<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 1 TO FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
FOR THE TRANSITION PERIOD FROM ___________ TO _____________
COMMISSION FILE NUMBER: 0-13857
NOBLE DRILLING CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 73-0374541
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(State of incorporation) (I.R.S. employer identification number)
10370 RICHMOND AVENUE, SUITE 400, HOUSTON, TEXAS 77042
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(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 974-3131
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Securities registered pursuant to Section 12(b) of the Act:
COMMON STOCK, PAR VALUE $.10 PER SHARE NEW YORK STOCK EXCHANGE
9 1/8% SENIOR NOTES DUE 2006 NEW YORK STOCK EXCHANGE
PREFERRED STOCK PURCHASE RIGHTS NEW YORK STOCK EXCHANGE
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Title of each class Name of each exchange on which registered
Securities registered pursuant to Section 12(g) of the Act:
NONE
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]
Indicated by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]
Aggregate market value of Common Stock held by nonaffiliates as of
March 3, 1999: $1,672,000,000
Number of shares of Common Stock outstanding as of March 3, 1999:
131,142,998
DOCUMENTS INCORPORATED BY REFERENCE
Listed below are documents parts of which are incorporated herein by
reference and the part of this report into which the document is incorporated:
(1) Proxy statement for the 1999 annual meeting of stockholders - Part III
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EXPLANATORY NOTE
This Annual Report on Form 10-K/A for the fiscal year ended December
31, 1998 is being filed solely to file new Exhibits 3.7 and 3.8 as replacements
to Exhibits 3.7 and 3.8, respectively, incorporated by reference into the
Registrant's Annual Report on Form 10-K for the fiscal year ended December 31,
1998 (the "Report"), and to make corresponding amendments to the Index to
Exhibits included in the Report. This Form 10-K/A constitutes Amendment No.1 to
the Report. The amended Index to Exhibits and new Exhibits 3.7 and 3.8 are filed
herewith.
2
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
NOBLE DRILLING CORPORATION
Date: March 15, 1999
By: /s/ ROBERT D. CAMPBELL
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Robert D. Campbell, President
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<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER EXHIBIT
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<S> <C>
2.1 - Agreement of Sale and Purchase dated as of April 25, 1996 between the Registrant and Royal
Nedlloyd N.V. and Neddrill Holding B.V. (filed as Exhibit 2.1 to the Registrant's Registration
Statement on Form S-3 (No. 333-2927) and incorporated herein by reference).
2.2 - Asset Purchase Agreement dated November 15, 1996 by and between the Registrant, Noble
Properties, Inc. and Noble Drilling (Canada) Ltd. and Nabors Industries, Inc. (filed as
Exhibit 2.1 to the Registrant's Form 8-K dated December 27, 1996 (date of event: December 13,
1996) and incorporated herein by reference).
2.3 - Agreement dated December 13, 1996 by and among the Registrant, Noble Properties, Inc., Noble
Drilling (Canada) Ltd., Noble Drilling (U.S.) Inc., and Noble Drilling Land Limited and Nabors
Industries, Inc., Nabors Drilling USA, Inc. and Nabors Drilling Limited (filed as Exhibit 2.2
to the Registrant's Form 8-K dated December 27, 1996 (date of event: December 13, 1996) and
incorporated herein by reference).
2.4 - Asset Purchase Agreement dated as of February 19, 1997 between the Registrant, Noble Drilling
(U.S.) Inc., Noble Offshore Corporation, Noble Drilling (Mexico) Inc. and NN-1 Limited
Partnership and Pride Petroleum Services, Inc. (filed as Exhibit 2.10 in the Registrant's
Annual Report on Form 10-K for the year ended December 31, 1996 and incorporated herein by
reference.)
2.5 - Agreement dated April 10, 1997 by and between Noble Drilling Corporation, Noble Drilling
(U.S.) Inc., Noble Offshore Corporation, Noble Drilling (Mexico) Inc. and NN-1 Limited
Partnership, and Pride Petroleum Services, Inc. (filed as Exhibit 2.2 to the Registrant's
Form 8-K dated May 21, 1997 (date of event: May 7, 1997) and incorporated herein by reference).
2.6 - First Amendment to Asset Purchase Agreement dated as of May 7, 1997 by and between Noble
Drilling Corporation, Noble Drilling (U.S.) Inc., Noble Offshore Corporation, Noble Drilling
(Mexico) Inc., NN-1 Limited Partnership and Mexico Drilling Partners Inc., and Pride Petroleum
Services, Inc., Pride Offshore, Inc. and Forasol S.A. (filed as Exhibit 2.3 to the
Registrant's Form 8-K dated May 21, 1997 (date of event: May 7, 1997) and incorporated herein
by reference).
3.1 - Restated Certificate of Incorporation of the Registrant dated August 29, 1985 (filed as
Exhibit 3.7 to the Registrant's Registration Statement on Form 10 (No. 0-13857) and
incorporated herein by reference).
3.2 - Certificate of Amendment of Restated Certificate of Incorporation of the Registrant dated May
5, 1987 (filed as Exhibit 4.2 to the Registrant's Registration Statement on Form S-3 (No.
33-67130) and incorporated herein by reference).
3.3 - Certificate of Amendment of Certificate of Incorporation of the Registrant dated July 31, 1991
(filed as Exhibit 3.16 to the Registrant's Annual Report on Form 10-K for the year ended
December 31, 1991 and incorporated herein by reference).
3.4 - Certificate of Amendment of Certificate of Incorporation of the Registrant dated September 15,
1994 (filed as Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q for the
three-month period ended March 31, 1995 and incorporated herein by reference).
3.5 - Certificate of Designations of Series A Junior Participating Preferred Stock, par value $1.00
per share, of the Registrant dated as of June 29, 1995 (filed as Exhibit 3.2 to the
Registrant's Quarterly Report on Form 10-Q for the three-month period ended June 30, 1995 and
incorporated herein by reference).
3.6 - Certificate of Amendment of Certificate of Designations of Series A Junior Participating
Preferred Stock of Registrant dated September 5, 1997 (filed as Exhibit 3.6 to the
Registrant's Annual Report on Form 10-K for the year ended December 31, 1997 and incorporated
herein by reference).
3.7 - Composite copy of the Bylaws of the Registrant as currently in effect.
3.8 - Amendment of Article V of the Bylaws of the Registrant adopted effective as of January 1,
1999.
</TABLE>
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<TABLE>
<CAPTION>
EXHIBIT
NUMBER EXHIBIT
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<S> <C>
4.1 - Form of Senior Indenture (filed as Exhibit 4.9 to the Registrant's Registration Statement on
Form S-3 (No. 333-68507) and incorporated herein by reference).
4.2 - Form of Subordinated Indenture (filed as Exhibit 4.10 to the Registrant's Registration
Statement on Form S-3 (No. 333-68507) and incorporated herein by reference).
4.3 - Indenture dated as of July 1, 1996 governing the 9-1/8% Senior Notes due 2006 (including form
of Note) (filed as Exhibit 4.1 to the Registrant's Form 8-K dated July 16, 1996 (date of
event: July 1, 1996) and incorporated herein by reference).
4.4 - Credit Agreement, dated as of August 14, 1997, among Noble Drilling Corporation, the lending
institutions listed from time to time on Annex I thereto, Credit Lyonnais New York Branch, as
Documentation Agent and Christiania Bank Og Kreditkasse ASA, New York Branch, as Arranger and
Administrative Agent (filed as Exhibit 4.4 to the Registrant's Annual Report on Form 10-K for
the year ended December 31, 1997 and incorporated herein by reference).
4.5 - Rights Agreement dated as of June 28, 1995 between the Registrant and Liberty Bank and Trust
Company of Oklahoma City, N.A. (filed as Exhibit 4 to the Registrant's Form 8-K dated June
29, 1995 (date of event: June 28, 1995) and incorporated herein by reference).
4.6 - Amendment No. 1 to Rights Agreement, dated September 3, 1997, between Noble Drilling
Corporation and Liberty Bank and Trust Company of Oklahoma City, N.A. (filed as Exhibit 4.2 to
the Registrant's Form 8-A/A (Amendment No. 1) dated September 3, 1997 and incorporated herein
by reference).
4.7 - Summary of Rights to Purchase Preferred Shares, as amended as of September 3, 1997 to conform
with Amendment No. 1 to Rights Agreement, dated September 3, 1997 (filed as Exhibit 4.3 to the
Registrant's Form 8-K dated September 3, 1997 (date of event: September 3, 1997) and
incorporated herein by reference).
4.8 - Note Purchase Agreement dated as of September 24, 1998, by and among Noble Drilling (Paul
Romano) Inc. and each of the note purchasers thereunder. Each note purchaser has entered into
a separate Note Purchase Agreement, which agreements are substantially identical in all
material respects, except for the principal amount of notes to be purchased. A schedule
identifying each of the note purchasers that entered into a Note Purchase Agreement with Noble
Drilling (Paul Romano) Inc. and the principal amount of notes to be purchased by each such
note purchaser is included as Schedule A to the Note Purchase Agreement (filed as Exhibit 4.1
to the Registrant's Form 10-Q for the three-month period ended September 30, 1998 and
incorporated herein by reference).
4.9 - Trust Indenture and Security Agreement dated as of November 24, 1998, between Noble Drilling
(Paul Romano) Inc. and Chase Bank of Texas, National Association, as Trustee (filed as Exhibit
4.18 to the Registrant's Form S-3 dated (No. 33-72059) and incorporated herein by reference).
4.10 - First Naval Mortgage covering the Noble Paul Romano dated as of November 24, 1998, made by
Noble Drilling (Paul Romano) Inc. in favor of Chase Bank of Texas, National Association, as
Indenture Trustee (filed as Exhibit 4.19 to the Registrant's Form S-3 (No. 333-72059) and
incorporated herein by reference).
4.11 - Note Purchase Agreement dated as of July 1, 1998, by and among Noble Drilling (Paul Wolff)
Ltd., Chase Bank of Texas, National Association, as Trustee, and each of the note purchasers
thereunder. Each note purchaser has entered into a separate Note Purchase Agreement, which
agreements are substantially identical in all material respects, except for the principal
amount of notes purchased. A schedule identifying each of the note purchasers that entered
into a Note Purchase Agreement with Noble Drilling (Paul Wolff) Ltd. and the principal amount
of notes purchased by each such note purchaser is included in Annex I to the Note Purchase
Agreement (filed as Exhibit 4.4 to the Registrant's Form 10-Q for the three-month period ended
September 30, 1998 and incorporated herein by reference).
4.12 - Indenture of First Naval Mortgage, dated as of July 1, 1998, made by Noble Drilling (Paul
Wolff) Ltd. in favor of Chase Bank of Texas, National Association, as Trustee (filed as
Exhibit 4.5 to the Registrant's Form 10-Q for the three-month period ended September 30, 1998
and incorporated herein by reference).
4.13 - Parent Guaranty, dated as of July 1, 1998, by Noble Drilling Corporation in favor of Chase
</TABLE>
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<TABLE>
<CAPTION>
EXHIBIT
NUMBER EXHIBIT
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<S> <C>
Bank of Texas, National Association, as Trustee (filed as Exhibit 4.6 to the Registrant's Form
10-Q for the three-month period ended September 30, 1998 and incorporated herein by reference).
4.14 - Second Amendment, dated September 10, 1998, to Credit Agreement, dated as of August 14, 1997,
among Noble Drilling Corporation, the lending institutions listed from time to time on Annex I
thereto, Credit Lyonnais, New York Branch, as Documentation Agent, and Christiana Bank Og
Kreditkasse ASA, New York Branch, as Administrative Agent (filed as Exhibit 4.7 to the
Registrant's Form 10-Q for the three-month period ended September 30, 1998 and incorporated
herein by reference).
4.15 - Note Purchase Agreement dated as of December 21, 1998, by and among Noble Drilling (Jim
Thompson) Inc., Chase Bank of Texas, National Association, as Trustee, and each of the note
purchasers thereunder. Each note purchaser has entered into a separate Note Purchase
Agreement, which agreements are substantially identical in all material respects, except for
the principal amount of notes purchased. A schedule identifying each of the note purchasers
that entered into a Note Purchase Agreement with Noble Drilling (Jim Thompson) Inc. and the
principal amount of notes purchased by each such note purchaser is included as Annex I to the
Note Purchase Agreement (filed as Exhibit 4.24 to the Registrant's Form S-3 (No. 333-72059)
and incorporated herein by reference).
4.16 - Indenture of First Naval Mortgage, dated as of December 21, 1998, made by Noble Drilling (Jim
Thompson) Inc. in favor of Chase Bank of Texas, National Association, as Trustee (filed as
Exhibit 4.25 to the Registrant's Form S-3 dated (No. 333-72059) and incorporated herein by
reference).
4.17 - Parent Guaranty, dated as of December 21, 1998, by Noble Drilling Corporation in favor of
Chase Bank of Texas, National Association, as Trustee, filed as Exhibit 4.26 to the
Registrant's Form S-3 dated (No. 333-72059) and incorporated herein by reference).
4.18+ - Third Amendment, dated February 25, 1999, to Credit Agreement, dated as of August 14, 1997,
among Noble Drilling Corporation, the lending institutions listed from time to time on Annex I
thereto, Credit Lyonnais, New York Branch, as Documentation Agent, and Christiana Bank Og
Kreditkasse ASA, New York Branch, as Administrative Agent.
10.1 - Assets Purchase Agreement dated as of August 20, 1993 (the "Portal Assets Purchase
Agreement"), between the Registrant and Portal Rig Corporation (filed as Exhibit 2.3 to the
Registrant's Registration Statement on Form S-3 (No. 33-67130) and incorporated herein by
reference).
10.2 - Agreement dated as of October 25, 1993, among the Registrant, Noble (Gulf of Mexico) Inc. and
Portal Rig Corporation, amending the Portal Assets Purchase Agreement (filed as Exhibit 2.5 to
the Registrant's Quarterly Report on Form 10-Q for the three-month period ended September 30,
1993 and incorporated herein by reference).
10.3 - Amended and Restated Letter of Credit Agreement, dated as of October 25, 1993, among Portal
Rig Corporation, Noble (Gulf of Mexico) Inc., NationsBank of Texas, N.A., as agent and as one
of the "Banks" thereunder, and Marine Midland Bank, N.A., Bank of America National Trust and
Savings Association, and Norwest Bank Minnesota, National Association (collectively, the
"Banks") (filed as Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the
three-month period ended September 30, 1993 and incorporated herein by reference).
10.4 - Assignment, Assumption and Amended and Restated Preferred Ship Mortgage, dated October 25,
1993, by Noble (Gulf of Mexico) Inc. to the Banks (filed as Exhibit 10.2 to the Registrant's
Quarterly Report on Form 10-Q for the three-month period ended September 30, 1993 and
incorporated herein by reference).
10.5 - Security Agreement and Assignment, dated October 25, 1993, by Noble (Gulf of Mexico) Inc. to
the Banks (filed as Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q for the
three-month period ended September 30, 1993 and incorporated herein by reference).
10.6 - Noble Support Agreement, dated October 25, 1993, among the Registrant and the Banks (filed as
Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q for the three-month period
ended September 30, 1993 and incorporated herein by reference).
10.7* - Noble Drilling Corporation 1991 Stock Option and Restricted Stock Plan (as amended and
restated on January 30, 1997 (filed as Exhibit 10.2 to the Registrant's Annual Report on Form
10-K for the year ended December 31, 1996 and incorporated herein by reference).
10.8* - Noble Drilling Corporation 1992 Nonqualified Stock Option Plan for Non-Employee Directors
(filed as Exhibit 4.1 to the Registrant's Registration Statement on Form S-8 (No. 33-62394)
</TABLE>
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<TABLE>
<CAPTION>
EXHIBIT
NUMBER EXHIBIT
- ---------------- ------------------------------------------------------------------------------------------------
<S> <C>
and incorporated herein by reference).
10.9* - Amendment No. 1 to the Noble Drilling Corporation 1992 Nonqualified Stock Option Plan for
Non-Employee Directors dated as of July 28, 1994 (filed as Exhibit 10.44 to the Registrant's
Annual Report on Form 10-K for the year ended December 31, 1994 and incorporated herein by
reference).
10.10* - Noble Drilling Corporation Equity Compensation Plan for Non-Employee Directors (filed as
Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the three-month period
ended September 30, 1996 and incorporated herein by reference).
10.11* - Noble Drilling Corporation Short-Term Incentive Plan (revised April 1998) (filed as Exhibit 10
to the Registrants's Quarterly Report on Form 10-Q for the three-month period ended June 30,
1998 and incorporated herein by reference).
10.12* - Noble Drilling Corporation Amended and Restated Thrift Restoration Plan (filed as Exhibit
10.46 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 1994 and
incorporated herein by reference).
10.13* - Amendment No. 1 to the Noble Drilling Corporation Amended and Restated Thrift Restoration Plan
dated January 29, 1998 (filed as Exhibit 10.18 to the Registrant's Annual Report on Form 10-K
for the year ended December 31, 1997 and incorporated herein by reference).
10.14* - Noble Drilling Corporation Retirement Restoration Plan dated April 27, 1995 (filed as Exhibit
10.2 to the Registrant's Quarterly Report on Form 10-Q for the three-month period ended March
31, 1995 and incorporated herein by reference).
10.15* - Amendment No. 1 to the Noble Drilling Corporation Retirement Restoration Plan dated January
29, 1998 (filed as Exhibit 10.18 to the Registrant's Annual Report on Form 10-K for the year
ended December 31, 1997 and incorporated herein by reference).
10.16* - Form of Indemnity Agreement entered into between the Registrant and each of the Registrant's
directors and bylaw officers (filed as Exhibit 10.46 to the Registrant's Annual Report on Form
10-K for the year ended December 31, 1995 and incorporated herein by reference).
10.17 - Guarantee dated August 26, 1994 between the Registrant and Hibernia Management and Development
Company Ltd. (filed as Exhibit 10.45 to the Registrant's Annual Report on Form 10-K for the
year ended December 31, 1994 and incorporated herein by reference).
10.18 - Registration Rights Agreement dated as of July 1, 1996 between the Registrant and Royal
Nedlloyd N.V. (filed as Exhibit 10.25 to the Registrant's Annual Report on Form 10-K for the
year ended December 31, 1996 and incorporated herein by reference).
10.19* - Employment Agreement, dated as of October 22, 1998, by and between Noble Drilling Corporation
and James C. Day (filed as Exhibit 10.1 to the Registrant's Quarterly Report filed on Form
10-Q for the three-month period ended September 30, 1998 and incorporated herein by reference).
10.20* - Employment Agreement, dated as of October 22, 1998, by and between the Company and Byron L.
Welliver (filed as Exhibit 10.2 to the Registrant's Quarterly Report filed on Form 10-Q for
the three-month period ended September 30, 1998 and incorporated herein by reference).
10.21 - Employment Agreement dated as of October 22, 1998, by and between the Company and Julie J.
Robertson (filed as Exhibit 10.3 to the Registrant's Quarterly Report filed on Form 10-Q for
the three-month period ended September 30, 1998 and incorporated herein by reference).
10.22*+ - Employment Agreement dated as of January 1, 1999 by and between Noble Drilling Corporation and
Robert D. Campbell.
10.23*+ - Amendments to the Noble Drilling Corporation 1991 Stock Option and Restricted Stock Plan,
dated July 24, 1997.
12.1+ - Statement re Computation of Ratio of Earnings to Fixed Charges.
21.1+ - Subsidiaries of the Registrant.
23.1+ - Consent of PricewaterhouseCoopers LLP.
27.1+ - Financial Data Schedule.
</TABLE>
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* Management contract or compensatory plan or arrangement required to be filed
as an exhibit hereto.
+ This exhibit was previously filed as part of, and is hereby incorporated by
reference to the same numbered exhibit filed with, the Registrant's Annual
Report on Form 10-K for the fiscal year ended December 31, 1998.
7
<PAGE> 1
EXHIBIT 3.7
BYLAWS
OF
NOBLE DRILLING CORPORATION
ARTICLE I
OFFICES
Section 1. Registered Office. The registered office of Noble Drilling
Corporation (hereinafter called the "Corporation") in the State of Delaware
shall be at Corporation Trust Center, 1209 Orange Street, in the City of
Wilmington, County of New Castle, and the registered agent in charge thereof
shall be The Corporation Trust Company.
Section 2. Other Offices. The Corporation may also have an office or
offices, and keep the books and records of the Corporation, except as may
otherwise be required by law, at such other place or places, either within or
without the State of Delaware, as the Board of Directors may from time to time
determine or the business of the Corporation require.
ARTICLE II
MEETINGS OF STOCKHOLDERS
Section 1. Place of Meeting. All meetings of the stockholders of the
Corporation shall be held at the office of the Corporation or at such other
places, within or without the State of Delaware, as may from time to time be
fixed by the Board of Directors, the Chairman of the Board or the President.
Section 2. Annual Meetings. The annual meeting of the stockholders of
the Corporation for the election of directors and for the transaction of such
other business as may properly come before the meeting shall be held on the
fourth Thursday in April in each year, if not a legal holiday under the laws of
the place where the meeting is to be held, and, if a legal holiday, then on the
next succeeding day not a legal holiday under the laws of such place, or on such
other date and at such hour as may from time to time be fixed by the Board of
Directors, the Chairman of the Board or the President.
In order for business to be properly brought before the meeting by a
stockholder, the business must be legally proper and written notice thereof must
have been filed with the Secretary of the Corporation not less than 60 nor more
than 120 days prior to the meeting. Each such notice shall set forth: (a) the
name and address of the stockholder who intends to make the proposal as the same
appear in the Corporation's records; (b) the class and number of shares of stock
of the Corporation that are beneficially owned, directly or indirectly, by such
stockholder; and (c) a clear and concise statement of the proposal and the
stockholder's reasons for supporting it.
The filing of a stockholder notice as required above shall not, in and
of itself, constitute the making of the proposal described therein.
If the chairman of the meeting determines that any proposed business
has not been properly brought before the meeting, he shall declare such business
out of order; and such business shall not be conducted at the meeting.
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Section 3. Special Meetings. Except as otherwise required by law and
subject to the rights of the holders of any class or series of stock having a
preference over the Common Stock as to dividends or upon liquidation, special
meetings of the stockholders for any purpose or purposes may be called only by
(i) the Chairman of the Board, (ii) the President, or (iii) a majority of the
entire Board of Directors. Only such business as is specified in the notice of
any special meeting of the stockholders shall come before such meeting.
Section 4. Notice of Meetings. Except as otherwise provided by law,
written notice of each meeting of the stockholders, whether annual or special,
shall be given, either by personal delivery or by mail, not less than 10 nor
more than 60 days before the date of the meeting to each stockholder of record
entitled to notice of the meeting. If mailed, such notice shall be deemed given
when deposited in the United States mail, postage prepaid, directed to the
stockholder at such stockholder's address as it appears on the records of the
Corporation. Each such notice shall state the place, date and hour of the
meeting, and the purpose or purposes for which the meeting is called. Notice of
any meeting of stockholders shall not be required to be given to any stockholder
who shall attend such meeting in person or by proxy without protesting, prior to
or at the commencement of the meeting, the lack of proper notice to such
stockholder, or who shall waive notice thereof as provided in Article X of these
Bylaws. Notice of adjournment of a meeting of stockholders need not be given if
the time and place to which it is adjourned are announced at such meeting,
unless the adjournment is for more than 30 days or, after adjournment, a new
record date is fixed for the adjourned meeting.
Section 5. Quorum. Except as otherwise provided by law or by the
Certificate of Incorporation of the Corporation, the holders of a majority of
the votes entitled to be cast by the stockholders entitled to vote, which if any
vote is to be taken by classes shall mean the holders of a majority of the votes
entitled to be cast by the stockholders of each such class, present in person or
represented by proxy, shall constitute a quorum for the transaction of business
at any meeting of the stockholders.
Section 6. Adjournments. In the absence of a quorum, the holders of a
majority of the votes entitled to be cast by the stockholders, present in person
or represented by proxy, may adjourn the meeting from time to time. At any such
adjourned meeting at which a quorum may be present, any business may be
transacted which might have been transacted at the meeting as originally called.
Section 7. Order of Business. At each meeting of the stockholders, the
Chairman of the Board, or, in the absence of the Chairman of the Board, the
President, shall act as chairman. The order of business at each such meeting
shall be as determined by the chairman of the meeting. The chairman of the
meeting shall have the right and authority to prescribe such rules, regulations
and procedures and to do all such acts and things as are necessary or desirable
for the proper conduct of the meeting, including, without limitation, the
establishment of procedures for the maintenance of order and safety, limitations
on the time allotted to questions or comments on the affairs of the Corporation,
restrictions on entry to such meeting after the time prescribed for the
commencement thereof, and the opening and closing of the voting polls. The
chairman of the meeting shall announce at each such meeting the date and time of
the opening and the closing of the voting polls for each matter upon which the
stockholders will vote at such meeting.
Section 8. List of Stockholders. It shall be the duty of the Secretary
or other officer of the Corporation who has charge of the stock ledger to
prepare and make, at least 10 days before each meeting of the stockholders, a
complete list of the stockholders entitled to vote thereat, arranged in
alphabetical order, and showing the address of each stockholder and the number
of shares registered in such stockholder's name. Such list shall be produced and
kept available at the times and places required by law.
Section 9. Voting. Except as otherwise provided by law or by the
Certificate of Incorporation of the Corporation, each stockholder of record of
any class or series of stock having a preference over the Common Stock of the
Corporation as to dividends or upon liquidation shall be entitled at each
meeting of stockholders to such number of votes for each share of such stock as
may be fixed in the Certificate of Incorporation or in the resolution or
resolutions adopted by the Board of Directors providing for the issuance of such
stock, and
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<PAGE> 3
each stockholder of record of Common Stock shall be entitled at each meeting of
stockholders to one vote for each share of such stock, in each case, registered
in such stockholder's name on the books of the Corporation:
(a) on the date fixed pursuant to Section 6 of Article VII of
these Bylaws as the record date for the determination of stockholders
entitled to notice of and to vote at such meeting; or
(b) if no such record date shall have been so fixed, then at
the close of business on the day next preceding the date on which
notice of such meeting is given, or, if notice is waived, at the close
of business on the day next preceding the day on which the meeting is
held.
Each stockholder entitled to vote at any meeting of stockholders may
authorize not in excess of three persons to act for such stockholder by a proxy
signed by such stockholder or such stockholder's attorney-in-fact. Any such
proxy shall be delivered to the secretary of such meeting at or prior to the
time designated for holding such meeting but, in any event, not later than the
time designated in the order of business for so delivering such proxies. No such
proxy shall be voted or acted upon after three years from its date, unless the
proxy provides for a longer period.
At each meeting of the stockholders, all corporate actions, other than
the election of directors, to be taken by vote of the stockholders (except as
otherwise required by law and except as otherwise provided in the Certificate of
Incorporation) shall be authorized by a majority of the votes cast by the
stockholders entitled to vote thereon, present in person or represented by
proxy. Directors shall be elected by a plurality of the votes of the shares
present in person or represented by proxy at the meeting and entitled to vote on
the election of the directors. Where a separate vote by a class or classes is
required, the affirmative vote of the majority of shares of such class or
classes present in person or represented by proxy at the meeting shall be the
act of such class.
Unless required by law or determined by the chairman of the meeting to
be advisable, the vote on any matter, including the election of directors, need
not be by written ballot. In the case of a vote by written ballot, each ballot
shall be signed by the stockholder voting, or by such stockholder's proxy, and
shall state the number of shares voted.
Section 10. Inspectors of Election. Either the Board of Directors or,
in the absence of an appointment of inspectors by the Board, the Chairman of the
Board or the President shall, in advance of each meeting of the stockholders,
appoint one or more inspectors to act at such meeting and make a written report
thereof. In connection with any such appointment, one or more persons may, in
the discretion of the body or person making such appointment, be designated as
alternate inspectors to replace any inspector who fails to act. If no inspector
or alternate is able to act at any meeting of stockholders, the chairman of such
meeting shall appoint one or more inspectors to act at such meeting. Each such
inspector shall perform such duties as are required by law and as shall be
specified by the Board, the Chairman of the Board, the President or the chairman
of the meeting. Each such inspector, before entering upon the discharge of his
duties, shall take and sign an oath faithfully to execute the duties of
inspector with strict impartiality and according to the best of his ability.
Inspectors need not be stockholders. No director or nominee for the office of
director shall be appointed such an inspector.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers. The business and affairs of the Corporation
shall be managed by or under the direction of the Board of Directors, which may
exercise all such powers of the Corporation and do all such lawful acts and
things as are not by law or by the Certificate of Incorporation of the
Corporation directed or required to be exercised or done by the stockholders.
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Section 2. Number, Qualification and Election. Except as otherwise
provided in any resolution or resolutions adopted by the Board of Directors
pursuant to the provisions of Article IV of the Certificate of Incorporation of
the Corporation relating to the rights of the holders of any class or series of
stock having a preference over the Common Stock as to dividends or upon
liquidation, the number of directors of the Corporation shall be fixed from time
to time by resolution adopted by vote of a majority of the entire Board of
Directors, provided that the number so fixed shall not be less than three.
The directors, other than those who may be elected by the holders of
shares of any class or series of stock having a preference over the Common Stock
as to dividends or upon liquidation pursuant to the terms of any resolution or
resolutions providing for the issuance of such stock adopted by the Board, shall
be classified, with respect to the time for which they severally hold office,
into three classes as follows: one class of one director shall be originally
elected for a term expiring at the annual meeting of stockholders to be held in
1986, another class of two directors shall be originally elected for a term
expiring at the annual meeting of stockholders to be held in 1987, and another
class of two directors shall be originally elected for a term expiring at the
annual meeting of stockholders to be held in 1988, with each class to hold
office until its successors are elected and qualified. Any newly created
directorships resulting from any increase in the number of directors shall be
allocated to the classes of directors described in the immediately preceding
sentence in such manner so as to maintain, as nearly as possible, the equality
in number of the directors in each class. At each annual meeting of the
stockholders of the Corporation, the successors of the class of directors whose
term expires at that meeting shall be elected to hold office for a term expiring
at the annual meeting of stockholders held in the third year following the year
of their election.
Each director shall be at least 21 years of age. A person shall be
eligible to be elected a director of the Corporation until the annual meeting of
stockholders of the Corporation next succeeding such person's 70th birthday, and
any person serving as a director on such director's 70th birthday shall be
eligible to complete such director's term as such. Directors need not be
stockholders of the Corporation.
Subject to the rights of the holders of any class or series of stock
having a preference over the Common Stock as to dividends or upon liquidation,
at each annual meeting of the stockholders, there shall be elected the directors
of the class the term of office of which shall then expire.
In any election of directors, the persons receiving a plurality of the
votes cast, up to the number of directors to be elected in such election, shall
be deemed elected.
Section 3. Notification of Nominations. Subject to the rights of the
holders of any class or series of stock having a preference over the Common
Stock as to dividends or upon liquidation, nominations for the election of
directors may be made by the Board of Directors or by any stockholder entitled
to vote for the election of directors. Any stockholder entitled to vote for the
election of directors at a meeting may nominate persons for election as
directors only if written notice of such stockholder's intent to make such
nomination is given, either by personal delivery or by United States mail,
postage prepaid, to the Secretary of the Corporation not later than (i) with
respect to an election to be held at an annual meeting of stockholders, 90 days
in advance of such meeting, and (ii) with respect to an election to be held at a
special meeting of stockholders for the election of directors, the close of
business on the seventh day following the date on which notice of such meeting
is first given to stockholders. Each such notice shall set forth: (a) the name
and address of the stockholder who intends to make the nomination of the person
or persons to be nominated; (b) a representation that the stockholder is a
holder of record of stock of the Corporation entitled to vote at such meeting
and intends to appear in person or by proxy at the meeting to nominate the
person or persons specified in the notice; (c) a description of all arrangements
or understandings between the stockholder and each nominee and any other person
or persons (naming such person or persons) pursuant to which the nomination or
nominations are to be made by the stockholder; (d) such other information
regarding each nominee proposed by such stockholder as would have been required
to be included in a proxy statement filed pursuant to the proxy rules of the
Securities and Exchange Commission had each nominee been nominated, or intended
to be nominated, by the Board of
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Directors; and (e) the consent of each nominee to serve as a director of the
Corporation if so elected. The chairman of the meeting may refuse to acknowledge
the nomination of any person not made in compliance with the foregoing
procedure.
Section 4. Quorum and Manner of Acting. Except as otherwise provided by
law, the Certificate of Incorporation of the Corporation or these Bylaws, a
majority of the entire Board of Directors shall constitute a quorum for the
transaction of business at any meeting of the Board, and, except as so provided,
the vote of a majority of the directors present at any meeting at which a quorum
is present shall be the act of the Board. In the absence of a quorum, a majority
of the directors present may adjourn the meeting to another time and place. At
any adjourned meeting at which a quorum is present, any business that might have
been transacted at the meeting as originally called may be transacted.
Section 5. Place of Meeting. The Board of Directors may hold its
meetings at such place or places within or without the State of Delaware as the
Board may from time to time determine or as shall be specified or fixed in the
respective notices or waivers of notice thereof.
Section 6. Regular Meetings. Regular meetings of the Board of Directors
shall be held at such times and places as the Board shall from time to time by
resolution determine. If any day fixed for a regular meeting shall be a legal
holiday under the laws of the place where the meeting is to be held, the meeting
that would otherwise be held on that day shall be held at the same hour on the
next succeeding business day.
Section 7. Special Meetings. Special meetings of the Board of Directors
shall be held whenever called by the Chairman of the Board or the President or
by a majority of the directors.
Section 8. Notice of Meetings. Notice of regular meetings of the Board
of Directors or of any adjourned meeting thereof need not be given. Notice of
each special meeting of the Board shall be mailed or transmitted by delivery
service to each director, addressed to such director at such director's
residence or usual place of business, at least two days before the day on which
the meeting is to be held or shall be sent to such director at such place by
telegraph or facsimile telecommunication or be given personally or by telephone,
not later than the day before the meeting is to be held, but notice need not be
given to any director who shall, either before or after the meeting, submit a
signed waiver of such notice or who shall attend such meeting without
protesting, prior to or at its commencement, the lack of notice to such
director. Every such notice shall state the time and place but need not state
the purpose of the meeting.
Section 9. Rules and Regulations. The Board of Directors may adopt such
rules and regulations not inconsistent with the provisions of law, the
Certificate of Incorporation of the Corporation or these Bylaws for the conduct
of its meetings and management of the affairs of the Corporation as the Board
may deem proper.
Section 10. Participation in Meeting by Means of Communication
Equipment. Any one or more members of the Board of Directors or any committee
thereof may participate in any meeting of the Board or of any such committee by
means of conference telephone or similar communications equipment by means of
which all persons participating in the meeting can hear each other, and such
participation in a meeting shall constitute presence in person at such meeting.
Section 11. Action Without Meeting. Any action required or permitted to
be taken at any meeting of the Board of Directors or any committee thereof may
be taken without a meeting if all of the members of the Board or of any such
committee consent thereto in writing and the writing or writings are filed with
the minutes of proceedings of the Board or of such committee.
Section 12. Resignations. Any director of the Corporation may at any
time resign by giving written notice to the Board of Directors, the Chairman of
the Board, the President or the Secretary of the Corporation. Such resignation
shall take effect at the time specified therein or, if the time be not
specified, upon receipt
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thereof; and unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective.
Section 13. Removal of Directors. Directors may be removed only as
provided in Section 4 of Article VI of the Certificate of Incorporation of the
Corporation.
Section 14. Vacancies. Subject to the rights of the holders of any
class or series of stock having a preference over the Common Stock as to
dividends or upon liquidation, any vacancies on the Board of Directors resulting
from death, resignation, removal or other cause shall be filled only in the
manner provided in Section 3 of Article VI of the Certificate of Incorporation
of the Corporation, and newly created directorships resulting from any increase
in the number of directors shall be filled in the manner provided in Section 3
of Article VI of the Certificate of Incorporation of the Corporation or, if not
so filled, by the stockholders at the next annual meeting thereof or at a
special meeting called for that purpose in accordance with Section 3 of Article
II of these Bylaws.
Section 15. Compensation. Each director who shall not at the time also
be a salaried officer or employee of the Corporation or any of its subsidiaries
(hereinafter referred to as an "outside director"), in consideration of such
person serving as a director, shall be entitled to receive from the Corporation
such amount per annum and such fees for attendance at meetings of the Board of
Directors or of committees of the Board, or both, as the Board shall from time
to time determine. In addition, each director, whether or not an outside
director, shall be entitled to receive from the Corporation reimbursement for
the reasonable expenses incurred by such person in connection with the
performance of such person's duties as a director. Nothing contained in this
Section 15 shall preclude any director from serving the Corporation or any of
its subsidiaries in any other capacity and receiving proper compensation
therefor.
Section 16. Directors Emeritus. The Board of Directors may appoint one
or more directors emeritus as it shall from time to time determine. Each
director emeritus appointed shall hold office at the pleasure of the Board of
Directors. A director emeritus shall be entitled, but shall have no obligation,
to attend and be present at the meetings of the Board of Directors, although a
meeting of the Board of Directors may be held without notice to any director
emeritus and no director emeritus shall be considered in determining whether a
quorum of the Board of Directors is present. A director emeritus shall advise
and counsel the Board of Directors on the business and operations of the
Corporation as requested by the Board of Directors; however, a director emeritus
shall not be entitled to vote on any matter presented to the Board of Directors.
A director emeritus, in consideration of such person serving as a director
emeritus, shall be entitled to receive from the Corporation such fees for
attendance at meetings of the Board of Directors as the Board shall from time to
time determine. In addition, a director emeritus shall be entitled to receive
from the Corporation reimbursement for the reasonable expenses incurred by such
person in connection with the performance of such person's duties as a director
emeritus.
ARTICLE IV
EXECUTIVE AND OTHER COMMITTEES
Section 1. Executive Committee. The Board of Directors may designate an
Executive Committee which shall consist of three or more of the directors of the
Corporation. The Board may designate one or more directors as alternate members
of the Executive Committee, who may replace any absent or disqualified member at
any meeting of the Executive Committee. In the absence or disqualification of a
member of the Executive Committee, the member or members present at any meeting
and not disqualified from voting, whether or not such member or members
constitute a quorum, may unanimously appoint another member of the Board of
Directors to act at the meeting in the place of any such absent or disqualified
member. The Executive Committee shall have and may exercise all the powers and
authority of the Board in the management of the
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business and affairs of the Corporation, and may authorize the seal of the
Corporation to be affixed to all papers that may require it, except that neither
the Executive Committee nor any other committee of the Board shall have the
power or authority in reference to:
(a) approving or adopting, or recommending to the
stockholders, any action or matter expressly required by the Delaware
General Corporation Law to be submitted to stockholders for approval;
or
(b) adopting, amending or repealing any Bylaw.
The Board shall have power at any time to change the membership of the Executive
Committee, to fill all vacancies in it and to discharge it, either with or
without cause.
Section 2. Other Committees. The Board of Directors may designate one
or more committees other than the Executive Committee, each of which shall
consist of one or more of the directors of the Corporation. The Board may
designate one or more directors as alternate members of any such committee, who
may replace any absent or disqualified member at any meeting of such committee.
In addition, in the absence or disqualification of a member of any such
committee, the member or members present at any meeting and not disqualified
from voting, whether or not such member or members constitute a quorum, may
unanimously appoint another member of the Board of Directors to act at the
meeting in the place of any such absent or disqualified member. Each such
committee of the Board, except as otherwise provided by law, the Certificate of
Incorporation of the Corporation or these Bylaws, shall have and may exercise
such authority of the Board as may be specified in the resolution or resolutions
of the Board designating such committee. The Board shall have power at any time
to change the membership of, to fill all vacancies in and to discharge any such
committee, either with or without cause.
Section 3. Procedure; Meetings; Quorum. Regular meetings of any
committee of the Board of Directors (including the Executive Committee), of
which no notice shall be necessary, may be held at such times and places as
shall be fixed by resolution adopted by a majority of the members thereof.
Special meetings of any committee of the Board of Directors (including the
Executive Committee) shall be called at the request of any member thereof.
Notice of each special meeting of any committee of the Board of Directors
(including the Executive Committee) shall be sent by mail, delivery service,
facsimile telecommunication, telegraph or telephone, or be delivered personally
to each member thereof not later than the day before the day on which the
meeting is to be held, but notice need not be given to any member who shall,
either before or after the meeting, submit a signed waiver of such notice or who
shall attend such meeting without protesting, prior to or at its commencement,
the lack of such notice to such member. Any special meeting of any committee of
the Board (including the Executive Committee) shall be a legal meeting without
any notice thereof having been given, if all the members thereof shall be
present thereat. Notice of any adjourned meeting of any committee of the Board
(including the Executive Committee) need not be given. Any committee of the
Board (including the Executive Committee) may adopt such rules and regulations
not inconsistent with the provisions of law, the Certificate of Incorporation of
the Corporation or these Bylaws for the conduct of its meetings as such
committee may deem proper. A majority of the members of any committee of the
Board (including the Executive Committee) shall constitute a quorum for the
transaction of business at any meeting, and the vote of a majority of the
members thereof present at any meeting at which a quorum is present shall be the
act of such committee. Each committee of the Board of Directors (including the
Executive Committee) shall keep written minutes of its proceedings and shall
report on such proceedings to the Board.
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ARTICLE V
OFFICERS
Section 1. Number; Term of Office. The officers of the Corporation
shall be a Chairman of the Board, a Chief Executive Officer, a President, one or
more Vice Presidents, a Treasurer, a Secretary, a Controller, and such other
officers or agents with such titles and such duties as the Board of Directors
may from time to time determine, each to have such authority, functions or
duties as in these Bylaws provided or as the Board may from time to time
determine, and each to hold office for such term as may be prescribed by the
Board and until such person's successor shall have been chosen and shall
qualify, or until such person's death or resignation, or until such person's
removal in the manner hereinafter provided. The Chairman of the Board and the
Chief Executive Officer shall be elected by the directors. One person may hold
the offices and perform the duties of any two or more of said officers;
provided, however, that no officer shall execute, acknowledge or verify any
instrument in more than one capacity if such instrument is required by law, the
Certificate of Incorporation of the Corporation or these Bylaws to be executed,
acknowledged or verified by two or more officers. The Board may from time to
time authorize any officer to appoint and remove any such other officers and
agents and to prescribe their powers and duties. The Board may require any
officer or agent to give security for the faithful performance of such person's
duties.
Section 2. Removal. Any officer may be removed, either with or without
cause, by the Board of Directors at any meeting thereof called for that purpose,
or, except in the case of any officer elected by the Board, by any committee or
superior officer upon whom such power may be conferred by the Board.
Section 3. Resignation. Any officer may resign at any time by giving
notice to the Board of Directors, the Chairman of the Board, the Chief Executive
Officer or the Secretary of the Corporation. Any such resignation shall take
effect at the date of receipt of such notice or at any later date specified
therein; and, unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective.
Section 4. Vacancies. A vacancy in any office because of death,
resignation, removal or any other cause may be filled for the unexpired portion
of the term in the manner prescribed in these Bylaws for election to such
office.
Section 5. Chairman of the Board. The Chairman of the Board shall, if
present, preside at meetings of the stockholders, meetings of the Board and
meetings of the Executive Committee. The Chairman of the Board shall counsel
with and advise the Chief Executive Officer and President and shall exercise or
perform such other powers and duties as may from time to time be assigned to the
Chairman of the Board by the Board or the Executive Committee.
Section 6. The Chief Executive Officer. The Board shall designate
either the Chairman of the Board or the President to be the Chief Executive
Officer of the Corporation. The Chief Executive Officer shall have the general
control and management of the business and affairs of the Corporation, subject
to the direction and control of the Board of Directors. The Chief Executive
Officer shall see that all orders and resolutions of the Board of Directors are
carried into effect, and shall exercise or perform such other powers and duties
as may from time to time be assigned to the Chief Executive Officer by the Board
or the Executive Committee. The Chief Executive Officer may sign and execute in
the name of the Corporation deeds, mortgages, bonds, contracts or other
instruments authorized by the Board or any committee thereof empowered to
authorize the same.
Section 7. The President. The President shall exercise or perform such
powers and duties as may from time to time be assigned to the President by the
Chief Executive Officer or the Board of Directors. The President may sign and
execute in the name of the Corporation deeds, mortgages, bonds, contracts or
other
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instruments authorized by the Chief Executive Officer, the Board or any
committee thereof empowered to authorize the same.
Section 8. Vice Presidents. Each Vice President shall have such powers
and duties as shall be prescribed by the President, the Chief Executive Officer,
the Chairman of the Board or the Board of Directors. Any Vice President may sign
and execute in the name of the Corporation deeds, mortgages, bonds, contracts or
other instruments authorized by the Board or any committee thereof empowered to
authorize the same.
Section 9. Treasurer. The Treasurer shall perform all duties incident
to the office of Treasurer and such other duties as from time to time may be
assigned to the Treasurer by the President, the Chief Executive Officer, the
Chairman of the Board or the Board of Directors.
Section 10. Secretary. It shall be the duty of the Secretary to act as
secretary at all meetings of the Board of Directors, of the Executive Committee
and of the stockholders and to record the proceedings of such meetings in a book
or books to be kept for that purpose; the Secretary shall see that all notices
required to be given by the Corporation are duly given and served; the Secretary
shall be custodian of the seal of the Corporation and shall affix the seal or
cause it to be affixed to all certificates of stock of the Corporation (unless
the seal of the Corporation on such certificates shall be a facsimile, as
hereinafter provided) and to all documents, the execution of which on behalf of
the Corporation under its seal is duly authorized in accordance with the
provisions of these Bylaws. The Secretary shall have charge of the stock ledger
and also of the other books, records and papers of the Corporation and shall see
that the reports, statements and other documents required by law are properly
kept and filed; and the Secretary shall in general perform all the duties
incident to the office of Secretary and such other duties as from time to time
may be assigned to such person by the President, the Chief Executive Officer,
the Chairman of the Board or the Board of Directors.
Section 11. Controller. The Controller shall perform all of the duties
incident to the office of the Controller and such other duties as from time to
time may be assigned to such person by the President, the Chief Executive
Officer, the Chairman of the Board or the Board of Directors.
Section 12. Assistant Treasurers, Secretaries and Controllers. The
Assistant Treasurers, the Assistant Secretaries and the Assistant Controllers
shall perform such duties as shall be assigned to them by the Treasurer,
Secretary or Controller, respectively, or by the President, the Chief Executive
Officer, the Chairman of the Board or the Board of Directors.
ARTICLE VI
INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS
Section 1. Third Party Actions. The Corporation shall indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by or in the
right of the Corporation), by reason of the fact that such person is or was a
director, officer, employee or agent of the Corporation, or is or was serving at
the request of the Corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including attorneys' fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by such person in connection with
such action, suit or proceeding if such person acted in good faith and in a
manner such person reasonably believed to be in or not opposed to the best
interests of the Corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe such person's conduct was
unlawful. The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the person did not act in good
faith and in a manner which such person reasonably believed to be in or not
opposed to the best interests of the Corporation, and, with
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respect to any criminal action or proceeding, had reasonable cause to believe
that such person's conduct was unlawful.
Section 2. Derivative Actions. The Corporation shall indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the
Corporation to procure a judgment in its favor by reason of the fact that such
person is or was a director, officer, employee or agent of the Corporation, or
is or was serving at the request of the Corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys' fees) actually and
reasonably incurred by such person in connection with the defense or settlement
of such action or suit if such person acted in good faith and in a manner such
person reasonably believed to be in or not opposed to the best interests of the
Corporation, except that no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be
liable to the Corporation unless and only to the extent that the Court of
Chancery of Delaware or the court in which such action or suit was brought shall
determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which the Court of Chancery of Delaware
or such other court shall deem proper.
Section 3. Determination of Indemnification. Any indemnification under
Section 1 or 2 of this Article VI (unless ordered by a court) shall be made by
the Corporation only as authorized in the specific case upon a determination
that indemnification of the present or former director, officer, employee or
agent is proper in the circumstances because such person has met the applicable
standard of conduct set forth in Section 1 or 2 of this Article VI. Such
determination shall be made, with respect to a person who is a director or
officer at the time of such determination, (i) by a majority vote of the
directors who are not parties to such action, suit or proceeding, even though
less than a quorum, or (ii) by a committee of such directors designated by
majority vote of such directors, even though less than a quorum, or (iii) if
there are not such directors, or if such directors so direct, by independent
legal counsel in a written opinion, or (iv) by the stockholders.
Section 4. Right to Indemnification. Notwithstanding the other
provisions of this Article VI, to the extent that a present or former director
or officer of the Corporation has been successful on the merits or otherwise in
defense of any action, suit or proceeding referred to in Section 1 or 2 of this
Article VI, or in defense of any claim, issue or matter therein, such person
shall be indemnified against expenses (including attorneys' fees) actually and
reasonably incurred by such person in connection therewith.
Section 5. Advancement of Expenses. Expenses (including attorneys'
fees) incurred by a present or former officer or director in defending any
civil, criminal, administrative or investigative action, suit or proceeding
shall be paid by the Corporation in advance of the final disposition of such
action, suit or proceeding upon receipt by the Corporation of an undertaking by
or on behalf of such officer or director to repay all such amounts advanced if
it shall ultimately be determined that such person is not entitled to be
indemnified by the Corporation under this Article VI or otherwise. Such expenses
(including attorneys' fees) incurred by present or former employees or agents of
the Corporation other than officers or directors may be so paid upon such terms
and conditions, if any, as the Corporation deems appropriate.
Section 6. Indemnification and Advancement of Expenses Not Exclusive.
The indemnification and advancement of expenses provided by, or granted pursuant
to, the other Sections of this Article VI shall not be deemed exclusive of any
other rights to which any person seeking indemnification or advancement of
expenses may be entitled under any law, agreement, vote of stockholders or
disinterested directors or otherwise, both as to action in such person's
official capacity and as to action in another capacity while holding such
office. All rights to indemnification and advancement of expenses under this
Article VI shall be deemed to be provided by a contract between the Corporation
and the director, officer, employee or agent, as the case may be, who served in
such capacity at any time while these Bylaws and other relevant provisions of
the Delaware General
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Corporation Law and other applicable law, if any, are in effect. Any repeal or
modification thereof shall not affect any rights or obligations then existing.
Section 7. Insurance. The Corporation may purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee or
agent of the Corporation, or is or was serving at the request of the Corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against any liability asserted against
such person and incurred by such person in any such capacity, or arising out of
such person's status as such, whether or not the Corporation would have the
power to indemnify such person against such liability under the applicable
provisions of the Delaware General Corporation Law.
Section 8. Definitions of Certain Terms. For purposes of this Article
VI, references to "the Corporation" shall include, in addition to the resulting
corporation, any constituent corporation (including any constituent of a
constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its
directors, officers, employees or agents, so that any person who is or was a
director, officer, employee or agent of such constituent corporation, or is or
was serving at the request of such constituent corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, shall stand in the same position under the provisions
of this Article VI with respect to the resulting or surviving corporation as
such person would have with respect to such constituent corporation if its
separate existence had continued.
For purposes of this Article VI, references to "other enterprise" shall
include employee benefit plans; references to "fines" shall include any excise
tax assessed on a person with respect to any employee benefit plan; and
references to "serving at the request of the Corporation" shall include any
service as a director, officer, employee or agent of the Corporation that
imposes duties on, or involves services by, such director, officer, employee or
agent with respect to an employee benefit plan, its participants or
beneficiaries; and a person who acted in good faith and in a manner such person
reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan shall be deemed to have acted in a manner "not
opposed to the best interests of the Corporation" as referred to in this Article
VI.
Section 9. Continuation and Successors. The indemnification and
advancement of expenses provided by, or granted pursuant to, this Article VI
shall, unless otherwise provided when authorized or ratified, continue as to a
person who has ceased to be a director, officer, employee or agent and shall
inure to the benefit of the heirs, executors and administrators of such a
person.
Section 10. Exclusive Jurisdiction. The Delaware Court of Chancery is
vested with exclusive jurisdiction to hear and determine all actions for
advancement of expenses or indemnification brought under this Article VI or
under any statute, agreement, vote of stockholders or disinterested directors,
or otherwise. The Delaware Court of Chancery may summarily determine the
Corporation's obligation to advance expenses (including attorneys' fees).
ARTICLE VII
CAPITAL STOCK
Section 1. Certificates for Shares. Certificates representing shares of
stock of each class of the Corporation, whenever authorized by the Board of
Directors, shall be in such form as shall be approved by the Board. The
certificates representing shares of stock of each class shall be signed by, or
in the name of, the Corporation by the Chairman of the Board or the President or
a Vice President and by the Secretary or an Assistant Secretary or the Treasurer
or an Assistant Treasurer of the Corporation, and sealed with the seal of the
Corporation, which may be by a facsimile thereof. Any or all such signatures may
be facsimiles if
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countersigned by a transfer agent or registrar. Although any officer, transfer
agent or registrar whose manual or facsimile signature is affixed to such a
certificate ceases to be such officer, transfer agent or registrar before such
certificate has been issued, it may nevertheless be issued by the Corporation
with the same effect as if such officer, transfer agent or registrar were still
such at the date of its issue.
The stock ledger and blank share certificates shall be kept by the
Secretary or by a transfer agent or by a registrar or by any other officer or
agent designated by the Board.
Section 2. Transfer of Shares. Transfer of shares of stock of each
class of the Corporation shall be made only on the books of the Corporation by
the holder thereof, or by such holder's attorney thereunto authorized by a power
of attorney duly executed and filed with the Secretary of the Corporation or a
transfer agent for such stock, if any, and on surrender of the certificate or
certificates for such shares properly endorsed or accompanied by a duly executed
stock transfer power and the payment of all taxes thereon. The person in whose
name shares stand on the books of the Corporation shall be deemed the owner
thereof for all purposes as regards the Corporation; provided, however, that
whenever any transfer of shares shall be made for collateral security and not
absolutely, and written notice thereof shall be given to the Secretary or to
such transfer agent, such fact shall be stated in the entry of the transfer. No
transfer of shares shall be valid as against the Corporation, its stockholders
and creditors for any purpose, except to render the transferee liable for the
debts of the Corporation to the extent provided by law, until it shall have been
entered in the stock records of the Corporation by an entry showing from and to
whom transferred.
Section 3. Address of Stockholders. Each stockholder shall designate to
the Secretary or transfer agent of the Corporation an address at which notices
of meetings and all other corporate notices may be served or mailed to such
person, and, if any stockholder shall fail to designate such address, corporate
notices may be served upon such person by mail directed to such person at such
person's post office address, if any, as the same appears on the share record
books of the Corporation or at such person's last known post office address.
Section 4. Lost, Destroyed and Mutilated Certificates. The holder of
any share of stock of the Corporation shall immediately notify the Corporation
of any loss, theft, destruction or mutilation of the certificate therefor; the
Corporation may issue to such holder a new certificate or certificates for
shares, upon the surrender of the mutilated certificate or, in the case of loss,
theft or destruction of the certificate, upon satisfactory proof of such loss,
theft or destruction; the Board of Directors, or a committee designated thereby,
or the transfer agents and registrars for the stock, may, in their discretion,
require the owner of the lost, stolen or destroyed certificate, or such person's
legal representative, to give the Corporation a bond in such sum and with such
surety or sureties as they may direct to indemnify the Corporation and said
transfer agents and registrars against any claim that may be made on account of
the alleged loss, theft or destruction of any such certificate or the issuance
of such new certificate.
Section 5. Regulations. The Board of Directors may make such additional
rules and regulations as it may deem expedient concerning the issue and transfer
of certificates representing shares of stock of each class of the Corporation
and may make such rules and take such action as it may deem expedient concerning
the issue of certificates in lieu of certificates claimed to have been lost,
destroyed, stolen or mutilated.
Section 6. Fixing Date for Determination of Stockholders of Record. In
order that the Corporation may determine the stockholders entitled to notice of
or to vote at any meeting of stockholders or any adjournment thereof, or
entitled to receive payment of any dividend or other distribution or allotment
of any rights, or entitled to exercise any rights in respect of any change,
conversion or exchange of stock or for the purpose of any other lawful action,
the Board of Directors may fix a record date, which record date shall not
precede the date upon which the resolution fixing the record date is adopted by
the Board of Directors, and which record date shall not be more than 60 nor less
than 10 days before the date of such meeting, nor more than 60 days prior to any
other action. A determination of stockholders entitled to notice of or to vote
at a meeting of the
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stockholders shall apply to any adjournment of the meeting; provided, however,
that the Board of Directors may fix a new record date for the adjourned meeting.
ARTICLE VIII
SEAL
The Board of Directors shall provide a corporate seal, which shall be
in the form of a circle and shall bear the full name of the Corporation and the
words and figures "Corporate Seal Delaware 1939", or such other words or figures
as the Board of Directors may approve and adopt. The seal may be used by causing
it or a facsimile thereof to be impressed or affixed or in any other manner
reproduced.
ARTICLE IX
FISCAL YEAR
The fiscal year of the Corporation shall be fixed by resolution of the
Board of Directors.
ARTICLE X
WAIVER OF NOTICE
Whenever any notice whatsoever is required to be given by these Bylaws,
by the Certificate of Incorporation of the Corporation or by law, the person
entitled thereto may, either before or after the meeting or other matter in
respect of which such notice is to be given, waive such notice in writing, which
writing shall be filed with or entered upon the records of the meeting or the
records kept with respect to such other matter, as the case may be, and in such
event such notice need not be given to such person and such waiver shall be
deemed equivalent to such notice.
ARTICLE XI
AMENDMENTS
Any Bylaw (other than this Article XI) may be adopted, repealed,
altered or amended by a majority of the entire Board of Directors at any meeting
thereof, provided that such proposed action in respect thereof shall be stated
in the notice of such meeting. The stockholders of the Corporation shall have
the power to adopt, repeal, alter or amend any provision of these Bylaws only to
the extent and in the manner provided in the Certificate of Incorporation of the
Corporation.
ARTICLE XII
MISCELLANEOUS
Section 1. Execution of Documents. The Board of Directors or any
committee thereof shall designate the officers, employees and agents of the
Corporation who shall have power to execute and deliver deeds, contracts,
mortgages, bonds, debentures, notes, checks, drafts and other orders for the
payment of money and other documents for and in the name of the Corporation and
may authorize such officers, employees and agents
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to delegate such power (including authority to redelegate) by written instrument
to other officers, employees or agents of the Corporation. Such delegation may
be by resolution or otherwise and the authority granted shall be general or
confined to specific matters, all as the Board or any such committee may
determine. In the absence of such designation referred to in the first sentence
of this Section 1, the officers of the Corporation shall have such power so
referred to, to the extent incident to the normal performance of their duties.
Section 2. Deposits. All funds of the Corporation not otherwise
employed shall be deposited from time to time to the credit of the Corporation
or otherwise as the Board of Directors or any committee thereof or any officer
of the Corporation to whom power in that respect shall have been delegated by
the Board or any such committee shall select.
Section 3. Checks. All checks, drafts and other orders for the payment
of money out of the funds of the Corporation, and all notes or other evidence of
indebtedness of the Corporation, shall be signed on behalf of the Corporation in
such manner as shall from time to time be determined by resolution of the Board
of Directors or of any committee thereof.
Section 4. Proxies in Respect of Stock or Other Securities of Other
Corporations. The Board of Directors or any committee thereof shall designate
the officers of the Corporation who shall have authority from time to time to
appoint an agent or agents of the Corporation to exercise in the name and on
behalf of the Corporation the powers and rights that the Corporation may have as
the holder of stock or other securities in any other corporation, and to vote or
consent in respect of such stock or securities; such designated officers may
instruct the person or persons so appointed as to the manner of exercising such
powers and rights; and such designated officers may execute or cause to be
executed in the name and on behalf of the Corporation and under its corporate
seal, or otherwise, such written proxies, powers of attorney or other
instruments as they may deem necessary or proper in order that the Corporation
may exercise its said powers and rights.
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EXHIBIT 3.8
NOBLE DRILLING CORPORATION
RESOLUTIONS ADOPTED
BY THE BOARD OF DIRECTORS
DECEMBER 17, 1998
RELATING TO AMENDMENT OF BYLAWS
RESOLVED, that effective January 1, 1999, Article V of the Bylaws of
the Corporation is hereby amended and restated in its entirety as set forth on
Exhibit A attached hereto and made a part hereof, and James C. Day shall
thereafter continue to be designated Chief Executive Officer of the Corporation.
RESOLVED FURTHER, that the proper officers of the Corporation are
hereby authorized and directed to take or cause to be taken all such further
action as in their judgment shall be necessary, desirable or advisable in order
to carry out the intent, and to accomplish the purposes, of the foregoing
resolutions.
<PAGE> 2
EXHIBIT A
NOBLE DRILLING CORPORATION
BYLAW EXTRACT
AS AMENDED
DECEMBER 17, 1998
ARTICLE V
OFFICERS
Section 1. Number; Term of Office. The officers of the Corporation
shall be a Chairman of the Board, a Chief Executive Officer, a President, one or
more Vice Presidents, a Treasurer, a Secretary, a Controller, and such other
officers or agents with such titles and such duties as the Board of Directors
may from time to time determine, each to have such authority, functions or
duties as in these Bylaws provided or as the Board may from time to time
determine, and each to hold office for such term as may be prescribed by the
Board and until such person's successor shall have been chosen and shall
qualify, or until such person's death or resignation, or until such person's
removal in the manner hereinafter provided. The Chairman of the Board and the
Chief Executive Officer shall be elected by the directors. One person may hold
the offices and perform the duties of any two or more of said officers;
provided, however, that no officer shall execute, acknowledge or verify any
instrument in more than one capacity if such instrument is required by law, the
Certificate of Incorporation of the Corporation or these Bylaws to be executed,
acknowledged or verified by two or more officers. The Board may from time to
time authorize any officer to appoint and remove any such other officers and
agents and to prescribe their powers and duties. The Board may require any
officer or agent to give security for the faithful performance of such person's
duties.
Section 2. Removal. Any officer may be removed, either with or without
cause, by the Board of Directors at any meeting thereof called for that purpose,
or, except in the case of any officer elected by the Board, by any committee or
superior officer upon whom such power may be conferred by the Board.
Section 3. Resignation. Any officer may resign at any time by giving
notice to the Board of Directors, the Chairman of the Board, the Chief Executive
Officer or the Secretary of the Corporation. Any such resignation shall take
effect at the date of receipt of such notice or at any later date specified
therein; and, unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective.
Section 4. Vacancies. A vacancy in any office because of death,
resignation, removal or any other cause may be filled for the unexpired portion
of the term in the manner prescribed in these Bylaws for election to such
office.
Section 5. Chairman of the Board. The Chairman of the Board shall, if
present, preside at meetings of the stockholders, meetings of the Board and
meetings of the Executive Committee. The Chairman of the Board shall counsel
with and advise the Chief Executive Officer and President and shall exercise or
perform such other powers and duties as may from time to time be assigned to the
Chairman of the Board by the Board or the Executive Committee.
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Section 6. The Chief Executive Officer. The Board shall designate
either the Chairman of the Board or the President to be the Chief Executive
Officer of the Corporation. The Chief Executive Officer shall have the general
control and management of the business and affairs of the Corporation, subject
to the direction and control of the Board of Directors. The Chief Executive
Officer shall see that all orders and resolutions of the Board of Directors are
carried into effect, and shall exercise or perform such other powers and duties
as may from time to time be assigned to the Chief Executive Officer by the Board
or the Executive Committee. The Chief Executive Officer may sign and execute in
the name of the Corporation deeds, mortgages, bonds, contracts or other
instruments authorized by the Board or any committee thereof empowered to
authorize the same.
Section 7. The President. The President shall exercise or perform such
powers and duties as may from time to time be assigned to the President by the
Chief Executive Officer or the Board of Directors. The President may sign and
execute in the name of the Corporation deeds, mortgages, bonds, contracts or
other instruments authorized by the Chief Executive Officer, the Board or any
committee thereof empowered to authorize the same.
Section 8. Vice Presidents. Each Vice President shall have such powers
and duties as shall be prescribed by the President, the Chief Executive Officer,
the Chairman of the Board or the Board of Directors. Any Vice President may sign
and execute in the name of the Corporation deeds, mortgages, bonds, contracts or
other instruments authorized by the Board or any committee thereof empowered to
authorize the same.
Section 9. Treasurer. The Treasurer shall perform all duties incident
to the office of Treasurer and such other duties as from time to time may be
assigned to the Treasurer by the President, the Chief Executive Officer, the
Chairman of the Board or the Board of Directors.
Section 10. Secretary. It shall be the duty of the Secretary to act as
secretary at all meetings of the Board of Directors, of the Executive Committee
and of the stockholders and to record the proceedings of such meetings in a book
or books to be kept for that purpose; the Secretary shall see that all notices
required to be given by the Corporation are duly given and served; the Secretary
shall be custodian of the seal of the Corporation and shall affix the seal or
cause it to be affixed to all certificates of stock of the Corporation (unless
the seal of the Corporation on such certificates shall be a facsimile, as
hereinafter provided) and to all documents, the execution of which on behalf of
the Corporation under its seal is duly authorized in accordance with the
provisions of these Bylaws. The Secretary shall have charge of the stock ledger
and also of the other books, records and papers of the Corporation and shall see
that the reports, statements and other documents required by law are properly
kept and filed; and the Secretary shall in general perform all the duties
incident to the office of Secretary and such other duties as from time to time
may be assigned to such person by the President, the Chief Executive Officer,
the Chairman of the Board or the Board of Directors.
Section 11. Controller. The Controller shall perform all of the duties
incident to the office of the Controller and such other duties as from time to
time may be assigned to such person by the President, the Chief Executive
Officer, the Chairman of the Board or the Board of Directors.
Section 12. Assistant Treasurers, Secretaries and Controllers. The
Assistant Treasurers, the Assistant Secretaries and the Assistant Controllers
shall perform such duties as shall be assigned to them by the Treasurer,
Secretary or Controller, respectively, or by the President, the Chief Executive
Officer, the Chairman of the Board or the Board of Directors.
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