THIS
INFORMATION STATEMENT IS BEING PROVIDED TO
YOU
BY THE BOARD OF DIRECTORS OF ATTUNE RTD.
WE
ARE NOT ASKING YOU FOR A PROXY AND YOU ARE
REQUESTED
NOT TO SEND US A PROXY
ATTUNE
RTD
3111
E. Tahquitz Canyon Drive,
Palm
Springs, CA 92262
(760) 333-3842
INFORMATION
STATEMENT
January
29, 2013
NOTICE
OF STOCKHOLDER ACTION BY WRITTEN CONSENT
GENERAL
INFORMATION
To
the Holders of Common Stock of Attune RTD:
This
Information Statement has been filed with the Securities and Exchange Commission and is being furnished, pursuant to Section 14C
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to the holders (the “Common Stockholders”)
of Common Stock, par value $.001 per share (the “Common Stock”), of Attune RTD, a Nevada corporation (the “Company”),
to notify such Common Stockholders that on December 17, 2012, the Company received a unanimous written consent in lieu of a meeting
of the holders of Class B Participating Cumulative Preferred Stock, par value $0.0166 per share (the “Series B Preferred”).
Each share of Class B Preferred has the equivalent of one hundred (100) votes of Common Stock. Currently, there are seven (7)
holders of Class B Preferred (together, the “Class B Stockholders”), collectively holding 1,000,000 shares of Class
B Preferred, resulting in the Class B Stockholders holding in the aggregate approximately 88.72% of the total voting power of
all issued and outstanding voting capital of the Company (the “Majority Stockholders”). The Majority Stockholders
authorized the following:
●
|
|
The
increase
in
the
number
of
authorized
shares
of
Common
Stock
from
fifty
nine
million
(59,000,000)
shares
of
Common
Stock
to
twenty
billion
(20,000,000,000)
shares
of
Common
Stock
(the
“Authorized
Common
Stock
Share
Increase”);
|
●
|
|
The
amendment of the par value (the “Common
Par Change”) of Common Stock
from a par value $0.0166 per share
to a par value of $0.00004897 per share.
|
|
|
|
|
|
The
amendment of the Class B Preferred to such that the voting
rights of Class B Shareholders are increased from one hundred
votes per share to twenty thousand votes per share (the
“Class B Vote Increase”).
|
|
|
|
|
|
The
Amendment of the Articles of Incorporation to authorize
the issuance of five million (5,000,000) shares of “blank
check” preferred stock, 0.0166 par value per share,
to be issued in series, and all properties of such preferred
stock to be determined by the Company’s Board of Directors
(the “Authorized Blank Check Preferred Stock”)
|
We
have attached as Appendix A hereto a form of the proposed amendments to the Articles of Incorporation, indicating the change of
par value of the common stock to $.00004897, the increase in authorized shares of common stock to twenty billion, the increase
in the voting rights of Class B Shareholders to twenty thousand, and the authorization of issuance of five million shares of “blank
check” preferred stock.
On
December 17, 2012, the Board of Directors of the Company (the “Board”) approved, and recommended for approval to the
holders having the power to vote with respect to the Common Stock, the: (i) Authorized Common Stock Share Increase, (ii) Common
Par Change, (ii) Class B Vote Increase, and (iv) Authorized Blank Check Preferred Stock (collectively the “Actions “).
On December 17, 2012, the Majority Stockholders approved each of the Actions by written consent in lieu of a meeting in accordance
with the Nevada General Corporation Law (“NRS”). Accordingly, your consent is not required and is not being solicited
in connection with the approval of the Actions.
We
will mail the Notice to the Common Stockholders on or about January 29, 2013.
WE
ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND A PROXY.
The
Board believes that the Common Stockholders of the Company will benefit from these Actions because it believes that the Company
will be able to attract new investors for investment in its mobile robotics and enhanced collaboration businesses.
The
Board believes that the Common Stockholders of the Company will benefit from the Actions because such changes may allow the Company
greater flexibility in pursuing acquisitions, equity investments and other opportunities.
The
increase in the number of authorized shares of Common Stock is not intended to have an anti-takeover effect. However, future issuances
of Common Stock would have the effect of diluting the voting rights of existing holders of such stock.
Accordingly,
it was the Board’s opinion that the Actions would better position the Company to attract potential business candidates and
provide the Common Stockholders a greater potential return.
INTRODUCTION
Section
78.320 of the Nevada Revised Statutes (“NRS”) provides that the written consent of the holders of a majority of the
outstanding shares of voting capital stock can approve an action in lieu of conducting a special stockholders’ meeting convened
for the specific purpose of such action. The NRS, however, does not require that in the event an action is approved by written
consent, a Company must provide prompt notice of the taking of any corporate action without a meeting to the stockholders of record
who have not consented in writing to such action.
Nonetheless,
in accordance with Rule 14c-2(b) of the Exchange Act, we will mail the Notice to the Common Stockholders on or about January 29,
2013.
This
Information Statement contains a brief summary of the material aspects of each of the Actions approved by the Board of Directors
(the “Board”) of Attune RTD (the “Company,” “we,” “our,” or “us”)
and the holders of Class B Convertible Preferred Stock (the “Class B Preferred”), which have voting rights with respect
to the Common Stock and constitute a majority of the voting power of the Common Stock.
CLASS
B PREFERRED STOCK
On
November 28, 2007, the Company amended its Articles of Incorporation to authorize the issuance of one million (1,000,000) shares
(par value $0.0166) of the Class B Preferred. Among the rights, preferences and privileges of the Class B Preferred is that each
holder of one share of Class B Preferred (the “Class B Stockholders”) has the equivalent of one hundred (100) votes
of Common Stock.
As
of January 29, 2013, there were issued and outstanding 32,126,716 shares of our Common Stock, and (ii) one million shares of our
Class B Preferred. Based on the foregoing, the total aggregate amount of votes entitled to vote regarding the approval of the
Actions is 132,126,716 (32,126,716 + 100,000,000) (the sum of the votes represented by the issued and outstanding shares of Common
Stock and Class B Preferred). Pursuant to Section 78.320 of the NRS, at least a majority of the voting equity of the Company,
or at least sixty six million sixty three thousand three hundred fifty six (66,063,356) votes, are required to approve the Actions
by written consent. The Class B Stockholders, which hold in the aggregate one hundred seventeen million two hundred twenty four
thousand seven hundred sixteen (117,224,716) votes or approximately 88.72% of the voting equity of the Company, have all voted
in favor of the Actions, thereby satisfying the requirement under Section 78.320 of the NRS that at least a majority of the voting
equity vote in favor of a corporate action by written consent.
The
following table sets forth the name of the Class B Stockholders, the number of shares Common Stock and of Class B Preferred held
by each Class B Stockholder, the total number of votes that the Class B Stockholders voted in favor of the Actions and the percentage
of the issued and outstanding voting equity of the Company that voted in favor of the actions.
Name of
Class B
Stockholder
|
|
Number
of Shares
of
Common
Stock
Held
|
|
|
Number of
Shares of
Class B
Preferred
held
|
|
|
Number of
Votes held
by such
Class B
Stockholder
|
|
Number of
Votes that
Voted in favor
of the Actions
|
|
|
Percentage of
the Voting
Equity that
Voted in
favor of the
Actions
|
|
Shawn Davis
|
|
|
6,039,281
|
|
|
|
200,000
|
|
|
x 100
|
|
|
26,039,281
|
|
|
|
19.71
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thomas Bianco
|
|
|
6,039,281
|
|
|
|
133,333
|
|
|
x 100
|
|
|
19,372,581
|
|
|
|
14.66
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raymond Tai
|
|
|
3,145,714
|
|
|
|
133,333
|
|
|
x 100
|
|
|
16,479,014
|
|
|
|
12.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renna Davis
|
|
|
600,000
|
|
|
|
133,333
|
|
|
x 100
|
|
|
13,933,300
|
|
|
|
10.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steve Bailey
|
|
|
500,000
|
|
|
|
133,333
|
|
|
x 100
|
|
|
13,833,300
|
|
|
|
10.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tim Smith
|
|
|
500,000
|
|
|
|
133,333
|
|
|
x 100
|
|
|
13,833,300
|
|
|
|
10.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shawn Steib
|
|
|
400,000
|
|
|
|
133,333
|
|
|
x 100
|
|
|
13,733,300
|
|
|
|
10.39
|
%
|
ACTIONS
TO BE TAKEN
The
(i) Authorized Common Stock Share Increase, (ii) Common Par Change, (ii) Class B Vote Increase, and (iv) Authorized Blank Check
Preferred Stock will become effective on the date that we file the Amended and Restated Certificate of Incorporation of the Company
(the “Amendment”) with the Secretary of State of the State of Nevada. Such filing can occur no earlier than twenty
(20) calendar days after the mailing of this information statement.
We
currently expect to file the Amendment on or about February 18, 2013.
With
respect to each Action described in this Information Statement, the Board reserves the right, notwithstanding that the Class B
Stockholders have approved each Action, to elect not to proceed with one or more Actions if, at any time prior to filing the Amendment,
the Board, in its sole discretion, determines that it is no longer in the Company’s best interests and the best interests
of the Company’s stockholders to consummate any one or more of the Actions.
INCREASE
IN THE NUMBER OF AUTHORIZED SHARES
OF
COMMON STOCK
GENERAL
The
number of authorized shares of our Common Stock will be increased from fifty nine million (59,000,000) shares to twenty billion
(20,000,000,000) shares (the “Authorized Common Stock Share Increase”).
PURPOSE
AND EFFECT OF INCREASING THE NUMBER OF AUTHORIZED SHARES
The
additional shares of common stock for which authorization is sought would be part of the existing class of Common Stock, if and
when issued. These shares would have the same rights and privileges as the shares of Common Stock currently outstanding. Holders
of the Company’s Common Stock do not have preemptive rights to subscribe for and purchase any new or additional issues of
Common Stock or securities convertible into Common Stock.
The
Board of Directors believes that the increase in the number of authorized shares of Common Stock is in the best interests of the
Company and its stockholders. The purpose of increasing the number of authorized shares of Common Stock is to have shares available
for issuance for such corporate purposes as the Board of Directors may determine in its discretion, including, without limitation:
conversion
of convertible securities
|
-
|
investment
opportunities
|
|
-
|
stock
dividends
or
other
distributions
|
|
-
|
future
financings
and
other
corporate
purposes
|
Although
the Company is actively discussing financing alternatives which may result in the issuance of additional shares of Common Stock,
the Company has no such plans, proposals, or arrangements, written or otherwise,
at this time
to issue any of the newly available authorized shares of common stock.
CHANGE
IN PAR VALUE OF COMMON STOCK
GENERAL
The
par value of our Common Stock will be changed from $0.0166 par value per share to $0.00004897 par value per share.
PURPOSE
AND EFFECT OF THE COMMON PAR CHANGE
“Par
Value” is a dollar value assigned to shares of stock, which is the minimum amount for which each share may be sold. Historically,
the concept of par value and the stated capital of a company were to protect creditors and senior security holders by ensuring
that a company received at least the par value as consideration for issuance of its shares. Over time, these concepts have lost
their significance for the most part. In fact, Nevada (as well as most states) permits the issuance of shares without par value
and most newly-formed companies have no par value or a minimal par value shares.
The
reduction in par value is not being done for the purpose of impeding any takeover attempt. Nevertheless, the power of the Board
of Directors to provide for the issuance of shares of common stock at a price as low as $0.00004897 per share without shareholder
approval has potential utility as a device to discourage or impede a takeover of the Company. In the event that a non-negotiated
takeover were attempted, the private placement of stock into “friendly” hands, for example, could make the Company
unattractive to the party seeking control of the Company. This would have a detrimental effect on the interests of any stockholder
who wanted to tender his or her shares to the party seeking control or who would favor a change in control.
The
Board also believes that the reduction in par value of the Company’s Common Stock will provide it with greater flexibility
in setting the consideration that may be received for shares of Common Stock issued in transactions such as mergers, acquisitions
and other business combinations, stock issuances and issuances of securities exercisable for or convertible into shares of Common
Stock.
CLASS
B PREFERRED VOTE INCREASE
GENERAL
The
Class B Preferred will be changed such that the voting rights of Class B Shareholders are increased from one hundred votes per
share to twenty thousand votes per share.
PURPOSE
AND EFFECT OF THE CLASS B VOTE INCREASE
The
Board believes that the increase in the voting rights of Class B Shareholders from one hundred votes per share to twenty thousand
votes per share will preserve the current relative voting power of the Majority Shareholders despite the issuance of large amounts
of Common Stock in future potential financings and acquisitions.
Although
the increase in the voting rights of Class B Shareholders is not being done for the purpose of impeding any pending takeover attempt,
nevertheless, the voting power of the Class B Shareholders has potential utility as a device to discourage or impede a takeover
of the Company. In the event that a non-negotiated takeover were attempted, the inability to win the approval of the Class B Shareholders,
for example, could make the Company unattractive to the party seeking control of the Company. This would also have a detrimental
effect on the interests of any stockholder who wanted to tender his or her shares to the party seeking control or who would favor
a change in control.
AUTHORIZED
BLANK CHECK PREFERRED STOCK
GENERAL
The
Articles of Incorporation will be amended to authorize the issuance of five million (5,000,000) shares of “blank check”
preferred stock, $0.00004897 par value per share, to be issued in series, and all properties of such preferred stock shall be
determined by the Company’s Board of Directors.
PURPOSE
AND EFFECT OF THE AUTHORIZED BLANK CHECK PREFERRED STOCK
The
Board believes that the ability to create and issue various series of the Company’s preferred stock with various properties
as determined by its Board of Directors will provide it with greater speed and flexibility in determining the consideration that
may be offered by the Company’s issuance of its equity in transactions such as mergers, acquisitions and other business
combinations, and for raising capital for the Company. In many of these transactions, time is of the essence, and the ability
of the Board to act in such matters without the time-consuming process of shareholder approval (especially in the case of an Exchange
Act reporting company) can make the difference in consummation of such transactions.
The
authorization of the issuance of five million shares of “blank check” preferred stock is not being done for the purpose
of impeding any takeover attempt. Nevertheless, the power of the Board of Directors to provide for the issuance of various series
of the Company’s preferred stock with various properties without shareholder approval has potential utility as a device
to discourage or impede a takeover of the Company.
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The
following tables set forth certain information regarding the beneficial ownership of our Common Stock as of January 29, 2013 of
(i) each person known to us to beneficially own more than 10% of Common Stock, (ii) our directors, (iii) each named executive
officer and (iv) all directors and named executive officers as a group. As of January 29, 2013, there were a total of 32,126,716
shares of Common Stock outstanding. Each share of Common Stock is entitled to one vote on matters on which holders of voting stock
of the Company are eligible to vote. The column entitled “Percentage of Total Voting Stock” shows the percentage of
total voting stock beneficially owned by each listed party.
The
number of shares beneficially owned is determined under the rules promulgated by the SEC, and the information is not necessarily
indicative of beneficial ownership for any other purpose. Under those rules, beneficial ownership includes any shares as to which
a person or entity has sole or shared voting power or investment power
plus
any shares which such person or entity has
the right to acquire, within sixty (60) days of January 29, 2013 through the exercise or conversion of any stock option, convertible
security, warrant or other right. Unless otherwise indicated, each person or entity named in the table has sole voting power and
investment power (or shares such power with that person’s spouse) with respect to all shares of capital stock listed as
owned by that person or entity.
|
|
|
|
Common
and Preferred B Stock
Beneficially Owned
|
Name/Address
|
|
Title of Class
|
|
Number
|
|
Percent
|
|
|
|
|
|
|
|
Shawn Davis, CEO, Director
|
|
common Stock
|
|
|
6,039,281
|
|
|
|
18.80
|
%
|
c/o Attune RTD.
|
|
Preferred B
|
|
|
200,000
|
|
|
|
20.0
|
%
|
3111 E. Tahquitz Canyon Drive.,
|
|
|
|
|
|
|
|
|
|
|
Palm Springs, CA 92262
|
|
|
|
|
|
|
|
|
|
|
Thomas Bianco, CFO, Director
|
|
common Stock
|
|
|
6,039,281
|
|
|
|
18.80
|
%
|
c/o Attune RTD.
|
|
Preferred B
|
|
|
133,333
|
|
|
|
13.33
|
%
|
3111 E. Tahquitz Canyon Drive.,
|
|
|
|
|
|
|
|
|
|
|
Palm Springs, CA 92262
|
|
|
|
|
|
|
|
|
|
|
Raymond Tai
|
|
common Stock
|
|
|
3,145,714
|
|
|
|
9.79
|
%
|
c/o Attune RTD
|
|
Preferred B
|
|
|
133,333
|
|
|
|
13.33
|
%
|
3111 E. Tahquitz Canyon Drive.,
|
|
|
|
|
|
|
|
|
|
|
Palm Springs, CA 92262
|
|
|
|
|
|
|
|
|
|
|
Renna Davis,
|
|
common Stock
|
|
|
600,000
|
|
|
|
1.87
|
%
|
c/o Attune RTD
|
|
Preferred B
|
|
|
133,333
|
|
|
|
13.33
|
%
|
3111 E. Tahquitz Canyon Drive.,
|
|
|
|
|
|
|
|
|
|
|
Palm Springs, CA 92262
|
|
|
|
|
|
|
|
|
|
|
Steve Bailey
|
|
common Stock
|
|
|
500,000
|
|
|
|
1.56
|
%
|
c/o Attune RTD
|
|
Preferred B
|
|
|
133,333
|
|
|
|
13.33
|
%
|
3111 E. Tahquitz Canyon Drive.,
|
|
|
|
|
|
|
|
|
|
|
Palm Springs, CA 92262
|
|
|
|
|
|
|
|
|
|
|
Tim Smith, Secretary
|
|
common Stock
|
|
|
500,000
|
|
|
|
1.56
|
%
|
c/o Attune RTD
|
|
Preferred B
|
|
|
133,333
|
|
|
|
13.33
|
%
|
3111 E. Tahquitz Canyon Drive.,
|
|
|
|
|
|
|
|
|
|
|
Palm Springs, CA 92262
|
|
|
|
|
|
|
|
|
|
|
Shawn Steib
|
|
common Stock
|
|
|
400,000
|
|
|
|
1.25
|
%
|
c/o Attune RTD
|
|
Preferred B
|
|
|
133,333
|
|
|
|
13.33
|
%
|
3111 E. Tahquitz Canyon Drive.,
|
|
|
|
|
|
|
|
|
|
|
Palm Springs, CA 92262
|
|
|
|
|
|
|
|
|
|
|
Directors and executive officer as a group (3 persons)
|
|
Common Stock
|
|
|
12,578,562
|
|
|
|
39.16
|
%
|
|
|
Preferred B
|
|
|
466,666
|
|
|
|
46.67
|
%
|
ADDITIONAL
INFORMATION
We
are subject to the disclosure requirements of the Securities Exchange Act of 1934, as amended, and in accordance therewith, file
reports, information statements and other information, including annual and quarterly reports on Form 10-K and 10-Q, respectively,
with the Securities and Exchange Commission (the ” SEC “). Reports and other information filed by the Company can
be inspected and copied at the public reference facilities maintained by the SEC at Room 1024, 450 Fifth Street, N.W., Washington,
DC 20549. Copies of such material can also be obtained upon written request addressed to the SEC, Public Reference Section, 450
Fifth Street, N.W., Washington, D.C. 20549, at prescribed rates. In addition, the SEC maintains a web site on the Internet (http://www.sec.gov)
that contains reports, information statements and other information regarding issuers that file electronically with the SEC through
the Electronic Data Gathering, Analysis and Retrieval System.
The
following documents, as filed with the SEC by the Company, are incorporated herein by reference:
|
(1)
|
Annual
Report on Form 10-K for the fiscal year ended December 31, 2011;
|
|
(2)
|
Quarterly
Report on Form 10-Q for the three months ended March 31, 2012;
|
|
(3)
(4)
|
Quarterly
Report on Form 10-Q for the six months ended June 30, 2012;
and
Quarterly
Report on Form 10-Q for the nine months ended September 30, 2012
|
You
may request a copy of these filings, at no cost, by writing Attune RTD at 3111 E. Tahquitz Canyon Drive., Palm Springs, CA 92262
or telephoning the Company at (760) 333-3842. Any statement contained in a document that is incorporated by reference will be
modified or superseded for all purposes to the extent that a statement contained in this Information Statement (or in any other
document that is subsequently filed with the SEC and incorporated by reference) modifies or is contrary to such previous statement.
Any statement so modified or superseded will not be deemed a part of this Information Statement except as so modified or superseded.
This
Information Statement is provided to the holders of Common Stock of the Company only for information purposes in connection with
the Actions, pursuant to and in accordance with Rule 14c-2 of the Exchange Act. Please carefully read this Information Statement.
By
Order of the Board of Directors
/s/
Shawn Davis
|
|
Shawn
Davis
|
|
Chief
Executive Officer and Director
|
|
Dated:
January 29, 2013
Appendix
A
Proposed
Amendment to the Article Fourth of the Articles of Incorporation, indicating the change of par value of the common stock to $.00004897,
the increase in authorized shares of common stock to twenty billion, the increase in the voting rights of Class B Shareholders
to twenty thousand, and the authorization of issuance of five million shares of “blank check” preferred stock.
Fourth
:
The total number of shares of all classes of capital stock, which the corporation shall have authority to issue, is 20,006,000,000
shares. Stockholders shall not have any preemptive rights, nor shall stockholders have the right to cumulative voting in the election
of directors or for any other purpose. The classes and the aggregate number of shares of stock of each class, which the corporation
shall have authority to issue, are as follows:
(a)
20,000,000,000 shares of common stock, $0.
00004897
par value (“Common Stock”);
(b)
1,000,000 shares of Class B Participating Cumulative Preferred Supervoting Stock, par value 0.0166, the holders of which are entitled
to twenty thousand votes per share and are entitled to receive the net assets of the Corporation upon dissolution; and the Board
of Directors is hereby authorized without limitation to fix by resolution or resolutions the dividend rights and dividend rates
of Class B Participating Cumulative Supervoting Stock.
(c)
5,000,000 shares of “blank check” preferred stock, $0.0166 par value (“Preferred Stock”).
The
Preferred Stock may be issued from time to time in one or more series, with such distinctive serial designations as may be stated
or expressed in the resolution or resolutions providing for the issue of such stock adopted from time to time by the Board of
Directors; and in such resolution or resolutions providing for the issuance of shares of each particular series, the Board of
Directors is also expressly authorized to fix: The right to vote, if any; the consideration for which the shares of such series
are to be issued; the number of shares constituting such series, which number may be increased (except as otherwise fixed by the
Board of Directors) or decreased (but not below the number of shares thereof then outstanding) from time to time by action of
the Board of Directors; the rate of dividends upon which and the times at which dividends on shares of such series shall be payable
and the preference, if any, which such dividends shall have relative to dividends on shares of any other class or classes or any
other series of stock of the corporation; whether such dividends shall be cumulative or noncumulative, and if cumulative, the
date or dates from which dividends on shares of such series shall be cumulative; the rights, if any, which the holders of shares
of such series shall have in the event of any voluntary or involuntary liquidation, merger, consolidation, distribution or sale
of assets, dissolution or winding up of the affairs of the corporation; the rights, if any, which the holders of shares of such
series shall have to convert such shares into or exchange such shares for shares of any other class or classes or any other series
of stock of the corporation or for any debt securities of the corporation and the terms and conditions, including price and rate
of exchange, of such conversion or exchange; whether shares of such series shall be subject to redemption, and the redemption
price or prices and other terms of redemption, if any, for shares of such series including, without limitation, a redemption price
or prices payable in shares of Common Stock; the terms and amounts of any sinking fund for the purchase or redemption of shares
of such series; and any and all other designations, preferences, and relative, participating, optional or other special rights,
qualifications, limitations or restrictions thereof pertaining to shares of such series’ permitted by law.
The
Board of Directors of the Corporation may from time to time authorize by resolution the issuance of any or all shares of the Common
Stock, the Class B Participating Cumulative Preferred Supervoting Stock and the Preferred Stock herein authorized in accordance
with the terms and conditions set forth in these Articles of Incorporation for such purposes, in such amounts, to such persons,
corporations or entities, for such consideration, and in the case of the Preferred Stock, in one or more series, all as the Board
of Directors in its discretion may determine and without any vote or other action by the stockholders, except as otherwise required
by law. The capital stock, after the amount of the subscription price or par value has been paid in, shall not be subject to assessment
to pay the debts of the Corporation.