- 11 - a. Furukawa and Sumitomo shall each transfer 25,000 shares of Burndy-Japan stock to Burndy-US in exchange for �2,7503 per share, after which Burndy-US will own 50 percent and Furukawa and Sumitomo each will own 25 percent of the outstanding shares of Burndy-Japan. b. Burndy-Japan shares shall not be transferred without unanimous prior written consent of the shareholders. c. Burndy-Japan’s board of directors shall consist of as many members as may be mutually agreed by the shareholders. Each shareholder may vote its own stock to elect board members. d. Burndy-US shall nominate and the board shall elect the president of Burndy-Japan. The president is Burndy-Japan’s representative director under the Japanese Commercial Code with powers as provided by the board of directors. The president may appoint officers and managers. e. The chairman presiding at board meetings shall have a second vote if there is no majority. However, the chairman may cast that vote “only after careful and fair consideration of all aspects of the issue at hand”, and “the issue at hand shall be further discussed in an effort to reach an amicable solution” if there is no majority vote at the shareholders meeting. f. Burndy-Japan may not take the following actions unless it receives the unanimous consent of the shareholders: 3 � refers to Japanese yen.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011