Document:

EX-10.15

 Exhibit 10.15 

EXECUTIVE SEVERANCE AGREEMENT 

By this Executive Severance Agreement (hereinafter “Agreement”), APi Group, Inc. (the “Company”) and Julius Chepey,
inclusive of his heirs, executors, administrators, successors, and assigns (collectively referred to herein as the “Executive”) (collectively, the “Parties”), agree as follows: 

1. Separation Date. The Executive’s employment with the Company will end effective February 15, 2021 (the
“Separation Date”). 
 2. Consideration Provided by the Company. In consideration of Executive’s
execution of this Agreement, the Company will provide Executive with the following consideration: 
 a. Severance Payment. The Company
agrees to issue the Executive a severance payment (the “Severance Payment”) in the amount of $300,000.00, less applicable withholdings and deductions. The Severance Payment will be paid over 24 installments issued on the
Company’s regular, twice-monthly payroll dates over a 12-month period (“Payout Period”). The first Installment will be issued on the Company’s first regular payroll date following the
expiration of the 15-day revocation period provided at Section 9, provided Executive does not exercise the right to revoke thereunder. For purposes of Section 409A of the Internal Revenue Code, each
Installment issued under this Agreement shall be treated as a separate payment. 
 b. COBRA Premiums. During the Payout Period, the
Company agrees to also pay the entirety of the premiums necessary to continue Executive’s coverage under the Company’s health plans in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA Premiums”),
in accordance with the elections made by Executive for 2021, or the closest equivalent; provided, however, that the Parties agree that the Company may cease payment of the COBRA Premiums during the Payout Period at such time that the
Executive becomes eligible for coverage under the health plan of a new employer. The Executive agrees that, within five business days of accepting a new position offering health care coverage, he will notify the Company (by email to
Andrea.Fike@apigroupinc.us) of the date he will be eligible for coverage under the new employer’s health plans. The Company will pay any COBRA Premiums required hereunder directly to the carrier on Executive’s behalf. 

3. Consideration Provided by the Executive. In consideration of the Company’s execution of this Agreement, the Executive will
provide the Company with the following general release of claims: 
 a. General Release. The Executive hereby knowingly, voluntarily,
irrevocably and unconditionally releases, forever discharges, and covenants not to sue the Company, its affiliated corporations and entities, or its/their respective former and current owners, stockholders, members, managers, predecessors,
successors, assigns, agents, directors, officers, employees, representatives, attorneys, parent companies, divisions, subsidiaries, plans, benefits administrators, investors, funds, and affiliates (collectively, with the Company, the
“Releasees”) from any and all claims, causes of action, liabilities, and judgments of every type and description whatsoever, known or unknown, whether brought in his individual capacity or as part of a class or collective action, from the
beginning of time through the date on which the Executive signs this Agreement (collectively the “Released Claims”), including, but not limited to, any obligation or claim arising under public policy, statute, contract (express or implied,
written or oral), tort, or common law, including but not limited to, wrongful discharge, defamation, emotional distress, misrepresentation, and/or obligations arising out of the Company’s employment policies or practices, employee handbooks,
and/or statements by any employee or agent of the Company (whether oral or written), and/or claims arising under federal, state, or local laws, regulations, ordinances, including but not limited to: 

 

	 	•	 	 The Genetic Information Nondiscrimination Act of 2008, 42 U.S.C. § 2000,
et seq.; 

  
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	 	•	 	 Age Discrimination in Employment Act of 1967 (“ADEA”), 29 U.S.C. § 626, as amended;

  

	 	•	 	 The Older Workers Benefit Protection Act of 1990 (“OWBPA”), 29 U.S.C. § 626(f);

  

	 	•	 	 Title VII of the Civil Rights Act of 1964 (“Title VII”), 42 U.S.C. § 2000e,
et seq.; 

  

	 	•	 	 Sections 1981 through 1988 of Title 42 of the United States Code; 

 

	 	•	 	 The Americans with Disabilities Act (“ADA”), 29 U.S.C. § 2101,
et seq.; 

  

	 	•	 	 The Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, 29 U.S.C.
§ 1001, et seq.; 

  

	 	•	 	 Equal Pay Act (“EPA”), 29 U.S.C. § 206(d); 

 

	 	•	 	 The Family and Medical Leave Act, 29 U.S.C. § 2601, et seq.; 

 

	 	•	 	 National Labor Relations Act, 29 U.S.C. § 141, et seq.; 

 

	 	•	 	 The Immigration Reform and Control Act (“IRCA”); 

 

	 	•	 	 The Worker Adjustment and Retraining Notification Act (“WARN”); 

 

	 	•	 	 The False Claims Act, 31 U.S.C. § 3729, et seq.; 

 

	 	•	 	 Anti-Kickback Statute, 42 U.S.C. § 1320a, et seq.; 

 

	 	•	 	 The Fair Credit Reporting Act (“FCRA”); 

 

	 	•	 	 The Minnesota Drug and Alcohol Testing in the Workplace Act (“DATWA”); 

 

	 	•	 	 Laws enacted under the Minnesota Women’s Economic Security Act of 2014; 

 

	 	•	 	 Minnesota wage-hour and wage-payment laws; 

 

	 	•	 	 The Minnesota Human Rights Act, Minn. Stat. § 363A.01, et seq.;

  

	 	•	 	 Minnesota Statutes §§ 176, 177, and 181, et seq.; and 

 

	 	•	 	 The United States and Minnesota Constitutions, or any and all other Minnesota and other state human rights or
fair employment practices statutes, administrative regulations, or local ordinances, and any other Minnesota or other federal, state, local, administrative or foreign statute, law, rule, regulation, ordinance, code or order, all as amended.

 b. Claims Not Released. The Executive is not waiving (i) any rights or claims arising out of events that
occur after he signs this Agreement, or (ii) any rights he may have to: (A) his own vested accrued employee benefits under the Company’s health, welfare, or retirement benefit plans as of the end of the Executive’s employment;
(B) benefits and/or the right to seek benefits under applicable workers’ compensation and/or unemployment compensation statutes; (C) pursue claims which by law cannot be waived by signing this Agreement; (D) enforce this
Agreement; and/or (E) challenge the validity of this Agreement. 
 c. Governmental Agencies. Nothing in this Agreement prohibits
or prevents the Executive from filing a charge with or participating, testifying, or assisting in any investigation, hearing, or other proceeding before the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board or a
similar agency enforcing federal, state or local anti-discrimination laws. However, to the maximum extent permitted by law, the Executive agrees that if such an administrative claim is made to such an anti-discrimination agency, he shall not be
entitled to recover any individual monetary relief or other individual remedies. In addition, nothing in this Agreement, including but not limited to the release of claims and non-disparagement clauses,
prohibits the Executive from (i) reporting possible violations of federal law or regulations, including any possible securities laws violations, to any governmental agency or entity, including but not limited to the U.S. Department of Justice,
the U.S. Securities and Exchange Commission, the U.S. Congress, or any agency Inspector General; (ii) making any other disclosures that are protected under the whistleblower provisions of federal law or regulations; or (iii) otherwise
fully participating in any federal whistleblower programs, including but not limited to any such programs managed by the U.S. Securities and Exchange Commission and/or the Occupational Safety and Health Administration. Moreover, nothing in this
Agreement prohibits or prevents the Executive from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programs. 

  
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 d. Collective/Class Action Waiver. If any claim is not subject to release, to the
extent permitted by law, the Executive waives any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim
in which the Company or any other Releasee in this Agreement is identified as a party. 
 4. No Consideration Absent Execution of this
Agreement. The Executive and the Company each understand and agree that they would not receive the consideration provided by the other under this Agreement except for their mutual execution of this Agreement and fulfillment of the promises
contained herein. 
 5. Affirmations.  

a. The Company affirms that the Executive is entitled, without regard to this Agreement, to payments from the Company for (i) his accrued
and unused Paid Time Off (PTO); and (ii) his 2020 incentive award, less applicable withholdings and deductions. The Executive affirms that he is not otherwise owed or entitled to any compensation, benefits, or consideration of any kind or
nature whatsoever from the Company or any of the other Releasees, as defined below, except as expressly provided in this Agreement. 
 b.
The Company affirms that the Executive enters into this Agreement inclusive of his heirs, executors, administrators, successors, and assigns; accordingly, in the event that Executive dies before the Severance Payment is paid in full, his spouse
shall receive the remaining Installments until a total of 24 Installments have been issued hereunder. 
 c. The Executive affirms that he
has not assigned, transferred or sold any of the Released Claims. The Executive shall indemnify and hold harmless the Releasees from and against any liability or loss, and for any cost, expense (including attorneys’ fees), judgment, or
settlement, based on or arising out of any breach of this Agreement by the Executive, to the extent permitted by law. 
 d. The Executive
affirms that he has been granted all leave (paid or unpaid) to which he was entitled under the state and/or federal FMLA and that he has not been discriminated or retaliated against due to his exercise of rights, if any, under the state and/or
federal leave-entitlement statutes. 
 e. The Executive affirms that he has no known workplace injuries or occupational diseases. 

f. Executive affirms that he has returned all Company property in his possession, custody, or control whether in electronic or physical form.
The Parties affirm that by mutual agreement, the Executive has assumed ownership of the following devices issued to him during his employment: laptop computer (with associated equipment, e.g., monitor, keyboard, and mouse) and iPad; and that the
Executive cooperated to ensure these devices were wiped of all data relating to the Company by his Separation Date. The Executive also affirms that he is in possession of all of his personal property that he had at the Company’s premises and
that the Company is not in possession of any of his personal property 
 g.The Executive affirms his belief that all of the Company’s
decisions regarding his pay and benefits through the date of execution of this Agreement were not discriminatory based on age, disability, race, sex, religion, national origin or any other classification protected by law. 

  
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 6. Cooperation. Upon reasonable notice and request by the Company, the Executive
agrees to make himself available: (a) to consult with the Company regarding business matters in which he was involved while employed by the Company; and (b) in connection with any litigation or investigation involving the Company as to
which he has or may have relevant knowledge in connection with his prior employment with the Company, to be interviewed, review documents or things, give testimony, or engage in reasonable activities and otherwise cooperate with the Company
(collectively , “Cooperation Activities”). 
 7. Non-Disparagement. The Executive
agrees not to disparage the Company, the Releasees, their employees, products or services. The Company agrees not to disparage the Executive; provided, however, that the Company shall not be held in breach of this non-disparagement provision based on the statement(s) of any employee or other Releasee who lacks actual knowledge of this non-disparagement provision. 

8. Restrictive Covenants 

a. Confidential Information. The Executive agrees that, in the course of his employment, he had access to and acquired confidential and
proprietary information belonging to the Company. The Executive agrees that such information (the “Confidential Information”) was disclosed to him in confidence, that the misappropriation or other unauthorized disclosure of the
Confidential Information would cause irreparable harm to the Company, and that he will not make use of the Confidential Information on his own behalf or on behalf of any third party, unless required to do so under compulsion or law or legal
progress. 
 b. Non-Solicitation. Executive agrees that during the two-year period following his Separation Date from the Company, he will not, and will not attempt, directly or indirectly, to solicit or to persuade (i) any employee of the Company, inclusive of its affiliates,
to end his or her employment relationship with the Company or to engage as an employee or vendor, supplier, service provider, or independent contractor (collectively, “contractor”) with any person or entity other than the Company; or
(ii) any contractor of the Company to end its business relationship with the Company and enter into a business relationship with any person or entity other than the Company. 

9. Time Period for Consideration, Execution, Rescission and Revocation. 

a. The offer of this Agreement is conditioned upon the Executive’s employment through the anticipated Separation Date. In the event that
the Executive’s employment with the Company ends for any reason prior to the anticipated Separation Date, such termination of employment shall operate to revoke the offer of this Agreement, and no further action shall be required on the part of
the Company to effect such revocation. 
 b. This Agreement is offered to the Executive for execution no sooner than February 16, 2021
and no later than March 12, 2021 (the “Execution Period”). In the event that the Executive signs this Agreement on a date outside the Execution Period (meaning, on a date prior to February 16, 2021 or after March 12, 2021),
such signature shall be of no legal effect and will not operate to create a binding Agreement with the Company. 
 c. The Executive is
advised that he is legally entitled to up to 21 calendar days to consider this Agreement (“Consideration Period”). The Executive acknowledges that, because the Execution Period expires on March 12, 2012, he has had a period in excess
of 21 days to consider it. The Executive agrees that any modifications, material or otherwise, made to this agreement, do not restart or affect the Consideration Period in any manner. 

d. The Executive is advised to consult with an attorney prior to signing this Agreement. 

  
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 e. In the event that the Executive executes this Agreement within the Execution Period, he
may revoke or rescind this Agreement within 15 calendar days following the day he signs it. In order to effectively revoke or rescind this Agreement, the revocation or rescission must be in writing and must be delivered by hand or sent by certified
mail, return receipt requested, postmarked within the 15-day period, and properly addressed to: 

Andrea Fike 
 VP &
General Counsel – APi Group 
 1100 Old Highway 8 NW 

New Brighton, MN 55112 

Andrea.Fike@apigroupinc.us 

10. Integration. The Executive acknowledges that he has not relied on any representations, promises, or agreements of any kind made to
him in connection with his decision to accept this Agreement, except for those set forth in this Agreement. This Agreement sets forth the entire agreement between the parties and fully supersedes any and all prior agreements or understandings
between the parties; provided, however, that the agreement(s) between the Company and the Executive governing the award of Restricted Stock Units (“RSUs”), as governed by the 2019 Incentive Equity Plan, shall remain in full force
and effect. 
 11. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Minnesota without regard to its conflict of law principles, and disputes arising hereunder shall be subject to the exclusive jurisdiction of the U.S. District Court for the District of Minnesota, or if such court lacks jurisdiction, Ramsey County
District Court. 
 12. No Admission of Wrongdoing. The Parties agree that neither this Agreement nor the furnishing of the
consideration for this Agreement shall be deemed or construed at any time for any purpose as an admission by Releasees of wrongdoing or evidence of any liability or unlawful conduct of any kind. 

13. Severability. In the event that any provision of this Agreement is held to be unenforceable by a court of competent jurisdiction
and cannot be modified to be enforceable, each and all of the other provisions of this Agreement shall remain in full force and effect. 

14. Remedies. 
 a. If
either Party breaches any term of this Agreement, the other Party shall be entitled to its available legal and equitable remedies; provided, however, that a Party alleging a breach of the Agreement must first provide the other Party with
notice of the alleged breach and a period of 15 calendar days to cure; provided further, however, that because any breach of the non-disparagement clause at Section 7 and/or the restrictive
covenants at Section 8 would be non-curable, this notice-and-opportunity requirement shall not apply to alleged breaches of
Sections 7 and 8. 
 b. Because damages alone would not be an adequate remedy for any breach of the restrictive covenants at Section 8,
the Company shall have the right, without posting a bond, to enforce said provisions by seeking injunctive relief, specific performance, or other equitable and extraordinary relief. 

c. If either Party seeks and/or obtains relief from an alleged breach of this Agreement, all of the provisions of this Agreement shall remain
in full force and effect. 

  
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 15. Amendment. This Agreement may not be modified except in writing and signed by
both parties wherein specific reference is made to this Agreement. 
 16. Counterparts and Signatures. This Agreement may be signed
in counterparts, each of which shall be deemed an original, but all of which, taken together shall constitute the same instrument. A signature made on a faxed or electronically mailed copy of the Agreement, or a signature transmitted by facsimile or
electronic mail, will have the same effect as the original signature. 
 THE EXECUTIVE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO
THIS AGREEMENT INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS THE EXECUTIVE HAS OR MIGHT HAVE AGAINST RELEASEES. THIS AGREEMENT SHALL BECOME EFFECTIVE FOLLOWING THE REVOCATION PERIOD SET FORTH HEREIN. 

 

			
	JULIUS CHEPEY
		
	Signature:	 	/s/ Julius Chepey
		
	Date:	 	February 16, 2021
		 	(The Execution Period expires on March 12, 2021.)

 Countersigned: 
  

			
	APi Group, Inc.
		
	By:	 	/s/ Russell Becker
	Its:	 	President and Chief Executive Officer

 Date: February 16, 2021 

  
 6Document

Exhibit 4.2

Description of Prudential Financial, Inc. Common Stock
The following briefly summarizes some provisions of Prudential Financial, Inc.’s (the “Company”, “Prudential Financial, Inc.”, “Prudential Financial”, “we”, “us” or “our”) amended and restated certificate of incorporation and amended and restated by-laws that would be important to holders of our Common Stock. The following description may not be complete and is subject to, and qualified in its entirety by reference to, the terms and provisions of our amended and restated certificate of incorporation and amended and restated by-laws which are exhibits to the Annual Report on Form 10-K. 
Our Common Stock
We have authorized 1,500,000,000 shares of Common Stock with a par value of $0.01 per share. As of January 31, 2021, approximately 397,000,000 shares of Common Stock were outstanding. The outstanding shares of Common Stock are fully paid and non-assessable.
Our Common Stock is listed on the New York Stock Exchange under the symbol “PRU”.
Dividend Rights
Holders of Common Stock may receive dividends as declared by our board of directors out of funds legally available for that purpose under the New Jersey Business Corporation Act, subject to the rights of any holders of any preferred stock.
Voting Rights
Each share of Common Stock gives the owner of record one vote on all matters submitted to a shareholder vote. The Common Stock votes together as a single class on all matters as to which common shareholders are generally entitled to vote.
Actions requiring approval of shareholders will generally require approval by a majority vote at a meeting at which a quorum is present. Our amended and restated certificate of incorporation provides that, with respect to shares of Common Stock and any shares of preferred stock voting together with the Common Stock as a class, the holders of at least 50% of the shares entitled to cast votes at a meeting of shareholders shall constitute a quorum at all meetings of shareholders for the transaction of business.
Liquidation Rights
In the event of a liquidation, dissolution or winding-up of Prudential Financial, each share of Common Stock will be entitled to receive an equal share in our net assets that remain after paying all liabilities and the liquidation preferences of any preferred stock.
Neither a merger nor a consolidation of us with any other entity, nor a sale, transfer or lease of all or any part of our assets would alone be deemed a liquidation, dissolution or winding-up for these purposes.
Pre-emptive Rights
Holders of our Common Stock have no pre-emptive rights with respect to any shares of capital stock that we may issue in the future.
Provisions of Our Amended and Restated Certificate of Incorporation and Amended and Restated By-Laws
A number of provisions of our amended and restated certificate of incorporation and amended and restated by-laws concern corporate governance and the rights of shareholders. Some provisions, including those granting  our board of directors the ability to issue shares of preferred stock and to set the voting rights, preferences and other terms of preferred stock without shareholder approval, may be viewed as having an anti-takeover effect and may discourage takeover attempts not first approved by our board of directors, including takeovers that some shareholders may consider to be in their best interests. To the extent takeover attempts are discouraged, fluctuations in the market price of the Common Stock, which may result from actual or rumored takeover attempts, may be inhibited.
The amended and restated certificate of incorporation and the amended and restated by-laws have provisions that also could delay or frustrate the removal of directors from office or the taking of control by shareholders, even if that action would be beneficial to shareholders. These provisions also could discourage or make more difficult a merger, tender offer or proxy contest, even if they were favorable to the interests of shareholders, and could potentially depress the market price of the Common Stock.
The following is a summary of the material terms of these provisions of our amended and restated certificate of incorporation and amended and restated by-laws. The statements below are only a summary, and we refer you to the amended 

and restated certificate of incorporation and amended and restated by-laws. Each statement is qualified in its entirety by such reference. 
Board of Directors; Number of Directors; Removal; Vacancies
Our amended and restated by-laws provide that the board of directors consists of not less than 10 nor more than 15 members, with the exact number to be determined by the board of directors from time to time. All directors are elected for terms expiring at the next annual meeting of shareholders and until such directors’ successors have been elected and qualified. The amended and restated by-laws also provide that the directors may be removed “with or without cause” upon the affirmative vote of a majority of the votes cast at a meeting of shareholders by the holders of shares entitled to vote for the election of directors.
Unless otherwise required by law, vacancies on the board of directors, including vacancies resulting from an increase in the number of directors or the removal of directors, may only be filled by an affirmative vote of a majority of the directors then in office, even though less than a quorum, or by a sole remaining director, subject to any rights to director election held by any one or more classes or series of preferred stock.
Limitations on Call of Special Meetings of Shareholders
The amended and restated by-laws provide that special meetings of shareholders may only be called by the chairman of the board of directors, the chief executive officer, the president, or the board of directors, and shall be called by the chairman of the board of directors or the secretary of the Company upon the written request of shareholders that own at least 10% of the shares entitled to vote on the matters to be brought before the proposed special meeting. For purposes of such shareholder request, shareholders are deemed to own those shares held net long as described in the amended and restated by-laws.
Limitation on Written Consent of Shareholders
The amended and restated certificate of incorporation generally provides that action by holders of Common Stock cannot be taken by written consent without a meeting unless such written consents are signed by all shareholders entitled to vote on the action to be taken.
Advance Notice Requirements for Nomination of Directors and Presentation of New Business at Meetings
Our amended and restated by-laws establish advance notice procedures for shareholder proposals concerning nominations for election to the board of directors and new business to be brought before meetings of shareholders. These procedures require that notice of such shareholder proposals must be timely given in writing to our corporate secretary prior to the meeting at which the action is to be taken. Generally, to be timely, we must receive the notice at our principal executive offices not less than 120 nor more than 150 days prior to the anniversary date of the annual meeting of shareholders before the one in which the shareholder proposal is to be considered.
In order for a director nominee to have access to the Company’s proxy statement, the amended and restated by-laws require the nominee to be nominated by not more than 20 shareholders, each of whom has a non-control intent and has had a net long position of 3% or more of the Company’s outstanding capital stock continuously for at least three years. These provisions make it procedurally more difficult for a shareholder to place a proposed nomination or new business proposal on the meeting agenda and therefore may reduce the likelihood that a shareholder will seek to take independent action to replace directors or with respect to other matters that are not supported by management.
Limitation of Liability and Indemnification Matters
Amended and Restated Certificate of Incorporation. Our amended and restated certificate of incorporation states that a director will not be held personally liable to us or any of our shareholders for damages for a breach of duty as a director except for liability:
•for any breach of the director’s duty of loyalty to us or our shareholders,
•for any act or omission not in good faith or involving a knowing violation of law, or
•for any transaction from which such director derived or received an improper personal benefit.
This provision prevents a shareholder from pursuing an action for damages for breach of duty against one of our directors unless the shareholder can demonstrate one of these specified bases for liability. The inclusion of this provision in the amended and restated certificate of incorporation may discourage or deter shareholders or management from bringing a lawsuit against a director for a breach of his or her duties, even though an action, if successful, might otherwise benefit us and our shareholders. This provision does not affect the availability of non-monetary remedies like an injunction or rescission based upon a director’s breach of his or her duty of care.

Amended and Restated By-Laws. Our amended and restated by-laws provide that we must indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding because such person is or was a director or officer of us, or is or was serving at our request as a director or officer, employee or agent of another entity. This indemnification covers expenses, judgments, fines, penalties and amounts paid in settlement actually and reasonably incurred by the indemnified person in connection with such action, suit or proceeding. To receive indemnification, a person must have acted in good faith and in a manner the person reasonably believed to be in or not opposed to our best interests. In the case of any criminal action or proceeding, the indemnified person also must have had no reasonable cause to believe his or her conduct was unlawful. The amended and restated by-laws limit indemnification in cases when a person has been held liable to us.
Anti-Takeover Effect of New Jersey Business Corporation Act
New Jersey Shareholders Protection Act
We are subject to the provisions of Section 14A-10A of the New Jersey Business Corporation Act, which is known as the “Shareholders Protection Act”.
Generally, the Shareholders Protection Act prohibits a publicly held New Jersey corporation with its principal executive offices or significant business operations in New Jersey, like us, from engaging in any “business combination” with any “interested stockholder” of that corporation for a period of five years following the time at which that stockholder became an “interested stockholder”. An exception applies if (1) the business combination is approved by the board of directors before the stockholder becomes an “interested stockholder”; or (2) the transaction or series of related transactions which caused the stockholder to become an “interested stockholder” was approved by the board of directors prior to the stockholder becoming an “interested stockholder” and any subsequent business combinations with that interested stockholder are approved by the board of directors, provided that any such subsequent business combination is approved by (a) the board of directors, or a committee of that board, consisting solely of persons who are not employees, officers, directors, stockholders, affiliates or associates of that interested stockholder, and (b) the affirmative vote of the holders of a majority of the voting stock not beneficially owned by such interested stockholder at a meeting called for such purpose.
Covered business combinations include certain mergers, dispositions of assets or shares and recapitalizations. An “interested stockholder” is (1) any person that directly or indirectly beneficially owns 10% or more of the voting power of the outstanding voting stock of Prudential Financial; or (2) any “affiliate” or “associate” of ours that directly or indirectly beneficially owned 10% or more of the voting power of the then-outstanding stock of Prudential Financial at any time within a five-year period immediately prior to the date in question.
In addition, under the Shareholders Protection Act, we may not engage in a business combination with an interested stockholder at any time unless:
•our board of directors approved the business combination prior to the time the stockholder became an interested stockholder;
•the holders of two-thirds of our voting stock (which includes Common Stock) not beneficially owned by the interested stockholder affirmatively vote to approve the business combination at a meeting called for that purpose;
•the consideration received by the non-interested stockholders in the business combination meets the standards of the statute, which is designed to ensure that all other shareholders receive at least the highest price per share paid by the interested stockholder; or
•a business combination is approved by (a) the board of directors, or a committee of the board of directors consisting solely of persons who are not employees, officers, directors, stockholders, affiliates or associates of the interested stockholder prior to the consummation of the business combination; and (b) the affirmative vote of the holders of a majority of the voting stock (excluding that beneficially owned by the interested stockholder) at a meeting called for that purpose if the transaction or series of related transactions with the interested stockholder which caused the person to become an interested stockholder was approved by the board of directors prior to the consummation of that transaction or series of related transactions.
A New Jersey corporation that has publicly traded voting stock may not opt out of these restrictions.
Board Consideration of Certain Factors
Under the New Jersey Business Corporation Act, in discharging their duties, our directors may consider the effects that an action taken by us may have on interests and people in addition to our shareholders, such as employees, customers and the community. The directors may also consider the long-term as well as the short-term interests of us and our shareholders, including the possibility that these interests may best be served by our continued independence.

Transfer Agent
The transfer agent and registrar for our Common Stock is Computershare Limited.

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