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Altair Engineering Inc. – ‘10-K’ for 12/31/22 – ‘EX-4’

On:  Friday, 2/24/23, at 10:47am ET   ·   For:  12/31/22   ·   Accession #:  950170-23-4281   ·   File #:  1-38263

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/24/23  Altair Engineering Inc.           10-K       12/31/22  117:23M                                    Donnelley … Solutions/FA

Annual Report   —   Form 10-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

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14: R1          Document and Entity Information                     HTML    106K 
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18: R5          Consolidated Statements of Comprehensive (Loss)     HTML     60K 
                Income                                                           
19: R6          Consolidated Statements of Comprehensive (Loss)     HTML     38K 
                Income (Parenthetical)                                           
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                Equity (Deficit)                                                 
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22: R9          Description of Business                             HTML     39K 
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25: R12         Acquisitions                                        HTML    158K 
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30: R17         Fair Value Measurements                             HTML     46K 
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37: R24         Commitments and Contingencies                       HTML     64K 
38: R25         Segment Information                                 HTML    285K 
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                (Policies)                                                       
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53: R40         Summary of Significant Accounting Policies -        HTML    126K 
                Additional Information (Detail)                                  
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                of Disaggregation of Revenue (Detail)                            
55: R42         Revenue from Contracts with Customers - Schedule    HTML     43K 
                of Disaggregation of Revenue (Parenthetical)                     
                (Detail)                                                         
56: R43         Revenue from Contracts with Customers - Additional  HTML     63K 
                Information (Detail)                                             
57: R44         Revenue from Contracts with Customers - Additional  HTML     36K 
                Information (Detail)1                                            
58: R45         Acquisitions - Additional Information (Detail)      HTML     85K 
59: R46         Acquisitions - Summary of Amounts of Identified     HTML    100K 
                Assets Acquired and Liabilities Assumed at the                   
                Acquisition Date (Detail)                                        
60: R47         Acquisitions - Summary of Amounts of Identified     HTML     56K 
                Assets Acquired and Liabilities Assumed at the                   
                Acquisition Date (Parenthetical) (Detail)                        
61: R48         Supplementary Information - Reconciliation of       HTML     42K 
                Cash, Cash Equivalents and Restricted Cash                       
                (Detail)                                                         
62: R49         Supplementary Information - Schedule of Accounts    HTML     39K 
                Receivable Net (Detail)                                          
63: R50         Supplementary Information - Additional Information  HTML     51K 
                (Detail)                                                         
64: R51         Supplementary Information - Schedule of Provision   HTML     66K 
                for Credit Loss (Detail)                                         
65: R52         Supplementary Information - Summary of Property     HTML     71K 
                and Equipment (Detail)                                           
66: R53         Supplementary Information - Summary of Property     HTML     42K 
                and Equipment (Parenthetical) (Detail)                           
67: R54         Supplementary Information - Summary of Other        HTML     57K 
                Accrued Expenses and Current Liabilities (Detail)                
68: R55         Supplementary Information - Summary of Other        HTML     42K 
                Long-term Liabilities (Detail)                                   
69: R56         Supplementary Information - Schedule of Other       HTML     42K 
                Expense (Income), Net (Detail)                                   
70: R57         Goodwill and Other Intangible Assets - Changes in   HTML     41K 
                Carrying Amount of Goodwill Attributable to                      
                Software Reportable Segment (Detail)                             
71: R58         Goodwill and Other Intangible Assets - Schedule of  HTML     69K 
                Other Intangible Assets (Detail)                                 
72: R59         Goodwill and Other Intangible Assets - Additional   HTML     35K 
                Information (Detail)                                             
73: R60         Goodwill and Other Intangible Assets - Summary of   HTML     47K 
                Estimated Amortization Expense (Detail)                          
74: R61         Debt - Additional Information (Detail)              HTML    212K 
75: R62         Debt - Schedule of Net Carrying Value of Liability  HTML     51K 
                Component of 2027 and 2024 Notes (Detail)                        
76: R63         Debt - Schedule of Interest Expense Related to      HTML     44K 
                2027 and 2024 Notes (Detail)                                     
77: R64         Leases - Additional Information (Detail)            HTML     42K 
78: R65         Leases - Schedule of Components of Lease Cost       HTML     43K 
                (Detail)                                                         
79: R66         Leases - Schedule of Supplemental Balance Sheet     HTML     71K 
                Information Related to Lease Liabilities (Detail)                
80: R67         Leases - Schedule of Supplemental Cash Flow         HTML     47K 
                Information Related to Leases (Detail)                           
81: R68         Leases - Schedule of Maturities of Operating Lease  HTML     52K 
                Liabilities (Detail)                                             
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                (Detail)                                                         
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                Activity under NSO Plan (Detail)                                 
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                Activity under 2012 Plan (Detail)                                
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                Stock Units Awarded (Detail)                                     
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                of Company's Stock Options Granted (Detail)                      
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                Allowance Balance (Detail)                                       
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                Carryforwards (Detail)                                           
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                Ending Amounts of Unrecognized Tax Benefits                      
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                Obligation (Detail)                                              
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                Obligations (Details)                                            
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                Reporting Information (Detail)                                   
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                Income (Loss) Before Income Taxes to Adjusted                    
                EBITDA (Detail)                                                  
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‘EX-4’   —   Ex-4.1


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  EX-4  

Exhibit 4.1

Description of the Registrant’s Capital Stock

General

The following is a summary of the rights of our Class A and Class B common stock and preferred stock. This summary is qualified in its entirety by the provisions of our certificate of incorporation and bylaws, copies of which are filed as exhibits to the Annual Report of which this Exhibit is a part of.

Our authorized capital stock consists of 600,000,000 shares, with a par value of $0.0001 per share, of which:

• 513,796,572 shares are designated as Class A common stock;

• 41,203,428 shares are designated as Class B common stock; and

• 45,000,000 shares are designated as preferred stock.

Our board of directors is authorized, without stockholder approval, except with respect to Class B common stock and as required by the listing standards of the Nasdaq Global Select Market, to issue additional shares of our authorized capital stock.

As of February 13, 2023, we had 52,393,695 shares of our Class A common stock outstanding and 27,674,574 shares of our Class B common stock outstanding and no shares of preferred stock outstanding.

Class A and Class B Common Stock

Voting rights

Holders of our Class A common stock and Class B common stock have identical rights, provided however that, except as otherwise expressly provided in our certificate of incorporation or required by applicable law, on any matter that is submitted to a vote of our stockholders, holders of Class A common stock are entitled to one vote per share of Class A common stock and holders of Class B common stock are entitled to 10 votes per share of Class B common stock. Holders of shares of Class A common stock and Class B common stock generally vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required by Delaware law or our certificate of incorporation. Delaware law could require either holders of our Class A common stock or Class B common stock to vote separately as a single class in the following circumstances:

• if we were to seek to amend our certificate of incorporation to increase or decrease the par value of a class of our capital stock, then that class would be required to vote separately to approve the proposed amendment; and

• if we were to seek to amend our certificate of incorporation in a manner that alters or changes the powers, preferences or special rights of a class of our capital stock

 


 

in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment.

Under our certificate of incorporation, we may not issue any shares of Class B common stock, other than those shares issuable upon exercise of options, warrants, or similar rights to acquire Class B common stock outstanding immediately prior to the filing of the certificate of incorporation with the Secretary of State of the State of Delaware and in connection with stock dividends, unless that issuance is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A common stock and Class B common stock, each voting separately as a class.

We have not provided for cumulative voting for the election of directors in our certificate of incorporation. Our certificate of incorporation provides for a classified board of directors consisting of three classes of approximately equal size, each class serving staggered three-year terms. Only one class will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms.

No preemptive or similar rights

Our classes of common stock are not entitled to preemptive rights and are not subject to conversion (other than the Class B common stock), redemption or sinking fund provisions.

Economic Rights

Except as otherwise expressly provided in our certificate of incorporation or required by applicable law, shares of Class A common stock and Class B common stock generally have the same rights and privileges and rank equally, share ratably and are identical in all respects as to all matters, including, without limitation those described below, unless otherwise stated.

Dividends and Distributions

Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of Class A common stock and Class B common stock are entitled to share equally, identically and ratably, on a per share basis, with respect to any dividend or distribution of cash, property or shares of our capital stock paid or distributed by us, unless different treatment of the shares of each such class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A common stock and Class B common stock, each voting separately as a class. In the event a dividend or distribution is paid in the form of shares of Class A common stock or Class B common stock or rights to acquire shares of such stock, the holders of Class A common stock shall receive Class A common stock, or rights to acquire Class A common stock, as the case may be, and the holders of Class B common stock shall receive Class B common stock, or rights to acquire Class B common stock, as the case may be.

Liquidation Rights

Upon our liquidation, dissolution or winding-up, the holders of Class A common stock and Class B common stock are entitled to share equally, identically and ratably in all assets remaining after the payment of any liabilities and the liquidation preferences and any accrued or declared but

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unpaid dividends, if any, with respect to any outstanding preferred stock, unless different treatment of the shares of each class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A common stock and Class B common stock, each voting separately as a class.

Change of Control Transactions

Upon (A) the closing of the sale, transfer or other disposition of all or substantially all of our assets, (B) the consummation of a merger, consolidation, business combination or share transfer which results in our voting securities outstanding immediately prior to the transaction (or the voting securities issued with respect to our voting securities outstanding immediately prior to the transaction) representing less than a majority of the combined voting power of our voting securities or the voting securities of the surviving or acquiring entity, (C) the closing of the transfer (whether by merger, consolidation or otherwise), in one transaction or a series of related transactions, to a person or group of affiliated persons of securities of the Company if, after closing, the transferee person or group would hold 50% or more of our outstanding voting stock (or the outstanding voting stock of the surviving or acquiring entity), (D) any voluntary or involuntary recapitalization, liquidation, dissolution or winding-up, or (E) the issuance by us of voting securities representing more than 2% of our total voting power to a person who held 50% or less of our total voting power immediately prior to such transaction and who following such transaction holds more than 50% of our total voting power, the holders of Class A common stock and Class B common stock will be treated equally and identically with respect to shares of Class A common stock or Class B common stock owned by them, unless different treatment of the shares of each class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A common stock and Class B common stock, each voting separately as a class.

Subdivisions and Combinations

If we subdivide or combine in any manner outstanding shares of Class A common stock or Class B common stock, the outstanding shares of the other class will be subdivided or combined in the same manner, unless different treatment of the shares of each class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A common stock and Class B common stock, each voting as a separate class.

Conversion

Each share of our Class B common stock is automatically convertible into one share of our Class A common stock pursuant to the terms of our certificate of incorporation upon the occurrence of certain events. With respect to all beneficial owners, as defined in our certificate of incorporation, of Class B common stock, each share of Class B common stock will convert automatically into one share of Class A common stock (i) upon the date specified by affirmative vote of the holders of at least 66-2/3% of the outstanding shares of Class B common stock, (ii) if the executive holder, as defined in our certificate of incorporation, is neither (x) an executive officer of the company nor (y) a director of the company, (iii) upon the date on which the executive holder has beneficial ownership of less than 10% of the capital stock of the company, or (iv) upon the 12 year anniversary of the date of filing of our certificate of incorporation in connection with our initial public offering.

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With respect to each individual beneficial owner of Class B common stock, each share of Class B common stock held by a beneficial owner will convert automatically into one share of Class A common stock (i) at any time at the option of such owner, (ii) upon any transfer, whether or not for value, except for certain transfers described in our certificate of incorporation, including, without limitation, transfers from a founder, as defined in our certificate, to another founder, or certain permitted transferees, or (iii) in the event any beneficial owner owns shares of Class B common stock constituting less than 3% of the outstanding shares of Class B common stock.

Each share of Class B common stock held by all beneficial owners of Class B common stock, except the executive holder, will convert automatically into one share of Class A common stock in the event the key holders, as defined in our certificate of incorporation, beneficially own, in the aggregate, more shares of Class B common stock than the executive holder, in which event the only holder of Class B common stock will be the executive holder.

In addition, upon the death or incapacity of a beneficial owner of Class B common stock, other than the executive holder, each share of Class B common stock held by such beneficial owner will convert automatically into one share of Class A common stock, immediately upon such death or incapacity, except, with respect to the key holders, such automatic conversion will occur on the date which is nine months after the date of such death or incapacity. Upon the death or incapacity of the executive holder, each share of Class B common stock held by all beneficial owners of Class B common stock will convert automatically into one share of Class A common stock on the date which is nine months after the date of such death or incapacity.

Preferred Stock

Pursuant to our certificate of incorporation, our board of directors has the authority, without further action by the stockholders, to issue from time to time up to 45,000,000 shares of preferred stock in one or more series. Our board of directors may designate the rights, preferences, privileges, and restrictions of the preferred stock, including dividend rights, conversion rights, voting rights, redemption rights, liquidation preference, sinking fund terms, and the number of shares constituting any series or the designation of any series. The issuance of preferred stock could have the effect of restricting dividends on the Class A and Class B common stock, diluting the voting power of the Class A and Class B common stock, impairing the liquidation rights of the Class A and Class B common stock or delaying, deterring or preventing a change in control. Such issuance could have the effect of decreasing the market price of the Class A and Class B common stock.

Anti-takeover Effects of Delaware Law and Our Certificate of Incorporation and Bylaws

Our certificate of incorporation and bylaws contain provisions that could have the effect of delaying, deferring or discouraging another party from acquiring control of us. These provisions and certain provisions of Delaware law, which are summarized below, could discourage takeovers, coercive or otherwise. These provisions are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us.

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Dual class stock. As described above, our certificate of incorporation provides for a dual class common stock structure, which provides our founders and certain others with significant influence over all matters requiring stockholder approval, including the election of directors and significant corporate transactions, such as a merger or other sale of our company or its assets.

Issuance of undesignated preferred stock. As discussed above, our board of directors has the ability to designate and issue preferred stock with voting or other rights or preferences that could deter hostile takeovers or delay changes in our control or management.

Limits on ability of stockholders to act by written consent or call a special meeting. Our certificate of incorporation provides that our stockholders may not act by written consent. This limit on the ability of stockholders to act by written consent may lengthen the amount of time required to take stockholder actions. As a result, the holders of a majority of our capital stock would not be able to amend the bylaws or remove directors without holding a meeting of stockholders called in accordance with the bylaws.

In addition, our bylaws provide that special meetings of the stockholders may be called only by the chairman of our board of directors, the chief executive officer, the president (in the absence of a chief executive officer) or a majority of our board of directors. A stockholder may not call a special meeting, which may delay the ability of our stockholders to force consideration of a proposal or for holders controlling a majority of our capital stock to take any action, including the removal of directors.

Requirements for advance notification of stockholder nominations and proposals. Our bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors or a committee of the board of directors. These advance notice procedures may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed and may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempt to obtain control of our company.

Board classification. Our certificate of incorporation provides that our board of directors is divided into three classes, one class of which is elected each year by our stockholders. The directors in each class serve for a three-year term. Our classified board of directors may tend to discourage a third party from making a tender offer or otherwise attempting to obtain control of us because it generally makes it more difficult for stockholders to replace a majority of the directors.

Election and removal of directors. Our certificate of incorporation and bylaws contain provisions that establish specific procedures for appointing and removing members of our board of directors. Under our certificate of incorporation and bylaws, vacancies and newly created directorships on our board of directors may be filled only by a majority of the directors then serving on our board of directors. Under our certificate of incorporation and bylaws, directors may be removed only for cause.

No cumulative voting. The Delaware General Corporation Law provides that stockholders are not entitled to the right to cumulate votes in the election of directors unless our certificate of

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incorporation provides otherwise. Our certificate of incorporation and bylaws do not expressly provide for cumulative voting. Without cumulative voting, a minority stockholder may not be able to gain as many seats on our board of directors as the stockholder would be able to gain if cumulative voting were permitted. The absence of cumulative voting makes it more difficult for a minority stockholder to gain a seat on our board of directors to influence our board of directors’ decision regarding a takeover.

Amendment of charter provision. Amendments of certain provisions in our certificate of incorporation would require approval by holders of at least two-thirds of our then outstanding Class A and Class B common stock, voting together as a single class.

Delaware anti-takeover statute. We are subject to the provisions of Section 203 of the Delaware General Corporation Law regulating corporate takeovers. In general, Section 203 prohibits a publicly held Delaware corporation from engaging, under certain circumstances, in a business combination with an interested stockholder for a period of three years following the date the person became an interested stockholder unless:

• prior to the date of the transaction, our board of directors approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

• upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, (1) shares owned by persons who are directors and also officers and (2) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

• at or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.

Generally, a business combination includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An interested stockholder is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested stockholder status, did own 15% or more of a corporation’s outstanding voting stock. We expect the existence of this provision to have an anti-takeover effect with respect to transactions our board of directors does not approve in advance. We also anticipate that Section 203 may discourage attempts that might result in a premium over the market price for the shares of Class A common stock held by stockholders.

The provisions of Delaware law and the provisions of our certificate of incorporation and bylaws could have the effect of discouraging others from attempting hostile takeovers and as a

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consequence, they might also inhibit temporary fluctuations in the market price of our Class A common stock that often result from actual or rumored hostile takeover attempts. These provisions might also have the effect of preventing changes in our management. It is also possible that these provisions could make it more difficult to accomplish transactions that stockholders might otherwise deem to be in their best interests.

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:2/24/23
2/13/23SC 13G/A
For Period end:12/31/22
 List all Filings 


2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/22/24  Altair Engineering Inc.           S-8         2/22/24    4:72K                                    Donnelley … Solutions/FA
 2/22/24  Altair Engineering Inc.           10-K       12/31/23  110:15M                                    Donnelley … Solutions/FA


15 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/04/23  Altair Engineering Inc.           8-K:5,9    12/30/22   11:209K                                   Donnelley … Solutions/FA
10/03/22  Altair Engineering Inc.           8-K:5,9     9/30/22   11:195K                                   Donnelley … Solutions/FA
 9/13/22  Altair Engineering Inc.           8-K:1,9     9/13/22   11:781K                                   Donnelley … Solutions/FA
 6/15/22  Altair Engineering Inc.           8-K:1,2,3,9 6/14/22   11:1M                                     Donnelley … Solutions/FA
12/15/21  Altair Engineering Inc.           8-K:1,3,9  12/15/21   12:982K                                   Donnelley … Solutions/FA
 9/27/21  Altair Engineering Inc.           8-K:1,3,8,9 9/27/21   13:527K                                   Donnelley … Solutions/FA
 5/06/21  Altair Engineering Inc.           10-Q        3/31/21   84:9.4M                                   ActiveDisclosure/FA
 4/09/21  Altair Engineering Inc.           DEF 14A     5/20/21    1:1M                                     Donnelley … Solutions/FA
 6/08/20  Altair Engineering Inc.           8-K:5,9     6/02/20   11:262K                                   Donnelley … Solutions/FA
 6/10/19  Altair Engineering Inc.           8-K:1,2,8,9 6/10/19    3:856K                                   Donnelley … Solutions/FA
 6/06/19  Altair Engineering Inc.           8-K:1,2,9   6/05/19    4:322K                                   Donnelley … Solutions/FA
11/05/18  Altair Engineering Inc.           8-K:1,2,7,910/31/18    5:686K                                   Donnelley … Solutions/FA
10/19/17  Altair Engineering Inc.           S-1/A                  6:11M                                    Donnelley … Solutions/FA
10/06/17  Altair Engineering Inc.           S-1/A                  7:11M                                    Donnelley … Solutions/FA
 9/29/17  Altair Engineering Inc.           S-1                   19:13M                                    Donnelley … Solutions/FA
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Filing Submission 0000950170-23-004281   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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