Document:

ooma-ex45_366.htm

EXHIBIT 4.5

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

As of January 31, 2020, Ooma, Inc. (“Ooma,” the “Company”, “we,” “our” or “us”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): Common Stock, par value $0.0001  per share. The Company’s securities registered under Section 12 of the Exchange Act are listed on the New York Stock Exchange.

As used in the following description, the terms “Ooma,” “we,” “us” and “our” refer to Ooma, Inc. and not any of its subsidiaries, unless the context requires otherwise.

The following description summarizes the most important terms of our capital stock as set forth in our amended and restated certificate of incorporation and amended and restated bylaws. The summary does not purport to be complete and is qualified in its entirety by reference to our amended and restated certificate of incorporation, our amended and restated bylaws and to the applicable provisions of Delaware law. For more detailed information, please see our amended and restated certificate of incorporation and amended and restated bylaws, which are filed as exhibits to our quarterly report on Form 10-Q for the period ended July 31, 2015, as filed on September 11, 2015 with the SEC.

Common Stock

We are authorized to issue up to a total of 100,000,000 shares of common stock, par value $0.0001 per share. Holders of our common stock are entitled to one vote for each share held on all matters submitted to a vote of our stockholders. Holders of our common stock have no cumulative voting rights. Further, holders of our common stock have no preemptive, conversion, redemption or rights and there are no sinking fund provisions applicable to our common stock. Upon our liquidation, dissolution or winding-up, holders of our common stock are entitled to share ratably in all assets remaining after payment of all liabilities and the liquidation preferences of any of our outstanding shares of preferred stock. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of our common stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors, or board, out of our assets which are legally available.

As of March 31, 2020, there were approximately 22.1 million shares of common stock issued and outstanding and there were approximately 75 holders of record of our common stock.

Preferred Stock

Our board is authorized, subject to certain limitations prescribed by law, to designate and issue up to a total of 10,000,000 shares of preferred stock, par value $0.0001, without stockholder approval. The board may issue preferred stock from time to time in one or more series and fix the designations, preferences and rights of the shares of each such series and any qualifications, limitations or restrictions on the shares of each such series, including dividend rights and rates, conversion rights, voting rights, terms of redemption, liquidation preferences and the number of shares constituting any such series. Our board may authorize the issuance of preferred stock with 

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voting or conversion rights that could harm the voting power or other rights of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of our company and might harm the market price of our common stock and the voting and other rights of the holders of common stock. No shares of preferred stock are outstanding, and we have no current plans to issue any shares of preferred stock.

Anti-Takeover Effects of Delaware Law and Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws

Our amended and restated certificate of incorporation and our amended and restated bylaws contain certain provisions that could have the effect of delaying, deterring or preventing another party from acquiring control of us. These provisions and certain provisions of Delaware law, which are summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate more favorable terms with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us.

 

Amended and Restated Certificate of Incorporation and Amended and Restated Bylaw Provisions

Our amended and restated certificate of incorporation and our amended and restated bylaws include a number of provisions that could deter hostile takeovers or delay or prevent changes in control of our management team, including the following:

 

	
 
	
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Board of director vacancies. Our amended and restated certificate of incorporation and amended and restated bylaws authorize only our board of directors to fill vacant directorships, including newly created seats. In addition, the number of directors constituting our board of directors is permitted to be set only by a resolution adopted by our board of directors. These provisions prevent a stockholder from increasing the size of our board of directors and then gaining control of our board of directors by filling the resulting vacancies with its own nominees. This makes it more difficult to change the composition of our board of directors but promotes continuity of management.

 

	
 
	
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Classified board. Our board of directors is divided into three classes, one class of which is elected each year by our stockholders. The directors in each class will serve three-year terms. A third party may be discouraged from making a tender offer or otherwise attempting to obtain control of us as it is more difficult and time-consuming for stockholders to replace a majority of the directors on a classified board.

 

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Stockholder action; special meeting of stockholders. Our amended and restated certificate of incorporation and amended and restated bylaws provide that our stockholders may not take action by written consent but may only take action at annual or special meetings of our stockholders. As a result, a holder controlling a majority of our capital stock will not be able to amend our amended and restated bylaws or remove directors without holding a meeting of our stockholders called in accordance with our amended and restated bylaws. 

Our amended and restated certificate of incorporation further provides that special meetings of our stockholders may be called only by a majority of our board of directors, the chairman of our board of directors, our chief executive officer or our president (in the absence of a chief executive officer), thus prohibiting a stockholder from calling a special meeting. These provisions might delay the ability of our stockholders to force consideration of a proposal or for stockholders controlling a majority of our capital stock to take any action, including the removal of directors.

 

	
 
	
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Advance notice requirements for stockholder proposals and director. Our amended and restated bylaws provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at our annual meeting of stockholders. Our amended and restated bylaws also specify certain requirements regarding the form and content of a stockholder’s notice. These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders if the proper procedures are not followed. We expect that 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.

 

	
 
	
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No cumulative voting. Our amended and restated certificate of incorporation does not provide for cumulative voting in the election of directors. Cumulative voting allows a stockholder to vote a portion or all of its shares for one or more candidates for seats on the board of directors. Without cumulative voting, a minority stockholder may not be able to gain as many seats on our board of directors as the stockholder would be able to gain if cumulative voting were permitted. The absence of cumulative voting makes it more difficult for a minority stockholder to gain a seat on our board of directors to influence our board’s decision regarding a takeover.

 

	
 
	
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Directors removed only for cause. Our amended and restated certificate of incorporation and amended and restated bylaws provide that stockholders may remove directors only for cause.

 

	
 
	
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Choice of forum. Unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware is the sole and exclusive forum for: (1) any derivative action or v proceeding brought on our behalf; (2) any action asserting a claim of breach of a fiduciary duty owed by any of our directors or officers to us or our stockholders; (3) 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 (4) any action asserting a claim against us governed by the internal affairs doctrine. The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible that, in connection with any action, a court could find the choice of forum provisions contained in our amended and restated certificate of incorporation to be inapplicable or unenforceable in such action.

 

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Amendment of Charter and Bylaws Provisions. The amendment of the above provisions of our amended and restated certificate of incorporation will require approval by holders of at least 66 2⁄3% of our outstanding capital stock entitled to vote generally in the election of directors. The amendment of certain provisions of our amended and restated bylaws will also require approval by the holders of at least 66 2⁄3% of our outstanding capital stock.

 

	
 
	
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Undesignated Preferred Stock. As discussed above, our board of directors will have the ability to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us. These and other provisions may have the effect of deterring hostile takeovers or delaying changes in control or management of our company.

Delaware Anti-Takeover Statute

We are subject to the provisions of Section 203 of the Delaware General Corporation Law regulating corporate takeovers. In general, Section 203 prohibits a publicly-held Delaware corporation from engaging, under certain circumstances, in a business combination with an interested stockholder for a period of three years following the date the person became an interested stockholder unless:

 

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

 

	
 
	
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upon completion 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 for determining the outstanding voting stock owned by the interested stockholder, (1) voting stock owned by persons who are directors and also officers, and (2) voting stock 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

 

	
 
	
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at or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2⁄3% of the outstanding voting stock which is not owned by the interested stockholder.

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

 

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

 

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

 

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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;

 

	
 
	
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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

 

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

These provisions may have the effect of delaying, deferring or preventing a change in our control.

Listing

Our common stock is listed on the New York Stock Exchange under the symbol “OOMA.”

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A. The transfer agent and registrar’s address is 462 South 4th Street, Suite 1600, Louisville, KY 40202. The transfer agent’s telephone number is (800) 736-3001 (United States) or +1-781-575-3100 (outside the United States).

 

5ex_181101.htm

Exhibit 10.1

 

 

April 8, 2020

 

PERSONAL AND CONFIDENTIAL

 

Louis G. Conforti

4857 South Greenwood Ave

Chicago, IL 60615

 

Dear Lou:

 

Re: Temporary Base Salary Adjustment

 

As you know, Washington Prime Group Inc. (the “Company”) is facing extraordinary challenges caused by unprecedented events around the world related to the coronavirus (COVID-19) pandemic. In order to meet these challenges, we must come together and do what is necessary to help ensure the long-term success of the Company. With that goal in mind, the Company and certain Company senior executives (including you) have agreed to temporarily reduce the executives’ base salaries. This letter agreement amends the Amended and Restated Employment Agreement by and between you and the Company dated as of August 2, 2019 (the “Employment Agreement”) in order to reflect such temporary base salary adjustment.

 

In accordance with the above, you and the Company each hereby agree and acknowledge that:

 

	 	
			1.

				
			Effective as of April 5, 2020, your annual rate of base salary, as reflected in Section 2(b)(i) of the Employment Agreement, shall equal $675,000.00.

			

 

	 	
			2.

				
			Such adjusted annual rate of base salary shall remain in effect until the earliest to occur of: (a) end of business on September 30, 2020; (b) immediately preceding a Change in Control (as defined in the Washington Prime Group, L.P. 2019 Stock Incentive Plan); or (c) a date determined by the Compensation Committee of the Board of Directors of the Company, at which time your annual rate of base salary shall automatically revert to the annual rate of base salary in effect prior to the salary adjustment reflected herein (the “Interim Period”).

			

 

	 	
			3.

				
			Notwithstanding the terms of the Company’s executive bonus plan in effect as of the date hereof (which is based on the actual amount of base salary paid during 2020, not the annualized salary rate), the calculation of your Annual Bonus (as defined in Section 2(b)(ii) of the Employment Agreement) when factoring in the Interim Period for fiscal year 2020 will be based on the presumption that your annual rate of base salary during the Interim Period is equal to your annual rate of base salary immediately prior to the Interim Period (and not your actual rate of base salary during the Interim Period).

			

 

	 	
			4.

				
			Notwithstanding the terms of the Employment Agreement, the base salary adjustment reflected herein shall not constitute an event of “Good Reason” under Section 3(c) of the Employment Agreement and you hereby waive any right on this one-time basis you may have to resign for Good Reason as a result of such base salary adjustment. The waiver in the preceding sentence shall not apply to any future base salary adjustments, if any, after the Interim Period.

			

 

 

 

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Except as otherwise provided herein, the Employment Agreement shall remain unaltered and of full force and effect. By signing below, you hereby agree to and acknowledge the amendment of the Employment Agreement as forth herein.

 

 

	 	
			Sincerely,

			 

			/s/ Mark E. Yale

			 

			Mark E. Yale

			EVP, Chief Financial Officer

			

 

 

ACCEPTED AND AGREED TO

as of the date first written above:

 

Louis G. Conforti

 

 

By: /s/ Louis G. Conforti            

 

 

 

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