Document:

exv10w1

 

Exhibit 10.1

FIFTH AMENDMENT TO CREDIT AGREEMENT

     THIS AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of December 1, 2006,
by and between RENAISSANCE LEARNING, INC., a Wisconsin corporation (“Borrower”), and WELLS FARGO
BANK, NATIONAL ASSOCIATION (“Bank”).

RECITALS

     WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and conditions of that
certain Credit Agreement between Borrower and Bank dated as of December 1, 2003, as amended from
time to time (“Credit Agreement”).

     WHEREAS, Bank and Borrower have agreed to certain changes in the terms and conditions set
forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect said
changes.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that the Credit Agreement shall be amended as follows:

     1. Section 4.3 is hereby deleted in its entirety, and the following substituted therefore:

     “SECTION 4.3. FINANCIAL STATEMENTS. Provide to Bank all of the following, in form and detail
satisfactory to Bank:

	 	(a)	 	not later than 90 days after and as of the end of each fiscal year, an audited financial
statement of Borrower, prepared by a certified public accountant acceptable to Bank, to include
Auditor’s report;
	 
	 	(b)	 	not later than 45 days after and as of the end of each quarter, a financial statement of
Borrower, prepared by Borrower, to include balance sheet and income statement;
	 
	 	(c)	 	together with the financial statements submitted as per 4.3(a) and 4.3(b) above, a
compliance certificate, signed by the controller or vice president of the Borrower, in the form of
Exhibit A attached hereto, demonstrating in reasonable detail compliance (or noncompliance, as the
case may be) with the terms and conditions of the Credit Agreement, as amended from time to time;
	 
	 	(d)	 	from time to time such other information as Bank my reasonably request.”

     2. Section 4.9 (a) is hereby deleted in its entirety, and the following substituted therefore:

          “SECTION 4.9. (a) Total liabilities divided by Tangible Net Worth not greater than 2.00 to
1.0, measured as of the end of each fiscal quarter, with “Total Liabilities” defined as the
aggregate of current liabilities and non-current liabilities less subordinated debt, and with
“Tangible Net Worth” defined as the aggregate of total stockholders’ equity plus subordinated debt
less any intangible assets.”

     3. Except as specifically provided herein, all terms and conditions of the Credit Agreement
remain in full force and effect, without waiver or modification. All terms defined in the Credit
Agreement shall have the same meaning when used in this Amendment. This Amendment and the Credit
Agreement shall be read together, as one document.

     4. Borrower hereby remakes all representations and warranties contained in the Credit
Agreement and reaffirms all covenants set forth therein. Borrower further certifies that as of the
date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any
condition, act or event which with the giving of notice or the passage of time or both would
constitute any such Event of Default.

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

	 	 	 	 	 	 	 
	 	 	 	 	WELLS FARGO BANK,
	RENAISSANCE LEARNING, INC.	 	NATIONAL ASSOCIATION
	 
	 	 	 	 	 	 
	By:

	 	/s/ Mary T. Minch
	 	By:
	 	/s/ Linda Backhaus
	 

	 	 
	 	 	 	 
	Title:

	 	Chief Financial Officer
	 	Title:
	 	Relationship Managerexv4w2

 

Exhibit 4.2

AMENDED AND RESTATED

CERTIFICATE OF INCORPORATION

OF

PIPER JAFFRAY COMPANIES

     Piper Jaffray Companies, a corporation organized and existing under the laws of the State of
Delaware (the “Corporation”), does hereby certify as follows:

     1. The name of the Corporation is “Piper Jaffray Companies.” The Corporation was originally
incorporated under the name “Piper Jaffray & Co.”, and the original Certificate of Incorporation
was filed with the Secretary of State of the State of Delaware on April 28, 2003.

     2. This Amended and Restated Certificate of Incorporation (“Certificate of Incorporation”) was
duly adopted in accordance with Section 245 of the General Corporation Law of the State of
Delaware. Pursuant to Section 242 of the General Corporation Law of the State of Delaware, the
amendments and restatement herein set forth have been duly adopted by the Board of Directors and
the stockholders of the Corporation.

     3. Pursuant to Section 245 of the General Corporation Law of the State of Delaware, this
Certificate of Incorporation restates and integrates and amends the provisions of the Certificate
of Incorporation of this Corporation.

     4. Pursuant to Section 103(d) of the General Corporation Law of the State of Delaware, this
Certificate of Incorporation shall become effective at 5:00 p.m., Wilmington, Delaware time on May
2, 2007.

     5. The text of the Certificate of Incorporation is hereby restated and amended to read in its
entirety as follows:

ARTICLE I

NAME

     The name of the corporation (which is hereinafter referred to as the “Corporation”) is:

Piper Jaffray Companies

 

 

ARTICLE II

REGISTERED OFFICE

     The registered office of the Corporation in the State of Delaware shall be in the City of
Wilmington, County of New Castle, and the name and address of the Registered Agent in charge
thereof shall be The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street,
Wilmington, New Castle County, Delaware 19801.

ARTICLE III

PURPOSE

     The purpose of the Corporation shall be to engage in any lawful act or activity for which
corporations may be organized and incorporated under the General Corporation Law of the State of
Delaware.

ARTICLE IV

STOCK

     Section 1. Authorization. The Corporation shall be authorized to issue 105,000,000
shares of capital stock, of which 100,000,000 shares shall be shares of Common Stock, par value
$0.01 per share (“Common Stock”), and 5,000,000 shares shall be shares of Preferred Stock, par
value $0.01 per share (“Preferred Stock”).

     Section 2. Preferred Stock Rights. Shares of Preferred Stock may be issued from time
to time in one or more series. The Board of Directors of the Corporation (the “Board of
Directors”) is hereby authorized by resolution or resolutions to fix the voting rights, if any,
designations, powers, preferences and the relative, participation, optional or other rights, if
any, and the qualifications, limitations or restrictions thereof, of any unissued series of
Preferred Stock; and to fix the number of shares constituting such series, and to increase or
decrease the number of shares of any such series (but not below the number of shares thereof then
outstanding).

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SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

     1. Designation and Amount. The shares of the series of Preferred Stock shall
be designated as “Series A Junior Participating Preferred Stock” (the “Series A Preferred
Stock”) and the number of shares constituting the Series A Preferred Stock shall be
1,000,000. Such number of shares may be increased or decreased by resolution of the Board
of Directors; provided, that no decrease shall reduce the number of shares of Series A
Preferred Stock to a number less than the number of shares then outstanding plus the number
of shares reserved for issuance upon the exercise of outstanding options, rights or warrants
or upon the conversion of any outstanding securities issued by the Corporation convertible
into Series A Preferred Stock.

     2. Dividends and Distributions.

     (A) Subject to the rights of the holders of any shares of any series of Preferred Stock
(or any similar stock) ranking prior and superior to the Series A Preferred Stock with
respect to dividends, the holders of shares of Series A Preferred Stock, in preference to
the holders of Common Stock, of the Corporation, and of any other junior stock, shall be
entitled to receive, when, as and if declared by the Board of Directors out of funds legally
available for the purpose, quarterly dividends payable in cash on the first day of March,
June, September and December in each year (each such date being referred to herein as a
“Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date
after the first issuance of a share or fraction of a share of Series A Preferred Stock, in
an amount per share (rounded to the nearest cent) equal to the greater of (a) $1 or (b)
subject to the provision for adjustment hereinafter set forth, 100 times the aggregate per
share amount of all cash dividends, and 100 times the aggregate per share amount (payable in
kind) of all non cash dividends or other distributions, other than a dividend payable in
shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by
reclassification or otherwise), declared on the Common Stock since the immediately preceding
Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment
Date, since the first issuance of any share or fraction of a share of Series A Preferred
Stock. In the event the Corporation shall at any

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time declare or pay any dividend on the Common Stock payable in shares of Common Stock,
or effect a subdivision or combination or consolidation of the outstanding shares of Common
Stock (by reclassification or otherwise than by payment of a dividend in shares of Common
Stock) into a greater or lesser number of shares of Common Stock, then in each such case
the amount to which holders of shares of Series A Preferred Stock were entitled immediately
prior to such event under clause (b) of the preceding sentence shall be adjusted by
multiplying such amount by a fraction, the numerator of which is the number of shares of
Common Stock outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such event.

     (B) The Corporation shall declare a dividend or distribution on the Series A Preferred
Stock as provided in paragraph (A) of this Section immediately after it declares a dividend
or distribution on the Common Stock (other than a dividend payable in shares of Common
Stock); provided that, in the event no dividend or distribution shall have been declared on
the Common Stock during the period between any Quarterly Dividend Payment Date and the next
subsequent Quarterly Dividend Payment Date, a dividend of $1 per share on the Series A
Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend Payment
Date.

     (C) Dividends shall begin to accrue and be cumulative on outstanding shares of Series A
Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of
such shares, unless the date of issue of such shares is prior to the record date for the
first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to
accrue from the date of issue of such shares, or unless the date of issue is a Quarterly
Dividend Payment Date or is a date after the record date for the determination of holders of
shares of Series A Preferred Stock entitled to receive a quarterly dividend and before such
Quarterly Dividend Payment Date, in either of which events such dividends shall begin to
accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid
dividends shall not bear interest. Dividends paid on the shares of Series A Preferred Stock
in an amount less than the total amount of such dividends at the time accrued and payable on
such shares shall be

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allocated pro rata on a share by share basis among all such shares at the time
outstanding. The Board of Directors may fix a record date for the determination of holders
of shares of Series A Preferred Stock entitled to receive payment of a dividend or
distribution declared thereon, which record date shall be not more than 60 days prior to the
date fixed for the payment thereof.

     3. Voting Rights. The holders of shares of Series A Preferred Stock shall have
the following voting rights:

     (A) Subject to the provision for adjustment hereinafter set forth, each share of Series
A Preferred Stock shall entitle the holder thereof to 100 votes on all matters submitted to
a vote of the stockholders of the Corporation. In the event the Corporation shall at any
time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or
effect a subdivision or combination or consolidation of the outstanding shares of Common
Stock (by reclassification or otherwise than by payment of a dividend in shares of Common
Stock) into a greater or lesser number of shares of Common Stock, then in each such case the
number of votes per share to which holders of shares of Series A Preferred Stock were
entitled immediately prior to such event shall be adjusted by multiplying such number by a
fraction, the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of shares of Common
Stock that were outstanding immediately prior to such event.

     (B) Except as otherwise provided herein, in any other Certificate of Designations
creating a series of Preferred Stock or any similar stock, or by law, the holders of shares
of Series A Preferred Stock and the holders of shares of Common Stock and any other capital
stock of the Corporation having general voting rights shall vote together as one class on
all matters submitted to a vote of stockholders of the Corporation.

     (C) Except as set forth herein, or as otherwise provided by law, holders of Series A
Preferred Stock shall have no special voting rights and their consent shall not

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be required (except to the extent they are entitled to vote with holders of Common
Stock as set forth herein) for taking any corporate action.

     4. Certain Restrictions.

     (A) Whenever quarterly dividends or other dividends or distributions payable on the
Series A Preferred Stock as provided in Section 2 are in arrears, thereafter and until all
accrued and unpaid dividends and distributions, whether or not declared, on shares of Series
A Preferred Stock outstanding shall have been paid in full, the Corporation shall not:

     (i) declare or pay dividends, or make any other distributions, on any shares of
stock ranking junior (either as to dividends or upon liquidation, dissolution or
winding up) to the Series A Preferred Stock;

     (ii) declare or pay dividends, or make any other distributions, on any shares
of stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the Series A Preferred Stock, except dividends paid
ratably on the Series A Preferred Stock and all such parity stock on which dividends
are payable or in arrears in proportion to the total amounts to which the holders of
all such shares are then entitled;

     (iii) redeem or purchase or otherwise acquire for consideration shares of any
stock ranking junior (either as to dividends or upon liquidation, dissolution or
winding up) to the Series A Preferred Stock, provided that the Corporation may at
any time redeem, purchase or otherwise acquire shares of any such junior stock in
exchange for shares of any stock of the Corporation ranking junior (either as to
dividends or upon dissolution, liquidation or winding up) to the Series A Preferred
Stock; or

     (iv) redeem or purchase or otherwise acquire for consideration any shares of
Series A Preferred Stock, or any shares of stock ranking on a parity with the Series
A Preferred Stock, except in accordance with a purchase offer made in writing or by
publication (as determined by the Board of Directors) to all holders

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of such shares upon such terms as the Board of Directors, after consideration
of the respective annual dividend rates and other relative rights and preferences of
the respective series and classes, shall determine in good faith will result in fair
and equitable treatment among the respective series or classes.

     (B) The Corporation shall not permit any subsidiary of the Corporation to purchase or
otherwise acquire for consideration any shares of stock of the Corporation unless the
Corporation could, under paragraph (A) of this Section 4, purchase or otherwise acquire such
shares at such time and in such manner.

     5. Reacquired Shares. Any shares of Series A Preferred Stock purchased or
otherwise acquired by the Corporation in any manner whatsoever shall be retired and
cancelled promptly after the acquisition thereof. All such shares shall upon their
cancellation become authorized but unissued shares of Preferred Stock and may be reissued as
part of a new series of Preferred Stock subject to the conditions and restrictions on
issuance set forth herein, in the Certificate of Incorporation, or in any other Certificate
of Designations creating a series of Preferred Stock or any similar stock or as otherwise
required by law.

     6. Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution
or winding up of the Corporation, no distribution shall be made (1) to the holders of shares
of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding
up) to the Series A Preferred Stock unless, prior thereto, the holders of shares of Series A
Preferred Stock shall have received $100 per share, plus an amount equal to accrued and
unpaid dividends and distributions thereon, whether or not declared, to the date of such
payment, provided that the holders of shares of Series A Preferred Stock shall be entitled
to receive an aggregate amount per share, subject to the provision for adjustment
hereinafter set forth, equal to 100 times the aggregate amount to be distributed per share
to holders of shares of Common Stock, or (2) to the holders of shares of stock ranking on a
parity (either as to dividends or upon liquidation, dissolution or winding up) with the
Series A Preferred Stock, except distributions made ratably on the Series A Preferred Stock
and all such parity stock in proportion to the total amounts

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to which the holders of all such shares are entitled upon such liquidation, dissolution
or winding up. In the event the Corporation shall at any time declare or pay any dividend
on the Common Stock payable in shares of Common Stock, or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by reclassification
or otherwise than by payment of a dividend in shares of Common Stock) into a greater or
lesser number of shares of Common Stock, then in each such case the aggregate amount to
which holders of shares of Series A Preferred Stock were entitled immediately prior to such
event under the proviso in clause (1) of the preceding sentence shall be adjusted by
multiplying such amount by a fraction the numerator of which is the number of shares of
Common Stock outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such event.

     7. Consolidation, Merger, etc. In case the Corporation shall enter into any
consolidation, merger, combination or other transaction in which the shares of Common Stock
are exchanged for or changed into other stock or securities, cash and/or any other property,
then in any such case each share of Series A Preferred Stock shall at the same time be
similarly exchanged or changed into an amount per share, subject to the provision for
adjustment hereinafter set forth, equal to 100 times the aggregate amount of stock,
securities, cash and/or any other property (payable in kind), as the case may be, into which
or for which each share of Common Stock is changed or exchanged. In the event the
Corporation shall at any time declare or pay any dividend on the Common Stock payable in
shares of Common Stock, or effect a subdivision or combination or consolidation of the
outstanding shares of Common Stock (by reclassification or otherwise than by payment of a
dividend in shares of Common Stock) into a greater or lesser number of shares of Common
Stock, then in each such case the amount set forth in the preceding sentence with respect to
the exchange or change of shares of Series A Preferred Stock shall be adjusted by
multiplying such amount by a fraction, the numerator of which is the number of shares of
Common Stock outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such event.

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     8. No Redemption. The shares of Series A Preferred Stock shall not be
redeemable.

     9. Rank. The Series A Preferred Stock shall rank, with respect to the payment
of dividends and the distribution of assets, junior to all series of any other class of the
Corporation’s Preferred Stock.

     10. Amendment. The Certificate of Incorporation of the Corporation shall not
be amended in any manner which would materially alter or change the powers, preferences or
special rights of the Series A Preferred Stock so as to affect them adversely without the
affirmative vote of the holders of at least two thirds of the outstanding shares of Series
A Preferred Stock, voting together as a single class.

     Section 3. Common Stock Voting Rights. Except as otherwise provided by law or by the
resolution or resolutions adopted by the Board of Directors designating the rights, power and
preferences of any series of Preferred Stock, the Common Stock shall have the exclusive right to
vote for the election of directors and for all other purposes. Each share of Common Stock shall
have one vote, and the Common Stock shall vote together as a single class.

ARTICLE V

BOARD OF DIRECTORS

     Section 1. Number of Directors. Except as otherwise provided by the resolution or
resolutions adopted by the Board of Directors designating the rights, powers and preferences of any
series of Preferred Stock, the number of directors of the Corporation shall be fixed, and may be
increased or decreased from time to time, exclusively by resolution of the Board of Directors.

     Section 2. Written Ballot. Unless and except to the extent that the Bylaws of the
Corporation shall so require, the election of directors of the Corporation need not be by written
ballot.

     Section 3. Vacancies. Except as otherwise provided by the resolution or resolutions
adopted by the Board of Directors designating the rights, powers and preferences of

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any series of Preferred Stock, newly created directorships resulting from any increase in the
authorized number of directors or any vacancies in the Board of Directors 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 of Directors, or by the sole remaining director. Any director so
chosen shall hold office until his or her successor shall be elected and qualified. No decrease in
the number of directors shall shorten the term of any incumbent director.

ARTICLE VI

AMENDING THE BYLAWS

     In furtherance and not in limitation of the powers conferred by law, the Board of Directors is
expressly authorized and empowered to adopt, amend and repeal the Bylaws of the Corporation at any
regular or special meeting of the Board of Directors or by written consent, subject to the power of
the stockholders of the Corporation to adopt, amend or repeal any Bylaws.

ARTICLE VII

AMENDING THE CERTIFICATE OF INCORPORATION

     The Corporation reserves the right at any time from time to time to amend, alter, change or
repeal any provision contained in this Certificate of Incorporation, and any 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. All rights, preferences and privileges of whatsoever
nature conferred upon stockholders, directors or any other persons whomsoever by and pursuant to
this Certificate of Incorporation in its present form or as hereafter amended are granted subject
to the right reserved in this Article.

ARTICLE VIII

DIRECTOR LIABILITY; INDEMNIFICATION AND INSURANCE

     Section 1. Elimination of Certain Liability of Directors. The personal liability of
the directors of the Corporation shall be eliminated to the fullest extent permitted by law. No
amendment, modification or repeal of this Article, adoption of any provision in this Certificate of

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Incorporation, or change in the law or interpretation of the law shall adversely affect any
right or protection of a director or officer of the Corporation under this Article VIII with
respect to any act or omission that occurred prior to the time of such amendment, modification,
repeal, adoption or change.

     Section 2. Indemnification and Insurance.

     (a) Right to Indemnification. Each person who was or is made a party or is threatened
to be made a party to or is involved in any action, suit or proceeding, whether civil, criminal,
administrative or investigative (hereinafter a “proceeding”), by reason of the fact that he or she,
or a person of whom he or she is the legal representative, is or was a director or officer of the
Corporation or is or was serving at the request of the Corporation as a director, officer, employee
or agent of another corporation or of a partnership, joint venture, trust or other enterprise,
including service with respect to employee benefit plans, whether the basis of such proceeding is
alleged action in an official capacity as a director, officer, employee or agent or in any other
capacity while serving as a director, officer, employee or agent, shall be indemnified and held
harmless by the Corporation to the fullest extent authorized by the General Corporation Law of the
State of Delaware, as the same exists or may hereafter be amended (but, in the case of any such
amendment, to the fullest extent permitted by law, only to the extent that such amendment permits
the Corporation to provide broader indemnification rights than said law permitted the Corporation
to provide prior to such amendment), against all expense, liability and loss (including attorneys’
fees, judgments, fines, amounts paid or to be paid in settlement, and excise taxes or penalties
arising under the Employee Retirement Income Security Act of 1974) reasonably incurred or suffered
by such person in connection therewith and such indemnification shall continue as to a person who
has ceased to be a director, officer, employee or agent and shall inure to the benefit of his or
her heirs, executors and administrators; provided, however, that, except as
provided in paragraph (b) this section, the Corporation shall indemnify any such person seeking
indemnification in connection with a proceeding (or part thereof) initiated by such person only if
such proceeding (or part thereof) was authorized by the Board. The right to indemnification
conferred in this Section shall be a contract right and shall include the right to be paid by the
Corporation the expenses incurred in defending any such proceeding in advance of its final
disposition; provided, however, that, if the General Corporation Law of the State
of

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Delaware requires, the payment of such expenses incurred by a director or officer in his or her
capacity as a director or officer (and not in any other capacity in which service was or is
rendered by such person while a director or officer, including, without limitation, service to an
employee benefit plan) in advance of the final disposition of a proceeding, shall be made only upon
delivery to the Corporation of an undertaking, by or on behalf of such director or officer, to
repay all amounts so advanced if it shall ultimately be determined that such director or officer is
not entitled to be indemnified under this Section or otherwise. The Corporation may, by action of
the Board, provide indemnification to employees and agents of the Corporation with the same scope
and effect as the foregoing indemnification of directors and officers.

     (b) Right of Claimant to Bring Suit. If a claim under paragraph (a) of this Section
is not paid in full by the Corporation within thirty days after a written claim has been received
by the Corporation, the claimant may at any time thereafter bring suit against the Corporation to
recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall
be entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any
such action (other than an action brought to enforce a claim for expenses incurred in defending any
proceeding in advance of its final disposition where the required undertaking, if any is required,
has been tendered to the Corporation) that the claimant has not met the standards of conduct which
make it permissible under the General Corporation Law of the State of Delaware for the Corporation
to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be
on the Corporation. Neither the failure of the Corporation (including its Board, independent legal
counsel, or its stockholders) to have made a determination prior to the commencement of such action
that indemnification of the claimant is proper in the circumstances because he or she has met the
applicable standard of conduct set forth in the General Corporation Law of the State of Delaware,
nor an actual determination by the Corporation (including its Board, independent legal counsel, or
its stockholders) that the claimant has not met such applicable standard of conduct, shall be a
defense to the action or create a presumption that the claimant has not met the applicable standard
of conduct.

     (c) Non-Exclusivity of Rights. The right to indemnification and the payment of
expenses incurred in defending a proceeding in advance of its final disposition conferred in this
Section shall not be exclusive of any other right which any person may have or hereafter

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acquire under any statute, provision of the Certificate of Incorporation (as it may be amended from
time to time), Bylaw, agreement, vote of stockholders or disinterested directors or otherwise.

     Section 3. Insurance. The Corporation may maintain insurance, at its expense, to
protect itself and any director, officer, employee or agent of the Corporation or another
corporation, partnership, joint venture, trust or other enterprise against any such expense,
liability or loss, whether or not the Corporation would have the power to indemnify such person
against such expense, liability or loss under the General Corporation Law of the State of Delaware.

ARTICLE IX

STOCKHOLDER MEETINGS

     Any action required or permitted to be taken by stockholders may be effected only at a duly
called annual or special meeting of stockholders and may not be effected by a written consent or
consents by stockholders in lieu of such a meeting.

     Except as otherwise required by law or provided by the resolution or resolutions adopted by
the Board of Directors designating the rights, powers and preferences of any series of Preferred
Stock, special meetings of stockholders of the Corporation may be called only by (a) the Board of
Directors pursuant to a resolution approved by a majority of the entire Board of Directors or (b)
the Chairman of the Board of Directors, and any power of stockholders to call a special meeting is
specifically denied.

ARTICLE X

SUPERMAJORITY AMENDMENT

     Notwithstanding any other provisions of this Certificate of Incorporation or the Bylaws (and
notwithstanding that a lesser percentage may be specified by law), the provisions of Article IX and
this Article X hereof may not be altered, amended or repealed unless such alteration, amendment or
repeal is approved by the affirmative vote of the holders of not less than eighty percent (80%) of
the voting power of all of the outstanding shares of capital stock of the Corporation entitled to
vote generally in the election of directors, considered for purposes of this Article X as a single
class.

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     IN WITNESS WHEREOF, Piper Jaffray Companies has caused this Amended and Restated Certificate
of Incorporation to be executed by James L. Chosy, its Secretary, this 2nd day of May, 2007.

	 	 	 	 	 
	 	 	 
	 	                          /s/ James L. Chosy
 	 
	 	Name:  	James L. Chosy 	 
	 	Title:  	Secretary 	 
	 

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