporation
entitled to vote generally in the election of directors, voting together as a
single class, shall be required for the stockholders to alter, amend or repeal
the by-laws of the Corporation or to adopt any provision inconsistent
therewith.

 

ARTICLE VI

 

Section 6.1.   Board of Directors:  Composition.

 

(A)          The business and affairs of the Corporation shall be
managed by or under the direction of the Board. 
Except as otherwise provided for or fixed pursuant to the provisions of Article IV
of this Amended and Restated Certificate of Incorporation (including any
certificate of designation) relating to the rights of the holders of any series
of Preferred Stock to elect additional directors, the total number of directors
constituting the entire Board shall be not less than three directors or more
than fifteen directors, the exact number of directors to be determined from
time to time by resolution adopted by the Board; provided, however, that the upon the Filing Time the number of directors
shall be nine directors.

 

(B)           Commencing with the Filing Time, the directors (other than
those directors elected by the holders of any series of Preferred Stock
provided for or fixed pursuant to the provisions of Article IV hereof
(including any certificate of designation) (the “Preferred Stock Directors”))
shall be divided into three classes designated Class I, Class II and Class III.  Each class shall consist, as nearly as
possible, of one-third of the total number of directors constituting the entire
Board.  Class I directors shall
initially serve for a term expiring at the first annual meeting of stockholders
following the Filing Time, Class II directors shall initially serve for a
term expiring at the second annual meeting of stockholders following the Filing
Time and Class III directors shall initially serve for a term expiring at
the third annual meeting of stockholders following the Filing Time. At each
annual meeting of stockholders, successors to the class of directors whose term
expires at that annual meeting shall be elected for a three-year term until the
election and qualification of their respective successors in office.  If the number of directors is from time to
time changed (other than Preferred Stock Directors), any increase or decrease
shall be apportioned among the classes so as to maintain the number of directors
in each class as nearly equal as possible. 
The Board is authorized to assign members of the Board already in office
to Class I, Class II or Class III upon the Filing Time.

 

4

 

(C)           Subject to the rights of the holders of any one or more
series of Preferred Stock then outstanding, newly created directorships
resulting from any increase in the authorized number of directors or any
vacancies in the Board resulting from death, resignation, retirement, disqualification,
removal from office 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.  Any director
so chosen shall hold office until the next annual meeting of stockholders and
until his successor shall be elected and qualified.  In such event, the director elected by the
stockholders at such next annual meeting shall hold office for a term that
shall coincide with the remaining term of the class of directors to which such
person has been elected.  No decrease in
the number of directors shall shorten the term of any incumbent director.

 

(D)          During any period when the holders of any series of
Preferred Stock have the right to elect additional directors, then upon
commencement and for the duration of the period during which such right
continues:  (i) the then otherwise
total authorized number of directors of the Corporation shall automatically be
increased by such specified number of directors, and the holders of such
Preferred Stock shall be entitled to elect the additional directors so provided
for or fixed pursuant to said provisions, and (ii) each such additional
director shall serve until such director’s successor shall have been duly
elected and qualified, or until such director’s right to hold such office
terminates pursuant to said provisions, whichever occurs earlier, subject to
his earlier death, resignation, retirement, disqualification or removal.  Except as otherwise provided by the Board in
the resolution or resolutions establishing such series, whenever the holders of
any series of Preferred Stock having such right to elect additional directors
are divested of such right pursuant to the provisions of such stock, the terms
of office of all such additional directors elected by the holders of such
stock, or elected to fill any vacancies resulting from the death, resignation,
disqualification or removal of such additional directors, shall forthwith
terminate and the total authorized number of directors of the Corporation shall
be reduced accordingly.

 

(E)           A director shall hold office until the annual meeting for
the year in which his or her term expires and until his or her successor shall
be elected and shall qualify, subject, however, to prior death, resignation,
retirement, disqualification or removal from office.  A director may resign at any time upon notice
to the Corporation.

 

(F)           Directors need not be elected by written ballot unless the
by-laws of the Corporation shall so provide.

 

Section 6.2.   Removal of Directors.  Except as provided by the law and this
Amended and Restated Certificate of Incorporation (including any certificate of
designations relating to any series of Preferred Stock), directors may be
removed only for cause and only by the affirmative vote of 75% of the voting
power of the outstanding shares of the Corporation entitled to vote generally
in the election of directors, voting together as a single class.

 

ARTICLE VII

 

Section 7.1.   Meetings of Stockholders.  Any action required or permitted to be taken
by the holders of the Common Stock of the Corporation must be effected at a
duly called 

 

5

 

annual or special meeting of such holders and may not
be effected by any consent in writing by such holders; provided,
however, that any action required or permitted to be taken to the
extent expressly permitted by the certificate of designation relating to one or
more series of Preferred Stock, by the holders of such series of Preferred
Stock, voting separately as a series or separately as a class with one or more
other such series, may be taken without a meeting, without prior notice and
without a vote, if a consent or consents in writing, setting forth the action
so taken, shall be signed by the holders of outstanding shares of the relevant
class or series having not less than the minimum number of votes that would be
necessary to authorize or take such action at a meeting at which all shares of
Preferred Stock entitled to vote thereon were present and voted and shall be
delivered to the Corporation by delivery to its registered office in Delaware,
its principal place of business, or to an officer or agent of the Corporation
having custody of the book in which proceedings of meetings of stockholders are
recorded.  Except as otherwise required
by law and subject to the rights of the holders of any series of Preferred
Stock, special meetings of the stockholders of the Corporation may be called
only by or at the direction of the Board or the Chairman of the Board.

 

ARTICLE VIII

 

Section 8.1.   Limited Liability of Directors.  No director of the Corporation will have any
personal liability to the Corporation or its stockholders for monetary damages
for any breach of fiduciary duty as a director, except to the extent such
exemption from liability or limitation thereof is not permitted under the DGCL
as the same exists or hereafter may be amended. 
Neither the amendment nor the repeal of this Article VIII shall
eliminate or reduce the effect thereof in respect of any matter occurring, or
any cause of action, suit or claim that, but for this Article VIII would
accrue or arise, prior to such amendment or repeal.

 

ARTICLE IX

 

Section 9.1.   Business Combinations.  The Corporation hereby elects not to be
governed by Section 203 of the DGCL.

 

ARTICLE X

 

Section 10.1.   Amendment.  The Corporation reserves the right
at any time, and from time to time, to amend, alter, change or repeal any
provision contained in this Amended and Restated Certificate of Incorporation,
and other provisions authorized by the laws of the State of Delaware at the
time in force may be added or inserted, in the manner now or hereafter
prescribed by law; and all rights, preferences and privileges of any nature
conferred upon stockholders, directors or any other persons by and pursuant to
this Amended and Restated Certificate of Incorporation in its present form or
as hereafter amended are granted subject to the rights reserved in this
article.

 

*  
*   *

 

6

 

IN WITNESS WHEREOF, the undersigned has caused this
Amended and Restated Certificate of Incorporation to be signed by                         ,                              
of the Corporation on                     
      , 2008.

 

 

	
   

  	
  AGA
  MEDICAL HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
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