Document:

Exhibit
4.1

 

DESCRIPTION
OF CAPITAL STOCK OF THE REGISTRANT

 

As
of November 1, 2019, Bridgford Foods Corporation (the “Company”) had one class of securities registered under
Section 12 of the Securities Exchange Act of 1934, as amended: Common Stock, par value $1.00 per share, which is listed
on the Nasdaq Global Market.

 

The
following is a description of the rights of the Company’s capital stock and related provisions of (i) the Company’s
Restated Articles of Incorporation, as amended (the “Articles”), (ii) the Company’s Amended and Restated
Bylaws (the “Bylaws”), and (iii) applicable California law. This description is qualified in its entirety by,
and should be read in conjunction with, the Articles, the Bylaws and applicable California law.

 

Authorized
Capital Stock

 

Pursuant
to the Articles, the Company is authorized to issue two classes of shares designated “Preferred” and “Common.”
The total number of shares that the Company has authority to issue is 21,000,000, consisting of 20,000,000 Common shares, par
value $1.00 per share, and 1,000,000 Preferred shares, without par value.

 

Common
Stock

 

Fully
Paid and Nonassessable

 

All
of the outstanding Common shares are fully-paid and non-assessable.

 

Voting
Rights

 

The
holders of Common shares are entitled to one vote per share on all matters to be voted on by such holders; provided, however,
that holders of Common shares may have cumulative voting rights in the election of directors if the candidates’ names have
been placed in nomination prior to commencement of the voting and a shareholder has given notice prior to commencement of the
voting of the shareholder’s intention to cumulate votes.

 

Dividends

 

The
holders of Common shares are entitled to receive such dividends, if any, as may be declared from time to time by the Company’s
Board of Directors in its discretion from funds legally available therefor.

 

Right
to Receive Liquidation Distributions

 

Upon
liquidation, dissolution or winding-up, the holders of Common shares are entitled to receive pro rata all assets remaining available
for distribution to holders of such shares.

 

No
Preemptive or Similar Rights

 

Common
shares have no preemptive or other subscription rights, and there are no conversion rights or redemption or sinking fund provisions
with respect to such Common shares.

 

Preferred
Stock

 

Designation
of Series of Preferred Stock. 

 

Pursuant
to the Articles, without further action by the Company’s stockholders, the Company’s Board of Directors is authorized
(i) to provide for the issuance of Preferred shares in one or more series; (ii) to fix or alter the dividend rights, dividend
rate, conversion rights, voting rights, rights and terms of redemption (including sinking fund provisions), the redemption price
or prices, and the liquidation preferences of any wholly unissued series of Preferred shares, and the number of shares constituting
any such series and the designation thereof, or any of them; and (iii) to increase or decrease the number of shares of any
series subsequent to the issue of shares of that series, but not below the number of shares of such series then outstanding.

 

    	 

    	 

    

 

Anti-Takeover
Provisions of the Articles, Bylaws and California Law

 

Provisions
of the Articles and Bylaws may delay or discourage transactions involving an actual or potential change in control of the Company
or change in its management, including transactions in which shareholders might otherwise receive a premium for their shares,
or transactions that its shareholders might otherwise deem to be in their best interests. Among other things, the Articles and
Bylaws:

 

	●	provide
    that, except for a vacancy caused by the removal of a director as provided in the Bylaws, a vacancy on the Company’s
    Board of Directors may be filled by approval of the Company’s Board of Directors, or if the number of directors then
    in office is less than a quorum by (i) the unanimous written consent of the directors then in office, (ii) the affirmative
    vote of a majority of the directors then in office at a meeting held pursuant to notice or waivers of notice complying with
    Section 307 of the California Corporations Code, or (iii) a sole remaining director;
	 	 
	●	provide
    that shareholders seeking to present proposals before a meeting of shareholders or to nominate candidates for election as
    directors at a meeting of shareholders must provide notice in writing in a timely manner, and also specify requirements as
    to the form and content of a shareholder’s notice; and
	 	 
	●	provide
    that, at a shareholders’ meeting at which directors are to be elected, no shareholder shall be entitled to cumulate
    votes unless the candidates’ names have been placed in nomination prior to commencement of the voting and a shareholder
    has given notice prior to commencement of the voting of the shareholder’s intention to cumulate votes.

 

In
addition, as a California corporation, the Company is subject to the provisions of Section 1203 of the California General Corporation
Law, which requires it to provide a fairness opinion to its shareholders in connection with their consideration of any proposed
“interested party” reorganization transaction.

 

Listing

 

The
Company’s Common shares are listed on the Nasdaq Global Market under the trading symbol “BRID.”Exhibit

Exhibit 4.1

SECOND AMENDMENT TO AMENDED AND RESTATED RIGHTS AGREEMENT, dated as of January 24, 2020 (“Second Amendment”), by and between J. C. Penney Company, Inc., a Delaware corporation (the “Company”), and Computershare Inc., a Delaware corporation (the “Rights Agent”).  
WHEREAS, the Company and the Rights Agent are parties to that certain Amended and Restated Rights Agreement, dated as of January 27, 2014, as amended by that certain First Amendment to Amended and Restated Rights Agreement, dated as of January 23, 2017 (as amended, the “Rights Agreement”); 
WHEREAS, the Company has delivered to the Rights Agent a certificate from an appropriate officer of the Company stating that this Second Amendment complies with Section 27 of the Rights Agreement; and
WHEREAS, the Company and the Rights Agent desire to amend the Rights Agreement to extend the term thereof as further described herein.
NOW, THEREFORE, the parties hereto hereby agree as follows: 
		
	1.
	Section 7(a) of the Rights Agreement shall be amended and restated in its entirety as follows:

“(a) Subject to Section 7(e) hereof, at any time after the Distribution Date the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein including the restrictions on exercisability set forth in Section 9(c), Section 11(a)(iii) and Section 23(a) hereof) in whole or in part upon surrender of the Rights Certificate, with the form of election to purchase and the certificate on the reverse side thereof properly completed and duly executed, to the Rights Agent at the office or offices of the Rights Agent designated for such purpose, together with payment of the aggregate Purchase Price with respect to the total number of one one-thousandths of a share of Preferred Stock (or other securities, cash or other assets, as the case may be) as to which such surrendered Rights are then exercisable, and an amount equal to any tax or charge required to be paid under Section 9(e) hereof, at or prior to the earliest of (i) 5:00 P.M., New York, New York time, on January 25, 2023 or such later date as may be established by the Board prior to the expiration of the Rights as long as the extension is submitted to the stockholders of the Company for ratification at the next succeeding annual meeting of the stockholders of the Company (such date, as it may be extended by the Board, the “Final Expiration Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 hereof, (iii) the time at which the Rights may be exchanged as provided in Section 24 hereof, (iv) the close of business on the effective date of the repeal of Section 382 of the Code if the Board determines that this Agreement is no longer necessary or desirable for the preservation of Tax Benefits, (v) the close of business on the first day of a taxable year of the Company to which the Board of Directors of the Company determines that no Tax Benefits may be carried forward, or (vi) immediately following the final adjournment of the first annual meeting of the stockholders of the Company after January 24, 2020 if stockholder approval of the Final Expiration Date has not been received prior to such time (the earliest of (i) - (vi) being herein referred to as the “Expiration Date”).”

		
	2.
	Except as expressly provided in this Second Amendment, all of the terms and provisions of the Rights Agreement shall remain in full force and effect.

		
	3.
	This Second Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. A signature to this Second Amendment executed and/or transmitted electronically shall have the same authority, effect and enforceability as an original signature.

		
	4.
	This Second Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts made and to be performed entirely within such State.

[Remainder of page intentionally left blank.  Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Second Amendment as of the date first set forth above.

J. C. PENNEY COMPANY, INC.

	
		
	By:
	/s/ Brandy L. Treadway

	Name:
	Brandy L. Treadway

	Title:       
	SVP, General Counsel and Secretary

                            
                     
                                        

COMPUTERSHARE INC.

	
		
	By:
	/s/ Dennis V. Moccia

	Name:
	Dennis V. Moccia

	Title:       
	Senior Manager, Contract Operations

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