Document:

camp-ex45_237.htm

Exhibit 4.5

 

DESCRIPTION OF REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

The following description of CalAmp Corp.’s securities is a summary. This summary is qualified by reference to the Delaware General Corporation Law (the “DGCL”) and the complete text of CalAmp Corp.’s amended and restated certificate of incorporation (the “Charter”) and amended and restated bylaws (the “Bylaws”). We encourage you to read that law and those documents carefully for additional information.

 

Capital Stock

Our authorized capital stock consists of 83,000,000 shares, divided into 80,000,000 shares of common stock, par value $0.01 per share, and 3,000,000 shares of preferred stock, par value $0.01 per share.

 Common Stock

 Dividend Rights. Subject to the preferences of any preferred stock and any other stock ranking prior to the common stock as to dividends, holders of our common stock will be entitled to receive dividends when, as and if declared by the Board of Directors, out of funds legally available therefor.

 Voting Rights. Each holder of our common stock is entitled to one vote for each share on all matters on which stockholders are entitled to vote. Holders of our common stock do not have cumulative voting rights.

 Liquidation, Dissolution and Winding-up Rights. In the event of our liquidation, dissolution or winding up, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding.

 Pre-emptive and Other Rights. Our common stock has no pre-emptive, subscription or conversion rights and are not subject to further calls or assessments, or rights of redemption by us. There are no redemption or sinking fund provisions applicable to our common stock.

Potential issuance of preferred stock. Pursuant to our Charter, our board of directors is authorized, subject to limitations prescribed by Delaware law, to issue from time to time up to 3,000,000 shares of preferred stock in one or more series and to fix from time to time before issuance the number of shares to be included in any series and the designation, relative powers, preferences and rights and qualifications, limitations or restrictions of all shares of such series, in each case without further vote or action by our stockholders. Although the board has no intention at the present time of issuing shares of preferred stock, the rights of holders of common stock may be materially limited or qualified by the rights of holders of preferred stock that we may issue in the future.

 

 Anti-Takeover Provisions

Certain provisions of Delaware law, our Charter and our Bylaws may have the effect of delaying or preventing a change in control if CalAmp Corp.’s board of directors determines such change in control is not in the best interests of CalAmp Corp. and its stockholders.

Delaware Law

 

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 We are subject to Section 203 of the DGCL. Subject to certain exceptions, Section 203 prevents a publicly held Delaware corporation from engaging in a “business combination” with any “interested stockholder” for three years following the date that the person became an interested stockholder, unless:

	
 
	
•
	
prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

	
 
	
•
	
upon consummation 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 commenced, excluding for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, (i) shares owned by persons who are directors and also officers and (ii) shares owned by 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

	
 
	
•
	
at or subsequent to the date of the transaction, the business combination is approved by the board of directors of the corporation and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66.67% of the outstanding voting stock that is not owned by the interested stockholder.

Provisions Relating to our Charter and Bylaws

In addition, our Charter and Bylaws include a number of provisions that may have the effect of discouraging persons from pursuing non-negotiated takeover attempts. These provisions include:

	
 
	
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the ability to authorize undesignated preferred stock with voting, special approval, dividend, or other rights or preferences. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of CalAmp Corp.;

	
 
	
•
	
advance notice procedures for stockholder proposals to be considered at stockholders’ meetings;

	
 
	
•
	
the ability of CalAmp Corp.’s board of directors to fill vacancies on the board;

	
 
	
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that the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for: (a) any derivative action or proceeding brought on behalf of CalAmp Corp.; (b) any action asserting a claim of breach of a fiduciary duty owed by, or other wrongdoing by, any director, officer, employee or agent of CalAmp Corp. to CalAmp Corp. or CalAmp Corp.’s stockholders; (c) any action asserting a claim against CalAmp Corp. arising pursuant to any provision of the DGCL, our Charter or our Bylaws; (d) any action to interpret, apply, enforce or determine the validity of our Charter or our Bylaws; or (e) any action asserting a claim against CalAmp Corp. governed by the internal affairs doctrine, in each case subject to said Court of Chancery having personal jurisdiction over the indispensable parties named as defendants therein; and

	
 
	
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that the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action against CalAmp Corp. or any director, officer, employee or agent of CalAmp Corp. arising under the Securities Act of 1933, as amended.

 

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is American Stock Transfer & Trust Co., LLC. 

 

 

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Nasdaq Global Select Market

Our common stock is listed on NASDAQ under the symbol “CAMP.”

 

 

 

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Exhibit 10.38

 

 

 

AMENDMENT NO. 1

TO

EMPLOYMENT AGREEMENT

 

This amendment (the “Amendment”) is made as of and effective this 31st day of May 2018, between CalAmp Corp. (the “Company”) and Kurt Binder (“Employee”).

 

RECITALS:

 

A.The Company and Employee are parties to that certain Employment Agreement originally dated as of July 27, 2017 (the “Employment Agreement”), pursuant to which Employee is employed by the Company.

 

B.The Company and Employee desire to amend the terms of the Employment Agreement as set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the parties hereto agree as follows:

 

	
 
	
1.
	
In accordance with Section 1(e) and Section 9(f) of the Employment Agreement, the Employment Agreement is hereby further amended by this Amendment to extend the term for a period of two years, through May 31, 2020.
	
 

 

	
 
	
2.
	
Except as otherwise amended herein, all terms and conditions of the Employment Agreement shall remain in full force and effect.
	
 

 

IN WITNESS WHEREOF, the parties above have executed this Amendment as of the date first written above.

 

 

	
	
/s/ Kurtis J. Binder

	
Kurtis J. Binder

 

 

CALAMP CORP.

 

	
	
/s/ Michael Burdiek

	
By: Michael Burdiek

President & CEODocument

Exhibit 10.4

VIRGIN GALACTIC HOLDINGS, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

Eligible Directors (as defined below) on the board of directors (the “Board”) of Virgin Galactic Holdings, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”).  The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically as set forth herein and without further action of the Board, to each member of the Board who is not an employee of the Company or any of its parents, affiliates or subsidiaries, and who is determined by the Board to be eligible to receive compensation under this Program (each, an “Eligible Director”), who may be eligible to receive such cash or equity compensation, unless such Eligible Director declines the receipt of such cash or equity compensation by written notice to the Company.  The Eligible Directors are set forth on Schedule A attached hereto, as may be amended from time to time.

This Program shall become effective upon the Effective Date, and shall remain in effect until it is revised or rescinded by further action of the Board.  This Program may be amended, modified or terminated by the Board at any time in its sole discretion.  No Eligible Director shall have any rights hereunder, except with respect to equity awards granted pursuant to Section 2 of this Program.  For purposes of this Program, the “Effective Date” shall mean the date on which the closing of the transactions contemplated by that certain Agreement and Plan of Merger by and among Social Capital Hedosophia Holdings Corp. and certain parties thereto, dated as of July 9, 2019, as amended on October 2, 2019 (the “SPAC Merger”) are consummated.  This Program is amended effective as of April 9, 2020 to include cash compensation for Eligible Directors serving on the Safety Committee on or after January 13, 2020.

1.Cash Compensation.

a.Annual Retainers.  Each Eligible Director shall be eligible to receive an annual cash retainer of $125,000 for service on the Board.
  
b.Additional Annual Retainers.  An Eligible Director shall be eligible to receive the following additional annual retainers, as applicable:

(ii)    Audit Committee.  An Eligible Director serving as Chairperson of the Audit Committee shall be eligible to receive an additional annual retainer of $40,000 for such service.  An Eligible Director serving as a member of the Audit Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $20,000 for such service.

(iii)       Compensation Committee.  An Eligible Director serving as Chairperson of the Compensation Committee shall be eligible to receive an additional annual retainer of $10,000 for such service.  An Eligible Director serving as a member of the Compensation Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $5,000 for such service.

(iv)       Nominating and Corporate Governance Committee.  An Eligible Director serving as Chairperson of the Nominating and Corporate Governance Committee shall be eligible to receive an additional annual retainer of $7,500 for such service.  An Eligible Director 

serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $3,750 for such service.

(v)        Safety Committee.  An Eligible Director serving as Chairperson of the Safety Committee shall be eligible to receive an additional annual retainer of $15,000 for such service.  An Eligible Director serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $7,500 for such service. 

c.    Payment of Retainers.  The annual cash retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than 30 days following the end of each calendar quarter.  Annual cash retainers will be pro-rated for any partial calendar quarter of service.  

2.Equity Compensation.  

a.General.  Eligible Directors shall be granted the equity awards described below.  The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2019 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the “Equity Plan”) and may be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms approved by the Board prior to or in connection with such grants.  All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of equity awards hereby are subject in all respects to the terms of the Equity Plan.  Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Equity Plan.

b.Existing Director Awards.  Each Eligible Director serving on the Board as of the closing of the SPAC Merger automatically shall be granted a Restricted Stock Unit award with a value of $300,000 (the “Existing Director Award”).  The Existing Director Award shall be granted upon effectiveness of the Form S-8 with respect to the Company’s common stock issuable under the Plan, subject to continued service through the grant date, and shall cover a number of Restricted Stock Units equal to $300,000 divided by the closing price of the Company’s common stock on the Effective Date.  The Existing Director Award shall vest with respect to one-third of the Restricted Stock Units subject to the Existing Director Award on each of the first three anniversaries of the closing of the SPAC Merger, subject to continued service through the applicable vesting date.

c.Initial Awards.  Each Eligible Director who is initially elected or appointed to serve on the Board after the Effective Date automatically shall be granted a Restricted Stock Unit award with a value of $150,000 (the “Initial Award”). The Initial RSU Award shall be granted on the date on which such Eligible Director is initially elected or appointed to serve on the Board (the “Election Date”).  The Initial Award may be pro-rated to reflect any partial year of service, as determined by the Board in its sole discretion prior to the grant date.  The Initial Award shall cover a number of Restricted Stock Units equal to $150,000 divided by the closing price of the Company’s common stock on the grant date, and shall vest with respect to one-third of the Restricted Stock Units subject to the Initial Award on each of the first three anniversaries of the applicable grant date, subject to continued service through the applicable vesting date.

d.Annual Awards.  An Eligible Director who is serving on the Board as of the date of the annual meeting of the Company’s stockholders (“Annual Meeting”) each calendar year beginning with calendar year 2020 shall be granted a Restricted Stock Unit Award with a value of $125,000 (the “Annual Award”).  Each Annual Award shall be granted on the date of the applicable Annual Meeting, shall cover a number of Restricted Stock Units equal to $125,000 divided by the closing price of the Company’s common stock on the grant date, and shall vest in full on the earlier to occur of (i) the one-year anniversary of the applicable grant date and (ii) the date of the next Annual Meeting following the grant date, subject to continued service through the applicable vesting date.

e.Accelerated Vesting Events.  Notwithstanding the foregoing, an Eligible Director’s Existing Director Award, Initial Award and Annual Award(s) shall vest in full immediately prior to the occurrence of a Change in Control, in each case, to the extent outstanding and unvested at such time.  

3.  Compensation Limits.  Notwithstanding anything to the contrary in this Program, all compensation payable under this Program will be subject to any limits on the maximum amount of non-employee Director compensation set forth in the Equity Plan, as in effect from time to time.

SCHEDULE A
ELIGIBLE DIRECTORS

Wanda Austin
Craig Kreeger
George Mattson
James Ryans

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