Document:

Exhibit

EXHIBIT 4.11

DESCRIPTION OF SECURITIES

As of December 31, 2019, SM Energy Company has registered one class of securities under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Description of Common Stock

The following description of our Common Stock is a summary and does not purport to be complete.  It is subject to, and qualified in its entirety by, reference to our Restated Certificate of Incorporation (the “Certificate of Incorporation”) and our Amended and Restated By-laws (the “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit is a part.  We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the Delaware General Corporate Law, for additional information.

Authorized Capital Shares

Our authorized capital shares consist of 200,000,000 shares of capital stock, $0.01 par value per share.  We have outstanding shares of common stock (“Common Stock”).  The outstanding shares of our Common Stock are fully paid and non-assessable.  This means the full purchase price for the outstanding shares of Common Stock has been paid and the holders of such shares will not be assessed any additional amounts for such shares.  Any additional shares of Common Stock that the Company may issue in the future will also be fully paid and non-assessable.

The Certificate of Incorporation provides that authorized but unissued shares of Common Stock are available for future issuance without stockholder approval, subject to various limitations imposed by the New York Stock Exchange (“NYSE”).  These additional shares of Common Stock may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans.  The existence of authorized but unissued shares of Common Stock could make it more difficult or discourage an attempt to obtain control of the Company by means of a proxy contest, tender offer, merger or otherwise.

Voting Rights

Each share of Common Stock is entitled to one vote on all matters submitted to a vote of the stockholders, including the election of directors.  Our Common Stock does not have cumulative voting rights.  This means a holder of a single share of Common Stock cannot cast more than one vote for each position to be filled on the Board of Directors.  It also means the holders of a majority of the shares of Common Stock entitled to vote in the election of directors can elect all directors standing for election and the holders of the remaining shares will not be able to elect any directors.

Dividend Rights

The holders of Common Stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Board of Directors in its discretion out of funds legally available for the payment of dividends.  Delaware law allows a corporation to pay dividends only out of surplus, as determined under Delaware law.

Liquidation Rights

Upon the liquidation, dissolution or winding up of the Company, the holders of Common Stock are entitled to receive ratably the net assets of the Company legally available for distribution.

Other Rights and Preferences

Our Common Stock has no sinking fund provision or preemptive, subscription or conversion rights.  The holders of Common Stock may act by unanimous written consent.

Listing

Our Common Stock is traded on the NYSE under the trading symbol “SM.”Exhibit

EXHIBIT 10.17

SUMMARY OF COMPENSATION ARRANGEMENTS FOR NON-EMPLOYEE DIRECTORS
The following is a description of the standard arrangements pursuant to which directors of SM Energy are compensated for services provided as a director, including additional amounts payable for committee participation:
DIRECTOR COMPENSATION
Employee directors do not receive additional compensation for serving on the Board of Directors or any committee.
For service in 2019 - 2020 as it relates to the period from May 2019 through May 2020, target compensation for each member of the Board of Directors has been set at $126,000 annually, plus a retainer paid in lieu of committee and attendance fees. As described more fully below, the actual value of compensation may be higher or lower depending on the results of the restricted stock component of director compensation. Primary director compensation is in the form of stock grants and is fully described below. The retainer component of director compensation for non-employee directors consists of an annual retainer of $90,000 for committee and board meeting fees paid in SM Energy common stock or cash as selected by the director; provided that in the event any director attends in excess of 30 Board and Committee meetings in the aggregate during the period from May 2019 through May 2020, such director shall receive $1,500 per meeting for each meeting in excess of 30. In addition, each non-employee director is reimbursed for expenses incurred in attending Board and Committee meetings and director education programs.
The committee chairs receive the cash payments identified in the list below in recognition of the additional workload of their respective committee assignments. These amounts are paid at the beginning of the annual service period.
		
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	Audit Committee - $20,000

		
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	Compensation Committee - $15,000

		
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	Nominating and Corporate Governance Committee - $10,000

The stock compensation for non-employee directors is as follows:
Annual compensation payable upon election to the Board by the stockholders, valued at $126,000. This resulted in a grant of restricted stock to each non-employee director of 10,345 shares of SM Energy common stock issued on May 30, 2019, under SM Energy's Equity Incentive Compensation Plan. These shares vested on December 31, 2019. 
A retainer for the Non-Executive Chairman of the Board valued at $80,000. This resulted in a grant of 6,569 shares of SM Energy common stock issued on May 30, 2019, under SM Energy's Equity Incentive Compensation Plan. These shares vested on December 31, 2019.
William Sullivan elected to receive SM Energy common stock for his retainer, which resulted in a grant of 7,390 shares of SM Energy common stock issued on May 30, 2019, under SM Energy's Equity Incentive Compensation Plan. These shares vested on December 31, 2019.  Carla Bailo, Larry Bickle, Stephen Brand, Loren Leiker, Ramiro Peru, Julio Quintana and Rose Robeson each elected to receive a $90,000 cash payment for their retainer.Exhibit

Exhibit 4.1.1

Description of Con Edison’s Common Shares ($.10 par value)

The Common Shares ($0.10 par value per share) of Consolidated Edison, Inc. (“Con Edison”) are registered under Section 12(b) of the Securities Exchange Act of 1934.  Con Edison has no other class of securities that is registered under Section 12 of the Securities Exchange Act of 1934.   
Con Edison’s authorized capital stock consists of 500,000,000 Common Shares ($0.10 par value per share) and 6,000,000 preferred shares ($1.00 par value per share) (“Preferred Shares”).  The number of Common Shares outstanding as of the latest practicable date prior to the filing of Con Edison’s Annual Report on Form 10-K is shown on the cover page of the Form 10-K.  No Preferred Shares have been issued. Con Edison’s Board of Directors is authorized from time to time to issue the Preferred Shares as Preferred Shares of any series and, in connection with the creation of each such series, to fix by the resolution or resolutions providing for the issuance thereof the number of shares of such series and the designations, relative rights, preferences and limitations (including dividend, liquidation and voting rights, preferences and limitations) of such series to the full extent permitted by the law of the State of New York, except that holders of the Preferred Shares shall not be entitled to more than one vote for each Preferred Share held. The Preferred Shares will have no voting rights, except as so fixed or as required by applicable law.
The following description of the Common Shares does not purport to be complete and is subject to, and qualified in its entirety by reference to Con Edison’s Restated Certificate of Incorporation, Con Edison’s By-Laws and applicable provisions of the New York Business Corporation Law.
Dividends. Subject to any prior rights of Preferred Shares (if any should become outstanding), Common Shares are entitled to dividends when, as and if declared by Con Edison’s Board of Directors, and Con Edison may purchase or otherwise acquire outstanding Common Shares out of funds legally available therefor.
Liquidation Rights. Subject to any prior rights of Preferred Shares (if any should become outstanding), upon liquidation of Con Edison, any remaining net assets of Con Edison are distributable pro rata to the holders of Common Shares.
 
Voting Rights. Holders of Common Shares are entitled to one vote for each share. There are no cumulative voting rights. Holders of Preferred Shares shall have no voting rights unless, in connection with the issuance of Preferred Shares, Con Edison’s Board of Directors provides voting rights (in which event the voting rights shall not be more than one vote for each Preferred Share held) or unless otherwise required by law.
No Preemptive Rights. Holders of the Common Shares are not entitled to preemptive rights.
Transfer Agent and Registrar. The transfer agent and registrar for the Common Shares is Computershare, P.O. Box 30170, College Station, TX 77842-3170.
Certain provisions of Con Edison’s Restated Certificate of Incorporation and by-laws and New York law may have the effect of encouraging persons considering unsolicited tender offers or unilateral takeover proposals for Con Edison to negotiate with the Board of Directors and could thereby have an effect of delaying, deferring or preventing a change in control of Con Edison. These provisions include:
Authorized But Unissued Shares. As of July 31, 2018, 165,686,311 Common Shares and 6,000,000 Preferred Shares were authorized but unissued and 23,210,700 Common Shares were held by 

Exhibit 4.1.1

Con Edison or Consolidated Edison Company of New York, Inc. as treasury shares. Such shares could be issued without stockholder approval in transactions that might prevent or render more difficult or costly the completion of a takeover transaction. In this regard, Con Edison’s Restated Certificate of Incorporation grants the Board of Directors broad corporate power to establish the rights and preferences of preferred stock, one or more classes or series of which could be issued which would entitle holders to exercise rights which could have the effect of impeding a takeover, including rights to convert or exchange the stock into Common Shares or other securities or to demand redemption of the stock at a specified price under prescribed circumstances related to a change of control.
Advance Notice By-law. Under Con Edison’s by-laws, written notice of any proposal to be presented by any shareholder or any person to be nominated by any shareholder for election as a director must be received by Con Edison’s Secretary at Con Edison’s principal executive offices not less than 90 nor more than 120 days prior to the anniversary date of the previous year’s annual meeting; provided, however, that if no annual meeting was held in the previous year, or if the date of the applicable annual meeting has been changed by more than 30 days from the anniversary date of the prior year’s annual meeting, such notice shall be received by the Secretary no more than ten days following the date Con Edison publicly announces the date of the applicable annual meeting.
Section 912. Con Edison is subject to Section 912 of the New York Business Corporation Law. Accordingly, Con Edison may not engage in a business combination, such as a merger, consolidation, recapitalization, asset sale or disposition of stock, with any “interested shareholder” for a period of five years from the date that the interested shareholder first became an interested shareholder unless:
 
	
				
	 
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	the business combination, or the acquisition of stock that resulted in the interested shareholder first becoming an interested shareholder, was approved by Con Edison’s Board of Directors prior to the interested shareholder becoming an interested shareholder;

 
	
				
	 
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	the business combination is approved by the disinterested shareholders at a meeting of Con Edison’s shareholders called no earlier than five years after the date that the interested shareholder first became an interested shareholder; or

 
	
				
	 
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	the business combination meets certain “fair price” valuation requirements.

An “interested shareholder” is any person that is the beneficial owner of 20% or more of the outstanding voting stock of Con Edison or is an affiliate or associate of Con Edison that at any time during the prior five years was the beneficial owner, directly or indirectly, of 20% or more of the then outstanding voting stock of Con Edison.

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