Document:

Exhibit 4.1

 

SIXTH AMENDED AND RESTATED

CERTIFICATE OF INCORPORATION

OF

INNOVO GROUP INC.

 

It is hereby certified that

 

1.             (a)           The
present name of the corporation is Innovo Group Inc. (the “Corporation”).

 

(b)           The name under which
the Corporation was originally incorporated is Elorac Corporation and the date
of filing the original Certificate of  Incorporation of the Corporation with the
Secretary of State of the State of Delaware is December 18, 1987.

 

2.             The
Certificate of Incorporation of the Corporation is hereby amended by striking
out Article Fourth thereto and by substitution in lieu thereof a new Article Fourth,
which is set forth in the Sixth Amended and Restated Certificate of
Incorporation hereinafter provided for.

 

3.             The
provisions of the Certificate of Incorporation of the Corporation as heretofore
amended and/or supplemented, and as herein amended, are hereby restated and
integrated into the single instrument which is hereinafter set forth, and which
is entitled Sixth Amended and Restated Certificate of Incorporation of Innovo
Group Inc. without any further amendment other than the amendments herein
certified and without any discrepancy between the provisions of the Certificate
of Incorporation as previously amended and supplemented and the provisions and
the provisions of the said single instrument hereinafter set forth.

 

4.             The amendments and
the restatement of the Certificate of Incorporation herein certified have been
duly adopted in writing by the stockholders in accordance with the provisions
of Sections 242 and 245 of the General Corporation Law of the State of
Delaware.

 

5.             The Certificate of
Incorporation of the Corporation, as amended and restated herein, shall read as
follows:

 

FIRST:  The name of the
corporation is INNOVO GROUP INC. (the “Corporation”).

 

SECOND:  The address, including
street, number, city and county, of the registered agent of the Corporation in
the State of Delaware is 2711 Centerville Road, Suite 400, Wilmington,
Delaware 19808, County of New Castle. 
The name of the registered agent of the Corporation at such address is
The Prentice Hall Corporation System, Inc.

 

THIRD:  The purpose of the
Corporation is to engage in any lawful act or activity for which corporations
may be organized under the General Corporation Law of the State of Delaware.

 

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FOURTH:  (a) The total
number of shares of capital stock that the Corporation shall be authorized to
issue is 85,000,000 divided into two classes as follows:  (i) eighty million (80,000,000) shares
of common stock having a par value of $.10 per share (“Common Stock”), and (ii) five
million (5,000,000) shares of serial preferred stock in series having a par
value of $.10 per share (the “Preferred Stock”).

 

(b)           The
Common Stock shall be subject to all of the rights, privileges, preferences and
priorities of the Preferred Stock as set forth herein and in the certificate of
designations filed to establish the respective series of Preferred Stock.  Each share of Common Stock shall have the
same relative rights as and be identical in all respects to all the other
shares of Common Stock.  Whenever there
shall have been paid, or declared and set aside for the Common Stock as to the
payment of dividends, the full amount of dividends and of sinking fund or
retirement payments, if any, to which such holders are respectively entitled in
preference to the Common Stock, then dividends may be paid on the Common Stock
and on any class or series of stock entitled to participate therewith as to
dividends, our of any assets legally available for the payment of dividends,
out of any assets legally available for the payment of dividends thereon, but
only when and as declared by the Board of Directors of the Corporation.  In the event of any dissolution, liquidation,
or winding up of the Corporation, whether voluntary or involuntary, the holders
of the Common Stock, and holders of any class of series of stock entitled to
participate therewith, in whole or in part, as to the distribution of assets in
such event, shall become entitled to participate in the distribution of any
assets of the Corporation remaining after the Corporation shall have paid, or
provided for payment of, all debts and liabilities of the Corporation and after
the Corporation shall have paid, or set aside for payment, to the holders of
any class of stock having preference over the Common Stock in the event of
dissolution, liquidation or winding up the full preferential amounts (if any)
to which they are entitled.  Each holders
or shares of Common Stock shall be entitled to attend all special and annual
meetings of the stockholders of the Corporation and, share for share and
without regard to class, together with the holders of all other classes of
stock entitled to attend such meetings and to vote (except any class or series
of stock having special voting rights), to cast one vote for each outstanding
share of Common Stock so held upon any matters of thing (including, without
limitation, the election of one or more directors) properly considered and
acted upon by the stockholders.

 

(c)           The Board of Directors
is authorized, subject to limitations prescribed by the Delaware General
Corporation Law and the provisions of this Sixth Amended and Restated
Certificate of Incorporation, to provide by resolution or resolutions from time
to time and filing a certificate pursuant to the applicable provision of the
Delaware General Corporation Law, for the issuance of the shares of Preferred
Stock in series, to establish from time to time the number of shares to be
included in each such series, to fix the powers, designation, preferences,
relative, participating, optional or other special rights of the shares of each
such series and the qualifications, limitations and restrictions thereof.

 

FIFTH:  The Corporation is to
have perpetual existence.

 

SIXTH:  Whenever a compromise or
arrangement is proposed between this Corporation and its creditors or any class
of them and/or between this Corporation and its stockholders or any class of
them, any court of equitable jurisdiction within the State of Delaware may, on
the

 

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application in a summary way of
this Corporation or of any creditor or stockholder thereof or on the
application of any receiver or receivers appointed for this Corporation under
the provisions of Section 291 of Title 8 of Delaware Code order a meeting
of the creditors or class of creditors, and/or of the stockholders or class of
stockholders of this Corporation, as the case may be, to be summoned in such
manner as the said court directs.  If a
majority in number representing three-fourths in value of the creditors or
class of creditors, and/or of the stockholders or class of stockholders of this
Corporation, as the case may be, agree to any compromise or arrangement and to
any reorganization of this Corporation as a consequence of such compromise or
arrangement, the said compromise or arrangement and the said reorganization
shall, if sanctioned by the court to which the said application has been made,
be binding on all the creditors or class of creditors, and/or on all the
stockholders or class of stockholders, of this Corporation, as the case may be,
and also on this Corporation.

 

SEVENTH:  For the management of
the business and for the conduct of the affairs of the Corporation, and in
further definition, limitation, and regulation of the powers of the Corporation
and of its directors and of its stockholders or any class thereof, as the case
may be, it is further provided:

 

(a)     The
management of the business and the conduct of the affairs of the Corporation shall
be vested in its Board of Directors.  The
number of directors shall be fixed by, or in the manner provided in, the
Bylaws.  The phrase “whole Board” and the
phrase “total number of directors” shall be deemed to have the same meaning, to
wit, the total number of directors which the Corporation would have if there
were no vacancies.  No election of
directors need be by written ballot.

 

(b)     The
power to adopt, amend, or repeal the Bylaws of the Corporation may be exercised
by the Board of Directors of the Corporation, provided, however, that the Board
of Directors of the Corporation may not amend the Bylaws to take any action
that is reserved exclusively by the Shareholders pursuant to the Delaware General
Corporation Law.

 

(c)     Whenever
the Corporation shall be authorized to issue only one class of stock, each
outstanding share shall entitle the holder thereof to notice of, and the right
to vote at, any meeting of stockholders. 
Whenever the Corporation shall be authorized to issue more that one
class of stock, no outstanding share of any class of stock which is denied
voting power under the provisions of this Certificate of Incorporation shall
entitle the holder thereof to the right to vote at any meeting of stockholders
except as the provisions of paragraph (2) of subsection (b) of Section 242
of the General Corporation Law of the State of Delaware shall otherwise
require; provide, that no share of any such class which is otherwise denied
voting power shall entitle the holder thereof to vote upon the increase or
decrease (but not below the number of shares thereof outstanding) in the number
of authorized shares of said class.

 

EIGHTH:  The personal liability
of the directors of the Corporation is hereby eliminated to the fullest extent
permitted by paragraph (7) of subsection (b) of Section 102
of the General Corporation Law of the State of Delaware, as the same may be
amended and supplemented.

 

NINTH:  (a)  The Corporation
shall, in the manner and to the full extent permitted by Section 145 of
the General Corporation Law of the State of Delaware, as the same may be

 

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amended and supplemented,
indemnify any officer or director (or the estate of any such person) who was or
is a party to, or is threatened, to be a party to, any threatened, pending or
complete action, suit or proceeding, whether civil, criminal, administrative,
investigative or otherwise, by reason of the fact that such person is or was a director
or officer of the Corporation, or is or was serving at the request of the
Corporation as a director, officer, partner, trustee or employee of another
corporation, partnership, joint venture, trust or other enterprise (an “indemnitee”)
..  To the full extent permitted by law,
the indemnification and advances provide for herein shall include expenses
(including attorneys’ fees), judgments, fines and amounts paid in
settlement.  Notwithstanding the
foregoing, the Corporation shall not indemnify any such indemnitee (1) in
any proceeding by the Corporation against such indemnitee; (2) in the
event the Board of Directors determines that indemnification is not available
under the circumstances because the officer or director has not met the
standard of conduct set forth in Section 145 of the Delaware General
Corporation Law; or (3) if a judgment or other final adjudication adverse
to the indemnitee establishes his liability (i) for any breach of the duty
of loyalty to the Corporation or its shareholders, (ii) for the acts or
omissions not in good faith or which involve intentional misconduct or a
knowing violation of law, or (iii) under Section 174 of the Delaware
General Corporation Law.

 

(b)     The
right to indemnification conferred in Section (a) of this Article NINTH
shall include the right to be paid by the Corporation the expenses (including
attorneys’ fees) incurred in defending any such proceeding in advance of its
final disposition (hereinafter an “advancement of expenses”); provided,
however, that if the Delaware General Corporation Law requires, any advancement
of expenses incurred by an indemnitee in his or her capacity as a director or
officer (and not in any other capacity in which service was or is rendered by
such indemnitee, including without limitation, service to an employee benefit
plan) shall be made only upon delivery to the Corporation of an undertaking, by
or on behalf of such indemnitee, to repay all amounts so advanced if it shall
ultimately be determined by final judicial decision from which there is no
further right to appeal that such indemnitee is not entitled to be indemnified
for such expenses under this Section (b) or otherwise.  The rights to indemnification and to the
advancement or expenses conferred in Sections (a) and (b) of this Article NINTH
shall be contract rights and such rights shall continue as to an indemnitee who
has ceased to be a director or officer and shall inure to the benefit of the
indemnitee’s heirs, executors and administrators.

 

(c)     The
rights to indemnification and to the advancement of expenses conferred in this Article NINTH
shall not be exclusive of any other right which any indemnitee may have or
hereafter acquire under any statute, the Corporation’s Sixth Amended and
Restated Certificate of Incorporation, Bylaws, agreement, vote of stockholders
or disinterested directors or otherwise, both as to action in such indemnitee’s
official capacity and as to action in another capacity while holding such
office.

 

(d)     The
Corporation may maintain insurance, at its expense, to protect itself and any
director, officer, employee or agent of the Corporation or another corporation,
partnership, joint venture, trust or other enterprise against any expense,
liability or loss, whether or not the Corporation would have the power to
indemnify such person against such expense, liability or loss under the
Delaware General Corporation Law.

 

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(e)     The
Corporation may, to the extend authorized from time to time by the Board of
Directors, grant rights to indemnification and to the advancement of expenses
to any employee or agent of the Corporation to the fullest extend of the
provisions of this Article NINTH with respect to the indemnification and
advancement of expenses of directors and officers of the Corporation.

 

TENTH:  No amendment to or repeal
of Article EIGHTH or NINTH of this Sixth Amended and Restated Certificate
of Incorporation shall apply to or have any effect on the rights of any
individual referred to in Article EIGHTH or NINTH for or with respect to
acts or omissions of such individual occurring prior to such amendment or
repeal.

 

ELEVENTH:  From time to time any
of the provisions of this Certificate of 
Incorporation may be amended, altered or repealed, and other provisions authorized
by the laws of the State of Delaware at the time in force may be added or
inserted in the manner and at the time prescribed by said laws and all rights
at any time conferred upon the stockholders of the Corporation by this
Certificate of Incorporation are granted subject to the provisions of this Article ELEVENTH.

 

IN WITNESS WHEREOF, this Sixth Amended and Restated Certificate of
Incorporation has been executed by its Chief Executive Officer and attested by
its Secretary, this 9th day of June, 2005.

 

	
  INNOVO GROUP INC.

  
	
   

  
	
   

  
	
  By:

  	
       /s/ Samuel J. Furrow, Jr.

  	
   

  
	
  Samuel J. Furrow, Jr.

  
	
  Chief Executive Officer

  
	
   

  
	
  ATTEST:

  
	
   

  
	
   

  
	
  By:

  	
       /s/ Dustin A. Huffine

  	
   

  
	
  Dustin A. Huffine, Secretary

  

 

5Exhibit 10.1

 

June 28, 2005

 

Mr. Kevin W. Quinlan

9 Orchard Street

Marblehead, MA 01945

 

Dear Kevin:

 

I am pleased to present our
offer to you to join Anika Therapeutics, Inc. (“Anika” or the “Company”) as an
employee. The terms of our offer are outlined below:

 

Position:
Chief Financial Officer

 

Description of
Duties: Serving as an officer and key member of the
corporate strategic leadership team, you will have responsibility for
overseeing the entire financial function of the company. The overall responsibilities
include financial plans and policies, accounting practices, and internal
controls and procedures. Additional responsibilities include ensuring compliance
with all provisions of the Sarbanes-Oxley Act of 2002, directing the Controller
and accounting functions, treasury, corporate planning, public relations,
investor relations, and IT operations. Additional duties may be assigned.

 

Reporting To:  Chief Executive Officer and President

 

Employment
Date: Your anticipated start date is as soon as
possible (with your appointment as an officer of Anika also commencing on that
date).

 

Rate of Pay:
$8,269.24 per bi-weekly payroll (annualized $215,000.00), subject to applicable
deductions and withholdings.

 

Bonus
Eligibility:  You
will be eligible to receive a discretionary annual target bonus of up to 25% of
your annualized base salary subject to determination by the Board of Directors and
based on the Company’s performance and your personal performance against key
objectives.  To be eligible to receive a
bonus, you must be a current employee at the time that the bonus is
distributed.

 

Stock Options:
Shortly after you commence employment, you will be granted an option on 75,000
shares of common stock of the Company, subject to approval by the Compensation
Committee of the Board of Directors, which shall be issued at an exercise price
equal to the stock’s closing price on the date of grant.

 

Benefits:
You will be eligible to participate in the Anika employee benefit programs upon
commencement of employment. This program currently covers comprehensive medical
and dental benefits, life and disability insurance, supplemental disability
insurance, and a Section 125 Plan. You will be eligible to participate in our
401(k) Savings and Investment Plan at the first enrollment date following your
date of hire. Under the current

 

1

 

Kevin Quinlan Offer Letter

 

terms, the 401(k) plan entitles
you to contribute up to the maximum limit established by the IRS. The Company
will match 100% of your contribution up to 5% of your salary. Your
participation in the benefit plans will be governed by and subject to the plan
terms as described in the official documents and Summary Plan Descriptions.

 

Termination of
Employment:

 

1)              Resignation or termination for
cause:  If you voluntarily resign or are
terminated for cause at any time (with “cause” having the definition applied
under Massachusetts common law), all compensation and benefits payable to you
under this Agreement shall terminate on the date of termination of your
employment.

 

2)              Termination without cause:  If Anika terminates your employment without
cause, Anika will continue your base salary at its then current rate for six
months (the “Severance Pay Period”), provided that you first execute a valid
release of claims in a form satisfactory to the Company and you agree to comply
with any reasonable requests by Anika for assistance during the Severance Pay
Period.  In addition, during the Severance
Pay Period, the Company also will pay the Company’s share of the premiums for
continuation of medical and dental benefits under COBRA for you and your
family, provided that you are eligible for such benefits under COBRA, subject
to your payment of the active employee share of premium payments for such
coverage.

 

Vacation:
You will accrue three weeks of vacation during your first year of employment,
which are subject to the terms of accrual and use set forth in Anika’s
policies.

 

Confidentiality
and Non-Competition Agreement:  You understand that as a condition
of your employment, you will be required to execute Anika’s Confidentiality and
Non-Competition Agreement, a copy of which is enclosed.  You further understand that the Anika
Confidentiality and Non-Competition Agreement contains conditions that will
survive the termination of your employment, regardless of the reason for that
termination.

 

Arbitration:
In the event of any controversy or claim arising out of or relating to this
letter agreement or otherwise arising out of your employment or the termination
of that employment (including, without limitation, any claims of unlawful
employment discrimination whether based on age or otherwise), that controversy
or claim shall, to the fullest extent permitted by law, be settled by
arbitration under the auspices of the American Arbitration Association (“AAA”)
in Boston, Massachusetts in accordance with the Employment Dispute Resolution
Rules of the AAA, including, but not limited to, the rules and procedures
applicable to the selection of arbitrators (or alternatively, in any other
forum or in any other form agreed upon by the parties). In the event that any
person or entity other than you or Anika may be a party with regard to any such
controversy or claim, such controversy or claim shall be submitted to
arbitration subject to such other person or entity’s agreement. Judgment upon
the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. This provision shall be specifically enforceable.
Notwithstanding the foregoing, this provision shall not preclude either party
from pursuing a court action for the sole purpose of obtaining a temporary
restraining

 

2

 

order or a preliminary
injunction in circumstances in which such relief is appropriate; provided that
any other relief shall be pursued through an arbitration proceeding pursuant to
this provision.

 

Background
Check: You understand and agree that all employees are
subject to a background check including verification of education.  I enclose a waiver in this regard for your
signature which is necessary for us to commence this check prior to your start
date. This offer is conditioned on this background check being satisfactory to
the Company.

 

At-Will
Employment: 
You, like everyone else at Anika, will be an at-will employee. The terms
of your employment will be interpreted in accordance with and governed by the
laws of the Commonwealth of Massachusetts.

 

Representation
Regarding Other Agreements:  Finally, this offer is conditioned on your
representation that you are not subject to any confidentiality or
non-competition agreement or any other similar type of restriction that would
affect your ability to devote full time and attention to your work at Anika
Therapeutics, Inc. Upon commencement of your employment, you will be required
to provide evidence that you are a U.S. citizen or national, a lawful permanent
resident, or an alien authorized to work in the U.S.

 

If the terms of this offer are
acceptable, please indicate your acceptance by signing both copies of this
letter, the Anika Confidentiality and
Non-Competition Agreement and
the background check waiver and return one copy of each to Bill Mrachek.
I am enthusiastic about Anika’s future prospects and look forward to your
leadership and contribution to the Anika team.

 

This offer is valid until July
5, 2005.

 

	
  Sincerely,

  	
   

  
	
   

  	
   

  
	
  /s/ Charles
  H. Sherwood

  	
   

  	
   

  
	
   

  	
   

  
	
  Charles H.
  Sherwood, Ph.D.

  	
   

  
	
  Chief
  Executive Officer and President

  	
   

  
	
   

  	
   

  
	
  Agreed and
  accepted:

  	
   

  
	
   

  	
   

  
	
  /s/ Kevin W.
  Quinlan

  	
   

  	
  July 5, 2005

  	
   

  
	
  Kevin W.
  Quinlan

  	
  Date

  
	
   

  	
   

  
	
  Enclosures

  	
   

  

 

3

 

June 30, 2005

 

 

Mr. Kevin W. Quinlan

9 Orchard Street

Marblehead, MA 01945

 

Re: Amended Offer

 

Dear Kevin:

 

As a result of our conversation
on June 30, 2005, I want to amend the following terms of our offer of June 28,
2005:

 

1.     Base Salary:  Your annualized salary will be $220,000 or
$8,461.54 per bi-weekly payroll.

2.     Change in Control and Severance
Agreement: Subject to the approval of the Compensation of the Board of
Directors, an Agreement
(attached) between you and Anika Therapeutics, Inc. shall be executed providing
terms pertaining to a Change in Control. The purpose of this Agreement is to
reinforce and encourage your continued attention and dedication to your
assigned duties without distraction in the face of potentially disturbing
circumstances arising from the possibility of a Change in Control.

3.     Vacation: You will accrue four weeks
of vacation during your first year of employment, which are subject to the
terms of accrual and use set forth in Anika’s policies.

4.     Offer Expiration Date:  This offer remains valid until the close of
business on July 5, 2005.

 

All other terms and conditions
of our offer remain in effect.

 

	
  Very truly
  yours,

  	
   

  
	
   

  	
   

  
	
  /s/ William
  J. Mrachek

  	
   

  	
   

  
	
   

  	
   

  
	
  William J.
  Mrachek

  	
   

  
	
  Executive
  Director of Human Resources

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Agreed and
  accepted:

  	
   

  
	
   

  	
   

  
	
  /s/ Kevin W.
  Quinlan

  	
   

  	
  July 5, 2005

  	
   

  
	
  Kevin W.
  Quinlan

  	
  Date

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