Attached files
file | filename |
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8-K - FORM 8-K - GLG Partners, Inc. | y87205e8vk.htm |
EX-4.1 - EX-4.1 - GLG Partners, Inc. | y87205exv4w1.htm |
EX-3.1 - EX-3.1 - GLG Partners, Inc. | y87205exv3w1.htm |
EX-99.1 - EX-99.1 - GLG Partners, Inc. | y87205exv99w1.htm |
Exhibit 3.2
AMENDED AND RESTATED BYLAWS
OF
GLG PARTNERS, INC.
(a Delaware corporation)
OF
GLG PARTNERS, INC.
(a Delaware corporation)
ARTICLE I
Stockholders
SECTION 1. Annual Meetings. The annual meeting of stockholders for the election of
directors and for the transaction of such other business as may properly come before the meeting
shall be held each year at such date and time, within or without the State of Delaware, as the
Board of Directors shall determine.
SECTION 2. Special Meetings. Special meetings of stockholders for the transaction of
such business as may properly come before the meeting may be called by order of the Board of
Directors or by stockholders holding together at least a majority of all the shares of the
Corporation entitled to vote at the meeting, and shall be held at such date and time, within or
without the State of Delaware, as may be specified by such order.
SECTION 3. Notice of Meetings. Written notice of all meetings of the stockholders,
stating the place (if any), date and hour of the meeting, the means of remote communications, if
any, by which stockholders and proxy holders may be deemed to be present in person and vote at such
meeting, and the place within the city or other municipality or community at which the list of
stockholders may be examined, shall be mailed or delivered to each stockholder not less than 10 nor
more than 60 days prior to the meeting. Notice of any special meeting shall state in general terms
the purpose or purposes for which the meeting is to be held.
SECTION 4. Stockholder Lists. The officer who has charge of the stock ledger of the
Corporation shall prepare and make, at least 10 days before every meeting of stockholders, a
complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order,
and showing the address of each stockholder and the number of shares registered in the name of each
stockholder. Such list shall be open to the examination of any stockholder, for any purpose
germane to the meeting, either at a place within the city where the meeting is to be held, which
place shall be specified in the notice of the meeting, or, if not so specified, at the place where
the meeting is to be held. The list shall also be produced and kept at the time and place of the
meeting during the whole time thereof, and may be inspected by any stockholder who is present.
The stock ledger shall be the only evidence as to who are the stockholders entitled to examine
the stock ledger, the list required by this section or the books of the Corporation, or to vote in
person or by proxy at any meeting of stockholders.
SECTION 5. Quorum. Except as otherwise provided by law or the Corporations
Certificate of Incorporation, a quorum for the transaction of business at any
meeting of stockholders shall consist of the holders of record of a majority of the issued and
outstanding shares of the capital stock of the Corporation entitled to vote at the meeting, present
in person or by proxy. If there be no such quorum, the holders of a majority of such shares so
present or represented may adjourn the meeting from time to time, without further notice, until a
quorum shall have been obtained. When a quorum is once present it is not broken by the subsequent
withdrawal of any stockholder.
SECTION 6. Organization. Meetings of stockholders shall be presided over by the
Chairman, if any, or if none or in the Chairmans absence the Vice-Chairman, if any, or if none or
in the Vice-Chairmans absence the Chief Executive Officer, if any, or if none or in the Chief
Executive Officers absence the President, or, if none of the foregoing is present, by a chairman
to be chosen by the stockholders entitled to vote who are present in person or by proxy at the
meeting. The Secretary of the Corporation, or in the Secretarys absence an Assistant Secretary,
shall act as secretary of every meeting, but if neither the Secretary nor an Assistant Secretary is
present, the presiding officer of the meeting shall appoint any person present to act as secretary
of the meeting.
SECTION 7. Voting; Proxies; Required Vote. (A) At each meeting of stockholders,
every stockholder shall be entitled to vote in person or by proxy appointed by instrument in
writing, subscribed by such stockholder or by such stockholders duly authorized attorney-in-fact
(but no such proxy shall be voted or acted upon after three years from its date, unless the proxy
provides for a longer period), and, unless the Certificate of Incorporation provides otherwise,
shall have one vote for each share of stock entitled to vote registered in the name of such
stockholder on the books of the Corporation on the applicable record date fixed pursuant to these
Bylaws. At all elections of directors the voting may but need not be by ballot and a plurality of
the votes of the shares present in person or represented by proxy at the meeting and entitled to
vote on the election of directors shall elect. Except as otherwise required by law or the
Certificate of Incorporation, any other action shall be authorized by the vote of the majority of
the shares present in person or represented by proxy at the meeting and entitled to vote on the
subject matter.
(B) Any action required or permitted to be taken at any meeting of stockholders may, except as
otherwise required by law or the Certificate of Incorporation, be taken without a meeting, without
prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall
be signed by the holders of record of the issued and outstanding capital stock of the Corporation
having not less than the minimum number of votes that would be necessary to authorize or take such
action at a meeting at which all shares entitled to vote thereon were present and voted, and the
writing or writings are filed with the permanent records of the Corporation. Prompt notice of the
taking of corporate action without a meeting by less than unanimous written consent shall be given
to those stockholders who have not consented in writing.
(C) At all meetings of the stockholders at which a quorum is present, all matters, except as
otherwise provided by law or the Certificate of Incorporation, shall be
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decided by the vote of the holders of a majority of the shares entitled to vote thereat
present in person or by proxy.
SECTION 8. Inspectors. The Board of Directors, in advance of any meeting, may, but
need not, appoint one or more inspectors of election to act at the meeting or any adjournment
thereof. If an inspector or inspectors are not so appointed, the person presiding at the meeting
may, but need not, appoint one or more inspectors. In case any person who may be appointed as an
inspector fails to appear or act, the vacancy may be filled by appointment made by the directors in
advance of the meeting or at the meeting by the person presiding thereat. Each inspector, if any,
before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to
execute the duties of inspector at such meeting with strict impartiality and according to the best
of his ability. The inspectors, if any, shall determine the number of shares of stock outstanding
and the voting power of each, the shares of stock represented at the meeting, the existence of a
quorum, and the validity and effect of proxies, and shall receive votes, ballots or consents, hear
and determine all challenges and questions arising in connection with the right to vote, count and
tabulate all votes, ballots or consents, determine the result, and do such acts as are proper to
conduct the election or vote with fairness to all stockholders. On request of the person presiding
at the meeting, the inspector or inspectors, if any, shall make a report in writing of any
challenge, question or matter determined by such inspector or inspectors and execute a certificate
of any fact found by such inspector or inspectors.
ARTICLE II
Board of Directors
SECTION 1. General Powers. The business, property and affairs of the Corporation
shall be managed by, or under the direction of, the Board of Directors.
SECTION 2. Qualification; Number; Term; Remuneration. (A) Each director shall be at
least 18 years of age. A director need not be a stockholder, a citizen of the United States, or a
resident of the State of Delaware. The number of directors constituting the entire Board shall be
3, or such larger number as may be fixed from time to time by action of the stockholders or Board
of Directors, one of whom may be selected by the Board of Directors to be its Chairman. The use of
the phrase entire Board herein refers to the total number of directors which the
Corporation would have if there were no vacancies.
(B) Directors who are elected at an annual meeting of stockholders, and directors who are
elected in the interim to fill vacancies and newly created directorships, shall hold office until
the next annual meeting of stockholders and until their successors are elected and qualified or
until their earlier resignation or removal.
(C) Directors may be paid their expenses, if any, of attendance at each meeting of the Board
of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors
or a stated salary as director. No such payment shall
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preclude any director from serving the Corporation in any other capacity and receiving
compensation therefor. Members of special or standing committees may be allowed like compensation
for attending committee meetings.
SECTION 3. Quorum and Manner of Voting. Except as otherwise provided by law, a
majority of the entire Board shall constitute a quorum. A majority of the directors present,
whether or not a quorum is present, may adjourn a meeting from time to time to another time and
place without notice. The vote of the majority of the directors present at a meeting at which a
quorum is present shall be the act of the Board of Directors.
SECTION 4. Places of Meetings. Meetings of the Board of Directors may be held at any
place within or without the State of Delaware, as may from time to time be fixed by resolution of
the Board of Directors, or as may be specified in the notice of meeting.
SECTION 5. Annual Meeting. Following the annual meeting of stockholders, the newly
elected Board of Directors shall meet for the purpose of the election of officers and the
transaction of such other business as may properly come before the meeting. Such meeting may be
held without notice immediately after the annual meeting of stockholders at the same place at which
such stockholders meeting is held.
SECTION 6. Regular Meetings. Regular meetings of the Board of Directors shall be held
at such times and places as the Board of Directors shall from time to time by resolution determine.
Notice need not be given of regular meetings of the Board of Directors held at times and places
fixed by resolution of the Board of Directors.
SECTION 7. Special Meetings. Special meetings of the Board of Directors shall be held
whenever called by the Chairman of the Board, Chief Executive Officer or by a majority of the
directors then in office.
SECTION 8. Notice of Meetings. A notice of the place, date and time and the purpose
or purposes of each meeting of the Board of Directors shall be given to each director by mailing
the same at least two days before the special meeting, or by telephoning, faxing or emailing the
same or by delivering the same personally not later than the day before the day of the meeting.
SECTION 9. Organization. At all meetings of the Board of Directors, the Chairman, if
any, or if none or in the Chairmans absence or inability to act a chairman chosen by the
directors, shall preside. The Secretary of the Corporation shall act as secretary at all meetings
of the Board of Directors when present, and, in the Secretarys absence, the presiding officer may
appoint any person to act as secretary.
SECTION 10. Resignation. Any director may resign at any time upon written notice to
the Corporation and such resignation shall take effect upon receipt thereof by the Chief Executive
Officer or Secretary, unless otherwise specified in the resignation.
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Any or all of the directors may be removed, with or without cause, by the holders of a
majority of the shares of stock outstanding and entitled to vote for the election of directors.
SECTION 11. Vacancies. Unless otherwise provided in these Bylaws, vacancies on the
Board of Directors, whether caused by resignation, death, disqualification, removal, an increase in
the authorized number of directors or otherwise, may be filled by the affirmative vote of a
majority of the remaining directors, although less than a quorum, or by a sole remaining director,
or at a special meeting of the stockholders, by the holders of shares entitled to vote for the
election of directors.
SECTION 12. Action by Written Consent. Any action required or permitted to be taken
at any meeting of the Board of Directors may be taken without a meeting if all the directors
consent thereto in writing, and the writing or writings are filed with the minutes of proceedings
of the Board of Directors.
SECTION 13. Indemnification.
(A) The Corporation shall indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative, regulatory, arbitral or investigative (other than an action or suit by or
in the right of the Corporation), by reason of the fact that such person is or was a director,
officer, employee or agent of the Corporation or any of its majority-owned subsidiaries or is or
was serving at the request of the Corporation as a director, officer, employee or agent (except in
each of the foregoing situations to the extent any agreement, arrangement or understanding of
agency contains provisions that supersede or abrogate indemnification under this section) of
another corporation or of any partnership, limited liability entity, joint venture, trust, employee
benefit plan, non-profit entity or other enterprise, against expenses (including attorneys fees),
judgments (including awards of punitive or exemplary damages), fines and amounts paid in settlement
actually and reasonably incurred by such person in connection with such action, suit or proceeding
if such person acted in good faith and in a manner such person reasonably believed to be in or not
opposed to the best interests of the Corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of
any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo
contendere or its equivalent, and any award of punitive or exemplary damages, shall not, of itself,
create a presumption that the person did not act in good faith and in a manner which such person
reasonably believed to be in or not opposed to the best interests of the Corporation, and, with
respect to any criminal action or proceeding, had reasonable cause to believe that his or her
conduct was unlawful.
(B) The Corporation shall indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action or suit by or in the right of the
Corporation to procure a judgment in its favor by reason of the fact that such person is or was a
director, officer, employee or agent of the Corporation or any of its majority-owned subsidiaries
or is or was serving at the request of the Corporation as a director, officer, employee or agent
(except in each of the foregoing situations to the
5
extent any agreement, arrangement or understanding of agency contains provisions that
supersede or abrogate indemnification under this section) of another corporation or of any
partnership, limited liability entity, joint venture, trust, employee benefit plan, non-profit
entity or other enterprise against expenses (including attorneys fees and any award of punitive or
exemplary damages) actually and reasonably incurred by such person in connection with the defense
or settlement of such action or suit if such person acted in good faith and in a manner such person
reasonably believed to be in or not opposed to the best interests of the Corporation, except that
no indemnification shall be made in respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable to the Corporation unless and only to the extent that the
Court of Chancery of Delaware or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all the circumstances
of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the
Court of Chancery of Delaware or such other court shall deem proper.
(C) To the extent that a director, officer, employee or agent of the Corporation or any of its
majority-owned subsidiaries has been successful on the merits or otherwise in defense of any
action, suit or proceeding referred to in subsections (A) and (B), or in defense of any claim,
issue or matter therein, such person shall be indemnified against expenses (including attorneys
fees) actually and reasonably incurred by such person in connection therewith. If any such person
is not wholly successful in any such action, suit or proceeding but is successful, on the merits or
otherwise, as to one or more but less than all claims, issues or matters therein, the Corporation
shall indemnify such person against all expenses (including attorneys fees) actually and
reasonably incurred by such person in connection with each claim, issue or matter that is
successfully resolved. For purposes of this subsection and without limitation, the termination of
any claim, issue or matter by dismissal, with or without prejudice, shall be deemed to be a
successful result as to such claim, issue or matter.
(D) Notwithstanding any other provision of this section, to the extent any person is a witness
in, but not a party to, any action, suit or proceeding, whether civil, criminal, administrative,
regulatory, arbitral or investigative, by reason of the fact that such person is or was a director,
officer, employee or agent of the Corporation or any of its majority-owned subsidiaries, or is or
was serving at the request of the Corporation as a director, officer, employee or agent (except in
each of the foregoing situations to the extent any agreement, arrangement or understanding of
agency contains provisions that supersede or abrogate indemnification under this section) of
another corporation or of any partnership, limited liability entity, joint venture, trust, employee
benefit plan, non-profit entity or other enterprise, such person shall be indemnified against all
expenses (including attorneys fees) actually and reasonably incurred by such person in connection
therewith.
(E) Indemnification under subsections (A) and (B) shall be made only as authorized in the
specific case upon a determination that indemnification of the director, officer, employee or agent
is proper in the circumstances because such person has met the applicable standard of conduct set
forth in subsections (A) and (B). Such determination shall be made (1) if a Change of Control (as
hereinafter defined) shall not have occurred,
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(a) with respect to a person who is a present or former director or officer of the
Corporation, (i) by the Board of Directors by a majority vote of the Disinterested Directors (as
hereinafter defined), even though less than a quorum, or (ii) if there are no Disinterested
Directors or, even if there are Disinterested Directors, a majority of such Disinterested Directors
so directs, by (x) Independent Counsel (as hereinafter defined) in a written opinion to the Board
of Directors, a copy of which shall be delivered to the claimant, or (y) the stockholders of the
Corporation; or (b) with respect to a person who is not a present or former director or officer of
the Corporation, by the Chief Executive Officer or by such other officer of the Corporation as
shall be designated from time to time by the Board of Directors; or (2) if a Change of Control
shall have occurred, by Independent Counsel selected by the claimant in a written opinion to the
Board of Directors, a copy of which shall be delivered to the claimant, unless the claimant shall
request that such determination be made by or at the direction of the Board of Directors (in the
case of a claimant who is a present or former director or officer of the Corporation) or by an
officer of the Corporation authorized to make such determination (in the case of a claimant who is
not a present or former director or officer of the Corporation), in which case it shall be made in
accordance with clause (1) of this sentence. Any claimant shall be entitled to be indemnified
against the expenses (including attorneys fees) actually and reasonably incurred by such claimant
in cooperating with the person or entity making the determination of entitlement to indemnification
(irrespective of the determination as to the claimants entitlement to indemnification) and, to the
extent successful, in connection with any litigation or arbitration with respect to such claim or
the enforcement thereof.
(F) If a Change of Control shall not have occurred, or if a Change of Control shall have
occurred and a director, officer, employee or agent requests pursuant to clause (2) of the second
sentence in subsection (E) that the determination as to whether the claimant is entitled to
indemnification be made by or at the direction of the Board of Directors (in the case of a claimant
who is a present or former director or officer of the Corporation) or by an officer of the
Corporation authorized to make such determination (in the case of a claimant who is not a present
or former director or officer of the Corporation), the claimant shall be conclusively presumed to
have been determined pursuant to subsection (E) to be entitled to indemnification if (1) in the
case of a claimant who is a present or former director or officer of the Corporation and where
there are Disinterested Directors, (a)(i) within fifteen days after the next regularly scheduled
meeting of the Board of Directors following receipt by the Corporation of the request therefor, the
Board of Directors shall not have resolved by majority vote of the Disinterested Directors to
submit such determination to (x) Independent Counsel for its determination or (y) the stockholders
for their determination at the next annual meeting, or any special meeting that may be held
earlier, after such receipt, and (ii) within sixty days after receipt by the Corporation of the
request therefor (or within ninety days after such receipt if the Board of Directors in good faith
determines that additional time is required by it for the determination and, prior to expiration of
such sixty-day period, notifies the claimant thereof), the Board of Directors shall not have made
the determination by a majority vote of the Disinterested Directors, or (b) after a resolution of
the Board of Directors, timely made pursuant to clause (a)(i)(y) above, to submit the determination
to the stockholders, the stockholders meeting at which the determination is to be made shall not
have been held on or before the date prescribed
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(or on or before a later date, not to exceed sixty days beyond the original date, to which
such meeting may have been postponed or adjourned on good cause by the Board of Directors acting in
good faith), or (2) in the case of a claimant who is not a present or former director or officer of
the Corporation, within sixty days after receipt by the Corporation of the request therefor (or
within ninety days after such receipt if an officer of the Corporation authorized to make such
determination in good faith determines that additional time is required for the determination and,
prior to expiration of such sixty-day period, notifies the claimant thereof), an officer of the
Corporation authorized to make such determination shall not have made the determination; provided,
however, that this sentence shall not apply if the claimant has misstated or failed to state a
material fact in connection with his or her request for indemnification. Such presumed
determination that a claimant is entitled to indemnification shall be deemed to have been made (I)
at the end of the sixty-day or ninety-day period (as the case may be) referred to in clause
(1)(a)(ii) or (2) of the immediately preceding sentence or (II) if the Board of Directors has
resolved on a timely basis to submit the determination to the stockholders, on the last date within
the period prescribed by law for holding such stockholders meeting (or a postponement or
adjournment thereof as permitted above).
(G) Expenses (including attorneys fees) incurred in defending a civil, criminal,
administrative, regulatory, arbitral or investigative action, suit or proceeding (including
expenses necessary to post a bond pending appeal of any judgment) shall be paid by the Corporation
in advance of the final disposition of such action, suit or proceeding to a present or former
director or officer of the Corporation, promptly after receipt of a request therefor stating in
reasonable detail the expenses incurred, and to a person who is not a present or former director or
officer of the Corporation as authorized by the Chief Executive Officer of the Corporation or such
other officer of the Corporation as shall be designated from time to time by the Board of
Directors; provided that in each case the Corporation shall have received an undertaking by or on
behalf of the present or former director, officer, employee or agent to repay such amount if it
shall ultimately be determined that such person is not entitled to be indemnified by the
Corporation as authorized in this section.
(H) The Board of Directors shall establish reasonable procedures for the submission of claims
for indemnification pursuant to this section, determination of the entitlement of any person
thereto and review of any such determination. Such procedures shall be set forth in an appendix to
these bylaws and shall be deemed for all purposes to be a part hereof.
(I) For purposes of this section,
(1) Applicable Threshold means the greater of (i) 25% of the then Outstanding Voting
Securities or (ii) the then Outstanding Voting Securities beneficially owned by the Principals
(including by their respective families, Trusts, partnerships and charitable foundations controlled
by any of the Principals), as the case may be.
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(2) Change of Control means any of the following:
(a) The acquisition or ownership after November 2, 2007 (the Acquisition Closing
Date) by any individual, entity or group (within the meaning of Sections 13(d)(3) and 14(d)(2)
of the Exchange Act) (each, a Person) of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of the combined voting power of the then outstanding
voting securities of the Corporation entitled to vote generally in the election of directors (the
Outstanding Voting Securities) in excess of the Applicable Threshold; provided, however,
that for purposes of this subparagraph (a), the following acquisitions shall not constitute a
Change of Control: (1) any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Corporation or a Subsidiary, (2) any acquisition pursuant to the exchange of
Exchangeable Class B Ordinary Shares of FA Sub 2 Limited for shares of stock of the Corporation or
(3) any acquisition pursuant to a transaction that complies with clauses (i), (ii) and (iii) of
subparagraph (c) of this Section 13(I)(2); or
(b) Individuals who, as of the Acquisition Closing Date, constitute the Board of Directors
(the Incumbent Board) cease for any reason to constitute at least a majority of the Board
of Directors; provided, however, that any individual becoming a director subsequent to that date
whose election, or nomination for election by the Corporations stockholders, was approved by a
vote of at least a majority of the directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board; or
(c) The consummation of a reorganization, merger or consolidation, or sale or other
disposition of all or substantially all of the assets of the Corporation, or the acquisition of
assets of another entity (a Corporate Transaction), in each case, unless, following such
Corporate Transaction, (i) all or substantially all of the individuals and entities who were the
beneficial owners of the Outstanding Voting Securities immediately prior to such Corporate
Transaction beneficially own, directly or indirectly, more than 50% of the combined voting power of
the then outstanding voting securities entitled to vote generally in the election of directors of
the corporation resulting from such Corporate Transaction (including, without limitation, a
corporation that as a result of such transaction owns the Corporation or all or substantially all
of the Corporations assets either directly or through one or more subsidiaries) in substantially
the same proportions as their ownership of the Outstanding Voting Securities immediately prior to
such Corporate Transaction, (ii) no Person (excluding any employee benefit plan (or related trust)
of the Corporation, a Subsidiary or such corporation resulting from such Corporate Transaction)
beneficially owns, directly or indirectly, the combined voting power of the then outstanding voting
securities in excess of the greater of (x) 25% of the outstanding voting securities or (y) the
number of outstanding voting securities beneficially owned by the Principals (including their
respective families, Trusts, partnerships and charitable foundations controlled by any of the
Principals), in each case, with respect to the corporation resulting from such Corporate
Transaction, except to the extent that such ownership existed in the Corporation prior to the
Corporate Transaction, and (iii) at least a majority of the members of the board of directors of
the corporation resulting from such
9
Corporate Transaction were members of the Incumbent Board at the time of the execution of the
initial agreement, or of the action of the Board of Directors, providing for such Corporate
Transaction; or
(d) Approval by the Corporations stockholders of a complete liquidation or dissolution of the
Corporation.
(3) Disinterested Director means a director of the Corporation who is not and was
not a party to an action, suit or proceeding in respect of which indemnification is sought by a
director, officer, employee or agent.
(4) Independent Counsel means either a law firm or a member of a law firm that (i)
is experienced in matters of corporation law; (ii) neither presently is, nor in the past one year
has been, retained to represent the Corporation, the director, officer, employee or agent claiming
indemnification or any other party to the action, suit or proceeding giving rise to a claim for
indemnification under this section, in any matter material to the Corporation, the claimant or any
such other party; and (iii) would not, under applicable standards of professional conduct then
prevailing, have a conflict of interest in representing either the Corporation or such director,
officer, employee or agent in an action to determine the Corporations or such persons rights
under this section.
(5) Principals means Noam Gottesman, Pierre Lagrange and Emmanuel Roman.
(6) Trust means any trust of which any of the Principals is the settlor or of which
any of the Principals and/or any of the members of their family are beneficiaries, including the
Gottesman GLG Trust, the Lagrange GLG Trust and the Roman GLG Trust.
(J) The indemnification and advancement of expenses herein provided, or granted pursuant
hereto, shall not be deemed exclusive of any other rights to which any of those indemnified or
eligible for advancement of expenses may be entitled under any agreement, vote of stockholders or
Disinterested Directors or otherwise, both as to action in such persons official capacity and as
to action in another capacity while holding such position, 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 person. Notwithstanding any amendment, alteration or
repeal of this section or any of its provisions, or of any of the procedures established by the
Board of Directors pursuant to subsection (H) hereof, any person who is or was a director, officer,
employee or agent of the Corporation or any of its majority-owned subsidiaries or is or was serving
at the request of the Corporation as a director, officer, employee or agent of another corporation
or of any partnership, limited liability entity, joint venture, employee benefit plan, non-profit
entity or other enterprise shall be entitled to indemnification and advancement of expenses in
accordance with the provisions hereof and thereof with respect to any action taken or omitted prior
to such amendment, alteration or repeal except to the extent otherwise required by law.
10
(K) No indemnification shall be payable pursuant to this section with respect to any action
against the Corporation commenced by an officer, director, employee or agent unless the Board of
Directors shall have authorized the commencement thereof or unless and to the extent that this
section or the procedures established pursuant to subsection (H) shall specifically provide for
indemnification of expenses relating to the enforcement of rights under this section and such
procedures.
ARTICLE III
Committees
SECTION 1. Appointment. From time to time the Board of Directors by a resolution
adopted by a majority of the entire Board may appoint any committee or committees for any purpose
or purposes, to the extent lawful, which shall have powers as shall be determined and specified by
the Board of Directors in the resolution of appointment.
SECTION 2. Procedures, Quorum and Manner of Acting. Each committee shall fix its own
rules of procedure, and shall meet where and as provided by such rules or by resolution of the
Board of Directors. Except as otherwise provided by law, the presence of a majority of the then
appointed members of a committee shall constitute a quorum for the transaction of business by that
committee, and in every case where a quorum is present the affirmative vote of a majority of the
members of the committee present shall be the act of the committee. Each committee shall keep
minutes of its proceedings, and actions taken by a committee shall be reported to the Board of
Directors.
SECTION 3. Action by Written Consent. Any action required or permitted to be taken at
any meeting of any committee of the Board of Directors may be taken without a meeting if all the
members of the committee consent thereto in writing, and the writing or writings are filed with the
minutes of proceedings of the committee.
SECTION 4. Term; Termination. In the event any person shall cease to be a director of
the Corporation, such person shall simultaneously therewith cease to be a member of any committee
appointed by the Board of Directors.
ARTICLE IV
Officers
SECTION 1. Officers. The officers of the Corporation shall be one or more Chief
Executive Officers, a President, one or more Vice Presidents (one or more of whom may be Executive
Vice Presidents, Senior Vice Presidents or otherwise as may be designated by the Board of
Directors), a Secretary and a Treasurer, all of whom shall be elected by the Board of Directors.
Any two or more offices may be held by the same
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person. The Board of Directors may also from time to time elect such other officers as it
deems necessary.
SECTION 2. Term of Office and Remuneration. The term of office of all officers shall
be one year and until their respective successors have been elected and qualified, but any officer
may be removed from office, either with or without cause, at any time by the Board of Directors.
Any vacancy in any office arising from any cause may be filled for the unexpired portion of the
term by the Board of Directors. The remuneration of all officers of the Corporation may be fixed
by the Board of Directors or in such manner as the Board of Directors shall provide.
SECTION 3. Resignation; Removal. Any officer may resign at any time upon written
notice to the Corporation and such resignation shall take effect upon receipt thereof by the Chief
Executive Officer or Secretary, unless otherwise specified in the resignation. Any officer shall
be subject to removal, with or without cause, at any time by vote of a majority of the entire
Board.
SECTION 4. Chairman of the Board. The Chairman of the Board of Directors, if there be
one, shall preside at all meetings of the Board of Directors and shall have such other powers and
duties as may from time to time be assigned by the Board of Directors.
SECTION 5. Chief Executive Officer. The Chief Executive Officer shall be the chief
executive officer of the Corporation and, subject to the control of the Board of Directors, shall
have general and overall charge of the business and affairs of the Corporation and of its officers.
The Chief Executive Officer shall keep the Board of Directors appropriately informed on the
business and affairs of the Corporation. The Board of Directors may elect or appoint Co-Chief
Executive Officers and, in so doing, may limit or restrict any responsibilities or functions of
either Co-Chief Executive Officer. In the event the Board of Directors elects or appoints Co-Chief
Executive Officers, (a) unless otherwise provided in these bylaws or by the Board of Directors,
references in these bylaws to the Chief Executive Officer shall refer to either such Co-Chief
Executive Officer and (b) in the case of the absence or disability of either Co-Chief Executive
Officer, the other Co-Chief Executive Officer shall perform all the duties and functions and
exercise all powers of, and be subject to the same restrictions upon, the absent or disabled
Co-Chief Executive Officer.
SECTION 6. President. The President shall, subject to the control of the Chief
Executive Officer, direct and be responsible for the operation of the business and functions of the
Corporation as and to the extent designated by the Chief Executive Officer. The President shall
keep the Chief Executive Officer and the Board of Directors appropriately informed on such matters.
In the case of the absence or disability of the Chief Executive Officer, the President shall
perform all the duties and functions and exercise all the powers of, and be subject to all the
restrictions upon, the Chief Executive Officer.
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SECTION 7. Executive and Senior Vice Presidents. One or more Executive or Senior Vice
Presidents shall, subject to the control of the Chief Executive Officer or the President, have lead
accountability for components or functions of the Corporation as and to the extent designated by
the Chief Executive Officer or the President. Each Executive or Senior Vice President shall keep
the Chief Executive Officer or the President to whom he or she reports appropriately informed on
the business and affairs of the designated components or functions of the Corporation.
SECTION 8. Vice-President. The Vice Presidents shall perform such duties as may from
time to time be assigned to them or any of them by the Chief Executive Officer or the President.
SECTION 9. Secretary. The Secretary shall keep or cause to be kept in books provided
for the purpose the minutes of the meetings of the stockholders, of the Board of Directors and of
any committee of the Board of Directors constituted pursuant to Article IV of these bylaws. The
Secretary shall be custodian of the corporate seal and see that it is affixed to all documents as
may be required. The Secretary shall perform all duties incident to the office of Secretary and
such other duties as from time to time may be assigned to him or her.
SECTION 10. Assistant Secretaries. At the request of the Secretary, or in the
Secretarys absence or disability, the Assistant Secretary designated by the Secretary shall
perform all the duties of the Secretary and, when so acting, shall have all the powers of, and be
subject to all the restrictions upon, the Secretary. The Assistant Secretaries shall perform such
other duties as from time to time may be assigned to them.
SECTION 11. Treasurer. The Treasurer shall have charge of and be responsible for the
receipt, disbursement and safekeeping of all funds and securities of the Corporation. The
Treasurer shall deposit all such funds in the name of the Corporation in such banks, trust
companies or other depositories as shall be selected in accordance with the provisions of these
bylaws. From time to time and whenever requested to do so, the Treasurer shall render statements
of the condition of the finances of the Corporation to the Board of Directors. The Treasurer shall
perform all the duties incident to the office of Treasurer and such other duties as from time to
time may be assigned to him or her.
SECTION 12. Assistant Treasurers. At the request of the Treasurer, or in the
Treasurers absence or disability, the Assistant Treasurer designated by the Treasurer shall
perform all the duties of the Treasurer and, when so acting, shall have all the powers of, and be
subject to all the restrictions upon, the Treasurer. The Assistant Treasurers shall perform such
other duties as from time to time may be assigned to them.
SECTION 13. Assistant Officers. Any assistant officer shall have such powers and
duties of the officer such assistant officer assists as such officer or the Board of Directors
shall from time to time prescribe.
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ARTICLE V
Books and Records
SECTION 1. Location. The books and records of the Corporation may be kept at such
place or places within or outside the State of Delaware as the Board of Directors or the respective
officers in charge thereof may from time to time determine. The record books containing the names
and addresses of all stockholders, the number and class of shares of stock held by each and the
dates when they respectively became the owners of record thereof shall be kept by the Secretary as
prescribed in the Bylaws and by such officer or agent as shall be designated by the Board of
Directors.
SECTION 2. Addresses of Stockholders. Notices of meetings and all other corporate
notices may be delivered personally or mailed to each stockholder at the stockholders address as
it appears on the records of the Corporation.
SECTION 3. Fixing Date for Determination of Stockholders of Record. (A) In order
that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting
of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which
record date shall not precede the date upon which the resolution fixing the record date is adopted
by the Board of Directors and which record date shall not be more than 60 nor less than 10 days
before the date of such meeting. If no record date is fixed by the Board of Directors, the record
date for determining stockholders entitled to notice of or to vote at a meeting of stockholders
shall be at the close of business on the day next preceding the day on which notice is given, or,
if notice is waived, at the close of business on the day next preceding the day on which the
meeting is held. A determination of stockholders of record entitled to notice of or to vote at a
meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the
Board of Directors may fix a new record date for the adjourned meeting.
(B) In order that the Corporation may determine the stockholders entitled to consent to
corporate action in writing without a meeting, the Board of Directors may fix a record date, which
record date shall not precede the date upon which the resolution fixing the record date is adopted
by the Board of Directors and which date shall not be more than 10 days after the date upon which
the resolution fixing the record date is adopted by the Board of Directors. If no record date has
been fixed by the Board of Directors, the record date for determining stockholders entitled to
consent to corporate action in writing without a meeting, when no prior action by the Board of
Directors is required, shall be the first date on which a signed written consent setting forth the
action taken or proposed to be taken is delivered to the Corporation by delivery to its registered
office in this State, its principal place of business, or an officer or agent of the Corporation
having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery
made to the Corporations registered office shall be by hand or by certified or registered mail,
return receipt requested. If no record date has been fixed by the Board of Directors and prior
action by the Board of Directors is required by this article, the record date for determining
stockholders entitled to consent to corporate action in writing without
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a meeting shall be at the close of business on the day on which the Board of Directors adopts
the resolution taking such prior action.
(C) In order that the Corporation may determine the stockholders entitled to receive payment
of any dividend or other distribution or allotment of any rights or the stockholders entitled to
exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose
of any other lawful action, the Board of Directors may fix a record date, which record date shall
not precede the date upon which the resolution fixing the record date is adopted by the Board of
Directors and which record date shall be not more than 60 days prior to such action. If no record
date is fixed, the record date for determining stockholders for any such purpose shall be at the
close of business on the day on which the Board of Directors adopts the resolution relating
thereto.
ARTICLE VI
Certificates Representing Stock
SECTION 1. Certificates; Signatures. The shares of the Corporation shall be
represented by certificates, provided that the Board of Directors of the Corporation may provide by
resolution or resolutions that some or all of any or all classes or series of its stock shall be
uncertificated shares. Any such resolution shall not apply to shares represented by a certificate
until such certificate is surrendered to the Corporation. Notwithstanding the adoption of such a
resolution by the Board of Directors, every holder of stock represented by certificates and upon
request every holder of uncertificated shares shall be entitled to have a certificate, signed by or
in the name of the Corporation by the Chairman or Vice-Chairman of the Board of Directors, or the
Chief Executive Officer, President, Executive Vice-President or Senior Vice-President, and by the
Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary of the Corporation,
representing the number of shares registered in certificate form. Any and all signatures on any
such certificate may be facsimiles. In case any officer, transfer agent or registrar who has
signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such
officer, transfer agent or registrar before such certificate is issued, it may be issued by the
Corporation with the same effect as if he were such officer, transfer agent or registrar at the
date of issue. The name of the holder of record of the shares represented thereby, with the number
of such shares and the date of issue, shall be entered on the books of the Corporation.
SECTION 2. Transfers of Stock. Upon compliance with provisions restricting the
transfer or registration of transfer of shares of stock, if any, shares of capital stock shall be
transferable on the books of the Corporation only by the holder of record thereof in person, or by
duly authorized attorney, upon surrender and cancellation of certificates for a like number of
shares, properly endorsed, and the payment of all taxes due thereon.
SECTION 3. Fractional Shares. The Corporation may, but shall not be required to,
issue certificates for fractions of a share where necessary to effect authorized
15
transactions, or the Corporation may pay in cash the fair value of fractions of a share as of
the time when those entitled to receive such fractions are determined, or it may issue scrip in
registered or bearer form over the manual or facsimile signature of an officer of the Corporation
or of its agent, exchangeable as therein provided for full shares, but such scrip shall not entitle
the holder to any rights of a stockholder except as therein provided.
The Board of Directors shall have power and authority to make all such rules and regulations
as it may deem expedient concerning the issue, transfer and registration of certificates
representing shares of the Corporation.
SECTION 4. Lost, Stolen or Destroyed Certificates. The Corporation may issue a new
certificate of stock in place of any certificate, theretofore issued by it, alleged to have been
lost, stolen or destroyed, and the Board of Directors may require the owner of any lost, stolen or
destroyed certificate, or his legal representative, to give the Corporation a bond sufficient to
indemnify the Corporation against any claim that may be made against it on account of the alleged
loss, theft or destruction of any such certificate or the issuance of any such new certificate.
ARTICLE VII
Dividends
Subject always to the provisions of law and the Certificate of Incorporation, the Board of
Directors shall have full power to determine whether any, and, if any, what part of any, funds
legally available for the payment of dividends shall be declared as dividends and paid to
stockholders; the division of the whole or any part of such funds of the Corporation shall rest
wholly within the lawful discretion of the Board of Directors, and it shall not be required at any
time, against such discretion, to divide or pay any part of such funds among or to the stockholders
as dividends or otherwise; and before payment of any dividend, there may be set aside out of any
funds of the Corporation available for dividends such sum or sums as the Board of Directors from
time to time, in its absolute discretion, thinks proper as a reserve or reserves to meet
contingencies, or for equalizing dividends, or for repairing or maintaining any property of the
Corporation, or for such other purpose as the Board of Directors shall think conducive to the
interest of the Corporation, and the Board of Directors may modify or abolish any such reserve in
the manner in which it was created.
ARTICLE VIII
Ratification
Any transaction, questioned in any law suit on the ground of lack of authority, defective or
irregular execution, adverse interest of director, officer or stockholder, non-disclosure,
miscomputation, or the application of improper principles or practices of accounting, may be
ratified before or after judgment, by the Board of Directors or by the stockholders, and if so
ratified shall have the same force and effect as if the
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questioned transaction had been originally duly authorized. Such ratification shall be
binding upon the Corporation and its stockholders and shall constitute a bar to any claim or
execution of any judgment in respect of such questioned transaction.
ARTICLE IX
Corporate Seal
The corporate seal shall have inscribed thereon the name of the Corporation and the year of
its incorporation, and shall be in such form and contain such other words and/or figures as the
Board of Directors shall determine. The corporate seal may be used by printing, engraving,
lithographing, stamping or otherwise making, placing or affixing, or causing to be printed,
engraved, lithographed, stamped or otherwise made, placed or affixed, upon any paper or document,
by any process whatsoever, an impression, facsimile or other reproduction of said corporate seal.
ARTICLE X
Fiscal Year
The fiscal year of the Corporation shall be fixed, and shall be subject to change, by the
Board of Directors. Unless otherwise fixed by the Board of Directors, the fiscal year of the
Corporation shall be the calendar year.
ARTICLE XI
Waiver of Notice
Whenever notice is required to be given by these Bylaws or by the Certificate of Incorporation
or by law, a written waiver thereof, signed by the person or persons entitled to said notice,
whether before or after the time stated therein, shall be deemed equivalent to notice.
ARTICLE XII
Bank Accounts, Drafts, Contracts, Etc.
SECTION 1. Bank Accounts and Drafts. In addition to such bank accounts as may be
authorized by the Board of Directors, the primary financial officer or any person designated by
said primary financial officer, whether or not an employee of the Corporation, may authorize such
bank accounts to be opened or maintained in the name and on behalf of the Corporation as he may
deem necessary or appropriate, payments from such bank accounts to be made upon and according to
the check of the Corporation in accordance with the written instructions of said primary financial
officer, or other person so designated by the Treasurer.
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SECTION 2. Contracts. The Board of Directors may authorize any person or persons, in
the name and on behalf of the Corporation, to enter into or execute and deliver any and all deeds,
bonds, mortgages, contracts and other obligations or instruments, and such authority may be general
or confined to specific instances.
SECTION 3. Proxies; Powers of Attorney; Other Instruments. The Chairman, the Chief
Executive Officer or any other person designated by either of them shall have the power and
authority to execute and deliver proxies, powers of attorney and other instruments on behalf of the
Corporation in connection with the rights and powers incident to the ownership of stock by the
Corporation. The Chairman, the Chief Executive Officer or any other person authorized by proxy or
power of attorney executed and delivered by either of them on behalf of the Corporation may attend
and vote at any meeting of stockholders of any company in which the Corporation may hold stock, and
may exercise on behalf of the Corporation any and all of the rights and powers incident to the
ownership of such stock at any such meeting, or otherwise as specified in the proxy or power of
attorney so authorizing any such person. The Board of Directors, from time to time, may confer
like powers upon any other person.
SECTION 4. Financial Reports. The Board of Directors may appoint the primary
financial officer or other fiscal officer or any other officer to cause to be prepared and
furnished to stockholders entitled thereto any special financial notice and/or financial statement,
as the case may be, which may be required by any provision of law.
ARTICLE XIII
Amendments
The Board of Directors shall have power to adopt, amend or repeal Bylaws. Bylaws adopted by
the Board of Directors may be repealed or changed, and new Bylaws made, by the stockholders, and
the stockholders may prescribe that any Bylaw made by them shall not be altered, amended or
repealed by the Board of Directors.
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PROCEDURES FOR SUBMISSION AND DETERMINATION OF CLAIMS FOR
INDEMNIFICATION PURSUANT TO ARTICLE II, Section 13 OF THE BYLAWS
INDEMNIFICATION PURSUANT TO ARTICLE II, Section 13 OF THE BYLAWS
SECTION 1. Purpose. The Procedures for Submission and Determination of Claims for
Indemnification Pursuant to Article II, Section 13 of the bylaws (the Procedures) are to
implement the provisions of Article II, Section 13 of the bylaws of the Corporation (the
bylaws) in compliance with the requirement of subsection thereof.
SECTION 2. Definitions. For purposes of these Procedures:
(A) All terms that are defined in Article II, Section 13 of the bylaws shall have the meanings
ascribed to them therein when used in these Procedures unless otherwise defined herein.
(B) Expenses include all reasonable attorneys fees, court costs, transcript costs,
fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs,
telephone charges, postage, delivery service fees, and all other disbursements or expenses of the
types customarily incurred in connection with prosecuting, defending, preparing to prosecute or
defend, investigating, or being or preparing to be a witness in, a Proceeding; and shall also
include such retainers as counsel may reasonably require in advance of undertaking the
representation of an Indemnitee in a Proceeding.
(C) Indemnitee includes any person who was or is, or is threatened to be made, a
witness in or a party to any Proceeding by reason of the fact that such person is or was a
director, officer, employee or agent of the Corporation or any of its majority-owned subsidiaries
or is or was serving at the request of the Corporation as a director, officer, employee or agent
(except in each of the foregoing situations to the extent any agreement, arrangement or
understanding of agency contains provisions that supersede or abrogate indemnification under
Article II, Section 13 of the bylaws) of another corporation or of any partnership, limited
liability entity, joint venture, trust, employee benefit plan, non-profit entity or other
enterprise.
(D) Proceeding includes any action, suit, arbitration, alternative dispute
resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil,
criminal, administrative, regulatory, arbitral or investigative, except one initiated by an
Indemnitee unless the Board of Directors shall have authorized the commencement thereof.
SECTION 3. Submission and Determination of Claims.
(A) To obtain indemnification or advancement of Expenses under Article II, Section 13 of the
bylaws, an Indemnitee shall submit to the Secretary of the Corporation a written request therefor,
including therein or therewith such documentation and information as is reasonably available to the
Indemnitee and is reasonably necessary
19
to permit a determination as to whether and what extent the Indemnitee is entitled to
indemnification or advancement of Expenses, as the case may be. The Secretary shall, promptly upon
receipt of a request for indemnification, advise the Board of Directors (if the Indemnitee is a
present or former director or officer of the Corporation) or the officer of the Corporation
authorized to make the determination as to whether an Indemnitee is entitled to indemnification (if
the Indemnitee is not a present or former director or officer of the Corporation) thereof in
writing if a determination in accordance with Article II, Section 13(E) of the bylaws is required.
(B) Upon written request by an Indemnitee for indemnification pursuant to Section 3(A) hereof,
a determination with respect to the Indemnitees entitlement thereto in the specific case, if
required by the bylaws, shall be made in accordance with Article II, Section 13(E) of the bylaws,
and, if it is so determined that the Indemnitee is entitled to indemnification, payment to the
Indemnitee shall be made within ten days after such determination. The Indemnitee shall cooperate
with the person, persons or entity making such determination, with respect to the Indemnitees
entitlement to indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to the Indemnitee and reasonably
necessary to such determination.
(C) If entitlement to indemnification is to be made by Independent Counsel pursuant to Article
II, Section 13(E) of the bylaws, the Independent Counsel shall be selected as provided in this
Section 3(C). If a Change of Control shall not have occurred, the Independent Counsel shall be
selected by the Board of Directors, and the Corporation shall give written notice to the Indemnitee
advising the Indemnitee of the identity of the Independent Counsel so selected. If a Change of
Control shall have occurred, the Independent Counsel shall be selected by the Indemnitee (unless
the Indemnitee shall request that such selection be made by the Board of Directors, in which event
the immediately preceding sentence shall apply), and the Indemnitee shall give written notice to
the Corporation advising it of the identity of the Independent Counsel so selected. In either
event, the Indemnitee or the Corporation, as the case may be, may, within seven days after such
written notice of selection shall have been given, deliver to the Corporation or to the Indemnitee,
as the case may be, a written objection to such selection. Such objection may be asserted only on
the ground that the Independent Counsel so selected does not meet the requirements of
Independent Counsel as defined in Article II, Section 13 of the bylaws, and the objection
shall set forth with particularity the factual basis of such assertion. If such written objection
is made, the Independent Counsel so selected may not serve as Independent Counsel unless and until
a court has determined that such objection is without merit. If, within twenty days after the next
regularly scheduled Board of Directors meeting following submission by the Indemnitee of a written
request for indemnification pursuant to Section 3(A) hereof, no Independent Counsel shall have been
selected and not objected to, either the Corporation or the Indemnitee may petition the Court of
Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any
objection which shall have been made by the
20
Corporation or the Indemnitee to the others selection of Independent Counsel and/or for the
appointment as Independent Counsel of a person selected by the Court or by such other person as the
Court shall designate, and the person with respect to whom an objection is favorably resolved or
the person so appointed shall act as Independent Counsel under Article II, Section 13(E) of the
bylaws. The Corporation shall pay any and all reasonable fees and expenses (including without
limitation any advance retainers reasonably required by counsel) of Independent Counsel incurred by
such Independent Counsel in connection with acting pursuant to Article II, Section 13(E) of the
bylaws, and the Corporation shall pay all reasonable fees and expenses (including without
limitation any advance retainers reasonably required by counsel) incident to the procedures of
Article II, Section 13(E) of the bylaws and this Section 3(C), regardless of the manner in which
Independent Counsel was selected or appointed. Upon the delivery of its opinion pursuant to
Article II, Section 13 of the bylaws or, if earlier, the due commencement of any judicial
proceeding or arbitration pursuant to Section 4(A)(3) of these Procedures, Independent Counsel
shall be discharged and relieved of any further responsibility in such capacity (subject to the
applicable standards of professional conduct then prevailing).
(D) If a Change of Control shall have occurred, in making a determination with respect to
entitlement to indemnification under the bylaws, the person, persons or entity making such
determination shall presume that an Indemnitee is entitled to indemnification under the bylaws if
the Indemnitee has submitted a request for indemnification in accordance with Section 3(A) hereof,
and the Corporation shall have the burden of proof to overcome that presumption in connection with
the making by any person, persons or entity of any determination contrary to that presumption.
SECTION 4. Review and Enforcement of Determination.
(A) In the event that (1) advancement of Expenses is not timely made pursuant to Article II,
Section 13(G) of the bylaws, (2) payment of indemnification is not made pursuant to Article II,
Section 13(C) or (D) of the bylaws within ten days after receipt by the Corporation of written
request therefor, (3) a determination is made pursuant to Article II, Section 13(E) of the bylaws
that an Indemnitee is not entitled to indemnification under the bylaws, (4) the determination of
entitlement to indemnification is to be made by Independent Counsel pursuant to Article II, Section
13(E) of the bylaws and such determination shall not have been made and delivered in a written
opinion within ninety days after receipt by the Corporation of the written request for
indemnification, or (5) payment of indemnification is not made within ten days after a
determination has been made pursuant to Article II, Section 13(E) of the bylaws that an Indemnitee
is entitled to indemnification or within ten days after such determination is deemed to have been
made pursuant to Article II, Section 13(F) of the bylaws, the Indemnitee shall be entitled to an
adjudication in an appropriate court of the State of Delaware, or in any other court of competent
jurisdiction, of the Indemnitees entitlement to such indemnification or advancement of Expenses.
Alternatively, the Indemnitee, at his or her option, may seek an award in arbitration to be
conducted by a single arbitrator pursuant to the rules of the American Arbitration Association.
The Indemnitee shall
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commence such proceeding seeking an adjudication or an award in arbitration within one year
following the date on which the Indemnitee first has the right to commence such proceeding pursuant
to this Section 4(A). The Corporation shall not oppose the Indemnitees right to seek any such
adjudication or award in arbitration.
(B) In the event that a determination shall have been made pursuant to Article II, Section
13(E) of the bylaws that an Indemnitee is not entitled to indemnification, any judicial proceeding
or arbitration commenced pursuant to this Section 4 shall be conducted in all respects as a de novo
trial, or arbitration, on the merits and the Indemnitee shall not be prejudiced by reason of that
adverse determination. If a Change of Control shall have occurred, the Corporation shall have the
burden of proving in any judicial proceeding or arbitration commenced pursuant to this Section 4
that the Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may
be.
(C) If a determination shall have been made or deemed to have been made pursuant to Article
II, Section 13(E) or (F) of the bylaws that an Indemnitee is entitled to indemnification, the
Corporation shall be bound by such determination in any judicial proceeding or arbitration
commenced pursuant to this Section 4, absent (1) a misstatement or omission of a material fact in
connection with the Indemnitees request for indemnification, or (2) a prohibition of such
indemnification under applicable law.
(D) The Corporation shall be precluded from asserting in any judicial proceeding or
arbitration commenced pursuant to this Section 4 that the procedures and presumptions of these
Procedures are not valid, binding and enforceable, and shall stipulate in any such judicial
proceeding or arbitration that the Corporation is bound by all the provisions of these Procedures.
(E) In the event that an Indemnitee, pursuant to this Section 4, seeks to enforce the
Indemnitees rights under, or to recover damages for breach of, Article II, Section 13 of the
bylaws or these Procedures in a judicial proceeding or arbitration, the Indemnitee shall be
entitled to recover from the Corporation, and shall be indemnified by the Corporation against, any
and all expenses (of the types described in the definition of Expenses in Section 2 of these
Procedures) actually and reasonably incurred in such judicial proceeding or arbitration, but only
if the Indemnitee prevails therein. If it shall be determined in such judicial proceeding or
arbitration that the Indemnitee is entitled to receive part but not all of the indemnification or
advancement of Expenses sought, the expenses incurred by the Indemnitee in connection with such
judicial proceeding or arbitration shall be appropriately prorated.
SECTION 5. Amendments. These Procedures may be amended at any time and from time to
time in the same manner as any bylaw of the Corporation in accordance with the Certificate of
Incorporation; provided, however, that notwithstanding any amendment, alteration or repeal of these
Procedures or any provision hereof, any Indemnitee shall be entitled to utilize these Procedures
with respect to any claim for
22
indemnification arising out of any action taken or omitted prior to
such amendment, alteration or repeal except to the extent otherwise required by law.
23