Document:

kodk-ex103_165.htm

Karen Kelly, Director, Excellence and Vice P
 
 

 

Exhibit (10.31)

Total Rewards and Operational resident, Human Resources
Personal and Confidential
 

May 31, 2018

 

TO:Roger Byrd

	
 
	
FROM:
	
Karen Kelly, Director, Total Rewards and Oper Excellence and VP, Human Resources
	
 

SUBJECT:Special Severance Plan

 

Dear Roger:

In recognition of your critical contributions to the Legal organization, I am pleased to inform you of the Company’s agreement to provide you with special severance protection, effective upon your agreement with the terms of this letter (“Agreement”). We hope that by providing you with this enhanced severance protection, you can maintain focus on the critical deliverables laid out for you in 2018 and beyond.

 

Under the terms of this letter, if your employment terminates without cause (as defined in the attached Appendix), we will provide for severance protection at 1X your base salary (“Separation Pay”).

 

If the Company is required to pay severance or termination benefits to you under any other plan, agreement or arrangement, or by law, the Separation Pay payable to you under this Agreement will be reduced by the amount of the required severance or termination benefits required to be paid to you under such other plan, agreement or arrangement, or by law. This provision is intended to prevent duplication of benefits, and is not intended to permit an alteration in the time or form of the Separation Pay payable under this Agreement.

 

This Agreement is confidential and should not be discussed with anyone (including co-workers) other than your family members and your financial and legal advisors. These individuals must also keep the terms of the Agreement confidential. We are relying on your sensitivity and professionalism in observing this request.

 

On behalf of Kodak and the Legal organization, I want to thank you for your service and look forward to your continued contributions.

 

Sincerely,

 

 

/s/ Karen M. Kelly

Director, Total Rewards and Operational Excellence and Vice President, HR

 

 

	
 
	
CC:
	
Mary Anne Detmer Rich Michaels Sharon Underberg
	
 

 

Eastman Kodak Company • 343 State Street • Rochester, NY 14650-0233

 

 

Appendix Special Severance Plan

 

 

Qualifying Terminations:

 

	
A.
	
Eligible Qualifying Terminations. In the event of the termination by the Company of your employment with the Company without Cause, if you satisfy the requirement set forth in Paragraph B Waiver and Release, you shall be eligible to receive the compensation specified in this Agreement. You will not be eligible for compensation or benefits under this Agreement in the event of the termination of your employment with the Company for Cause or by reason of your death or Disability.
	
 

 

	
B.
	
Waiver and Release. To be eligible for the severance compensation and benefits specified by this Agreement, you must sign and not revoke a waiver and release of all claims arising out of (A) your employment with the Company, and (B) your termination of employment from the Company, on a form reasonably satisfactory to the Company and provided to the Participant, before the deadline specified by the release.
	
 

 

	
C.
	
Non-Disparagement. By accepting any severance compensation or benefits under this Agreement, you agree and covenant not to disparage the Company, its directors, its officers or its employees; provided, however, this covenant shall not prohibit you from reporting possible violations of federal laws or regulations to any governmental agency or entity, including, but not limited to, the Securities and Exchange Commission.
	
 

 

	
 
	
D.
	
Cause. For purposes of this Agreement, “Cause” means any of the following:

(i)your continued failure, for a period of at least 30 calendar days following a written warning, to perform your duties in a manner deemed satisfactory by your supervisor, in the exercise of his or her sole discretion; (ii) your failure to follow a lawful written directive of Kodak’s Chief Executive Officer, your supervisor or Kodak’s Board of Directors; (iii) your willful violation of any material rule, regulation, or policy that may be established from time to time for the conduct of the Company’s business; (iv) your unlawful possession, use or sale of narcotics or other controlled substances, or performing job duties while illegally used controlled substances are present in the your system; (v) any act or omission or commission by you in the scope of your employment (A) which results in the assessment of a civil or criminal penalty against you or the Company, or (B) which in the reasonable judgment of your supervisor could result in a material violation of any foreign or U.S. federal, state or local law or regulation having the force of law; (vi) your conviction of or plea of guilty or no contest to any crime involving moral turpitude; (vii) any misrepresentation of a material fact to, or concealment of a material fact from, your supervisor or any other person in the Company to whom you have a reporting relationship in any capacity; or (viii) your breach of the Company’s Business Conduct Guide or the Eastman Kodak Company Employee’s Agreement.

 

page 2 of 4

Payment of Separation Pay; Tax Withholding:

 

The Separation Pay payable to you in the event of your Qualifying Termination shall be paid over the 12-month period following the Qualifying Termination in accordance with the Company’s usual payroll practices, less the amount of applicable federal, state and local income and employment tax withholdings. The payment of Separation Pay shall commence with the first full payroll period following the expiration of the period during which you may revoke the waiver and release required above, and the first installment of Separation Pay shall include any installments that would otherwise have been paid following the date of your Qualifying Termination and before the payment date of such first installment of Separation Pay.

 

Section 409A:

 

The Separation Pay is intended to qualify for an exemption from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations promulgated and other official guidance issued thereunder (collectively, “Section 409A”), and this Agreement shall be administered and interpreted consistent with such intent. Notwithstanding the foregoing, the Company makes no representations that the Separation Pay is exempt from Section 409A, and in no event will the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of non-compliance with Section 409A. Each payment under this Policy shall be deemed to be a separate payment for purposes of Section 409A. References to “termination of employment” and similar terms used in this Agreement mean a “separation from service” within the meaning of Section 409A. In the event that you are a “specified employee” (within the meaning of Section 409A and as determined by the Company) at the time of separation from service, any compensation payable hereunder by reason of such separation of service that would otherwise be paid during the six-month period immediately following such separation from service shall instead be paid on the first day of the seventh month following the separation from service if and to the extent required to comply with Section 409A.

 

Miscellaneous:

 

	
A.
	
Employee’s Agreement. Your Eastman Kodak Company Employee’s Agreement will remain in full force and effect following the your termination of employment with the Company, including, without limitation, the provisions regarding nondisclosure of confidential information, non-competition with the Company, and non-solicitation of Company employees, customers and suppliers. Before you accept employment with any other person or entity while your Employee’s Agreement is in effect, you must provide the prospective employer with written notice of the provisions of the Employee’s Agreement and will deliver a copy of the notice to the Company.
	
 

 

	
B.
	
No Guarantee of Employment. Nothing in this Agreement will be construed as granting you a right to continued employment or other service with the Company, or to interfere with the right of the Company to discipline or discharge you at any time.
	
 

 

	
C.
	
Benefits Bearing. In no event shall any of the Separation Pay provided under this Agreement be “benefits bearing.”
	
 

 

	
D.
	
Clawback. In the event that you breach any of the terms of the Eastman Kodak Company Employee’s Agreement, in addition to and not in lieu of any other remedies that the Company may pursue against you, no further payments of Separation Pay will be made to
	
 

 

page 3 of 4

you pursuant to this Agreement and you shall immediately repay to the Company all moneys previously paid to you pursuant to this Agreement.

 

E.No Waiver. The failure by the Company or its agent to enforce any provision of this Agreement at any time or from time to time, and with respect to any person or persons, shall not be construed to be a waiver of such provision, nor in any way limit the Company's or its agent's ability to enforce such provision in any situation.

 

F.Severability. If part or all of any of the provisions of this Agreement shall be held or deemed to be or shall in fact be inoperative or unenforceable as applied in any particular situation, such circumstances shall not have the effect of rendering any other parts of the provision at issue or other Agreement provisions invalid, inoperative or unenforceable to any extent whatsoever.

 

G.Governing Law. This Agreement shall be construed in accordance with the laws of New York State without regard to the conflicts of law principles thereof.

 

H.Headings. The headings used in this Agreement are for convenience of reference only and will not control or affect the meaning or construction of any of its provisions.

 

*****

 

 

 

Signature of agreement:

 

 

 

 

 

 

 

 

 

				
	
 
	
 
	
EASTMAN KODAK COMPANY

	
 
	
 
	
 
	
 

	
Date:  May 31, 2018
	
 
	
By:
	
/s/ Roger W. Byrd

	
 
	
 
	
 
	
Roger W. Byrd

	
 
	
 
	
 
	
 

page 4 of 4Exhibit
4.5

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

As
of March 17, 2020, Manhattan Bridge Capital Inc. (the “Company”, “we”, “us” or “our”)
has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), Common Stock, par value $0.001 per share (the “Common Shares”). The Common Shares are listed on The Nasdaq
Capital Market under the symbol “LOAN”. The following is a summary of some of the terms of the Company’s Common
Shares, This summary is not complete and is subject to and qualified in its entirety by reference to the Company’s Restated
Certificate of Incorporation (the “Articles”) and Amended and Restated Bylaws (the “Bylaws”). The terms
of the Common Shares are also subject to and qualified by the applicable New York law.

 

General

 

Under
our Articles, we are authorized to issue up to twenty-five million (25,000,000) shares of Common Shares, and five million (5,000,000)
preferred stock, par value $0.01 per share (the “Preferred Stock”).

 

Common
Stock

 

Except
as otherwise required by applicable law and subject to the preferential rights of any outstanding Preferred Stock, all voting
rights are vested in and exercised by the holders of Common Stock with each Common Share being entitled to one vote. In the event
of liquidation, holders of the Common Stock are entitled to share ratably in the distribution of assets remaining after payment
of liabilities, if any. Holders of the Common Stock have no cumulative voting rights and no preemptive or other rights to subscribe
for shares. Holders of Common Stock are entitled to such dividends as may be declared by the Board of Directors (the “Board”)
out of funds legally available therefor.

 

In
order to maintain our qualification for taxation as a Real Estate Investment Trust (“REIT”), we are required to distribute
at least 90% of our REIT taxable income to our shareholders each year. To the extent we distribute less than 100% of our taxable
income to our shareholders (but more than 90%) we will maintain our qualification for taxation as a REIT, but the undistributed
portion will be subject to regular corporate income taxes. As a REIT, we may also be subject to federal excise taxes and minimum
state taxes. We also intend to operate our business in a manner that will permit us to maintain our exemption from registration
under the Investment Company Act of 1940, as amended. In addition, in order for us to qualify for taxation as a REIT, not more
than 50% in value of our outstanding Common Stock may be owned, directly or indirectly, by five or fewer individuals (as defined
in the Internal Revenue Code of 1986, as amended (the “IRC”), to include certain entities) at any time during the
last half of each taxable year, and at least 100 persons must beneficially own our stock during at least 335 days of a taxable
year of 12 months, or during a proportionate portion of a shorter taxable year. To help ensure that we meet the tests, our Articles
restrict the acquisition and ownership of our capital stock. The ownership limitation is fixed at 4.0% of our outstanding shares
of capital stock, by value or number of shares, whichever is more restrictive.

 

Authorized
but Unissued Capital Stock

 

New
York law does not require shareholder approval for any issuance of authorized shares, except in certain limited circumstances.
However, the listing requirements of Nasdaq, which would apply for so long as our common shares are listed on one of the Nasdaq
exchanges, require shareholder approval of certain issuances (other than a public offering) equal to or exceeding 20% of the then
outstanding voting power or then outstanding number of shares of common shares, as well as for certain issuances of stock in compensatory
transactions. These additional shares may be used for a variety of corporate purposes, including future public offerings, to raise
additional capital or to facilitate acquisitions. One of the effects of the existence of unissued and unreserved common shares
may be to enable our Board to sell shares to persons friendly to current management, for such consideration, in form and amount,
as is acceptable to the Board, which issuance could render more difficult or discourage an attempt to obtain control of our company
by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of our management and possibly
deprive shareholders of opportunities to sell their common shares at prices higher than prevailing market prices.

 

    	 

    	 

    

 

Blank
Check Preferred Shares

 

Our
Board is empowered, without further action by stockholders, to issue from time to time one or more series of preferred shares,
with such designations, rights, preferences and limitations as the Board may determine by resolution. The rights, preferences
and limitations of separate series of preferred shares may differ with respect to such matters among such series as may be determined
by the Board, including, without limitation, the rate of dividends, method and nature of payment of dividends, terms of redemption,
amounts payable on liquidation, sinking fund provisions (if any), conversion rights (if any) and voting rights. Certain issuances
of preferred shares may have the effect of delaying or preventing a change in control of our company that some stockholders may
believe is not in their interest.

 

Restrictions
on Ownership of Capital Stock

 

In
order for us to qualify to be taxed as a REIT under the IRC, shares of our capital stock must be owned by 100 or more persons
during at least 335 days of a taxable year of twelve months or during a proportionate part of a shorter taxable year (other than
the first year for which an election to qualify to be taxed as a REIT has been made). Also, not more than 50% of the value of
the outstanding shares of our stock (after taking into account options to acquire shares of stock) may be owned, directly or indirectly,
by five or fewer individuals (as defined in the IRC to include certain entities such as private foundations) during the last half
of a taxable year (other than the first year for which an election to be a REIT has been made). To qualify to be taxed as a REIT,
we must satisfy other requirements as well.

 

Our
Articles provide that, subject to the exceptions described below, no person or entity may own, or be deemed to own, beneficially
or by virtue of the applicable constructive ownership provisions of the IRC, more than 4.0%, by value or number of common shares,
whichever is more restrictive, of our aggregate outstanding capital stock, or such other percentage determined by our Board. As
such, our Board, in its sole and absolute discretion, may exempt, prospectively or retroactively, a particular shareholder from
the ownership limits or establish a different limit on ownership (the “Excepted Holder Limit”) if it obtains representations
and undertakings from such shareholders as are reasonably necessary for the Board to determine that such shareholder’s beneficial
or constructive ownership of our shares will not result in our being “closely held” under Section 856(h) of the IRC
(without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise failing to qualify
to be taxed as a REIT. Any violation or attempted violation of any such representations or undertakings (or other action which
is contrary to the restrictions contained in our restated certificate of incorporation) will result in such shareholder’s
shares being automatically transferred to a charitable trust. As a condition of granting the waiver or establishing the Excepted
Holder Limit, our Board may require an opinion of counsel or a ruling from the Internal Revenue Service (the “IRS”),
in either case in form and substance satisfactory to our Board, in its sole discretion, in order to determine or ensure our status
as a REIT. Notwithstanding the receipt of any ruling or opinion, our Board may impose such conditions or restrictions as it deems
appropriate in connection with granting such a waiver or establishing an Excepted Holder Limit.

 

The
ownership limits described above generally do not apply to Assaf Ran, our current chief executive officer, who, as of December
31, 2019, owns 26.2% of our outstanding common shares. In addition, our Board may grant such an exemption to such limitations
in its sole discretion, subject to such conditions, representations and undertakings as it may determine.

 

We
refer to the person or entity that, but for operation of the ownership limits or another restriction on ownership and transfer
of shares as described below, would beneficially own or constructively own shares of our capital stock in violation of such limits
or restrictions and, if appropriate in the context, a person or entity that would have been the record owner of such shares as
a “Prohibited Owner.”

 

    	 

    	 

    

 

The
constructive ownership rules under the IRC are complex and may cause shares owned beneficially or constructively by a group of
related individuals and/or entities to be deemed owned beneficially or constructively by one individual or entity. As a result,
even if a shareholder’s actual ownership does not exceed the share ownership limits described, on a constructive ownership
basis such shareholder may exceed those limits.

 

In
connection with granting a waiver of the ownership limits or creating an Excepted Holder Limit or at any other time, our Board
may from time to time increase or decrease the common share ownership limit, for all other persons, unless, after giving effect
to such increase, five or fewer individuals could beneficially own, in the aggregate, more than 49.9% in value of our outstanding
shares or we would otherwise fail to qualify to be taxed as a REIT. A reduced ownership limit will not apply to any person or
entity whose percentage ownership of our common shares or our shares of all classes and series, as applicable, is, at the effective
time of such reduction, in excess of such decreased ownership limit until such time as such person’s or entity’s percentage
ownership of our common shares or our shares of all classes and series, as applicable, equals or falls below the decreased ownership
limit; provided, however, any further acquisition of our common shares or shares of all other classes or series, as applicable,
will violate the decreased ownership limit.

 

Thus,
our Articles prohibit:

 

	 	●	any
    person from beneficially or constructively owning, applying certain attribution rules of the IRC, shares of our capital stock
    that would result in our being “closely held” under Section 856(h) of the IRC (without regard to whether the ownership
    interest is held during the last half of a taxable year) or otherwise cause us to fail to qualify to be taxed as a REIT;
	 	●	any
    person from transferring shares of our capital stock if the transfer would result in shares of our capital stock being beneficially
    owned by fewer than 100 persons (determined under the principles of Section 856(a)(5) of the IRC); and
	 	●	any
    person from beneficially or constructively owning shares of our capital stock to the extent such ownership would result in
    our failing to qualify as a “domestically controlled qualified investment entity” within the meaning of Section
    897(h)(4)(B) of the IRC.

 

Any
person who acquires or attempts or intends to acquire beneficial or constructive ownership of shares of our capital stock that
will or may violate the ownership limits or any of the other restrictions on ownership and transfer of shares of our capital stock
described above, or who would have owned shares of our stock transferred to the trust as described below, must immediately give
notice to us of such event or, in the case of an attempted or proposed transaction, give us at least 15 days’ prior written
notice and provide us with such other information as we may request in order to determine the effect of such transfer on our status
as a REIT. The foregoing restrictions on ownership and transfer of shares of our capital stock will not apply if our Board determines
that it is no longer in our best interests to attempt to qualify, or to continue to qualify, to be taxed as a REIT or that compliance
with the restrictions and limits on ownership and transfer of shares of our capital stock described above is no longer required.

 

If
any transfer of shares of our capital stock would result in shares of our capital stock being beneficially owned by fewer than
100 persons, the transfer will be null and void and the intended transferee will acquire no rights in the shares. In addition,
if any purported transfer of shares of our capital stock or any other event would otherwise result in any person violating the
ownership limits or an Excepted Holder Limit established by our Board, or in our being “closely held” under Section
856(h) of the IRC (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise
failing to qualify to be taxed as a REIT or as a “domestically controlled qualified investment entity” within the
meaning of Section 897(h)(4)(B) of the IRC, then that number of shares (rounded up to the nearest whole share) that would cause
the violation will be automatically transferred to, and held by, a trust for the exclusive benefit of one or more charitable organizations
selected by us, and the intended transferee or other Prohibited Owner will acquire no rights in the shares. The automatic transfer
will be effective as of the close of business on the business day prior to the date of the violating transfer. If the transfer
to the trust as described above is not automatically effective, for any reason, to prevent a violation of the applicable ownership
limits or our being “closely held” under Section 856(h) of the IRC (without regard to whether the ownership interest
is held during the last half of a taxable year) or our otherwise failing to qualify to be taxed as a REIT or as a “domestically
controlled qualified investment entity,” then the transfer of the shares will be null and void and the intended transferee
will acquire no rights in such shares.

 

    	 

    	 

    

 

Shares
of our capital stock held in the trust will be issued and outstanding shares. The Prohibited Owner will not benefit economically
from ownership of any shares of our capital stock held in the trust and will have no rights to distributions and no rights to
vote or other rights attributable to the shares held in the trust. The trustee of the trust will exercise all voting rights and
receive all distributions with respect to shares held in the trust for the exclusive benefit of the charitable beneficiary of
the trust. Any dividend or distribution made before we discover that the shares have been transferred to a trust as described
above must be repaid by the recipient to the trustee upon demand by us. Subject to New York law, effective as of the date that
the shares have been transferred to the trust, the trustee will have the authority to rescind as void any vote cast by a Prohibited
Owner before our discovery that the shares have been transferred to the trust and to recast the vote in accordance with the desires
of the trustee acting for the benefit of the charitable beneficiary of the trust. However, if we have already taken irreversible
corporate action, then the trustee may not rescind and recast the vote.

 

Shares
of our capital stock transferred to the trustee are deemed offered for sale to us, or our designee, at a price per share equal
to the lesser of (i) the price paid by the Prohibited Owner for the shares (or, in the case of a devise or gift, the market price
at the time of such devise or gift) and (ii) the market price on the date we, or our designee, accepts such offer. We may reduce
the amount so payable to the Prohibited Owner by the amount of any dividend or distribution that we made to the Prohibited Owner
before we discovered that the shares had been automatically transferred to the trust, and we may pay the amount of any such reduction
to the trustee for distribution to the charitable beneficiary. We have the right to accept such offer until the trustee has sold
the shares of our capital stock held in the trust as discussed below. Upon a sale to us, the interest of the charitable beneficiary
in the shares sold terminates, and the trustee must distribute the net proceeds of the sale to the Prohibited Owner and must distribute
any distributions held by the trustee with respect to such shares to the charitable beneficiary.

 

If
we do not buy the shares, the trustee must, within 20 days of receiving notice from us of the transfer of shares to the trust,
sell the shares to a person or entity designated by the trustee who could own the shares without violating the ownership limits
or the other restrictions on ownership and transfer of shares of our capital stock. After the sale of the shares, the interest
of the charitable beneficiary in the shares transferred to the trust will terminate and the trustee must distribute to the Prohibited
Owner an amount equal to the lesser of (i) the price paid by the Prohibited Owner for the shares (or, if the Prohibited Owner
did not give value for the shares in connection with the event causing the shares to be held in the trust (for example, in the
case of a gift, devise or other such transaction), the market price of the shares on the day of the event causing the shares to
be held in the trust) and (ii) the price per share received by the Trustee (net of any commissions and other expenses of sale)
received by the trust for the shares. The trustee may reduce the amount payable to the Prohibited Owner by the amount of any distribution
that we paid to the Prohibited Owner before we discovered that the shares had been automatically transferred to the trust and
that are then owed by the Prohibited Owner to the trustee as described above. Any net sales proceeds in excess of the amount payable
to the Prohibited Owner must be paid immediately to the charitable beneficiary. In addition, if, prior to the discovery by us
that shares have been transferred to a trust, such shares are sold by a Prohibited Owner, then such shares will be deemed to have
been sold on behalf of the trust and, to the extent that the Prohibited Owner received an amount for or in respect of such shares
that exceeds the amount that such Prohibited Owner was entitled to receive, such excess amount will be paid to the trustee upon
demand. The Prohibited Owner has no rights in the shares held by the trustee.

 

In
addition, if our Board determines that a transfer or other event has occurred that would violate the restrictions on ownership
and transfer of shares of our stock described above, our Board may take such action as it deems advisable to refuse to give effect
to or to prevent such transfer, including, but not limited to, causing us to redeem the shares, refusing to give effect to the
transfer on our books or instituting proceedings to enjoin the transfer.

 

Every
owner of 4% or more (or such lower percentage as required by the IRC or the regulations promulgated thereunder) of our capital
stock, within 30 days after the end of each taxable year, must give us written notice stating the shareholder’s name and
address, the number of shares of each class and series of our capital stock that the shareholder beneficially owns and a description
of the manner in which the shares are held. Each such owner must provide to us such additional information as we may request in
order to determine the effect, if any, of the shareholder’s beneficial ownership on our status as a REIT and to ensure compliance
with the ownership limits. In addition, any person or entity that is a beneficial owner or constructive owner of shares of our
capital stock and any person or entity (including the shareholder of record) who is holding shares of our capital stock for a
beneficial owner or constructive owner must, on request, provide to us such information as we may request in order to determine
our status as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such
compliance and to ensure compliance with the ownership limits.

 

    	 

    	 

    

 

Certificates
or other evidence representing shares of our capital stock will bear a legend referring to the restrictions on ownership and transfer
of shares of our capital stock described above.

 

The
restrictions on ownership and transfer of shares of our stock described above could delay, defer or prevent a transaction or a
change in control, including one that might involve a premium price for our common shares or otherwise be in the best interests
of our shareholders.

 

Anti-Takeover
Effects of the Company’s Articles and Bylaws

 

Certain
provisions of the Company’s Articles and Bylaws could have the effect of delaying, deterring or preventing another party
from acquiring or seeking to acquire control of the Company. For example, the Company’s Articles and Bylaws include provisions
that:

 

	 	●	require
    the request of holders of a majority of the issued and outstanding shares of the capital stock of the Company entitled to
    vote at a meeting, to call a special shareholders’ meeting;
	 	 	 
	 	●	allow
    the Board, subject to a majority vote of the entire Board, to amend or repeal the Company’s Bylaws and to adopt new
    bylaws; and
	 	 	 
	 	●	allow
    the Board to increase or decrease the number of directors comprising the Board, as long as the number of directors constituting
    the entire Board shall be not less than one (1) nor more than nine (9) directors, and to fill any vacancies on the Board.

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