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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-A/A-2
FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES
PURSUANT TO SECTION 12(b) OR (g)
OF THE SECURITIES EXCHANGE ACT OF 1934
FIRST BANK SYSTEM, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
DELAWARE 41-0255900
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
FIRST BANK PLACE
601 SECOND AVENUE SOUTH
MINNEAPOLIS, MINNESOTA 55402-4302
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
SECURITIES TO BE REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH
TO BE SO REGISTERED EACH CLASS IS TO BE REGISTERED
COMMON STOCK, NEW YORK STOCK EXCHANGE
$1.25 PAR VALUE
SECURITIES TO BE REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
NONE
(TITLE OF CLASS)
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Item 1. Description of Registrant's Securities to be Registered, is hereby
amended to read in its entirety as follows:
Item 1. Description of Registrant's Securities to be Registered.
DESCRIPTION OF FIRST BANK SYSTEM, INC. COMMON STOCK
The following description of the common stock of First Bank System,
Inc. ("FBS") does not purport to be complete and is subject, in all respects, to
applicable Delaware law and to the provisions of the certificate of
incorporation of FBS. The following description is qualified by reference to
the FBS Certificate of Incorporation, the certificate of designation for each
series of preferred stock of FBS, and the agreements and documents referred to
below under "- Common Stock - Preferred Stock Purchase Rights" and "- Periodic
Stock Purchase Rights and Risk Event Warrants," copies of which are incorporated
by reference as exhibits to this Form 8-A, as amended.
AUTHORIZED CAPITAL STOCK OF FBS
The authorized capital stock of FBS consists of 200,000,000 shares of
FBS Common Stock, par value $1.25 per share ("Common Stock"), and 10,000,000
shares of preferred stock, par value $1.00 per share ("preferred stock of FBS").
Under the FBS Certificate of Incorporation, the Board of Directors of FBS or a
duly authorized committee thereof has the power, without further action by the
shareholders unless action is required by applicable laws or regulations or by
the terms of outstanding preferred stock of FBS, to provide for the issuance of
preferred stock in one or more series and to fix the voting rights,
designations, preferences, and relative, participating, optional or other
special rights, and qualifications, limitations or restrictions thereof, by
adopting a resolution or resolutions creating and designating such series. See
"- Preferred Stock" below.
COMMON STOCK
General. Each share of FBS Common Stock is entitled to such dividends
as may from time to time be declared by the Board of Directors from any funds
legally available for dividends. FBS may not declare any cash dividends on, or
make any payment on account of the purchase, redemption or other retirement of,
FBS Common Stock unless full dividends (including accumulated dividends, if
applicable) have been paid or declared or set apart for payment upon all
outstanding shares of the preferred stock of FBS and FBS is not in default or in
arrears with respect to any sinking or other analogous fund or other agreement
for the purchase, redemption or other retirement of any shares of preferred
stock of FBS. Holders of FBS Common Stock are entitled to one vote per share.
Shareholders do not have the right to cumulate their votes in the election of
directors. FBS Common Stock has no conversion rights and the holders of FBS
Common Stock have no preemptive or other rights to subscribe for additional
securities of FBS. In the event of liquidation of FBS, after the payment or
provision for payment of all debts and liabilities and subject to the rights of
the holders of preferred stock of FBS which may be outstanding, the holders of
FBS Common Stock will be entitled to share ratably in the remaining assets of
FBS. Shares of FBS Common Stock are fully paid and nonassessable. The shares
of FBS Common Stock are listed on the New York Stock Exchange.
The rights of holders of FBS Common Stock are subject to the rights of
such series of preferred stock of FBS as have been issued and are outstanding or
may be issued in the future. See " - Preferred Stock" below.
Preferred Stock Purchase Rights. On December 21, 1988, the Board of
Directors of FBS declared a dividend of one preferred share purchase right (a
"Right") for each outstanding share of
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FBS Common Stock. The dividend was paid on January 4, 1989 (the "Record Date")
to the FBS shareholders of record on that date. The Board of Directors of FBS
has, subject to certain conditions, authorized and directed the further issuance
of one Right with respect to each share of Common Stock that shall become
outstanding between the Record Date and certain subsequent events that affect
the Rights.
Each Right initially entitles the registered holder to purchase from
FBS one one-hundredth of a share of Junior Preferred Stock of FBS at a price of
$80.00, subject to adjustment (the "Purchase Price"). The Rights are not and
will not be exercisable or represented by separate certificates until 10 days
following the earlier of a public announcement that a person or group of
affiliated or associated persons (an "Acquiring Person") have acquired
beneficial ownership of 20% or more of the outstanding shares of FBS Common
Stock or have commenced or announced an intention to make a tender offer or
exchange offer for 20% or more of such outstanding shares of FBS Common Stock
(the earlier of such dates being called the "Distribution Date"). In the event
that any person or group of affiliated or associated persons becomes the
beneficial owner of 20% or more of the outstanding shares of FBS Common Stock,
each Right (other than any Right held by a person or group of affiliated or
associated persons beneficially owning 20% or more of the outstanding shares of
FBS Common Stock, which Rights will thereafter be void) will thereafter entitle
the holder to receive upon exercise that number of shares of FBS Common Stock
having a market value of twice the Purchase Price. In addition, in such event,
the Board of Directors of FBS will thereafter be entitled to exchange the
outstanding Rights (other than any Right held by an Acquiring Person, which
Right shall thereafter be void), in whole or in part, for shares of FBS Common
Stock or Junior Preferred Stock at an exchange ratio of one share of FBS Common
Stock, or one one-hundredth share of Junior Preferred Stock, per Right.
In the event that FBS is acquired in a merger or other business
combination transaction of 50% or more of its consolidated assets or earning
power are sold, each Right will thereafter entitle the holder to receive upon
exercise that number of shares of common stock of the acquiring company having a
market value of twice the Purchase Price.
Prior to the Distribution Date, the Rights cannot be transferred apart
from FBS Common Stock and are represented solely by the FBS Common Stock
certificates. As soon as practicable following the Distribution Date, separate
certificates representing the Rights will be mailed to holders of record of
shares of FBS Common Stock as of such date, and the Rights could then begin to
trade separately from FBS Common Stock.
The Rights do not have any voting rights and are not entitled to
dividends. The terms of the Rights may be amended without the consent of the
holders, provided that, after a person becomes an Acquiring Person, such
amendment may not adversely affect the interests of the holders.
The terms of the Junior Preferred Stock issuable upon exercise of
Rights are described below under " - Preferred Stock - Junior Preferred Stock."
The Rights are not exercisable until the Distribution Date. The
Rights will expire on the earlier of (a) the date which is 24 months after the
first date upon which FBS can generally be acquired by bank holding companies,
and FBS is generally permitted to acquire banks, principally located in at least
fifteen of the twenty states which as of September 30, 1992 had the largest
amount of bank deposits, or (b) January 4, 1999, unless the Rights have
previously been redeemed by FBS at a price of $.01 per Right (which FBS may do
at any time before any person or group of affiliated or associated persons has
acquired beneficial ownership of 20% or more of the outstanding shares of FBS
Common Stock), or unless the Rights have previously been exchanged by FBS for
shares of FBS Common Stock or Junior Preferred Stock as described above.
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The Rights may have certain anti-takeover effects. The Rights may
cause substantial dilution to an Acquiring Person if it attempts to merge with,
or engage in certain other transactions with, FBS. The Rights should not,
however, interfere with any merger or other business combination approved by the
Board of Directors of FBS prior to the occurrence of the Distribution Date
because the Rights may be redeemed prior to such time.
The complete terms of the Rights are set forth in a Rights Agreement,
dated as of December 21, 1988, as amended, between FBS and First Chicago Trust
Company of New York (formerly Morgan Shareholder Services Trust Company), as
Rights Agent (the "Rights Agreement"). The description of the Rights set forth
herein does not purport to be complete and is qualified in its entirety by
reference to the complete Rights Agreement, a copy of which is incorporated by
reference as an exhibit to this Form 8-A Registration Statement, as amended.
Periodic Stock Purchase Rights and Risk Event Warrants. On May 30,
1990, FBS entered into (i) a Stock Purchase Agreement, dated as of May 30, 1990
(the "Stock Purchase Agreement"), by and among Corporate Partners, L.P.
("Corporate Partners"), Corporate Offshore Partners, L.P. ("Offshore" and,
together with Corporate Partners, the "Partnerships"), The State Board of
Administration of Florida ("State Board") solely in its capacity as a managed
account and not in its individual capacity (State Board and the Partnerships
being referred to herein collectively as the "Purchasers"), Corporate Advisors,
L.P. and FBS and (ii) a Stock Purchase Agreement, dated as of May 30, 1990 (the
"Florida Stock Purchase Agreement"), by and between State Board in its
individual capacity and FBS. Pursuant to the Stock Purchase Agreement, FBS sold
(a) to Corporate Partners 8,856,241 shares of FBS Common Stock, ten Periodic
Stock Purchase Rights (each a "PSPR") and one Risk Event Warrant, (b) to
Offshore 643,976 shares of FBS Common Stock, ten PSPRs and one Risk Event
Warrant, and (c) to State Board 939,783 shares of FBS Common Stock, ten PSPRs
and one Risk Event Warrant. Pursuant to the Florida Stock Purchase Agreement,
FBS sold to State Board 2,160,000 shares of FBS Common Stock, ten PSPRs and one
Risk Event Warrant. Effective as of May 30, 1990, FBS and First Chicago Trust
Company of New York entered into Amendment No. 1 to the Rights Agreement to
exclude the acquisition of shares of FBS Common Stock by the Purchasers and
State Board pursuant to the Stock Purchase Agreement and the Florida Stock
Purchase Agreement, respectively, and the transactions contemplated thereby and
certain other transactions from the operation of the Rights Agreement. See
"--Preferred Stock Purchase Rights" above.
The Stock Purchase Agreement and the Florida Stock Purchase Agreement
contain transfer restrictions with respect to the shares of FBS Common Stock
acquired thereunder and standstill provisions limiting further acquisitions of
FBS Common Stock by the Purchasers and State Board. The Stock Purchase
Agreement and the Florida Stock Purchase Agreement also grant each of the
Purchasers and State Board the right to purchase its pro rata share of any
Voting Securities (as defined) sold by FBS for cash, subject to certain
exceptions. Pursuant to the Stock Purchase Agreement, the Purchasers have
designated one person to act as a non-voting observer of the Board of Directors
of FBS.
Each PSPR issued to the Purchasers and State Board relates to a
specific twelve-month period commencing with the twelve-month period following
closing of the transactions contemplated under the Stock Purchase Agreement and
the Florida Stock Purchase Agreement. Each PSPR shall become exercisable in the
event that a Dividend Shortfall (as defined) exists for the specific twelve-
month period to which such PSPR relates. A Dividend Shortfall will be deemed to
exist to the extent that FBS has not paid a cash dividend equal to $0.205 per
share of FBS Common Stock for each quarter within such twelve-month period. The
PSPRs will be exercisable for that number of shares of FBS Common Stock or
(subject to the prior approval of the Federal Reserve Board) depositary shares
representing one one-thousandth of a share of Series 1990A Preferred Stock
("Depositary Shares") such
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that the holders of PSPRs will receive value equal to the Dividend Shortfall.
Once a PSPR has become exercisable, it will remain exercisable for a one-year
period at an exercise price of $1.25 per share of FBS Common Stock or $1.00 per
Depositary Share. If a PSPR were to become exercisable and were not redeemed by
FBS as described below, the issuance of Depositary Shares or FBS Common Stock
upon exercise of a PSPR could adversely affect the market price of the FBS
Common Stock. If the PSPRs were to be exercised for FBS Common Stock, there
could be substantial dilution of the FBS Common Stock.
Each Risk Event Warrant shall become exercisable in the event of
certain defined change of control events with respect to FBS where the value
received by holders of the FBS Common Stock is less than $13.875 per share, or
in certain circumstances in the event the FBS Common Stock is valued at less
than $13.875 per share on the tenth anniversary of the closing of the
transactions contemplated under the Stock Purchase Agreement. The Risk Event
Warrants will be exercisable for that number of shares of FBS Common Stock at an
exercise price of $1.25 per share or, in certain circumstances (subject to the
prior approval of the Federal Reserve Board), Depositary Shares such that the
holders of Risk Event Warrants will receive value equal to such shortfall. If
the Risk Event Warrants were to become exercisable and were not redeemed by FBS
as described below, the issuance of Depositary Shares or FBS Common Stock upon
exercise of a Risk Event Warrant could adversely affect the market price of the
FBS Common Stock. If the Risk Event Warrants were to be exercised for FBS
Common Stock, there could be substantial dilution of the FBS Common Stock. In
the event of a change in control at a time when the market price of the FBS
Common Stock is less than $13.875 per share, the Risk Event Warrants may have
the effect of reducing the price per share to be received by the holders of the
FBS Common Stock.
In the event of the exercise of a Risk Event Warrant upon the
occurrence of certain change of control events, FBS may, at its option (subject
to the prior approval of the Federal Reserve Board), elect to have such Risk
Event Warrant become exercisable for other securities of FBS acceptable to the
holder of such Risk Event Warrant in lieu of the shares of FBS Common Stock for
which such Risk Event Warrant would otherwise become exercisable. In addition,
FBS has the right (subject to the prior approval of the Federal Reserve Board)
to redeem any PSPR at a price equal to the Dividend Shortfall and any Risk Event
Warrant at a price equal to the Value Shortfall (as defined) or the Termination
Shortfall Amount (as defined), as applicable, after such PSPR or Risk Event
Warrant, as the case may be, shall have become exercisable. FBS also has
entered into a registration rights agreement with the Purchasers and with State
Board pursuant to which the Purchasers and State Board, respectively, are
granted certain rights to cause FBS to register with the Commission the FBS
Common Stock acquired pursuant to the Stock Purchase Agreement and the Florida
Stock Purchase Agreement and the securities acquired upon exercise of the PSPRs
and the Risk Event Warrants.
The foregoing is a summary of the transactions contemplated by the
Stock Purchase Agreement and the Florida Stock Purchase Agreement and related
documents and is qualified in its entirety by the more detailed information
contained in such agreements and documents, copies of which are incorporated by
reference as exhibits to this Form 8-A Registration Statement, as amended.
PREFERRED STOCK
General. FBS presently has one series of preferred stock issued and
outstanding and two series of preferred stock authorized for future issuance.
The Series 1991A Convertible Preferred Stock, which is issued and outstanding,
and the Series 1990A Preferred Stock, which is authorized for future issuance as
described below, rank on a parity with one another. The Series A Junior
Participating Preferred Stock (the "Junior Preferred Stock"), which is
authorized for future issuance as described below, ranks junior to the other two
series of preferred stock.
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Series 1990A Preferred Stock. In connection with the sale by FBS of
12,600,000 shares of FBS Common Stock and accompanying periodic stock purchase
rights and risk event warrants in a private placement in July 1990, FBS may
under certain circumstances be obligated to issue up to 12,750 shares of Series
1990A Preferred Stock. See " - Common Stock - Periodic Stock Purchase Rights
and Risk Event Warrants" above. The shares of Series 1990A Preferred Stock
would, if issued, provide for a liquidation preference of $100,000 per share,
and the dividend rate would be adjusted quarterly and would be determined at the
time of issuance. If, at the time of any annual meeting of shareholders for the
election of directors, the amount of accrued but unpaid dividends on the Series
1990A Preferred Stock were equal to at least six quarterly dividends on such
series, then the number of directors of FBS would be increased by one and the
holders of such series, voting separately as a series, would be entitled to
elect one additional director who would continue to serve the full term for
which he or she would have been elected, notwithstanding declaration or payment
of any dividends on such series of preferred stock. Holders of Series 1990A
Preferred Stock would not have any other voting rights, except as described
under " - Preferred Stock Voting Rights" below.
Series 1991A Convertible Preferred Stock. In November 1991, FBS
issued in a public offering 2,290,000 shares of its Series 1991A Convertible
Preferred Stock. Such shares bear a dividend rate of 7.125% per annum of the
liquidation preference per share. The shares of Series 1991A Convertible
Preferred Stock are convertible at the option of the holder at any time at the
rate of 1.7256 shares of FBS Common Stock for each such share, which is
equivalent to a conversion price of $28.975 per share of FBS Common Stock. The
conversion rate is subject to adjustment upon the occurrence of specified
events. The shares of Series 1991A Convertible Preferred Stock are not subject
to any sinking fund provisions and have no preemptive rights. Such shares
provide for a liquidation preference of $50 per share plus accrued and unpaid
dividends, and are subject to redemption upon at least 30 days' notice, at the
option of FBS at any time on or after January 1, 1996, at a redemption price
equal to $52.1375 per share, declining to $50 per share on or after January 1,
2002, plus in each case accrued and unpaid dividends; provided, however, that
the shares of Series 1991A Convertible Preferred Stock are not redeemable in
part in the event that full cumulative dividends have not been paid. Holders of
Series 1991A Convertible Preferred Stock do not have any voting rights, except
as described under " - Preferred Stock Voting Rights" below.
Junior Preferred Stock. FBS has issued preferred stock purchase
rights to holders of FBS Common Stock entitling such holders, under specified
conditions, to purchase Junior Preferred Stock of FBS. See "- Common Stock -
Preferred Stock Purchase Rights" above. If issued, each share of Junior
Preferred Stock would have a minimum liquidation preference of $100 per share
plus accrued and unpaid dividends and would be entitled to an aggregate payment
equal to the liquidation payment made on 100 shares of FBS Common Stock. In
addition, each share of Junior Preferred Stock would have a minimum preferential
quarterly dividend payment of $1.00 per share but would be entitled to an
aggregate payment equal to the dividends declared on 100 shares of FBS Common
Stock. The shares of Junior Preferred Stock would not be entitled to the
benefit of any sinking fund and would not be redeemable. Each share of Junior
Preferred Stock would have 100 votes, voting together with the FBS Common Stock.
Preferred Stock Voting Rights. The following voting provisions apply
to all series of the preferred stock of FBS other than the Junior Preferred
Stock. The voting rights of the Junior Preferred Stock, and certain additional
voting rights of the Series 1990A Preferred Stock, are described above under
"- Series 1990A Preferred Stock" and "- Junior Preferred Stock."
If, at the time of any annual meeting of shareholders for the election
of directors, the amount of accrued but unpaid dividends on any preferred stock
of FBS is equal to at least six quarterly
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dividends on such series of preferred stock of FBS, the number of the directors
of FBS will be increased by two and the holders of all outstanding series of
preferred stock of FBS (excluding the Series 1990A Preferred Stock), voting as a
single class without regard to series, will be entitled to elect such additional
two directors until all dividends in default on all preferred stock of FBS have
been paid or declared and set apart for payment.
The affirmative vote or consent of the holders of at least two-thirds
of the outstanding shares of any series of the preferred stock of FBS, voting as
a class, will be required for any amendment of the FBS Certificate of
Incorporation (including any certificate of designation or any similar document
relating to any series of preferred stock of FBS) which will adversely affect
the powers, preferences, privileges or rights of such series of preferred stock.
The affirmative vote or consent of the holders of at least two-thirds of the
outstanding shares of any series of preferred stock of FBS, voting as a single
class without regard to series, will be required to issue, authorize, or
increase the authorized amount of, or issue or authorize any obligation or
security convertible into or evidencing a right to purchase any additional class
or series of stock ranking prior to such series of preferred stock as to
dividends or upon liquidation.
Additional Provisions. The rights of holders of FBS Common Stock will
be subject to, and may be adversely affected by, the rights of holders of any
preferred stock that may be issued in the future. Any such issuance may
adversely affect the interests of holders of the FBS Common Stock by limiting
the control which such holders may exert by exercise of their voting rights, by
subordinating their rights in liquidation to the rights of the holders of the
preferred stock of FBS, and otherwise. In addition, the issuance of preferred
stock of FBS may, in some circumstances, deter or discourage takeover attempts
and other changes in control of FBS, including takeovers and changes in control
which some holders of the FBS Common Stock may deem to be in their best
interests and in the best interests of FBS, by making it more difficult for a
person who has gained a substantial equity interest in FBS to obtain voting
control or to exercise control effectively. FBS has no current plans or
agreements with respect to the issuance of any shares of preferred stock except
as described above with respect to the Series 1990A Preferred Stock.
The FBS Certificate of Incorporation requires the affirmative vote of
the holders of 80% of the Voting Stock (as defined therein) of FBS to approve
certain mergers, consolidations, reclassifications, dispositions of assets or
liquidation, involving or proposed by certain significant shareholders, unless
certain price and procedural requirements are met or unless the transaction is
approved by the Continuing Directors as defined therein. In addition, the FBS
Certificate of Incorporation provides for classification of the Board of
Directors into three separate classes and authorizes action by the shareholders
of FBS only pursuant to a meeting and not by a written consent. The Bylaws of
FBS provide that special meetings of shareholders may be called only by the
Board of Directors or the chief executive officer. The overall effect of these
provisions may be to delay or prevent attempts by other corporations or groups
to acquire control of FBS without negotiation with the Board of Directors.
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ITEM 2. EXHIBITS.
1.1 Specimen Common Stock Certificate. (Incorporated by reference to Exhibit
1.1 to the registrant's Report on Form 8 Amendment dated February 26, 1993
to registrant's Registration Statement on Form 8-A dated March 19, 1984,
File No. 1-6880.)
2.1 Restated Certificate of Incorporation, as amended, of First Bank System,
Inc. (Filed herewith.)
2.2 Certificate of Designation for First Bank System, Inc. Series 1990A
Preferred Stock (Incorporated by reference to Exhibit 4.4 to Amendment
No. 1 to the registrant's Registration Statement on Form S-3, File No.
33-42650.)
2.3 Certificate of Designation for First Bank System, Inc. Series 1991A
Convertible Preferred Stock. (Incorporated by reference to Exhibit 4.3 to
the registrant's Registration Statement on Form S-4, File No. 33-50700.)
2.4 Certificate of Designation for First Bank System, Inc. Series A Junior
Participating Preferred Stock, as amended. (Filed herewith.)
2.5 Bylaws of First Bank System, Inc. (Incorporated by reference to Exhibit 3B
to the registrant's Annual Report for the year ended December 31, 1989,
File No. 1-6880.)
2.6 Rights Agreement dated as of December 21, 1988, between First Bank System,
Inc. and Morgan Shareholder Services Trust Company (now known as First
Chicago Trust Company of New York). (Incorporated by reference to Exhibit 1
to the registrant's Current Report on Form 8-K dated January 5, 1989, File
No. 1-6880.)
2.7 Amendment No. 1 dated as of May 30, 1990, to Rights Agreement.
(Incorporated by reference to Exhibit 4(a) to the registrant's Current
Report on Form 8-K dated June 5, 1990, File No. 1-6880.)
2.8 Amendment No. 2 dated as of February 17, 1993, to Rights Agreement.
(Incorporated by reference to Exhibit 4(a) to the registrant's Current
Report on Form 8-K filed March 1, 1993, File No. 1-6880.)
2.9 Stock Purchase Agreement, dated as of May 30, 1990, among Corporate
Partners, L.P., Corporate Offshore Partners, L.P., The State Board of
Administration of Florida and First Bank System, Inc. (without exhibits).
(Incorporated by reference to Exhibit 4.8 to Amendment No. 1 to the
registrant's Registration Statement on Form S-3, File No. 33-42650.)
2.10 First Amendment, dated as of June 30, 1990, to Stock Purchase Agreement
among Corporate Partners, L.P., Corporate Offshore Partners, L.P., The
State Board of Administration of Florida and First Bank System, Inc.
(Incorporated by reference to Exhibit 4.9 to Amendment No. 1 to the
registrant's Registration Statement on Form S-3, File No. 33-42650.)
2.11 Second Amendment, dated July 18, 1990, to Stock Purchase Agreement among
Corporate Partners, L.P., Corporate Offshore Partners, L.P., The State
Board of Administration of Florida and First Bank System, Inc.
(Incorporated by reference to Exhibit 4.10 to Amendment No. 1 to the
registrant's Registration Statement on Form S-3, File No. 33-42650.)
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2.12 Stock Purchase Agreement, dated as of May 30, 1990, between The State Board
of Administration of Florida and First Bank System, Inc. (without
exhibits). (Incorporated by reference to Exhibit 4.11 to Amendment No. 1 to
the registrant's Registration Statement on Form S-3, File No. 33-42650.)
2.13 Form of Periodic Stock Purchase Right. (Incorporated by reference to
Exhibit 4.12 to Amendment No. 1 to the registrant's Registration Statement
on Form S-3, File No. 33-42650.)
2.14 Form of Risk Event Warrant. (Incorporated by reference to Exhibit 4.13 to
Amendment No. 1 to the registrant's Registration Statement on Form S-3,
File No. 33-42650.)
2.15 Registration Rights Agreement, dated as of July 18, 1990, among Corporate
Partners, L.P., Corporate Offshore Partners, L.P., The State Board of
Administration of Florida and First Bank System, Inc. (Incorporated by
reference to Exhibit 4.14 to Amendment No. 1 to the registrant's
Registration Statement on Form S-3, File No. 33-42650.)
2.16 Registration Rights Agreement, dated as of July 18, 1990, between The State
Board of Administration of Florida and First Bank System, Inc.
(Incorporated by reference to Exhibit 4.14 to Amendment No. 1 to the
registrant's Registration Statement on Form S-3, File No. 33-42650.)
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Pursuant to the requirements of Section 12 of the Securities Exchange Act
of 1934, the registrant has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized.
FIRST BANK SYSTEM, INC.
By /s/ David J. Parrin
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David J. Parrin
Senior Vice President and Controller
Date: October 6, 1994.
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Exhibit 2.1
RESTATED CERTIFICATE OF INCORPORATION
OF
FIRST BANK SYSTEM, INC.
(INCORPORATED, APRIL 2, 1929 UNDER THE NAME OF
FIRST BANK STOCK INVESTMENT COMPANY)
First Bank System, Inc. a corporation organized and existing under and by
virtue of the General Corporation Law of the State of Delaware, DOES HEREBY
CERTIFY:
FIRST: That at a meeting of the Board of Directors of First Bank
System, Inc., resolutions were duly adopted setting forth proposed amendments to
the Certificate of Incorporation of said corporation, declaring such amendments
to be advisable and calling a meeting of the shareholders of said corporation
for consideration hereof. The resolution setting forth the proposed amendments
is as follows:
"RESOLVED, that it is hereby declared advisable that the certificate
of incorporation of this corporation be amended and restated to read as set
forth below. It is hereby directed that said amended and restated certificate
of incorporation be presented for consideration and adoption by the shareholders
at the 1980 annual meeting of shareholders. The proposed amended and restated
certificate of incorporation is as follows:
RESTATED CERTIFICATE OF INCORPORATION
OF
FIRST BANK SYSTEM, INC.
FIRST: The name of this corporation is First Bank System, Inc.
SECOND: The registered office of the corporation in the State of
Delaware is to be located at No. 100 West Tenth Street in the City of
Wilmington, County of New Castle. The name of the registered agent at such
address is the Corporation Trust Company.
THIRD: The purpose of the corporation is to engage in any part of the
world in any capacity in any lawful act or activity for which corporations may
be organized under the General Corporation Law of Delaware, and the corporation
shall be authorized to exercise and enjoy all powers, rights and privileges
which corporations organized under the General Corporation Law of Delaware may
have
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under the laws of the State of Delaware as in force from time to time,
including without limitation all powers, rights and privileges necessary or
convenient to carry out all those acts and activities in which it may lawfully
engage.
FOURTH: The total number of shares of stock which the corporation is
authorized to issue is 32,000,000, divided into 5,000,000 shares of preferred
stock of the par value of $1.00 each and 27,000,000 shares of common stock of
the par value of $2.50 each.
The designations and the powers, preferences and rights, and the
qualifications, limitations or restrictions thereof, of each class of stock are
as follows:
The Board of Directors is expressly authorized at any time, and from
time to time, to provide for the issuance of shares of preferred stock in one or
more series, with such voting powers, full or limited, or without voting powers
and with such designations, preferences and relative, participating, optional or
other special rights, and qualifications, limitations or restrictions thereof,
as shall be stated and expressed in the resolution or resolutions providing for
the issue thereof adopted by the board of directors, subject to the limitations
prescribed by law and in accordance with the provisions hereof, including (but
without limiting the generality thereof) the following:
(a) The designation of the series and the number of shares to
constitute the series.
(b) The dividend rate of the series, the conditions and dates upon
which such dividends shall be payable, the relation which such dividends shall
bear to the dividends payable on any other class or classes of stock, and
whether such dividends shall be cumulative or noncumulative.
(c) Whether the shares of the series shall be subject to redemption by
the corporation and, if made subject to such redemption, the times, prices and
other terms and conditions of such redemption.
(d) The terms and amount of any sinking fund provided for the purchase
or redemption of the shares of the series.
(e) Whether or not the shares of the series shall be convertible into
or exchangeable for shares of any other class or classes or of any other series
of any class or classes of stock of the corporation, and, if provision be made
for conversion or exchange, the times, prices, rates, adjustments and other
terms and conditions of such conversion or exchange.
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<PAGE>
(f) The extent, if any, to which the holders of the shares of the
series shall be entitled to vote with respect to the election of directors or
otherwise.
(g) The restrictions, if any on the issue or reissue or any additional
preferred stock.
(h) The rights of the holders of the shares of the series upon the
dissolution, liquidation, or winding up of the corporation.
Subject to the prior or equal rights, if any, of the preferred stock
of any and all series stated and expressed by the board of directors in the
resolution or resolutions providing for the issuance of such preferred stock,
the holders of common stock shall be entitled (i) to receive dividends when and
as declared by the board of directors out of any funds legally available
therefore, (ii) in the event of any dissolution, liquidation or winding up of
the corporation, to receive the remaining assets of the corporation, ratably
according to the number of shares of common stock held, and (iii) to one vote
for each share of common stock held. No holder of common stock shall have any
preemptive right to purchase or subscribe for any part of any issue of stock or
of securities of the corporation convertible into stock of any class whatsoever,
whether now or hereafter authorized.
Upon the effective date of this Restated Certificate of Incorporation,
each outstanding share of the corporation designated as capital stock, par value
$2.50 per share, shall be redesignated as common stock, par value $2.50 per
share.
FIFTH: In furtherance and not in limitation of the powers conferred
by statute, the Board of Directors is expressly authorized:
(a) To fix, determine and vary from time to time the amount to be
maintained as surplus and the amount or amounts to be set apart as working
capital.
(b) To adopt, amend, alter or repeal by-laws of the corporation,
without any action on the part of the shareholders. The by-laws adopted by the
directors may be amended, altered, changed, added to or repealed by the
shareholders.
(c) To authorize and cause to be executed mortgages and liens, without
limit as to amount, upon the real and personal property of this corporation.
(d) To sell, assign, convey or otherwise dispose of a part of the
property, assets and effects of this corporation, less than the whole, or less
than substantially the whole thereof, on such terms and conditions as they shall
deem advisable, without the assent of the shareholders in writing or otherwise;
and also
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<PAGE>
to sell, assign, transfer, convey and otherwise dispose of the whole or
substantially the whole of the property, assets, effects, franchises and good
will of this corporation on such terms and conditions as they shall deem
advisable, but only with the written consent or pursuant to the affirmative vote
of the holders of a majority in amount of the stock then having voting power and
at the time issued and outstanding, but in any event not less than the amount
required by law.
(e) All of the powers of this corporation, insofar as the same
lawfully may be vested by this certificate in the board of directors, are hereby
conferred upon the board of directors of this corporation."
SECOND: That thereafter, pursuant to the resolution of its Board of
Directors, the proposed amendments were submitted to vote of the Shareholders at
the annual meeting of the shareholders of said corporation which was duly called
and held, upon notice in accordance with section 222 of the General Corporation
Law of the State of Delaware, at which meeting the necessary number of shares as
required by statute were voted in favor of the amendments.
THIRD: That said amendments were duly adopted in accordance with the
provisions of Sections 245 and 242 of the General Corporation Law of the State
of Delaware.
FOURTH: That the capital of said corporation will not be reduced
under or by reason of said amendments.
FIFTH: That this Restatement of the Certificate of Incorporation
shall be effective upon proper filing and recording.
IN WITNESS WHEREOF, said First Bank System, Inc. has caused its
corporate seal to be hereunto affixed and this Certificate to be signed by D. R.
Grangaard, its Chairman and attested by F. E. Porter, its Secretary, this 23rd
day of April, 1980.
FIRST BANK SYSTEM, INC.
By /s/ D.R. Grangaard
--------------------------
Chairman
ATTEST:
By /s/ F.E. Porter
-------------------------
Secretary
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<PAGE>
CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
First Bank System, Inc., a corporation organized and existing under and by
virtue of the General Corporation Law of the State of Delaware, DOES HEREBY
CERTIFY:
FIRST: That at a meeting of the Board of Directors of First Bank System,
Inc. resolutions were duly adopted setting forth a proposed amendment to the
Certificate of Incorporation of said corporation, declaring said amendment to be
advisable and calling a meeting of the stockholders of said corporation for
consideration thereof. The resolution setting forth the proposed amendment is
as follows:
RESOLVED, by the Board of Directors of First Bank System, Inc. that:
(A) It is hereby declared advisable to amend the Certificate of
Incorporation of the corporation by changing the authorized stock of
the corporation from 32,000,000 shares, divided into 5,000,000 shares
of preferred stock of the par value of $1.00 each and 27,000,000
shares of common stock of the par value of $2.50 each to 85,000,000
shares, divided into 10,000,000 shares of preferred stock of the par
value of 1.00 each and 75,000,000 shares of common stock of the par
value of $1.25 each and to reclassify each share of common stock, par
value $2.50 per share, issued and outstanding immediately prior to the
taking effect of said amendment into two shares, par value $1.25 per
share, as hereinafter provided:
(i) The Certificate of Incorporation shall be amended as follows:
The first sentence of ARTICLE FOURTH of the Certificate of
Incorporation, as heretofore amended, shall be amended to read as
follows:
"FOURTH. The total number of shares of stock of the corporation
is 85,000,000 shares, divided into 10,000,000 shares of preferred
stock of the par value of $1.00 each and 75,000,000 shares of
common stock of the par value of $1.25 each."
(ii) Each share of common stock, par value of $2.50 per share, issued
and outstanding immediately prior to said amendment becoming
effective shall be reclassified into and shall become two shares
of common stock, par value $1.25 per share, immediately upon said
amendment becoming effective. Each
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<PAGE>
certificate representing one or more shares of common stock of
the par value of $2.50 per share which shall be issued and
outstanding immediately prior to the taking effect of said
amendment shall upon and after the taking effect thereof,
represent the same number of shares of common stock of the par
value of $1.25 per share which the corporation shall have
authority to issue pursuant to said amendment, and the
corporation shall issue to each holder of record of one or more
shares of common stock which shall be issued and outstanding
immediately prior to the taking effect of said amendment a
certificate or certificates representing one additional share of
common stock, par value $1.25 per share, for each share then held
of record by such holder.
SECOND: That thereafter, pursuant to resolution of its Board of Directors,
the proposed amendment was submitted to vote of the stockholders at the annual
meeting of the stockholders of said corporation which was duly called and held,
upon notice in accordance with Section 222 of the General Corporation Law of the
State of Delaware, at which meeting the necessary number of shares as required
by statute were voted in favor of the amendment.
THIRD: That said amendment was duly adopted in accordance with the
provisions of Section 242 of the General Corporation Law of the State of
Delaware.
FOURTH: That the capital of said corporation will not be reduced under or
by reason of said amendment.
FIFTH: That this Certificate of Amendment of the Certificate of
Incorporation shall be effective on the close of business on May 7, 1984.
IN WITNESS WHEREOF, said First Bank System, Inc. has caused its corporate
seal to be hereunto affixed and this certificate to be signed by G. H. Dixon,
its Chairman, and attested by F. E. Porter, its Secretary, this 26th day of
April, 1984.
(CORPORATE SEAL) FIRST BANK SYSTEM, INC.
By /s/ G. H. Dixon
-----------------------------
Chairman
Attest:
By /s/ F. E. Porter
----------------------------
Secretary
-6-
<PAGE>
CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
First Bank System, Inc. a corporation organized and existing under and by
virtue of the General Corporation Law of the State of Delaware, DOES HEREBY
CERTIFY:
FIRST: That at a meeting of the Board of Directors of First Bank System,
Inc. resolutions were duly adopted setting forth a proposed amendment to the
Certificate of Incorporation of said corporation, declaring said amendment to be
advisable and calling a meeting of the stockholders of said corporation for
consideration thereof. The resolution setting forth the proposed amendment is
as follows:
RESOLVED, By the Board of Directors of First Bank System, Inc.
("Corporation") that:
A. It is hereby declared advisable to amend the Certificate of
Incorporation of the Corporation in the following respects:
(i) Article FIFTH, Section (d) of the Certificate of Incorporation,
as heretofore amended, shall be amended to read as follows:
(d) To sell, assign, convey or otherwise dispose of a part of
the property, assets and effects of this corporation, less
than the whole, or less than substantially the whole
thereof, on such terms and conditions as they shall deem
advisable, without the assent of the shareholders; and also
to sell, assign, transfer, convey and otherwise dispose of
the whole or substantially the whole of the property,
assets, effects, franchises and good will of this
corporation on such terms and conditions as they shall deem
advisable, but only pursuant to the affirmative vote of the
holders of a majority in amount of the stock then having
voting power and at the time issued and outstanding, but in
any event not less than the amount required by law.
(ii) A new Article SIXTH is added to the Certificate of
Incorporation to read as follows:
"SIXTH. The affairs of the Corporation shall be conducted
by a Board of Directors. Except as otherwise provided by this
Article Sixth,
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<PAGE>
the number of directors, not less than twelve (12) nor more than
twenty-four (24), shall be fixed from time to time by the
Bylaws. Commencing with the annual election of directors by the
stockholders in 1986, the directors shall be divided into three
classes: Class I, Class II and Class III, each such class, as
nearly as possible, to have the same number of directors. Such
classified directors may be removed by vote of the stockholders
only for cause. The term of office of the initial Class I
directors shall expire at the annual election of directors by
the stockholders in 1987, the term of office of the initial
Class II directors shall expire at the annual election of
directors by the stockholders in 1988, and the term of office of
the initial Class III directors shall expire at the annual
election of directors by the stockholders in 1989. At each
annual election of directors by the stockholders held after
1985, the directors chosen to succeed those whose terms have
then expired shall be identified as being of the same class as
the directors they succeed and shall be elected by the
stockholders for a term expiring at the third succeeding annual
election of directors. In all cases, directors shall hold office
until their respective successors are elected by the
stockholders and have qualified.
In the event that the holders of any class or series of
stock of the Corporation having a preference as to dividends or
upon liquidation of the Corporation shall be entitled, by a
separate class vote, to elect directors as may be specified
pursuant to Article Fourth, then the provisions of such class or
series of stock with respect to their rights shall apply. The
number of directors that may be elected by the holders of any
such class or series of stock shall be in addition to the number
fixed pursuant to the preceding paragraph of this Article Sixth.
Except as otherwise expressly provided pursuant to Article
Fourth, the number of directors that may be so elected by the
holders of any such class or series of stock shall be elected
for terms expiring at the next annual meeting of stockholders
and without regard to the classification of the remaining
members of the Board of Directors and vacancies among directors
so elected by the separate class vote of any such class or
series of stock shall be filled by the remaining directors
elected by such class or series, or, if there are no such
remaining directors, by the holders of such class or series in
the same manner in which such class or series initially elected
a director.
If at any meeting for the election of directors, more than
one class of stock, voting separately as classes, shall be
entitled to elect one or more directors and there shall be a
quorum of only one such class of stock, that class of stock
shall be entitled to elect its quota of directors
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<PAGE>
notwithstanding the absence of a quorum of the other class or
classes of stock.
Vacancies and newly created directorships resulting from an
increase in the number of directors, subject to the provision of
Article Fourth, shall be filled by a majority of the directors
then in office, although less than a quorum, or by a sole
remaining director, and such directors so chosen shall hold
office until the next election of the class for which such
directors shall have been chosen, and until their successors
shall be elected and shall have qualified.
Notwithstanding any other provisions of this Amended
Certificate of Incorporation or by the Bylaws of the Corporation
(and notwithstanding that a lesser percentage may be specified
by law), the provisions of this Article Sixth my not be amended
or repealed unless such action is approved by the affirmative
vote of the holders of not less than eighty percent (80%) of the
voting power of all of the outstanding shares of capital stock
of the Corporation entitled to vote generally in the election of
directors, considered for purposes of this Article Sixth as
single class."
(iii) A new Article SEVENTH is added to the Certificate of
Incorporation to read as follows:
"SEVENTH. No action required to be taken or which may be
taken at any annual meeting or special meeting of stockholders
may be taken without a meeting, and the power of stockholders to
consent in writing, without a meeting, to the taking of any
action is specifically denied."
(iv) A new Article EIGHTH is added to the Certificate of
Incorporation to read as follows:
"EIGHTH: (a) In addition to the requirements of the
provision of any series of preferred stock which may be
outstanding, and whether or not a vote of the stockholders is
otherwise required, the affirmative vote of the holders of not
less than eighty percent (80%) of the voting power of the Voting
Stock shall be required for the approval or authorization of any
Business Transaction with a Related Person, or any Business
Transaction in which a Related Person has an interest (other
than only a proportionate interest as a stockholder of the
Corporation); provided, however, that the eighty percent (80%)
voting requirement shall not be applicable if (i) the Business
Transaction is
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<PAGE>
Duly Approved by the Continuing Directors, or (ii) all of the
following conditions are satisfied:
(A) the Business Transaction is a merger or
consolidation or sale of substantially all of the assets of
the corporation, and the aggregate amount of cash and the
fair market value of the property, securities or other
consideration to be received per share (on the date of
effectiveness of such merger or consolidation or on the date
of distribution to stockholders of the Corporation of the
proceeds from such sale of assets) by holders of common
stock of the corporation (other than such Related Person) in
connection with such Business Transaction is at least equal
in value to such Related Person's Highest Common Stock
Purchase Price;
(B) after such Related Person has become the Beneficial
Owner of not less than ten percent (10%) of the voting power
of the Voting Stock and prior to the consummation of such
Business Transaction, such Related Person shall not have
become the Beneficial Owner of any additional shares of
Voting Stock or securities convertible into Voting Stock,
except (i) as a part of the transaction which resulted in
such Related Person becoming the Beneficial Owner of not
less than ten percent (10%) of the voting power of the
Voting Stock, or (ii) as a result of a pro rata stock
dividend or stock split; and
(C) prior to the consummation of such Business
Transaction, such Related Person shall not have, directly or
indirectly, (i) received the benefit (other than only a
proportionate benefit as a stockholder of the Corporation)
of any loans, advances, guarantees, pledges or other
financial assistance or tax credits provided by the
corporation or any of its subsidiaries, (ii) caused any
material change in the corporation's business or equity
capital structure, including, without limitation, the
issuance of shares of capital stock of the corporation or
(iii) except as Duly Approved by the Continuing Directors,
caused the corporation to fail to declare and pay quarterly
cash dividends on the outstanding common stock on a per
share basis at least equal to the cash dividends being paid
thereon by the corporation immediately prior to the date on
which the Related Person became a Related Person.
(b) For the purpose of this Article Eighth:
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<PAGE>
(i) The term "Business Transaction" shall mean (a) any
merger or consolidation involving the corporation or a
subsidiary of the corporation, (b) any sale, lease, exchange,
transfer or other disposition (in one transaction or a series
of related transactions), including, without limitation, a
mortgage or any other security device, of all or any
Substantial Part of the assets either of the corporation or
of a subsidiary of the corporation, (c) any sale, lease,
exchange, transfer or other disposition (in one transaction
or a series of related transactions) of all or any
Substantial Part of the assets of an entity to the
corporation or a subsidiary of the corporation, (d) the
issuance, sale, exchange, transfer or other disposition (in
one transaction or a series of related transactions) by the
corporation or a subsidiary of the corporation of any
securities of the corporation or any subsidiary of the
corporation having an aggregate fair market value of $100
million or more, (e) any recapitalization or reclassification
of the securities of the Corporation (including, without
limitation, any reverse stock split) or other transaction
that would have the effect of increasing the voting power of
a Related Person or reducing the number of shares of each
class of Voting Securities outstanding, (f) any liquidation,
spinoff, splitoff, splitup or dissolution of the corporation,
and (g) any agreement, contract or other arrangement
providing for any of the transactions described in this
definition of Business Transaction.
(ii) The term "Related Persons" shall mean and include
(a) any individual, corporation, partnership, group,
association or other person or entity which, together with
its Affiliates and Associates, is the Beneficial Owner of not
less than ten percent (10%) of the voting power of the Voting
Stock or was the Beneficial Owner of not less than ten
percent (10%) of the voting power of the Voting Stock (x) at
the time the definitive agreement providing for the Business
Transaction (including any amendment thereof) was entered
into, (y) at the time a resolution approving the Business
Transaction was adopted by the Board of Directors of the
Corporation or (z) as of the record date for the
determination of stockholders entitled to notice of and vote
on, or consent to, the Business Transaction, and (b) any
Affiliate or Associate of any such individual, corporation,
partnership, group, association or other person or entity;
provided, however, and notwithstanding anything in the
foregoing to the contrary, the term "Related Person" shall
not include the corporation, a wholly-owned subsidiary of the
corporation, any employee stock ownership or other employee
benefit plan of the corporation or any wholly-owned
subsidiary of the corporation, or any trustee of, or
fiduciary with respect to, any such plan when acting in such
capacity.
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<PAGE>
(iii) The term "Beneficial Owner" shall be defined by
reference to Rule 13d-3 under the Securities Exchange Act of
1934, as in effect on January 16, 1986; provided, however,
that any individual, corporation, partnership, group,
association or other person or entity which has the right to
acquire any Voting Stock at any time in the future, whether
such right is contingent or absolute, pursuant to any
agreement, arrangement or understanding or upon exercise or
conversion rights, warrants or options, or otherwise, shall
be deemed the Beneficial Owner of Voting Stock.
(iv) The term "Highest Common Stock Purchase Price" shall
mean the highest amount of consideration paid by such Related
Person for a share of Common Stock of the Corporation
(including any brokerage commissions, transfer taxes and
soliciting dealers' fees) in the transaction which resulted
in such Related Person becoming a Related Person or within
one year prior to the date such Related Person became a
Related Person, whichever is higher; provided, however, that
the Highest Common Stock Purchase Price shall be
appropriately adjusted to reflect the occurrence of any
reclassification, recapitalization, stock split, reverse
stock split or other similar corporate readjustment in the
number of outstanding shares of common stock of the
corporation between the last date upon which such Related
Person paid the Highest Common Stock Purchase Price to the
effective date of the merger or consolidation or the date of
distribution to stockholders of the corporation of the
proceeds from the sale of substantially all of the assets of
the corporation referred to in subparagraph (A) of Section 1
of this Article Eighth.
(v) The term "Substantial Part" shall mean more than
twenty percent (20%) of the fair market value of the total
assets of the entity in question, as reflected on the most
recent consolidated balance sheet of such entity existing at
the time the stockholders of the corporation would be
required to approve or authorize the Business Transaction
involving the assets constituting any such Substantial Part.
(vi) In the event of a merger in which the corporation is
the surviving corporation, for the purpose of subparagraph
(A) of Section 1 of this Article Eighth, the phrase
"property, securities or other consideration to be received"
shall include, without limitation, Common Stock of the
Corporation retained by its stockholders (other than such
Related Person).
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<PAGE>
(vii) The term "Voting Stock" shall mean all outstanding
shares of capital stock of the corporation entitled to vote
generally in the election of directors, considered for the
purpose of this Article Eighth as one class.
(viii) The term "Preferred Stock" shall mean each class
or series of capital stock which may from time to time be
authorized in or by Article Fourth of the Restated
Certificate of Incorporation which is not designated as
"Common Stock."
(ix) The term "Continuing Director" shall mean a director
who either was a member of the Board of Directors of the
corporation on April 24, 1986 or who became a director of the
corporation subsequent to such date and whose election, or
nomination for election by the corporation's stockholders,
was Duly Approved by the Continuing Directors then on the
Board either by a specific vote or by approval of the proxy
statement issued by the corporation on behalf of the Board of
Directors in which such person is named as nominee for
director, without due objection to such nomination; provided,
however, that in no event shall a director be considered a
"Continuing Director" if such director is a Related Person
and the Business Transaction to be voted upon is with such
Related Person or is one in which such Related Person has an
interest (other than only a proportionate interest as a
stockholder of the corporation).
(x) The term "Duly Approved by the Continuing Directors"
shall mean an action approved by the vote of at least a
majority of the Continuing Directors then on the Board,
except, if the votes of such Continuing Directors in favor of
such action would be insufficient to constitute an act of the
Board of Directors (if a vote by the entire Board of
Directors were to have been taken), then such term shall mean
an action approved by the unanimous vote of the Continuing
Directors so long as there are at least three Continuing
Directors on the Board at the time of such unanimous vote.
(xi) The term "Affiliate", used to indicate a
relationship to a specified person, shall mean a person that
directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control
with, such specified person.
(xii) The term "Associate", used to indicate a
relationship with a specified person, shall mean (A) any
corporation, partnership or other organization of which such
specified person is an officer or partner (B) any trust or
other estate in which such specified
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person has a substantial beneficial interest or as to which
such specified person serves as trustee or in a similar
fiduciary capacity, (C) any relative or spouse of such
specified person, or any relative of such spouse, who has the
same home as such specified person or who is a director or
officer of the Corporation or any of its subsidiaries, and
(D) any person who is a director, officer or partner of such
specified person or of any corporation (other than the
corporation or any wholly-owned subsidiary of the
corporation), partnership or other entity which is an
Affiliate of such specified person.
(c) For the purpose of this Article Eighth, so long as
Continuing Directors constitute at least two-thirds of the
entire Board of Directors, the Board of Directors shall have
the power to make a good faith determination, on the basis of
information known to them, of: (i) the number of shares of
Voting Stock of which any person is the Beneficial Owner,
(ii) whether a person is a Related Person or is an Affiliate
or Associate of another, (iii) whether a person has an
agreement, arrangement or understanding with another as to
the matters referred to in the definition of Beneficial Owner
herein, (iv) whether the assets subject to any Business
Transaction constitute a Substantial Part, (v) whether any
Business Transaction is with a Related Person or is one in
which a Related Person has an interest (other than only a
proportionate interest as a stockholder of the corporation),
(vi) whether a Related Person has, directly or indirectly,
received the benefits or caused any of the changes referred
to in subparagraph (C) of Section 1 of this Article Eighth,
and (vii) such other matters with respect to which a
determination is required under this Article Eighth; and such
determination by the Board of Directors shall be conclusive
and binding for all purposes of this Article Eighth.
(d) Nothing contained in this Article Eighth shall be
construed to relieve any Related Person of any fiduciary
obligation imposed by law.
(e) The fact that any Business Transaction complies with
the provisions of Section 1 of this Article Eighth shall not
be construed to impose any fiduciary duty, obligation or
responsibility on the Board of Directors, or any member
thereof, to approve such Business Transaction or recommend
its adoption or approval to the stockholders of the
corporation.
(f) Notwithstanding any other provisions of this Restated
Certificate of Incorporation or the Bylaws of the Corporation
(and notwithstanding that a lesser percentage may be
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specified by law), the provisions of this Article Eighth may
not be repealed or amended in any respect, unless such action
is approved by the affirmative vote of the holders of not
less than eighty percent (80%) of the Voting Stock.
B. Said proposed amendment shall be considered and voted upon by the
stockholders of the corporation at the next annual meeting of
stockholders, to be held on April 23, 1986, and the Secretary is
directed to give appropriate notices to stockholders with respect
thereto.
C. If said proposed amendments shall be adopted by the favorable vote of
the holders of a majority of the shares of the corporation entitled to
vote, the Chairman, President, or any Vice Chairman, Executive Vice
President or Senior Vice President and the Secretary or any Assistant
Secretary of the corporation shall prepare, execute and cause to be
filed and recorded an appropriate certificate setting forth said
amendments so that said amendment shall become effective pursuant to
the General Corporation Law of the State of Delaware.
SECOND: That thereafter, pursuant to resolution of its Board of Directors,
the proposed amendment was submitted to vote of the stockholders at the annual
meeting of the stockholders of said corporation which was duly called and held,
upon notice in accordance with Section 222 of the General Corporation Law of the
State of Delaware, at which meeting the necessary number of shares as required
by statute were voted in favor of the amendment.
THIRD: That said amendment was duly adopted in accordance with the
provision of Section 242 of the General Corporation Law of the State of
Delaware.
FOURTH: That the capital of said corporation will not be reduced under or
by reason of said amendment.
FIFTH: That this Certificate of Amendment of the Certificate of
Incorporation shall be effective when filed with the Secretary of State,
Division of Corporation for the State of Delaware.
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IN WITNESS WHEREOF, said First Bank System, Inc. has caused its corporate
seal to be hereunto affixed and this certificate to be signed by D. H. Ankeny,
Jr., its Chairman, and attested by F. E. Porter, its Secretary, this 24th day of
April, 1986.
FIRST BANK SYSTEM, INC
By /s/ D. H. Ankeny, Jr.
--------------------------------------
Chairman and Chief Executive Officer
Attest:
By /s/ F. E. Porter
----------------------------
Secretary
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CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
First Bank System, Inc. a corporation organized and existing under and by
virtue of the General Corporation Law of the State of Delaware, DOES HEREBY
CERTIFY:
FIRST: That at a meeting of the Board of Directors of First Bank System,
Inc. a resolution was duly adopted setting forth proposed amendments to the
Certificate of Incorporation of said corporation, declaring said amendments to
be advisable and calling a meeting of the stockholders of said corporation for
consideration thereof. The resolution setting forth the proposed amendments is
as follows:
RESOLVED, By the Board of Directors of First Bank System, Inc.
("Corporation") that:
A. It is hereby declared advisable to amend the Certificate of
Incorporation of the Corporation in the following respects:
(i) Article FOURTH of the Certificate of Incorporation, as heretofore
amended, shall be amended to read as follows:
FOURTH: The total number of shares of all classes of stock which
the corporation shall have authority to issue is 160,000,000,
consisting of 10,000,000 shares of Preferred Stock of the par value of
$1.00 each and 150,000,000 shares of Common Stock of the par value of
$1.25 each.
The designations and the powers, preferences and rights, and the
qualifications, limitations or restrictions thereof, of each class of
stock are as follows:
The Board of Directors is expressly authorized at any time, and
from time to time, to provide for the issuance of shares of preferred
stock in one or more series, with such voting powers, full or limited,
or without voting powers and with such designations, preferences and
relative, participating, optional or other special rights, and
qualifications, limitations or restrictions thereof, as shall be
stated and expressed in the resolution or resolutions providing for
the issue thereof adopted by the board of directors, subject to the
limitations prescribed by law and in accordance with the provisions
hereof, including (but without limiting the generality thereof) the
following:
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<PAGE>
(a) The designation of the series and the number of shares to
constitute the series.
(b) The dividend rate of the series, the conditions and dates
upon which such dividends shall be payable, the relation which such
dividends shall bear to the dividends payable on any other class or
classes of stock, and whether such dividends shall be cumulative or
noncumulative.
(c) Whether the shares of the series shall be subject to
redemption by the corporation and, if made subject to such redemption,
the times, prices and other terms and conditions of such redemption.
(d) The terms and amount of any sinking fund provided for the
purchase or redemption of the shares of the series.
(e) Whether or not the shares of the series shall be convertible
into or exchangeable for shares of any other class or classes or of
any other series of any class or classes of stock of the corporation,
and, if provision be made for conversion or exchange, the times,
prices, rates, adjustments and other terms and conditions of such
conversion or exchange.
(f) The extent, if any, to which the holders of the shares of the
series shall be entitled to vote with respect to the election of
directors or otherwise.
(g) The restrictions, if any on the issue or reissue of any
additional preferred stock.
(h) The rights of the holders of the shares of the series upon
the dissolution, liquidation, or winding up of the corporation.
Subject to the prior or equal rights, if any, of the preferred
stock of any and all series stated and expressed by the board of
directors in the resolution or resolutions providing for the issuance
of such preferred stock, the holders of common stock shall be entitled
(i) to receive dividends when and as declared by the board of
directors out of any funds legally available therefore, (ii) in the
event of any dissolution, liquidation or winding up of the
corporation, to receive the remaining assets of the corporation,
ratably according to the number of shares of common stock held, and
(iii) to one vote for each share of common stock held. No holder of
common stock shall have any preemptive
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<PAGE>
right to purchase or subscribe for any part of any issue of stock or
of securities of the corporation convertible into stock of any class
whatsoever, whether now or hereafter authorized.
(ii) A new Article NINTH is added to the Certificate of
Incorporation to read as follows:
NINTH: No director of the corporation shall be personally liable
to the corporation or its stockholders for monetary damages for breach
of fiduciary duty by such director as a director; provided, however,
that this Article Ninth shall not eliminate or limit the liability of
a director to the extent provided by applicable law (i) for any breach
of the director's duty of loyalty to the corporation or its
stockholders, (ii) for acts or omissions not in good faith or which
involve intentional misconduct or a knowing violation of law, (iii)
under section 174 of the General Corporation Law of the State of
Delaware, or (iv) for any transaction from which the director derived
an improper personal benefit. No amendment to or repeal of this
Article Ninth shall apply to or have any effect on the liability or
alleged liability of any director of the corporation for or with
respect to any acts or omissions of such director occurring prior to
such amendment or repeal.
SECOND: That thereafter, pursuant to resolution of its Board of Directors,
the proposed amendment was submitted to vote of the stockholders at the annual
meeting of the stockholders of said corporation which was duly called and held,
upon notice in accordance with Section 222 of the General Corporation Law of the
State of Delaware, at which meeting the necessary number of shares as required
by statute were voted in favor of the amendment.
THIRD: That said amendment was duly adopted in accordance with the
provision of Section 242 of the General Corporation Law of the State of
Delaware.
FOURTH: That the capital of said corporation will not be reduced under or
by reason of said amendment.
FIFTH: That this Certificate of Amendment of the Certificate of
Incorporation shall be effective when filed with Secretary of State, Division of
Corporation for the State of Delaware.
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<PAGE>
IN WITNESS WHEREOF, said First Bank System, Inc. has caused its corporate
seal to be hereunto affixed and this certificate to be signed by D. H. Ankeny,
Jr., its Chairman, and attested by F. E. Porter, its Secretary, this 27th day of
April, 1987.
(CORPORATE SEAL) FIRST BANK SYSTEM, INC.
By /s/ D. H. Ankeny, Jr.
-------------------------------------
President and Chief Operating Officer
Attest:
By /s/ F. E. Porter
-----------------------------
Secretary
-20-
<PAGE>
CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
First Bank System, Inc., a corporation organized and existing under and by
virtue of the General Corporation Law of the State of Delaware, DOES HEREBY
CERTIFY:
FIRST: That at a meeting of the Board of Directors of First Bank System,
Inc., a resolution was duly adopted setting forth a proposed amendment to the
Certificate of Incorporation of said corporation, declaring said amendment to be
advisable and calling a meeting of the stockholders of said corporation for
consideration thereof. The resolution provided that it is advisable to amend
the Certificate of Incorporation of said corporation such that Article FOURTH of
the Certificate of Incorporation, as heretofore amended, shall be amended to
read in its entirety as follows:
FOURTH: The total number of shares of all classes of stock which the
corporation shall have the authority to issue is 210,000,000, consisting of
10,000,000 shares of Preferred Stock of the par value of $1.00 each and
200,000,000 shares of Common Stock of the par value of $1.25 each.
The designations and the powers, preferences and rights, and the
qualifications, limitations or restrictions thereof, of each class of
stock are as follows:
The Board of Directors is expressly authorized at any time, and from
time to time, to provide for the issuance of shares of preferred stock in
one or more series, with such voting powers, full or limited, or without
voting powers and with such designations, preferences and relative,
participating, optional or other special rights, and qualifications,
limitations or restrictions thereof, as shall be stated and expressed in
the resolution or resolutions providing for the issue thereof adopted by
the board of directors, subject to the limitations prescribed by law and in
accordance with the provisions hereof, including (but without limiting the
generality thereof) the following:
(a) The designation of the series and the number of shares to
constitute the series.
(b) The dividend rate of the series, the conditions and dates upon
which such dividends shall be payable, the relation which such
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<PAGE>
dividends shall bear to the dividends payable on any other class or classes
of stock, and whether such dividends shall be cumulative or noncumulative.
(c) Whether the shares of the series shall be subject to redemption by
the corporation and, if made subject to such redemption, the times, prices
and other terms and conditions of such redemption.
(d) The terms and amount of any sinking fund provided for the
purchase or redemption of the shares of the series.
(e) Whether or not the shares of the series shall be convertible into
or exchangeable for shares of any other class or classes or of any other
series of any class or classes of stock of the corporation, and, if
provision be made for conversion or exchange, the times, prices, rates,
adjustments and other terms and conditions of such conversion or exchange.
(f) The extent, if any, to which the holders of the shares of the
series shall be entitled to vote with respect to the election of directors
or otherwise.
(g) The restrictions, if any on the issue or reissue of any
additional preferred stock.
(h) The rights of the holders of the shares of the series upon the
dissolution, liquidation, or winding up of the corporation.
Subject to the prior or equal rights, if any, of the preferred stock
of any and all series stated and expressed by the board of directors in the
resolution or resolutions providing for the issuance of such preferred
stock, the holders of common stock shall be entitled (i) to receive
dividends when and as declared by the board of directors out of any funds
legally available therefore, (ii) in the event of any dissolution,
liquidation or winding up of the corporation, to receive the remaining
assets of the corporation, ratably according to the number of shares of
common stock held, and (iii) to one vote for each share of common stock
held. No holder of common stock shall have any preemptive right to purchase
or subscribe for any part of any issue of stock or of securities of the
corporation convertible into stock of any class whatsoever, whether now or
hereafter authorized.
-22-
<PAGE>
SECOND: That thereafter, pursuant to resolution of its Board of Directors,
the proposed amendment was submitted to vote of the stockholders at the annual
meeting of the stockholders of said corporation which was duly called and held,
upon notice in accordance with Section 222 of the General Corporation Law of the
State of Delaware, at which meeting the necessary number of shares as required
by statute were voted in favor of the amendment.
THIRD: That said amendment was duly adopted in accordance with the
provision of Section 242 of the General Corporation Law of the State of
Delaware.
FOURTH: That the capital of said corporation will not be reduced under or
by reason of said amendment.
FIFTH: That this Certificate of Amendment of the Certificate of
Incorporation shall be effective when filed with the Secretary of State of the
State of Delaware.
IN WITNESS WHEREOF, said First Bank System, Inc. has caused this
certificate to be signed by Susan E. Lester, its Executive Vice President, and
attested by Michael J. O'Rourke, its Secretary, this 9th day of May, 1994.
FIRST BANK SYSTEM, INC.
By /s/ SUSAN E. LESTER
------------------------------------
Susan E. Lester
Executive Vice President
Attest:
By /s/ MICHAEL J. O'ROURKE
-------------------------------
Michael J. O'Rourke
Secretary
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<PAGE>
Exhibit 2.4
CERTIFICATE OF DESIGNATION OF THE VOTING POWERS, PREFERENCES AND RELATIVE,
PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS, AND THE QUALIFICATIONS,
LIMITATIONS OR RESTRICTIONS THEREOF, WHICH HAVE NOT BEEN SET FORTH IN THE
CERTIFICATE OF INCORPORATION OR IN ANY AMENDMENT THERETO, OF THE SERIES A JUNIOR
PARTICIPATING PREFERRED STOCK
(Par Value $1.00)
of
FIRST BANK SYSTEM, INC.
(PURSUANT TO SECTION 151 OF THE
DELAWARE GENERAL CORPORATION LAW)
_____________________________________
The undersigned DO HEREBY CERTIFY that the following resolution was
adopted by the Board of Directors of First Bank System, Inc., a corporation
organized and existing under the General Corporation Law of the State of
Delaware (hereinafter called the "Corporation"), as required by Section 151 of
the General Corporation Law at a meeting duly called and held on December 21,
1988:
RESOLVED, that pursuant to the authority granted to and vested in the
Board of Directors of this Corporation (hereinafter called the "Board of
Directors" or the "Board") in accordance with the provisions of the Certificate
of Incorporation of the Corporation, the Board of Directors hereby creates a
series of Preferred Stock, par value $1.00 (the "Preferred Stock"), of the
Corporation and hereby states the designation and number of shares, and fixes
the relative rights, preferences and limitations thereof as follows:
Series A Junior Participating Preferred Stock:
Section 1. Designation and Amount. The shares of such series shall be
designated as "Series A Junior Participating Preferred Stock" (the "Series A
Junior Preferred Stock") and the number of shares constituting the Series A
Preferred Stock shall be 700,000. Such number of shares may be increased or
decreased by resolution of the Board of Directors; provided, that no decrease
shall reduce the number of shares of Series A Junior Preferred Stock 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
Corporation convertible into Series A Junior Preferred Stock.
<PAGE>
Section 2. Dividends and Distributions.
---------------------------
(A) Subject to the rights of the holders of any shares of any series
of Preferred Stock (or any similar stock) ranking prior and superior to the
Series A Junior Preferred Stock with respect to dividends, the holders of
shares of Series A Junior Preferred Stock, in preference to the holders of
Common Stock, par value $1.25 (the "Common Stock"), of the Corporation, and
of any other junior stock, shall be entitled to receive, when, as and if
declared by the Board of Directors out of funds legally available for the
purpose, quarterly dividends payable in cash on the first day of March,
June, September and December in each year (each such date being referred to
herein as a "Quarterly Dividend Payment Date"), commencing on the first
Quarterly Dividend Payment Date after the first issuance of a share or
fraction of a share of Series A Junior Preferred Stock, in an amount per
share (rounded to the nearest cent) equal to the greater of (a) $1.00 or
(b) subject to the provision for adjustment hereinafter set forth, 100
times the aggregate per share amount of all cash dividends, and 100 times
the aggregate per share amount (payable in kind) of all non-cash dividends
or other distributions, other than a dividend payable in shares of Common
Stock or a subdivision of the outstanding shares of Common Stock (by
reclassification or otherwise), declared on the Common Stock since the
immediately preceding Quarterly Dividend Payment Date or, with respect to
the first Quarterly Dividend Payment Date, since the first issuance of any
share or fraction of a share of Series A Junior Preferred Stock. In the
event the Corporation 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 amount to which holders or shares of Series A
Junior Preferred Stock were entitled immediately prior to such event under
clause (b) of the preceding sentence shall be 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 that were outstanding
immediately prior to such event.
(B) The Corporation shall declare a dividend or distribution on the
Series A Junior Preferred Stock as provided in paragraph (A) of this
Section immediately after it declares a dividend or distribution on the
Common Stock (other than a dividend payable in shares of Common Stock);
provided that, in the event no dividend or distribution shall have been
declared on the Common Stock during the period between any Quarterly
Dividend Payment Date and the next subsequent Quarterly Dividend Payment
Date, a dividend
-2-
<PAGE>
of $1.00 per share on the Series A Junior Preferred Stock shall
nevertheless be payable on such subsequent Quarterly Dividend Payment Date.
(C) Dividends shall begin to accrue and be cumulative on outstanding
shares of Series A Junior Preferred Stock from the Quarterly Dividend
Payment Date next preceding the date of issue of such shares, unless the
date of issue of such shares is prior to the record date for the first
Quarterly Dividend Payment Date, in which case dividends on such shares
shall begin to accrue from the date of issue of such shares, or unless the
date of issue is a Quarterly Dividend Payment Date or is a date after the
record date for the determination of holders of shares of Series A Junior
Preferred Stock entitled to receive a quarterly dividend and before such
Quarterly Dividend Payment Date, in either of which events such dividends
shall begin to accrue and be cumulative from such Quarterly Dividend
Payment Date. Accrued but unpaid dividends shall not bear interest.
Dividends paid on the shares of Series A Junior Preferred Stock in an
amount less than the total amount of such dividends at the time accrued and
payable on such shares shall be allocated pro rata on a share-by-share
basis amount all such shares at the time outstanding. The Board of
Directors may fix a record date for the determination of holders of shares
of Series A Junior Preferred Stock entitled to receive payment of a
dividend or distribution declared thereon, which record date shall be not
more than 60 days prior to the date fixed for the payment thereof.
Section 3. Voting Rights. The holders of shares of Series A Junior
Preferred Stock shall have the following voting rights:
(A) Subject to the provision for adjustment hereinafter set forth,
each share of Series A Junior Preferred Stock shall entitle the holder
thereof to 100 votes on all matters submitted to a vote of the stockholders
of the Corporation. In the event the Corporation 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 Junior Preferred Stock 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 that were
outstanding immediately prior to such event.
-3-
<PAGE>
(B) Except as otherwise provided herein, in any other Certificate of
Designations creating a series of Preferred Stock or any similar stock, or
by law, the holders of shares of Series A Junior Preferred Stock and the
holders of shares of Common Stock and any other capital stock of the
Corporation having general voting rights shall vote together as one class
on all matters submitted to a vote of stockholders of the Corporation.
(C) Except as set forth herein, or as otherwise provided by law,
holders of Series A Junior Preferred Stock 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.
Section 4. Certain Restrictions.
--------------------
(A) Whenever quarterly dividends or other dividends or distributions
payable on the Series A Junior Preferred Stock as provided in Section 2 are
in arrears, thereafter and until all accrued and unpaid dividends and
distributions, whether or not declared, on shares of Series A Junior
Preferred Stock outstanding shall have been paid in full, the Corporation
shall not:
(i) declare or pay dividends, or make any other distributions, on
any shares of stock ranking junior (either as to dividends or upon
liquidation, dissolution or winding up) to the Series A Junior
Preferred 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 Series A Junior
Preferred Stock, except dividends paid ratably on the Series A Junior
Preferred Stock and all such parity stock on which dividends are
payable or in arrears in proportion to the total amounts to which the
holders of all such shares are then entitled;
(iii) redeem or purchase or otherwise acquire for consideration
shares of any stock ranking junior (either as to dividends or upon
liquidation, dissolution or winding up) to the Series A Junior
Preferred Stock, provided that the Corporation may at any time redeem,
purchase or otherwise acquire shares of any such junior stock in
exchange for shares of any stock of the Corporation ranking junior
(either as to dividends or upon dissolution, liquidation or winding
up) to the Series A Junior Preferred Stock; or
-4-
<PAGE>
(iv) redeem or purchase or otherwise acquire for consideration
any shares of Series A Junior Preferred Stock, or any shares of stock
ranking on a parity with the Series A Junior Preferred Stock, except
in accordance with a purchase offer made in writing or by publication
(as determined by the Board of Directors) to all holders of such
shares upon such terms as the Board of Directors, after consideration
of the respective annual dividend rates and other relative rights and
preferences of the respective series and classes, shall determine in
good faith will result in fair and equitable treatment among the
respective series or classes.
(B) The Corporation shall not permit any subsidiary of the Corporation
to purchase or otherwise acquire for consideration any shares of stock of
the Corporation unless the Corporation could, under paragraph (A) of this
Section 4, purchase or otherwise acquire such shares at such time and in
such manner.
Section 5. Reacquired Shares. Any shares of Series A Junior
Preferred Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever shall be retired and cancelled promptly after the acquisition
thereof. All such shares shall 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 Certificate 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.
Section 6. Liquidation, Dissolution or Winding Up. Upon any
liquidation, dissolution or winding up of the Corporation, no distribution shall
be made (1) to the holders of shares of stock ranking junior (either as to
dividends or upon liquidation, dissolution or winding up) to the Series A Junior
Preferred Stock unless, prior thereto, the holders of shares of Series A Junior
Preferred Stock shall have received $100 per share, plus an amount equal to
accrued and unpaid dividends and distributions thereon, whether or not declared,
to the date of such payment, provided that the holders of shares of Series A
Junior Preferred Stock shall be entitled to receive an aggregate amount per
share, subject to the provision for adjustment hereinafter set forth, equal to
100 times the aggregate amount to be distributed per share to holders of shares
of Common Stock, or (2) to the holders of shares of stock ranking on a parity
(either as to dividends or upon liquidation, dissolution or winding up) with the
Series A Junior Preferred Stock, except distributions made ratably on the Series
A Junior Preferred Stock 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 Corporation 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
-5-
<PAGE>
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
aggregate amount to which holders of shares of Series A Junior Preferred Stock
were entitled immediately prior to such event under the proviso in clause (1) of
the preceding sentence shall be 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 that were outstanding immediately prior to such
event.
Section 7. Consolidation, Merger, etc. In case the Corporation shall
enter 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 any such case each share of
Series A Junior Preferred Stock shall at the same time be similarly exchanged or
changed into an amount per share, subject to the provision for adjustment
hereinafter set forth, equal to 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 Corporation 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 amount set forth in the preceding sentence with respect to the
exchange or change of shares of Series A Junior Preferred Stock shall be
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 that were
outstanding immediately prior to such event.
Section 8. No Redemption. The shares of Series A
Junior Preferred Stock shall not be redeemable.
Section 9. Rank. The Series A Junior Preferred Stock shall rank,
with respect to the payment of dividends and the distribution of assets, junior
to all series of any other class of the Corporation's Preferred Stock.
Section 10. Amendment. The Certificate of Incorporation of the
Corporation shall not be amended in any manner which would materially alter or
change the powers, preferences or special rights of the Series A Junior
Preferred Stock so as to affect them adversely without the affirmative vote of
the holders of at least two-thirds of the outstanding shares of Series A Junior
Preferred Stock, voting together as a single class.
-6-
<PAGE>
IN WITNESS WHEREOF, this Certificate of Designations is executed on
behalf of the Corporation by its Vice Chairman and attested by its Secretary
this 21st day of December, 1988.
/s/ R. W. Schoenke
-------------------------------------------
Vice Chairman
Attest:
/s/ F. E. Porter
- -------------------------------
Secretary
-7-
<PAGE>
AMENDED
CERTIFICATE OF DESIGNATION OF THE VOTING POWERS, PREFERENCES AND RELATIVE,
PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS, AND THE QUALIFICATIONS,
LIMITATIONS OR RESTRICTIONS THEREOF, WHICH HAVE NOT BEEN SET FORTH IN THE
CERTIFICATE OF INCORPORATION OR IN ANY AMENDMENT THERETO, OF THE SERIES A JUNIOR
PARTICIPATING PREFERRED STOCK
(Par Value $1.00)
of
FIRST BANK SYSTEM, INC.
(Pursuant to Section 151 of the
Delaware General Corporation Law)
________________________
WHEREAS, a certificate (the "Certificate") of designation of the
voting powers, preferences and relative, participating, optional or other
special rights, and the qualifications, limitations or restrictions thereof,
establishing a series of 700,000 shares of preferred stock to be known as the
Series A Junior Participating Preferred Stock ($1.00 Par Value) of First Bank
System, Inc., a Delaware corporation (hereinafter called the "Corporation"), was
filed with the Secretary of State of the State of Delaware on December 23, 1988
pursuant to Section 151 of the General Corporation Law of the State of Delaware
(the "Corporation Law");
WHEREAS, pursuant to that certain Rights Agreement dated as of
December 21, 1988 between the Corporation and Morgan Shareholder Services Trust
Company ("Morgan"), as amended by Amendment No. 1 thereto dated as of May 30,
1990 between the Corporation and First Chicago Trust Company of New York, as
successor to Morgan (the "Rights Agent"), and Amendment No. 2 thereto dated as
of February 17, 1993 between the Corporation and the Rights Agent (collectively,
the "Rights Agreement"), the Corporation has agreed to cause to be reserved and
kept available out of its authorized and unissued preferred stock or any
preferred stock held in its treasury, the number of shares of preferred stock
that will be sufficient to permit the exercise in full of all outstanding Rights
(as defined in the Rights Agreement) in accordance with the Rights Agreement;
-8-
<PAGE>
WHEREAS, the Board of Directors has by resolution authorized and
directed that the number of shares of the series designated as Series A Junior
Participating Preferred Stock be increased from 700,000 shares to 1,400,000
shares;
NOW, THEREFORE, the undersigned DOES HEREBY CERTIFY that by a
resolution duly adopted by the Board of Directors of First Bank System, Inc. on
April 28, 1994, the Board of Directors has authorized and directed that the
number of shares of the series designated as Series A Junior Participating
Preferred Stock be increased from 700,000 shares to 1,400,000 shares.
IN WITNESS WHEREOF, said First Bank System, Inc. has caused this
certificate to be signed by Susan E. Lester, its Executive Vice President, and
attested by Michael J. O'Rourke, its Secretary, this 9th day of May, 1994.
FIRST BANK SYSTEM, INC.
/s/ SUSAN E. LESTER
------------------------
Susan E. Lester
Executive Vice President
Attest:
/s/ MICHAEL J. O'ROURKE
- -----------------------------
Michael J. O'Rourke
Secretary
-9-
