COCP: Changes to Bylaws/Corp Governance
Feb 19, 2021 14:05:21 GMT
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Post by icemandios on Feb 19, 2021 14:05:21 GMT
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On February 14, 2021, the Board of Directors (the “Board”) of Cocrystal Pharma, Inc. (the “Company”) approved and adopted Amended and Restated Bylaws of the Company (the “Amended Bylaws”) to implement remedial corporate governance enhancements pursuant to the final terms of settlement of derivative litigation (the “Settlement”), as more particularly described in the Company’s quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2020 filed with the Securities and Exchange Commission on November 13, 2020. The Settlement was approved by the United States District Court for the District of New Jersey on December 16, 2020.
The Amended Bylaws include supplemental provisions for purposes of instituting certain of the enhancements set forth in the Settlement which: (i) preclude certain individuals from being eligible to serve on the Board, (ii) implement director independence standards, (iii) provide for the appointment of outside general counsel, and (iv) establish policies and duties for the review and approval of related party transactions. The Amended Bylaws also include amendments unrelated to the Settlement that, among other things, clarify that a director may not be removed by the Company’s shareholders except at a meeting thereof and not by written consent, provide that shares in the Company may be issued in book entry form in lieu of certificates, and update the requirements as to the signatories of the Company’s stock certificates.
In addition, at the same time, the Company added to the Amended Bylaws requirements that (i) all actions arising under the Delaware General Corporations Law be required to be litigated in the Delaware Chancery Court, with the exception of derivative actions arising under the Securities Exchange Act of 1934, (ii) all actions alleging violations of the Securities Act of 1933 are required to be brought only in federal court rather than state or federal court and (iii) the venue for any actions alleging claims under the Securities Act of 1933 or the Securities Exchange Act of 1934 (for which the federal courts have exclusive jurisdiction) be only in the United States District Court for the District of Delaware.
The foregoing description of the Amended Bylaws does not purport to be complete and is qualified in its entirety by the full text of the Amended Bylaws, a copy of which is filed herewith as Exhibit 3.1 and incorporated herein by reference.
Exhibit 3.1
On February 14, 2021, the Board of Directors (the “Board”) of Cocrystal Pharma, Inc. (the “Company”) approved and adopted Amended and Restated Bylaws of the Company (the “Amended Bylaws”) to implement remedial corporate governance enhancements pursuant to the final terms of settlement of derivative litigation (the “Settlement”), as more particularly described in the Company’s quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2020 filed with the Securities and Exchange Commission on November 13, 2020. The Settlement was approved by the United States District Court for the District of New Jersey on December 16, 2020.
The Amended Bylaws include supplemental provisions for purposes of instituting certain of the enhancements set forth in the Settlement which: (i) preclude certain individuals from being eligible to serve on the Board, (ii) implement director independence standards, (iii) provide for the appointment of outside general counsel, and (iv) establish policies and duties for the review and approval of related party transactions. The Amended Bylaws also include amendments unrelated to the Settlement that, among other things, clarify that a director may not be removed by the Company’s shareholders except at a meeting thereof and not by written consent, provide that shares in the Company may be issued in book entry form in lieu of certificates, and update the requirements as to the signatories of the Company’s stock certificates.
In addition, at the same time, the Company added to the Amended Bylaws requirements that (i) all actions arising under the Delaware General Corporations Law be required to be litigated in the Delaware Chancery Court, with the exception of derivative actions arising under the Securities Exchange Act of 1934, (ii) all actions alleging violations of the Securities Act of 1933 are required to be brought only in federal court rather than state or federal court and (iii) the venue for any actions alleging claims under the Securities Act of 1933 or the Securities Exchange Act of 1934 (for which the federal courts have exclusive jurisdiction) be only in the United States District Court for the District of Delaware.
The foregoing description of the Amended Bylaws does not purport to be complete and is qualified in its entirety by the full text of the Amended Bylaws, a copy of which is filed herewith as Exhibit 3.1 and incorporated herein by reference.
Exhibit 3.1