Document:

Exhibit

Exhibit 4.1

Description of Securities of Empire State Realty OP, L.P.
Registered under Section 12 of the Securities Exchange Act of 1934, as Amended
The following description of the material terms of the common units representing limited partnership interests in Empire State Realty OP, L.P. (the “operating partnership,” “we,” “us,” and “our”) does not purport to be complete and is subject to, and qualified in its entirety by reference to, the provisions of the operating partnership’s First Amended and Restated Agreement of Limited Partnership, as amended (the “partnership agreement”), a copy of which has been filed as an exhibit to the Annual Report on Form 10-K to which this Exhibit 4.1 is attached. 
General
The operating partnership has three series of common units registered under Section 12 of the Exchange Act of 1934, as amended (the “Exchange Act”): (i) Series ES common units, (ii) Series 60 common units, and (iii) Series 250 common units.  A fourth series of common units, the Series PR common units, is not registered under the Exchange Act.  Other than with respect to the transfer restrictions applicable to the Series PR common units as further described below and that the Series PR common units are not listed on a national securities exchange, each of the series of common units has identical rights as to distributions, liquidation and other rights as a limited partner in the operating partnership. The four series vote together as a single class on all matters on which the holders of operating partnership units have the right to approve. 
All holders of common units, including Empire State Realty Trust, Inc. (“ESRT”), in its capacity as general partner of the operating partnership, are entitled to share in cash distributions from, and in the profits and losses of, the operating partnership. Holders of units have the rights to which limited partners are entitled under the partnership agreement and the Delaware Revised Uniform Limited Partnership Act.  In addition to the rights and provisions described in more detail below, the common units: 
		
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	have limited voting rights;

		
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	do not have any conversion rights;

		
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	do not have any sinking fund rights;

		
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	do not generally have any appraisal rights;

		
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	do not have any preemptive rights to subscribe for any of the operating partnership’s securities; and

		
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	are subject to restrictions on ownership and transfer.

Distributions
Subject to the preferential rights of any other class or series of units of limited partnership interest, including the outstanding series of preferred units, holders of Series ES, Series 60, Series 250 and Series PR common units are entitled to receive distributions, as and when declared by the board of directors of the general partner, out of legally available funds. The partnership agreement provides that our general partner may cause the operating partnership to make quarterly (or more frequent) distributions of all, or such portion as our general partner may in its sole and absolute discretion determine, of available cash (which is defined to be cash available for distribution as determined by the general partner) (i) first, with respect to any partnership interests that are entitled to any preference in accordance with the rights of such interests (and, within any such class, pro rata according to their respective percentage interests) and (ii) second, with respect to any partnership interests that are not entitled to any preference in distribution, in accordance with the rights of such class of interests (and, within any such class, pro rata in accordance with their respective percentage interests).
Allocations of Net Income and Net Loss
Net income and net loss of the operating partnership are determined and allocated with respect to each fiscal year of the operating partnership as of the end of the year. Except as otherwise provided in the partnership agreement, an allocation of a share of net income or net loss is treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing net income or net loss. Except as otherwise provided in the partnership agreement, net income and net loss are allocated to the holders of partnership interests in accordance with their respective percentage interests in a relevant class or series at the end of each fiscal year. The partnership agreement contains provisions for special allocations intended to comply with certain regulatory requirements, including the requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. Except as otherwise required by the partnership agreement or the Internal Revenue Code of 1986, as amended (the “Code”) and the Treasury 

Regulations, each operating partnership item of income, gain, loss and deduction is allocated among the limited partners of the operating partnership for U.S. federal income tax purposes in the same manner as its correlative item of book income, gain, loss or deduction is allocated pursuant to the partnership agreement. In addition, under Section 704(c) of the Code, items of income, gain, loss and deduction with respect to appreciated or depreciated property which is contributed to a partnership, such as the operating partnership, in a tax-free transaction must be specially allocated among the partners in such a manner so as to take into account such variation between tax basis and fair market value. The operating partnership will allocate tax items to the holders of partnership interests taking into consideration the requirements of Section 704(c). 
ESRT, our sole general partner, has sole discretion to ensure that allocations of income, gain, loss and deduction of the operating partnership are in accordance with the interests of the partners as determined under the Code and all matters concerning allocations of tax items not expressly provided for in the partnership agreement may be determined by our general partner in its sole discretion. In addition, our general partner may adopt conventions and methods of accounting for determining asset values, basis and identities of partners for proper administration of the operating partnership and to preserve the uniformity of each series of operating partnership units that are traded on NYSE Arca.
Redemption Rights
The operating partnership generally has no right to redeem the common units, including the common units, except in certain circumstances relating to the preservation of ESRT’s status as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.
After 12 months of becoming a holder of common units, each holder has the right, subject to the terms and conditions set forth in the partnership agreement, to require the operating partnership to redeem all or a portion of the units held by such limited partner in exchange for a cash amount equal to the number of tendered units multiplied by the price of a share of ESRT Class A common stock (determined in accordance with, and subject to adjustment under, the terms of the partnership agreement), unless the terms of such units or a separate agreement entered into between the operating partnership and the holder of such units provide that they are not entitled to a right of redemption or provide for a shorter or longer period before such limited partner may exercise such right of redemption or impose conditions on the exercise of such right of redemption. On or before the close of business on the fifth business day after ESRT receives a notice of redemption, ESRT may, in its sole and absolute discretion, but subject to the restrictions on the ownership of ESRT common stock imposed under ESRT’s charter and the transfer restrictions and other limitations thereof, elect to acquire some or all of the tendered units from the tendering partner in exchange for shares of ESRT Class A common stock, based on an exchange ratio of one share of ESRT Class A common stock for each common unit (subject to anti-dilution adjustments provided in the partnership agreement). 
Liquidation and Ranking
The common units, with respect to distribution rights and rights upon voluntary or involuntary liquidation, dissolution or winding up of the operating partnership, rank (i) junior to the outstanding series of preferred units, and any other class or series of partnership units, if the holders of such class or series are entitled to the receipt of distributions and of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or in priority to the holders of the common units and (ii) on parity with any other class or series of partnership units, if the holders of such other class or series are entitled to the receipt of distributions and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of accrued and unpaid distributions per unit or liquidation preference, without preference or priority one over the other.
Voting Rights 
Each outstanding common unit entitles the holder thereof to one vote on all matters submitted to a vote of unitholders. The partnership agreement provides limited partners with certain limited voting rights. Subject to certain exceptions, the operating partnership may not, without the consent of a majority of the limited partners, (i) conduct any business other than as permitted under the partnership agreement or (ii) engage in a merger, consolidation or other combination or sale of substantially all of its assets. Additionally, as further described below, certain amendments to the partnership agreement must be approved by the limited partners holding a majority of all outstanding limited partnership units and certain amendments must be approved by each partner adversely affected thereby. Limited partners are also entitled to any voting rights that may be required by law. Subject to these voting rights, ESRT, as the sole general partner of the operating partnership, has full, exclusive and complete responsibility and discretion in the management and control of the operating partnership, including the ability to cause the operating partnership to enter into certain major transactions, such as a merger of the operating partnership or a sale of substantially all of the assets of the operating partnership. 
Withdrawal by the General Partner; Transfer of Shares of the General Partner

ESRT may not withdraw voluntarily from the operating partnership or transfer ESRT’s interest in the operating partnership, including ESRT’s limited partner interest unless the transfer is made in connection with (i) any merger, consolidation or other combination in which, following the consummation of such transaction, the equity holders of the surviving entity are substantially identical to ESRT’s stockholders, (ii) a transfer to a qualified REIT subsidiary or (iii) as otherwise expressly permitted under the partnership agreement. The partnership agreement permits ESRT to engage in a merger, consolidation or other combination, or sale of substantially all of ESRT’s assets if:
		
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	ESRT receives the consent of a majority in interest of the limited partners (excluding ESRT);

		
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	following the consummation of such transaction, substantially all of the assets of the surviving entity consist of partnership units; or

		
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	as a result of such transaction all limited partners will receive, or will have the right to receive, for each common unit an amount of cash, securities or other property equal in value to the greatest amount of cash, securities or other property paid in the transaction to a holder of one share of ESRT Class A common stock, provided that if, in connection with the transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of more than 50% of the outstanding shares of ESRT’s common stock, each holder of common units shall be given the option to exchange its units for the greatest amount of cash, securities or other property that a limited partner would have received had it exercised its redemption right (described above) and received shares of ESRT Class A common stock immediately prior to the expiration of the offer.

To the extent they remain listed on a national securities exchange, Series ES, Series 60 and Series 250 common units generally are freely transferable, and any transferee of such units will be admitted to the partnership with respect to such units. Notwithstanding the foregoing, transfers of operating partnership units and admission of transferees to the partnership are subject to certain other procedural requirements described in the partnership agreement.  With certain limited exceptions for family and affiliates, other interests in the operating partnership, including Series PR common units, may not be transferred without ESRT’s prior written consent, which consent may be withheld in ESRT’s sole and absolute discretion. 
Issuance of Common Stock and Additional Partnership Interests
Pursuant to the partnership agreement, upon the issuance of ESRT stock other than in connection with a redemption of operating partnership units, ESRT will generally be obligated to contribute or cause to be contributed the cash proceeds or other consideration received from the issuance to the operating partnership in exchange for, in the case of common stock, common units or, in the case of an issuance of preferred stock, preferred operating partnership units with designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other rights, terms and provisions of the preferred stock. In addition, ESRT may cause the operating partnership to issue additional operating partnership units or other partnership interests and to admit additional limited partners to the operating partnership from time to time, on such terms and conditions and for such capital contributions as ESRT may establish in ESRT’s sole and absolute discretion, without the approval or consent of any limited partner, including: (i) upon the conversion, redemption or exchange of any debt, units or other partnership interests or other securities issued by the operating partnership; (ii) for less than fair market value; or (iii) in connection with any merger of any other entity into the operating partnership.
Term
The term of the operating partnership commenced on November 28, 2011 and will continue perpetually, unless earlier terminated in the following circumstances:
		
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	a final and non-appealable judgment is entered by a court of competent jurisdiction ruling that the general partner is bankrupt or insolvent, or a final and non-appealable order for relief is entered by a court with appropriate jurisdiction against the general partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless, prior to the entry of such order or judgment, a majority in interest of the remaining outside limited partners agree in writing, in their sole and absolute discretion, to continue the business of the operating partnership and to the appointment, effective as of a date prior to the date of such order or judgment, of a successor general partner;

		
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	an election to dissolve the operating partnership made by the general partner in its sole and absolute discretion, with or without the consent of a majority in interest of the outside limited partners;

		
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	entry of a decree of judicial dissolution of the operating partnership pursuant to the provisions of the Delaware Revised Uniform Limited Partnership Act;

		
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	the occurrence of any sale or other disposition of all or substantially all of the assets of the operating partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the operating partnership;

		
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	the redemption (or acquisition by the general partner) of all operating partnership units that the general partner has authorized other than those held by ESRT; or

		
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	the incapacity or withdrawal of the general partner, unless all of the remaining partners in their sole and absolute discretion agree in writing to continue the business of the operating partnership and to the appointment, effective as of a date prior to the date of such incapacity, of a substitute general partner.

Amendments to the Partnership Agreement
Amendments to the partnership agreement may be proposed only by ESRT, as our sole the general partner. Generally, the partnership agreement may be amended with the general partner’s approval and the approval of the limited partners holding a majority of all outstanding limited partner units (excluding limited partner units held by ESRT or its subsidiaries). Certain amendments that would, among other things, have the following effects, must be approved by each partner adversely affected thereby:
		
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	convert a limited partner’s interest into a general partner’s interest (except as a result of the general partner acquiring such interest);

		
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	modify the limited liability of a limited partner;

		
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	modify the rights of any partner to receive the distributions to which such partner is entitled (subject to certain exceptions);

		
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	modify the redemption rights provided by the partnership agreement; or

		
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	modify the provisions governing transfer of the general partner’s partnership interest.

Notwithstanding the foregoing, ESRT will have the power, without the consent of the limited partners, to amend the partnership agreement as may be required to:
		
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	add to ESRT’s obligations or surrender any right or power granted to ESRT or any of its affiliates for the benefit of the limited partners;

		
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	reflect the admission, substitution, or withdrawal of partners or the termination of the operating partnership in accordance with the partnership agreement and to cause the operating partnership or the operating partnership’s transfer agent to amend its books and records to reflect the holders of partnership interests in connection with such admission, substitution or withdrawal;

		
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	reflect a change that is of an inconsequential nature or does not adversely affect the limited partners as such in any material respect, or to cure any ambiguity, correct or supplement any provision in the partnership agreement not inconsistent with the law or with other provisions, or make other changes with respect to matters arising under the partnership agreement that will not be inconsistent with the law or with the provisions of the partnership agreement;

		
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	satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation of a U.S. federal or state agency or contained in U.S. federal or state law;

		
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	set forth or amend the designations, preferences, conversion or other rights, voting powers, duties restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of the holders of any additional partnership units issued or established pursuant to the partnership agreement;

		
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	reflect such changes as are reasonably necessary for ESRT to maintain or restore ESRT’s qualification as a REIT, to satisfy the REIT requirements or to reflect the transfer of all or any part of a partnership interest among ESRT and any qualified REIT subsidiary or entity that is disregarded as an entity separate from the general partner for U.S. federal income tax purposes;

		
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	modify either or both of the manner in which items of net income or net loss are allocated or the manner in which capital accounts are computed (but only to the extent set forth in the partnership agreement, or to the extent required by the Code or applicable income tax regulations under the Code);

		
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	act to facilitate the uniformity of tax consequences within each of the Series ES, Series 60 and Series 250 common units (including any division of such classes), or other operating partnership units listed on a national securities exchange to facilitate their trading on such exchange;

		
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	comply with any rules, regulation, guideline or requirement of any national securities exchange on which the Series ES, Series 60 or Series 250 common units are or will be listed;

		
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	issue additional partnership interests;

		
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	reflect the admission, substitution, termination or withdrawal of the general partner and limited partners or an increase or decrease in either the general partner’s or limited partner’s DRO Amount (as defined in the partnership agreement) in accordance with the partnership agreement;

		
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	impose restrictions on the transfer of operating partnership units if the general partner of the operating partnership receives an opinion of counsel reasonably to the effect that such restrictions are necessary in order to comply with any federal or state securities laws or regulations applicable to the operating partnership or the operating partnership units; and

		
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	reflect any other modification to the partnership agreement as is reasonably necessary for the business or operations of the operating partnership or the general partner of the operating partnership and which does not otherwise require the consent of each partner adversely affected.

Holders of the outstanding series of preferred units have voting rights in connection with amendments to the operating partnership’s partnership agreement or the terms of the outstanding series of preferred units that materially and adversely affect the rights of the holders of the outstanding series of preferred units. Other than in these limited circumstances, holders of the outstanding series of preferred units have no voting rights.
Certain provisions affecting the rights and duties as general partner, either directly or indirectly (e.g., restrictions relating to certain extraordinary transactions involving ESRT or the operating partnership) may not be amended without the approval of a majority of the limited partnership units (excluding limited partnership units held by ESRT).
Transfer Agent and Registrar and Listing
American Stock Transfer and Trust Company, LLC, Operations Center, Attn: Reorganization Department, 6201 15th Avenue, Brooklyn, New York, 11219, is the transfer agent and registrar for the Series ES, Series 60 and Series 250 common units, which are traded on NYSE Arca under the symbols  “ESBA,” “FISK” and “OGCP,” respectively. ESRT may, without the consent of the limited partners, delist some or all of the operating partnership units from the national securities exchange on which such operating partnership units are traded.
Tax Matters
Pursuant to the partnership agreement, the general partner is the tax matters partner of the operating partnership and has certain other rights relating to tax matters. Accordingly, as both our sole general partner and tax matters partner, ESRT has authority to handle tax audits and to make tax elections under the Code, in each case, on behalf of the operating partnership.
Management Liability and Indemnification
Neither ESRT nor ESRT’s directors and officers will be liable to the operating partnership, the limited partners or assignees for losses sustained, liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or of any act or omission, so long as such person acted in good faith. The partnership agreement provides for indemnification of ESRT, its affiliates and each of ESRT’s respective officers, directors, employees and any persons ESRT may designate from time to time in its sole and absolute discretion, including present and former members, managers, stockholders, directors, limited partners, general partners, officers or controlling persons of our predecessor, to the fullest extent permitted by applicable law against any and all losses, claims, damages, liabilities (whether joint or several), expenses (including, without limitation, attorneys’ fees and other legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the operating partnership, provided that the operating partnership will not indemnify such person, for (i) willful misconduct or a knowing violation of the law, (ii) any transaction for which such person received an improper personal benefit in violation or breach of any provision of the partnership agreement, or (iii) in the case of a criminal proceeding, the person had reasonable cause to believe the act or omission was unlawful, as set forth in the partnership agreement.amch_Ex4_12

		
			Exhibit 4.12
		

		
			DESCRIPTION OF THE REGISTRANT’S SECURITIES
		

		
			REGISTERED PURSUANT TO SECTION 12 OF THE
		

		
			SECURITIES EXCHANGE ACT OF 1934
		

		
			 
		

		
			As of December 31, 2019, AMC Entertainment Holdings, Inc., a Delaware corporation (“AMC,” the “Company,” or “us”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): Class A common stock.
		

		
			 
		

		
			DESCRIPTION OF CAPITAL STOCK
		

		
			 
		

		
			The following description of our capital stock is summarized from, and qualified in its entirety, by reference to our amended and restated certificate of incorporation (the “certificate of incorporation”) and our amended and restated bylaws (the “bylaws”), each of which are incorporated by reference as exhibits to the Annual Report on Form 10-K for the year ended December 31, 2019 of which this Exhibit 4.12 is a part, and the applicable provisions of Delaware law.
		

		
			 
		

		
			Our authorized capital stock consists of 524,173,073 shares of Class A common stock,  par value $0.01 per share (“Class A common stock”), 75,826,927 shares of Class B common stock,  par value $0.01 per share (“Class B common stock”) and 50,000,000 shares of preferred stock,  par value $0.01 per share. As of December 31, 2019, there were 52,080,077 shares of Class A common stock outstanding,  51,769,784 shares of Class B common stock outstanding and no shares of preferred stock outstanding. 
		

		
			 
		

		
			Our Class A common stock is listed on the NYSE under the symbol “AMC.” The transfer agent and registrar for our Class A common stock is Computershare Trust Company, N.A.
		

		
			 
		

		
			Voting Rights: 
		

		
			 
		

		
			Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to three votes per share. Holders of Class A common stock and Class B common stock vote together as a single class on all matters submitted to a vote of stockholders, unless otherwise required by law. 
		

		
			 
		

		
			Our directors are elected by all of the common stockholders voting together as a single class. 
		

		
			 
		

		
			Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case of election of directors, by a plurality) of our outstanding voting power. Except as otherwise required by the Delaware General Corporation Law (the “DGCL”), the certificate of incorporation or voting rights granted to any subsequently issued preferred stock, the holders of outstanding shares of our common stock and our preferred stock entitled to vote thereon, if any, vote as one class with respect to all matters to be voted on by our stockholders. Under the DGCL, amendments to the certificate of incorporation that would alter or change the powers, preferences or special rights of the common stock so as to affect them adversely also must be approved by a majority of the votes entitled to be cast by the holders of the shares affected by the amendment, voting as a separate class.
		

		
			 
		

		
			Conversion:
		

		
			 
		

		
			The Class A common stock is not convertible into any other shares of our capital stock. 
		

		
			 
		

		
			Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. In addition, each share of Class B common stock shall convert automatically into one share of Class A common stock upon any transfer, whether or not for value, except for certain transfers described in the certificate of incorporation.  
		

		
			 
		

		
			All authorized shares of Class B common stock shall automatically convert to Class A common stock if and when the holders of Class B common stock collectively hold less than 30% of the aggregate number of outstanding shares of our common stock. Once transferred and converted into Class A common stock, the Class B common stock shall not 

		 

		

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be reissued. No class of common stock may be subdivided or combined unless the other class of common stock is concurrently subdivided or combined in the same proportion and in the same manner.
		

		
			 
		

		
			Dividends:  
		

		
			 
		

		
			Holders of Class A common stock and Class B common stock share ratably (based on the number of shares of common stock held) in any dividend declared by the AMC board of directors (the “AMC Board”), subject to any preferential rights of any outstanding preferred stock. 
		

		
			 
		

		
			Other Rights: 
		

		
			 
		

		
			Upon liquidation, dissolution or winding up, after payment in full of the amounts required to be paid to holders of preferred stock, if any, all holders of common stock, regardless of class, will be entitled to share ratably in any assets available for distribution to holders of shares of common stock. No shares of any class of common stock are subject to redemption or have preemptive rights to purchase additional shares of common stock.  
		

		
			 
		

		
			Preferred Stock: 
		

		
			 
		

		
			The certificate of incorporation authorizes the AMC Board to issue from time to time up to an aggregate of 50,000,000 shares of preferred stock in one or more series without further stockholder approval. The AMC Board is authorized, without further stockholder approval, to fix or alter the designations, preferences, rights and any qualifications, limitations or restrictions of the shares of each such series thereof, including the dividend rights, dividend rates, conversion rights, voting rights, terms of redemption (including sinking fund provisions), redemption price or prices, liquidation preferences and the number of shares constituting any series or designations of such series. 
		

		
			 
		

		
			Anti-Takeover Effects of Certain Provisions of the Certificate of Incorporation, the Bylaws, and Delaware Law:
		

		
			 
		

		
			Certain provisions of the certificate of incorporation and bylaws may be considered to have an anti-takeover effect and may delay or prevent a tender offer or other corporate transaction that a stockholder might consider to be in its best interest, including those transactions that might result in payment of a premium over the market price for our shares. These provisions are designed to discourage certain types of transactions that may involve an actual or threatened change of control of AMC without prior approval of the AMC Board. These provisions are meant to encourage persons interested in acquiring control of AMC to first consult with the AMC Board to negotiate terms of a potential business combination or offer. For example, the certificate of incorporation and bylaws:
		

		
			 
		

			
	
			
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			provide for a classified board of directors, pursuant to which the AMC Board is divided into three classes whose members serve three-year staggered terms;  

			
	
			
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			provide that the size of the AMC Board will be set by members of the AMC Board, and any vacancy on the AMC Board, including a vacancy resulting from an enlargement of the AMC Board, may be filled only by vote of a majority of the directors then in office;  

			
	
			
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			do not permit stockholders to take action by written consent unless Dalian Wanda Group Co., Ltd. (“Wanda”) owns shares of our outstanding common stock representing at least 50.1% of the total voting power;  

			
	
			
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			provide that, except as otherwise required by law, special meetings of stockholders can only be called by the AMC Board;   

			
	
			
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			establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of stockholders, including proposed nominations of candidates for election to the AMC Board;  

			
	
			
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			limit consideration by stockholders at annual meetings to only those proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of the AMC Board or by a stockholder of record on the record date for the meeting who is entitled to vote at the meeting and who has delivered timely written notice in proper form to our secretary of the stockholder’s intention to bring such business before the meeting;

			
	
			
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			authorize the issuance of “blank check” preferred stock that could be issued by the AMC Board to increase the number of outstanding shares or establish a stockholders rights plan making a takeover more difficult and expensive; and  

		
			

		 

		

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			do not permit cumulative voting in the election of directors, which would otherwise allow less than a majority of stockholders to elect director candidates.

		
			 
		

		
			The certificate of incorporation expressly states that we have elected not to be governed by Section 203 of the DGCL, which prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the time the stockholder became an interested stockholder, subject to certain exceptions, including if, prior to such time, the board of such corporation approved the business combination or the transaction which resulted in the stockholder becoming an interested stockholder.  “Business combinations” include mergers, asset sales and other transactions resulting in a financial benefit to the “interested stockholder.” Subject to various exceptions, an “interested stockholder” is a person who, together with his or her affiliates and associates, owns, or within three years did own, 15% or more of the corporation’s outstanding voting stock. These restrictions generally prohibit or delay the accomplishment of mergers or other takeover or change-in-control attempts that are not approved by a company’s board. Although we have elected to opt out of the statute’s provisions, we could elect to be subject to Section 203 in the future.
		

		
			 
		

		
			Special Meeting of Stockholders:
		

		
			 
		

		
			Special meetings of our stockholders may be called only by a majority of our directors. 
		

		
			 
		

		
			Actions by Written Consent: 
		

		
			 
		

		
			Stockholder action by written consent in lieu of a meeting may only be taken so long as Wanda owns common stock representing a majority of our outstanding voting power. Thereafter, stockholder action can be taken only at an annual or special meeting of stockholders.  
		

		
			 
		

		
			Advance Notice Requirements for Stockholder Proposals and Director Nominations:
		

		
			 
		

		
			The bylaws provide that stockholders seeking to bring business before an annual meeting of stockholders, or to nominate candidates for election as directors at an annual meeting of stockholders, must provide timely notice thereof in writing. To be timely, a stockholder’s notice generally must be delivered to and received at our principal executive offices, not less than 30 days nor more than 60 days prior to the first anniversary of the preceding year’s annual meeting; provided, that in the event that the date of such meeting is advanced more than 30 days prior to, or delayed by more than 30 days after, the anniversary of the preceding year’s  annual meeting of our stockholders, a stockholder’s notice to be timely must be so delivered not earlier than the close of business on the 60th day prior to such meeting and not later than the close of business on the later of the 30th day prior to such meeting or the 10th day following the day on which public announcement of the date of such meeting is first made. The bylaws also specify certain requirements as to the form and content of a stockholder’s notice. These provisions may preclude stockholders from bringing matters before an annual meeting of stockholders or from making nominations for directors at an annual meeting of stockholders.  
		

		
			 
		

		
			Authorized But Unissued Shares:  
		

		
			 
		

		
			The authorized but unissued shares of common stock and preferred stock are available for future issuance without stockholder approval. These additional shares may be used 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 and preferred stock could render more difficult or discourage an attempt to obtain control of AMC by means of a proxy contest, tender offer, merger or otherwise. 
		

		
			 
		

		
			Amendments to Certificate of Incorporation or Bylaws:  
		

		
			 
		

		
			The certificate of incorporation provides that the affirmative vote of a majority of the shares entitled to vote on any matter is required to amend the certificate of incorporation. In addition, under the DGCL, an amendment to the certificate of incorporation that would alter or change the powers, preferences or special rights of the common stock so as to affect them adversely also must be approved by a majority of the votes entitled to be cast by the holders of 

		 

		

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the shares affected by the amendment, voting as a separate class. Subject to the bylaws, the AMC Board may from time to time make, amend, supplement or repeal the bylaws by vote of a majority of the AMC Board.  
		

		
			 
		

		
			Registration Rights: 
		

		
			 
		

		
			Pursuant to the management stockholders agreement, dated as of August 30, 2012, as amended on December 17, 2013, by and among us and the stockholders party thereto, certain members of management have the right subject to various conditions and limitations, to include shares of our Class A common stock in registration statements relating to our Class A common stock. Pursuant to a registration rights agreement dated December 23, 2013, we have agreed, subject to certain conditions, to use our best efforts to effect registered offerings upon request from Wanda and have granted incidental or “piggyback” registration rights with respect to our common stock held by Wanda. Pursuant to the investment agreement, dated as of September 14, 2018, by and among us and Silver Lake Alpine, L.P., we have agreed, subject to certain conditions, to use our reasonable efforts to effect registered offerings upon request from holders of the 2.95% Senior Unsecured Convertible Notes due 2024 with respect to such notes and the Class A common stock issuable upon conversion of the notes. These registration rights of our stockholders and other parties could impair the prevailing market price and impair our ability to raise capital by depressing the price at which we could sell our Class A common stock. 
		

		
			 
		

		
			Limitation of Liability and Indemnification of Directors and Officers: 
		

		
			 
		

		
			As permitted by the DGCL, we have adopted provisions in the certificate of incorporation that limit or eliminate the personal liability of our directors and officers for monetary damages for a breach of their fiduciary duty of care as a director or officer. The duty of care generally requires that, when acting on behalf of the corporation, directors and officers exercise an informed business judgment based on all material information reasonably available to them. Consequently, a director or officer will not be personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director or officer, except for liability for:
		

		
			 
		

			
	
			
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			any breach of the person’s duty of loyalty to us or our stockholders;  

			
	
			
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			any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;   

			
	
			
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			any act related to unlawful stock repurchases, redemptions or other distributions or payment of dividends; or 

			
	
			
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			any transaction from which the person derived an improper personal benefit.

		
			 
		

		
			These limitations of liability do not generally affect the availability of equitable remedies such as injunctive relief or rescission. 
		

		
			 
		

		
			As permitted by the DGCL, the certificate of incorporation and bylaws provide that:
		

		
			 
		

			
	
			
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			we will indemnify our current and former directors and officers and anyone who is or was serving at our request as the director or officer of, or legal representative in, another entity, and may indemnify our current or former employees and other agents, to the fullest extent permitted by the DGCL, subject to limited exceptions; and

			
	
			
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			we may purchase and maintain insurance on behalf of our current or former directors, officers, employees or agents against any liability asserted against them and incurred by them in any such capacity, or arising out of their status as such.

		
			 
		

		
			We currently maintain liability insurance for our directors and officers. 
		

		
			 
		

		
			The certificate of incorporation requires us to advance expenses to our directors and officers in connection with a legal proceeding, subject to receiving an undertaking from such director or officer to repay advanced amounts if it is determined he or she is not entitled to indemnification. The bylaws provide that we may advance expenses to our employees and other agents, upon such terms and conditions, if any, as we deems appropriate. 
		

		
			 
		

		
			

		 

		

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			DocID: 4830-7117-3811.3

		

		

		
			Provisions of the Certificate of Incorporation Relating to Corporate Opportunities:  
		

		
			 
		

		
			To address situations in which officers or directors have conflicting duties to affiliated corporations, Section 122(17) of the DGCL allows a corporation to renounce, in its certificate of incorporation or by action of its board of directors, any interest or expectancy of the corporation in specified classes or categories of business opportunities. As such, and in order to address potential conflicts of interest between us and Wanda and its subsidiaries, the certificate of incorporation contains provisions regulating and defining, to the fullest extent permitted by law, the conduct of our affairs as they may involve Wanda and its officers and directors. 
		

		
			 
		

		
			The certificate of incorporation provides that, subject to any written agreement to the contrary, Wanda will have no duty to refrain from engaging in the same or similar activities or lines of business that we engage in, and, except as set forth in the certificate of incorporation, neither Wanda nor its officers or directors will be liable to us or our stockholders for any breach of any fiduciary duty due to any such activities of Wanda.  
		

		
			 
		

		
			The certificate of incorporation also provides that we may from time to time be or become a party to and perform, and may cause or permit any subsidiary to be or become a party to and perform, one or more agreements (or modifications or supplements to pre-existing agreements) with Wanda. With limited exceptions, to the fullest extent permitted by law, no such agreement, nor the performance thereof in accordance with its terms by us or any of our subsidiaries or Wanda, shall be considered contrary to any fiduciary duty to us or our stockholders of any director or officer of AMC who is also a director, officer or employee of Wanda. With limited exceptions, to the fullest extent permitted by law, no director or officer of AMC who is also a director, officer or employee of Wanda shall have or be under any fiduciary duty to us or our stockholders to refrain from acting on behalf of us or any of our subsidiaries or on behalf of Wanda in respect of any such agreement or performing any such agreement in accordance with its terms. 
		

		
			 
		

		
			The certificate of incorporation further provides that if one of our directors or officers who is also a director or officer of Wanda acquires knowledge of a potential transaction or matter that may be a corporate opportunity for both Wanda and AMC, the director or officer will have satisfied his or her fiduciary duty to us and our stockholders with respect to that corporate opportunity if he or she acts in a manner consistent with the following policy:
		

		
			 
		

			
	
			
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			a corporate opportunity offered to any person who is an officer of AMC and who is also a director but not an officer of Wanda, will belong to us unless the opportunity is expressly offered to that person in a capacity other than such person’s capacity as one of our officers, in which case it will not belong to us; 

			
	
			
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			a corporate opportunity offered to any person who is a director but not an officer of AMC, and who is also a director or officer of Wanda, will belong to us only if that opportunity is expressly offered to that person in that person’s capacity as one of our directors; and  

			
	
			
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			corporate opportunity offered to any person who is an officer of both Wanda and AMC will belong to AMC only if that opportunity is expressly offered to that person in that person’s capacity as one of AMC’s officers.

		
			 
		

		
			Notwithstanding these provisions, the certificate of incorporation does not prohibit us from pursuing any corporate opportunity of which we become aware. 
		

		
			 
		

		
			These provisions in the certificate of incorporation will no longer be effective on the date that none of our directors or officers are also directors or officers of Wanda.  
		

		
			 
		

		
			If the certificate of incorporation did not include provisions setting forth the circumstances under which opportunities will belong to us and regulating the conduct of our directors and officers in situations where their duties to us and Wanda conflict, the actions of our directors and officers in each such situation would be subject to the fact-specific analysis of the corporate opportunity doctrine as articulated under Delaware law. Under Delaware law, a director of a corporation may take a corporate opportunity, or divert it to another corporation in which that director has an interest, if (i) the opportunity is presented to the director or officer in his or her individual capacity, (ii) the opportunity is not essential to the corporation, (iii) the corporation holds no interest or expectancy in the opportunity and (iv) the director or officer has not wrongfully employed the resources of the corporation in pursing or exploiting the opportunity. Based on Section 122(17) of the DGCL, we do not believe the corporate opportunity guidelines set forth in the certificate of incorporation conflict with Delaware law. If, however, a conflict were to arise between the provisions of the certificate of incorporation and Delaware law, Delaware law would control.
		

		
			 
		

		 

		

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			DocID: 4830-7117-3811.3

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