Tech Data Corporation is a Florida corporation with its principal office in Clearwater. It is authorized to issue up to 200 million shares of common stock. The common stock has a par value of $0.0015 per share and entitles shareholders to one vote per share as well as a pro rata share of dividends and distributions in the event of liquidation or dissolution. Major transactions and amendments to the articles of incorporation require approval by a majority of outstanding common shares. The corporation will have perpetual existence unless dissolved according to law, and its affairs are managed by a board of directors consisting of 1 to 13 members divided into three classes. Shareholders have no preemptive rights to acquire unissued shares.