Document:

EX-4.2

  Exhibit 4.2

  DESCRIPTION OF REGISTRANT’S SECURITIES

  REGISTERED PURSUANT TO SECTION 12 OF THE

  SECURITIES EXCHANGE ACT OF 1934

  The following description of our capital stock and certain provisions of our amended and restated certificate of incorporation, amended and restated bylaws and the Delaware General Corporation Law are summaries and are qualified by reference to our amended and restated certificate of incorporation and amended and restated bylaws, copies of which have been publicly filed with the Securities Exchange Commission, and to the Delaware General Corporation Law.

  Winc, Inc. has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended, or the Exchange Act: our common stock, par value $0.0001 per share. References herein to “we,” “us,” “our” and the “Company” refer to Winc, Inc. and not to any of its subsidiaries.

  General

  Our authorized capital stock consists of 310,000,000 shares, all with a par value of $0.0001 per share, of which:

  •300,000,000 shares are designated as common stock; and

  •10,000,000 shares are designated as preferred stock.

  Common Stock

  Holders of our common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative voting rights. An election of directors by our stockholders shall be determined by a plurality of the votes cast by the stockholders entitled to vote on the election. Holders of common stock are entitled to receive proportionately any dividends as may be declared by our board of directors, subject to any preferential dividend rights of any series of preferred stock that we may designate and issue in the future.

  In the event of our liquidation or dissolution, the holders of our common stock are entitled to receive proportionately our net assets available for distribution to stockholders after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred stock. Holders of our common stock have no preemptive, subscription, redemption or conversion rights. Our outstanding shares of common stock are validly issued, fully paid and nonassessable. 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.

  Preferred Stock

  Under the terms of our amended and restated certificate of incorporation, our board of directors is authorized to direct us to issue shares of preferred stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

  The purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third-party to acquire, or could discourage a third-party from seeking to acquire, a majority of our outstanding voting stock. 

  Anti-Takeover Provisions

  Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws

  Because our stockholders do not have cumulative voting rights, our stockholders holding a majority of the voting power of our shares of common stock outstanding will be able to elect all of our directors. Our amended and restated certificate of incorporation and amended and restated bylaws provide that all stockholder actions must be effected at a duly called meeting of stockholders and not by consent in writing. A special meeting of stockholders may be called only by a majority of our board of directors, the chair of our board of directors, or our chief executive officer.

  Our amended and restated certificate of incorporation further provides that the affirmative vote of holders of at least two-thirds in voting power of the outstanding shares of voting stock will be required to amend certain provisions of our amended and restated certificate of incorporation, including provisions relating to the size of the board, removal of directors, special meetings, actions by written consent and voting. The affirmative vote of holders of at least two-thirds in voting power of the outstanding shares of voting stock will be required to amend or repeal our amended and restated bylaws, although our amended and restated bylaws may be amended by a simple majority vote of our board of directors.

  Our amended and restated certificate of incorporation further provides that our board of directors is divided into three classes, designated as Class I, Class II and Class III, with each class serving staggered terms, and gives our board of directors the exclusive right to expand the size of our board of directors and to elect directors to fill a vacancy created by the expansion of the board of directors or the resignation, death or removal of a director.

  

  Finally, our amended and restated certificate of incorporation provides that, unless we otherwise consent in writing, (A)(i) any derivative action or proceeding brought on behalf of us, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, employee or agent of ours to us or our stockholders, (iii) any action asserting a claim against us arising pursuant to any provision of the Delaware General Corporation Law, our amended and restated certificate of incorporation or our amended and restated bylaws or as to which the Delaware General Corporation Law confers jurisdiction to the Court of Chancery of the State of Delaware or (iv) any action asserting a claim against us governed by the internal affairs doctrine shall, in each case subject to said Court of Chancery having personal jurisdiction over the indispensable parties named as defendants therein, be exclusively brought in the Court of Chancery of the State of Delaware or, if such court dismisses any such action for lack of subject matter jurisdiction, another state or federal court sitting in the State of Delaware; and (B) the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action against us or any director, officer, employee or agent of ours under the Securities Act. Notwithstanding the foregoing, the exclusive forum provision shall not apply to claims seeking to enforce any liability or duty created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Our amended and restated certificate of incorporation also provides that, to the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of our capital stock shall be deemed to have notice of and consented to the forum provisions in our amended and restated certificate of incorporation. 

  The foregoing provisions make it more difficult for our existing stockholders to replace our board of directors as well as for another party to obtain control of our Company by replacing our board of directors. Since our board of directors has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in our management. In addition, the authorization of 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 the control of our Company. Finally, the choice of forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, employees or agents which may discourage such lawsuits against us and our directors, officers, employees or agents, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder. 

  These provisions are intended to enhance the likelihood of continued stability in the composition of our board of directors and its policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of our Company. These provisions are also designed to reduce our vulnerability to an unsolicited acquisition proposal and to discourage certain tactics that may be used in proxy rights. However, these provisions could have the effect of discouraging others from making tender offers for our shares and may have the effect of deterring hostile takeovers or delaying changes in control of our Company or our management. As a consequence, these provisions also may inhibit fluctuations in the market price of our stock that could result from actual or rumored takeover attempts.

  Section 203 of the Delaware General Corporation Law

  We are subject to Section 203 of the Delaware General Corporation Law, which prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:

  •before such date, our board of directors approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;​

  •upon closing of the transaction that 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 began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned by (1) persons who are directors and also officers and (2) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or​

  •on or after such date, the business combination is approved by our board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

  In general, Section 203 defines "business combination" to include the following:

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

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

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

  •any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or 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 loss, advances, guarantees, pledges or other financial benefits by or through the corporation.

  

  In general, Section 203 defines an “interested stockholder” as an entity or person who, together with the person’s affiliates and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the corporation.

  Listing

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

  Transfer Agent and Registrar

  The transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC.EX-10.1

 Exhibit 10.1 

Population Health Investment Co., Inc. 

One World Financial Center 

New York, New York 10281 

January 1, 2022 
 Population Health
Investment Holding, Inc. 
 One World Financial Center 
 New
York, New York 10281 
 Re: Second Promissory Note Amendment 

Population Health Investment Holding, Inc.: 

Reference is made to that certain Promissory Note in the Principal Amount of up to $300,000 by and between Population Health Investment Co.,
Inc., a Cayman Islands exempted company (the “Maker”), and Population Health Investment Holding, Inc., a Cayman Islands exempted company (“Payee”), dated as of September 17, 2020, and as amended on November 20, 2020
(the “Note”). The parties to this letter agreement acknowledge and agree that as of the date hereof the outstanding principal balance of the Note is $300,000. Pursuant to paragraph 11 of the Note, Maker and Payee agree, as of the date
hereof, to amend and restate paragraph 1 of the Note as follows: 
 “1. Principal. The principal balance of
this Note shall be payable on the earlier of: (i) November 1, 2022 or (ii) the date on which Maker consummates a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or
more businesses. The principal balance may be prepaid at any time.” 
 The parties agree that the other provisions of the Note
shall continue in full force and effect. 
 [Signature Page Follows] 

 
			
	 Very truly yours,
  

POPULATION HEALTH INVESTMENT CO., INC.

		
	By:	 	 /s/ Clive Meanwell

		 	Name: Clive Meanwell
		 	Title: Chief Executive Officer

 AGREED AND ACCEPTED: 

POPULATION HEALTH INVESTMENT HOLDING, INC. 
  

			
	By:	 	 /s/ Christopher Visioli

		 	Name: Christopher Visioli
		 	Title: Senior Vice President

 [Signature Page to Promissory Note Amendment Letter]

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