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Document

Exhibit 10.1

INCREMENTAL TERM LOAN AMENDMENT TO CREDIT AGREEMENT 

    THIS INCREMENTAL TERM LOAN AMENDMENT TO CREDIT AGREEMENT, dated and effective as of March 9, 2022 (this “Amendment”), is among THE ANDERSONS, INC., an Ohio corporation (the “Borrower”), U.S. BANK NATIONAL ASSOCIATION, in its capacity as the administrative agent (in such capacity, the “Administrative Agent”), each of the Guarantors party hereto and each of the Lenders party hereto.  

Recitals:

A.The Borrower, the lenders party thereto (the “Lenders”) and the Administrative Agent have entered into that certain Credit Agreement dated as of January 11, 2019 (as has been amended prior to the date hereof, the “Existing Credit Agreement”).  Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Existing Credit Agreement, as modified by the terms hereof (the “Credit Agreement”).
B.The Guarantors and the Administrative Agent have entered into that certain Guaranty dated as of January 11, 2019 (the “Guaranty”).
C.The Borrower and certain Lenders entered into an Incremental Term Loan Amendment to Credit Agreement, dated as of March 2, 2022 (the “March 2 Amendment”), pursuant to which such Lenders extended certain delayed draw term loan commitments to the Borrower.
D.The Borrower has advised the Administrative Agent and the Lenders that it desires to increase the amount of such delayed draw commitments and, as a result, amend the Existing Credit Agreement as set forth below.  
E.Subject to the terms and conditions set forth below, the Administrative Agent and the Lenders party hereto have agreed to so amend the Existing Credit Agreement.
    In furtherance of the foregoing, the parties agree as follows:
    
    Section 1.    Amendments to Existing Credit Agreement.  Subject to the terms and conditions set forth herein and in reliance upon the representations and warranties set forth herein, the Existing Credit Agreement is hereby amended by amending the provisions of the Existing Credit Agreement that were amended by Amendment No. 2, applied mutatis mutandis with respect to the Q1 2022 Term Loans (as defined below) as needed to give effect to the following.  This Amendment constitutes an Incremental Term Loan Amendment. 

Pursuant to the March 2 Amendment, the Borrower received delayed draw term loan commitments in respect of Incremental Term Loans in an aggregate principal amount of $250,000,000 (such Incremental Term Loans, the “Q1 2022 Term Loans”, and the delayed draw commitments in respect thereof, the “Q1 2022 Delayed Draw Term Loan Commitments”).  Q1 2022 Delayed Draw Term Loan Commitments will be outstanding, and Q1 2022 Term Loans will be available, during the period beginning March 2, 2022 and ending on May 31, 2022 (the “Q1 2022 Extension Period”). A Lender that agrees to extend one or more Q1 2022 Term Loans during such period (each, a “Q1 2022 Lender”) will evidence its Q1 2022 Delayed Draw Term Loan Commitment by executing its signature page hereto, or a joinder to this amendment (as described below), as the case may be.  Such signature page or joinder will include the amount of such Q1 2022 Delayed Draw Term Loan Commitment, as it may be increased or reduced pursuant to the terms hereof.  

As of March 2, 2022, U.S. Bank National Association and Farm Credit Mid-America, PCA were the only Q1 2022 Lenders.  The Borrower has requested that the aggregate Q1 2022 Delayed Draw Term Loan Commitments be increased from $250,000,000 to $450,000,000.  U.S. Bank National Association has agreed, as of March 9, 2022, to increase its commitment amount from $125,000,000 to $225,000,000 (less previously extended Q1 2022 Term Loans). Farm Credit Mid-America, PCA has agreed, as of 
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March 9, 2022, to increase its commitment amount from $125,000,000 to $225,000,000 (less previously extended Q1 2022 Term Loans). The Borrower also agrees and acknowledges that each of U.S. Bank National Association and Farm Credit Mid-America, PCA, after the date hereof, may reduce its aggregate Q1 2022 Delayed Draw Term Loan Commitment by assigning a portion thereof (together with a portion of its outstanding Q1 2022 Term Loans) to other Lenders willing to become Q1 2022 Lenders.  Such assignments shall be made pursuant to joinder agreements in form and substance substantially similar to Exhibit A hereto.  Such assignments may be made independently of one another (instead of on an equal and ratable basis).

Q1 2022 Term Loans will be extended ratably by the Q1 2022 Lenders based on their respective Q1 2022 Delayed Draw Term Loan Commitments on the date of the requested Q1 2022 Term Loan.  No Q1 2022 Term Loans shall be extended after the Q1 2022 Extension Period expires.  Each Q1 2022 Delayed Draw Term Loan Commitment shall be permanently reduced by the amount of each Q1 2022 Term Loan extended to the Borrower.  No amount may be re-borrowed once repaid.  Q1 2022 Loans shall be requested in the same way Five-Year Revolving Loans are requested under Section 2.8 of the Credit Agreement, and shall be subject to the minimum borrowing amount requirements of Section 2.6 of the Credit Agreement.  Any Note evidencing a Q1 2022 Term Loan shall be in form and substance similar to Exhibit D-6 to the Credit Agreement. All Q1 2022 Term Loans will have a scheduled maturity date no later than the last day of the Q1 2022 Extension Period.  All such Q1 2022 Term Loans shall be repaid in their entirety no later than such date.  There shall be no scheduled principal payments in respect of Q1 2022 Term Loans prior to the scheduled maturity date therefor.  

Beginning March 2, 2022, interest shall accrue on the Q1 2022 Term Loans at the Alternate Base Rate plus a margin of 0.375% minus 1.75%.  Such interest shall be paid in its entirety on the earlier of the last day of the Q1 2022 Extension Period and the day on which the Q1 2022 Term Loans are fully repaid and the Q1 2022 Delayed Draw Term Loan Commitments are terminated.  The Borrower may prepay the Q1 2022 Term Loans, in whole or in part, without penalty or premium prior to such date.  The Borrower may from time to time permanently reduce the amount of undrawn Q1 2022 Delayed Draw Term Loan Commitments in the same way the Borrower may reduce undrawn Five-Year Revolving Commitments. Schedule 1 to the Credit Agreement (the Schedule of Commitments) is hereby modified to include the Q1 2022 Delayed Draw Term Loan Commitments in respect of Q1 2022 Term Loans. No Increasing Lender Supplement shall be required to be delivered in connection with a Q1 2022 Term Loan.  The Q1 2022 Term Loans, subject to the foregoing and the following, shall be governed by and subject to the Credit Agreement to the same extent other Term Loans are governed thereby and subject thereto. 

The Borrower shall pay to the Administrative Agent, on behalf of each Q1 2022 Lender, a commitment fee equal to 0.15% multiplied by the unused portion of its Q1 2022 Delayed Draw Term Loan Commitment during the Q1 2022 Extension Period.  The aggregate of such commitment fees shall be paid on the earlier of the last day of the Q1 2022 Extension Period and the day on which the Q1 2022 Term Loans are fully repaid and the Q1 2022 Delayed Draw Term Loan Commitments are terminated.  No Q1 2022 Term Loan shall be extended unless the Borrower satisfies the requirements of Section 4.2 of the Credit Agreement in connection with such extension. Q1 2022 Delayed Draw Term Loan Commitments may be terminated from time to time by the Q1 2022 Lenders to the extent Five-Year Revolving Lenders are able to terminate their Five-Year Revolving Commitments (whether or not they do so).

Section 2.    Conditions Precedent.  The effectiveness of this Amendment and the amendments and other agreements contemplated hereby is subject to the satisfaction of the following conditions precedent:

(a)     Documentation.  The Administrative Agent shall have received each of the following (each in form and substance satisfactory to it):
(i)    this Amendment, duly executed and delivered by the Borrower, the Guarantors, the Administrative Agent, and the Q1 2022 Lenders; and
(ii)    a certificate of the Borrower certifying as to (A) the matters set forth in Section 3(a) below as of the date hereof and (B) the compliance by the Borrower with the covenants 
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contained in Section 6.4 of the Credit Agreement (on a pro forma basis reasonably acceptable to the Administrative Agent after giving effect to this Amendment and the incurrence of all of the possible Q1 2022 Term Loans contemplated hereby), duly executed and delivered by the Borrower.
(b)    Fees and Expenses.  The Borrower shall have paid all fees payable to each of the Administrative Agent and the other Lenders party hereto pursuant to the terms hereof and the fee letter among the Borrower, U.S. Bank and Farm Credit Mid-America, PCA delivered in connection herewith, in each case to the extent due and payable on the date hereof. In addition, the Borrower shall have paid all fees and expenses of the Administrative Agent required to be reimbursed in connection herewith pursuant to the Credit Agreement.

Section 3.    Representations and Warranties.  

(a)    In order to induce the Administrative Agent and the Lenders party hereto to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and the Lenders party hereto as follows:

    (i)    The representations and warranties contained in Article V of the Credit Agreement are (x) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects as of the date hereof, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty is true and correct in all respects on and as of such earlier date and (y) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of the date hereof, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty is true and correct in all material respects on and as of such earlier date.

(ii)    There exists no Default or Event of Default, nor would a Default or Event of Default result from this Amendment or the incurrence of any Indebtedness in connection herewith.

(b)    In order to induce the Administrative Agent and the Lenders party hereto to enter into this Amendment, each of the Borrower and each Guarantor represents and warrants to the Administrative Agent and the Lenders party hereto that this Amendment has been duly authorized, executed and delivered by it and sets forth the legal, valid and binding obligations of the Borrower or such Guarantor, respectively, and is enforceable against the Borrower and such Guarantor, respectively, in accordance with its terms. 

Section 4.    Miscellaneous.

    (a)    Ratification and Confirmation of Loan Documents.  Each of the Borrower and each Guarantor hereby consents, acknowledges and agrees to the amendments and other agreements set forth herein and hereby confirms and ratifies in all respects the Loan Documents to which such Person is a party (including without limitation, with respect to each Guarantor, the continuation of its payment and performance obligations under the Guaranty), in each case after giving effect to the amendments and other agreements contemplated hereby. 

    (b)    Fees and Expenses.  Without limiting the generality of Section 2(b) above or the fee letter delivered together herewith, the Borrower shall pay all reasonable out-of-pocket expenses of the Administrative Agent in connection with the preparation, negotiation, execution, and delivery of this Amendment and any other documents prepared in connection herewith, including, without limitation, the reasonable out-of-pocket fees, disbursements and charges of outside counsel for the Administrative Agent.

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    (c)    Headings.  Section and subsection headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.

    (d)    Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York (but giving effect to federal laws applicable to national banks), and shall be further subject to the provisions of Sections 15.2 and 15.3 of the Credit Agreement.

    (e)    Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or electronic transmission (including .pdf file) shall be effective as delivery of a manually executed counterpart hereof. The words “execution,” “signed,” “signature,” and words of like import herein shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the E-SIGN Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act (UETA).  Each party hereto may rely on any such electronic signatures without further inquiry.

    (f)    Entire Agreement.  This Amendment and the other Loan Documents (collectively, the “Relevant Documents”) set forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.  No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty.  Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise except in writing in accordance with Section 8.3 of the Credit Agreement. 

    (g)    Severability of Provisions.  Any provision in this Amendment that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Amendment are declared to be severable.

(h)    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns (subject to Article XII of the Credit Agreement).

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]
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    The following parties have caused this Amendment to be executed as of the date first written above.

                    BORROWER:

THE ANDERSONS, INC.

By:                                  
Name:  
Title:

GUARANTORS: 

THE ANDERSONS EXECUTIVE SERVICES LLC

By:      
Name:  
Title:    

THE ANDERSONS PLANT NUTRIENT LLC

By:      
Name:  
Title:    

TITAN LANSING, LLC

By:      
Name:  
Title:    

LANSING TRADE GROUP, LLC

By:      
Name:  
Title:    

PLANT NUTRIENT OPERATIONS LLC

By:      
Name:  
Title:    

Signature Page to Incremental Term Loan Amendment
The Andersons Credit Agreement (2022) 
 

THE ANDERSONS RAILCAR COMPANY LLC

By:  ______________________________________
Name:  
Title:

THE ANDERSONS RAILCAR LEASING COMPANY LLC

By:  ______________________________________
Name:  
Title:

Signature Page to Incremental Term Loan Amendment
The Andersons Credit Agreement (2022) 

									
			U.S. BANK NATIONAL ASSOCIATION,

		as LC Issuer and as Administrative Agent

		
		

By: _________________________
Name:
Title:

Signature Page to Incremental Term Loan Amendment
The Andersons Credit Agreement (2022) 

									
			U.S. BANK NATIONAL ASSOCIATION, as a Q1 2022 Lender

By: _________________________
Name:
Title:

		
		Amount of Q1 2022 Delayed Draw Term Loan Commitment as of March 2, 2022: $125,000,000 (a portion of which was funded on or after such date)
		
			Amount of additional Q1 2022 Delayed Draw Term Loan Commitment extended as of March 9, 2022: $100,000,000
		

Signature Page to Incremental Term Loan Amendment
The Andersons Credit Agreement (2022) 

									
			FARM CREDIT MID-AMERICA, PCA, as a Q1 2022 Lender

By: _________________________
Name:
Title:

		
		Amount of Q1 2022 Delayed Draw Term Loan Commitment as of March 2, 2022: $125,000,000 (a portion of which was funded on or after such date)
		
			Amount of additional Q1 2022 Delayed Draw Term Loan Commitment extended as of March 9, 2022: $100,000,000
		

Signature Page to Incremental Term Loan Amendment
The Andersons Credit Agreement (2022) 

EXHIBIT A

Form of Joinder Agreement

INCREMENTAL TERM LOAN
JOINDER AGREEMENT

Dated as of [DATE]

Reference is made to the Credit Agreement, dated as of January 11, 2019 (as amended or modified, the “Credit Agreement”), by and among The Andersons, Inc. (the “Borrower”),  the lenders from time to time party thereto (the “Lenders”), and U.S. Bank National Association, as administrative agent (the “Administrative Agent”).  Reference also is made to the Incremental Term Loan Amendment, dated as of March 9, 2022 (the “Incremental Term Loan Amendment”), by and among the Borrower, certain of the Lenders, and the Administrative Agent.  Each capitalized term used herein and not defined herein shall have the meaning ascribed thereto in the Credit Agreement or the Incremental Term Loan Amendment, as applicable. 
[NAME OF NEW Q1 2022 LENDER] (the “New Incremental Lender”) wishes to become a Q1 2022 Lender under the Incremental Term Loan Amendment pursuant to the terms of this Incremental Term Loan Joinder Agreement (the “Joinder Agreement”).  The Borrower, the Administrative Agent, and U.S. Bank National Association, in its capacity as LC Issuer, consent thereto.  

[U.S. Bank National Association] [Farm Credit Mid-America, PCA]1 hereby assigns an unfunded Q1 2022 Delayed Draw Term Loan Commitment in the principal amount of $[__],000,000 to the New Incremental Lender, together with a funded Q1 2022 Term Loan in the principal amount of $[__],000,000.  The New Incremental Lender hereby assumes and accepts such assignments, and shall constitute a Q1 2022 Lender on and after the date hereof.  

The New Incremental Lender has received a copy of  the Credit Agreement and a copy of the Incremental Term Loan Amendment, together with copies of financial statements and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Agreement.  Such analysis and decision has been made independently and without reliance on the Administrative Agent or any other Lender.

The remainder of this page intentionally is blank.

1 Applicable party making the assignment will be referenced here.

    Subject to the execution hereof by the parties hereto, this Joinder Agreement shall be effective as of the date first written above.  This Joinder Agreement is subject to Section 4 of the Incremental Term Loan Amendment. 
THE ANDERSONS, INC.

By:                                  
Name:  
Title:

U.S. BANK NATIONAL ASSOCIATION, as Administrative Agent[,] [and LC Issuer][, and the assignor of a Q1 2022 Delayed Draw Term Loan Commitment and a Q1 2022 Term Loan] 2

By:                                  
Name:  
Title:

[FARM CREDIT MID-AMERICA, PCA, as the assignor of a Q1 2022 Delayed Draw Term Loan Commitment and a Q1 2022 Term Loan

By:                                  
Name:  
Title:]3

[____________], as the assignee of a Q1 2022 Delayed Draw Term Loan Commitment and a Q1 2022 Term Loan

By:                                  
Name:  
Title:

2 Reference to U.S. Bank as an assignor will be deleted if Farm Credit is the assignor.
3 Farm Credit’s signature block will be deleted if U.S. Bank is the assignor.
Signature Page to Incremental Term Loan Joinder Agreementamk-ex43_11.htm

Exhibit 4.3

 

Description of Capital Stock

The description below of our capital stock and provisions of our amended and restated certificate of incorporation and amended and restated bylaws are summaries and are qualified by reference to the amended and restated certificate of incorporation and the amended and restated bylaws, which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.3 is a part, and by the applicable provisions of Delaware law. 

General 

Our authorized capital stock consists of 675,000,000 shares of common stock, par value $0.001 per share, and 75,000,000 shares of preferred stock, par value $0.001 per share. 

Common stock 

Voting rights. The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. 

Dividend rights. Subject to preferences that may be applicable to any outstanding preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the board of directors out of funds legally available therefor. 

Rights upon liquidation. In the event of our liquidation, dissolution or winding up, the holders of our common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. 

Other rights. The holders of our common stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock. 

Preferred stock 

Our board of directors has the authority to issue the preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without further vote or action by the stockholders. 

The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of AssetMark without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock. At present, no shares of preferred stock are outstanding and we have no plans to issue any of the preferred stock. 

Registration rights 

The Registration Rights Agreement that came into effect in connection with our initial public offering grants to HIIHL, a holder of more than 5% of our outstanding capital stock and an affiliate of certain of our directors, certain registration rights with respect to its shares of our common stock (the “registrable securities”), subject to certain exceptions. All shares of our common stock held by HIIHL are entitled to the registration rights described below. The registration of shares of our common stock pursuant to the exercise of such registration rights would enable HIIHL to sell these shares without restriction under the Securities Act when the applicable registration statement is declared effective. We will pay the registration expenses, other than underwriting discounts and commissions and internal administrative and similar costs of the selling stockholder, of HIIHL associated with the registrable securities registered pursuant to the demand and piggyback registration rights described below. 

 

 

Generally, in an underwritten offering, the managing underwriter, if any, has the right, subject to specified conditions, to limit the number of shares such holders may include. The demand and piggyback registration rights described below will expire on the first date on which neither HIIHL nor an HIIHL affiliate to which HIIHL has transferred or assigned all or a portion of its rights under the Registration Rights Agreement holds any registrable shares. 

Demand registration rights. Parties to the Registration Rights Agreement holding in the aggregate at least 25% of the registrable securities then outstanding may request that we file a registration statement to register the offer and sale of their registrable securities. We are not required to effect a demand registration unless the aggregate gross proceeds expected to be received from the sale of the registrable shares by the requesting holders equals or exceeds $60,000,000, and we are not required to support more than one demand registration in any rolling six-month period or more than four demand registrations in total (other than demand registrations to be effected pursuant to a registration statement on Form S-3, for which an unlimited total number of demand registrations are permitted). We have the right to defer a demand registration in certain circumstances once during any period of six consecutive months and for not more than 180 days in any 12-month period. 

Piggyback registration rights. If we propose to register the offer and sale of shares of our common stock or other equity securities under the Securities Act, other than with respect to a demand registration, a registration statement on Form S-4, Form S-8 or similar forms, and certain other exceptions, the holders of registrable securities are entitled to notice of the registration and have the right to include their registrable securities in such registration, subject to certain marketing and other limitations, including limitations that the underwriters may impose on the number of share included in the offering. 

The foregoing summary is qualified in its entirety by reference to the Registration Rights Agreement, the form of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.3 is a part. 

Anti-takeover provisions 

Some provisions of our amended and restated certificate of incorporation and amended and restated bylaws could make the following more difficult: 

	
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acquisition of control of us by means of a proxy contest or otherwise, or 

	
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removal of our incumbent officers and directors. 

These provisions, as well as our ability to issue preferred stock, are designed to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection give us the potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us, and that the benefits of this increased protection outweigh the disadvantages of discouraging those proposals, because negotiation of those proposals could result in an improvement of their terms. 

Election of directors; no cumulative voting. Our board of directors consists of seven directors, or such other number as determined from time to time by our board of directors. Under Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation specifically authorizes cumulative voting. Our amended and restated certificate of incorporation does not authorize cumulative voting. 

Removal of directors; vacancies. Our amended and restated certificate of incorporation provides that directors may be removed with or without cause so long as HTSC or any of its affiliates collectively own at least 50% of the voting power of the stock of our company entitled to vote generally in the election of directors, and that directors may only be removed for cause, and only by the affirmative vote of holders of at least a majority of all outstanding shares of stock of our company entitled to vote thereon, voting together as a single class, if HTSC or any of its affiliates collectively own less than 50% in voting power of the stock of our company entitled to vote generally in 

 

 

the election of directors. Any vacancy occurring on the board of directors and any newly created directorship may be filled only by a majority of the remaining directors in office. 

Staggered board. Our board of directors is divided into three classes serving staggered three-year terms. Class I, Class II and Class III directors will serve until our annual meetings of stockholders in 2024, 2022 and 2023, respectively. At each annual meeting of stockholders, directors will be elected to succeed the class of directors whose terms have expired. This classification of our board of directors could have the effect of increasing the length of time necessary to change the composition of a majority of the board of directors. In general, at least two annual meetings of stockholders will be necessary for stockholders to effect a change in a majority of the members of the board of directors. 

Limits on written consents. Our amended and restated certificate of incorporation provides that holders of our common stock will not be able to act by written consent without a meeting, at any time when HTSC or any of its affiliates collectively own less than 50% in voting power of the stock of our company entitled to vote generally in the election of directors. 

Special stockholder meetings. Our amended and restated certificate of incorporation and our amended and restated bylaws provide that special meetings of our stockholders may be called only by the chairman of our board of directors or a majority of the directors. Our amended and restated certificate of incorporation and our amended and restated bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting; provided, however, that so long as HTSC or any of its affiliates collectively own at least 50% of the voting power of the stock of our company entitled to vote generally in the election of directors, any action required or permitted to be taken at an annual or special meeting may be taken by written consent without a meeting, without prior notice and without a vote. 

Amendment of certificate of incorporation. The provisions of our amended and restated certificate of incorporation described above under the sections titled “—Election of directors; no cumulative voting,” “—Removal of directors; vacancies,” “—Staggered board,” “—Limits on written consents” and “—Special stockholder meetings,” and the voting thresholds described in this section, may be amended, altered, repealed or rescinded only by the affirmative vote of the holders of at least two-thirds in voting power of all outstanding shares of stock of our company entitled to vote thereon, voting together as a single class. The affirmative vote of holders of at least a majority of the voting power of our outstanding shares of stock will generally be required to amend other provisions of our certificate of incorporation. 

Amendment of bylaws. Any amendment, alteration, rescission or repeal of certain provisions of our amended and restated bylaws requires either (i) the affirmative vote of a majority of directors present at any regular or special meeting of the board of directors called for that purpose; or (ii) the affirmative vote of the holders of two-thirds of the voting power of our outstanding shares of voting stock, voting together as a single class. 

Delaware business combination statute. From and after the time at which HTSC and its affiliates own, in the aggregate, less than 15% of the voting power of all outstanding shares of the stock of our company entitled to vote generally in the election of directors, we will elect to be subject to Section 203 of the DGCL, which regulates corporate acquisitions. Section 203 prevents an “interested stockholder,” which is defined generally as a person owning 15% or more of a corporation’s voting stock, or any affiliate or associate of that person, from engaging in a broad range of “business combinations” with the corporation for three years after becoming an interested stockholder unless: 

	
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the board of directors of the corporation had previously approved either the business combination or the transaction that resulted in the stockholder’s becoming an interested stockholder; 

	
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upon completion of the transaction that resulted in the stockholder’s becoming an interested stockholder, that person owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, other than statutorily excluded shares; or 

 

 

	
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following the transaction in which that person became an interested stockholder, the business combination is approved by the board of directors of the corporation and holders of at least two-thirds of the outstanding voting stock not owned by the interested stockholder. 

Under Section 203, the restrictions described above also do not apply to specific business combinations proposed by an interested stockholder following the announcement or notification of designated extraordinary transactions involving the corporation and a person who had not been an interested stockholder during the previous three years or who became an interested stockholder with the approval of a majority of the corporation’s directors, if such extraordinary transaction is approved or not opposed by a majority of the directors who were directors prior to any person becoming an interested stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors. 

Section 203 may make it more difficult for a person who would be an interested stockholder to effect various business combinations with a corporation for a three-year period. Section 203 also may have the effect of preventing changes in our management and could make it more difficult to accomplish transactions which our stockholders may otherwise deem to be in their best interests. 

Other limitations on stockholder actions. Our amended and restated bylaws also impose some procedural requirements on stockholders who wish to: 

	
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make nominations in the election of directors; 

	
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propose that a director be removed; 

	
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propose any repeal or change in our bylaws; or 

	
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propose any other business to be brought before an annual or special meeting of stockholders. 

Under these procedural requirements, to bring a proposal before a meeting of stockholders, a stockholder must deliver timely notice of a proposal pertaining to a proper subject for presentation at the meeting to our corporate secretary along with the following: 

	
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a description of the business or nomination to be brought before the meeting and the reasons for conducting such business at the meeting; 

	
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the stockholder’s name and address; 

	
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any material interest of the stockholder in the proposal; 

	
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the number of shares beneficially owned by the stockholder and evidence of such ownership; and 

	
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the names and addresses of all persons with whom the stockholder is acting in concert and a description of all arrangements and understandings with those persons, and the number of shares such persons beneficially own. 

To be timely, a stockholder must generally deliver notice: 

	
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in connection with an annual meeting of stockholders, not less than 90 nor more than 120 days prior to the date on which the annual meeting of stockholders was held in the immediately preceding year, but in the event that the date of the annual meeting is more than 30 days before or more than 70 days after the anniversary date of the preceding annual meeting of stockholders, a stockholder notice will be timely if received by us not earlier than the 120th day prior to the annual meeting and not later than the close of business on the later of (1) the 90th day prior to the annual meeting and (2) the 10th day following the day on which we first publicly announce the date of the annual meeting; or 

	
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in connection with the election of a director at a special meeting of stockholders, not less than 90 nor more than 120 days prior to the date of the special meeting, but in no event later than the 10th day following the day on which we first publicly announce the date of the special meeting and the nominees proposed by our board to be elected. 

 

 

To submit a nomination for our board of directors, a stockholder must also submit any information with respect to the nominee that we would be required to include in a proxy statement, as well as some other information. If a stockholder fails to follow the required procedures, the stockholder’s proposal or nominee will be ineligible and will not be voted on by our stockholders. 

Limitation of liability of directors and officers 

Our amended and restated certificate of incorporation provides that no director will be personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director, except as required by applicable law, as in effect from time to time. Currently, Delaware law requires that liability be imposed for the following: 

	
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any breach of the director’s duty of loyalty to our company or our stockholders; 

	
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any act or omission not in good faith or which involved intentional misconduct or a knowing violation of law; 

	
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unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL; and 

	
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any transaction from which the director derived an improper personal benefit. 

Any amendment to, or repeal of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission or claim that occurred or arose prior to that amendment or repeal. If the DGCL is amended to provide for further limitations on the personal liability of directors of corporations, then the personal liability of our directors will be further limited to the greatest extent permitted by the DGCL. 

As a result, neither we nor our stockholders have the right, through stockholders’ derivative suits on our behalf, to recover monetary damages against a director for breach of fiduciary duty as a director, including breaches resulting from grossly negligent behavior, except in the situations described above. 

Such limitation of liability does not apply to liabilities arising under federal securities laws and does not affect the availability of equitable remedies such as injunctive relief or rescission. 

Indemnification and insurance 

Our amended and restated bylaws provide that, to the fullest extent permitted by law, we will indemnify any officer or director of our company against all damages, claims and liabilities arising out of the fact that the person is or was our director or officer, or served any other enterprise at our request as a director, officer, employee, agent or fiduciary. Amending this provision will not reduce our indemnification obligations relating to actions taken before an amendment. 

Further, our amended and restated certificate of incorporation provides that we will indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was one of our directors or officers or is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise. Our amended and restated certificate of incorporation also provides that we must advance expenses incurred by or on behalf of a director or officer, and that we may advance expenses incurred by or on behalf of an employee, trustee or agent, in advance of the final disposition of any civil or criminal action, suit or proceeding. In addition, we have entered into an indemnification agreement with each of our directors and executive officers. With certain exceptions, these agreements provide for indemnification for related expenses including attorneys’ fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding. We believe that these provisions in our amended and restated certificate of incorporation and our amended and restated bylaws and indemnification agreements are necessary to attract and retain qualified persons as directors and officers. 

We also maintain standard policies of insurance under which coverage is provided to our directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act, and to us with respect to 

 

 

payments which may be made by us to such directors and officers pursuant to the above indemnification provision or otherwise as a matter of law. 

The indemnification provisions in our amended and restated certificate of incorporation and amended and restated bylaws may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against our directors and officers, even though an action, if successful, might benefit us and other stockholders. Further, a stockholder’s investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and officers as required by these indemnification provisions. 

Insofar as indemnification for liabilities arising under the Securities Act may be permitted for directors, executive officers or persons controlling us, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. 

Forum selection 

Our amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware is, to the fullest extent permitted by applicable law, the sole and exclusive forum for the following types of action or proceedings under Delaware statutory or common law: (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of fiduciary duty owed by any of our directors, officers, employees, agents or trustees to us or our stockholders, (iii) any action asserting a claim against us or any director or officer or other employee of ours arising pursuant to any provision of the DGCL, our amended and restated certificate of incorporation or our amended and restated bylaws or (iv) any action asserting a claim against us or any director or officer or other employee of ours that is governed by the internal affairs doctrine, in each case subject to such Court of Chancery having personal jurisdiction over the indispensable parties named as defendants therein. This exclusive forum provision does not apply to suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the U.S. federal courts have exclusive jurisdiction. 

Our amended and restated certificate of incorporation further provides that, to the fullest extent permitted by applicable law, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States are the exclusive forum for resolving any complaint asserting a cause of action arising under the federal securities laws of the United States. 

Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock is deemed to have notice of and consented to the foregoing forum selection provisions. These exclusive-forum provisions may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, employees or agents, which may discourage such lawsuits against us and such persons. 

Listing 

Our common stock is listed on the NYSE under the symbol “AMK.” 

Transfer agent and registrar 

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A. The transfer agent and registrar’s address is 150 Royall Street, Canton, Massachusetts 02021-1011.

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