Document:

exhibit106

 

 

 

Table 
of Contents
 

Exhibit 10.6 
CHANGE 
IN 
CONTROL 
AGREEMENT 
THIS 
CHANGE 
IN 
CONTROL 
AGREEMENT 
(“CIC 
Agreement”) 
is 
made 
by 
and 
between 
U.S. 
Century 
Bank, 
with 
Corporate 
Offices 
located 
at 
2301 
NW 
87
th
 
Ave., 
Doral, 
FL 
33172 (hereinafter called the 
“Bank” or the “Company”), 
its subsidiaries, divisions and associated 
and affiliated entities (“Affiliates”) and Benigno Pazos (“Executive”). 
WHEREAS,
 
as 
consideration 
for 
Executive’s 
continued 
employment 
with 
the 
Bank 
as 
Chief Credit 
Officer, 
which is 
incorporated by 
reference in 
this Agreement), 
the parties hereto, 
intending to be 
legally bound, 
agree as follows:
1.
Payment Upon Change in Control. 
In the event of a Change in 
Control (as defined 
herein) for the remaining term of Executive’s employment with the Bank, the 
Company agrees to 
issue 
payment 
to 
Executive 
in 
the 
total 
amount 
of 
1.5 
times 
the 
Base 
Annual 
Salary 
of 
the 
Executive applicable for the one 
(1) year period prior to 
the Change in Control, to 
be paid within 
thirty (30) days 
of the consummation 
of the Change 
in Control. 
Bank’s 
provision of this 
benefit 
to Executive 
is 
made 
without 
regard to 
whether, 
or for 
how long, 
Executive remains 
employed 
with the surviving company subsequent to the Change in Control. 

2.
Change 
in 
Control. 
“Change 
in 
Control 
shall 
mean 
the 
occurrence 
of 
an 
event 
described in (i), (ii), (iii), or (iv) below: 
(i) Any person or group (within the meaning of Sections 13(d) and 14(d) of the 
Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than 
the Bank, an affiliate of the Bank or a trustee or other fiduciary holding securities 
under an employee benefit plan of the Bank or a corporation owned directly or 
indirectly by the stockholders of Bank in substantially the same proportions as 
their ownership of stock of the Bank, becomes the beneficial 
owner (within the 
meaning of Rule 13(d)(3) under the Exchange Act, directly or indirectly (which 
shall include securities issuable upon conversion, exchange or otherwise) or 
securities representing 50% or more of the combined voting power of the Bank’s 
then-outstanding securities entitled to vote for the election of directors. 
(ii) 
Consummation 
of 
an 
agreement 
to 
merge or 
consolidate 
with 
another 
entity 
(other 
than 
a 
majority-controlled 
subsidiary 
of the 
Bank) 
unless 
the 
Bank’s 
stockholders immediately before the 
merger or 
consolidation own more 
than 50% 
of 
the 
combined 
voting 
power 
of 
the 
resulting 
entity’s 
voting 
securities 
(giving 
effect to 
the conversion 
or exchange 
of securities 
issued in 
the merger 
consolidation 
to the 
other entity 
that are 
convertible or 
exchangeable for 
voting securities) 
entitled 
generally to vote for the election of directors. 

(iii) Consummation 
of an 
agreement (including, 
without limitation, 
an agreement 
of liquidation) to sell or otherwise dispose of all or substantially all of the business 
or assets of the Bank (or a subsidiary thereof); or 

 

 

 

 

 

 

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(iv) Individuals who, as of the date hereof, constitute the Board of Directors of the 
Bank 
(the 
“Incumbent 
Board”) 
cease 
for 
any 
reason 
to constitute 
at least a majority of the Board, provided that any person becoming a director 
subsequent to the date hereof whose election or nomination for election by the 
stockholders 
is 
approved 
by 
a 
vote 
of 
at 
least 
a 
majority 
of 
directors then 
constituting 
the 
Incumbent 
Board 
shall 
be, 
for 
purposes 
of 
this Agreement, 
considered as though such person were a member of the Incumbent Board. 

Notwithstanding 
the 
foregoing, no 
event 
shall 
constitute a 
Change 
in Control 
unless 
such event shall 
also constitute 
a change in 
control as 
defined in Section 
409A of the 
Code. 
3.
Severability. Should any provision of this Agreement 
be declared or determined 
by 
any court of 
competent jurisdiction 
to be unenforceable 
or invalid for 
any reason, the 
validity of 
the remaining 
parts, terms 
or provisions 
of this 
Agreement shall 
not be 
affected thereby 
and the 
invalid or unenforceable 
part, term 
or provision shall 
be deemed 
not to be 
a part of 
this Agreement. 
4.
Applicable 
Law/Forum. 
This 
Agreement 
has 
been 
entered 
into 
in 
and 
shall 
be 
governed 
by 
and 
construed 
under 
the 
internal 
laws 
of 
the 
State 
of 
Florida, 
without 
regard 
to 
conflicts of laws principals. All 
suits, proceedings and other 
actions relating to, arising out 
of or in 
connection 
with 
this 
Agreement will 
be 
submitted 
solely 
to 
the 
in 
personam jurisdiction 
of 
the 
United States District Court for 
the Southern District of Florida 
(“Federal Court”) or to the 
Circuit 
Court in Broward County or Miami-Dade County. Executive hereby waives any claims against or 
objections to such in personam jurisdiction and venue. 
5.
Notice. 
All notices 
and other 
communications hereunder 
shall be 
in writing 
and 
shall be 
deemed to 
have been 
given only 
if and 
when personally 
delivered or 
three (3) 
business 
days after mailing, postage prepaid, registered or 
certified mail, or when delivered (and receipted 
for) by an 
express delivery service, 
addressed in each 
case. As to 
notices provided to 
Bank, notices 
shall 
be 
sent 
to 
the 
Human 
Resources 
Department 
at 
the 
address 
of 
the 
Bank 
listed 
in 
the 
introductory 
paragraph 
of 
this 
Agreement. 
As 
to 
notices 
to 
Executive, 
notices 
shall 
be 
sent 
to 
address provided below. Executive and Bank may change the address for the giving of notices. 
6.
Complete Agreement. 
This Agreement 
represents the 
complete agreement 
between 
Executive and Bank regarding the 
subject matter of this Agreement. 
This Agreement is in no 
way 
dependent upon 
the performance 
of any 
other contract 
or agreement 
that may 
have been 
or may 
be entered 
into between 
Executive and 
Bank, and 
remains in 
effect 
during the 
pendency of 
this 
Agreement. 
As such, 
the breach 
or alleged breach 
of any 
other contract or 
agreement is no 
defense 
to enforcement of this Agreement. 
7.
Amendments in Writing. 
No amendment, modification, waiver, or other change to 
this 
Agreement, shall 
in 
any event 
be 
effective 
unless 
the same 
shall be 
in 
writing, specifically 
identifying 
this 
Agreement 
and 
the 
provision 
intended 
to 
be 
changed 
and 
signed 
by 
Bank 
and 
Executive, and each 
such change 
shall be effective only 
in the specific 
instance and for 
the specific 
purpose 
for 
which 
it 
is 
given. 
No 
provision 
of 
this 
Agreement shall 
be 
varied, contradicted 
or 
explained by 
any 
oral 
agreement, 
course 
of 
dealing 
or 
performance 
or 
any 
other 
matter 
not 
set 
forth in an agreement in writing and signed by Bank and Bank. 

 

 

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8.
Acknowledgment. Executive 
acknowledges that 
Executive has 
read this 
Agreement 
in full and completely understands all 
of its terms and obligations 
and enters into this Agreement 
freely 
and 
voluntarily, 
and 
after 
having 
the 
opportunity 
to 
consult 
with 
representatives 
of 
Executive’s own choosing and that Executive’s 
agreement is freely given. 
IN WITNESS 
WHEREOF, 
the parties 
hereto have 
duly executed 
this Agreement 
on the 
date first above mentioned.EX-4.1

   

  Exhibit 4.1

   

  DESCRIPTION OF SECURITIES

  Imago BioSciences, Inc. had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended. The following summary describes our capital stock and the material provisions of our amended and restated certificate of incorporation and our amended and restated bylaws. Because the following is only a summary, it does not contain all of the information that may be important to you. For a complete description, you should refer to our amended and restated certificate of incorporation, and amended and restated bylaws, copies of which have been filed as with the Securities and Exchange Commission.

  General

  Our amended and restated certificate of incorporation authorized 300,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of preferred stock, $0.0001 par value per share. Shares of our common stock are listed on the Nasdaq Global Select Market under the symbol “IMGO.”

  Common Stock

  Voting Rights

  Each holder of our common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Our stockholders do not have cumulative voting rights in the election of directors. Accordingly, holders of a majority of the voting shares are able to elect all of the directors. In addition, the affirmative vote of holders of 66-2/3% of the voting power of all of the then outstanding voting stock are required to take certain actions, including amending certain provisions of our amended and restated certificate of incorporation, such as the provisions relating to amending our amended and restated bylaws, the classified board and director liability.

  Dividends

  Subject to preferences that may be applicable to any then outstanding convertible preferred stock, holders of our common stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds.

  Liquidation

  In the event of our liquidation, dissolution or winding up, holders of our common stock are entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of convertible preferred stock.

  Rights and Preferences

  Holders of our common stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of our convertible preferred stock that we may designate in the future.

  Fully Paid and Nonassessable

  All of our outstanding shares of common stock are, and the shares of common stock are fully paid and nonassessable.

  Convertible Preferred Stock

  Our board of directors have the authority, without further action by our stockholders, to issue up to 10,000,000 shares of convertible preferred stock in one or more series and to fix the rights, preferences, privileges 

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  and restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting, or the designation of, such series, any or all of which may be greater than the rights of common stock. The issuance of our convertible preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon our liquidation. In addition, the issuance of convertible preferred stock could have the effect of delaying, deferring or preventing a change in control of our company or other corporate action. 

  Anti-Takeover Effects of Provisions of our Amended and Restated Certificate of Incorporation, our Amended and Restated Bylaws and Delaware Law

  Some provisions of Delaware law and our amended and restated certificate of incorporation and our amended and restated bylaws contain provisions that could make the following transactions more difficult: acquisition of us by means of a tender offer; acquisition of us by means of a proxy contest or otherwise; or removal of our incumbent officers and directors. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in our best interests, including transactions that might result in a premium over the market price for our shares.

  These provisions, summarized below, are expected 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 of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result in an improvement of their terms.

  Delaware Anti-Takeover Statute

  We are subject to Section 203 of the Delaware General Corporation Law, which prohibits persons deemed “interested stockholders” from engaging in a “business combination” with a publicly-held Delaware corporation for three years following the date these persons become interested stockholders unless the business combination is, or the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an “interested stockholder” is a person who, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation’s voting stock. Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision may have an anti-takeover effect with respect to transactions not approved in advance by the board of directors, such as discouraging takeover attempts that might result in a premium over the market price of our common stock.

  Undesignated Preferred Stock

  The ability to authorize undesignated preferred stock makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us. These and other provisions may have the effect of deterring hostile takeovers or delaying changes in control or management of our company.

  Special Stockholder Meetings

  Our amended and restated bylaws provides that a special meeting of stockholders may be only called by our board of directors, or by our President or Chief Executive Officer.

  Requirements for Advance Notification of Stockholder Nominations and Proposals

  Our amended and restated bylaws establishes advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors.

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  Elimination of Stockholder Action by Written Consent

  Our amended and restated certificate of incorporation and our amended and restated bylaws eliminate the right of stockholders to act by written consent without a meeting.

  Classified Board; Election and Removal of Directors; Filling Vacancies

  Our board of directors is divided into three classes. The directors in each class serve for a three-year term, one class being elected each year by our stockholders, with staggered three-year terms. Only one class of directors is elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms. Because our stockholders do not have cumulative voting rights, our stockholders holding a majority of the shares of common stock outstanding are able to elect all of our directors. Our amended and restated certificate of incorporation provides for the removal of any of our directors only for cause and requires a stockholder vote by the holders of at least a 66-2/3% of the voting power of the then outstanding voting stock. Furthermore, any vacancy on our board of directors, however occurring, including a vacancy resulting from an increase in the size of the board, may only be filled by a resolution of the board of directors unless the board of directors determines that such vacancies shall be filled by the stockholders. This system of electing and removing directors and filling vacancies may tend to discourage a third party from making a tender offer or otherwise attempting to obtain control of us, because it generally makes it more difficult for stockholders to replace a majority of the directors.

  Choice of Forum

  Our amended and restated certificate of incorporation and our amended and restated bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the exclusive forum for: any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty; any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our amended and restated certificate of incorporation or our amended and restated bylaws; or any action asserting a claim against us that is governed by the internal affairs doctrine. Although our amended and restated certificate of incorporation contains the choice of forum provision described above, it is possible that a court could find that such a provision is inapplicable for a particular claim or action or that such provision is unenforceable.

  Amendment of Charter Provisions

  The amendment of any of the above provisions, except for the provision making it possible for our board of directors to issue undesignated preferred stock, requires approval by a stockholder vote by the holders of at least a 66-2/3% of the voting power of the then outstanding voting stock.

  The provisions of the Delaware General Corporation Law, our amended and restated certificate of incorporation and our amended and restated bylaws could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

   

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