CERTIFICATE
OF INCORPORATION
OF
MANDALAY
MEDIA, INC.
The
undersigned, for
the
purpose of organizing a corporation under the provisions and subject to the
requirements of the Delaware General Corporation Law (the “DGCL”), hereby
certifies that:
FIRST:
The name
of the corporation is Mandalay Media, Inc. (the “Corporation”).
SECOND:
The
address of the Corporation’s registered office in the State of Delaware is 615
South DuPont Highway, Dover, Delaware 19901, Kent County. The name of its
registered agent at such address is National Corporate Research, Ltd.
THIRD:
The
purpose of the Corporation is to engage in any lawful act or activity for which
corporations may be organized under the DGCL.
FOURTH:
A. The
total
number of shares of all classes of stock which the Corporation shall have
authority to issue is One Hundred and One Million (101,000,000), consisting
of:
(i)
100,000,000 shares of common stock, par value $0.0001 per share (the “Common
Stock”) and
(ii)
1,000,000 shares of preferred stock, par value $0.0001 per share (the “Preferred
Stock”).
The
number of authorized shares of any such class or classes or series may be
increased or decreased (but not below the number of shares then outstanding)
by
the affirmative vote of the holders of the capital stock of the Corporation
entitled to vote thereon, without a vote of the holders of the Common Stock
or
the Preferred Stock (or of any series thereof), voting as a separate class,
unless a vote of any such holders is specifically required herein pursuant
to
the terms of any Preferred Stock.
B. Common
Stock.
1.
General.
The
voting, dividend and liquidation and other rights of the holders of the Common
Stock are expressly made subject to and qualified by the rights of the holders
of any series of Preferred Stock.
2.
Voting
Rights.
The
holders of record of the Common Stock are entitled to one vote per share on
all
matters to be voted on by the Corporation's stockholders.
3.
Dividends.
Dividends may be declared and paid on the Common Stock from funds lawfully
available therefor if, as and when determined by the Board of Directors in
their
sole discretion, subject to provisions of law, any provision of this Certificate
of Incorporation, as amended from time to time, and subject to the relative
rights and preferences of any shares of Preferred Stock authorized, issued
and
outstanding hereunder.
4.
Liquidation.
Upon
the dissolution, liquidation or winding up of the Corporation, whether voluntary
or involuntary, holders of record of the Common Stock will be entitled to
receive pro rata
all
assets of the Corporation available for distribution to its stockholders,
subject, however, to the liquidation rights of the holders of Preferred Stock
authorized, issued and outstanding hereunder.
C.
Preferred
Stock.
Authority
is hereby expressly granted to the Board of Directors from time to time to
designate and issue Preferred Stock in one or more series, and in connection
with the creation of any such series, by resolution or resolutions providing
for
the issue of the shares thereof, to determine and fix such voting powers, full
or limited, or no voting powers, and such designations, preferences and relative
participating, optional or other special rights, and qualifications, limitations
or restrictions thereof, including without limitation thereof, dividend rights,
conversion rights, redemption privileges and liquidation preferences, as shall
be stated and expressed in such resolutions, all to the full extent now or
hereafter permitted by the DGCL. Without limiting the generality of the
foregoing, the resolutions providing for the designation and issuance of any
series of Preferred Stock may provide that such series shall be superior or
rank
equally or be junior to Preferred Stock of any other series to the extent
permitted by law. No vote of the holders of Preferred Stock or the Common Stock
shall be a prerequisite to the issuance of any shares of any series of Preferred
Stock authorized by and complying with the conditions of the Certificate of
Incorporation, the right to have such vote being expressly waived by all present
and future holders of the capital stock of the Corporation.
There
is
hereby created, out of the 1,000,000 shares of Preferred Stock of the
Corporation remaining authorized, unissued and undesignated, a series of the
Preferred Stock consisting of 100,000 shares, which series shall have the
following powers, designations, preferences and relative, participating,
optional or other rights, and the following qualifications, limitations and
restrictions (in addition to any powers, designations, preferences and relative,
participating, optional or other rights, and any qualifications, limitations
and
restrictions, set forth in this Certificate of Incorporation which are
applicable to the Preferred Stock):
1. Designation
of Amount.
(a)
One
hundred thousand (100,000) shares of Preferred Stock shall be, and hereby are,
designated the "Series A Convertible Preferred Stock" (the "Series A Preferred
Stock"), par value $0.0001 per share.
(b)
Subject to the requirements of the DGCL and this Certificate of Incorporation,
the number of shares of Preferred Stock that are designated as Series A
Preferred Stock may be increased or decreased by vote of the Board of Directors;
provided, that no decrease shall reduce the number of shares of Series A
Preferred Stock to a number less than the number of such shares then outstanding
plus the number of such shares reserved for issuance upon the exercise of
outstanding options, rights or warrants or upon the conversion of any other
outstanding securities issued by the Corporation that are convertible into
or
exercisable for Series A Preferred Stock. Any shares of Series A Preferred
Stock
converted, redeemed, purchased or otherwise acquired by the Corporation in
any
manner whatsoever shall, automatically and without further action, be retired
and canceled promptly after the acquisition thereof.
2.
Certain Definitions.
Unless
the context otherwise requires, the terms defined in this Section 2 shall have,
for all purposes of this resolution, the meanings specified (with terms defined
in the singular having comparable meanings when used in the
plural).
|
"Affiliate"
shall mean, with respect to any person, any other person directly
or indirectly controlling or controlled by or under direct or indirect
common control with such specified person and, in the case of a
person
who is an individual, shall include (i) members of such specified
person's
immediate family (as defined in Instruction 2 of Item 404(a) of
Regulation
S-K under the Securities Act) and (ii) trusts, the trustee and
all
beneficiaries of which are such specified person or members of such
person's
immediate family as determined in accordance with the foregoing
clause
(i). For the purposes of this definition, "control," when used with
respect
to any person means the power to direct the management and policies
of such person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms
"affiliated,"
"controlling" and "controlled" have meanings correlative to the
foregoing.
|
|
|
|
|
|
"Conversion Date" shall have the meaning
ascribed to such term in Section 6(d). |
|
|
|
|
|
"Conversion Price" shall mean the Original
Purchase Price of each share of Common
Stock, subject to adjustment from time to time in accordance with
Section
6(c). |
|
|
|
|
|
"Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended,
and
the rules and regulations promulgated thereunder.
|
|
|
"Initial Issue Date" shall mean the
date that
shares of Series A Preferred Stock
are first issued by the Corporation. |
|
|
|
|
|
"Original
Purchase Price" shall mean the per share purchase price for a share
of Series A Preferred Stock of $1.00, or such other price set forth
in
the Purchase Agreement or other subscription agreements pursuant
to
which
Series A Preferred Stock is sold.
|
|
|
|
|
|
"person"
shall mean any individual, partnership, company, limited liability
company, joint venture, association, joint-stock company, trust,
unincorporated
organization, government or agency or political subdivision thereof,
or other entity.
|
|
|
|
|
|
"Purchase Agreement" shall mean the
Series A
Convertible Preferred Stock Purchase
Agreement, dated as of October 12, 2006, by and between the Corporation
and the purchaser identified therein. |
|
|
|
|
|
"Securities Act" shall mean the Securities
Act of 1933, as amended, and the
rules and regulations promulgated thereunder. |
|
|
|
|
|
"Series A Preferred Stock" shall have
the
meaning set forth in Section 1. |
|
|
|
|
|
"Series
A Recapitalization Event" shall mean any stock dividend, stock
split,
combination, reorganization, recapitalization, reclassification,
or
other
similar event involving a change in the capital structure of the
Series
A Preferred Stock.
|
|
|
|
|
|
"Subsidiary"
means, with respect to any person, (a) a company a majority of
whose capital stock with voting power, under ordinary circumstances,
to
elect
directors is at the time, directly or indirectly, owned by such
person,
by a subsidiary of such person, or by such person and one or more
subsidiaries
of such person, (b) a partnership in which such person or a subsidiary
of such person is, at the date of determination, a general partner
of such partnership, or (c) any other person (other than a company)
in which such person, a subsidiary of such person or such person
and
one or more subsidiaries of such person, directly or indirectly,
at
the
date of determination thereof, has (i) at least a majority ownership
interest,
(ii) the power to elect or direct the election of the directors
or
other governing body of such person, or (iii) the power to direct
or
cause
the direction of the affairs or management of such person. For
purposes
of this definition, a person is deemed to own any capital stock
or
other ownership interest if such person has the right to acquire
such
capital
stock or other ownership interest, whether through the exercise of
any
purchase option, conversion privilege or similar right
|
|
3.
Voting
Rights.
(a)
General. Except as otherwise provided by the DGCL and in addition to any voting
rights provided by the DGCL or other applicable law, the holders of Series
A
Preferred Stock shall be entitled to vote (or render written consents) together
with the holders of the Common Stock and any other class or series of capital
stock of the Corporation entitled to vote together with the holders of the
Common Stock as a single class on all matters submitted for a vote of (or
written consents in lieu of a vote as permitted by the DGCL, the Certificate
of
Incorporation and the Bylaws) holders of Common Stock; and shall have such
other
voting rights as are specified in this Certificate of Incorporation. When voting
together with the holders of Common Stock, each share of Series A Preferred
Stock shall entitle the holder thereof to cast one vote for each vote that
such
holder would be entitled to cast had such holder converted its Series A
Preferred Stock into shares of Common Stock as of the record date for
determining the stockholders of the Corporation eligible to vote on any such
matter or, if no such record date is established, at the date such vote is
taken
or any written consent of stockholders is solicited. The holders of Series
A
Preferred Stock shall be entitled to receive notice of any stockholders' meeting
in accordance with the Certificate of Incorporation and Bylaws of the
Corporation.
(b)
Waivers. Except to the extent otherwise provided in this Certificate of
Incorporation or required by the DGCL, the holders of the Series A Preferred
Stock may, via affirmative vote or written consent in lieu thereof, waive any
rights of the holders of the Series A Preferred Stock set forth in this
Certificate of Incorporation.
4.
Dividends.
(a)
Dividend Amount. If the Board of Directors shall declare a dividend payable
upon
the then outstanding shares of Common Stock, the holders of the outstanding
shares of Series A Preferred Stock shall be entitled to the amount of dividends
on the Series A Preferred Stock as would be declared payable on the largest
number of whole shares of Common Stock into which the shares of Series A
Preferred Stock held by each holder thereof could be converted pursuant to
the
provisions of Section 6 hereof, such number to be determined as of the record
date for determination of holders of Common Stock entitled to receive such
dividend or, if no such record date is established, as of the date of such
dividend. Such determination of "whole shares" shall be based upon the aggregate
number of shares of Series A Preferred Stock held by each holder, and not upon
each share of Series A Preferred Stock so held by the holder.
(b)
Distributions Other than Cash. Whenever the distributions provided for in this
Section 4 shall be payable in property other than cash, the value of such
distribution shall be the fair market value thereof as determined in good faith
by the Board of Directors. All distributions (including distributions other
than
cash) made hereunder shall be made pro rata to the holders of Series A Preferred
Stock.
(c)
Equitable Adjustments. All numbers relating to the calculation of dividends
shall be subject to an equitable adjustment in the event of any Series A
Recapitalization Event.
5.
Liquidation
Preference.
(a)
Liquidation Preference of Series A Preferred Stock. In the event of any
liquidation, dissolution, or winding up of the Corporation, whether voluntary
or
involuntary, or in the event of its insolvency, the holders of Series A
Preferred Stock shall be entitled to have set apart for them, or to be paid,
out
of the assets of the Corporation available for distribution to stockholders
(whether such assets are capital, surplus or earnings) after provision for
payment of all debts and liabilities of the Corporation in accordance with
the
DGCL, before any distribution or payment is made with respect to any shares
of
Common Stock or any other class or series of capital stock of the Corporation
designated to be junior to the Series A Preferred Stock and subject to the
liquidation rights and preferences of any class or series of Preferred Stock
designated to be senior to, or on a parity with, the Series A Preferred Stock
with respect to liquidation preferences, an amount equal to the greater of
(i)
$10.00 per share of Series A Preferred Stock (which amount shall be subject
to
an equitable adjustment in the event of any Series A Recapitalization Event)
and
(ii) such amount as would have been payable on the largest number of whole
shares of Common Stock into which the shares of Series A Preferred Stock held
by
each holder thereof could have been converted immediately prior to such event
of
liquidation, dissolution or winding up pursuant to the provisions of Section
6
hereof.
(b)
Insufficient Assets. If, upon any liquidation, dissolution, or winding up of
the
Corporation, whether voluntary or involuntary, the assets legally available
for
distribution among the holders of the Series A Preferred Stock shall be
insufficient to permit payment to such holders of the full preferential amount
as provided for in Section 5(a) above, then such holders shall share ratably
in
any distribution of available assets according to the respective amounts which
would otherwise be payable with respect to the shares of Series A Preferred
Stock held by them upon such liquidating distribution if all amounts payable
on
or with respect to such shares were paid in full, based upon the aggregate
liquidation value payable upon all shares of Series A Preferred Stock then
outstanding.
(c)
Cash-Out Election.
(i)
Each
holder of Series A Preferred Stock may elect, by written notice to the
Corporation given within 10 days after any such transaction is consummated,
to
treat any of the following transactions as a dissolution or winding up of the
Corporation for the purposes of this Section 5: (1) a consolidation or merger
of
the Corporation with or into any other corporation or corporations, (2) a sale
of all or substantially all of the assets of the Corporation, (3) the issuance
and/or sale by the Corporation in a single or integrated transaction of shares
of Common Stock (or securities convertible into shares of Common Stock)
constituting a majority of the shares of Common Stock outstanding immediately
following such issuance (treating all securities convertible into shares of
Common Stock as having been fully converted and all options and other rights
to
acquire shares of Common Stock or securities convertible into shares of Common
Stock as having been fully exercised) and (4) any other form of acquisition
or
business combination where the Corporation is the target of such acquisition
and
where a change in control occurs such that the person or entity seeking to
acquire the Corporation has the power to elect a majority of the Board of
Directors as a result of the transaction (each such event an "Acquisition");
provided, however, that each holder of Series A Preferred Stock shall have
the
right to elect the benefits of the provisions of Section 6(c)(iv) hereof in
lieu
of receiving payment in liquidation, dissolution or winding up of the
Corporation pursuant to this Section 5.
(ii)
the
provisions of this Section 5(c) shall not apply to any reorganization, merger
or
consolidation involving (1) only a change in the state of incorporation of
the
Corporation, or (2) a merger of the Corporation with or into a wholly-owned
subsidiary of the Corporation that is incorporated in the United State of
America.
(d)
Distributions Other than Cash. Whenever the distribution provided for in this
Section 5 shall be payable in property other than cash, the value of such
distribution shall be the fair market value thereof as determined in good faith
by the Board of Directors of the Corporation. All distributions (including
distributions other than cash) made hereunder shall be made pro rata to the
holders of Series A Preferred Stock.
(e)
Equitable Adjustments. The amounts to be paid or set aside for payment as
provided above in this Section 5 shall be proportionately increased or decreased
in inverse relation to the change in the number of outstanding shares resulting
from any Series A Recapitalization Event.
6.
Conversion
Rights.
(a)
General. Subject to and upon compliance with the provisions of this Section
6,
each holder of shares of Series A Preferred Stock shall be entitled, at its
option, at any time, to convert all or any such shares of Series A Preferred
Stock into the number of fully paid and nonassessable shares of Common Stock
equal to the number obtained by dividing (i) the Original Purchase Price of
such
Series A Preferred Stock, plus the amount of any accumulated but unpaid
dividends as of the Conversion Date by (ii) the Conversion Price in effect
at
the close of business on the Conversion Date (determined as provided in this
Section 6).
(b)
Fractions of Shares. No fractional shares of Common Stock shall be issued upon
conversion of shares of Series A Preferred Stock. If more than one share of
Series A Preferred Stock shall be surrendered for conversion at one time by
the
same holder, the number of full shares of Common Stock to be issued shall be
computed on the basis of the aggregate number of shares of Series A Preferred
Stock so surrendered. Instead of any fractional shares of Common Stock which
would otherwise be issuable upon conversion of any shares of Series A Preferred
Stock, the Corporation shall pay a cash adjustment in respect of such fractional
share in an amount equal to the product of such fraction multiplied by the
fair
market value of one share of Common Stock on the Conversion Date as determined
in good faith by the Board of Directors.
(c)
Adjustments to Conversion Price. The Conversion Price shall also be subject
to
adjustment from time to time as follows:
(i)
Upon
Stock Dividends, Subdivisions or Splits. If, at any time after the date hereof,
the number of shares of Common Stock outstanding is increased by a stock
dividend payable in shares of Common Stock or by a subdivision or split-up
of
shares of Common Stock, then, following the record date for the determination
of
holders of Common Stock entitled to receive such stock dividend, or to be
affected by such subdivision or split-up, the Conversion Price shall be
appropriately decreased so that the number of shares of Common Stock issuable
on
conversion of Series A Preferred Stock shall be increased in proportion to
such
increase in outstanding shares.
(ii)
Upon
Combinations. If, at any time after the date hereof, the number of shares of
Common Stock outstanding is decreased by a combination of the outstanding shares
of Common Stock into a smaller number of shares of Common Stock, then, following
the record date to determine shares affected by such combination, the Conversion
Price shall be appropriately increased so that the number of shares of Common
Stock issuable on conversion of each share of Series A Preferred Stock shall
be
decreased in proportion to such decrease in outstanding shares.
(iii)
Capital Reorganization or Reclassification. If the Common Stock issuable upon
the conversion of the Series A Preferred Stock shall be changed into the same
or
different number of shares of any class or classes of stock, whether by capital
reorganization, reclassification or otherwise (other than a subdivision or
combination or shares of stock dividend provided for elsewhere in this Section
6(c), or the sale of all or substantially all of the Corporation's properties
and assets to any other person), then and in each such event the holder of
each
share of Series A Preferred Stock shall have the right thereafter to convert
such share into the kind and amount of shares of stock and other securities
and
property receivable upon such reorganization, reclassification or other change
by holders of the number of shares of Common Stock into which such shares of
Series A Preferred Stock might have been converted, as the case may be,
immediately prior to such reorganization, reclassification or change, all
subject to further adjustment as provided herein.
(iv)
Capital Reorganization, Merger or Sale of Assets. If at any time or from time
to
time there shall be a capital reorganization of the Common Stock (other than
a
subdivision, combination, reclassification, or exchange of shares provided
for
elsewhere in this Section 6) or a merger or consolidation of the Corporation
with or into another corporation, or the sale of all or substantially all of
the
Corporation's properties and assets to any other person, then, as a part of
such
reorganization, merger, or consolidation or sale, provision shall be made so
that holders of Series A Preferred Stock, as the case may be, shall thereafter
be entitled to receive upon conversion of the Series A Preferred Stock, the
number of shares of stock or other securities or property of the Corporation,
or
of the successor corporation resulting from such merger, consolidation or sale,
to which such holder would have been entitled if such holder had converted
its
shares of Series A Preferred Stock immediately prior to such capital
reorganization, merger, consolidation or sale. In any such case, appropriate
adjustment shall be made in the application of the provisions of this Section
6(c) with respect to the rights of the holders of the Series A Preferred Stock
after the reorganization, merger, consolidation or sale to the end that the
provisions of this Section 6(c), including adjustment of the Conversion Price
then in effect for the Series A Preferred Stock and the number of shares
issuable upon conversion of the Series A Preferred Stock) shall be applicable
after that event in as nearly equivalent a manner as may be
practicable.
(v)
Deferral in Certain Circumstances. In any case in which the provisions of this
Section 6(c) shall require that an adjustment shall become effective immediately
after a record date of an event, the Corporation may defer until the occurrence
of such event (1) issuing to the holder of any Series A Preferred Stock
converted after such record date and before the occurrence of such event the
shares of capital stock issuable upon such conversion by reason of the
adjustment required by such event and issuing to such holder only the shares
of
capital stock issuable upon such conversion before giving effect to such
adjustments, and (2) paying to such holder any amount in cash in lieu of a
fractional share of capital stock pursuant to Section 6(b) above; provided,
however, that the Corporation shall deliver to such holder an appropriate
instrument or due bills evidencing such holder's right to receive such
additional shares and such cash.
(d)
Exercise of Conversion Privilege. In order to exercise the conversion privilege,
the holder of any share of Series A Preferred Stock shall surrender the
certificate evidencing such share of Series A Preferred Stock, duly endorsed
or
assigned to the Corporation in blank, at any office or agency of the Corporation
maintained for such purpose, accompanied by written notice to the Corporation
at
such office or agency that the holder elects to convert such Series A Preferred
Stock or, if less than the entire amount thereof is to be converted, the portion
thereof to be converted. Series A Preferred Stock shall be deemed to have been
converted immediately prior to the close of business on the date (the
"Conversion Date") of surrender of such shares of Series A Preferred Stock
for
conversion in accordance with the foregoing provisions, and at such time the
rights of the holder of such shares of Series A Preferred Stock as a holder
shall cease, and the person or persons entitled to receive the Common Stock
issuable upon conversion shall be treated for all purposes as the record holder
or holders of such Common Stock as and after such time. As promptly as
practicable on or after the Conversion Date, the Corporation shall issue and
shall deliver at any office or agency of the Corporation maintained for the
surrender of Series A Preferred Stock a certificate or certificates for the
number of full shares of Common Stock issuable upon conversion, together with
payment in lieu of any fraction of a share, as provided in Section 6(b). In
the
case of any certificate evidencing shares of Series A Preferred Stock that is
converted in part only, upon such conversion the Corporation shall also execute
and deliver a new certificate evidencing the number of shares of Series A
Preferred Stock that are not converted.
(e)
Notice of Adjustment of Conversion Price. Whenever the provisions of Section
6(c) require that the Conversion Price be adjusted as herein provided, the
Corporation shall compute the adjusted Conversion Price in accordance with
Section 6(c) and shall prepare a certificate signed by the Corporation's chief
executive officer or chief financial officer setting forth the adjusted
Conversion Price and showing in reasonable detail the facts upon which such
adjustment is based, and such certificate shall forthwith be filed at each
office or agency maintained for such purpose for conversion of shares of Series
A Preferred Stock and mailed by the Corporation at its expense to all holders
of
Series A Preferred Stock at their last addresses as they shall appear in the
stock register.
(f)
Corporation to Reserve Common Stock. The Corporation shall at all times reserve
and keep available, free from preemptive rights, out of the authorized but
unissued Common Stock or out of the Common Stock held in treasury, for the
purpose of effecting the conversion of Series A Preferred Stock, the full number
of shares of Common Stock then issuable upon the conversion of all outstanding
shares of Series A Preferred Stock. Before taking any action that would cause
an
adjustment reducing the conversion price below the then par value (if any)
of
the shares of Common Stock deliverable upon conversion of the Series A Preferred
Stock, the Corporation will take any corporate action that, in the opinion
of
its counsel, is necessary in order that the Corporation may validly and legally
issue fully paid and non-assessable shares of Common Stock at such adjusted
conversion price.
(g)
Taxes
on Conversions. The Corporation will pay any and all original issuance,
transfer, stamp and other similar taxes that may be payable in respect of the
issue or delivery of shares of Common Stock on conversion of Series A Preferred
Stock pursuant hereto. The Corporation shall not, however, be required to pay
any tax which may be payable in respect of any transfer involved in the issue
and delivery of shares of Common Stock in a name other than that of the holder
of the share(s) of Series A Preferred Stock to be converted, and no such issue
or delivery shall be made unless and until the person requesting such issue
has
paid to the Corporation the amount of any such tax, or has established to the
satisfaction of the Corporation that such tax has been paid.
FIFTH:
The name
and mailing address of the sole incorporator of the Corporation is Nyisha
Shakur, c/o Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., 666 Third
Avenue, New York, New York 10017.
SIXTH:
The
Corporation is to have perpetual existence.
SEVENTH:
For the
management of the business and for the conduct of the affairs of the
Corporation, and in further definition and not in limitation of the powers
of
the Corporation and of its directors and of its stockholders or any class
thereof, as the case may be, conferred by the State of Delaware, it is further
provided that:
A. The
management of the business and the conduct of the affairs of the Corporation
shall be vested in its Board of Directors. The number of directors which shall
constitute the whole Board of Directors shall be fixed by, or in the manner
provided in, the Bylaws. The phrase “whole Board” and the phrase “total number
of directors” shall be deemed to have the same meaning, to wit, the total number
of directors which the Corporation would have if there were no vacancies. No
election of directors need be by written ballot.
B. After
the
original or other Bylaws of the Corporation have been adopted, amended or
repealed, as the case may be, in accordance with the provisions of
Section 109 of the DGCL, and, after the Corporation has received any
payment for any of its stock, the power to adopt, amend, or repeal the Bylaws
of
the Corporation may be exercised by the Board of Directors of the Corporation.
C. The
books
of the Corporation may be kept at such place within or without the State of
Delaware as the Bylaws of the Corporation may provide or as may be designated
from time to time by the Board of Directors of the Corporation.
EIGHTH:
The
Corporation shall, to the fullest extent permitted by Section 145 of the DGCL,
as the same may be amended and supplemented from time to time, indemnify and
advance expenses to, (i) its directors and officers, and (ii) any person who
at
the request of the Corporation is or was serving as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust
or
other enterprise, from and against any and all of the expenses, liabilities,
or
other matters referred to in or covered by said section as amended or
supplemented (or any successor), provided, however, that except with respect
to
proceedings to enforce rights to indemnification, the Bylaws of the Corporation
may provide that the Corporation shall indemnify any director, officer or such
person in connection with a proceeding (or part thereof) initiated by such
director, officer or such person only if such proceeding (or part thereof)
was
authorized by the Board of Directors of the Corporation. The Corporation, by
action of its Board of Directors, may provide indemnification or advance
expenses to employees and agents of the Corporation or other persons only on
such terms and conditions and to the extent determined by the Board of Directors
in its sole and absolute discretion. The indemnification provided for herein
shall not be deemed exclusive of any other rights to which those indemnified
may
be entitled under any Bylaw, agreement, vote of stockholders or disinterested
directors or otherwise, both as to action in their official capacity and as
to
action in another capacity while holding such office, and shall continue as
to a
person who has ceased to be a director, officer, employee, or agent and shall
inure to the benefit of the heirs, executors and administrators of such a
person.
NINTH:
No
director of the Corporation shall be liable to the Corporation or any of its
stockholders for monetary damages for breach of fiduciary duty as a director,
provided that this provision does not eliminate or limit the liability of the
director (i) for any breach of the director’s duty of loyalty to the Corporation
or its stockholders, (ii) for acts or omissions not in good faith or which
involve intentional misconduct or a knowing violation of law, (iii) under
Section 174 of the DGCL, or (iv) for any trans-action from which the director
derived an improper personal benefit. For purposes of the prior sentence, the
term “damages” shall, to the extent permitted by law, include without
limitation, any judgment, fine, amount paid in settlement, penalty, punitive
damages, excise or other tax assessed with respect to an employee benefit plan,
or expense of any nature (including, without limitation, reasonable counsel
fees
and disbursements). Each person who serves as a director of the Corporation
while this Article NINTH
is
in
effect shall be deemed to be doing so in reliance on the provisions of this
Article NINTH,
and
neither the amendment or repeal of this Article NINTH,
nor the
adoption of any provision of this Certificate of Incorporation inconsistent
with
this Article NINTH,
shall
apply to or have any effect on the liability or alleged liability of any
director of the Corporation for, arising out of, based upon, or in connection
with any acts or omissions of such director occurring prior to such amendment,
repeal, or adoption of an inconsistent provision. The provisions of this Article
NINTH
are
cumulative and shall be in addition to and independent of any and all other
limitations on or eliminations of the liabilities of directors of the
Corporation, as such, whether such limitations or eliminations arise under
or
are created by any law, rule, regulation, bylaw, agreement, vote of stockholders
or disinterested directors, or otherwise.
TENTH:
From
time
to time any of the provisions of this Certificate of Incorporation may be
amended, altered or repealed, and other provisions authorized by the laws of
the
State of Delaware at the time in force may be added or inserted in the manner
and at the time prescribed by said laws, and all rights at any time conferred
upon the stockholders of the Corporation by this Certificate of Incorporation
are granted subject to the provisions of this Article TENTH.
IN
WITNESS WHEREOF,
I have
made, signed, and sealed this Certificate of Incorporation as of September
14,
2007.
|
|
|
|
|
/s/ Nyisha
Shakur |
|
Nyisha
Shakur, Sole
Incorporator |