Document:

Document

Exhibit 4.3

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

The summary of the general terms and provisions of the registered securities of Axcella Health Inc. (the “Company,” “we,” “us,” and “our”) set forth below does not purport to be complete. It is subject to and qualified in its entirety by reference to our Restated Certificate of Incorporation (“Certificate of Incorporation”) and our Amended and Restated Bylaws (“Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.3 is a part, and by applicable law. We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the Delaware General Corporation Law for additional information.

Authorized Capital Stock

Our authorized capital stock consists of 150,000,000 shares of common stock, $0.001 par value per share, and 10,000,000 shares of preferred stock, $0.001 par value per share, all of which are undesignated preferred stock. 

Common Stock 

The holders of our common stock are entitled to one vote for each share held on all matters submitted to a vote of the stockholders. The holders of our common stock do not have any cumulative voting rights. Holders of our common stock are entitled to receive ratably any dividends declared by our board of directors out of funds legally available for that purpose, subject to any preferential dividend rights of any outstanding preferred stock. Our common stock has no preemptive rights, conversion rights or other subscription rights, or redemption or sinking fund provisions. 

In the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to share ratably in all assets remaining after payment of all debts and other liabilities and any liquidation preference of any outstanding preferred stock. All outstanding shares are fully paid and nonassessable. 

Listing

Our common stock is listed and traded on The NASDAQ Stock Market LLC under the symbol “AXLA.”

Transfer Agent and Registrar 

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.

Preferred Stock

Our board of directors has the authority, without further action by our stockholders, to designate and issue up to 10,000,000 shares of preferred stock in one or more series. Our board of directors may also designate the rights, preferences and privileges of the holders of each such series of preferred stock, any or all of which may be greater than or senior to those granted to the holders of common stock. While, the issuance of preferred stock provides flexibility in connection with possible future financings and acquisitions and other corporate purposes, 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 shares of any series of preferred stock that we may designate and issue in the future. Though the actual effect of any such issuance on the rights of the holders of common stock will not be known until such time as our board of directors determines the specific rights of the holders of preferred stock, the issuance of preferred stock could have the effect of restricting dividends on our common stock, diluting the voting power of our common stock, impairing the liquidation rights of our common stock, or delaying, deferring or preventing a change in control of our company, which might harm the market price of our common stock. 

No shares of preferred stock are outstanding as of the date of our Annual Report on Form 10-K with which this Exhibit 4.3 is filed as an exhibit.

Anti-Takeover Effects of Delaware Law and Provisions of our Charter Documents

Certain provisions of the Delaware General Corporation Law and of our Charter Documents could have the effect of delaying, deferring or discouraging another party from acquiring control of us. These provisions, which are summarized below, are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and, as a consequence, they might also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions are also designed in part to encourage anyone seeking to acquire control of us to first negotiate with our board of directors. These provisions might 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 might otherwise deem to be in their best interests. However, we believe that the advantages gained by protecting our ability to negotiate with any unsolicited and potentially unfriendly acquirer outweigh the disadvantages of discouraging such proposals, including those priced above the then-current market value of our common stock, because, among other reasons, the negotiation of such proposals could improve their terms. 

Delaware Anti-Takeover Statute 

We are subject to the provisions of Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a three-year period following the time that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions: 

•before the stockholder became interested, our board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; 

•upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans, in some instances, but not the outstanding voting stock owned by the interested stockholder; or 

•at or after the time the stockholder became interested, the business combination was approved by our board of directors and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder. 

Section 203 defines a business combination to include: 

•any merger or consolidation involving the corporation and the interested stockholder; 

•any sale, transfer, lease, pledge, exchange, mortgage or other disposition involving the interested stockholder of 10% or more of the assets of the corporation; 

•subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; 

•subject to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or 

•the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation. 

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or person. 

Charter Documents

Our Charter Documents include a number of provisions that may have the effect of encouraging persons considering unsolicited tender offers or other unilateral takeover proposals to negotiate with our board of directors rather than pursue non-negotiated takeover attempts. These provisions include the items described below.

Board Composition and Filling Vacancies.  In accordance with our Certificate of Incorporation, our board is divided into three classes serving three-year terms, with one class being elected each year. Our Certificate of Incorporation also provides that directors may be removed only for cause and then only by the affirmative vote of the holders of two-thirds (2/3) or more of the shares then entitled to vote at an election of directors. Furthermore, any vacancy on our board of directors, however occurring, including a vacancy resulting from an increase in the size of our board, may only be filled by the affirmative vote of a majority of our directors then in office, even if less than a quorum.

No Written Consent of Stockholders.  Our Certificate of Incorporation provides that all stockholder actions are required to be taken by a vote of the stockholders at an annual or special meeting, and that stockholders may not take any action by written consent in lieu of a meeting.

Meetings of Stockholders.  Our by-laws provide that only a majority of the members of our board of directors then in office may call special meetings of stockholders and only those matters set forth in the notice of the special meeting may be considered or acted upon at a special meeting of stockholders. Our by-laws limit the business that may be conducted at an annual meeting of stockholders to those matters properly brought before the meeting.

Advance Notice Requirements.  Our by-laws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders. These procedures provide that notice of stockholder proposals must be timely given in writing to our corporate secretary prior to the meeting at which the action is to be taken. Generally, to be timely, notice must be received at our principal executive offices not less than 90 days or more than 120 days prior to the first anniversary date of the annual meeting for the preceding year. The notice must contain certain information specified in the by-laws. These provisions may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed. These provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of our company.

Amendment to By-laws and Certificate of Incorporation.  As required by the Delaware General Corporation Law, any amendment of our Certificate of Incorporation must first be approved by a majority of our board of directors and, if required by law or our Certificate of Incorporation, thereafter be approved by a majority of the outstanding shares entitled to vote on the amendment, and a majority of the outstanding shares of each class entitled to vote thereon as a class, except that the amendment of the provisions relating to stockholder action, directors, limitation of liability, exclusive jurisdiction of Delaware Courts and the amendment of our by-laws and Certificate of Incorporation must be approved by not less than two-thirds (2/3) of the outstanding shares entitled to vote on the amendment, and not less than two-thirds (2/3) of the outstanding shares of each class entitled to vote thereon as a class. Our by-laws may be amended by the affirmative vote of a majority of the directors then in office, subject to any limitations set forth in the by-laws; and may also be amended by the affirmative vote of at least two-thirds (2/3) of the outstanding shares entitled to vote on the amendment, or, if the board of directors recommends that the stockholders approve the amendment, by the affirmative vote of the majority of the outstanding shares entitled to vote on the amendment, in each case voting together as a single class.

Blank Check Preferred Stock.  Our Certificate of Incorporation provides for 10,000,000 authorized shares of preferred stock. The existence of authorized but unissued shares of preferred stock may enable our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise. For example, if in the due exercise of its fiduciary obligations, our board of directors were to determine that a takeover proposal is not in the best interests of us or our stockholders, our board of directors could cause shares of preferred stock to be issued without stockholder approval in one or more private offerings or other transactions that might dilute the voting or other rights of the proposed acquirer or insurgent stockholder or stockholder group. In this regard, our Certificate of Incorporation grants our board of directors broad power to establish the rights and preferences of authorized and unissued shares of preferred stock. The issuance of shares of preferred stock could decrease the amount of earnings and assets available for distribution to holders of shares of common stock. The issuance may also adversely affect the rights and powers, including voting rights, of these holders and may have the effect of delaying, deterring or preventing a change in control of us.

Choice of Forum.  Our 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 sole and exclusive forum for any state law claim for: (1) any derivative action or proceeding brought on our behalf; (2) any action asserting a claim of breach of a fiduciary duty or other wrongdoing by any of our directors, officers, employees or agents to us or our stockholders; (3) any action asserting a claim against us arising pursuant to any provision of the Delaware General Corporation Law or our Certificate of Incorporation or Bylaws; (4) any action to interpret, apply, enforce or determine the validity of our Certificate of Incorporation or Bylaws or (5) any action asserting a claim governed by the internal affairs doctrine. The choice of forum provision does not apply to any actions arising under the Securities Act or the Exchange Act.Exhibit 4.3

     

    
      

    

    

    

     [•], 2020

     

    

    To

     

    Mikroman Madencilik Mining

    Hisarardi Koyo

    Yatagan Mugla

    Turkey

    

    

    Dear Serhat,

     

    Following our discussions, here are the terms agreed between us with respect to quartz supply on a nonexclusive basis by Mikroman to Caesarstone Ltd. and its subsidiaries and affiliates
      (collectively, "Caesarstone") for its utilization in Caesarstone's manufacturing facilities worldwide, starting Jan 1, 2020 and until December 31, 2020. Upon both parties' signing on at the bottom of this
      agreement (this " Agreement"), it will constitute a binding framework agreement between Mikroman and Caesarstone, under which Caesarstone will be entitled (but not obligated) to submit purchase orders ("Purchase Orders"). Mikroman undertakes to comply with any and all laws, regulations, rules and standards and any Caesarstone policies relating the Products and services provided herein.

     

    
      	
              1.          

            	
              Estimated Quantities and binding orders and supply

            

    

     

    Caesarstone's working plan for year 2020 is as follows:

     

    	
            Product

          	
            Quantity 2019

          
	
            1

          	
            *

          	
            *

          
	
            2

          	
            *

          	
            *

          
	
            3

          	
            *

          	
            *

          
	
            4

          	
            *

          	
            *

          
	
            5

          	
            *

          	
            *

          
	
            6

          	
            *

          	
            *

          
	 	 	
            *

          
	
            8

          	
            *

          	
            *

          
	
            9

          	
            *

          	
            *

          
	
            10

          	
            *

          	
            *

          
	
            11

          	
            *

          	
            *

          
	
            12

          	
            *

          	
            *

          

    

    

    The above is Caesarstone's working plan with a non-binding purchases projection from Mikroman for year 2020 (the "Estimated Quantities") for the abovementioned
      products (the "Products"). Caesarstone's actual orders may significantly differ from the Estimated Quantities. Caesarstone may deliver to Mikroman a binding Purchase Order on a monthly basis, and Mikroman shall
      be committed to supply to Caesarstone all such Purchase Orders (in accordance with the timeframe and Products' quality standards and specifications set in writing by Caesarstone at its sole discretion) up to the Estimated Quantities. Nothing
      contained herein shall be construed as an obligation of Caesarstone to purchase any or all of the above quantities.

     

    
      	
              2.          

            	
              Prices – For actual quantities of * that shall be ordered by Caesarstone during year 2020, Mikroman will charge from Caesarstone the following:

            

    

     

    For * – US$* (* US Dollars) per ton.

    
      
        

    

    

    

    
      	
              3.          

            	
              Payment terms – for Products that shall be ordered by Caesarstone during year 2020 payment terms shall be *.

            

       

      

    

    
      	
              4.          

               

            	
              The products will be supplied by Mikroman in a timely manner, time being of the essence and in accordance with Caesarstone's quality standards, packing and delivery
                instructions and specifications as will be updated by Caesarstone in writing from time to time as Caesarstone's sole discretion, in accordance with each Caesarstone's Purchase Order. Any Purchase Order not delivered on time at its
                destination (Izmir Port FOB incoterms 2010) shall entitle Caesarstone, at its own election, to cancel such Purchase Order (in addition to any other rights it may be entitled to) without any liability, unless such Purchase Order was
                delivered prior to the issuance by Caesarstone of a notice of cancellation, and Mikroman shall not have any claim with respect to such cancellation. Mikroman shall be fully responsible for any incompatibility or defects of the Products.
                Notwithstanding the aforementioned, Mikroman shall not be responsible only to such defects which were caused during and directly from the negligence or malfunctioning of the Product's forwarder. Upon indication of incompatibility in a
                Product identified by Caesarstone and notifies such incompatibility notification to Mikroman (an "Incompatibility Notification"), Mikroman shall be entitled to examine such Products at the applicable
                Facility within 30 days of receipt of the Incompatibility Notification; provided however, that it has notified Caesarstone in writing of its intention to conduct such examination within 10 days of
                receipt of the Incompatibility Notification. Thereafter, Mikroman shall be obliged to immediately, at Caesarstone's sole discretion, either: (1) replace such Product in the next shipment, or (2) issue a full refund/credit therefor. In
                addition, Mikroman shall either collect the defected Products from the Caesarstone facility within 45 days of Caesarstone's requirement or pay Caesarstone's all costs and expenses incurred by it in relation to the disposal of such Products.
                Title to the Product will transfer to Caesarstone upon delivery. Mikroman also warrants that all Products will be supplied unencumbered by rights of third parties, and that all Products will be suitable for the purpose for which the order
                or for which the Agreement was concluded and fit to the intended use, characteristics and/or reliability of the Products.

            

       

      

    

    
      	
               

              5.          

               

            	
              The parties will maintain in confidence the terms of this agreement as well as any other information delivered to each of them by the other party without time
                limitation. Notwithstanding the aforementioned, as Caesarstone is a public company traded on NASDAQ, Mikroman acknowledges and agrees that Caesarstone may be required to disclose certain information related to this agreement under any
                applicable law as shall be interpreted by Caesarstone at its sole discretion; accordingly, any confidentiality undertaking by Caesarstone set forth herein shall be subject to such Caesarstone's disclosure obligations and it is agreed herein
                that the aforementioned actions will not be deemed in any way a breach of Caesarstone's confidentially undertaking set forth above.

            

       

      

    

    
      	
              6.          

               

            	
              11.1          The Supplier undertakes that it will indemnify and keep Caesarstone and/or anyone on its behalf indemnified, immediately upon demand, against all
                proceedings, costs, liabilities, injury, loss or damage arising out of a breach or negligent performance or failure of performance of the terms of this Agreement, or any defect in the Products or the documentation supplied in respect of
                this Agreement or any other matter relating to the subject matter of this Agreement.

            

       

      

    

    
      	
              7.          

               

            	
              This agreement and its performance will be governed by the English law and subject to the jurisdiction of the competent courts in England. Without derogating from the
                generality and validity of the foregoing, Caesarstone shall be entitled, at its sole discretion, to initiate legal proceedings related to this Agreement in Turkey, and in such case only same proceeding will be subject to the jurisdiction of
                the competent courts in Turkey.

            

       

      

    

    
      	
              8.          

            	
              This Agreement constitutes the entire agreement between Mikroman and Caesarstone, and all prior agreements, understandings and/or commitments of any of the parties,
                whether in writing or verbal, with respect to the matters covered herein are superseded and null.

            

       

      

    

    
      	
              9.          

               

            	
              As Caesarstone is a public company traded on NASDAQ, Mikroman  is aware (and that its representatives who are apprised of this matter have been or will be advised) that
                U.S. securities laws restrict persons with material non-public information about a company obtained directly or indirectly from that company from purchasing or selling securities of such company and from communicating such information to
                any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.  Mikroman agrees to comply with such laws and recognizes that Caesarstone will be damaged by his
                non-compliance.  In addition, Mikroman hereby acknowledges that unauthorized disclosure of confidential information may be in violation of the securities laws.

            

       

      

    

    
      	
              10.          

            	
              Each party may not assign, delegate or transfer this Agreement or any of its obligations hereunder, without the prior written consent of the other party.

            

       

      

    

    
      	
              11.          

            	
              Any amendment or modification of this Agreement shall be effective if mutually agreed upon by the parties, made in writing and constituted an appendix as an integral
                part of the Agreement.

            

       

      

    

    Please indicate your agreement with the above terms by signing both counterparts of this Letter Agreement as provided below and return one fully executed copy to us.

     

    
      	
              
                /s/ Yuval Dagim, Ophir Yakovian

                Caesarstone Ltd.

                By: Yuval Dagim, Ophir Yakovian

                Title: CEO, CFO

                Date: 18.3.2020

              

            	
               

            
	 	 
	
               

            	
              
                We hereby approve our consent to all of the above.

                /s/ Serhat Saran          

                Mikroman Maden San. Ve Tie A.S.

                By: Serhat Saran

                Title: Member of Board

                Date: 18.3.2020

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