Document:

Exhibit 10.9

 

Chain Bridge I

984 Baileyana Road

Hillsborough, CA 94010

 

February 3, 2021

 

CB Co-Investment, L.L.C.

599 Lexington Avenue, 25th Floor

New York, NY 10022

 

	 	RE:	Securities Subscription Agreement

 

Gentlemen:

 

This agreement (this
 “Agreement”) is entered into on February 3, 2021 by and between CB Co-Investment, L.L.C., a Delaware limited
liability company (the “Subscriber” or “you”), and Chain Bridge I, a Cayman Islands exempted
company (the “Company”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber has
made to subscribe for and purchase 1,429,286 Class B ordinary shares, $0.0001 par value per share (the “Shares”),
up to 186,429 of which are subject to forfeiture by you if the underwriters of the initial public offering (“IPO”)
of units (“Units”), each unit consisting of one Class A ordinary share of the Company and a fraction of
a warrant to purchase one Class A ordinary shares of the Company (the “Warrants”), do not fully exercise
their over-allotment option (the “Over-allotment Option”). The Company and the Subscriber’s agreements
regarding such Shares are as follows:

 

1. Subscription and Purchase of Securities.
For the sum of $4,150 (the “Purchase Price”), which the Company acknowledges receiving in cash, the Company
hereby issues the Shares to the Subscriber, and the Subscriber hereby subscribes for and purchases the Shares from the Company,
186,429 of which are subject to forfeiture, on the terms and subject to the conditions set forth in this Agreement. All references
in this Agreement to shares of the Company being forfeited shall take effect as surrenders for no consideration of such shares
as a matter of Cayman Islands law. Upon the issuance of the Shares, the Subscriber hereby surrenders for no consideration the one
Class B ordinary share of the Company held by it following the incorporation of the Company. In addition, Subscriber hereby
commits to purchase an aggregate of 1,333,333 Warrants (“Initial Warrants”) at $1.50 per Initial Warrant, for
an aggregate purchase price of $2,000,000 (the “Initial Risk Capital Purchase Price”). Additionally, if the
underwriters in the IPO exercise their over-allotment option in full or part, the Subscriber further commits to purchase up to
an additional 150,000 Warrants (“Additional Warrants”) at $1.50 per Additional Warrant for an aggregate purchase
price of up to $225,000 (the “Over-Allotment Purchase Price”). The Subscriber shall pay the Initial Risk Capital
Purchase Price and Over-Allotment Purchase Price (if any) for the Initial Warrants and Additional Warrants (if any) by wire transfer
of immediately available funds to the trust account established by the Company in connection with the IPO on the date the IPO and
over-allotment option are consummated, respectively.

 

2. Representations, Warranties and Agreements.

 

2.1 Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1 No Government
Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation
or endorsement of the offering of the Shares.

 

2.1.2 No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (i) the limited liability company agreement of the Subscriber,
(ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute, rule or
regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

    	 	 1 	 

     

    

 

2.1.3 Registration
and Authority. The Subscriber is a Delaware limited liability company, formed and registered, validly existing and possessing
all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery
by you, this Agreement will be a legal, valid and binding agreement of Subscriber, enforceable against Subscriber in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar
laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of
whether enforcement is sought in a proceeding at law or in equity).

 

2.1.4 Experience,
Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the
risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares
for an indefinite period of time because the Shares have not been registered under the Securities Act (as defined below) and therefore
cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber
is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests.
Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration
statement under the Securities Act or (ii) an exemption from registration available with respect to such sale. Subscriber
is able to bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment
in the Shares.

 

2.1.5 Access to Information;
Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask questions
of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations,
business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all information
so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge and
understanding of the Company and its business based upon Subscriber’s own due diligence investigation and the information
furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information or to make
any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other
representations or information in making its investment decision, whether written or oral, relating to the Company, its operations
and/or its prospects.

 

2.1.6 Regulation D
Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated
hereby is being made in reliance on a private placement exemption to “accredited investors” within the meaning of Section 501(a) of
Regulation D under the Securities Act or similar exemptions under federal and state law.

 

2.1.7 Investment Purposes.
The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and not for the
account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber did
not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502
under the Securities Act.

 

2.1.8 Restrictions
on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public
offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, and Subscriber understands that
the certificates representing the Shares will contain a legend in respect of such restrictions. If in the future the
Subscriber decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or
otherwise transferred only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption
from registration. Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a
condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel
satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber
further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for
the resale of the Shares until one year following consummation of the initial business combination of the Company, despite
technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer
restrictions.

 

    	 	 2 	 

     

    

 

2.1.9 No Governmental
Consents. No governmental, administrative or other third party consents or approvals are required or necessary on the part
of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2 Company’s
Representations, Warranties and Agreements. To induce the Subscriber to subscribe for and purchase the Shares, the Company
hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1 Incorporation
and Corporate Power. The Company is a Cayman Islands exempted company incorporated, validly existing and is qualified to do
business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect
on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and
authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by the Company, this
Agreement will be a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting
the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement
is sought in a proceeding at law or in equity).

 

2.2.2 No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (i) the memorandum and articles of association of the Company,
(ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation
to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3 Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof, and registration in the Company’s register of
members, the Shares will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment
pursuant to, the terms hereof, and registration in the Company’s register of members, the Subscriber will have or receive
good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer restrictions
hereunder and other agreements to which the Shares may be subject, (b) transfer restrictions under federal and state securities
laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4 No Adverse Actions.
There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company which: (i) seek
to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii) question
the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection with any transactions.

 

3. Forfeiture of Shares.

 

3.1 Partial or No
Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the representative(s) of the
underwriters of the Company’s IPO is not exercised in full, the Subscriber acknowledges and agrees that it shall forfeit
any and all rights to such number of Shares (up to an aggregate of 186,429 Shares and pro rata based upon the percentage of the
Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial shareholders
prior to the IPO, if any) will own an aggregate number of Shares (not including ordinary shares issuable upon exercise of any warrants
or any ordinary shares purchased by Subscriber in the Company’s IPO or in the aftermarket) equal to 20% of the issued and
outstanding ordinary shares of the Company immediately following the IPO.

 

3.2 Termination
of Rights as Shareholder. If any of the Shares are forfeited in accordance with this Section 3, then after such
time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such Shares, and the Company shall
take such action as is appropriate to cancel such Shares.

 

4. Waiver of Liquidation Distributions;
Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber hereby waives any and
all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account which will be
established for the benefit of the Company’s public shareholders and into which substantially all of the proceeds of the
IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the Company’s
failure to timely complete an initial business combination. For purposes of clarity, in the event the Subscriber purchases ordinary
shares in the IPO or in the aftermarket, any additional Shares so purchased shall be eligible to receive any liquidating distributions
by the Company. However, in no event will the Subscriber have the right to redeem any ordinary shares into funds held in the Trust
Account upon the successful completion of an initial business combination.

 

    	 	 3 	 

     

    

 

5. Restrictions on Transfer.

 

5.1 Securities Law
Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber agrees not to
sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration
statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed
to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory
to the Company, that such registration is not required because such transaction is exempt from registration under the Securities
Act and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state securities
laws.

 

5.2 Restrictive
Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER
THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS
WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING
THE TERM OF THE LOCKUP.”

 

5.3 Additional Shares
or Substituted Securities. In the event of the declaration of a share capitalization, the declaration of an extraordinary dividend
payable in a form other than Shares, a spin-off, a share sub-division, an adjustment in conversion ratio, a recapitalization or
a similar transaction affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted or
additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5
and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to
the number and/or class of Shares subject to this Section 5 and Section 3.

 

5.4 Registration
Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to
a Registration Rights Agreement to be entered into with the Company prior to the closing of the IPO.

 

6. Other Agreements.

 

6.1 Further Assurances.
Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out
the intent of this Agreement.

 

6.2 Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and
delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic
transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or
such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic
mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such
party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one
(1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

    	 	 4 	 

     

    

 

6.3 Entire Agreement.
This Agreement, together with that certain Insider Letter to be entered into between Subscriber and the Company, substantially
in the form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies
the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes
all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict,
the express terms and provisions of this Agreement.

 

6.4 Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

6.5 Waivers and
Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by
a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

6.6 Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.7 Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.8 Governing Law.
This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the
laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict
of law principles thereof.

 

6.9 Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.10 No Waiver of
Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement,
and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party.
No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance
of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the
exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver
of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this
Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in
any circumstances without such notice or demand.

 

6.11 Survival of
Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any other
agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any
investigations made by or on behalf of the parties.

 

    	 	 5 	 

     

    

 

6.12 No Broker or
Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant
has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any
liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or demand for
commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by
or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.13 Headings and
Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and
shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14 Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15 Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include
any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
 “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

6.16 Mutual Drafting.
This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual
consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7. Voting and Tender of Shares.
Subscriber agrees to vote the Shares in favor of an initial business combination that the Company negotiates and submits for approval
to the Company’s shareholders and shall not seek redemption or repurchase with respect to such Shares. Additionally, the
Subscriber agrees not to tender any Shares in connection with a tender offer presented to the Company’s shareholders in connection
with an initial business combination negotiated by the Company.

 

[Signature Page Follows]

 

    	 	 6 	 

     

    

 

If the foregoing accurately
sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 	 
	 	CHAIN BRIDGE I 
	 	 
	 	 	 
	 	By:	/s/ Michael Rolnick
	 	 	Name: 	Michael Rolnick
	 	 	Title:	Chief Executive Officer

 

Accepted and agreed as of the date first
written above.

 

CB CO-INVESTMENT, L.L.C.

 

 

	By:	/s/ Owen Littman	 
	 	Name: 	Owen Littman	 
	 	Title: 	Authorized Signatory	 

 

[Signature Page to Subscription
Agreement]Exhibit 4.8

		

			Exhibit 4.8

		

		

			 

		

		
			eMagin Corporation
		

		
			Description of the Registrant’s Securities Registered Pursuant to Section 12 of the 
Securities Exchange Act of 1934
		

		
			The following is a summary of the rights and preferences of the common stock and preferred stock of eMagin Corporation, a Delaware corporation (the “Company”), and certain provisions of the Company’s amended and restated certificate of incorporation (the “certificate of incorporation”), amended and restated bylaws (the “bylaws”) and certificate of designations (the “certificate of designations”) of the Company’s Series B Convertible Preferred Stock (the “Series B Preferred Stock”), and applicable provisions of the Delaware General Corporation Law (the “DGCL”). This summary does not purport to be complete and is qualified in its entirety by the provisions of our certificate of incorporation, bylaws and the certificate of designations, each of which is included as an exhibit to the Annual Report on Form 10-K  of which this exhibit forms a part, and the DGCL.
		

		
			In this description, the terms “the Company,” “we,” “our” and “us” means eMagin Corporation.
		

		
			General
		

		
			﻿
		

		
			We are authorized to issue 200,000,000 shares of common stock, $0.001 par value per share, and 10,000,000 shares of preferred stock, $0.001 par value per share, of which 10,000 shares have been designated as Series B Preferred Stock. Our Series B Preferred Stock is not registered pursuant to Section 12 of the Exchange Act of 1934, as amended (the “Exchange Act”) nor listed on any securities exchange, however we include a summary of certain terms of the Series B Preferred Stock as relevant to holders of our common stock.
		

		
			﻿
		

		
			Common Stock
		

		
			﻿
		

		
			Dividend Rights
		

		
			﻿
		

		
			Subject to the preferences applicable to holders of shares of our preferred stock, holders of common stock are entitled to receive ratably dividends, if any, when and as declared by our board of directors out of any funds of the Company of the legally available therefor.
		

		
			Under the bylaws, our board of directors has the power to declare dividends or distributions out of contributed surplus, and to determine that any dividend shall be paid in cash or shall be satisfied in paying up in full shares to be issued to the shareholders credited as fully paid or partly paid or partly in one way or partly in the other. Our board of directors may also pay any fixed cash dividend whenever the position of the Company justifies such payment.
		

		
			Liquidation and Preemptive Rights
		

		
			﻿
		

		
			Subject to the preferences applicable to holders of shares of our preferred stock, in the event of our voluntary or involuntary liquidation, dissolution or winding up, the holders of shares of our common stock will be entitled to share equally in any of the assets available for distribution after we have paid in full all of our debts.
		

		
			Holders of common stock have no preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of common stock are subject to, and may be adversely affected by, the rights of the holders of our outstanding Series B Preferred Stock and the shares of any other series of preferred stock that we may designate and issue in the future.
		

		
			Voting Rights
		

		
			The holders of shares of our common stock are entitled to notice of any shareholders’ meeting in accordance with our bylaws and to one vote for each share held of record on all matters submitted to a vote of the shareholders.
		

		
			﻿
		

		
			Election and Removal of Directors
		

		

		

		 

 

		Except in the case of vacancies, each director is elected by the affirmative vote of a majority of the votes cast as the general meeting of our shareholders.
		

		
			﻿
		

		
			Our bylaws provide that any vacancies on the board of directors not filled at any general meeting will be deemed casual vacancies and the board of directors, so long as a quorum of directors remains in office, will have the power at any time and from time to time, to appoint any individual to be a director so as to fill a casual vacancy. A director so appointed will hold office only until the next following annual general meeting. If not reappointed at such annual general meeting, the director will vacate office at the conclusion of the annual general meeting.
		

		
			﻿
		

		
			Special Meetings of Shareholders 
		

		
			﻿
		

		
			Special general meetings of our shareholders may be called (i) by our board of directors or (ii) when requisitioned by shareholders pursuant to the provisions of the Exchange Act. 
		

		
			﻿
		

		
			Restrictions on Transfers of Shares of Common Stock
		

		
			Our board of directors may in its absolute discretion, and without providing a reason, refuse to register the transfer of a share, which is not fully paid up. Our board of directors may also refuse to register a transfer unless the shares of common stock are (i) listed on an appointed stock exchange (of which the NYSE is one) or (ii) (A) a duly executed instrument of transfer is provided to us or our transfer agent accompanied by the certificate (if any has been issued) in respect of the shares to which it relates and by such other evidence as our board of directors may reasonably require to show the right of the transferor to make.
		

		
			Transfer Agent and Registrar
		

		
			﻿
		

		
			Continental Trust Company, N.A. is the transfer agent and registrar for the common stock.
		

		
			﻿
		

		
			Listing 
		

		
			﻿
		

		
			The common stock is quoted on the NYSE American under the trading symbol “EMAN”.
		

		
			﻿
		

		
			Preferred Stock 
		

		
			﻿
		

		
			We may issue shares of our preferred stock from time to time, in one or more series. Our board of directors will determine the rights, preferences and privileges of the shares of each wholly unissued series, and any qualifications, limitations or restrictions thereon, including dividend rights, conversion rights, preemptive rights, terms of redemption or repurchase, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of any series. Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of the Company and may adversely affect the market price of the common stock and the voting and other rights of the holders of common stock.
		

		
			﻿
		

		
			Series B Preferred Stock
		

		
			﻿
		

		
			On December 19, 2008, we filed a Certificate of Designations with the State of Delaware, which designates 10,000 shares of our preferred stock as Series B Preferred Stock, of which 5,659 shares are issued and outstanding. 
		

		
			﻿
		

		
			Dividends
		

		
			﻿
		

		

		

		 

		

			2

		

		

			 

		

 

		The Series B Preferred Stock rank senior to our common stock as to payment of dividends and distribution of assets upon our liquidation, dissolution, or winding up, whether voluntary or involuntary. The holders of the Series B Preferred Stock are not entitled to receive dividends unless our board of directors declares a dividend for holders of the common stock and then the dividend shall be equal to the amount that such holder would have been entitled to receive if the holder converted its preferred stock into shares of common stock. The Series B Preferred Stock are not entitled to interest payments.
		

		
			﻿
		

		
			Conversion
		

		
			﻿
		

		
			Each share of Series B Preferred Stock has a stated value of $1,000 and has a conversion price of $0.75 per share. The Series B Preferred Stock does not pay interest. 
		

		
			﻿
		

		
			Voting Rights
		

		
			﻿
		

		
			Each share of Series B Preferred Stock has voting rights equal to (i) the number of shares of common stock issuable upon conversion of such shares of Series B Preferred Stock at such time (determined without regard to the shares of common stock so issuable upon such conversion in respect of accrued and unpaid dividends on such share of Series B Preferred Stock) when the Series B Preferred Stock votes together with the common stock or any other class or series of our capital stock and (ii) one vote per share of preferred stock when such vote is not covered by the immediately preceding clause. Each holder of Series B Preferred Stock is entitled to notice of any shareholders’ meeting in accordance with our bylaws and may vote with holders of common stock upon the election of directors and upon any other matter submitted to a vote of shareholders, except those matters required by law to be submitted to a vote of holders of our preferred stock or Series B Preferred Stock voting separately as a class or series, and except as provided in the certificate of designations for the Series B Preferred Stock. The affirmative vote or consent of the holders of a majority of  the outstanding shares of Series B Preferred Stock (the “majority holders’), voting separately as a class, will be required for (1) any amendment, alteration, or repeal, whether by merger or consolidation or otherwise, of our certificate of incorporation if the amendment, alteration, or repeal materially and adversely affects the powers, preferences, or special rights of the Series B Preferred Stock, (2) the creation and issuance of any Senior Dividend  Stock or Senior Liquidation Stock (each, as defined in the certificate of designations), (3) the redemption of or payment of dividends on, any class or series of our capital stock or (4) any sale, lease or conveyance of all or substantially all of our assets, or any merger, consolidation, or business combination with any other person or any liquidation, dissolution or winding up of the Company. 
		

		
			﻿
		

		
			In addition, the terms of the certificate of designations also provide that so long as any shares of Series B Preferred Stock are outstanding, we may not offer, sell or issue, or enter into any agreement, arrangement or understanding to offer, sell or issue, any common stock or common stock equivalent (other than offerings that are underwritten on a firm commitment basis and registered with the SEC under the Securities Act of 1933, as amended) or engage in certain other financings and/or capital raises without the approval of majority holders. These and other rights granted to holders of the Series B Preferred Stock pursuant to the certificate of designations and the securities purchase agreement governing the sale of the Series B Preferred Stock enable the holders thereof to exert substantial control over our affairs and potentially exercise their control in a manner adverse to the interest of holders of our common stock.
		

		
			﻿
		

		
			The General Corporation Law of the State of Delaware, the state of our incorporation, provides that the holders of Series B Preferred Stock will have the right to vote separately as a class (or, in some cases, as a series) on an amendment to the certificate of incorporation if the amendment would change the par value, the number of authorized shares of the class or the powers, preferences or special rights of the class or series so as to adversely affect the class or series, as the case may be. This right is in addition to any voting rights that may be provided for in the applicable certificate of designation. 
		

		
			﻿
		

		
			Liquidation Rights
		

		
			﻿
		

		

		

		 

		

			3

		

		

			 

		

 

		In the event of our liquidation, dissolution, or winding up, the Series B Preferred Stock is entitled to receive liquidation preference before the common stock. We may at our option redeem the Series B Preferred stock by providing the required notice to the holders of the Series B Preferred Stock and paying an amount equal to $1,000 multiplied by the number of shares for all of such holder's shares of outstanding Series B Preferred Stock to be redeemed. 
		

		
			﻿
		

		
			Delaware Law and Certain Charter and Bylaw Provisions 
		

		
			﻿
		

		
			Provisions of Delaware law, our certificate of incorporation and our bylaws may discourage, delay or prevent a merger, acquisition or other change in control that stockholders may consider favorable. These provisions may also prevent or delay attempts by stockholders to replace or remove our current management or members of our board of directors. These provisions include:
		

		
			﻿
		

			
	
			
				 ·
			

			
	
			
			limitations on the removal of directors;  

			
	
			
				 ·
			

			
	
			
			advance notice requirements for stockholder proposals and nominations;  

			
	
			
				 ·
			

			
	
			
			the inability of stockholders to act by written consent or to call special meetings;  

			
	
			
				 ·
			

			
	
			
			the ability of our board of directors to make, alter or repeal our bylaws; and  

			
	
			
				 ·
			

			
	
			
			the authority of our board of directors to issue preferred stock with such terms as our board of directors may determine.

		
			﻿
		

		
			In addition, we are subject to the provisions of Section 203 of the DGCL. Section 203 prohibits a publicly-held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years after the person became an interested stockholder, unless the business combination is approved in a prescribed manner. A "business combination" includes mergers, asset sales and other transactions resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an "interested stockholder" is a person who, together with affiliates and associates, owns, or within the prior three years did own, 15% or more of the corporation's voting stock. 
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		 

		

			4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}]]