Document:

Exhibit 4.1

      

      

      DESCRIPTION OF CAPITAL STOCK

       

      The following is a summary description of the material terms of the common stock (including Class A and Class B common
          stock) and preferred stock of Johnson Outdoors Inc. (the “Company,” “we,” “us” or “our”). It may not contain all the information that is important to you. For additional information, you should look at our articles of incorporation, as amended,
          and our amended and restated by-laws, copies of which are on file with the SEC as exhibits to our periodic reports and are incorporated by reference.

       

      Our Class A common Stock is the only class of securities of the Company registered under Section 12 of the Securities
          Exchange Act of 1934.

       

      Common Stock

       

      We are authorized to issue up to 20,000,000 shares of Class A common stock, $0.05 par value per share, and up to 3,000,000 shares of Class B common stock, $0.05 per share.

       

      Dividend Rights.

       

      Subject to limitations under Wisconsin law and the rights of any outstanding shares of preferred stock, holders of our common stock are entitled to ratably receive
          dividends or other distributions when and if declared by our board of directors out of funds legally available for that purpose. Additionally, our articles of incorporation, as amended, provide that no dividend, other than a dividend
        payable in shares of our common stock, may be declared or paid upon the Class B common stock unless such dividend is declared or paid upon both classes of common stock. Whenever a dividend (other than a dividend payable in shares of our common
        stock) is declared or paid upon any shares of Class B common stock, at the same time there must be declared and paid a dividend on the shares of Class A common stock equal in value to 110% of the amount per share of the dividend declared and paid
        on the shares of Class B common stock. Whenever a dividend is payable in shares of our common stock, such dividend must be declared or paid at the same rate on the Class A common stock and the Class B common stock.

       

      Voting Rights.

       

      Holders of Class A common stock are entitled to elect 25%, or the next highest whole number, of the members of our Board of Directors and holders of Class B common stock are entitled to elect the
        remaining directors with each outstanding share of our common stock (whether Class A common stock or Class B common stock) being entitled to one vote per share held of record in connection with the election of our
          directors. Additionally, each outstanding share of our Class A common stock and Class B common stock is entitled to one vote per share held of record on all matters to be voted upon by the holders of such
          shares in any matter where such holders vote as separate classes. With respect to matters other than the election of directors or any matters for which class voting is not required by our articles on incorporation or by applicable law,
        holders of our Class A common stock are entitled to one vote per share while holders of Class B common stock are entitled to ten votes per share. At a meeting of shareholders at which a quorum is present, for all
          matters other than the election of directors, a matter is approved if the votes cast favoring the matter exceed the votes cast opposing the matter unless the matter is one upon which a different vote is required by our articles of incorporation,
          as amended, our amended and restated by-laws or the Wisconsin Business Corporation Law. Directors are elected by a plurality of the votes cast by the shares entitled to vote in the election at a meeting at which a quorum is present, taking into
          account the voting by class of common stock set forth above. There is no cumulative voting with respect to the election of directors or any other matter. Under the Wisconsin Business Corporation Law, the affirmative vote of shareholders holding
          at least a majority of the shares entitled to vote (taking into account our two class voting structure described above) is generally required to approve (i) a merger to which we are a party, (ii) the sale, lease, exchange or other disposition of
          all or substantially all of our assets, (iii) an amendment to our articles of incorporation, as amended, which requires a shareholder vote, and (iv) our dissolution.

       

        

      
        
          

      

      Liquidation, Dissolution or Winding Up.

       

      If we liquidate, dissolve or wind up, subject to the rights of any outstanding shares of preferred stock, the holders of our common stock (with each of the Class A common stock and
        Class B common stock treated equally) are entitled to share ratably in all assets legally available for distribution to our shareholders after the payment of all of our debts and other liabilities.

       

      Conversion Rights.

       

      Each share of Class B common stock is convertible at any time by the holder into one share of Class A common stock.

       

      Rights and Preferences.

       

      Holders of our common stock have no preemptive, conversion (other than the conversion rights granted to holders of the Class B common stock described above) or subscription rights.
        There are no redemption or sinking fund provisions applicable to shares of our common stock.

       

      Miscellaneous

       

      All outstanding shares of our common stock are fully paid and not liable to further calls or assessments by us.

       

      Transfer Agent and Registrar.

       

      Equiniti serves as the registrar and transfer agent for our Class A common stock.

       

      Stock Exchange Listing.

       

      Our Class A common stock is listed on the NASDAQ Global Select Market SM under the trading symbol “JOUT”.

       

      Preferred Stock

       

      The Company is authorized to issue 3,000,000 shares of preferred stock with a par value of $1.00 per share.

       

      Our board of directors has the authority, without further action by our shareholders, to issue preferred stock in one or more series and to fix from time to time the number of
        shares to be included in each such series and the designation of such series, and to fix the relative rights and preferences of the shares of any such series, with respect to:

       

      

      
        
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                   the rate of dividend, which may be cumulative;

                

        

      

      

      

      
        
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                   the price at and the terms and conditions on which shares may be redeemed;

                

        

      

      

      

      
        
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                   the amount payable upon shares in the event of voluntary or involuntary liquidation;

                

        

      

      

      

      
        
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                   whether or not and to what extent such series has voting rights, including with respect to the election of directors;

                

           

          

        

      

      
        
          

      

      
        
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                   sinking fund provisions for the redemption or purchase of shares; and

                

        

      

      

      

      
        
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                   the terms and conditions on which shares may be converted into shares of any other class or series.

                

        

      

       

      Except as to the matters expressly set forth in the bullet points above or as otherwise stated in our articles of incorporation, as amended, all series of preferred stock, whenever
        designated and issued, must have the same preferences, limitations and relative rights and will rank equally, share ratably and be identical in all respects as to all matters.

       

      Our board of directors may authorize the issuance of shares of preferred stock with rights that could adversely affect the rights of the holders of our common stock. The purpose of
        authorizing our board of directors to issue shares of preferred stock and determine its rights and preferences is to eliminate delays associated with a shareholder vote on specific issuances. The issuance of preferred stock, while providing
        flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of the Company and may adversely affect the market price of our
        Class A common stock and the voting and other rights of the holders of our common stock. It is not possible to state the actual effect of the issuance of any shares of preferred stock on the rights of holders of our common stock until our board of
        directors determines the specific rights attached to that preferred stock.

      

      

      Wisconsin Anti-Takeover Provisions

       

      Under Section 180.1150 of the Wisconsin Business Corporation Law, unless the board of directors otherwise specifies, the voting power of shares of a “resident domestic corporation,”
        such as us, which are held by any person holding in excess of 20% of the voting power of our stock will be limited to 10% of the full voting power of the shares. This statutory voting restriction does not apply to shares acquired directly from us,
        acquired in a transaction incident to which our shareholders vote to restore the full voting power of the shares and under other circumstances more fully described in Section 180.1150 of the Wisconsin Business Corporation Law.

       

      Sections 180.1141 through 180.1144 of the Wisconsin Business Corporation Law provide that a “resident domestic corporation,” such as us, may not engage in a “business combination”
        with a person beneficially owning 10% or more of the voting power of our outstanding stock (an “interested stockholder”) for three years after the date the interested shareholder acquired its 10% or greater interest, unless the business combination
        or the acquisition of the 10% or greater interest was approved before the stock acquisition date by our Board of Directors. After the three-year period, a business combination that was not so approved can be completed only if it is approved by a
        majority of the outstanding voting shares not held by the interested shareholder or is made at a specified price intended to provide a fair price for the shares held by noninterested shareholders.

       

      Sections 180.1130 through 180.1132 of the Wisconsin Business Corporation Law provide that a “resident domestic corporation,” such as us, may not engage in a “business combination”
        with a person beneficially owning 10% or more of the voting power of our outstanding stock (a “significant stockholder”) unless the business combination either satisfies certain fair price criteria or the business combination is approved by at
        least 80% of the voting power of our stock and at least two-thirds of the voting power of our stock not beneficially owned by the significant stockholder.

       

      Requirements for Advance Notification of Shareholder Nominations and Proposals

       

      Our amended and restated by-laws establish advance notice procedures with respect to shareholder proposals to be brought before a shareholder meeting and the nomination of
        candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors.Exhibit

Exhibit 4-C

FIRST AMENDMENT TO CREDIT AGREEMENT
This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of October 24, 2019, but effective as of July 21, 2017 (the “First Amendment Effective Date”), and is by and among:
(a)    DONALDSON COMPANY, INC., a Delaware corporation (the “Company”);
(b)    the Lenders party to the Credit Agreement referenced below; and
(c)    WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, the “Administrative Agent”).
Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement referred to below.
W I T N E S S E T H:
WHEREAS, the Company, the Borrowing Subsidiaries party thereto, the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent and L/C Issuer, are parties to that certain Credit Agreement dated as of July 21, 2017 (as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time, the “Credit Agreement”); and
WHEREAS, the parties hereto wish to amend the Credit Agreement on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed as follows:
1.    Amendments to Credit Agreement.  Effective as of the First Amendment Effective Date, the Credit Agreement shall be amended as follows:
(a)    The definition of “Total Indebtedness” set forth in Section 1.01 of the Credit Agreement is hereby amended in its entirety to read as follows:
“Total Indebtedness” means all Indebtedness of the Company and its Subsidiaries, excluding (i) contingent obligations in respect of letters of credit and Guarantees (except, in each case, to the extent constituting Guarantees in respect of Indebtedness of a Person other than the Company or any Subsidiary), (ii) obligations under Swap Contracts, (iii) Indebtedness of the Company to Subsidiaries and Indebtedness of Subsidiaries to the Company or to other Subsidiaries and (iv) solely for purposes of any determination of Total Indebtedness as of any date during any period ending on or prior to July 31, 2019 (excluding any determination of Total Indebtedness for purposes of any calculation of pro forma compliance made on or after October 24, 2019), obligations arising in respect of the Guarantee by the Company of the Indebtedness of Advanced Filtration Systems Inc.
(b)    Section 1.04 of the Credit Agreement is amended in its entirety to read as follows:
1.04    Rounding.  Any financial ratio required to be maintained by the Company pursuant to this Agreement shall be calculated by dividing the appropriate component by

the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number); provided that for the avoidance of doubt, it is understood and agreed that solely for purposes of determining the Applicable Rate, the Company shall calculate the Leverage Ratio without giving effect to any rounding of the result of such calculation.
2.    Representations and Warranties.  The Company hereby represents and warrants that both immediately before and immediately after the effectiveness hereof:
(a)    The representations and warranties contained in Article V of the Credit Agreement are true and correct in all material respects on and as of the date of this Amendment, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except for purposes of this Section 2(a), the representations and warranties contained in clauses (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to clauses (a) and (b), respectively of Section 6.01 of the Credit Agreement.
(b)    Since July 31, 2016, nothing has occurred (singly or in aggregate with all other occurrences) that has had, or could reasonably be expected to have, a Material Adverse Effect.
(c)    No Default or Event of Default has occurred and is continuing as of the date of this Amendment.
3.    Effectiveness.  This Amendment is a Loan Document and shall become effective upon satisfaction of the following conditions precedent:
(a)    receipt by the Administrative Agent of executed counterparts of this Amendment duly executed by the Company, the Administrative Agent and each Lender; and
(b)    receipt by the Administrative Agent of an amendment fee, for the ratable account of the applicable Lenders and the L/C Issuer, in an amount equal to 0.0288% of the sum of (i) the amount of the Aggregate Revolving Credit Commitments in effect as of the date of this Amendment, plus (ii) the aggregate principal amount of the Term Loans outstanding as of the date of this Amendment.
4.    References; Effect; Etc.  Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.  Except as specifically amended hereby, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.
5.    No Waiver.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of or consent to any provision of the Credit Agreement or any other Loan Documents executed and/or delivered in connection therewith.
6.    Counterparts.  This Amendment may be executed in any number of counterparts (and by the different parties hereto on separate counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed signature page of this Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart thereof.
    

7.    Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.
8.    Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
[signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized signatories to execute and deliver this Amendment as of the date first above written.
DONALDSON COMPANY, INC.
By: /s/ Robert Van Nelson                               
Name: Robert Van Nelson
Title: Treasurer

[Signature Page to First Amendment to Credit Agreement]

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, L/C Issuer and a Lender
By: /s/ Greg Strauss                                                
Name: Greg Strauss
Title: Director

[Signature Page to First Amendment to Credit Agreement]

U.S. BANK NATIONAL ASSOCIATION,
as a Lender
By:/s/ Edward B. Hanson                                       
Name: Edward B. Hanson
Title: Senior Vice President

[Signature Page to First Amendment to Credit Agreement]

BANK OF THE WEST,
as a Lender
By: /s/ Jeffrey Svien                                           
Name: Jeffrey Svien
Title: Director

[Signature Page to First Amendment to Credit Agreement]

JPMORGAN CHASE BANK, N.A.,
as a Lender
By: /s/ Christopher A. Salek                               
Name: Christopher A. Salek
Title: Vice President

[Signature Page to First Amendment to Credit Agreement]

BRANCH BANKING AND TRUST COMPANY,
as a Lender
By: /s/ Trevor H. Williams                                        
Name: Trevor H. Williams
Title: Assistant Vice President

[Signature Page to First Amendment to Credit Agreement]

MUFG BANK, LTD.,
as a Lender
By: /s/ Victor Pierzchalski                                        
Name: Victor Pierzchalski
Title: Authorized Signatory

[Signature Page to First Amendment to Credit Agreement]

MIZUHO BANK (USA),
as a Lender
By: /s/ Donna DeMagistris                                    
Name: Donna DeMagistris
Title: Executive Director

[Signature Page to First Amendment to Credit Agreement]

KBC BANK N.V.,
as a Lender
By: /s/ Nicholas Fiore                                                 
Name: Nicholas Fiore
Title: Director
By: /s/ Francis Payne                                                  
Name: Francis Payne
Title: Managing Director

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