Document:

Exhibit 10.3
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EMPLOYMENT AGREEMENT
This sets forth the terms of the Employment Agreement made executed on December 29, 2020, between (i) COMMUNITY BANK SYSTEM, INC., a Delaware corporation and registered bank holding company (“CBSI”), and COMMUNITY BANK, N.A., a national banking association (“CBNA”), both having offices located in Dewitt, New York (collectively, the “Employer”), and (ii) JOSEPH J. LEMCHAK, an individual currently residing in East Syracuse, New York (“Employee”).  This Agreement is effective as of January 1, 2021 and supersedes the prior Employment Agreement between the parties that expires on December 31, 2020.
W I T N E S S E T H
IN CONSIDERATION of the promises and mutual agreements and covenants contained herein, and other good and valuable consideration, the parties agree as follows:
1.Employment.
(a)Term.  Employer shall continue to employ Employee, and Employee shall continue to serve, as Senior Vice President, Chief Investment Officer of Employer for the thirty-six month term that begins on January 1, 2021 and that ends on December 31, 2023 (“Period of Employment”), subject to termination as provided in paragraph 3 hereof.
(b)Salary.  During the Period of Employment, Employer shall pay Employee a base salary at the annual rate of not less than the annual rate in effect for Employee on January 1, 2021 (“Base Salary”).  Employee’s Base Salary shall be reviewed and adjusted in accordance with Employer’s regular practice for executive employees.  Employee’s Base Salary is payable in accordance with Employer’s regular practice for executive employees.
(c)Incentive Compensation.  During the Period of Employment, Employee shall be entitled to annual incentive compensation as a Tier 3 (three) executive of Employer pursuant to the terms of the Management Incentive Plan, which has been approved by the Board of Directors of Employer to cover Employee and other key personnel of Employer, as well as other incentive plans that may be established by Employer and that are applicable to Employer’s executives of similar salary tier to Employee.  Upon termination of Employee’s employment pursuant to subparagraph 3(a), 3(b), 3(c) or 6, Employee shall be entitled to a pro rata portion (based on Employee’s complete months of active employment in the applicable year) of the annual incentive awards that are payable with respect to the year during which the termination occurs or, if the annual awards for such year are not determinable at the time of termination, then the immediately prior year’s awards shall be used to determine such pro rata portion.  Any such pro rata portion of an annual incentive award that becomes payable pursuant to the preceding sentence shall be paid at the time and in the form determined in accordance with the applicable incentive award.
2.Duties during the Period of Employment.  Employee shall have full responsibility, subject to the control of Employer’s President and Chief Executive Officer and/or the authorized designee of Employer’s Board of Directors, for the supervision of substantially all
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aspects of Employer’s investment operations and the discharge of such other duties and responsibilities to Employer as may from time to time be reasonably assigned to Employee by Employer’s President and Chief Executive Officer and/or the authorized designee of Employer’s Board of Directors.  Employee shall report to Employer’s President and Chief Executive Officer.  Employee shall devote Employee’s best efforts to the affairs of Employer, serve faithfully and to the best of Employee’s ability and devote all of Employee’s working time and attention, knowledge, experience, energy, and skill to the business of Employer, except that Employee may affiliate with professional associations, and business, civic and charitable organizations, provided that such affiliations are not inconsistent with and do not interfere with the performance of Employee’s duties under this Agreement.
3.Termination.  Employee’s employment by Employer shall be subject to termination as follows:
(a)Expiration of the Term.  This Agreement shall terminate automatically at the expiration of the Period of Employment unless the parties enter into a written agreement extending Employee’s employment, except for the continuing obligations of the parties as specified hereunder.
(b)Termination Upon Death.  This Agreement shall terminate upon Employee’s death.  In the event this Agreement is terminated as a result of Employee’s death, Employer shall continue payments of Employee’s Base Salary for a period of 90 days following Employee’s death to the beneficiary designated by Employee on the “Beneficiary Designation Form” attached to this Agreement as Appendix A.  Any restrictions on shares of CBSI stock previously granted to Employee shall be waived as of the date of death and Employee’s beneficiary shall be free to dispose of any restricted stock previously granted to Employee by Employer.  Additionally, Employer shall treat as immediately exercisable all unexpired stock options issued by Employer and held by Employee that are not exercisable or that have not been exercised, so as to permit Employee’s Beneficiary to purchase the balance of CBSI stock not yet purchased pursuant to said options until the end of the full exercise period provided in the original grant of the option right, determined without regard to Employee’s death or termination of employment.
(c)Termination Upon Disability.  Employer may terminate this Agreement upon Employee’s disability.  For the purpose of this Agreement, Employee’s inability to perform substantially all of Employee’s duties under this Agreement by reason of physical or mental illness or injury for a period of 26 successive weeks (the “Disability Period”) shall constitute disability.  The determination of disability shall be made by a physician selected by Employer and a physician selected by Employee; provided, however, that if the two physicians so selected shall disagree, the determination of disability shall be submitted to arbitration in accordance with the rules of the American Arbitration Association and the decision of the arbitrator shall be binding and conclusive on Employee and Employer.  During the Disability Period, Employee shall be entitled to 100% of Employee’s Base Salary otherwise payable during that period, reduced by all other Employer-provided income replacement benefits to which Employee may be entitled for the Disability Period on account of such disability (including, but not limited to, benefits provided under any disability insurance policy or program, workers’ compensation law, or any other benefit program or arrangement).  Upon termination pursuant to this disability provision, any restrictions on shares of CBSI stock previously granted
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to Employee shall be waived and Employee shall be free to dispose of any restricted stock granted to Employee.  Additionally, Employer shall treat as immediately exercisable all unexpired stock options issued by Employer and held by Employee that are not exercisable or that have not been exercised, so as to permit the Employee to purchase the balance of CBSI stock not yet purchased pursuant to said options until the end of the full exercise period provided in the original grant of the option right, determined without regard to Employee’s disability or termination of employment.
(d)Termination for Cause.  Employer may terminate Employee’s employment immediately for “cause” by written notice to Employee.  For purposes of this Agreement, a termination shall be for “cause” if the termination results from any of the following events:
(i)Material breach of this Agreement;
(ii)Documented misconduct as an employee of Employer, or any subsidiary or affiliate of Employer for which Employee is performing services hereunder, which is material and adverse to the interests, monetary or otherwise, of Employer or any subsidiary or affiliate of Employer;
(iii)Unreasonable neglect or refusal to perform the duties assigned to Employee under or pursuant to this Agreement;
(iv)The commission of a felony or the conviction of any crime involving an act of dishonesty or moral turpitude;
(v)Adjudication as a bankrupt, which adjudication has not been contested in good faith, unless bankruptcy is caused directly by Employer's unexcused failure to perform its obligations under this Agreement;
(vi)Documented failure to follow the reasonable, written instructions of the Employer, provided that the instructions do not require Employee to engage in unlawful conduct; or
(vii)A willful violation of any material rule or regulation of the Office of the Comptroller of the Currency or of any other regulatory agency governing Employer or any subsidiary or affiliate of Employer.
Notwithstanding any other term or provision of this Agreement to the contrary, if Employee’s employment is terminated for cause, Employee shall forfeit all rights to payments and benefits otherwise provided pursuant to this Agreement; provided, however, that Base Salary shall be paid through the date of termination.
(e)Termination For Reasons Other Than Cause.  In the event Employer terminates Employee’s employment during the Period of Employment, then Employee shall be entitled to a severance benefit equal to the greater of (i) 100 percent of the sum of Employee’s annual Base Salary in effect at the time of termination and the aggregate sum of all payments made to Employee during the 12 months preceding Employee’s termination pursuant to the Management Incentive Plan (or equivalent successor plan), or (ii) amounts of Base Salary
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and expected Management Incentive Plan (or equivalent successor plan) payments that otherwise would have been payable through the balance of the unexpired term of this Agreement.  Unless Employee is a “specified employee” (as determined in accordance with Internal Revenue Code Section 409A), the benefit payable pursuant to this paragraph 3(e) shall be payable in equal biweekly installments over the 12-month period that begins on the first day of the month following Employee’s termination.  If Employee is a “specified employee” (as determined in accordance with Internal Revenue Code Section 409A), then installment payments during the first six months of the 12-month installment period shall be limited to the extent required by Internal Revenue Code Section 409A, any unpaid installment amounts shall be paid immediately after such six-month period and installment payments due during the remaining six months shall be paid as scheduled.
In addition to the cash benefits described in the foregoing of this paragraph 3(e), Employer shall: (iii) waive all restrictions on all CBSI stock previously granted to Employee and permit Employee to dispose of any restricted stock; and (iv) treat as immediately exercisable all unexpired stock options held by Employee that are not exercisable or that have not been exercised, so as to permit Employee to purchase the balance of CBSI stock not yet purchased pursuant to said options until the end of the full exercise period provided in the original grant of the option right determined without regard to Employee’s termination of employment.
Notwithstanding the foregoing, amounts payable under clauses (i) or (ii) of this paragraph 3(e) shall be reduced by any payments made to Employee under paragraphs 6(a)(i) and (ii) of this Agreement and any payments made to Employee under any severance or similar plan, policy or program maintained by Employer.  Payments under this paragraph 3(e) and payments under paragraph 6(a)(i) and (ii) shall not be duplicated.
(f)Termination by Employee Without Good Reason.  Except in the case of Employee’s termination for good reason in accordance with paragraphs 3(e) and 6(d), Employee may elect to terminate this Agreement and Employee’s employment with Employer upon not less than 60 days prior written notice delivered to Employer, in which event Employee shall be entitled only to the compensation and benefits Employee earned or accrued through the date of termination.  Employer may appropriately adjust Employee’s authority, duties and/or responsibilities upon notice of such termination, which notice shall constitute Employee’s consent to a change in authority, duties and responsibilities.
4.Fringe Benefits.
(a)Benefit Plans.  During the Period of Employment, Employee shall be eligible to participate in any employee pension benefit plans (as that term is defined under Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended), Employer-paid group life insurance plans, medical plans, dental plans, long-term disability plans, business travel insurance programs and other fringe benefit programs maintained by Employer for the benefit of (or which are applicable to) its executive employees.  Participation in any of Employer’s benefit plans and programs shall be based on, and subject to satisfaction of, the eligibility requirements and other conditions of such plans and programs.  Employee shall not be eligible to participate in any Employer’s severance pay plan or program maintained for other employees not covered by employment agreements.
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(b)Expenses.  Upon submission to Employer of vouchers or other required documentation, Employee shall be reimbursed for (or Employer shall pay directly) Employee’s actual out-of-pocket travel and other expenses reasonably incurred and paid by Employee in connection with Employee’s duties hereunder.  Reimbursable expenses must be submitted to the Executive Vice President, Chief Banking Officer of Employer, or the Chief Banking Officer’s designee, for review on no less than a quarterly basis.
(c)Other Benefits.  During the Period of Employment, Employee also shall be entitled to receive the following benefits:
(i)Paid time off of twenty-seven (27) days annually during each calendar year (with no carry over of unused time to a subsequent year) and any holidays that may be provided to all employees of Employer in accordance with Employer’s holiday policy; and
(ii)Reasonable sick leave.
5.Restricted Stock and Stock Options.
(a)Employer shall cause the Compensation Committee of the Board of Directors of Employer to review whether Employee should be granted shares of restricted stock and/or options to purchase shares of common stock of CBSI.  Such review may be conducted pursuant to the terms of the Community Bank System, Inc. 2014 Long-Term Incentive Plan, a successor plan, or independently, as the Compensation Committee shall determine.  Reviews shall be conducted no less frequently than annually.
6.Change of Control.
(a)If Employee’s employment with Employer shall cease for any reason, including Employee’s voluntary termination for “good reason” (as defined in paragraph 6(d) below), but not including Employee’s termination for “cause” (as described in paragraph 3(d) or Employee’s voluntary termination without “good reason”, within two years following a “Change of Control” that occurs during the Period of Employment, then:
(i)Employer shall pay to the Employee the greater of (A) 200 percent of the sum of the annual Base Salary in effect at the time of termination and the aggregate sum of all payments made to Employee during the 12 months preceding Employee’s termination pursuant to the Management Incentive Plan (or equivalent successor plan), or (B) amounts of Base Salary and expected payments under the Management Incentive Plan (or equivalent successor plan) that otherwise would have been payable through the balance of the unexpired term of this Agreement.  Unless Employee is a “specified employee” (as determined in accordance with Internal Revenue Code Section 409A), the amount determined pursuant to this paragraph 6(a)(i) shall be payable in equal biweekly installments over the 12-month period that begins on the first day of the month following Employee’s termination.  If Employee is a “specified employee” (as determined in accordance with Internal Revenue Code Section 409A), then installment payments during the first six months of the 12-month installment period shall be limited to the extent required by Internal Revenue Code Section 409A, any unpaid installment amounts shall be paid immediately after such six-month period and installment payments due during the remaining six months shall be paid as scheduled.
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(ii)Employer shall provide Employee with the cash equivalents of the benefits described in paragraph 4(a) for a period of 24 months following Employee's termination.  Unless Employee is a “specified employee” (as determined in accordance with Internal Revenue Code Section 409A), the cash equivalents payable pursuant to this subparagraph (ii) shall be payable in equal monthly installments over the 24-month period that begins on the first day of the month following Employee’s separation from service.  If Employee is a “specified employee” (as determined in accordance with Internal Revenue Code Section 409A), then installment payments during the first six months of the 24-month installment period shall be limited to the extent required by Internal Revenue Code Section 409A, any unpaid installment amounts shall be paid immediately after such six-month period and installment payments due during the remaining 18 months shall be paid as scheduled.
(iii)Employer shall treat as immediately exercisable all unexpired stock options issued by Employer and held by Employee that are not otherwise exercisable or that have not been exercised so as to permit Employee to purchase the balance of CBSI Stock not yet purchased pursuant to said options until the end of the full exercise period provided in the original grant of the option right, determined without regard to Employee’s termination of employment.
(iv)Employer shall waive all restrictions on any shares of CBSI stock granted to Employee and permit Employee to dispose of such stock.
(b)Notwithstanding any provision of this Agreement to the contrary, in the event that any payment or benefit received or to be received by the Employee in connection with a Change of Control (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement)(all such payments and benefits being hereinafter called “Total Benefits”) would be subject (in whole or in part) to the excise tax imposed pursuant to Internal Revenue Code Section 4999, then the cash severance payments provided in this Agreement shall first be reduced, and the other payments and benefits hereunder shall thereafter be reduced, to the extent necessary so that no portion of the Total Benefits will be subject to such excise tax, but only if (i) is greater than or equal to (ii), where (i) equals the reduced amount of such Total Benefits minus the aggregate amount of federal, state and local income taxes on such reduced Total Benefits, and (ii) equals the unreduced amount of such Total Benefits minus the sum of (A) the aggregate amount of federal, state  and local income taxes on such Total Benefits, and (B) the amount of excise tax to which the Employee would be subject in respect of such unreduced Total Benefits.
(c)For purposes of this paragraph 6, a “Change of Control” shall be deemed to have occurred if:
(i)Any “person,” including a “group” as determined in accordance with the Section 13(d)(3) of the Securities Exchange Act of 1934 (“Exchange Act”), is or becomes the beneficial owner, directly or indirectly, of securities of Employer representing 30% or more of the combined voting power of Employer’s then outstanding securities;
(ii)As a result of, or in connection with, any tender offer or exchange offer, merger or other business combination (a “Transaction”), the persons who were
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directors of Employer before the Transaction shall cease to constitute a majority of the Board of Directors of Employer or any successor to Employer;
(iii)Employer is merged or consolidated with another corporation and as a result of the merger or consolidation less than 70% of the outstanding voting securities of the surviving or resulting corporation shall then be owned in the aggregate by the former stockholders of Employer, other than (A) affiliates within the meaning of the Exchange Act, or (B) any party to the merger or consolidation;
(iv)A tender offer or exchange offer is made and consummated for the ownership of securities of Employer representing 30% or more of the combined voting power of Employer’s then outstanding voting securities; or
(v)Employer transfers substantially all of its assets to another corporation, which is not controlled by Employer.
(d)For purposes of this paragraph 6, “Good Reason” shall mean action taken by Employer that results in:
(i)An involuntary and material adverse change in Employee’s authority, duties, responsibilities, or base compensation;
(ii)An involuntary and material relocation of the office from which Employee is expected to perform his duties; or
(iii)A material breach of this Agreement.
In all cases, Employee must provide notice to Employer of the existence of a condition described in (i), (ii) or (iii) above within thirty (30) days of the initial existence of the condition, upon the notice of which Employer shall have thirty (30) days thereafter (the “remedy period”) in which to remedy the condition (and not be required to pay or provide the severance benefit described in this Section 6).  If the good reason condition is not remedied within the 30-day remedy period, Employee shall receive the severance benefit described in this Section 6 only if Employee terminates employment within ten business days following the expiration of the 30-day remedy period.
7.Withholding.  Employer shall deduct and withhold from compensation and benefits provided under this Agreement all required income and employment taxes and any other similar sums required by law to be withheld.
8.Covenants.
(a)Confidentiality.  Employee shall not, without the prior written consent of Employer, disclose or use in any way, either during his employment by Employer or thereafter, except as required in the course of his employment by Employer, any confidential business or technical information or trade secret acquired in the course of Employee’s employment by Employer. Employee acknowledges and agrees that it would be difficult to fully compensate Employer for damages resulting from the breach or threatened breach of the foregoing provision and, accordingly, that Employer shall be entitled to temporary preliminary
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injunctions and permanent injunctions to enforce such provision.  This provision with respect to injunctive relief shall not, however, diminish Employer’s right to claim and recover damages.  Employee covenants to use his best efforts to prevent the publication or disclosure of any trade secret or any confidential information that is not in the public domain concerning the business or finances of Employer or Employer’s affiliates, or any of its or their dealings, transactions or affairs which may come to Employee’s knowledge in the pursuance of his duties or employment.
(b)No Competition.  Employee’s employment is subject to the condition that during the term of his employment hereunder and for the period specified in paragraph 8(c) below, Employee shall not, directly or indirectly, own, manage, operate, control or participate in the ownership, management, operation or control of, or be connected as an officer, employee, partner, director, individual proprietor, lender, consultant or otherwise with, or have any financial interest in, or aid or assist anyone else in the conduct of, any entity or business (a “Competitive Operation”) which competes in the banking industry or with any other business conducted by Employer or by any group, affiliate, division or subsidiary of Employer in the states of New York and Pennsylvania.  Employee shall keep Employer fully advised as to any activity, interest, or investment Employee may have in any way related to the banking industry.  It is understood and agreed that, for the purposes of the foregoing provisions of this paragraph, (i) no business shall be deemed to be a business conducted by Employer or any group, division, affiliate or subsidiary of Employer unless 5% or more of Employer’s consolidated gross sales or operating revenues is derived from, or 5% or more of Employer’s consolidated assets are devoted to, such business; (ii) no business conducted by any entity by which Employee is employed or in which he is interested or with which he is connected or associated shall be deemed competitive with any business conducted by Employer or any group, division, affiliate or subsidiary of Employer unless it is one from which 2% or more of its consolidated gross sales or operating revenues is derived, or to which 2% or more of its consolidated assets are devoted; and (iii) no business which is conducted by Employer on the date of Employee’s termination and which subsequently is sold by Employer shall, after such sale, be deemed to be a Competitive Operation within the meaning of this paragraph.  Ownership of not more than 5% of the voting stock of any publicly held corporation shall not constitute a violation of this paragraph.
(c)Non-Competition Period.  The “non-competition period” shall begin on January 1, 2021 and shall end twelve (12) months after the Employee’s termination of employment; provided, however, that the “non-competition period” shall end on the date Employee’s employment ends in the event of Employee’s termination for “good reason” (as defined in paragraph 6(d)), or Employee’s termination without “cause” (as defined in paragraph 3(d)).
(d)Non-Solicitation.  While Employee is employed by Employer, and for a period of two years after Employee’s employment with Employer ends for any reason, Employee shall not directly or indirectly solicit (other than on behalf of Employer) business or contracts for any products or services of the type provided, developed or under development by Employer during Employee’s employment by Employer, from or with (x) any person or entity which was a customer of Employer for such products or services as of, or within 12 months prior to, the date of Employee’s termination of employment with Employer, or (y) any prospective customer which Employer was soliciting as of, or within 12 months prior to, Employee’s termination.  Additionally, while Employee is employed by Employer, and for two years after
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Employee’s employment with the Employer ends for any reason, Employee will not directly or indirectly contract with any such customer or prospective customer for any product or service of the type provided, developed or which was under development by Employer during Employee’s employment with Employer.  Employee will not at any time knowingly interfere or attempt to interfere with any transaction, agreement or business relationship in which Employer was involved or was contemplating during Employee’s employment with Employer, including but not limited to relationships with customers, prospective customers, agents, contractors, vendors, service providers, and suppliers.
(e)Non-Recruitment.  While Employee is employed by Employer, and for a period of two years after Employee’s employment with Employer ends for any reason, Employee shall not, directly or indirectly, solicit, recruit, or hire, or in any manner assist in the hiring, solicitation or recruitment of any of individual who is or was an employee of Employer, or who otherwise provided services to Employer, within 12 months prior to the termination of Employee’s employment with Employer.
(f)Termination of Payments.  Upon the breach by Employee of any covenant under this paragraph 8, Employer shall cease all payments to Employee and may offset and/or recover from Employee immediately any and all amounts payable to Employee under this Agreement against any damages to which Employer is legally entitled in addition to any and all other remedies available to Employer under the law or in equity.
9.Notices.  Any notice which may be given hereunder shall be sufficient if in writing and mailed by overnight mail, or by certified mail, return receipt requested, to Employee at his residence and to Employer at 5790 Widewaters Parkway, Dewitt, New York 13214, or at such other addresses as either Employee or Employer may, by similar notice, designate.
10.Rules, Regulations and Policies. Employee shall abide by and comply in all material respects with all of the rules, regulations, and policies of Employer that may be in effect and amended from time to time, including without limitation (i) Employer's policy of strict adherence to, and compliance with, any and all requirements of the banking, securities, and antitrust laws and regulations, (ii) Employer’s human resources, personnel and benefits policies, and (iii) to the extent applicable, Employer’s claw-back policy.
11.No Prior Restrictions.  Employee affirms and represents that Employee is under no obligations to any former employer or other third party which is in any way inconsistent with, or which imposes any restriction upon, the employment of Employee by Employer, or Employee’s undertakings under this Agreement.
12.Return of Employer’s Property.  After Employee has received notice of termination or at the end of the term hereof, whichever first occurs, Employee shall promptly return to Employer all documents and other property in his possession belonging to Employer.
13.Construction and Severability.  The invalidity of any one or more provisions of this Agreement or any part thereof, all of which are inserted conditionally upon their being valid in law, shall not affect the validity of any other provisions to this Agreement; and in the event that one or more provisions contained herein shall be invalid, as determined by a
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court of competent jurisdiction, the court shall have authority to modify such provision in a manner that most closely reflects the intent of the parties and is valid.
14.Internal Revenue Code Section 409A.  This Agreement shall be interpreted and applied in all circumstances in a manner that is consistent with the intent of the parties that amounts earned and payable pursuant to this Agreement shall not be subject to the premature income recognition or adverse tax provisions of Internal Revenue Code Section 409A.  Accordingly, by way of example and not limitation,
(a)distributions of benefits payable following Employee’s termination of employment shall commence as of the date required by this Agreement or, if later, the earliest date permitted by Internal Revenue Code Section 409A, (generally six months after termination, if Employee is a “specified employee” within the meaning of Internal Revenue Code Section 409A);
(b)the phrase “termination of employment” (and similar terms and phrases) shall be construed to mean “separation from service” within the meaning of Internal Revenue Code Section 409A;
(c)the right to receive installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments; and
(d)to the extent that any reimbursement or in-kind benefits are subject to the requirements of Internal Revenue Code Section 409A, (x) the amount eligible for reimbursement or in-kind benefit in one calendar year will not affect the amount eligible for reimbursement or in-kind benefit in any other calendar year (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or paid), (y) the right to reimbursement or an in-kind benefit is not subject to liquidation or exchange for another benefit, and (z) subject to any shorter time periods provided in this Agreement, any such reimbursement of an expense or in-kind benefit must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred.
15.Governing Law.  This Agreement was executed and delivered in New York and shall be construed and governed in accordance with the laws of the State of New York.
16.Assignability and Successors.  This Agreement may not be assigned by Employee or Employer, except that this Agreement shall be binding upon and shall inure to the benefit of the successor of Employer through merger or corporate reorganization.  Any attempted assignment in violation of this paragraph 16 shall be null and void and of no effect,
17.Miscellaneous.
(a)This Agreement constitutes the entire understanding and agreement between the parties with respect to the subject matter hereof and shall supersede all prior understandings and agreements, including all the Employment Agreement between the parties that expires on December 31, 2020.
(b)This Agreement cannot be amended, modified, or supplemented in any respect, except by a subsequent written agreement entered into by the parties hereto.
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(c)The services to be performed by Employee are special and unique; it is agreed that any breach of this Agreement by Employee shall entitle Employer (or any successor or assigns of Employer), in addition to any other legal remedies available to it, to apply to any court of competent jurisdiction to enjoin such breach.
(d)The provisions of paragraphs 3(e), 6 and 8 hereof shall survive the termination of this Agreement.
18.Counterparts.  This Agreement may be executed in counterparts (each of which need not be executed by each of the parties), which together shall constitute one and the same instrument.
19.Jurisdiction, Venue and Fees.  The jurisdiction of any proceeding between the parties arising out of, or with respect to, this Agreement shall be in a court of competent jurisdiction in New York State, and venue shall be in Onondaga County.  Each party shall be subject to the personal jurisdiction of the courts of New York State.  If Employee is the prevailing party in a proceeding to collect payments due pursuant to this Agreement, Employer shall reimburse Employee for reasonable attorneys’ fees incurred by Employee in connection with such proceeding.  Reimbursement shall be made on or before the last day of Employee’s taxable year following the taxable year in which the expense was incurred.  The foregoing right to reimbursement shall expire on the fifth anniversary of Employee’s separation from service with Employer.
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The foregoing is established by the following signatures of the parties.
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	COMMUNITY BANK SYSTEM, INC.

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	By:
	/s/ Bernadette R. Barber

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	Its:
	Senior Vice President, Chief HR Officer

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	COMMUNITY BANK, N.A.

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	By:
	/s/ Bernadette R. Barber

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	Its:
	Senior Vice President, Chief HR Officer

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	/s/ Joseph J. Lemchak

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	Joseph J. Lemchak

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12Exhibit 4.2

 

AMENDED AND RESTATED CERTIFICATE

OF

INCORPORATION OF SQUARESPACE, INC.

 

(Pursuant to Sections 242 and 245 of the

General Corporation Law of the State of Delaware)

 

May 10, 2021

 

Squarespace, Inc., a corporation
organized and existing under and by virtue of the provisions of the General Corporation Law of the State of Delaware (the “General
Corporation Law”),

 

DOES HEREBY CERTIFY:

 

FIRST: That the name
of this corporation is Squarespace, Inc. The original certificate of incorporation of this corporation was filed in the office of the
Secretary of State of the State of Delaware on October 29, 2007.

 

SECOND: That the Board
of Directors of the corporation (the “Board”) duly adopted resolutions proposing
to amend and restate the Certificate of Incorporation of this corporation, declaring said amendment and restatement to be advisable and
in the best interests of this corporation and its stockholders, and authorizing the appropriate officers of this corporation to solicit
the consent of the stockholders therefor, which resolution setting forth the proposed amendment and restatement is as follows:

 

RESOLVED, that the
Certificate of Incorporation, as amended through the date hereof, of this corporation be amended and restated in its entirety as follows:

 

Article
I 

 

The name of this corporation is Squarespace, Inc.

Article
II 

 

The address of the registered
office of this corporation in the State of Delaware is 3500 South DuPont Highway, County of Kent, Dover, DE USA 19901. The name of its
registered agent at such address is Incorporating Services, Ltd.

 

Article
III 

 

The nature of the business
or purposes to be conducted or promoted is to engage in any lawful act or activity for which corporations may be organized under the General
Corporation Law.

 

Article
IV 

 

The total number of shares
of all classes of stock that this corporation is authorized to issue is Two Billion Two Hundred Million (2,200,000,000) shares, consisting
of (a) One Billion (1,000,000,000) shares of Class A Common Stock, par value $0.0001 per share (“Class A Common Stock”),
(b) One Hundred Million (100,000,000) shares of Class B Common Stock, par value $0.0001 per share (“Class B Common Stock”),
(c) One Billion (1,000,000,000) shares of Class C Common Stock, par value $0.0001 per share (“Class C Common Stock”)
and (d) One Hundred Million (100,000,000) shares of Preferred Stock, par value $0.0001 per share (“Preferred Stock”),
undesignated as to series and issuable in accordance with the provisions of Article VI and the General Corporation Law.

 

    

     

    

 

Article
V 

 

1.                 
General. Except as otherwise expressly provided in this Amended and Restated Certificate of Incorporation or as required
by applicable law, the holders of Common Stock shall vote together and not as separate series or classes on all matters (including the
election of directors) submitted to a vote of the stockholders of the corporation; provided, however, that, except as otherwise required
by the General Corporation Law or other applicable law, holders of shares of Common Stock, as such, shall not be entitled to vote on any
amendment to this Amended and Restated Certificate (including any certificate of designations relating to any class or series of Preferred
Stock) that relates solely to the terms of one or more outstanding classes or series of Preferred Stock if the holders of such affected
class or series are entitled, either separately or together with the holders of one or more other such classes or series of Preferred
Stock, to vote thereon pursuant to this Amended and Restated Certificate (including any certificate of designations relating to any class
or series of Preferred Stock) or pursuant to the General Corporation Law.

 

2.                 
Identical Rights. Except as otherwise provided in this Amended and Restated Certificate of Incorporation or as required
by applicable law, shares of Common Stock shall have the same rights and powers (including as to dividends, distributions and any liquidation,
dissolution or winding up of the corporation but excluding voting as described in Section 4 below), share ratably and be identical in
all respects as to all matters, including:

 

(a)          
Subject to the prior rights of holders of all classes and series of stock at the time outstanding having prior rights as to dividends,
the holders of the Class A Common Stock, Class B Common Stock and Class C Common Stock shall be entitled to receive, when, as
and if declared by the Board, out of any assets of the corporation legally available therefor, such dividends as may be declared from
time to time by the Board. Any dividends paid to the holders of shares of Class A Common Stock, Class B Common Stock and Class C
Common Stock shall be paid pro rata, on an equal priority, pari passu basis, unless different treatment of the shares of each such
class is approved by the affirmative vote of the holders of a majority of the outstanding shares of the applicable class of Common Stock
treated adversely, voting separately as a class.

 

(b)           The
corporation shall not declare or pay any dividend or make any other distribution to the holders of Class A Common Stock,
Class B Common Stock or Class C Common Stock payable in securities of the corporation unless the same dividend or distribution
with the same record date and payment date shall be declared and paid on all shares of Common Stock; provided, however, that (i)
dividends or other distributions payable in shares of Class A Common Stock or rights to acquire shares of Class A Common
Stock may be declared and paid to the holders of Class A Common Stock without the same dividend or distribution being declared
and paid to the holders of the Class B Common Stock and Class C Common Stock if, and only if, (A) a dividend payable in shares of
Class B Common Stock, or rights to acquire shares of Class B Common Stock, as applicable, is declared and paid to the
holders of Class B Common Stock at the same rate and with the same record date and payment date and (B) a dividend payable in
shares of Class C Common Stock, or rights to acquire shares of Class C Common Stock, as applicable, is declared and paid to the
holders of Class C Common Stock at the same rate and with the same record date and payment date; (ii) dividends or other
distributions payable in shares of Class B Common Stock or rights to acquire shares of Class B Common Stock may be declared and
paid to the holders of Class B Common Stock without the same dividend or distribution being declared and paid to the holders of the
Class A Common Stock or Class C Common Stock if, and only if, (A) a dividend payable in shares of Class A Common Stock, or
rights to acquire shares of Class A Common Stock, as applicable, is declared and paid to the holders of Class A Common
Stock at the same rate and with the same record date and payment date and (B) a dividend payable in shares of Class C Common
Stock, or rights to acquire shares of Class C Common Stock, as applicable, is declared and paid to the holders of Class C
Common Stock at the same rate and with the same record date and payment date; and (iii) dividends or other distributions payable in
shares of Class C Common Stock or rights to acquire shares of Class C Common Stock may be declared and paid to the holders of
Class C Common Stock without the same dividend or distribution being declared and paid to the holders of the Class A Common
Stock or Class B Common Stock if, and only if, (A) a dividend payable in shares of Class A Common Stock, or rights to acquire
shares of Class A Common Stock, as applicable, is declared and paid to the holders of Class A Common Stock at the same
rate and with the same record date and payment date and (B) a dividend payable in shares of Class B Common Stock, or rights to
acquire shares of Class B Common Stock, as applicable, is declared and paid to the holders of Class B Common Stock at the same
rate and with the same record date and payment date. For the avoidance of doubt, nothing in this paragraph (b) shall prevent the
corporation from declaring and paying an identical dividend or other distribution payable in shares of one class of Common Stock or
rights to acquire one class of Common Stock to holders of each class of Common Stock.

 

    

     

    

 

(c)          
If the corporation in any manner subdivides or combines the outstanding shares of Class A Common Stock, Class B Common
Stock or Class C Common Stock, then the outstanding shares of all other classes of Common Stock shall be subdivided or combined in the
same proportion and manner, unless different treatment is approved by (i) the holders of a majority of the outstanding Class A Common
Stock, (ii) the holders of a majority of the outstanding Class B Common Stock and (iii) the holders of a majority of the outstanding Class
C Common Stock, each of (i) through (iii) voting as separate class.

 

3.              
Reservation of Stock Issuable Upon Conversion. This corporation shall at all times reserve and keep available out of its
authorized but unissued shares of Class A Common Stock, solely for the purpose of effecting the conversion of the shares of Class B Common
Stock, such number and type of its shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of
all outstanding shares of Class B Common Stock.

 

4.                 
Voting Rights.

 

(a)           
Class A Common Stock. Each holder of shares of Class A Common Stock shall be entitled to one (1) vote for each share
thereof held.

 

(b)          
 Class B Common Stock. Each holder of shares of Class B Common Stock shall be entitled to ten (10) votes for each share
thereof held.

 

    

     

    

 

(c)           
Class C Common Stock. Each holder of shares of Class C Common Stock shall be entitled to no votes for each share thereof
held.

 

5.                 
Class B Common Stock Protective Provisions. Prior to the Final Conversion Date, in addition to any vote required hereunder,
by applicable law or in the Bylaws of the corporation (the “Bylaws”), the corporation shall not, without the approval
of a majority of the voting power of the Class B Common Stock, voting as a separate class, directly or indirectly, or whether by amendment,
or through merger, recapitalization, consolidation or otherwise:

 

(a)          
amend, alter, or repeal any provision of this Amended and Restated Certificate of Incorporation (including any filing of a Certificate
of Designation) in a manner that adversely modifies the voting, conversion or other powers, preferences, or other special rights or privileges,
or restrictions of the Class B Common Stock;

 

(b)          
(A) create, or authorize the creation of, or issue or obligate itself to issue shares of, any additional class or series of capital
stock having the right to more than one (1) vote for each share thereof, or (B) increase the authorized number of shares of any additional
class or series of capital stock of the corporation having the right to more than one (1) vote for each share thereof; or

 

(c)          
reclassify, alter or amend any existing security of the corporation if such reclassification, alteration or amendment would provide
such other security with the right to more than one (1) vote for each share thereof.

 

6.                 
Authorized Shares. Except as required by applicable law, the number of authorized shares of each class of Common Stock may
be increased or decreased (but not below the number of shares thereof then outstanding or the number required to be reserved hereunder
to effectuate the conversion of shares of Class B Common Stock into Class A Common Stock) by the affirmative vote of the holders of shares
of stock of this corporation representing a majority of the votes represented by all outstanding shares of Common Stock entitled to vote,
irrespective of the provisions of Section 242(b)(2) of the General Corporation Law; provided, that, for the
avoidance of doubt, the number of authorized shares of Class B Common Stock shall not be increased or decreased without the affirmative
vote of the holders of a majority of the outstanding shares of Class B Common Stock, voting as a separate class.

 

7.                 
Liquidation and Change of Control Rights.

 

(a)           Liquidation.
In the event of a liquidation, dissolution or winding up of the corporation, subject to the rights of any Preferred Stock that may
then be outstanding, the remaining assets of the corporation legally available for distribution to stockholders shall be distributed
on an equal priority, pro rata basis per share to the holders of Common Stock, unless different treatment of the shares of each such
class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A Common Stock, Class B
Common Stock and Class C Common Stock, each voting separately as a class; provided, however, that for the avoidance of doubt,
consideration to be paid or received by a holder of Common Stock in connection with any liquidation, dissolution or winding up
pursuant to any bona fide employment, consulting, severance or similar services arrangement shall not be deemed to be
 “distribution to stockholders.”

 

    

     

    

 

(b)          
Change of Control. In the event of a Change of Control Transaction, shares of Common Stock shall be treated equally, identically
and shall share ratably, on a per share basis, in any consideration into which such shares are converted or any consideration paid or
otherwise distributed to holders of Common Stock, unless different treatment of the shares of each such class is approved by the affirmative
vote of the holders of a majority of the outstanding shares of Class A Common Stock, Class B Common Stock and Class C Common Stock, each
voting separately as a class; provided, however, that for the avoidance of doubt, consideration to be paid or received by a holder of
Common Stock in connection with any liquidation, dissolution or winding up pursuant to any bona fide employment, consulting, severance
or similar services arrangement shall not be deemed to be a “payment” or “distribution.” In the event that the
holders of shares of Class A Common Stock, Class B Common Stock or Class C Common Stock are granted rights to elect to receive one of
two or more alternative forms of consideration in connection with a Change of Control Transaction, the foregoing sentence shall be deemed
satisfied if holders of shares of Class A Common Stock, the holders of Class B Common Stock and the holders of shares of Class C Common
Stock are granted identical election rights.

 

8.                 
Conversion of the Class B Common Stock.

 

(a)           
Optional Conversion. At the option of the holder thereof, each share of Class B Common Stock shall be convertible,
at any time or from time to time, into one fully paid and nonassessable share of Class A Common Stock as provided herein. Each holder
of Class B Common Stock who elects to convert the same into shares of Class A Common Stock shall surrender the certificate or
certificates therefor, as applicable, duly endorsed, at the office of the corporation or any transfer agent for the Class B Common
Stock, and shall give written notice to the corporation at such office that such holder elects to convert the same and shall state therein
the number of shares of Class B Common Stock being converted. Such notice may specify a future event or time upon which such conversion
shall become effective. Thereupon, the corporation shall promptly issue and deliver at such office to such holder, or to the nominee or
nominees of such holder, a certificate or certificates, as applicable, for the number of shares of Class A Common Stock to which
such holder is entitled upon such conversion (or if such shares are uncertificated, register such shares in book-entry form). Such conversion
shall be deemed to have been made immediately prior to the close of business on the date of such surrender of the certificate or certificates,
as applicable, representing the shares of Class B Common Stock to be converted, and the person entitled to receive the shares of
Class A Common Stock issuable upon such conversion shall be treated for all purposes as the record holder of such shares of Class A
Common Stock on such date; provided that if a conversion election under this Section 8(a) of Article V is conditioned upon the occurrence
of any future event or time, the holder making such election who is entitled to receive Class A Common Stock upon conversion of their
Class B Common Stock shall not be deemed to have converted such shares of Class B Common Stock until immediately prior to the
occurrence of such event or time.

 

    

     

    

 

(b)            Automatic
Conversion Upon Transfer. Each share of Class B Common Stock shall automatically be converted into one fully paid and
nonassessable share of Class A Common Stock upon a Transfer of such share of Class B Common Stock, other than a Permitted
Transfer. Such conversion shall occur automatically without the need for any further action by the holders of such shares and
whether or not the certificates, as applicable, representing such shares are surrendered to the corporation or its transfer agent;
provided, however, that the corporation shall not be obligated to issue certificates evidencing the shares of Class A Common
Stock issuable upon such conversion (or register such shares of Class A Common Stock in book-entry form) unless the certificates
evidencing such shares of Class B Common Stock are either delivered to the corporation or its transfer agent as provided below,
or the holder notifies the corporation or its transfer agent that such certificates have been lost, stolen or destroyed and executes
an agreement satisfactory to the corporation to indemnify the corporation from any loss incurred by it in connection with such
certificates. Upon the occurrence of such automatic conversion of the Class B Common Stock, the holders of Class B Common
Stock so converted shall surrender the certificates, as applicable, representing such shares at the office of the corporation or any
transfer agent for the Class A Common Stock. Thereupon, there shall be issued and delivered to such holder promptly at such
office and in its name as shown on such surrendered certificate or certificates, as applicable, a certificate or certificates (or if
such shares are uncertificated, registration of such shares in book-entry form) for the number of shares of Class A Common
Stock into which the shares of Class B Common Stock surrendered were convertible on the date on which such automatic conversion
occurred.

 

(c)          
Automatic Conversion Upon Death. Each share of Class B Common Stock held of record by a natural person shall automatically,
without any further action, convert into one fully paid and nonassessable share of Class A Common Stock upon the death of such stockholder.

 

(d)           
Automatic Conversion on the Final Conversion Date. On the Final Conversion Date (as defined below), each one (1) issued
share of Class B Common Stock shall automatically, without any further action, convert into one (1) share of Class A Common
Stock. Following the Final Conversion Date, the corporation may no longer issue any additional shares of Class B Common Stock.

 

(e)            Policies
and Procedures. The Board, or a committee thereof, may, from time to time, establish such policies and procedures, not in
violation of applicable law or this Amended and Restated Certificate of Incorporation or the Bylaws, relating to the conversion of
shares of the Class B Common Stock into shares of Class A Common Stock as it may deem necessary or advisable. If the Board, or a
committee thereof, has reason to believe that a Transfer that is not a Permitted Transfer has occurred, the Board, or a committee
thereof, may request that the purported transferor furnish affidavits or other evidence to the corporation as it reasonably deems
necessary to determine whether a Transfer that is not a Permitted Transfer has occurred, and if such transferor does not within
thirty (30) days after the date of such request furnish sufficient (as determined by the Board or a committee thereof) evidence to
the corporation (in the manner provided in the request) to enable the corporation to determine that no such Transfer that is not a
Permitted Transfer has occurred, any such shares of Class B Common Stock, to the extent not previously converted, shall be
automatically converted into shares of Class A Common Stock and such conversion shall thereupon be registered on the books and
records of the corporation. In connection with any action of the stockholders of the corporation taken at a meeting, the stock
ledger of the corporation shall be presumptive evidence as to who are the stockholders entitled to vote in person or by proxy at any
meeting of stockholders and the classes of shares held by each such stockholder and the number of shares of each class held by such
stockholder.

 

    

     

    

 

9.               
No Reissuance of Class B Common Stock. No share or shares of Class B Common Stock acquired by the corporation by reason
of redemption, purchase, conversion or otherwise shall be reissued, and all such shares shall be cancelled, retired and eliminated from
the shares that the corporation shall be authorized to issue.

 

10.             
Definitions. For purposes of this Article V, the following definitions shall apply:

 

(a)           
“Change of Control Transaction” means:

 

(i)                
the closing of the sale, transfer or other disposition of all or substantially all of (1) the assets of the corporation or (2)
the assets of one or more direct or indirect subsidiaries of the corporation constituting all or substantially all of the assets of the
corporation (determined on a consolidated basis with all of the corporation’s direct and indirect subsidiaries), provided that any
sale, transfer or other disposition of assets exclusively between or among the corporation and any direct or indirect subsidiary or subsidiaries
of the corporation shall not be deemed a “Change of Control Transaction”; or

 

(ii)             
the merger, consolidation, business combination or other similar transaction of the corporation with or into any other entity.

 

(b)           
“Disability” means, with respect to the Founder, permanent and total disability such that the Founder is unable
to engage in any substantial gainful activity by reason of any medically determinable mental impairment which can be expected to result
in death or which has lasted or can be expected to last for a continuous period of not less than 12 months as determined by a licensed
medical practitioner.

 

(c)          
“Family Member” shall mean with respect to any Qualified Stockholder who is a natural person, the spouse, parents,
grandparents, lineal descendants, siblings and lineal descendants of siblings (in each case whether by blood relation or adoption) of
such Qualified Stockholder.

 

(d)            “Final
Conversion Date” means 5:00 p.m. in New York City, New York on the earliest to occur of (i) the first date on which the
outstanding shares of Class B Common Stock held by the Founder and his Permitted Transferees represent less than seven percent (7%)
of the aggregate number of shares of the then outstanding Class A Common Stock and Class B Common Stock on an as-converted basis,
(ii) the date specified by the holders of a majority of the outstanding shares of Class B Common Stock or (iii) date of the
Founder’s death or Disability.

 

(e)             
“Founder” means Anthony Casalena.

 

(f)             “Initial
Public Event” means the effectiveness of a registration statement under the Securities Act of 1933, as amended (the
 “Securities Act”) that registers shares of the corporation’s Class A Common Stock in a ‘direct
listing’, where the Class A Common Stock and Class B Common Stock are each a “covered security” as described in
Section 18(b) of the Securities Act.

 

    

     

    

 

 

(g)              
“Permitted Entity” shall mean, any corporation, partnership, limited liability company, foundation (including
a private foundation), donor-advised fund, or supporting organization within the meaning of Section 509(a)(3) of the Internal Revenue
Code of 1986, as amended, in which a Qualified Stockholder directly, or indirectly through one or more Permitted Transferees, either (i)
owns shares, partnership interests or membership interests, as applicable, with sufficient voting power in the corporation, partnership,
limited liability company, foundation (including a private foundation), donor-advised fund, or supporting organization, as the case may
be, or (ii) otherwise has legally enforceable rights, in each case such that the Qualified Stockholder retains exclusive Voting Control
with respect to all shares of Class B Common Stock held of record by such corporation, partnership, limited liability company, foundation
(including a private foundation), donor-advised fund, or supporting organization, as the case may be.

 

(h)              
“Permitted Transfer” shall mean, and be restricted to, any Transfer of a share of Class B Common Stock, as set
forth below, in each case so long as such Qualified Stockholder retains sufficient Voting Control, as the case may be, or otherwise has
legally enforceable rights, such that the Qualified Stockholder retains exclusive Voting Control with respect to all shares of Class B
Common Stock held of record by the applicable transferee:

 

(i)               
by a Qualified Stockholder to the trustee of a Permitted Trust of such Qualified Stockholder;

 

(ii)           by
a Permitted Trust of a Qualified Stockholder, to such Qualified Stockholder or the trustee of any other Permitted Trust of such Qualified
Stockholder;

 

(iii)           
by a Qualified Stockholder to a Family Member of such Qualified Stockholder;

 

(iv)            
by a Family Member of a Qualified Stockholder, to such Qualified Stockholder;

 

(v)              
by a Qualified Stockholder to any Permitted Entity of such Qualified Stockholder; or

 

(vi)            
by a Permitted Entity of a Qualified Stockholder, to such Qualified Stockholder or any other Permitted Entity of such Qualified
Stockholder.

 

(i)              
“Permitted Transferee” shall mean a transferee of shares of Class B Common Stock received in a Transfer that
constitutes a Permitted Transfer.

 

(j)                 “Permitted
Trust” shall mean a bona fide trust for the benefit of a Qualified Stockholder or Family Members of the Qualified
Stockholder, if such Transfer does not involve any payment of cash, securities, property or other consideration (other than an
interest in such trust) to the Qualified Stockholder, or a trust under the terms of which such Qualified Stockholder has retained a
 “qualified interest” within the meaning of §2702(b)(1) of the Internal Revenue Code and/or a reversionary interest,
in each case so long as the Qualified Stockholder has exclusive Voting Control with respect to the shares of Class B Common Stock
held by such trust.

 

    

     

    

 

(k)              
“Qualified Stockholder” shall mean (i) the registered holder of a share of Class B Common Stock immediately
prior to the Initial Public Event; (ii) the initial registered holder of any shares of Class B Common Stock that are originally issued
by the corporation; and (iii) a Permitted Transferee.

 

(l)                
“Transfer” of a share of Class B Common Stock shall mean any direct or direct sale, assignment, transfer,
conveyance, hypothecation or other transfer or disposition of such share or any legal or beneficial interest in such share, whether or
not for value and whether voluntary or involuntary or by operation of law, including, without limitation, a transfer of a share of Class B
Common Stock to a broker or other nominee (regardless of whether there is a corresponding change in beneficial ownership), or the transfer
of, or entering into a binding agreement with respect to, Voting Control over such share by proxy or otherwise, such that the previous
holders of such voting power no longer retain exclusive Voting Control with respect to the shares of Class B Common Stock held by
such holder; provided, however, that the following shall not be considered a “Transfer” within the meaning of this Article
V:

 

(i)              the
granting of a revocable proxy to officers or directors of the corporation at the request of the Board in connection with actions to be
taken at an annual or special meeting of stockholders;

 

(ii)            entering
into a voting trust, agreement or arrangement (with or without granting a proxy) solely with stockholders who are holders of Class B
Common Stock that (A) is disclosed either in a Schedule 13D or Schedule 13G filed with the Securities and Exchange Commission or in writing
to the Secretary of the corporation, (B) either has a term not exceeding one (1) year or is terminable by the holder of the shares subject
thereto at any time and (C) does not involve any payment of cash, securities, property or other consideration to the holder of the shares
subject thereto other than the mutual promise to vote shares in a designated manner;

 

(iii)             the
pledge of shares of Class B Common Stock by a stockholder that creates a mere security interest in such shares pursuant to a bona
fide loan or indebtedness transaction for so long as such stockholder continues to exercise Voting Control over such pledged shares;
provided, however, that a foreclosure on such shares or other similar action by the pledgee shall constitute a “Transfer”
unless such foreclosure or similar action qualifies as a “Permitted Transfer”;

 

(iv)             entering
into, or reaching an agreement, arrangement or understanding regarding, a support, voting, tender or similar agreement or arrangement
(with or without granting a proxy) in connection with a Change of Control Transaction, liquidation or dissolution or winding up of the
corporation approved by the Board; or

 

(v)               entering
into a trading plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, with a broker or other nominee; provided,
however, that a sale of such shares of Class B Common Stock pursuant to such plan shall constitute a “Transfer” at the time
of such sale.

 

    

     

    

 

A “Transfer”
shall also be deemed to have occurred with respect to a share of Class B Common Stock beneficially held by (i) an entity that is
a Permitted Entity, if there occurs any act or circumstance that causes such entity to no longer be a Permitted Entity or (ii) an entity
that is a Qualified Stockholder, if there occurs a Transfer on a cumulative basis, from and after November 9, 2017, of a majority of the
voting power of the voting securities of such entity or any direct or indirect Parent of such entity, other than a Transfer to parties
that were, as of November 9, 2017, holders of voting securities of any such entity or Parent of such entity. “Parent”
of an entity shall mean any entity that directly or indirectly owns or controls a majority of the voting power of the voting securities
of such entity.

 

(m)            
“Voting Control” shall mean, with respect to a share of Class B Common Stock, the power (whether exclusive or
shared) to vote or direct the voting of such share by proxy, voting agreement or otherwise.

 

Article
VI 

 

1.                Rights of Preferred Stock. The Board is hereby empowered, without any action or vote by the stockholders (except as may
otherwise be provided herein or by the terms of any class or series of Preferred Stock then outstanding), to authorize by resolution or
resolutions from time to time the issuance of one or more classes or series of Preferred Stock and to fix the designations, powers (including
voting powers), preferences and relative, participating, optional or other rights, if any, and the qualifications, limitations or restrictions
thereof, if any, with respect to each such class or series of Preferred Stock and the number of shares constituting each such class or
series, and to increase or decrease the number of shares of any such class or series to the extent permitted by the General Corporation
Law. The powers, preferences and relative, participating, optional and other rights of, and the qualifications, limitations or restrictions
thereof, of each series of Preferred Stock, if any, may differ from those of any and all other classes or series at any time outstanding.

 

2.                 Authorized
Shares. Except as required by applicable law, the number of authorized shares of each class of Preferred Stock may be increased or
decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of shares of stock of
this corporation representing a majority of the votes represented by all outstanding shares of Common Stock entitled to vote, irrespective
of the provisions of Section 242(b)(2) of the General Corporation Law.

 

Article
VII 

 

1.                 
Board Power. The business and affairs of the corporation shall be managed by or under the direction of the Board.

 

2.                Board Size. Subject to the rights of holders of any series of Preferred Stock, the number of directors that shall constitute
the Board shall be fixed in accordance with the Bylaws.

 

3.                 Removal.
Except as otherwise required by applicable law and subject to the rights, if any, of holders of any series of Preferred Stock, any director
or the entire Board may be removed from office at any time, with or without cause, by the affirmative vote of the holders of at least
a majority of the voting power of the issued and outstanding capital stock of the corporation entitled to vote in the election of directors,
voting together as a single class.

 

    

     

    

 

4.             Vacancies.
Vacancies on the Board resulting from death, resignation, removal or otherwise and newly created directorships resulting from any increase
in the number of directors may be filled by a majority of the directors then in office (although less than a quorum), by the sole remaining
director or as otherwise provided in the Bylaws. Each director so elected shall be elected to hold office until such director’s
term expires and a successor is duly elected and qualified or until such director’s death, resignation or removal.

 

5.                 Written Ballot. Elections of directors need not be by written ballot unless otherwise provided in the Bylaws.

 

6.                 No
Cumulative Voting. No stockholder will be permitted to cumulate votes at any election of directors.

 

Article
VIII 

 

1.                Annual
Meetings. An annual meeting of stockholders for the election of directors and for the transaction of such other business as may properly
come before the meeting shall be held at such place, on such date, and at such time as the Board shall determine.

 

2.              Special
Meetings. Subject to the rights of holders of any series of Preferred Stock, special meetings of stockholders for any purpose or
purposes may be called at any time only by a majority of the Board, the chairperson of the Board or the Chief Executive Officer of the
corporation, and may not be called by any other person or persons. Business transacted at any special meeting of stockholders shall
be limited to the purpose or purposes stated in the notice of meeting.

 

3.                 Stockholder
Action by Written Consent. Any action required or permitted to be taken by the stockholders of the corporation must be effected at
a duly called annual or special meeting of stockholders of the corporation, and the ability of the stockholders to consent in writing
to the taking of any action is hereby specifically denied.

 

Article
IX 

 

A director of this corporation
shall not be personally liable to this corporation or any of its stockholders for monetary damages for breach of fiduciary duty as a director;
provided, however, that to the extent required by the provisions of Section 102(b)(7) of the General Corporation Law or any successor
statute, or any other laws of the State of Delaware, this provision shall not eliminate or limit the liability of a director (i) for any
breach of the director’s duty of loyalty to this corporation or its stockholders, (ii) for acts or omissions not in good faith or
that involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the General Corporation Law, or (iv) for
any transaction from which the director derived any improper personal benefit. If the General Corporation Law is amended after approval
by the stockholders of this Article IX to authorize corporate action further eliminating or limiting the personal liability of directors,
then the liability of a director of this corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation
Law as so amended.

 

Any repeal or modification
of the foregoing provisions of this Article IX by the stockholders of this corporation shall not adversely affect any right or protection
of a director of this corporation existing at the time of, or increase the liability of any director of this corporation with respect
to any acts or omissions of such director occurring prior to, such repeal or modification.

 

    

     

    

 

Article
X 

 

1.                 Board of Directors. The Board is expressly empowered to adopt, amend or repeal the Bylaws, subject to any restrictions that
may be set forth in this Amended and Restated Certificate of Incorporation.

 

2.                 
Stockholders. The stockholders may not adopt, amend, alter or repeal the Bylaws, or adopt any provision inconsistent therewith,
unless such action is approved, in addition to any other vote required by this Amended and Restated Certificate of Incorporation, by the
affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock of the corporation entitled
to vote thereon.

 

3.                 
Amendments. Notwithstanding any other provisions of this Amended and Restated Certificate of Incorporation or the Bylaws,
or the fact that a lesser percentage may be specified by law, the affirmative vote of the holders of at least two-thirds in voting power
of the outstanding shares of capital stock of the corporation entitled to vote thereon shall be required to amend or repeal, or to adopt
any provision inconsistent with, this Article X.

 

Article
XI 

 

To the fullest extent permitted
by applicable law, this corporation shall provide indemnification of (and advancement of expenses to) directors, officers and agents of
this corporation (and any other persons to which General Corporation Law permits this corporation to provide indemnification) through
provisions in the Bylaws, agreements with such agents or other persons, vote of stockholders or disinterested directors or otherwise,
in excess of the indemnification and advancement otherwise permitted by Section 145 of the General Corporation Law, subject only to limits
created by applicable General Corporation Law (statutory or non-statutory), with respect to actions for breach of duty to this corporation,
its stockholders, and others.

 

Any amendment, repeal or modification
of the foregoing provisions of this Article XI shall not adversely affect any right or protection of a director, officer, agent, or other
person existing at the time of, or increase the liability of any director of this corporation with respect to any acts or omissions of
such director, officer or agent occurring prior to, such amendment, repeal or modification.

 

Article
XII 

 

Unless the corporation consents in writing to
the selection of an alternative forum (an “Alternative Forum Consent”), the Court of Chancery of the State of
Delaware shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the corporation,
(ii) any action asserting a claim of breach of a duty (including any fiduciary duty) owed by any current or former director,
officer, stockholder, employee or agent of the corporation to the corporation or the corporation’s stockholders, (iii) any
action asserting a claim against the corporation or any current or former director, officer, stockholder, employee or agent of the
corporation arising out of or relating to any provision of the General Corporation Law or this Amended and Restated Certificate of
Incorporation or the Bylaws, or (iv) any action asserting a claim against the corporation or any current or former director,
officer, stockholder, employee or agent of the corporation governed by the internal affairs doctrine of the State of Delaware;
provided, however, that, in the event that the Court of Chancery of the State of Delaware lacks subject matter jurisdiction
over any such action or proceeding, the sole and exclusive forum for such action or proceeding shall be another state or
federal court located within the State of Delaware, in each such case, unless the Court of Chancery (or such other state or federal
court located within the State of Delaware, as applicable) has dismissed a prior action by the same plaintiff asserting the same
claims because such court lacked personal jurisdiction over an indispensable party named as a defendant therein. Unless the
corporation gives an Alternative Forum Consent, the federal district courts of the United States of America shall, to the fullest
extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising
under the Securities Act or the rules and regulations thereunder. Failure to enforce the foregoing provisions would cause the
corporation irreparable harm and the corporation shall be entitled to equitable relief, including injunctive relief and specific
performance, to enforce the foregoing provisions. Any person or entity purchasing, otherwise acquiring or holding any interest in
shares of capital stock of the corporation shall be deemed to have notice of and consented to the provisions of this Article XII.
The existence of any prior Alternative Forum Consent shall not act as a waiver of the corporation’s ongoing consent right as
set forth above in this Article XII with respect to any current or future actions or claims.

 

    

     

    

 

Article
XIII 

 

Except as otherwise provided
in this Amended and Restated Certificate of Incorporation, the corporation reserves the right to amend, alter, change or repeal any provision
contained in this Amended and Restated Certificate of Incorporation, in the manner now or hereafter prescribed by statute, and all rights
conferred upon stockholders herein are granted subject to this reservation.

 

* * *

 

THIRD: The foregoing
amendment and restatement was approved by the holders of the requisite number of shares of said corporation in accordance with Section
228 of the General Corporation Law.

 

FOURTH: That said Amended
and Restated Certificate of Incorporation, which restates and integrates and further amends the provisions of this corporation’s
Certificate of Incorporation, has been duly adopted in accordance with Sections 242 and 245 of the General Corporation Law.

 

    

     

    

 

In
Witness Whereof, this Amended and Restated Certificate of Incorporation has been executed by a duly authorized officer of this
corporation on the date first set forth above.

 

 

	 	By:	/s/ Anthony Casalena
		 	Anthony Casalena, Chief Executive Officer

 

Signature Page to Amended and Restated Certificate of Incorporation

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