On July 27, 2022 at the annual meeting of stockholders (the “Annual Meeting”) of Booz Allen Hamilton Holding Corporation (the “Company”), the holders of the Company’s Class A common stock approved the adoption of the sixth amended and restated certificate of incorporation (the “Amended and Restated Certificate of Incorporation”) to permit stockholders who hold not less than 25% of the outstanding shares of common stock of the company to call special meetings of stockholders.
On July 29, 2022, the Company filed the Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware in the form previously attached to, and as described in, the Company’s proxy statement, dated June 16, 2022, in connection with the Annual Meeting.
Additionally, on July 29, 2022, the Company adopted the sixth amended and restated bylaws (the “Amended and Restated Bylaws”), to specify the procedures for and limitations on stockholder-requested special meetings.
The Amended and Restated Bylaws require that any stockholder request to call a special meeting of stockholders must include certain specified information including, but not limited to, (i) a description of the business proposed to be conducted at the special meeting and the text of any such business or proposal, (ii) documentary evidence that such requesting stockholders own not less than 25% of the common stock of the Company as of the date of the request, and (iii) certain specified information, representations, and agreements required with respect to any director nominations or other business proposed to be presented at the special meeting.
The Amended and Restated Bylaws provide that, when determining the 25% ownership threshold, a stockholder will be deemed to own only those shares of common stock where such person possesses both (i) the full voting and investment rights pertaining to such shares and (ii) the full economic interest in such shares, less any shares (1) sold in a transaction that has not been settled or closed, (2) borrowed for any purposes or purchased pursuant to an agreement to resell, or (3) subject to a derivative or similar agreement that would have the purpose or effect of reducing the full voting rights of such shares or hedging, offsetting or altering the full economic ownership of such shares.
The Amended and Restated Bylaws include certain procedural requirements that the board of directors of the Company (the “Board”) believes are appropriate to avoid duplicative or unnecessary special meetings. Under these provisions, a special meeting request would not be valid if it (i) relates to any item of business that (1) is the same as, or substantially similar to, any item of business that stockholders of the Company voted on at a meeting of stockholders that occurred within 120 days preceding the date of the special meeting request, or (2) is not a proper subject for stockholder action under applicable law, (ii) is received by the Company less than 90 days before the earlier of (1) the date of the Company’s next annual meeting of stockholders, to the extent such date has been publicly announced by the Company prior to the date of the special meeting request, and (2) the first anniversary of the preceding year’s annual meeting of stockholders, or (iii) does not comply with the requirements pertaining to special meeting requests set forth in the Company’s bylaws.
The Amended and Restated Bylaws provide that, if stockholders who requested a special meeting revoke the request or cease to own 25% of the outstanding shares of common stock, then such stockholders will be deemed to have withdrawn such special meeting request and the Board will have the discretion to determine whether or not to proceed with the special meeting, and there will be no requirement for the Board to call, or for the Company to hold, such special meeting.
The Amended and Restated Bylaws require that the business to be transacted at a stockholder-requested special meeting be limited to the purpose(s) stated in the stockholder meeting request received by the Company and any additional matters that the Board determines to include in the Company’s notice for such special meeting.