Document:

Exhibit
4.05

 

AMENDMENT
NO. 2 TO SECURED CONVERTIBLE DEBENTURE

 

This
Amendment No. 2 to Secured Convertible Debenture (this “Amendment”) is entered into effective as of May 12,
2020 (“Effective Date”), between CIRTRAN CORPORATION, a Nevada corporation (the “Company”),
and TEKFINE, LLC, a Utah limited liability company (the “Holder”), and amends that certain Secured Convertible
Debenture (“Debenture”) with an issuance date of April 20, 2017.

 

Recital

 

The
Company and Holder desire to amend the Debenture to extend its Maturity Date to November 12, 2020, on the terms and conditions
set forth herein. Capitalized terms used in but not defined in this Amendment have the meanings given them in the Debenture.

 

Agreement

 

NOW,
THEREFORE, in consideration of the foregoing recital (which is incorporated herein by this reference) and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged and confirmed, the parties agree as follows:

 

1.
Amendment to Debenture. On the Effective Date, the Debenture is hereby amended to extend the Maturity Date by six months
to November 12, 2020.

 

2.
General.

 

(a)
Except as amended hereby, the Debenture will continue in full force and effect in accordance with its terms. Reference to this
Amendment need not be made in the Debenture or any other instrument or document executed in connection therewith; any reference
in any of such items to the Debenture is sufficient to refer to the Debenture as amended.

 

(b)
This Amendment will be governed by and construed under and in accordance with the laws of the state of Nevada, without regard
to the principles of conflicts of law.

 

(c)
This Amendment may be executed in any duplicate counterparts (and any counterpart may be executed by original, portable document
format (pdf), or facsimile signature), each of which when executed and delivered will be deemed an original, but both of which
will constitute one and the same instrument.

 

IN
WITNESS WHEREOF, the parties have executed this Amendment effective as of the Effective Date.

 

	CIRTRAN
    CORPORATION	 	TEKFINE,
    LLC
	 	 	 
	By:	/s/
    Iehab Hawatmeh	 	By:	/s/
    Greg Kofford
	Name:	Iehab
    Hawatmeh	 	Name:	Greg
    Kofford
	Title:	President	 	Title:	Managervsat-ex46_1091.htm

 

Exhibit 4.6

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

Viasat, Inc. (Viasat, we, our or us) has one class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended: our common stock.

 

DESCRIPTION OF COMMON STOCK 

General 

The following summary of the terms of our common stock is based upon our certificate of incorporation and bylaws. The summary is not complete, and is qualified in its entirety by reference to our certificate of incorporation and bylaws, which are filed as exhibits to this Annual Report on Form 10-K and are incorporated by reference herein. We encourage you to read our certificate of incorporation, our bylaws and the applicable provisions of the Delaware General Corporation Law for additional information.

Under our certificate of incorporation, the total number of shares of all classes of stock that we have authority to issue is 105,000,000, consisting of 5,000,000 shares of preferred stock, par value $0.0001 per share, and 100,000,000 shares of common stock, par value $0.0001 per share. 

Common Stock 

Voting Rights

The holders of our common stock are entitled to one vote for each share on all matters voted on by stockholders. The holders of our common stock do not have cumulative voting rights, which means that holders of more than one-half of the shares voting for the election of directors can elect all of the directors then being elected. 

Dividends

Subject to the preferences of any of our outstanding preferred stock, the holders of our common stock are entitled to a proportional distribution of any dividends that may be declared by the board of directors. 

Liquidation

In the event of a liquidation or dissolution of Viasat, the holders of our common stock are entitled to share equally in all assets remaining after payment of liabilities and any payments due to holders of any outstanding shares of our preferred stock. 

Fully Paid and Nonassessable

The outstanding shares of our common stock are fully paid and nonassessable. 

Holder Rights and Preferences

Holders of our common stock have no redemption or conversion rights, no sinking fund provisions and no preemptive right to subscribe for or purchase additional shares of any class of our capital stock. The rights, preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any of our outstanding preferred stock. 

Anti-Takeover Provisions 

 

 

Delaware Anti-Takeover Provisions

We are subject to the provisions of Section 203 of the General Corporation Law of the State of Delaware (the DGCL). Under Section 203, we would generally be prohibited from engaging in any business combination with any interested stockholder for a period of three years following the time that the stockholder became an interested stockholder unless: 

 

	
 
	
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prior to this time, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder; 

 

	
 
	
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upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (a) by persons who are directors and also officers and (b) by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or 

 

	
 
	
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at or subsequent to such time, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder. 

Under Section 203, a “business combination” includes: 

 

	
 
	
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any merger or consolidation involving the corporation and the interested stockholder; 

 

	
 
	
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any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder; 

 

	
 
	
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any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder, subject to limited exceptions; 

 

	
 
	
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any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or 

 

	
 
	
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the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation. 

In general, Section 203 defines an interested stockholder as an entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by such entity or person. 

Certificate of Incorporation and Bylaw Provisions

Some provisions of Viasat’s certificate of incorporation and bylaws could also have anti-takeover effects. These provisions: 

 

	
 
	
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permit the board of directors to increase its own size and fill the resulting vacancies; 

 

	
 
	
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provide for a board comprised of three classes of directors with each class serving a staggered three-year term; 

 

 

 

	
 
	
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authorize the issuance of preferred stock in one or more series; 

 

	
 
	
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prohibit stockholder action by written consent; 

 

	
 
	
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provide that special meetings of stockholders may be called only by the board of directors, its chairman, the president or the secretary of Viasat; and 

 

	
 
	
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require the affirmative vote of not less than 66 2/3% of the total voting power of all outstanding securities of Viasat then entitled to vote generally in the election of directors, voting together as a single class, to amend Viasat’s bylaws. 

These provisions are intended to enhance the likelihood of continuity and stability in the composition of the policies formulated by the board of directors. In addition, these provisions are intended to ensure that the board of directors will have sufficient time to act in what it believes to be in the best interests of Viasat and its stockholders. These provisions also are designed to reduce our vulnerability to an unsolicited proposal for a takeover of Viasat that does not contemplate the acquisition of all of our outstanding shares or an unsolicited proposal for the restructuring or sale of all or part of Viasat. The provisions are also intended to discourage some tactics that may be used in proxy fights. 

Classified Board of Directors

The certificate of incorporation provides for the board of directors to be divided into three classes of directors, with each class as nearly equal in number as possible, serving staggered three-year terms. As a result, approximately one-third of the board of directors will be elected each year. The classified board provision will help to assure the continuity and stability of the board of directors and the business strategies and policies of Viasat as determined by the board of directors. The classified board provision could have the effect of discouraging a third party from making a tender offer or attempting to obtain control of Viasat. In addition, the classified board provision could delay stockholders who do not agree with the policies of the board of directors from removing a majority of the board of directors for two years.

No Stockholder Action by Written Consent; Special Meetings

The certificate of incorporation provides that stockholder action can only be taken at an annual or special meeting of stockholders and prohibits stockholder action by written consent in lieu of a meeting.

The certificate of incorporation also provides that special meetings of stockholders may be called only by the board of directors, its chairman, the president or the secretary of Viasat. Stockholders are not permitted to call a special meeting of stockholders or to require that the board of directors call a special meeting.

Number of Directors; Removal; Filling Vacancies

The certificate of incorporation provides that the board of directors will consist of between four and eleven members, the exact number to be fixed by resolution adopted by affirmative vote of a majority of the board of directors. Further, the certificate of incorporation authorizes the board of directors to fill newly created directorships. Accordingly, this provision could prevent a stockholder from obtaining majority representation on the board of directors by permitting the board of directors to enlarge the size of the board and fill the new directorships with its own nominees. A director so elected by the board of directors holds office until the next election of the class for which the director has been chosen and until his or her successor is elected and qualified. The certificate of incorporation also provides that directors may be removed only for cause and only by the affirmative vote of holders of a majority of the total voting power of all outstanding securities. The effect of these provisions is to preclude a stockholder from removing incumbent directors without cause and simultaneously gaining control of the board of directors by filling the vacancies created by the removal with its own nominees.

 

 

Preferred Stock 

Under our certificate of incorporation, our board of directors is authorized to issue shares of our preferred stock from time to time, in one or more classes or series, without stockholder approval. Prior to the issuance of shares of each series, the board of directors is required by the DGCL and our certificate of incorporation to adopt resolutions and file a certificate of designation with the Secretary of State of the State of Delaware. The certificate of designation fixes for each class or series the designations, powers, preferences, rights, qualifications, limitations and restrictions, including the following: 

 

	
 
	
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the number of shares constituting each class or series; 

 

	
 
	
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voting rights; 

 

	
 
	
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rights and terms of redemption, including sinking fund provisions; 

 

	
 
	
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dividend rights and rates; 

 

	
 
	
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dissolution; 

 

	
 
	
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terms concerning the distribution of assets; 

 

	
 
	
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conversion or exchange terms; 

 

	
 
	
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redemption prices; and 

 

	
 
	
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liquidation preferences. 

All shares of preferred stock will, when issued, be fully paid and nonassessable and will not have any preemptive or similar rights. Our board of directors could authorize the issuance of shares of preferred stock with terms and conditions that could have the effect of discouraging a takeover or other transaction that might involve a premium price for holders of the shares or that holders might believe to be in their best interests. 

Unless we specify otherwise, the preferred stock will rank, relating to dividends and upon our liquidation, dissolution or winding up: 

 

	
 
	
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senior to all classes or series of our common stock and to all of our equity securities ranking junior to the preferred stock; 

 

	
 
	
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on a parity with all of our equity securities the terms of which specifically provide that the equity securities rank on a parity with the preferred stock; and 

 

	
 
	
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junior to all of our equity securities the terms of which specifically provide that the equity securities rank senior to the preferred stock. 

The term equity securities does not include convertible debt securities. 

Listing

Our common stock is listed on the Nasdaq Global Select Market under the symbol “VSAT.”

Transfer Agent and Registrar

The Transfer Agent and Registrar for our common stock is Computershare Trust Company, N.A.

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