Document:

Exhibit 10.2

 

DIRECTOR NOMINATING AGREEMENT

 

THIS DIRECTOR NOMINATING
AGREEMENT (this “Agreement”) is made as of _____________, 2020, by and among GPAQ Acquisition Holdings, Inc.,
a Delaware corporation (“Holdings”), Gordon Pointe Management, LLC (together with its permitted successors and
assigns hereunder, the “Sponsor”), HOF Village, LLC, a Delaware limited liability company (together with its
permitted successors and assigns hereunder, “HOFV”), and the National Football Museum, Inc., an Ohio non-profit
corporation (together with its permitted assigns and successors hereunder, “PFHOF” and together with the Sponsor
and HOFV, the “Designated Shareholders”). Holdings, the Sponsor, HOFV and PFHOF are each a “Party”
and are collectively the “Parties.” Capitalized terms used but not defined herein shall have the respective
meanings assigned to them in the Merger Agreement (as defined below).

 

WHEREAS, the Sponsor,
HOFV and PFHOF are acquiring shares of Holdings’ common stock, par value $0.0001 per share (such stock, the “Holdings
Common Stock”) pursuant to that certain Agreement and Plan of Merger, dated as of September 16, 2019 (the “Merger
Agreement”), by and among (i) Gordon Pointe Acquisition Corp, a Delaware corporation, (ii) Holdings, (iii) GPAQ
Acquiror Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Holdings, (iv) GPAQ Company Merger Sub,
LLC, a Delaware limited liability company and a wholly-owned subsidiary of Holdings, (v) HOFV, and (vi) HOF Village Newco,
LLC, a Delaware limited liability company and a wholly-owned subsidiary of HOFV; and

 

WHEREAS, the obligations
of the parties to consummate the Closing under the Merger Agreement are conditioned upon the execution and delivery of this Agreement;
and

 

WHEREAS, upon the Closing,
Holdings’ Amended and Restated Certificate of Incorporation will provide that the authorized number of members of Holdings’
Board of Directors (the “Board”; each member of the Board, until his/her death, disability, disqualification,
resignation or removal, is referred to herein as a “Director”, and they are collectively referred to herein
as “Directors”) shall be fixed at no more than eleven (11) members, which number shall be increased to thirteen
(13) members no sooner than 60 days and no later than 90 days after the Closing, pursuant to a resolution of the Board;

 

WHEREAS, upon the Closing,
Holdings’ Amended and Restated Bylaws (together, with Holdings’ Amended and Restated Certificate of Incorporation,
the “Holdings Organizational Documents”) will provide for (i) the Board to be made up of three classes
of Directors: Class A Directors who shall serve for an initial one-year term, Class B Directors who shall serve for an
initial two-year term, and Class C Directors who shall serve for an initial three-year term; (ii) all terms after the
Directors’ initial terms to be for three years; (iii) the Board to have an Executive Committee of three members, of
which James Dolan shall be a member while he serves on the Board; and (iv) the initial Chief Executive Officer of Holdings
to be Michael Crawford;

 

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WHEREAS, Holdings has
agreed (i) to permit the Sponsor, who at the Effective Time will Beneficially Own (as defined under Section 13D of the
Securities Act) at least [___] issued and outstanding shares of Holdings Common Stock (the shares of Holdings Common Stock that
are Beneficially Owned by the Sponsor at the Effective Time are referred to herein as the “Initial Sponsor Shares”),
to designate up to one (1) individual to be appointed or nominated (as the case may be) for election to the Board, (ii) to
permit HOFV, who at the Effective Time will Beneficially Own at least [____] issued and outstanding shares of Holdings Common Stock
(the shares of Holdings Common Stock that are Beneficially Owned by HOFV at the Effective Time are referred to herein as the “Initial
HOFV Shares”), to designate up to four (4) individuals to be appointed or nominated (as the case may be) for election
to the Board, (iii) to permit PFHOF, who at the Effective Time will Beneficially Own at least [___] issued and outstanding shares
of Holdings Common Stock (the shares of Holdings Common Stock that are Beneficially Owned by PFHOF at the Effective Time are referred
to herein as the “Initial PFHOF Shares”), to designate up to one (1) individual to be appointed or nominated
(as the case may be) for election to the Board, and (iv) to provide certain ongoing rights with respect to the nomination
of Directors on the terms and conditions set forth herein; and

 

WHEREAS, each of the
Sponsor, HOFV and PFHOF believes that it is in its best interests to provide for the future voting of its shares of Holdings Common
Stock with respect to the election of Directors as set forth below.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual promises and covenants set forth in this Agreement, the Parties agree as follows:

 

1. Board Matters.

 

1.1 Subject to the terms
and conditions of this Agreement, from and after the Effective Time:

 

(a) The Sponsor shall
have the right to designate up to one (1) individual to be appointed or nominated (as the case may be) for election to the Board
(such individual, including any successor, the “Sponsor Nominee”);

 

(b) HOFV shall have
the right to designate up to four (4) individuals to be appointed or nominated (as the case may be) for election to the Board
(each such individual, including any successor, a “HOFV Nominee”);

 

(c) PFHOF shall have
the right to designate up to one (1) individual to be appointed or nominated (as the case may be) for election to the Board (such
individual, including any successor, the “PFHOF Nominee”; the Sponsor Nominee, the HOFV Nominees and the PFHOF
Nominee are collectively referred to herein as the “Nominees”);

 

(d) Unless otherwise
agreed to by the Parties, (i) one of the HOFV Nominees must be Michael Klein, and (ii) at least one of the HOFV Nominees
must be an Independent Director (as defined in Section 1.14) (such Independent Director nominee designated by HOFV,
the “Designated Independent Director”); and

 

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(e) No later than ten (10)
days after the Sponsor, HOFV and PFHOF receive notice of a meeting of Holdings’ stockholders at which Directors are to be
elected, the Sponsor, HOFV and PFHOF shall send written notice to Holdings, specifically identifying the Sponsor Nominee, the HOFV
Nominees or the PFHOF Nominee (as the case may be); provided, however, that (i) the initial Sponsor Nominee, the initial
HOFV Nominees, and the initial PFHOF Nominee shall be the individuals named as such in Section 1.3, and (ii) if
any Nominee is not one of the initial Nominees named as such in Section 1.3, then such Nominee must be reasonably acceptable
to a majority of those Directors who are neither Sponsor Directors (as defined in Section 1.14) nor HOFV Directors
(as defined in Section 1.14) nor PFHOF Directors (as defined in Section 1.14).

 

1.2 Subject to Section 1.5,
HOFV may, at any time in its sole discretion, designate up to one (1) individual to serve as a Board observer (the “HOFV
Board Observer”), and PFHOF may, at any time in its sole discretion, designate up to one (1) individual to serve as a
Board observer (the “PFHOF Board Observer”, and together with the HOFV Board Observer, the “Board Observers”).
The Board Observers shall have the right to attend and participate in all meetings of the Board (or any committees of the Board),
in a non-voting capacity. If HOFV or PFHOF wishes to designate an HOFV Board Observer or a PHFOF Observer, as applicable, then
HOFV or PFHOF shall give Holdings written notice of such fact (an “Observer Election”). Holdings shall give
to the Board Observers copies of all notices, consents, minutes and other materials (financial or otherwise), which Holdings provides
to the Directors, simultaneously with the giving of such notices, consents, minutes and other materials to the Directors; provided,
however, that if an HOFV Board Observer or PFHOF Board Observer does not, upon the request of Holdings, before attending any meetings
of the Board (or any committee of the Board), execute and deliver to Holdings (a) an agreement to abide by all of Holdings’
policies applicable to Directors, and (b) a confidentiality agreement reasonably acceptable to Holdings, then such HOFV Board
Observer or PFHOF Board Observer may be excluded from access to any materials, meetings, or portions thereof if the Board (by vote
or written consent of a majority of Directors, excluding the vote or written consent of any Directors that have been appointed
or nominated by the same Party that designated the Board Observer in question) determines in good faith that such exclusion is
reasonably necessary to protect highly confidential proprietary information of Holdings or confidential proprietary information
of third parties that Holdings is required to hold in confidence, or for other similar reasons. HOFV or PFHOF may revoke any Observer
Election at any time upon written notice to Holdings, and after any such revocation HOFV or PHFOF shall have the right to designate
a replacement HOFV Board Observer or PFHOF Board Observer, as applicable. The initial HOFV Board Observer shall be Richard Klein.
The initial PHFOF Board Observer shall be Randall C. Hunt.

 

1.3 Holdings shall take
all necessary and desirable actions within its control such that, as of the Effective Time: (a) the size of the Board shall
be fixed at no more than eleven (11) members; and (b) the following individuals shall be Directors:

 

(a) Michael Klein,
Edward J. Roth III, and one (1) Independent Director (Mary Owen), shall be Class A Directors;

 

(b) Stuart Lichter,
and three (3) Independent Directors (Karl Holz, Curtis Martin, and David Dennis), shall be Class B Directors;

 

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(c) James Dolan, Michael
Crawford, and two (2) Independent Directors (Kimberly Schaefer and Anthony Buzzelli), shall be Class C Directors.

 

(d) The initial HOFV
Directors shall be Michael Klein, Stuart Lichter, Michael Crawford, and [name of Designated Independent Director]. The initial
Sponsor Director shall be James Dolan. The initial PFHOF Director shall be Edward J. Roth III.

 

1.4 Holdings shall take
all necessary and desirable actions within its control such that pursuant to a resolution of the Board, no sooner than 60 days
and no later than 90 days after the Effective Time, the size of the Board shall be increased to thirteen (13) members. The two
additional Directors shall be one (1) individual designated by Johnson Controls, Inc. and one (1) Independent Director.

 

1.5 Subject to the terms
and conditions of this Agreement, from and after the Effective Time, Holdings shall, as promptly as practicable, take all necessary
and desirable actions within its control (including, without limitation, calling special meetings of the Board and Holdings’
stockholders and recommending, supporting and soliciting proxies), so that:

 

(a) For so long as
the Sponsor Beneficially Owns, in the aggregate, a number of shares of Holdings Common Stock equal to or greater than eighty-five
percent (85%) of the total number of Initial Sponsor Shares, the Sponsor shall have the right to nominate one (1) Nominee,
unless the Sponsor Director is not up for election.

 

(b) For so long as
HOFV Beneficially Owns, in the aggregate, a number of shares of Holdings Common Stock equal to or greater than eighty-five percent (85%)
of the total number of Initial HOFV Shares, HOFV shall have (i) the right to nominate a number of Nominees equal to (A) four (4),
minus (B) the number of HOFV Directors who are not up for election, and (ii) the right to designate one (1) HOFV
Board Observer (and, if the then-current Designated Independent Director is up for election, then at least one of the HOFV Nominees
must be an Independent Director).

 

(c) For so long as
HOFV Beneficially Owns, in the aggregate, a number of shares of Holdings Common Stock equal to or greater than sixty-five percent (65%)
of the total number of Initial HOFV Shares, HOFV shall have (i) the right to nominate a number of Nominees equal to (A) three (3),
minus (B) the number of HOFV Directors who are not up for election, and (ii) the right to designate one (1) HOFV
Board Observer (and, if the then-current Designated Independent Director is up for election, then at least one of the HOFV Nominees
must be an Independent Director).

 

(d) For so long as
HOFV Beneficially Owns, in the aggregate, a number of shares of Holdings Common Stock equal to or greater than forty-five percent (45%)
of the total number of Initial HOFV Shares, HOFV shall have (i) the right to nominate a number of Nominees equal to (A) two
(2), minus (B) the number of HOFV Directors who are not up for election, and (ii) the right to designate one (1)
HOFV Board Observer.

 

(e) For so long as
HOFV Beneficially Owns, in the aggregate, a number of shares of Holdings Common Stock equal to or greater than fifteen percent (15%)
of the total number of Initial HOFV Shares, HOFV shall have (i) the right to nominate one (1) Nominee, unless no HOFV Director
is up for election, and (ii) the right to designate one (1) HOFV Board Observer.

 

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(f) For so long as
PFHOF Beneficially Owns, in the aggregate, a number of shares of Holdings Common Stock equal to or greater than eighty-five percent
(85%) of the total number of Initial PFHOF Shares, PFHOF shall have (i) the right to nominate one (1) Nominee, unless no PFHOF
Director is up for election, and (ii) the right to designate one (1) PFHOF Board Observer.

 

1.6 Holdings shall take
all actions necessary to ensure that: (a) each Sponsor Nominee, HOFV Nominee and PFHOF Nominee that is up for election is
included in the Board’s recommended slate of nominees delivered to Holdings’ stockholders for each election of Directors;
and (b) each Sponsor Nominee, HOFV Nominee, and PFHOF Nominee that is up for election is included in the proxy statement prepared
by Holdings’ management in connection with soliciting proxies for every meeting of Holdings’ stockholders at which
Directors are to be elected, and at every adjournment or postponement thereof, and on every action or approval by written resolution
of Holdings’ stockholders or the Board with respect to the election of Directors.

 

1.7 If a vacancy in a
Board position held by a Sponsor Director, an HOFV Director or a PFHOF Director occurs because of death, disability, disqualification,
resignation, removal, or any other reason, then (a) the Sponsor, HOFV or PFHOF (as applicable) shall be entitled to designate
such individual’s successor, and (b) Holdings shall, within ten (10) days after such designation, take all necessary
and desirable actions within its control to ensure that such vacancy shall be filled with such successor Nominee (it being understood
that any such successor designee shall serve the remainder of the term of the director whom such designee replaced); provided
that any successor Nominee must be reasonably acceptable to a majority of those Directors who are neither Sponsor Directors nor
HOFV Directors nor PFHOF Directors.

 

1.8 If a Sponsor Nominee,
an HOFV Nominee or a PFHOF Nominee is not elected because of such Nominee’s death, disability, disqualification, withdrawal
as a nominee, or any other reason, then (a) the Sponsor, HOFV or PFHOF, as applicable, shall be entitled to designate promptly
another Nominee, and (b) Holdings shall take all necessary and desirable actions within its control to ensure that the Board
position for which such Nominee was nominated shall not be filled pending such designation; provided that any successor
Nominee must be reasonably acceptable to a majority of those Directors who are neither Sponsor Directors nor HOFV Directors nor
PFHOF Directors.

 

1.9 Neither the Sponsor
nor HOFV nor PFHOF shall be obligated to designate all (or any) of the Directors or Nominees that each of them is entitled to designate
pursuant to this Agreement, and no failure by either the Sponsor, HOFV or PFHOF to designate any Director or Nominee shall constitute
a waiver of such Party’s rights hereunder.

 

1.10 Holdings shall pay
the reasonable, documented out-of-pocket expenses incurred by each Sponsor Director, HOFV Director, HOFV Board Observer, PFHOF
Director and PFHOF Board Observer in connection with his or her services provided to or on behalf of Holdings, including attending
meetings (including committee meetings) or events on behalf of Holdings or at Holdings’ request.

 

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1.11 Holdings shall (a) purchase
directors’ and officers’ liability insurance in an amount determined by the Board to be reasonable and customary and
(b) for so long as any Director to the Board nominated pursuant to the terms of this Agreement serves as a Director of Holdings,
maintain such coverage with respect to such Directors; provided that upon removal or resignation of such Director for any
reason, Holdings shall take all actions reasonably necessary to extend such directors’ and officers’ liability insurance
coverage for a period of not less than six (6) years from any such event in respect of any act or omission occurring at or prior
to such event.

 

1.12 For so long as any
Sponsor Director, HOFV Director or PFHOF Director serves as a Director of Holdings, Holdings shall not allow any amendment, alteration
or repeal of any right to indemnification or exculpation covering or benefiting any Director nominated pursuant to this Agreement
(whether such right is contained in the Holdings Organizational Documents or another document), except (a) to the extent such
amendment or alteration permits Holdings to provide indemnification or exculpation rights, on a retroactive basis, broader than
those rights permitted prior thereto or (b) to the extent that such amendment or alteration is required by applicable law.

 

1.13 Each of the Sponsor,
HOFV and PFHOF shall take all necessary and desirable actions within such Party’s control (including voting or causing to
be voted, whether at a meeting of stockholders or by written consent or otherwise, all shares of Holdings voting securities now
or hereafter directly or indirectly owned by such Party) (a) to cause the applicable Sponsor Nominees, HOFV Nominees and PFHOF
Nominees to be appointed (and where applicable, elected) as Directors, and (b) against the removal from office of any Sponsor
Director, HOFV Director or PFHOF Director, unless such removal is directed or approved by the Sponsor (if such Director is a Sponsor
Director), or by HOFV (if such Director is an HOFV Director), or by PFHOF (if such Director is a PFHOF Director).

 

1.14 For purposes of
this Agreement:

 

(a) “HOFV
Director” means any individual who is elected as a Director after being designated by HOFV, pursuant to Section 1.1,
to be appointed or nominated (as the case may be) for election to the Board.

 

(b) “Independent
Director” means an individual who meets the independence standards that are established from time to time by Nasdaq or
the SEC and that are applicable to Holdings.

 

(c) “PFHOF
Director” means any individual who is elected as a Director after being designated by PFHOF, pursuant to Section 1.1,
to be appointed or nominated (as the case may be) for election to the Board.

 

(d) “Sponsor
Director” means any individual who is elected as a Director after being designated by the Sponsor, pursuant to Section 1.1,
to be appointed or nominated (as the case may be) for election to the Board.

 

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2. Successors in
Interest of the Parties. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their
respective permitted successors, legal representatives and assignees for the uses and purposes set forth and referred to herein.
Notwithstanding the foregoing, neither Holdings, nor the Sponsor, nor HOFV, nor PFHOF may assign any of its rights or obligations
hereunder without the prior written consent of the other Parties.

 

3. Remedies.
The Parties shall be entitled to enforce their rights under this Agreement specifically, to recover damages by reason of any breach
of any provision of this Agreement and to exercise all other rights existing in their favor. The Parties hereto agree and acknowledge
that a breach of this Agreement would cause irreparable harm, that money damages would not be an adequate remedy for any such breach,
and that, in addition to other rights and remedies hereunder, the Parties shall be entitled to specific performance and/or injunctive
or other equitable relief  (without posting a bond or other security) from any court of law or equity of competent jurisdiction
in order to enforce or prevent any violation of the provisions of this Agreement.

 

4. Notices.
All notices and other communications among the Parties shall be in writing and shall be deemed to have been duly given (i) when
delivered in person, (ii) when delivered after posting in the United States mail having been sent registered or certified mail
return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery service)
or (iv) when e-mailed during normal business hours (and otherwise as of the immediately following business day), addressed as follows:

 

		4.1	If to Holdings:

 

Gordon Pointe Acquisition Corp

90 Beta Drive

Pittsburgh, PA 15238

Attn: Douglas L. Hein, CFO

 

Email: dhein@gordonpointe.com

 

with copies to (which
shall not constitute notice):

 

Fox Rothschild
LLP

2000 Market St., 20th Floor

Philadelphia PA 19103

Attn: Stephen M. Cohen

E-mail: smcohen@foxrothschild.com

 

and

 

Pillsbury Winthrop Shaw Pittman

31 West 52nd Street

New York, NY 10019

Attn: Jarrod D. Murphy

E-mail: jarrod.murphy@pillsburylaw.com

 

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		4.2	If to the Sponsor:

 

Gordon Pointe Management, LLC

90 Beta Drive

Pittsburgh, PA 15238

Attn: James Dolan

 

Email: jdolan@gordonpointe.com

 

with copies to
(which shall not constitute notice):

 

Fox Rothschild
LLP

2000 Market St., 20th Floor

Philadelphia PA 19103

Attn: Stephen M. Cohen

E-mail: smcohen@foxrothschild.com

 

and

 

Pillsbury Winthrop Shaw Pittman

31 West 52nd Street

New York, NY 10019

Attn: Jarrod D. Murphy

 

E-mail: jarrod.murphy@pillsburylaw.com

 

		4.3	If to HOFV:

 

HOF Village, LLC

1826 Clearview Ave NW

Canton, OH 44708

Attn: Michael Crawford, CEO

 

E-mail: michael.crawford@hofvillage.com

 

with a copy
to (which shall not constitute notice):

 

Hunton Andrews Kurth LLP

2200 Pennsylvania Ave NW

Washington, DC 20037

Attn: J. Steven Patterson

 

E-mail: spatterson@huntonak.com

 

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		4.4	If to PFHOF:

 

National Football Museum, Inc.

2121 George Halas Drive NW

Canton, OH 44708

Attn: C. David Baker, President

 

E-mail: david.baker@profootballhof.com

 

with a copy
to (which shall not constitute notice):

 

Krugliak, Wilkins, Griffiths &
Dougherty Co., L.P.A.

4775 Munson Street, NW

P.O. Box 36963

Canton, OH 44735-6963

Attn: Christopher R. Hunt

 

E-mail: chunt@kwgd.com

 

5. Adjustments.
If, and as often as, there are any changes in the Holdings Common Stock by way of stock split, stock dividend, combination or reclassification,
or through merger, consolidation, reorganization, recapitalization or sale, or by any other means, appropriate adjustment shall
be made in the provisions of this Agreement, as may be required, so that the rights, privileges, duties and obligations hereunder
shall continue with respect to the Holdings Common Stock as so changed.

 

6. No Strict Construction.
The language used in this Agreement shall be deemed to be the language chosen by the Parties hereto to express their mutual intent,
and no rule of strict construction shall be applied against any Party.

 

7. No Third-Party
Beneficiaries. Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon, or give to,
any person or entity other than the Parties hereto and their respective permitted successors and assigns any remedy or claim under
or by reason of this Agreement or any terms, covenants or conditions hereof, and all of the terms, covenants, conditions, promises
and agreements contained in this Agreement shall be for the sole and exclusive benefit of the Parties hereto and their respective
permitted successors and assigns.

 

8. Further Assurances.
Each of the Parties hereby agrees that it will hereafter execute and deliver any further document, agreement or instrument of assignment,
transfer or conveyance as may be necessary or desirable to effectuate the purposes hereof.

 

9. Counterparts.
This Agreement may be executed in one or more counterparts, and may be delivered by means of facsimile or electronic transmission
in portable document format, each of which shall be deemed to be an original and shall be binding upon the Party that executed
the same, but all of such counterparts shall constitute the same agreement.

 

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10. Governing Law.
This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving
effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application
of Laws of another jurisdiction. Any Action based upon, arising out of or related to this Agreement or the transactions contemplated
hereby may only be brought in federal and state courts located in the State of Delaware, and each of the Parties irrevocably submits
to the exclusive jurisdiction of each such court in any such Action, waives any objection it may now or hereafter have to personal
jurisdiction, venue or to convenience of forum, agrees that all claims in respect of the Action shall be heard and determined only
in any such court, and agrees not to bring any Action arising out of or relating to this Agreement or the transactions contemplated
hereby in any other court. Nothing herein contained shall be deemed to affect the right of any Party to serve process in any manner
permitted by Law or to commence legal proceedings or otherwise proceed against any other Party in any other jurisdiction, in each
case, to enforce judgments obtained in any Action brought pursuant to this paragraph. The prevailing party in any such Action (as
determined by a court of competent jurisdiction) shall be entitled to be reimbursed by the non-prevailing party for its reasonable
expenses, including reasonable attorneys’ fees, incurred with respect to such Action.

 

11. Mutual Waiver
of Jury Trial. The Parties hereto hereby irrevocably waive any and all rights to trial by jury in any legal proceeding arising
out of or related to this Agreement. Any action or proceeding whatsoever between the Parties hereto relating to this Agreement
shall be tried in a court of competent jurisdiction by a judge sitting without a jury.

 

12. Complete Agreement;
Inconsistent Agreements. This Agreement represents the complete agreement between the Parties hereto as to all matters covered
hereby and supersedes any prior agreements or understandings between the Parties.

 

13. Severability.
In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected
or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in
and of itself affect the validity of such provision in any other jurisdiction). The Parties shall endeavor in good-faith negotiations
to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions.

 

14. Amendment and
Waiver. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement shall
be effective against a Party unless such modification is approved in writing by all Parties hereto. The failure of any Party to
enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect
the right of such Party thereafter to enforce each and every provision of this Agreement in accordance with its terms.

 

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15. Termination.
Notwithstanding anything to the contrary contained herein, (a) the Sponsor’s rights under this Agreement shall expire
and terminate automatically at such time as the Sponsor Beneficially Owns, in the aggregate, a number of shares of Holdings Common
Stock that is less than eighty-five percent (85%) of the total number of Initial Sponsor Shares, (b) HOFV’s rights
under this Agreement shall expire and terminate automatically at such time as HOFV Beneficially Owns, in the aggregate, a number
of shares of Holdings Common Stock that is less than fifteen percent (15%) of the total number of Initial HOFV Shares, and
(c) PFHOF’s rights under this Agreement shall expire and terminate automatically at such time as PFHOF Beneficially Owns,
in the aggregate, a number of shares of Holdings Common Stock that is less than eighty-five percent (85%) of the total number
of Initial PFHOF Shares; provided, however, that Sections 1.9, 1.10, 1.11, 3, 4,
6, 7, and 9-16 shall survive any termination of any Party’s rights under this Agreement.

 

16. Enforcement.
The Parties acknowledge and agree that, if a Party is not performing its obligations hereunder or is otherwise in breach of this
Agreement, in addition to and without limiting the rights of the other Parties hereunder, a majority of the Directors who are Independent
Directors shall have the right to seek enforcement of this Agreement and the obligations of the Parties hereunder.

 

[Remainder of this
page intentionally left blank]

 

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IN WITNESS WHEREOF,
the Parties hereto have executed this Agreement as of the day and year hereinabove first written.

 

	Holdings:	 
	 	 
	GPAQ ACQUISITION HOLDINGS, INC.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	Sponsor:	 
	 	 
	GORDON POINTE MANAGEMENT, LLC	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	HOFV:	 
	 	 
	HOF VILLAGE, LLC	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	PFHOF:	 
	 	 
	NATIONAL FOOTBALL MUSEUM, INC.	 
	 	 	 
	By:	 	 
	 	Name: C. David Baker	 
	 	Title: President	 

 

[Signature Page to Director Nominating Agreement]

 

 

12sien-ex43_527.htm

Exhibit 4.3

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES

EXCHANGE ACT OF 1934

Sientra, Inc. (“Sientra,” “we,” “our,” or “us”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our common stock.

DESCRIPTION OF CAPITAL STOCK

The following summary of the terms of our capital stock is based upon our Amended and Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”) and our Amended and Restated Bylaws, as amended (the “Bylaws”). The summary is not complete, and is qualified by reference to our Certificate of Incorporation and our Bylaws, which are filed as exhibits to our Annual Report on Form 10-K and are incorporated by reference herein. We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the Delaware General Corporation Law (the “DGCL”) for additional information.

Authorized Shares of Capital Stock

Our authorized capital stock consists of 200,000,000 (Two Hundred Million) shares of common stock, $0.01 par value, and 10,000,000 (Ten Million) shares of preferred stock, $0.01 par value.  Our Board of Directors is authorized to establish one or more series of preferred stock and to set the powers, preferences and rights, as well as the qualifications, limitations or restrictions, of such series.  These rights of the series of preferred stock may include, without limitation, dividend rights, dividend rates, conversion rights, voting rights, rights and terms of redemption (including sinking fund provisions) and liquidation preferences.  

Listing

Our common stock is listed and principally traded on The Nasdaq Stock Market LLC (Nasdaq Global Select Market segment) under the symbol “SIEN.”

Voting Rights

The holders of common stock are entitled to one vote per share on all matters voted on by the stockholders, including the election of directors. Except as otherwise provided by law, our Certificate of Incorporation or our Bylaws, matters will generally be decided by a majority of the shares present in person or represented by proxy at the meeting and entitled to vote on the matter. Our stockholders do not have the right to vote cumulatively.

Board of Directors

Our Bylaws provide that the authorized number of directors shall be fixed from time to time by a resolution duly adopted by the Board of Directors. Our Certificate of Incorporation and Bylaws provide that our Board of Directors be classified into three classes, each class to serve for a term of three years and to be as nearly equal in number as possible.

Our Certificate of Incorporation and Bylaws provide that directors may be removed only with cause by the affirmative vote of the holders of 66 2/3% of the shares entitled to vote at an election of directors. 

Our Certificate of Incorporation and Bylaws provide that a vacancy on the Board of Directors resulting from an increase in the number of authorized directors or death, resignation, retirement, disqualification, removal or other causes shall be filled by a majority of the directors then in office. 

 

 

Dividend Rights

Subject to any preferential dividend rights granted to the holders of any shares of our preferred stock that may at the time be outstanding, holders of our common stock are entitled to receive dividends as may be declared from time to time by our Board of Directors out of funds legally available therefor.

Rights upon Liquidation

Subject to any preferential rights of outstanding shares of preferred stock, upon any liquidation or dissolution of Sientra, holders of our common stock are entitled to share pro rata in all remaining assets legally available for distribution to stockholders.

Other Rights and Preferences

Our common stock has no sinking fund, redemption provisions, or preemptive, conversion, or exchange rights. There are no restrictions on transfer of our common stock, except as required by law.

Certain Anti-Takeover Effects

Certain provisions of our Certificate of Incorporation and Bylaws may be deemed to have an anti-takeover effect.

Business Combinations. Section 203 of the DGCL restricts a wide range of transactions (“business combinations”) between a corporation and an interested stockholder. An “interested stockholder” is, generally, any person who beneficially owns, directly or indirectly, 15% or more of the corporation’s outstanding voting stock. Business combinations are broadly defined to include (i) mergers or consolidations with, (ii) sales or other dispositions of more than 10% of the corporation’s assets to, (iii) certain transactions resulting in the issuance or transfer of any stock of the corporation or any subsidiary to, (iv) certain transactions resulting in an increase in the proportionate share of stock of the corporation or any subsidiary owned by, or (v) receipt of the benefit (other than proportionately as a stockholder) of any loans, advances or other financial benefits by, an interested stockholder. Section 203 provides that an interested stockholder may not engage in a business combination with the corporation for a period of three years from the time of becoming an interested stockholder unless (a) the Board of Directors approved either the business combination or the transaction which resulted in the person becoming an interested stockholder prior to the time that person became an interested stockholder; (b) upon consummation of the transaction which resulted in the person becoming an interested stockholder, that person owned at least 85% of the corporation’s voting stock (excluding, for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) shares owned by persons who are directors and also officers and shares owned by certain employee stock plans); or (c) the business combination is approved by the Board of Directors and authorized by the affirmative vote of at least 66 2/3% of the outstanding voting stock not owned by the interested stockholder. The restrictions on business combinations with interested stockholders contained in Section 203 of the DGCL do not apply to a corporation whose certificate of incorporation or bylaws contains a provision expressly electing not to be governed by the statute. Neither our Certificate of Incorporation nor our Bylaws contains a provision electing to “opt-out” of Section 203.

Advance Notice and Proxy Access Provisions. Our Bylaws require timely advance notice 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 and specify certain requirements regarding the form and content of a stockholder’s notice. The chair of the annual meeting has the ability to determine and declare at the meeting that business was not properly brought before the meeting in accordance with the provisions of our Bylaws, and, if he or she should so determine, he or she shall so declare at the meeting that any such business not properly brought before the meeting shall not be transacted.  

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.

 

 

Board Classification. Our Certificate of Incorporation and Bylaws provide that 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 serve for a three-year term. Our classified Board of Directors may tend to discourage a third party from making a tender offer or otherwise attempting to obtain control of us because it generally makes it more difficult for stockholders to replace a majority of the directors.

Special Meetings. Special meetings of stockholders may be called at any time by the Chair of the Board, the Board of Directors, or the Chief Executive Officer. 

Stockholder Action by Written Consent without a Meeting. Our Certificate of Incorporation provides that no action may be taken by the stockholders other than at an annual meeting or special meeting called in accordance with the Bylaws.

Supermajority Approvals. Our Certificate of Incorporation and Bylaws provide that certain amendments to our Certificate of Incorporation or Bylaws by stockholders will require the approval of two-thirds of the combined vote of our then-outstanding shares of common stock. 

Additional Authorized Shares of Capital Stock. The additional shares of authorized common stock and preferred stock available for issuance under our Certificate of Incorporation could be issued at such times, under such circumstances and with such terms and conditions as to impede a change in control.

Choice of Forum. 

Our Bylaws provide that the Court of Chancery of the State of Delaware is the exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty; any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our Certificate of Incorporation or our Bylaws; or any action asserting a claim against us that is governed by the internal affairs doctrine.

Transfer Agent and Registrar

Computershare Trust Company, N.A. is the transfer agent and registrar for our common stock.

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