Document:

Exhibit

Exhibit 10.3

SECOND AMENDMENT TO THE AMENDED AND RESTATED
OPERATING AGREEMENT OF
MANNING & NAPIER CAPITAL COMPANY, L.L.C.
(A New York Limited Liability Company)

This Second Amendment (this "Amendment") to the Amended and Restated Operating Agreement of Manning & Napier Capital Company, L.L.C., is entered into as of March 3, 2020 (the "Effective Date"), by an among the undersigned Members of the Company.

RECITALS

WHEREAS, the Members entered into the Amended and Restated Operating Agreement of Manning & Napier Capital Company, L.L.C. effective November 23, 2011, and the First Amendment to Amended and Restated Operating Agreement of Manning & Napier Capital Company, L.L.C. effective December 1, 2013 (together, the "MNCC Operating Agreement");

WHEREAS, the Amended and Restated Limited Liability Company Agreement of Manning & Napier Group, LLC shall be amended on even date herewith;

WHEREAS, the Amended and Restated Limited Liability Company Agreement of M&N Group Holdings, LLC shall be amended on even date herewith;

WHEREAS, in conjunction with the amendments to the Amended and Restated Limited Liability Company Agreement of Manning & Napier Group, LLC, and the Amended and Restated Limited Liability Company Agreement of M&N Group Holdings, LLC, the Members desire to amend the MNCC Operating Agreement as provided herein;

WHEREAS, pursuant to Section 23.8 of the MNCC Operating Agreement, the MNCC Operating Agreement may be amended by a written consent signed by Manning and Members owning more than 50% of the outstanding LLC Interests (excluding the LLC Interests owned by Manning); and 

NOW, THEREFORE, for good and valuable consideration and intending to be legally bound hereby, the undersigned Members agree as follows:

1.    Definitions.    Any capitalized term used, but not defined, in this Amendment shall have its respective meaning as set forth in the MNCC Operating Agreement.

2.    Amendments.    From and after the Effective Date: 

(a)    Section 6.6(a) is amended and rested in its entirety to read as follows:

"(a) (i)    The highest ranking employee of the LLC's accounting department will be the Partnership Representative of the LLC."

(ii)    The Partnership Representative is authorized and required to represent the LLC (at the LLC's expense) in connection with all examinations of the LLC's affairs by taxing authorities, including resulting administrative and judicial proceedings, and to expend LLC funds for professional services and costs associated therewith.  Each Member will not independently act with respect to tax audits or tax litigation of the LLC, unless previously authorized to do so in writing by the Partnership Representative, which authorization may be withheld by the Partnership Representative in its sole and absolute discretion.  The Partnership Representative shall have sole discretion to determine whether the LLC (either on its own behalf or on behalf of the Members) will contest or continue to contest any tax deficiencies assess or proposed to be assessed by any taxing authority.  The LLC and its Members shall be bound by the actions taken by the Partnership Representative. 

(iii)    In the event of an audit of the LLC that is subject to the partnership audit procedures enacted under Section 1101 of the Bipartisan Budget Act ("BBA") (the "BBA Procedures"), the Partnership Representative, in his or her sole discretion, shall have the right to make any and all elections and to take any actions that are available to be made or taken by the Partnership Representative or the LLC under the BBA Procedures (including any election under Section 6226 of the Code as amended by the BBA).  If an election under Section 6226(a) of the Code (as amended by the BBA) is made, the LLC shall furnish to each Member for the year under audit a statement of the Member's share of any adjustment set forth in the notice of final partnership adjustment, and each Member shall take such adjustment into account as required under Section 6226(b) of the Code (as amended by the BBA).

(iv)    Each Member shall not treat any LLC item inconsistently on such Member's federal, state, foreign or other income tax return with the treatment of the item on the LLC's return.  Any deficiency for taxes imposed on any Member (including penalties, additions to tax or interest imposed with respect to such taxes and any tax deficiency imposed pursuant to Section 6226 of the Code as amended by the BBA) will be paid by such Member and if required to be paid (and actually paid) by the LLC, will be recoverable from such Member.  To the extent that the Partnership Representative does not make an election under Section 6221(b) of the Code or Section 6226 of the Code (each as amended by the BBA), the LLC shall use commercially reasonable efforts to (i) make any modifications available under Sections 6225(c)(3), (4), and (5) of the Code, as amended by the BBA, and (ii) if requested by a Member, provide if requested by a Member, provide to such Member information allowing such member to file an amended federal income tax return, as described in Section 6225(c)(2) of the Code as amended by the BBA, to the extent such amended return and payment of any related federal income taxes would reduce any taxes payable by the LLC."

3.    Miscellaneous Provisions

(a)    This Amendment shall constitute and evidence the consent of the Members owning more than 50% of the outstanding LLC Interests and Manning within the meaning of Section 23.8 of the MNCC Operating Agreement.

(b)    Except as expressly amended hereby, the terms and conditions of this MNCC Operating Agreement are hereby ratified and confirmed, and shall continue in full force and effect.  In the event of any conflict or inconsistency between the terms set forth herein and the terms of the MNCC Operating Agreement, the terms contained in this Amendment shall control.

(c)    This Amendment shall be governed by, and construed in accordance with, the laws and decisions of the State of New York, without regard to conflict of law rules applied in such State.

(d)    This Amendment constitutes the entire understanding among the parties hereto.  No waiver or modification of the provisions of this Amendment shall be valid unless it is in writing and executed pursuant to Section 23.8 of the MNCC Operating Agreement and then, only to the extent therein set forth.

(e)    This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement binding on the Members and the Board.  For purposes of this Amendment, any signature hereto transmitted by facsimile or e-mail (in PDF format) shall be considered to have the same legal and binding effect as any original signature hereto.

[THE NEXT PAGE IS THE SIGNATURE PAGE]

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth above.

MANAGING MEMBER:

By: /s/ William Manning_________
Name: William Manning
Title: Managing Member

MEMBERS:

By: /s/ Timothy Willis____________
Name: Timothy Willis
Title: Member

By: /s/ Beth Gallusha____________
Name: Beth Galusha
Title: Member

By: /s/ Katheryn Mauer___________
Name: Kathryn Maurer
Title: Member

By: /s/ Otto Odendahl____________
Name: Otto Odendahl
Title: MemberExhibit 4.5 

 

SECOND AMENDMENT

TO

PATRIOT TRANSPORTATION HOLDING, INC.

2014 EQUITY INCENTIVE PLAN

 

WHEREAS, Patriot
Transportation Holding, Inc. (the “Company”) maintains the Patriot Transportation Holding, Inc. 2014 Equity
Incentive Plan (the “Plan”); and

 

WHEREAS, the Company
issued an extraordinary dividend to its shareholders of $3.00 per share, which was paid on January 30, 2020 to shareholders of
record as of the close of business on January 15, 2020 (the “Dividend”); and

 

WHEREAS, Section
11 of the Plan provides that the Board of Directors of the Company (the “Board”) will adjust Awards granted
under the Plan and the maximum number of shares of Common Stock subject to the Plan set forth in Section 4 of the Plan in the event
of any extraordinary dividend, stock split, extraordinary corporate transaction or other relevant change in capitalization to the
extent necessary to preserve the economic intent of such Awards; and

 

WHEREAS, in connection
with the Dividend, the Board made adjustments to certain Awards made under the Plan, as required under Section 11;

 

WHEREAS, in connection
with the foregoing, the Board desires to amend Section 4 of the Plan to authorize an additional 148,877 shares of Common Stock
to be available for the grant of Awards under the Plan;

 

NOW, THEREFORE,
the Plan is hereby amended effective as of May 8, 2020 (the “Effective Date”), as follows:

 

		1.	Section 4.1 of the Plan is hereby replaced in its entirety by the
following:

 

		4.1	Subject to adjustment in accordance with Section 11, a total of 689,877
shares of Common Stock shall be available for the grant of Awards under the Plan; provided that, no more than 50,000 shares
of Common Stock may be granted as Incentive Stock Options. During the terms of the Awards, the Company shall keep available at
all times the number of shares of Common Stock required to satisfy such Awards.

 

 

		2.	Except as specifically amended herein, the terms of the Plan shall
continue in full force and effect.

 

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    	1 

    	 

    

IN WITNESS WHEREOF,
the Company has caused this First Amendment to be executed by a duly authorized officer, effective as of the Effective Date.

 

 

PATRIOT TRANSPORTATION HOLDING,
INC.

By: /s/ Robert E. Sandlin

Robert E. Sandlin

President & Chief Executive
Officerbiei_ex411

 

EXHIBIT 4.11

 

DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE
EXCHANGE ACT

 

The
following is a brief description of shares of common stock
(“common stock”) of Premier Biomedical, Inc. (the
“Company,” “we,” “us,” or
“our”). The brief description is based upon our
Articles of Incorporation, including the Certificate of Amendment
to our Articles of Incorporation, (as amended, our “Articles
of Incorporation”), our Bylaws (our “Bylaws”),
and provisions of applicable Nevada law. This summary does not
purport to be complete and is subject to, and qualified in its
entirety by, the full text of our Articles of Incorporation and
Bylaws, each of which is incorporated by reference as an exhibit to
our Annual Report on Form 10-K.

 

GENERAL

 

Our
Articles of Incorporation authorizes us to issue up to
1,010,000,000 shares of capital stock, consisting of 1,000,000,000
shares of common stock, par value $0.00001 per share, and
10,000,000 shares of preferred stock, par value $0.001 per share,
of which 262,111,480 shares of common stock, 2,000,000 shares of
series A preferred stock and 133,780 shares of series B preferred
stock were issued and outstanding as of December 31, 2019. Our
Articles of Incorporation authorizes our Board of Directors (our
“Board”) to determine, at any time and from time to
time, the number of authorized shares, as described
below.

 

COMMON STOCK

 

Holders
of common stock are entitled to one vote per share on all matters
submitted to a vote of the stockholders. Our holders of common
stock do not have cumulative voting rights. Holders of common stock
will be entitled to receive ratably such dividends as may be
declared by the Board out of funds legally available therefor,
which may be paid in cash, property, or in shares of the
Company’s capital stock. Upon liquidation, dissolution or
winding up of the Company, either voluntarily or involuntarily, the
holders of common stock will be entitled to receive their ratable
share of the net assets of the Company legally available for
distribution after payment of all debts and other liabilities.
There are no conversion, preemptive or other subscription rights
and there are no sinking fund or redemption provisions applicable
to the common stock.

 

DIVIDENDS

 

We
have not declared or paid any dividends on our common stock since
our inception and do not anticipate paying dividends for the
foreseeable future. The payment of dividends is subject to the
discretion of our Board and will depend, among other things, upon
our earnings, our capital requirements, our financial condition,
and other relevant factors. We intend to reinvest any earnings in
the development and expansion of our business. Any cash dividends
in the future to common stockholders will be payable when, as and
if declared by our Board, based upon the board’s assessment
of our financial condition and performance, earnings, need for
funds, capital requirements, prior claims of preferred stock to the
extent issued and outstanding, and other factors, including income
tax consequences, restrictions and applicable laws. There can be no
assurance, therefore, that any dividends on our common stock will
ever be paid.

 

PREFERRED STOCK

 

The
shares of preferred stock may be issued in series, and shall have
such voting powers, full or limited, or no voting powers, and such
designations, preferences and relative participating, optional or
other special rights, and qualifications, limitations or
restrictions thereof, as shall be stated and expressed in the
resolution or resolutions providing for the issuance of such stock
adopted from time to time by the Board. The Board is expressly
vested with the authority to determine and fix in the resolution or
resolutions providing for the issuances of preferred stock the
voting powers, designations, preferences and rights, and the
qualifications, limitations or restrictions thereof, of each such
series to the full extent now or hereafter permitted by the laws of
the State of Nevada.

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