Document:

Exhibit 4.1(b)

 

Cross-Reference Table Between Trust Indenture
Act of 1939 

and Indenture

 

	Section of Trust Indenture Act of 1939, as amended	 	Section of Indenture
	Section 310 (a)(1)	 	609
	(a)(2)	 	609
	(a)(3)	 	NOT APPLICABLE
	(a)(4)	 	NOT APPLICABLE
	(a)(5)	 	609
	(b)	 	608
	Section 311 (a)	 	613
	(b)	 	613
	Section 312 (a)	 	701,702
	(b)	 	702
	(c)	 	702
	Section 313 (a)	 	703
	(b)	 	703
	(c)	 	703
	(d)	 	703
	Section 314 (a)	 	704
	(b)	 	NOT APPLICABLE
	(c)(1)	 	102
	(c)(2)	 	102
	(c)(3)	 	NOT APPLICABLE
	(d)	 	NOT APPLICABLE
	(e)	 	102
	(f)	 	NOT APPLICABLE
	Section 315 (a)	 	601
	(b)	 	602
	(c)	 	601
	(d)	 	601
	(e)	 	514
	Section 316 (a)(1)(A)	 	512
	(a)(1)(B)	 	513
	(a)(2)	 	NOT APPLICABLE
	(b)	 	508
	Section 317 (a)(1)	 	503
	(a)(2)	 	504
	(b)	 	1003
	Section 318 (a)	 	107 

 

*This reconciliation and tie shall not, for any purpose, be deemed
to be part of the Indenture.

 

     

     

    

 

Indenture Table of Contents

 

	 	 	Page

 

	ARTICLE ONE
	 
	Definitions and Other Provisions of General Application

 

	Section 101.	Definitions	2
	Section 102.	Compliance Certificates and Opinions	8
	Section 103.	Form of Documents Delivered to Trustee	9
	Section 104	Acts of Holders; Record Dates	9
	Section 105.	Notices, Etc., to Trustee and Company	10
	Section 106.	Notice to Holders; Waiver	11
	Section 107.	Conflict with Trust Indenture Act	11
	Section 108.	Effect of Headings and Table of Contents	11
	Section 109.	Successors and Assigns	11
	Section 110.	Separability Clause	12
	Section 111.	Benefits of Indenture	12
	Section 112.	Governing Law	12
	Section 113.	Legal Holidays	12

 

	ARTICLE TWO
	 
	Security Forms

 

	Section 201.	Forms Generally	12
	Section 202.	Form of Face of Security	13
	Section 203.	Form of Reverse of Security	15
	Section 204.	Additional Provisions Required in Global Security	18
	Section 205.	Form of Trustee's Certificate of Authentication	19

 

	ARTICLE THREE
	 
	The Securities

 

	Section 301.	Amount Unlimited; Issuable in Series	19
	Section 302.	Denominations	21

 

     

     

    

 

	Section 303.	Execution, Authentication, Delivery and Dating	22
	Section 304.	Temporary Securities	23
	Section 305.	Registration, Registration of Transfer and Exchange	24
	Section 306.	Mutilated, Destroyed, Lost and Stolen Securities	25
	Section 307.	Payment of Interest; Interest Rights Preserved	26
	Section 308.	Persons Deemed Owners	27
	Section 309.	Cancellation	27
	Section 310.	Computation of Interest	28

 

	ARTICLE FOUR
	 
	Satisfaction and Discharge

 

	Section 401.	Satisfaction and Discharge of Indenture	28
	Section 402.	Application of Trust Money; Indemnification	29
	Section 403.	Satisfaction, Discharge
    and  Defeasance of Securities of any Series	30

 

	ARTICLE FIVE
	 
	Remedies

 

	Section 501.	Events of Default	31
	Section 502.	Acceleration of Maturity; Rescission and Annulment	34
	Section 503.	Collection of Indebtedness and Suits for Enforcement by Trustee	35
	Section 504.	Trustee May File Proofs of Claim	36
	Section 505.	Trustee May Enforce Claims
    Without Possession of Securities	36
	Section 506.	Application of Money Collected	37
	Section 507.	Limitation on Suits	37
	Section 508.	Unconditional
    Right of Holders to Receive Principal,  Premium and Interest	38
	Section 509.	Restoration of Rights and Remedies	38
	Section 510.	Rights and Remedies Cumulative	38
	Section 511.	Delay or Omission Not Waiver	38
	Section 512.	Control by Holders	39
	Section 513.	Waiver of Past Defaults	39

 

     

     

    

 

	Section 514.	Undertaking for Costs	40
	Section 515.	Waiver of Stay or Extension Laws	40

 

	ARTICLE SIX
	 
	The Trustee

 

	Section 601.	Certain Duties and Responsibilities	41
	Section 602.	Notice of Defaults	42
	Section 603.	Certain Rights of Trustee	42
	Section 604.	Not Responsible for Recitals or Issuance of Securities	44
	Section 605.	May Hold Securities	44
	Section 606.	Money Held in Trust	44
	Section 607.	Compensation and Reimbursement	44
	Section 608.	Disqualification; Conflicting Interests	45
	Section 609.	Corporate Trustee Required; Eligibility	45
	Section 610.	Resignation and Removal; Appointment of Successor	45
	Section 611.	Acceptance of Appointment by Successor	47
	Section 612.	Merger, Conversion, Consolidation or Succession to Business	48
	Section 613.	 Preferential Collection of Claims Against Company	48
	Section 614.	Appointment of Authenticating Agent	52

 

	ARTICLE SEVEN
	 
	Holders’ Lists and Reports by Trustee and Company

 

	Section 701.	Company to Furnish Trustee Names and Addresses of Holders	54
	Section 702.	Preservation of Information; Communications to Holders	54
	Section 703.	Reports by Trustee	55
	Section 704.	Reports by Company	57

 

	ARTICLE EIGHT
	 
	Consolidation, Merger, Conveyance, Transfer or Lease

 

	Section 801.	Company May Consolidate, Etc., Only on Certain Terms	57
	Section 802.	Successor Substituted	59

 

     

     

    

 

	ARTICLE NINE
	 
	Supplemental Indentures

 

	Section 901.	Supplemental Indentures Without Consent of Holders	59
	Section 902.	Supplemental Indentures with Consent of Holders	60
	Section 903.	Execution of Supplemental Indentures	62
	Section 904.	Effect of Supplemental Indentures	62
	Section 905.	Conformity with Trust Indenture Act	62
	Section 906.	Reference in Securities to Supplemental Indentures	62

 

	ARTICLE TEN
	 
	Covenants

 

	Section 1001.	Payment of Principal, Premium and Interest	62
	Section 1002.	Maintenance of Office or Agency	63
	Section 1003.	Money for Securities Payments to Be Held in Trust	63
	Section 1004.	Statement by Officers as to Default	64
	Section 1005.	Existence	65
	Section 1006.	Maintenance of Properties	65
	Section 1007.	Payment of Taxes and Other Claims	65
	Section 1008.	Limitations on Liens	65
	Section 1009.	Limitations on Sale and Lease-Back	67
	Section 1010.	Defeasance of Certain Obligations	68
	Section 1011.	Waiver of Certain Covenants	69
	Section 1012.	Applicability of Covenants	69

 

	ARTICLE ELEVEN
	 
	Redemption of Securities

 

	Section 1101.	Applicability of Article	69
	Section 1102.	Election to Redeem; Notice to Trustee	70
	Section 1103.	Selection by Trustee of Securities to Be Redeemed	70
	Section 1104.	Notice of Redemption	70

 

     

     

    

 

	Section 1105.	Deposit of Redemption Price	71
	Section 1106.	Securities Payable on Redemption Date	71
	Section 1107.	Securities Redeemed in Part	72

 

	ARTICLE TWELVE
	 
	Sinking Funds

 

	Section 1201.	Applicability of Article	72
	Section 1202.	Satisfaction of Sinking Fund Payments with Securities	72
	Section 1203.	Redemption of Securities for Sinking Fund	73ex_408855.htm

Exhibit 4.1

 

DESCRIPTION OF FIRST NORTHWEST BANCORP

 

COMMON STOCK

 

 

As of June 30, 2022, First Northwest Bancorp (“FNWB,” “we,” “us” or “our”) had common stock as the only class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

The statements made below include summaries of certain provisions contained in our Amended and Restated Articles of Incorporation (“Articles”) and Bylaws in effect as of June 30, 2022. This summary does not purport to be complete and is qualified in its entirety by reference to the Articles and Bylaws.

 

General

 

Our authorized capital stock consists of 75,000,000 shares of common stock, $0.01 par value per share, and 5,000,000 shares of preferred stock, $0.01 par value per share. As of June 30, 2022, we had no shares of preferred stock outstanding. Our Board of Directors (the “Board”) is authorized, without further shareholder action, to issue preferred stock with such designations, preferences and rights as the Board may determine.

 

Our common stock is listed for trading on The NASDAQ Global Market under the symbol “FNWB.”

 

Our shareholders do not have preemptive rights to subscribe to any additional securities that may be issued. Each share of our common stock has the same relative rights and is identical in all respects to every other share of our common stock. In the event of liquidation, dissolution or winding up of FNWB, the holders of our common stock would be entitled to receive, after payment or provision for payment of all of FNWB’s debts and liabilities, all remaining assets available for distribution. If preferred stock is issued, the holders thereof may have priority over the holders of our common stock in the event of liquidation or dissolution.

 

Dividend Rights

 

Dividends may be paid on our common stock as and when declared by the Board out of funds legally available for the payment of dividends. The Board may issue preferred stock that is entitled to such dividend rights as the Board may determine, including priority over the common stock in the payment of dividends.

 

Voting Rights

 

All voting rights are currently vested in the holders of our common stock, with each share being entitled to one vote on all matters.

 

Election of Directors

 

The Articles provide that each director shall be elected at each annual meeting of shareholders to serve until the next annual meeting or until their respective successor is elected and qualified.

 

Limitation on Voting of Certain Shares

 

The Articles provide that a record owner of any outstanding common stock that is beneficially owned by a person who, as of any record date for the determination of shareholders entitled or permitted to vote on any matter, beneficially owns more than 10% of the then outstanding shares of common stock (the “Limit”), shall not be entitled to vote with respect to shares held in excess of the Limit, unless a majority of the whole board (defined as the total number of directors which FNWB would have if there were no vacancies on the Board) shall have by resolution given advance approval of such entitlement or permission.

 

Potential “Anti-Takeover” Provisions

 

Article IX of our Articles requires that specified transactions with a “Related Person”, referred to as a “Business Combination”, be approved by (i) at least 80% of the voting power of the then outstanding shares and (ii) at least a majority of the outstanding shares entitled to vote thereon, not including shares deemed beneficially owned by a Related Person, unless such transaction is approved by two-thirds of our “Continuing Directors” (as defined in the Articles). A Related Person is generally defined as a person or entity that beneficially owns 10% or more of the outstanding shares of our common stock or is an “affiliate” of FNWB as defined in Rule 12b-2 of the Exchange Act.

 

Our Articles also provide that the Board, when evaluating a Business Combination or similar transaction, may consider any other factors that it deems relevant, including the social and economic effects of the transaction on FNWB and its subsidiaries, employees, depositors, loan and other customers, creditors and other elements of the communities in which FNWB and its subsidiaries operate or are located, in addition to the adequacy of the amount to be paid in connection with any such transaction.

 

Under our Articles, the right of shareholders to call special shareholder meetings is specifically denied. Also, the adoption, amendment or repeal of our Bylaws by our shareholders requires the affirmative vote of the holders of not less than 80% of the outstanding shares of our capital stock entitled to vote generally in the election of directors, treated as one class. Our Articles, other than those specifying our name and the number of authorized shares of our capital stock, generally may be amended only by the affirmative vote of the holders of not less than 80% of the votes entitled to be cast by each separate voting group entitled to vote thereon.

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