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Exhibit 3.6
ARTICLES OF AMENDMENT
TO THE
AMENDED AND RESTATED ARTICLES OF INCORPORATION
OF
WOODBRIDGE HOLDINGS CORPORATION
The Amended and Restated Articles of Incorporation, as amended, of WOODBRIDGE HOLDINGS
CORPORATION, a Florida corporation (the “Corporation”), are hereby amended pursuant to the
provisions of Section 607.0602 of the Florida Business Corporation Act, and such amendment is set
forth as follows:
FIRST: Article III of the Amended and Restated Articles of Incorporation, as amended, of the
Corporation is hereby amended to add the following as Section C to such article:
C. Series A Junior Participating Preferred Stock. The Board of Directors hereby authorizes and
creates a new series of preferred stock, par value $0.01 per share, of the Corporation. The
designation and number of shares and the relative rights, preferences and limitations of the shares
of such new series of preferred stock of the Corporation are as follows:
1. Designation and Amount. The shares of such series will be designated as Series A Junior
Participating Preferred Stock (the “Series A Preferred”) and the number of shares constituting the
Series A Preferred is five hundred thousand (500,000). Such number of shares may be increased or
decreased by resolution of the Board; provided, however, that no decrease will reduce the number of
shares of Series A Preferred to a number less than the number of shares then outstanding plus the
number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants
or upon the conversion of any outstanding securities issued by the Company and convertible into
Series A Preferred.
2. Dividends and Distributions.
(a) Subject to the rights of the holders of any shares of any series of Preferred Stock
ranking prior to the Series A Preferred with respect to dividends, the holders of shares of Series
A Preferred, in preference to the holders of the Company’s Class A Common Stock, par value $0.01
per share, and Class B Common Stock, par value $0.01 per share (collectively, the “Common Stock”),
and of any other stock ranking junior to the Series A Preferred (collectively, the “Junior Stock”),
will be entitled to receive, when, as and if declared by the Board out of funds legally available
for the purpose, dividends payable in cash (except as otherwise provided below) on such dates as
are from time to time established for the payment of dividends on the Common Stock (each such date
being referred to herein as a “Dividend Payment Date”), commencing on the first Dividend Payment
Date after the first issuance of a share or fraction of a share of Series A Preferred (the “First
Dividend Payment Date”), in an amount per share (rounded to the nearest cent) equal to, subject to
the provision for adjustment hereinafter set forth, the greater of (i) $1 and (ii) one hundred
(100) times the aggregate per share amount of
all cash dividends, and one hundred (100) times the aggregate per share amount (payable in
kind) of all non-cash dividends, other than a dividend payable in shares of Class A Common Stock or
Class B Common Stock, as the case may be, or a subdivision of the outstanding shares of Class A
Common Stock or Class B Common Stock, as the case may be (by reclassification or otherwise),
declared on the Class A Common Stock and/or Class B Common Stock since the immediately preceding
Dividend Payment Date or, with respect to the First Dividend Payment Date, since the first issuance
of any share or fraction of a share of Series A Preferred. In the event that the Company at any
time (i) declares a dividend on the outstanding shares of Common Stock payable in shares of Common
Stock, (ii) subdivides the outstanding shares of Common Stock, (iii) combines the outstanding
shares of Common Stock into a smaller number of shares or (iv) issues any shares of its capital
stock in a reclassification of the outstanding shares of Common Stock (including any such
reclassification in connection with a consolidation or merger in which the Company is the
continuing or surviving corporation), then, in each such case, the amount to which holders of
shares of Series A Preferred would otherwise be entitled immediately prior to such event will be
correspondingly adjusted by multiplying such amount by a fraction, the numerator of which is the
number of shares of Common Stock outstanding immediately after such event and the denominator of
which is the number of shares of Common Stock outstanding immediately prior to such event.
(b) The Company will declare a dividend on the Series A Preferred as provided in paragraph (a)
of this Section 2 immediately after it declares a dividend on the Class A Common Stock and/or Class
B Common Stock (other than a dividend payable in shares of Common Stock). Each such dividend on the
Series A Preferred will be payable immediately prior to the time at which the related dividend on
the Class A Common Stock and/or Class B Common Stock is payable.
(c) Dividends will accrue, and be cumulative, on outstanding shares of Series A Preferred from
the Dividend Payment Date immediately preceding the date of issue of such shares, unless (i) the
date of issue of such shares is prior to the record date for the First Dividend Payment Date, in
which case dividends on such shares will accrue from the date of the first issuance of a share of
Series A Preferred or (ii) the date of issue is a Dividend Payment Date or is a date after the
record date for the determination of holders of shares of Series A Preferred entitled to receive a
dividend and before such Dividend Payment Date, in either of which events such dividends will
accrue, and be cumulative, from such Dividend Payment Date. Accrued but unpaid dividends will
cumulate from the applicable Dividend Payment Date but will not bear interest. Dividends paid on
the shares of Series A Preferred in an amount less than the total amount of such dividends at the
time accrued and payable on such shares will be allocated pro rata on a share-by-share basis among
all such shares at the time outstanding. The Board may fix a record date for the determination of
holders of shares of Series A Preferred entitled to receive payment of a dividend or distribution
declared thereon, which record date will be not more than sixty (60) calendar days prior to the
date fixed for the payment thereof.
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3. Voting Rights. The holders of shares of Series A Preferred shall have the following
voting rights:
(a) Subject to the provision for adjustment hereinafter set forth and except as otherwise
provided in the Articles of Incorporation or as otherwise required by law, each share of Series A
Preferred shall entitle the holder thereof to one hundred (100) votes on all matters upon which the
holders of the Common Stock of the Company are entitled to vote. In the event the Company shall at
any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or
effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by
reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a
greater or lesser number of shares of Common Stock, then in each such case the number of votes per
share to which holders of shares of Series A Preferred were entitled immediately prior to such
event shall be adjusted by multiplying such number by a fraction, the numerator of which is the
number of shares of Common Stock outstanding immediately after such event and the denominator of
which is the number of shares of Common Stock outstanding immediately prior to such event.
(b) Except as otherwise provided herein, in the Articles of Incorporation or in any other
Certificate of Designations creating a series of Preferred Stock or any similar stock or as
otherwise required by law, the holders of shares of Series A Preferred and the holders of shares of
Common Stock and any other capital stock of the Company having general voting rights shall vote
together as one class on all matters submitted to a vote of shareholders of the Company.
(c) Except as otherwise provided herein or as otherwise required by law, holders of Series A
Preferred shall have no special voting rights and their consent shall not be required (except to
the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking
any corporate action.
4. Restrictions.
(a) Whenever dividends or distributions payable on the Series A Preferred are in arrears,
thereafter and until all accrued and unpaid dividends and distributions, whether or not declared,
on shares of Series A Preferred outstanding have been paid in full, the Company will not:
(i) Declare or pay dividends, or make any other distributions, on any shares
of Junior Stock;
(ii) Declare or pay dividends, or make any other distributions, on any shares
of stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the shares of Series A Preferred (such stock, the
“Parity Stock”), except dividends paid ratably on the shares of Series A Preferred
and all such Parity Stock on which dividends are payable or in arrears in
proportion to the total amounts to
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which the holders of all such shares are then entitled;
(iii) Redeem, purchase or otherwise acquire for consideration shares of any
Junior Stock; provided, however, that the Company may at any time redeem, purchase
or otherwise acquire shares of any such Junior Stock in exchange for shares of any
other Junior Stock; or
(iv) Redeem, purchase or otherwise acquire for consideration any shares of
Series A Preferred, or any shares of Parity Stock, except in accordance with a
purchase offer made in writing or by publication (as determined by the Board) to
all holders of such shares upon such terms as the Board, after consideration of the
respective annual dividend rates and other relative rights and preferences of the
respective series and classes, may determine in good faith will result in fair and
equitable treatment among the respective series or classes.
(b) The Company will not permit any majority-owned subsidiary of the Company to purchase or
otherwise acquire for consideration any shares of stock of the Company unless the Company could,
under paragraph (a) of this Section 4, purchase or otherwise acquire such shares at such time and
in such manner.
5. Reacquired Shares. Any shares of Series A Preferred purchased or otherwise acquired by the
Company in any manner whatsoever will be retired and canceled promptly after the acquisition
thereof. All such shares will upon their cancellation become authorized but unissued shares of
Preferred Stock and may be reissued as part of a new series of Preferred Stock subject to the
conditions and restrictions on issuance set forth herein, in the Articles of Incorporation or in
any other Certificate of Designations creating a series of Preferred Stock or any similar stock or
as otherwise required by law.
6. Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of
the Company, no distribution will be made (a) to the holders of shares of Junior Stock unless,
prior thereto, the holders of shares of Series A Preferred have received an amount equal to accrued
and unpaid dividends and distributions thereon, whether or not declared, to the date of such
payment; provided, however, that the holders of shares of Series A Preferred will be entitled to
receive an aggregate amount per share, subject to the provision for adjustment hereinafter set
forth, equal to a minimum per share liquidation payment of $100 but will be entitled to an
aggregate per share liquidation payment of one hundred (100) times the payment made per share of
Common Stock or (b) to the holders of shares of Parity Stock, except distributions made ratably on
the shares of Series A Preferred and all such Parity Stock in proportion to the total amounts to
which the holders of all such shares are entitled upon such liquidation, dissolution or winding up.
In the event the Company at any time (i) declares a dividend on the outstanding shares of Common
Stock payable in shares of Common Stock, (ii) subdivides the outstanding shares of Common Stock,
(iii) combines the outstanding shares of Common Stock into a smaller number of shares or (iv)
issues any shares of its capital stock in a reclassification of the outstanding shares of Common
Stock (including any
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such reclassification in connection with a consolidation or merger in which the Company is the
continuing or surviving corporation), then, in each such case and regardless of whether any shares
of Series A Preferred are then issued or outstanding, the aggregate amount to which each holder of
shares of Series A Preferred would otherwise be entitled immediately prior to such event will be
correspondingly adjusted by multiplying such amount by a fraction, the numerator of which is the
number of shares of Common Stock outstanding immediately after such event and the denominator of
which is the number of shares of Common Stock outstanding immediately prior to such event.
7. Consolidation, Merger, Etc. In the event that the Company enters into any consolidation,
merger, combination or other transaction in which the shares of Common Stock are exchanged for or
changed into other stock or securities, cash and/or any other property, then, in each such case,
each share of Series A Preferred will at the same time be similarly exchanged for or changed into
an amount per share, subject to the provision for adjustment hereinafter set forth, equal to one
hundred (100) times the aggregate amount of stock, securities, cash and/or any other property
(payable in kind), as the case may be, into which or for which each share of Common Stock is
changed or exchanged. In the event the Company at any time (a) declares a dividend on the
outstanding shares of Common Stock payable in shares of Common Stock, (b) subdivides the
outstanding shares of Common Stock, (c) combines the outstanding shares of Common Stock into a
smaller number of shares or (d) issues any shares of its capital stock in a reclassification of the
outstanding shares of Common Stock (including any such reclassification in connection with a
consolidation or merger in which the Company is the continuing or surviving corporation), then, in
each such case and regardless of whether any shares of Series A Preferred are then issued or
outstanding, the amount set forth in the preceding sentence with respect to the exchange or change
of shares of Series A Preferred will be correspondingly adjusted by multiplying such amount by a
fraction, the numerator of which is the number of shares of Common Stock outstanding immediately
after such event and the denominator of which is the number of shares of Common Stock outstanding
immediately prior to such event.
8. No Redemption. The shares of Series A Preferred are not redeemable.
9. Rank. The Series A Preferred rank, with respect to the payment of dividends and the
distribution of assets, junior to all other series of the Company’s Preferred Stock, unless the
terms of such series shall so provide.
10. Fractional Shares. Series A Preferred may be issued in fractions of a share that shall
entitle the holder, in proportion to such holder’s fractional shares, to exercise voting rights,
receive dividends, participate in distributions and to have the benefit of all other rights of
holders of Series A Preferred.
11. Amendment. The Articles of Incorporation shall not be amended in any manner which would
materially alter or change the powers, preferences or special rights of the Series A Preferred so
as to affect such stock adversely without the affirmative vote of the holders of at least
two-thirds of the outstanding shares of Series A Preferred, voting together as a single class.
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