Document:

Exhibit

Exhibit 4.2
THIRD SUPPLEMENTAL INDENTURE
Third Supplemental Indenture (this “Supplemental Indenture”), dated as of February 13, 2020, by and among Cimpress plc, a public company with limited liability incorporated in Ireland (a member state of the European Union) (“Cimpress”), the Guarantors party hereto (the “Guarantors”) and U.S. Bank National Association (as successor to MUFG Union Bank, N.A.), as trustee (the “Trustee”).
WITNESSETH
WHEREAS, Cimpress N.V., a limited liability company (naamloze vennootschap) incorporated under the laws of The Netherlands (the “Company”) has heretofore executed and delivered to the Trustee a Senior Notes Indenture (as supplemented by the First Supplemental Indenture and the Second Supplemental Indenture (each as defined below) and as further supplemented by this Supplemental Indenture, the “Indenture”), dated as of June 15, 2018, among the Company, the guarantors named therein and the Trustee, providing for the issuance of an unlimited aggregate principal amount of 7.0% Senior Notes due 2026;
WHEREAS, Build A Sign LLC, a Delaware limited liability company (“Build A Sign”) and a subsidiary of the Company, has heretofore executed and delivered to the Trustee a First Supplemental Indenture, dated as of October 15, 2019 (the “First Supplemental Indenture”), whereby Build A Sign agreed to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including Article 10 thereof;
WHEREAS, Cimpress and each of the Guarantors have heretofore executed and delivered to the Trustee a Second Supplemental Indenture, dated as of December 3, 2019 (the “Second Supplemental Indenture”), whereby Cimpress agreed to assume all of the obligations of the Company under the Notes and the Indenture and each of the Guarantors confirmed that its Note Guarantee shall apply to Cimpress’ obligations under the Notes and the Indenture;
WHEREAS, effective February 7, 2020, MUFG Union Bank, N.A. resigned as Trustee under the Indenture, and by an Instrument of Resignation, Appointment, and Acceptance Cimpress appointed U.S. Bank National Association as successor Trustee, effective February 7, 2020, and U.S. Bank National Association accepted said appointment;
WHEREAS, the Company initially issued $400,000,000 aggregate principal amount of 7.0% Senior Notes due 2026 (the “Existing Notes”) under the Indenture;
WHEREAS, Section 2.01 of the Indenture provides that Cimpress may issue Additional Notes under the Indenture subject to certain conditions set forth in the Indenture, including compliance with Section 4.09 of the Indenture;
WHEREAS, Cimpress desires to execute and deliver this Supplemental Indenture for the purpose of issuing $200,000,000 in aggregate principal amount of its 7.0% Senior Notes due 2026 as Additional Notes under the Indenture (the “New Notes” and, together with the Existing Notes, the “Notes”);
WHEREAS, Section 9.01(a)(10) of the Indenture provides that Cimpress, the Guarantors and the Trustee, at any time and from time to time, may, without the consent of any Holders, enter into one or more indentures supplemental to the Indenture to conform the text of the Indenture, the Notes or the Note Guarantees to any provision of the “Description of notes” section of the Offering Memorandum;
WHEREAS, Cimpress, the Guarantors and the Trustee desire to amend Section 6.05 of the Indenture to conform its text to the description thereof in the “Description of notes” section of the Offering Memorandum;
WHEREAS, Section 2.2 (e)(i) of the Appendix A to the Indenture provides among others that each 

Note shall bear the ERISA Legend listed in that Section;
WHEREAS, the second paragraph of the ERISA Legend (the “DOL Legend”) was originally required in order to comply with the U.S. Department of Labor (“DOL”) Regulations set forth at Sections 29 C.F.R. 2510.3-21(a) and (c)(l) as promulgated on April 3, 2016 (81 Fed. Reg. 20,997) (the “DOL Fiduciary Rule”).  The DOL Legend by its terms provides that in the event that the DOL Fiduciary Rule is ever revoked, repealed, or no longer effective, the representations in the DOL Legend shall be deemed no longer in effect.  On March 15, 2018, the U.S. Court of Appeals for the Fifth Circuit in Chamber of Commerce of the United States of America v. United States Department of Labor, held that the DOL Rule Fiduciary violated ERISA and the Administrative Procedure Act and vacated the DOL Fiduciary Rule. As the Department of Labor failed to appeal the decision by the last date the decision could be appealed, the DOL Fiduciary Rule was legally vacated, effective, June 21, 2018 when the U.S. Court of Appeals for the Fifth Circuit entered its order officially vacating the DOL Fiduciary Rule. Accordingly, the DOL Legend is no longer effective June 21, 2018;  
WHEREAS, Section 9.01(a)(9) of the Indenture provides that Cimpress, the Guarantors and the Trustee, at any time and from time to time, may, without the consent of any Holders, enter into one or more indentures supplemental to the Indenture to make other provisions with respect to matters or questions arising under the Indenture provided that such actions shall not adversely affect the interests of the Holders in any material effect;
WHEREAS, Cimpress, the Guarantors and the Trustee desire to amend Section 2.02(e)(i) of the Appendix A to the Indenture to delete the DOL Legend therefrom to reflect that the DOL Fiduciary Rule is no longer in effect and to conform to the description of the ERISA Legend set forth in the offering memorandum, dated February 11, 2020 for the New Notes;
WHEREAS, pursuant to Section 9.01(a)(6), Section 9.01(a)(9) and Section 9.01(a)(10) of the Indenture, Cimpress, the Guarantors and the Trustee are authorized to execute and deliver this Supplemental Indenture;
WHEREAS, Cimpress has complied with all conditions precedent provided for in the Indenture relating to this Supplemental Indenture; and
WHEREAS, the New Notes and Existing Notes shall vote together and shall be treated as a single class for all purposes under the Indenture (as supplemented by this Supplemental Indenture), including, without limitation, waivers, amendments, redemptions and offers to purchase.
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
(1)  Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
(2)  Amount of New Notes.  The aggregate principal amount of New Notes to be authenticated and delivered under the Indenture and this Supplemental Indenture on February 13, 2020 is $200,000,000.
(3)  Terms of New Notes.  The New Notes to be issued as Additional Notes under the Indenture and pursuant to this Supplemental Indenture shall:
a.    be issued as part of the same class as the Existing Notes previously issued under the Indenture, and the New Notes and the Existing Notes shall be a single class for all purposes under the Indenture, including, without limitation, as to waivers, amendments, redemptions and offers to purchase;

b.    rank pari passu with the Existing Notes and shall have identical terms and conditions as the Existing Notes other than issue date, issue price, the first Interest Payment Date and the first date from which interest will accrue;
c.    be issued on February 13, 2020 at an issue price of 105.25% of the principal amount, plus accrued and unpaid interest from December 15, 2019, the first day of the current interest period of the Existing Notes, accrue interest from December 15, 2019 and have a first Interest Payment Date of June 15, 2020;
d.    be issuable in whole in the form of two Global Notes to be held by the Depositary and in the form, including appropriate transfer restriction legends, provided in Exhibit A (with modifications to provide for the terms of the Additional Notes as set forth herein) and Appendix A to the Indenture; and
e.    bear the same CUSIP and ISIN number as the Existing Notes (with respect to the Rule 144A Global Note) and bear the CUSIP number of G2143T AB9 and ISIN number of USG2143TAB91 (with respect to the Regulation S Global Note).
(4)  Amendment to Section 6.05 of the Indenture.  Pursuant to Section 9.01(a)(10) of the Indenture, the Indenture is hereby amended to conform the text of Section 6.05 to its description in the “Description of notes” section of the Offering Memorandum, as follows:
The last sentence of section 6.05 shall be amended to add the following words at the end thereof:
“unless the Holders shall have provided to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses, fees and liabilities which might be incurred by it in connection with such direction.”
(5)  Amendment to Section 2.2(e)(i) of the Appendix A to the Indenture.  Pursuant to Section 9.01(a)(9) of the Indenture, the Indenture is hereby amended to delete the second paragraph of the ERISA Legend set forth in Section 2.2(e)(i) of the Appendix A to the Indenture.
(6)  Reaffirmation and Ratification of Indenture, Note Guarantees and Notes; Supplemental Indenture Part of Indenture.  Except as expressly set forth herein, this Supplemental Indenture shall not, by implication or otherwise, limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of, the Holders under the Indenture or Notes and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Indenture or Notes, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  This Supplemental Indenture shall apply to and be effective only with respect to the provisions of the Indenture or Notes specifically referred to herein.  Each and every term, condition, obligation, covenant and agreement contained in the Indenture, including the Note Guarantees contained therein, and Notes is hereby ratified and reaffirmed in all respects and shall continue in full force and effect. This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this Supplemental Indenture will henceforth be read together.
(7)  No Recourse Against Others.  Any incorporator, director, manager, officer, employee, member, stockholder, general or limited partner, as such, of Cimpress or any Guarantor shall not have any liability for any obligations of Cimpress or any Guarantor under the Notes, the Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.  By accepting a Note, each Holder shall waive and release all such liability.  The waiver and release shall be part of the consideration of the issue of the Notes and the Note Guarantee.
(8)  Governing Law.  THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

(9)  Waiver of Jury Trial.  EACH OF CIMPRESS, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
(10)  Counterparts.  The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be deemed to be an original, but all of them together represent the same agreement.
(11)  Headings.  The headings of the Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.
(12)  The Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the other parties hereto.

IN WITNESS WHEREOF, the parties hereto have duly executed this Supplemental Indenture as of the day and year first above written.
Cimpress plc

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: Authorized Signatory

Build A Sign LLC

By /s/ Jonathan Chevalier
     Name: Jonathan Chevalier
     Title: Treasurer

Cimpress USA Incorporated 

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: President

Cimpress Windsor Corporation 

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: Treasurer

Cimpress Investments B.V.

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: Managing Director

Cimpress Italy S.r.l.

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: Managing Director

Cimpress Jamaica Limited 

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: Managing Director

Signature page to the Third Supplemental Indenture 

Cimpress Deutschland GmbH 

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: Managing Director

Cimpress Ireland Limited 

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: Authorized Signatory

Cimpress Japan Co., Ltd.

By /s/ Keiko Son
     Name: Keiko Son
     Title: Director

Cimpress Schweiz GmbH

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: Managing Director

Cimpress UK Limited

By /s/ Jonathan Chevalier
     Name: Jonathan Chevalier
     Title: Managing Director

Cimpress USA Manufacturing Incorporated

By /s/ Brad Hedderson
     Name: Brad Hedderson
     Title: President

National Pen Co. LLC

By /s/ Peter Kelly
     Name: Peter Kelly
     Title: President & CEO

Signature page to the Third Supplemental Indenture 

National Pen Promotional Holdings Limited

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: Managing Director

National Pen Promotional Products Limited

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: Managing Director

National Pen Tennessee LLC

By /s/ Peter Kelly
     Name: Peter Kelly
     Title: President & CEO

NP Corporate Services LLC

By /s/ Peter Kelly
     Name: Peter Kelly
     Title: President & CEO

Pixartprinting S.p.A.

By /s/ Douglas Glucroft
     Name: Douglas Glucroft
     Title: Executive Director

Tradeprint Distribution Limited

By /s/ Rod Scrimgeour
     Name: Rod Scrimgeour
     Title: CIPO

Vistaprint B.V.

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: Managing Director

Signature page to the Third Supplemental Indenture 

Vistaprint Corporate Solutions Incorporated

By /s/ Jonathan Chevalier
     Name: Jonathan Chevalier
     Title: President

Vistaprint Limited

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: President

Vistaprint Netherlands B.V.

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: Managing Director

WIRmachenDRUCK GmbH

By /s/ Johannes Voetter
     Name: Johannes Voetter
     Title: CEO

Webs, Inc.

By /s/ Sean Quinn
     Name: Sean Quinn
     Title: President

Signature page to the Third Supplemental Indenture 

Executed as a deed:

	
			
	Signed, sealed and delivered for and on behalf of Cimpress Australia Pty Limited ACN 137 563 369 by its attorney, Sean Edward Quinn, under power of attorney dated February 11, 2020, in the presence of:
	 
	/s/ Sean Quinn

	/s/ Ann C. Brachman
	 
	Signature of attorney who declares that the attorney has not received any notice of the revocation of the power of attorney.

	Ann C. Brachman
	 
	 

Signature page to the Third Supplemental Indenture 

	
		
	U.S. Bank National Association,
as Trustee

	 

	By:
	/s/ Michelle Mena-Rosado

	 
	Name: Michelle Mena-Rosado

	 
	Title: Vice President

Signature page to the Third Supplemental IndentureExhibit

Exhibit 4.1
DESCRIPTION OF CENTENE COMMON STOCK

Authorized Capital Stock of Centene

The Centene certificate of incorporation, as amended, provides that the total number of shares of capital stock which may be issued by Centene is 810,000,000, consisting of 800,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share.

Voting Rights

The holders of Centene common stock are entitled to one vote on each matter submitted for their vote at any meeting of Centene stockholders for each share of Centene common stock held as of the record date for the meeting, including the election of directors. Holders of Centene common stock do not have cumulative voting rights.

Generally, the affirmative vote of the holders of a majority of the total number of votes cast of Centene capital stock represented at a meeting and entitled to vote on a matter is required in order to approve such matter. Certain extraordinary transactions and other actions require supermajority votes, including, but not limited to, the supermajority voting provisions described below in “—Anti-takeover Provisions—Other Supermajority Voting Requirements.”

Liquidation Rights

In the event that Centene is liquidated, dissolved or wound up, the holders of Centene common stock will be entitled to share ratably in all assets remaining after the payment of liabilities, subject to any rights of holders of Centene preferred stock prior to distribution.

Dividends
Subject to any preference rights of holders of Centene preferred stock, the holders of Centene common stock are entitled to receive dividends and other distributions in cash, stock or property, if any, declared from time to time by the Centene Board out of legally available funds.

Fully Paid and Non-Assessable

All outstanding shares of Centene common stock are fully paid and non-assessable.

No Preemptive Rights or Conversion Rights

The Centene common stock has no preemptive or conversion rights or other subscription rights.

No Redemption Rights or Sinking Fund

No redemption or sinking fund provisions apply to the Centene common stock.

NYSE Listing

Centene common stock is listed on the NYSE under the symbol “CNC.”

Transfer Agent and Registrar

The transfer agent and registrar for the Centene common stock is Broadridge Corporate Issuer Solutions, Inc.

Anti-takeover Provisions

Some of the provisions in the Centene certificate of incorporation, as amended, the Centene amended and restated by-laws and the DGCL could have the following effects, among others:

		
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	delaying, deferring or preventing a change in control of Centene;

		
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	delaying, deferring or preventing the removal of Centene's existing management or directors;

		
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	deterring potential acquirers from making an offer to the Centene stockholders; and

		
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	limiting the Centene stockholders' opportunity to realize premiums over prevailing market prices of Centene common stock in connection with offers by potential acquirers.

The following is a summary of some of the provisions in the Centene certificate of incorporation, as amended, and the Centene amended and restated by-laws that could have the effects described above. Centene believes that the benefits of increased protection of its potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure Centene outweigh the disadvantages of discouraging takeover or acquisition proposals because negotiation of these proposals could result in an improvement of their terms.

Delaware Business Combination Statute

Centene must comply with Section 203 of the DGCL, an anti-takeover law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years following the date the person became an interested stockholder, unless the business combination or the transaction in which the person became an interested stockholder is approved in a prescribed manner or certain other exceptions are met. Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to an interested stockholder. An “interested stockholder” includes a person who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested stockholder status, 15% or more of the corporation’s voting stock. The existence of this provision generally will have an anti-takeover effect for transactions not approved in advance by the Centene Board, including discouraging attempts that might result in a premium over the market price for the shares of common stock held by stockholders.

Other Supermajority Voting Requirements

In addition to the supermajority requirement for certain business combinations discussed above, Centene’s certificate of incorporation also contains other supermajority requirements, including:

		
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	a requirement that the vote of 75% of the outstanding shares of Centene common stock (and any other voting shares that may be outstanding) entitled to vote generally in the election of directors is required to remove a director, with or without cause;

		
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	a requirement that the vote of 75% of the outstanding shares of Centene common stock (and any other voting shares that may be outstanding) entitled to vote generally in the election of directors is required for the stockholders to adopt, amend, alter or repeal Centene’s amended and restated by-laws; and

		
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	a  requirement that any amendment or repeal of specified provisions of Centene’s certificate of incorporation (including provisions relating to directors and amendment of Centene’s amended and restated by-laws) must be approved by at least 75% of the outstanding shares of Centene common stock (and any other voting shares that may be outstanding) entitled to vote generally in the election of directors.

Actions at Meetings of Stockholders; Special Meetings

Centene’s certificate of incorporation, as amended, and amended and restated by-laws require that any action required or permitted to be taken by Centene’s stockholders must be effected at a duly called annual or special meeting of the stockholders and may not be effected by a consent in writing. In addition, special meetings of

Centene’s stockholders may be called only by the Centene Board, the chairman of the Centene Board or Centene’s chief executive officer. These provisions may have the effect of deterring hostile takeovers or delaying or preventing changes in control or management of Centene.

Classified Board of Directors

Centene’s certificate of incorporation, as amended, and amended and restated by-laws provide that the Centene Board is divided into three classes of directors serving staggered three-year terms. Each class, to the extent possible, will be equal in number. Each class holds office until the third annual stockholders’ meeting for election of directors following the most recent election of such class.

Directors, and Not Stockholders, Fix the Size of the Centene Board

Centene’s certificate of incorporation, as amended, and amended and restated by-laws provide that the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by a majority of the Centene Board, but in no event will it consist of less than five nor more than 11 directors.

Board Vacancies to Be Filled by Remaining Directors and Not Stockholders

Under Centene’s certificate of incorporation, as amended, and amended and restated by-laws, any vacancy on the Centene Board created by any reason prior to the expiration of the term in which the vacancy occurs will be filled by a majority of the remaining directors, even if less than a quorum. A director elected to fill a vacancy will be elected for the unexpired term of his or her predecessor.

Advance Notice for Stockholder Proposals

Centene’s amended and restated by-laws contain provisions requiring that advance notice be delivered to Centene of any business to be brought by a stockholder before an annual meeting and providing for procedures to be followed by Centene stockholders in nominating persons for election to the Centene Board. Ordinarily, the stockholder must give notice not less than 120 days nor more than 150 days prior to the anniversary date of the immediately preceding annual meeting; provided, however, that in the event that the date of the meeting is not within 30 days before or 70 days after such date, notice by the stockholder must be received no earlier than 120 days prior to such meeting and no later than the later of 70 days prior to the meeting or the 10th day following the day on which public disclosure of the date of the annual meeting was first made by Centene. The notice must include a description of the proposal, the reasons for the proposal, and other specified matters. The Centene Board may reject any proposals that have not followed these procedures.

Limitation on Liability of Directors; Indemnification

Centene’s certificate of incorporation, as amended, provides that no director shall be personally liable to Centene or any of its stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL as the same exists or may hereafter be amended. If the DGCL is amended hereafter to authorize the further elimination or limitation of the liability of directors, then the liability of directors shall be eliminated or limited to the fullest extent authorized by the DGCL, as so amended. Centene’s certificate of incorporation, as amended, further provides that any repeal or modification of this limitation of liability by the Centene stockholders shall not adversely affect any right or protection of a director of Centene existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

Centene’s certificate of incorporation, as amended, requires that Centene indemnify its directors and officers to the fullest extent authorized or permitted by law, as now or hereafter in effect, and that such right to indemnification shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. Except for proceedings to enforce rights to indemnification, however, Centene shall not be obligated to indemnify in connection with a proceeding (or part thereof) if such director, officer or successor in interest initiated such proceeding (or part thereof) unless such proceeding was authorized or consented to by the Centene Board. The right to indemnification includes the right to be paid the expenses incurred in defending or otherwise participating in any proceeding in advance of its final disposition. Any repeal or modification by the stockholders of indemnification or advancement rights shall not adversely affect any rights to indemnification and to the advancement of expenses of a director or officer of Centene existing at the time of such repeal or modification with respect to any acts or omissions occurring prior to such repeal or modification.

The Centene Board may in its discretion provide rights to indemnification and to the advancement of expenses to employees and agents of Centene similar to those described above.

The inclusion of these provisions in the Centene certificate of incorporation, as amended, and amended and restated by-laws may have the effect of reducing the likelihood of derivative litigation against Centene’s directors and may discourage or deter Centene or its stockholders from bringing a lawsuit against Centene’s directors for breach of their duty of care, even though such an action, if successful, might otherwise have benefited Centene and its stockholders.

General Provisions Related to Centene Preferred Stock

The following is a description of general terms and provisions of the Centene preferred stock. All of the terms of the Centene preferred stock are, or will be contained in Centene’s certificate of incorporation, as amended, or in one or more certificates of designation relating to each series of the preferred stock, which will be filed with the SEC at or prior to the issuance of the series of preferred stock, and will be available as described under the heading “Where You Can Find More Information.”

The Centene Board is authorized, without further stockholder approval but subject to applicable rules of the NYSE and any limitations prescribed by law, to issue up to ten million shares of preferred stock from time to time. The Centene Board has the discretion to provide for the issuance of all or any shares of preferred stock in one or more classes or series, and to fix for each such class or series such voting powers, full or limited, or no voting powers, and such designations, preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof, as shall be stated and expressed in the resolution or resolutions adopted by the board of directors providing for the issuance of such class or series, including, without limitation, the authority to provide that any such class or series may be:

		
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	subject to redemption at such time or times and at such price or prices;

		
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	entitled to receive dividends (which may be cumulative or non-cumulative) at such rates, on such conditions, and at such times, and payable in preference to, or in such relation to, the dividends payable on any other class or classes or any other series;

		
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	entitled to such rights upon the dissolution of Centene or upon any distribution of Centene’s assets; or

		
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	convertible into, or exchangeable for, shares of any other class or classes of stock or of any other series of the same or any other class or classes of stock of Centene at such price or prices or at such rates of exchange and with such adjustments as the board may determine.

The purpose of authorizing the Centene Board 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 may provide desirable flexibility in connection with possible acquisitions and other corporate purposes, but could have the effect of making it more difficult for a third party to acquire, or could discourage a third party from acquiring, a majority of Centene’s outstanding voting stock.

Certain Effects of Authorized but Unissued Stock

Centene may issue additional shares of common stock or preferred stock without stockholder approval, subject to applicable rules of the NYSE and Delaware law, for a variety of corporate purposes, including future public or private offerings to raise additional capital, corporate acquisitions, and employee benefit plans and equity grants. The existence of unissued and unreserved common and preferred stock may enable Centene to issue shares to persons who are friendly to current management, which could discourage an attempt to obtain control of Centene by means of a proxy contest, tender offer, merger or otherwise. Centene will not solicit approval of its stockholders for issuance of common and preferred stock unless the Centene Board believes that approval is advisable or is required by applicable rules of the NYSE or Delaware law.

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