UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): | March 31, 2017 |
Group 1 Automotive, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware | 1-13461 | 76-0506313 |
_____________________
(State or other jurisdiction |
_____________
(Commission |
______________
(I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
800 Gessner, Suite 500, Houston, Texas | 77024 | |
_________________________________
(Address of principal executive offices) |
___________
(Zip Code) |
Registrants telephone number, including area code: | 713-647-5700 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.03 Material Modifications to Rights of Security Holders.
The information set forth below under Item 5.03 regarding certain amendments to the Bylaws of Group 1 Automotive, Inc. (the "Company") is incorporated by reference into this Item 3.03.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 3, 2017, the Company announced the appointment of Daryl A. Kenningham, age 52, to the new position of President, U.S. Operations, effective May 1, 2017. Prior to his appointment as President, U.S. Operations, Mr. Kenningham served as Regional Vice President, East Region, from July 2011 (when he joined the Company) through January 2016, and as Regional Vice President, West Region, from February 2016 through April 2017. Prior to joining the Company, Mr. Kenningham worked in several sales, marketing and operational roles in the automotive industry.
A copy of the press release announcing the appointment of Mr. Kenningham to President, U.S. Operations, is attached hereto as Exhibit 99.1.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On March 31, 2017, the Board of Directors amended and restated the Second Amended and Restated Bylaws of the Company (the "Bylaws"). The Bylaws were effective immediately and include, among other things, the following changes:
• Providing the chairman of a meeting of stockholders with explicit authority to adjourn or recess a stockholder meeting.
• Modifying the deadline for stockholder nominations and proposals for an annual meeting of stockholders occurring in 2018 and thereafter.
• Clarifying the powers of the chairman of a meeting of stockholders to conduct a stockholder meeting.
• Providing for additional disclosure requirements for notices of director nominations and stockholder proposals.
• Providing for a majority voting standard in an uncontested election of directors.
The foregoing description of the Bylaws is not complete and is qualified in its entirety by reference to the complete text of the Bylaws, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
3.1 Third Amended and Restated Bylaws of Group 1 Automotive, Inc. dated March 31, 2017.
99.1 Press Release of Group 1 Automotive, Inc. dated April 3, 2017.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Group 1 Automotive, Inc. | ||||
April 6, 2017 | By: |
/s/ Darryl M. Burman
|
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|
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Name: Darryl M. Burman | ||||
Title: Vice President |
Exhibit Index
Exhibit No.
Description
Third Amended and Restated Bylaws of Group 1 Automotive, Inc., dated March 31, 2017.
Press Release of Group 1 Automotive, Inc., dated April 3, 2017.
Exhibit 3.1
THIRD AMENDED AND RESTATED BYLAWS
March 31, 2017
ARTICLE I
SECTION 1.
Principal Office
. The principal office shall be established and maintained
at the office of Capitol Services, Inc., in the City of Dover, in the County of Kent, in the State
of Delaware, and said corporation shall be the resident agent of this Corporation in charge
thereof.
SECTION 2.
Other Offices
. The Corporation may have other offices, either within or
outside of the State of Delaware, at such place or places as the Board of Directors may from time
to time designate or the business of the Corporation may require.
ARTICLE II
SECTION 1.
Place of Meetings
. The annual meeting and all other meetings of the
stockholders shall be held at such place within or outside the State of Delaware as shall be fixed
by resolution of the Board of Directors and stated in the notice of such meeting or waiver thereof.
In lieu of holding a meeting of stockholders at a designated place, the Board of Directors may, in
its sole discretion, determine that any meeting of stockholders may be held solely by means of
remote communication.
SECTION 2.
Annual Meeting
. The annual meeting of stockholders for the election of
directors and the transaction of other business shall be held in accordance with the General
Corporation Law of the State of Delaware (the
DGCL
) on such date and at such time as may
be fixed by resolution of the Board of Directors.
SECTION 3.
Voting
. All matters submitted to the stockholders (other than the election
of directors) shall be decided by the affirmative vote of a majority of the shares present in
person or represented by proxy and entitled to vote on the matter, except as otherwise provided by
the Certificate of Incorporation of the Corporation (the
Certificate of Incorporation
),
these Bylaws or the DGCL.
SECTION 4.
Quorum
. Except as otherwise required by law, by the Certificate of
Incorporation or by these Bylaws, the presence, in person or by proxy, of stockholders holding a
majority of the stock of the Corporation entitled to vote shall constitute a quorum at all meetings
of the stockholders. For the avoidance of doubt, abstentions and broker non-votes shall be treated
as present for purposes of determining the presence or absence of a quorum. In case a quorum shall
not be present at any meeting, a majority in interest of the stockholders entitled to vote thereat,
present in person or by proxy, shall have the power to adjourn the meeting from time to time,
without notice other than the announcement at the meeting, until the requisite amount of stock
entitled to vote shall be present. The chairman of the meeting shall have power to adjourn or
recess the meeting at any time and for any reason, whether or not there is a quorum, without notice
other than announcement at the meeting. No notice of the time and place of an adjourned or recessed
meeting need be given if the time and place, if any, thereof, and the means of remote
communication, if any, by which stockholders and proxy holders may be deemed to be present in
person and vote at such adjourned or recessed meeting, are announced at the meeting at which
adjournment or recess is taken. At any such adjourned or recessed meeting at which the requisite
amount of stock entitled to vote shall be represented, any business may be transacted which might
have been transacted at the meeting as originally noticed, but only those stockholders entitled to
vote at the meeting as originally noticed shall be entitled to vote at any adjournment or recess
thereof. If a quorum is present at the original duly organized meeting of stockholders, it shall
also be deemed present at an adjourned or recessed session of such meeting. The stockholders
present at a duly called meeting at which a quorum is present may continue to transact business
until the meeting is adjourned or recessed, notwithstanding the withdrawal of enough stockholders
to leave less than a quorum.
SECTION 5.
Special Meetings
. Special meetings of the stockholders for any purpose or
purposes shall be called only upon a request in writing therefor, stating the purpose or purposes
thereof, delivered to the Chairman of the Board, the President, or the Secretary, signed by a
majority of the directors, or by resolution of the Board of Directors. No business other than that
stated in the notice shall be transacted at any special meeting.
SECTION 6.
Notice of Meetings
. Written or printed notice, stating the place and time
of any meeting of the stockholders of the Corporation and the means of remote communication, if
any, by which stockholders and proxy holders may be deemed present in person and vote at such
meeting, and the general nature of the business to be considered, shall be given by the Secretary
to each stockholder entitled to vote thereat, at such stockholders address as it appears on the
stock transfer books of the Corporation, at least ten days but not more than 60 days before the
meeting. Without limiting the manner by which notice otherwise may be given to stockholders, any
notice to stockholders may be given by electronic transmission in the manner provided by
Sections 222 and 232 of the DGCL. Meetings may be held without notice if all stockholders entitled
to vote are present (without being present for the purpose of objecting at the beginning of the
meeting to the transaction of any business because the meeting is not lawfully called or convened),
or if notice is waived by those not present in accordance with
Article V
,
Section 8
of these bylaws. The Board may, at any time prior to holding an annual or special meeting of
stockholders, and for any reason, cancel, reschedule or postpone any previously scheduled annual or
special meeting.
SECTION 7.
Notice of Stockholder Business and Nominations
.
(A)
Annual Meetings of Stockholders
.
(1) Nominations of persons for election to the Board of Directors of the Corporation and the
proposal of business to be considered by the stockholders may be made at an annual meeting of
stockholders pursuant to the Corporations notice of meeting, by or at the direction of the Board
of Directors or by any stockholder of the Corporation who was a stockholder of record at the time
of giving of notice provided for in this Bylaw and at the time of the annual meeting, who is
entitled to vote at such meeting and who complies with the notice procedures set forth in this
Bylaw and applicable law.
(2) For nominations or other business to be properly brought before an annual meeting by a
stockholder pursuant to
clause (c)
of
paragraph (A) (1)
of this
Section 7
,
the stockholder must have given timely notice thereof in writing to the Secretary of the
Corporation and such other business must otherwise be a proper matter for stockholder action under
applicable law. To be timely with respect to the Corporations 2017 annual meeting of stockholders,
a stockholders notice shall be delivered to the Secretary at the principal executive offices of
the Corporation not later than the close of business on the 70
th
day, nor earlier than
the close of business on the 90
th
day, prior to the first anniversary of the preceding
years annual meeting; provided, however, that in the event that the date of the annual meeting is
more than 20 days before or more than 70 days after such anniversary date, notice by the
stockholder to be timely must be so delivered not earlier than the close of business on the
90
th
day prior to such annual meeting and not later than the close of business on the
later of the 70
th
day prior to such annual meeting or, the 10
th
day following
the day on which public announcement of the date of such meeting is first made by the Corporation.
To be timely with respect to any annual meeting of the Corporation occurring in 2018 or thereafter,
a stockholders notice shall be delivered to the Secretary at the principal executive offices of
the Corporation not later than the close of business on the 90
th
day, nor earlier than
the close of business on the 120
th
day, prior to the first anniversary of the preceding
years annual meeting; provided, however, that in the event that the date of the annual meeting is
more than 30 days before or more than 60 days after such anniversary date, notice by the
stockholder to be timely must be so delivered not earlier than the close of business on the
120
th
day prior to such annual meeting and not later than the close of business on the
later of the 90
th
day prior to such annual meeting or, if the first public announcement
of the date of such annual meeting is less than 100 days prior to the date of such annual meeting,
the 10
th
day following the day on which public announcement of the date of such meeting
is first made by the Corporation. In no event shall the adjournment, recess, cancellation,
rescheduling or postponement of an annual meeting or any announcement thereof commence a new time
period for the giving of a stockholders notice as described above. To be in proper form, a
stockholders notice (whether given pursuant to this
paragraph (A)(2)
or
paragraph (B)
of
Section 7
of these Bylaws) to the Secretary of the Corporation
must:
(a) set forth, as to each person, if any, whom the stockholder proposes to nominate for
election or reelection as a director all information relating to such person that is
required to be disclosed in solicitations of proxies for election of directors in an
election contest, or is otherwise required, in each case pursuant to Regulation 14A under
the Securities Exchange Act of 1934, as amended (the
Exchange Act
), and
Rule 14a-11 thereunder (including such persons written consent to being named in the proxy
statement as a nominee and to serving as a director if elected), a description of all
direct and indirect compensation and other material monetary agreements, arrangements and
understandings during the past three years, and any other material relationships, between or
among each Proposing Person (as defined below), on the one hand, and each proposed nominee,
and his respective affiliates and associates, or others acting in concert therewith, on the
other hand, including, without limitation all information that would be required to be
disclosed pursuant to Rule 404 promulgated under Regulation S-K if the stockholder making
the nomination and any beneficial owner on whose behalf the nomination is made, if any, or
any affiliate or associate thereof or person acting in concert therewith, were the
registrant for purposes of such rule and the nominee were a director or executive officer
of such registrant, a written statement executed by the nominee acknowledging as a director
of the Corporation, the nominee will owe a fiduciary duty under Delaware law with respect to
the Corporation and its stockholders, and a written statement of such person that such
person, if elected, intends to tender, promptly following such persons election or
re-election, an irrevocable resignation effective upon such persons failure to receive the
required vote for re-election at the next meeting at which such person would face
re-election and upon acceptance of such resignation by the Board of Directors;
(b) with respect to each nominee for election or reelection to the Board, include a
completed and signed questionnaire, representation and agreement required by
paragraph (A)(4)
of this
Section 7
;
(c) set forth, as the Corporation may require any proposed nominee to furnish, any such
additional information as may reasonably be required by the Corporation to determine the
eligibility of such proposed nominee to serve as an independent director of the Corporation
or that could be material to a reasonable stockholders understanding of the independence,
or lack thereof, of such nominee;
(d) as to any business other than a nomination of a director or directors that the
stockholder proposes to bring before the meeting, set forth a reasonably brief description
of the business desired to be brought before the meeting, the text of the proposal
(including the text of any resolutions proposed for consideration and in the event that such
business includes a proposal to amend the bylaws of the Corporation, the language of the
proposed amendment), the reasons for conducting such business at the meeting and any
material interest in such business of each Proposing Person a reasonably detailed
description of all agreements, arrangements and understandings (x) between or among any of
the Proposing Persons or (y) between or among any Proposing Person and any other person,
persons or entity (including their names) in connection with the proposal of such business
by such stockholder; and
(e) set forth, as to each Proposing Person (as defined below) the name and address of
such Proposing Person, (including, if applicable, the name and address as they appear on the
Corporations books and records) the class or series, if any, and number of shares of the
Corporation which are, directly or indirectly, owned beneficially by such Proposing Person,
any option, warrant, convertible security, stock appreciation right, swap or similar right
with an exercise or conversion privilege or a settlement payment or mechanism at a price
related to any class or series of shares of the Corporation or with a value derived in whole
or in part from the value of any class or series of shares of the Corporation, whether or
not such instrument or right shall be subject to settlement in the underlying class or
series of stock of the Corporation or otherwise (a
Derivative Instrument
),
directly or indirectly, owned beneficially by such Proposing Person and any other direct or
indirect opportunity to profit or share in any profit derived from any increase or decrease
in the value of shares of the Corporation, a description of any proxy, contract,
arrangement, understanding or relationship pursuant to which such Proposing Person has a
right to vote any shares of any security of the Corporation, any short interest in any
security of the Corporation (for purposes of these Bylaws a person shall be deemed to have a
short interest in a security if such person directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has the opportunity to profit or
share in any profit derived from any decrease in the value of the subject security), any
rights to dividends on the shares of the Corporation owned beneficially by such Proposing
Person that are separated or separable from the underlying shares of the Corporation, any
proportionate interest in shares of the Corporation or Derivative Instruments held, directly
or indirectly, by a general or limited partnership in which such Proposing Person is a
general partner or, directly or indirectly, beneficially owns an interest in a general
partner and any performance-related fees (other than an asset-based fee) that such
Proposing Person is entitled to based on any increase or decrease in the value of shares of
the Corporation or Derivative Instruments, if any, including without limitation any such
interests held by members of such Proposing Persons immediate family sharing the same
household, any other information relating to such Proposing Person that would be required
to be disclosed in a proxy statement or other filing required to be made in connection with
solicitations of proxies or consents for, as applicable, the proposal or for the election of
directors in a contested election pursuant to Section 14 of the Exchange Act and the rules
and regulations promulgated thereunder, a representation that the Proposing Person is a
holder of record of stock of the Corporation entitled to vote at such meeting, will continue
to be a holder of record of stock entitled to vote at such meeting through the date of the
meeting and intends to appear in person or by proxy at the meeting to bring such nomination
or other business before the meeting, a description of any material interest in such
business of the Proposing Person on whose behalf the proposal is made, a summary of any
material discussion regarding the business proposed to be brought before the meeting between
such Proposing Person, on the one hand, and any other record or beneficial holder of the
shares of any class or series of the Corporation (including their names), on the other hand,
and a representation as to whether such Proposing Person intends or is part of a group that
intends to (x) deliver a proxy statement or form of proxy to holders of at least the
percentage of the voting power of the Corporations outstanding stock required to approve or
adopt the proposal or to elect each such nominee or (y) otherwise to solicit proxies from
stockholders in support of such proposal or nomination.
(3) Notwithstanding anything in the second sentence of
paragraph (A) (2)
of this
Section 7
to the contrary, in the event that the number of directors to be elected to the
Board of Directors of the Corporation is increased and there is no public announcement by the
Corporation naming all of the nominees for director or specifying the size of the increased Board
of Directors at least 80 days prior to the first anniversary of the preceding years annual
meeting, a stockholders notice required by this Bylaw shall also be considered timely, but only
with respect to nominees for any new positions created by such increase, if it shall be delivered
to the Secretary at the principal executive offices of the Corporation not later than the close of
business on the 10
th
day following the day on which such public announcement of the
increased Board is first made by the Corporation.
(4) To be eligible to be a nominee for election or reelection as a director of the
Corporation, a proposed nominee must deliver (in accordance with the time periods prescribed for
delivery of notice under
paragraph (A) (2)
of
Section 7
of these Bylaws and
applicable law) to the Secretary at the principal executive offices of the Corporation a written
questionnaire with respect to the background and qualification of such person and the background of
any other person or entity on whose behalf the nomination is being made (the proposed nominee shall
request such form from the Secretary of the Corporation, and the Secretary of the Corporation shall
provide such form no later than ten days following such request) and a written representation and
agreement (the proposed nominee shall request such form from the Secretary of the Corporation and
the Secretary of the Corporation shall provide such form no later than ten days following such
request) that such person is not and will not become a party to any agreement, arrangement or
understanding (whether written or oral) with, and has not given any commitment or assurance to, any
person or entity as to how such person, if elected as a director of the Corporation, will act or
vote in such capacity on any issue or question (a
Voting Commitment
) that has not been
disclosed to the Corporation or any Voting Commitment that could limit or interfere with such
persons ability to comply, if elected as a director of the Corporation, with such persons
fiduciary duties under applicable law, is not and will not become a party to any agreement,
arrangement or understanding (whether written or oral) with any person or entity other than the
Corporation with respect to any direct or indirect compensation, reimbursement or indemnification
in connection with service or action as a director of the Corporation that has not been disclosed
to the Corporation, in such persons individual capacity and on behalf of any person or entity on
whose behalf the nomination is being made, would be in compliance, if elected as a director of the
Corporation, and will comply with all applicable law and all applicable rules of the U.S. exchanges
upon which the Common Stock of the Corporation is listed and all applicable publicly disclosed
corporate governance, conflict of interest, confidentiality and stock ownership and trading
policies and other guidelines of the Corporation, in such persons individual capacity and on
behalf of any person or entity on whose behalf the nomination is being made, intends to serve a
full term if elected as a director of the Corporation and will provide facts, statements and other
information in all communications with the Corporation and its stockholders that are or will be
true and correct in all material respects and do not and will not omit to state a material fact
necessary in order to make the statements made, in light of the circumstances under which they were
made, not misleading.
(5) The foregoing notice requirements of this
paragraph (A)
of this
Section 7
shall be deemed satisfied by a stockholder with respect to business or a nomination if such
stockholder has notified the Corporation of his intention to present a proposal or make a
nomination at an annual meeting in compliance with the applicable rules and regulations promulgated
under the Exchange Act and such stockholders proposal or nomination has been included in a proxy
statement that has been prepared by the Corporation to solicit proxies for such annual meeting.
(6) For purposes of these Bylaws, the term
Proposing Person
shall mean the
stockholder providing the notice of nomination or any other business proposed to be brought before
the meeting of stockholders, the beneficial owner or beneficial owners, if different, on whose
behalf the notice of nomination or any other business proposed to be brought before the meeting is
made, any affiliate or associate (each within the meaning of Rule 12b-2 under the Exchange Act for
purposes of these Bylaws) of such stockholder or beneficial owners and any other person with whom
such stockholder or beneficial owner (or any of their respective affiliates or associates) is
acting in concert.
(B)
Special Meetings of Stockholders
. Only such business shall be conducted at a
special meeting of stockholders as shall have been brought before the meeting pursuant to the
Corporations notice of meeting. Nominations of persons for election to the Board of Directors may
be made at a special meeting of stockholders at which directors are to be elected pursuant to the
Corporations notice of meeting by or at the direction of the Board of Directors or provided that
the Board of Directors has determined that directors shall be elected at such meeting, by any
stockholder of the Corporation who is a stockholder of record at the time of giving of notice
provided for in this Bylaw and at the time of the special meeting, who shall be entitled to vote at
such meeting and who complies with the notice procedures set forth in this Bylaw. In the event the
Corporation calls a special meeting of stockholders for the purpose of electing one or more
directors to the Board of Directors, any such stockholder may nominate a person or persons (as the
case may be), for election to such position(s) as specified in the Corporations notice of meeting,
if the stockholders notice required by
paragraph (A) (2)
of
Section 7
of these
Bylaws with respect to any director nomination (including the completed and signed questionnaire
and the written representation and agreement required by
paragraph (A)(4)
of this
Section 7
) shall be delivered to the Secretary at the principal executive offices of the
Corporation not earlier than the close of business on the 120
th
day prior to such
special meeting and not later than the close of business on the later of the 90
th
day
prior to such special meeting or, if the first public announcement of the date of such meeting is
less than 100 days prior to the date of such meeting, the 10
th
day following the day on
which public announcement is first made of the date of the special meeting and of the nominees
proposed by the Board of Directors to be elected at such meeting. In no event shall any
adjournment, recess, cancellation, rescheduling or postponement of a special meeting or the public
announcement thereof commence a new time period for the giving of a stockholders notice as
described above.
(C)
General
.
(1) Only such persons who are nominated in accordance with the procedures set forth in this
Bylaw shall be eligible to serve as directors and only such business shall be conducted at a
meeting of stockholders as shall have been brought before the meeting in accordance with the
procedures set forth in this Bylaw. Except as otherwise provided by law, the Certificate of
Incorporation or these Bylaws, the chairman of the meeting shall have the power and duty to
determine whether a nomination or any business proposed to be brought before the meeting was made
or proposed, as the case may be, in accordance with the procedures set forth in this Bylaw and, if
any proposed nomination or business is not in compliance with this Bylaw, to declare that such
defective proposal or nomination shall be disregarded.
(2) For purposes of these Bylaws,
public announcement
shall mean disclosure in a
press release reported by the Dow Jones News Service, Associated Press or comparable national news
service, in a document publicly filed by the Corporation with the Securities and Exchange
Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act and the rules and regulations
promulgated thereunder or in a notice of meeting (or any supplement) pursuant to
Article II
,
Section 6
of these Bylaws.
(3) Notwithstanding the foregoing provisions of this Bylaw, a stockholder shall also comply
with all applicable requirements of state law and of the Exchange Act and the rules and regulations
thereunder with respect to the matters set forth in these Bylaws; provided, however, that any
references in these Bylaws to the Exchange Act or the rules promulgated thereunder are not intended
to and shall not limit the requirements applicable to nominations or proposals as to any other
business to be considered pursuant to
paragraph (A)(2)
or
paragraph (B)
of this
Section 7
. Nothing in this
Section 7
shall be deemed to affect any rights of
stockholders to request inclusion of proposals in the Corporations proxy statement pursuant to
Rule 14a- 8 under the Exchange Act or of the holders of any series of Preferred Stock to elect
directors under specified circumstances.
(4) The Corporation may require any proposed nominee for director to furnish such other
information as it may reasonably require to determine the eligibility of such proposed nominee to
serve as a director of the Corporation. Unless otherwise required by applicable law, if the
stockholder (or a qualified representative of the stockholder) making a nomination or proposal
under this
Section 7
does not appear at a meeting of stockholders to present such
nomination or proposal, the nomination shall be disregarded and the proposed business shall not be
transacted, as the case may be, notwithstanding that proxies in favor thereof may have been
received by the Corporation. For purposes of this
Section 7
, to be considered a qualified
representative of the stockholder, a person must be a duly authorized officer, manager or partner
of such stockholder or must be authorized by a writing executed by such stockholder or an
electronic transmission delivered by such stockholder to act for such stockholder as proxy at the
meeting of stockholders and such person must produce such writing or electronic transmission, or a
reliable reproduction of the writing or electronic transmission, at the meeting of stockholders.
(5) A stockholder providing notice of a nomination or proposal of other business to be brought
before a meeting shall further update and supplement such notice, if necessary, so that the
information provided or required to be provided in such notice pursuant to this
Section 7
shall be true and correct as of the record date for the meeting and as of the date that is ten
business days prior to the meeting or any adjournment, recess, cancellation, rescheduling or
postponement thereof, and such update and supplement shall be delivered to, or mailed and received
by, the Secretary at the principal executive offices of the Corporation not later than five
business days after the record date for the meeting (in the case of the update and supplement
required to be made as of the record date) and not later than seven business days prior to the date
for the meeting, if practicable (or, if not practicable, on the first practicable date prior to any
adjournment, recess or postponement thereof (in the case of the update and supplement required to
be made as of ten business days prior to the meeting or any adjournment, recess or postponement
thereof)).
SECTION 8.
No Stockholder Action by Written Consent
. Any action required or permitted
to be taken by the stockholders of the Corporation after the date of the closing of the first
public offering of Common Stock of the Corporation registered under the Securities Act of 1933, as
amended must be taken at an annual or special meeting of such stockholders and may not be taken by
any consent in writing of such stockholders.
SECTION 9.
Inspectors of Elections; Opening and Closing the Polls
. The Board of
Directors by resolution shall appoint, or authorize an officer of the Corporation to appoint, one
or more inspectors, which inspector or inspectors may include individuals who serve the Corporation
in other capacities, including, without limitation, as officers, employees, agents, or
representatives of the Corporation, to act at any meeting of the stockholders and make a written
report thereof. One or more persons may be designated as alternate inspector(s) to replace any
inspector who fails to act. If no inspector or alternate has been appointed to act, or if all
inspectors or alternates who have been appointed are unable to act, at a meeting of stockholders,
the chairman of the meeting shall appoint one or more inspectors to act at the meeting. Each
inspector, before discharging his or her duties, shall take and sign an oath faithfully to execute
the duties of inspector with strict impartiality and according to the best of his or her ability.
The inspector(s) shall have the duties prescribed by the DGCL.
SECTION 10.
Meetings by Remote Communication
. If authorized by the Board of Directors,
and subject to such guidelines and procedures as the Board of Directors may adopt, stockholders and
proxy holders not physically present at a meeting of stockholders may, by means of remote
communication, participate in the meeting and be deemed present in person and vote at the meeting,
whether such meeting is to be held in a designated place or solely by means of remote
communication, provided that the Corporation shall implement reasonable measures to verify that
each person deemed present and permitted to vote at the meeting by means of remote communication is
a stockholder or proxy holder, the Corporation shall implement reasonable measures to provide such
stockholders and proxy holders a reasonable opportunity to participate in the meeting and to vote
on matters submitted to the stockholders, including the opportunity to read or hear the proceedings
in the meeting substantially concurrently with such proceedings and if the stockholder or proxy
holder votes or takes other action at the meeting by means of remote communication, a record of
such vote or other action shall be maintained by the Corporation.
SECTION 11.
Conduct of Business
. The date and time of the opening and the closing of
the polls for each matter upon which the stockholders will vote at a meeting shall be announced at
the meeting by the chairman of the meeting. The Board of Directors may adopt by resolution such
rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate.
Except to the extent inconsistent with such rules and regulations as adopted by the Board of
Directors, the chairman of the meeting of any meeting of stockholders shall have the right and
authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe
such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman
of the meeting, are appropriate for the proper conduct of the meeting. Such rules, regulations or
procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting,
may include, without limitation, the following: the establishment of an agenda or order of
business for the meeting; rules and procedures for maintaining order at the meeting and the safety
of those present; limitations on attendance at or participation in the meeting to stockholders
entitled to vote at the meeting, their duly authorized and constituted proxies or such other
persons as the chairman of the meeting shall determine; restrictions on entry to the meeting after
the time fixed for the commencement thereof; limitations on the time allotted to questions or
comments by participants; and restrictions on the use of audio or video recording devices at the
meeting. The chairman of the meeting at any meeting of stockholders, in addition to making any
other determinations that may be appropriate to the conduct of the meeting, shall, if the facts
warrant, determine and declare to the meeting that a matter or business was not properly brought
before the meeting and if such chairman of the meeting should so determine, such chairman of the
meeting shall so declare to the meeting and any such matter or business not properly brought before
the meeting shall not be transacted or considered. Unless and to the extent determined by the Board
of Directors or the chairman of the meeting, meetings of stockholders shall not be required to be
held in accordance with the rules of parliamentary procedure.
ARTICLE III
SECTION 1.
Number and Term
. Subject to the rights of the holders of any series of
Preferred Stock or any other series or class of stock to elect additional directors under specific
circumstances, the number of directors of the Corporation shall be fixed from time to time
exclusively by the Board of Directors pursuant to a resolution adopted by a majority of the total
number of directors then serving on the Board of Directors (including for this purpose in such
total any vacancies), but in no event shall the number of directors be fixed at less than three.
Except as otherwise required by law or required or permitted by the Certificate of
Incorporation of the Corporation or these Bylaws, the directors, other than those who may be
elected by the holders of any series of Preferred Stock or any other series or class of stock,
shall be elected at the annual meeting of stockholders, and each director so elected shall serve
until the next annual meeting of stockholders and until such directors successor is duly elected
and qualified or until such directors earlier death, resignation or removal. All directors shall
be elected by a majority of votes cast by the holders of shares entitled to vote in the election at
a meeting at which a quorum is present, provided, however, that if the number of nominees exceeds
the number of directors to be elected, then the directors shall be elected by a plurality of the
votes cast. For purposes of this
Article III
,
Section 1
, a majority of the votes
cast means that the number of shares voted for a nominee must exceed the number of shares voted
against that nominee. Unless the director election standard is a plurality, if an incumbent
director is not elected by a majority of the votes cast, the incumbent director shall tender his or
her resignation to the Board of Directors for consideration following the certification of the
election results. The Nominating/Governance Committee shall consider the resignation and make a
recommendation to the Board of Directors on whether to accept or reject the directors resignation
or whether other action should be taken. The Board shall then consider each tendered resignation
and act on each, taking into account its fiduciary duties to the Corporation and the stockholders.
Within 90 days from the date of the certification of the election results, the Corporation shall
publicly disclose the decision of the Board of Directors, and, if applicable, the Boards reasons
for rejecting a tendered resignation. An incumbent director who tenders his or her resignation for
consideration shall not participate in the Nominating/Governance Committees recommendation or the
Board of Directors decision, or any deliberations related thereto. If a directors resignation is
accepted by the Board of Directors pursuant to this
Article III
,
Section 1
, or if a
nominee for director is not elected and the nominee is not an incumbent director, then the Board of
Directors may fill the resulting vacancy pursuant to the provisions of
Article III
,
Section 3
, or may decrease the size of the Board of Directors pursuant to this
Article III
,
Section 1
. The election of directors by the stockholders shall be by
written ballot if directed by the chairman of the meeting or if the number of nominees exceeds the
number of directors to be elected.
SECTION 2.
Resignation
. Any member of the Board of Directors or of any committee
thereof may resign at any time. Such resignation shall be made in writing or by electronic
transmission and shall take effect at the time specified therein, and if no time be specified, at
the time of its receipt by the Chairman of the Board or the Secretary. The acceptance of a
resignation shall not be necessary to make it effective.
SECTION 3.
Vacancies
. Subject to the rights of the holders of any series of Preferred
Stock or any other series or class of stock to elect directors under specified circumstances, and
unless the Board of Directors otherwise determines, vacancies resulting from death, resignation,
retirement, disqualification, removal from office or other cause, and newly created directorships
resulting from any increase in the authorized number of directors, may be filled only by the
affirmative vote of a majority of the remaining directors, even if less than a quorum of the Board
of Directors. For the avoidance of doubt, stockholders may not fill vacancies under any
circumstances. Directors so chosen shall hold office for a term expiring at the annual meeting of
stockholders and until such directors successors shall have been duly elected and qualified. No
decrease in the number of authorized directors shall shorten the term of any incumbent director.
SECTION 4.
Removal
. Except as otherwise provided by the Certificate of Incorporation
or applicable law, and subject to the rights of the holders of any series of Preferred Stock or any
other series or class of stock to elect directors under specific circumstances, any director may be
removed from office at a meeting of stockholders, but only by the affirmative vote of the holders
of a majority of the voting power of the then outstanding capital stock of the Corporation entitled
to vote generally in the election of directors (the
Voting Stock
), voting together as a
single class.
SECTION 5.
Powers
. The Board of Directors shall exercise all of the powers of the
Corporation except such as are by applicable law, by the Certificate of Incorporation of the
Corporation, or by these Bylaws conferred upon or reserved to the stockholders.
SECTION 6.
Committees
. The Board of Directors may by resolution or resolutions, passed
by a majority of the Board, designate one or more committees, each committee to consist of two or
more of the directors of the Corporation which, to the extent provided in said resolution or
resolutions or in these Bylaws and permitted by applicable law, shall have and may exercise all of
the powers of the Board of Directors in the management of the business and affairs of the
Corporation and may have power to authorize the seal of the Corporation to be affixed to all papers
which may require it. In addition to the regular members of each committee, the Board may designate
one or more alternate members who may replace any absent or disqualified member at any meeting of
the committee. In the event of the absence or disqualification of any member of such committee, or
committees, at a time when the Board is not in session, the members of the committee present at any
meeting and not disqualified from voting, whether or not he, she or they constitute a quorum, may
unanimously appoint another member of the Board of Directors to act at the meeting in the place of
any such absent or disqualified member. Such committee or committees shall have such name or names
as may be stated in these Bylaws or as may be determined from time to time by resolution adopted by
the Board of Directors. The chairman of each such committee, unless otherwise provided by the Board
of Directors in such resolution or resolutions designating such committee, shall be elected by a
majority of the members of each such committee and whenever any change shall be made in the
membership of any such committee, a new chairman shall be elected in the same manner. The
committees shall keep regular minutes of their proceedings and report the same to the Board when
required.
SECTION 7.
Meetings
. After each annual meeting of stockholders, the newly elected
directors may hold their first meeting for the purpose of organization and the transaction of
business, if a quorum be present, immediately after such annual meeting of the stockholders, or the
time and place of such meeting may be fixed by consent in writing of all the directors.
Regular meetings of the directors may be held without notice at such places and times as shall
be determined from time to time by the Board of Directors.
Special meetings of the Board may be called by the Chairman of the Board, by the President,
or by the Secretary on the written request of the Chairman of the Board or directors constituting
a majority of the Board upon notice to each director and shall be held at such places and time as
shall be determined by the directors, or as shall be stated in the call of the meeting.
Members of the Board of Directors or any committee designated by such Board may, with the
consent of the Chairman of the Board or the President, participate in a meeting of such Board or
committee by means of conference telephone or similar communications equipment by means of which
all persons participating in the meeting can hear each other, and such participation shall
constitute presence in person at such meeting.
Any action required or permitted to be taken at any meeting of the Board of Directors or any
committee thereof may be taken without a meeting if all the members of the Board or committee, as
the case may be, consent thereto in writing, and the writings are filed with the minutes of
proceedings of the Board or committee.
SECTION 8.
Quorum
. A majority of the whole Board of Directors shall constitute a
quorum for the transaction of business. If at any meeting of the Board there shall be less than a
quorum present, a majority of those present may adjourn or recess the meeting from time to time
until a quorum is obtained, and no further notice thereof need be given other than by announcement
at the meeting which shall be so adjourned or recessed.
SECTION 9.
Compensation
. Directors shall not receive any stated salary for their
services as directors or as members of committees, but by resolution of the Board a fixed annual
fee and a fixed fee for attendance at each meeting of the Board or any committee thereof shall be
established. In addition, a fixed annual or other fee may be paid for specified services to the
Board, including service as chairman of a committee of the Board. Expenses of attendance at any
such meeting may be reimbursed. Nothing herein contained shall be construed to preclude any
director from serving the Corporation in any other capacity, whether as an officer, agent or
otherwise, and receiving compensation therefor.
SECTION 10.
Advisory Directors
. The Board of Directors may elect one or more advisory
directors who shall have such powers and shall perform such duties as the directors shall assign to
them. Advisory directors shall, upon election, serve until the next annual meeting of stockholders.
Advisory directors shall receive notices of all meetings of the Board of Directors in the same
manner and at the same time as the directors. They shall attend said meetings referred to in said
notices in an advisory capacity, but will not cast a vote or be counted to determine a quorum. Any
advisory directors may be removed either with or without cause, by a majority of the directors at
the time in office, at any regular or special meeting of the Board of Directors.
Advisory directors shall not receive any stated salary for their services as advisory
directors, but by resolution of the Board of Directors a fixed annual fee and a fixed fee for
attendance at each meeting of the Board or any committee thereof shall be established. Expenses of
attendance at any such meeting may be reimbursed. Nothing herein contained shall be construed to
preclude any advisory director from serving the Corporation in any other capacity, whether as an
officer, agent or otherwise, and receiving compensation therefor.
ARTICLE IV
SECTION 1.
Officers
. The officers of the Corporation shall consist of a Chief
Executive Officer, a Secretary, a Treasurer, and, if deemed necessary, expedient, or desirable by
the Board of Directors, a President, one or more Chief Operating Officers, one or more Vice
Presidents (one or more of whom may be designated Executive or Senior Vice President), one or more
Assistant Secretaries, and one or more Assistant Treasurers. The Board of Directors may designate
the Chairman of the Board as executive Chairman of the Board, in which case such person shall be an
officer of the Corporation. Except as may otherwise be provided in the resolution of the Board of
Directors choosing him or her, no officer need be a director. Except as may be limited by law, any
number of offices may be held by the same person, as the directors may determine.
Unless otherwise provided for in the resolution choosing him or her, each officer shall be
chosen for a term that shall continue until the meeting of the Board of Directors following the
next annual meeting of stockholders and until his or her successor shall have been chosen and
qualified.
All officers of the Corporation shall have authority and perform such duties as shall be
prescribed in the Bylaws or in the resolutions of the Board of Directors designating and choosing
such officers and shall have such additional authority and duties as are incident to their office
except to the extent that the Bylaws or such resolutions may be inconsistent therewith. Any officer
may be removed, with or without cause, by the Board of Directors. Any vacancy in any office may be
filled by the Board of Directors.
SECTION 2.
The Chairman of the Board
. The Board of Directors shall elect a Chairman of
the Board from the members of the Board of Directors. The Board of Directors shall designate
whether such Chairman of the Board is either a non-executive Chairman of the Board, or an executive
Chairman of the Board. Subject to the control vested in the Board of Directors by statute, by the
Certificate of Incorporation, or by these Bylaws, the Chairman of the Board shall preside at all
meetings of the stockholders and the Board of Directors as the
chairman of the meeting
,
unless the Board of Directors appoints another chairman of the meeting; and in general, shall
perform all duties incident to the office of the Chairman of the Board and such other duties as
from time to time may be assigned to him by the Board of Directors. References in these Bylaws to
Chairman of the Board
shall mean non-executive Chairman of the Board or executive
Chairman of the Board, as designated by the Board of Directors.
SECTION 3.
Other Officers and Agents
. The Board of Directors may appoint such other
officers and agents as it may deem advisable, who shall hold their offices for such terms and shall
exercise such powers and perform such duties as shall be determined from time to time by the Board
of Directors. The Chief Executive Officer may appoint key executives to the position of staff vice
president. Such staff vice presidents shall not be corporate officers and shall exercise such
powers and perform such duties as are assigned to them by the Chief Executive Officer or the
President, if any, or by any other officer of the Corporation designated for such purpose by the
Chief Executive Officer or President.
ARTICLE V
SECTION 1.
Certificates of Stock
. The shares of the Corporations stock may be
certificated or uncertificated, as provided under the DGCL, and shall be entered in the books of
the Corporation and registered as they are issued. Any certificates representing shares of stock
shall be in such form as the Board of Directors shall prescribe, certifying the number and class of
shares of the stock of the Corporation owned by the shareholder, affixed with the seal of the
Corporation, signed by the Chairman of the Board of Directors, the President or any Vice President,
and the Treasurer or any Assistant Treasurer, or Secretary or an Assistant Secretary. When such
certificates are signed by either a transfer agent other than the Corporation or its employee or
a registrar other than the Corporation or its employee, the signatures of such officers of the
Corporation may be facsimiles.
Within a reasonable time after the issuance or transfer of uncertificated stock, the
Corporation shall send to the registered owner thereof a written notice that shall set forth the
name of the Corporation, that the Corporation is organized under the DGCL, the name of the
shareholder, the number and class (and the designation of the series, if any) of the shares
represented, and any restrictions on the transfer or registration of such shares of stock imposed
by the Corporations articles of incorporation, these Bylaws, any agreement among shareholders or
any agreement between shareholders and the Corporation.
SECTION 2.
Lost Certificates
. A new certificate or certificates of stock or evidence
of the issuance of uncertificated shares may be issued in the place of any certificate or
certificates theretofore issued by the Corporation, alleged to have been lost or destroyed, and the
directors may, in their discretion, require the owner of the lost or destroyed certificate, or such
owners legal representative, to give the Corporation a bond, in such sum as they may direct to
indemnify the Corporation against any claim that may be made against it on account of the alleged
loss of any such certificate or the issuance of any such new certificate or evidence of
uncertificated shares.
SECTION 3.
Transfer of Shares
. Upon surrender to the Corporation of a certificate for
shares, properly endorsed, or evidence of the issuance of uncertificated shares, the Corporation
shall, subject to applicable law, issue a new certificate or evidence of the issuance of
uncertificated shares to the transferee, cancel any old certificate, and record the transaction on
the Corporations books. The person in whose name shares of stock stand on the books of the
Corporation shall be deemed by the Corporation to be the owner thereof for all purposes, and the
Corporation shall not be bound to recognize any equitable or other claim thereto on the part of any
other person.
Upon the receipt of proper transfer instructions from the registered owner of uncertificated
shares, such uncertificated shares shall be cancelled, issuance of new equivalent uncertificated
shares or of certificated shares shall be made to the person entitled thereto, and the transaction
shall be recorded upon the Corporations books. If the Corporation has a transfer agent or
registrar acting on its behalf, the signature of any officer or representative thereof may be in
facsimile.
SECTION 4.
Regulations
. The Board of Directors may make such rules and regulations as
it may deem expedient concerning the issue, transfer, and registration of certificates of stock or
uncertificated shares of stock of the Corporation.
SECTION 5.
Record Date
. The Board of Directors may fix in advance a date, not more
than 60 days nor less than 10 preceding any action, including, without limitation, the date of the
payment of any dividend or the date of the allotment of rights or the date when any change or
conversion or exchange of capital stock shall go into effect, as a record date for the
determination of the stockholders entitled to notice of, or to vote at, any meeting of stockholders
with respect thereto, or entitled to receive payment of any such dividend or to any such allotment
of rights or to exercise the rights in respect of any such change, conversion or exchange of
capital stock, or for the purpose of any lawful action, and in such case such stockholders only as
shall be stockholders of record on the date so fixed shall be entitled to such notice of, or to
vote at, such meeting, or to receive payment of such dividend or to receive such allotment of
rights or to exercise such rights as the case may be, notwithstanding any transfer of any stock on
the books of the Corporation after any such record date fixed as aforesaid.
SECTION 6.
Dividends
. Subject to the provisions of the Certificate of Incorporation,
the Board of Directors may, in its discretion, out of funds legally available for the payment of
dividends and at such times and in such manner as determined by the Board of Directors, declare and
pay dividends upon the capital stock of the Corporation. Before declaring any dividend there may be
set apart out of any funds of the Corporation available for dividends, such sum or sums as the
directors from time to time in their discretion deem proper for working capital or as a reserve
fund for meeting contingencies or for equalizing dividends or for such other purposes as the
directors shall deem conducive to the interests of the Corporation.
SECTION 7.
Seal
. The corporation seal shall be circular in form and shall contain the
name of the Corporation, the year of its creation and the words CORPORATE SEAL DELAWARE. Said
seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or
otherwise.
SECTION 8.
Notice and Waiver of Notice
. Whenever any notice is required by these
Bylaws to be given, personal notice is not required unless expressly so stated, and unless so
stated such notice so required shall be deemed to be sufficient if given by depositing the same in
a post office box in a sealed post-paid wrapper or by transmittal by telex or facsimile, addressed
to the person entitled thereto at his or her last known post office address or telex or facsimile
number, and such notice shall be deemed to have been given on the day and at the time of such
mailing or transmission. Stockholders not entitled to vote shall not be entitled to receive notice
of any meetings except as otherwise provided by law.
Whenever any notice is required to be given under the provisions of any law, or under the
provisions of the Certificate of Incorporation of the Corporation or these Bylaws, waiver thereof
in writing, signed by the person or persons entitled to said notice, whether before or after the
time stated therein, shall be deemed equivalent thereto. Attendance of a person at a meeting shall
constitute a waiver of notice of such meeting, except when the person attends a meeting for the
express purpose of objecting at the beginning of the meeting to the transaction of any business
because the meeting is not lawfully called or convened.
SECTION 9.
Electronic Transmissions
. For purposes of these bylaws,
electronic
transmission
means any form of communication, not directly involving the physical transmission
of paper, which creates a record that may be retained, retrieved, and reviewed by a recipient, and
that may be directly reproduced in paper form by such recipient through an automated process.
SECTION 10.
Severability
. Whenever possible, each provision or portion of any
provision of these Bylaws will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision or portion of any provision of these Bylaws is held to be
invalid, illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such provision or portion of any provision shall be severable and the invalidity,
illegality or unenforceability will not affect any other provision or portion of any provision in
such jurisdiction, and these Bylaws will be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision or portion of any provision had never been
contained herein.
ARTICLE VI
These Bylaws may be altered or repealed and new Bylaws may be adopted at any annual or
special meeting of stockholders if notice of the proposed alteration, repeal or adoption of the new
Bylaw or Bylaws be contained in the notice of such annual or special meeting by the affirmative
vote of a majority of the stock issued and outstanding and entitled to vote thereat, voting
together as a single class, provided, however, that any proposed alteration or repeal of, or the
adoption of any Bylaw inconsistent with,
Section 1
,
3
or
4
of
Article III
hereof by the stockholders shall require the affirmative vote of at least 80%
of the stock issued and outstanding and entitled to vote thereat, voting together as a single
class, or by the affirmative vote of a majority of the members present at any regular meeting of
the Board of Directors, or at any special meeting of the Board of Directors, without any action on
the part of the stockholders, if notice of the proposed alteration, repeal or adoption of the new
Bylaw or Bylaws be contained in the notice of such regular or special meeting.
ARTICLE VII
Unless a majority of the Board of Directors, acting on behalf of the Corporation, consents in
writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware
(or, if the Court of Chancery does not have jurisdiction, another state court located within the
State of Delaware or, if no state court located within the State of Delaware has jurisdiction, the
federal district court for the District of Delaware) shall be the sole and exclusive forum for any
derivative action or proceeding brought on behalf of the Corporation, any action asserting a claim
of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to
the Corporation or the Corporations stockholders, any action asserting a claim against the
Corporation or any of its directors, officers or other employees arising pursuant to any provision
of the DGCL, the Certificate of Incorporation or these Bylaws or any action asserting a claim
against the Corporation or any of its directors, officers or other employees governed by the
internal affairs doctrine of the State of Delaware, in all cases subject to the courts having
personal jurisdiction over all indispensable parties named as defendants. If any action the subject
matter of which is within the scope of the immediately preceding sentence is filed in a court other
than a court located within the State of Delaware (a
Foreign Action
) in the name of any
stockholder, such stockholder shall be deemed to have consented to the personal jurisdiction of
the state and federal courts located within the State of Delaware in connection with any action
brought in any such court to enforce the immediately preceding sentence (an
Enforcement
Action
) and having service of process made upon such stockholder in any such Enforcement
Action by service upon such stockholders counsel in the Foreign Action as agent for such
stockholder. Any person or entity purchasing or otherwise acquiring any interest in shares of
capital stock of the Corporation shall be deemed to have notice of and consented to the provisions
of this
Article VII
.
OF
GROUP 1 AUTOMOTIVE, INC.
(hereinafter called the
Corporation
)
OFFICES
MEETINGS OF STOCKHOLDERS
DIRECTORS
OFFICERS
MISCELLANEOUS
AMENDMENTS
FORUM FOR ADJUDICATION OF DISPUTES
Exhibit 99.1
FOR IMMEDIATE RELEASE
Group 1 Automotive Appoints Leader of U.S. Operations
Daryl Kenningham Named President, U.S. Operations
HOUSTON, April 3, 2017 Group 1 Automotive, Inc. ( NYSE: GPI ), an international, Fortune 500 automotive retailer, today announced the appointment of Daryl Kenningham to the new position of President, U.S. Operations effective May 1, 2017.
Currently, Kenningham serves as Regional Vice President, Western Region for the Company. He joined Group 1 Automotive in 2011 in the role of Regional Vice President, Eastern Region. Prior to joining Group 1, Kenningham served in a variety of sales, marketing, and operational roles with both Nissan Motor Corporation U.S.A. and Gulf States Toyota, a private distributor serving the south central U.S. for Toyota Motor Sales U.S.A.
Daryls extensive experience with major automotive manufacturers, as well as his thorough understanding of our retail operations, makes him the perfect person to lead our U.S. business. As our company continues to grow in all three of our markets the U.S., Brazil and the U.K. there are increasing demands on my time, stated Earl Hesterberg, Group 1s president and chief executive officer. Daryls appointment to this new role will enable me to focus more on strategic and growth initiatives and will be a seamless transition from an operating viewpoint as Daryl has detailed knowledge about every one of our 111 U.S. dealerships.
In his new role, Kenningham will be responsible for all of Group 1 Automotives U.S. dealership operations, which include 111 dealerships and approximately 9,400 employees. Group 1 will also consolidate its Eastern and Western Regional operations into a single unit with current Eastern Region Vice President David Fesmire assuming the new position of Vice President, Operations reporting to Kenningham.
Kenningham obtained a Bachelor of Arts degree from the University of Michigan and an MBA from the University of Florida. He and his wife Dana reside in Houston, Texas along with their three children.
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 157 automotive dealerships, 208 franchises, and 38 collision centers
in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through
its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle
financing; sells service contracts; provides automotive maintenance and repair services; and
sells vehicle parts.
Investors please visit www.group1corp.com, www.group1auto.com, www.group1collision.com, www.facebook.com/group1auto, and www.twitter.com/group1auto, where Group 1 discloses additional information about the Company, its business, and its results of operations.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which are statements related to future, not past,
events and are based on our current expectations and assumptions regarding our business, the
economy and other future conditions. In this context, the forward-looking statements often
include statements regarding our goals, plans, projections and guidance regarding our financial
position, results of operations, market position, pending and potential future acquisitions and
business strategy, and often contain words such as expects, anticipates, intends, plans,
believes, seeks, should, foresee, may or will and similar expressions. While
management believes that these forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting us will be those that we anticipate. Any
such forward-looking statements are not assurances of future performance and involve risks and
uncertainties that may cause actual results to differ materially from those set forth in the
statements. These risks and uncertainties include, among other things, (a) general economic and
business conditions, (b) the level of manufacturer incentives, (c) the future regulatory
environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our
relationship with our automobile manufacturers and the willingness of manufacturers to approve
future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g)
our ability to complete acquisitions and dispositions and the risks associated therewith, (h)
foreign exchange controls and currency fluctuations, and (i) our ability to retain key
personnel. For additional information regarding known material factors that could cause our
actual results to differ from our projected results, please see our filings with the SEC,
including our Annual Report on
Form 10-K
, Quarterly Reports on
Form 10-Q
and Current Reports on
Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which
speak only as of the date hereof. We undertake no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as a result of new information,
future events or otherwise.
SOURCE: Group 1 Automotive, Inc.
Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 |
sroth@group1auto.com
Media contacts:
Pete DeLongchamps
V.P. Manufacturer Relations, Financial Services and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 |
pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 |
cwoods@piercom.com