BYLAWS
of
GWG
HOLDINGS, INC.
(a
Delaware corporation)
(as
amended to and including June 2, 2015)
Article
1
Certain Definitions
As
used in these Bylaws, unless the context otherwise requires, the term:
1.1
“Assistant Secretary” means an Assistant Secretary of the Corporation.
1.2
“Assistant Treasurer” means an Assistant Treasurer of the Corporation.
1.3
“Board” means the Board of Directors of the Corporation.
1.4
“Bylaws” means these Bylaws of the Corporation, as the same may be amended from time to time.
1.5
“Certificate of Incorporation” means the Certificate of Incorporation of the Corporation, as the same may be amended,
supplemented or restated from time to time.
1.6
“Chief Executive Officer” means Chief Executive Officer of the Corporation.
1.7
“Chairman” means the Chairman of the Board of Directors of the Corporation.
1.8
“Corporation” means GWG Holdings, Inc.
1.9
“Directors” means directors of the Corporation.
1.10 “Entire Board” means all then-authorized directors of the Corporation.
1.11 “General Corporation Law” means Title 8, Chapter 1, of the Delaware Statutes (otherwise known as the General Corporation
Law of the State of Delaware), as amended from time to time, together with any corresponding provisions of succeeding law.
1.12 “Office of the Corporation” means the principal executive office of the Corporation, anything in Section 131 of the
General Corporation Law to the contrary notwithstanding.
1.13 “President” means the President of the Corporation.
1.14 “Secretary” means the Secretary of the Corporation.
1.15 “Stockholders” means stockholders of record of the Corporation.
1.16 “Treasurer” means the Treasurer of the Corporation.
1.17 “Vice President” means a Vice President of the Corporation.
Article
2
Stockholders
2.1
Place of Meetings
. Every meeting of Stockholders may be held at such place, within or without the State of Delaware, as
may be designated by resolution of the Board from time to time.
2.2
Annual Meeting
. If required by applicable law, a meeting of Stockholders shall be held annually for the election of Directors
at such date and time as may be designated by resolution of the Board from time to time. Any other business may be transacted
at the annual meeting.
2.3
Special Meetings
. Unless otherwise prescribed by applicable law, special meetings of Stockholders may be called at any
time by the Entire Board, any two or more Directors, or the Chief Executive Officer, and, in addition, shall be called by the
Chairman of the Board, the Chief Executive Officer or the Secretary at the request in writing of Stockholders owning not less
than ten percent (10%) of the entire capital stock of the Corporation issued and outstanding and entitled to vote. Such request
shall state the purposes of the proposed meeting. The officers or Directors shall fix the time and any place, either within or
without the State of Delaware, as the place for holding such meeting. Business transacted at any special meeting of Stockholders
shall be limited to the purpose stated in the related notice.
2.4
Fixing Record Date
. The Board may fix a record date for the purpose of (a) determining the Stockholders entitled (i) to
notice of or to vote at any meeting of Stockholders or any adjournment thereof, (ii) unless otherwise provided in the Certificate
of Incorporation, to express consent to corporate action in writing without a meeting or (iii) 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 (b) any other lawful action. Any such record date shall not precede the date upon which the resolution fixing the
record date was adopted by the Board and, unless otherwise required by applicable law, shall not be (x) in the case of clause
(a)(i) above, more than 60 nor less than 10 days before the date of such meeting (unless applicable permits such a record date
to be less than 10 days before the date of such meeting, in which case the Board may fix a record date in accordance with applicable
law), (y) in the case of clause (a)(ii) above, more than 10 days after the date upon which the resolution fixing the record date
was adopted by the Board and (z) in the case of clause (a)(iii) or (b) above, more than 60 days prior to such action. If no such
record date is fixed, then:
2.4.1
the record date for determining Stockholders entitled to notice of or to vote at a meeting of Stockholders shall be at the close
of business on the day immediately prior to the day on which notice is given, or, if notice is waived, at the close of business
on the day immediately prior to the day on which the meeting is held;
2.4.2
the record date for determining Stockholders entitled to express consent to corporate action in writing without a meeting (unless
otherwise provided in the Certificate of Incorporation), when no prior action by the Board is required by applicable law, shall
be the first day on which a written consent signed by a Stockholder and setting forth the action taken or proposed to be taken
is delivered to the Corporation in accordance with applicable law; and when prior action by the Board is required by applicable
law, the record date for determining Stockholders entitled to express consent to corporate action in writing without a meeting
shall be at the close of business on the date on which the Board adopts the resolution taking such prior action; and
2.4.3
the record date for determining Stockholders for any purpose other than those specified in Sections 2.4.1 and 2.4.2 shall be at
the close of business on the day on which the Board adopts the resolution authorizing the subject corporate action. When a determination
of Stockholders of record entitled to notice of or to vote at any meeting of Stockholders has been made as provided in this Section
2.4, such determination shall apply to any adjournment thereof unless the Board fixes a new record date for the adjourned meeting.
2.5
Notice
of Meetings of Stockholders
. Whenever under the provisions of applicable law, the Certificate of Incorporation or these Bylaws,
Stockholders are required or permitted to take any action at a meeting, notice shall be given stating the place, if any, date
and hour of the meeting, the means of remote communication, if any, by which Stockholders and proxy holders may be deemed to be
present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting
is called. Unless otherwise provided by applicable law, the Certificate of Incorporation or these Bylaws, notice of any meeting
shall be given to each Stockholder entitled to vote at such meeting not less than 10 nor more than 60 days before the date of
the meeting. Notice may be mailed or given by electronic transmission. If mailed, such notice shall be deemed to be given when
deposited in the United States mail, with postage prepaid, directed to the Stockholder at his, her or its address as it appears
on the records of the Corporation. An affidavit of the Secretary or an Assistant Secretary or of the transfer agent of the Corporation
that the notice required by this Section 2.5 has been given shall, in the absence of fraud, be prima facie evidence of the facts
stated therein. If sent by electronic transmission, notice to a Stockholder shall be deemed to be given if by (i) telecopy (facsimile),
when directed to a number at which the Stockholder has consented to receive notice, (ii) electronic mail, when directed to an
electronic mail address at which the Stockholder has consented to receive notice, (iii) a posting on an electronic network together
with a separate notice to the Stockholder of the specific posting, upon the later of (A) such posting and (B) the giving of the
separate notice (which notice may be given in any of the manners provided above), or (iv) any other form of electronic transmission,
when directed to the Stockholder. Any meeting of Stockholders, annual or special, may adjourn from time to time to reconvene at
the same or some other place. When a meeting is adjourned to another time or place, notice need not be given of the adjourned
meeting if the time and place thereof are announced at the meeting at which the adjournment is taken, and at the adjourned meeting
any business may be transacted that might have been transacted at the meeting as originally called. If, however, the adjournment
is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned
meeting shall be given to each Stockholder of record entitled to vote at the meeting.
2.6
Waivers
of Notice
. Whenever the giving of any notice to Stockholders is required by applicable law, the Certificate of Incorporation
or these Bylaws, a waiver thereof, given by the person entitled to said notice, whether before or after the event as to which
such notice is required, shall be deemed equivalent to notice. Attendance by a Stockholder at a meeting shall constitute a waiver
of notice of such meeting except when the Stockholder attends a meeting for the express purpose of objecting, at the beginning
of the meeting, to the transaction of any business on the ground that the meeting has not been lawfully called or convened. Neither
the business to be transacted at, nor the purpose of, any regular or special meeting of the Stockholders need be specified in
any waiver of notice unless so required by applicable law, the Certificate of Incorporation or these Bylaws.
2.7
List
of Stockholders
. The Secretary shall prepare and make, at least 10 days before every meeting of Stockholders, a complete list
of the Stockholders entitled to vote at the meeting, and showing the address of each Stockholder and the number of shares registered
in the name of each Stockholder. Such list shall be open to the examination of any Stockholder, the Stockholder’s agent,
or attorney, at the Stockholder’s expense, for any purpose germane to the meeting, for a period of at least 10 days prior
to the meeting, during ordinary business hours at the Office of the Corporation. If the meeting is to be held at a place, the
list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected
by any Stockholder who is present. If the meeting is held solely by means of remote communication, the list shall also be open
for examination as provided by applicable law. Except as provided by applicable law, the stock ledger shall be the only evidence
as to who are the Stockholders entitled to examine the stock ledger, the list of Stockholders or the books of the Corporation,
or to vote in person or by proxy at any meeting of Stockholders.
2.8
Quorum
of Stockholders; Adjournment
. Except as otherwise provided by applicable law, the Certificate of Incorporation or these Bylaws,
at each meeting of Stockholders, the presence, in person or by proxy, of the holders of a majority in voting power of all outstanding
shares of stock entitled to vote at the meeting shall constitute a quorum for the transaction of any business at such meeting.
In the absence of a quorum, the holders of a majority in voting power of the shares of stock present in person or represented
by proxy at any meeting of Stockholders, including an adjourned meeting, whether or not a quorum is present, may adjourn such
meeting to another time and place. Shares of its own stock belonging to the Corporation or to another corporation, if a majority
of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the
Corporation, shall neither be entitled to vote nor be counted for quorum purposes; provided, however, that the foregoing shall
not limit the right of the Corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity.
2.9
Voting;
Proxies
. Unless otherwise provided in the Certificate of Incorporation, every Stockholder entitled to vote at any meeting
of Stockholders shall be entitled to one vote for each share of stock held by such Stockholder which has voting power upon the
matter in question. At any meeting of Stockholders, all matters (except as otherwise provided by the Certificate of Incorporation,
these Bylaws, the rules and regulations of any stock exchange or listing service applicable to the Corporation, applicable law
or pursuant to any rules or regulations applicable to the Corporation or its securities) shall be decided by the affirmative vote
of a majority in voting power of shares of stock present in person or represented by proxy and entitled to vote thereon; provided,
however, that at all meetings of Stockholders for the election of Directors, a plurality of the votes cast shall be sufficient
to elect each Director; and provided, further, that at all meetings of Stockholders at which a determination of when, or with
what frequency, any votes (advisory or otherwise) may be taken on matters relating to executive compensation, such determination
shall be made by reference to a plurality of the votes cast. Each Stockholder entitled to vote at a meeting of Stockholders or
to express consent to or dissent from corporate action in writing without a meeting may authorize another person or persons to
act for such Stockholder by proxy but no such proxy shall be voted or acted upon after 180 days from its date, unless the proxy
is irrevocable. A proxy shall be irrevocable if it expressly states that it is irrevocable and if, and only so long as, it is
coupled with an interest sufficient in law to support an irrevocable power. A Stockholder may revoke any proxy that is not irrevocable
by attending the meeting and voting in person or by delivering to the Secretary a revocation of the proxy or by delivering a new
proxy bearing a later date.
2.10
Voting Procedures and Inspectors of Election at Meetings of Stockholders
. The Board, in advance of any meeting of Stockholders,
may, and shall if required by applicable law, appoint one or more inspectors, who may be employees of the Corporation, to act
at the meeting and make a written report thereof. The Board may designate one or more persons as alternate inspectors to replace
any inspector who fails to act. If no inspector or alternate is able to act at a meeting, the person presiding at the meeting
may, and shall if required by applicable law, appoint one or more inspectors to act at the meeting. Each inspector, before entering
upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict
impartiality and according to the best of his or her ability. The inspectors shall (a) ascertain the number of shares outstanding
and the voting power of each, (b) determine the shares represented at the meeting and the validity of proxies and ballots, (c)
count all votes and ballots, (d) determine and retain for a reasonable period a record of the disposition of any challenges made
to any determination by the inspectors, and (e) certify their determination of the number of shares represented at the meeting
and their count of all votes and ballots. The inspectors may appoint or retain other persons or entities to assist the inspectors
in the performance of their duties. Unless otherwise provided by the Board, the date and time of the opening and the closing of
the polls for each matter upon which the Stockholders will vote at a meeting shall be determined by the person presiding at the
meeting and shall be announced at the meeting. No ballot, proxies or votes, or any revocation thereof or change thereto, shall
be accepted by the inspectors after the closing of the polls unless state court of the State of Delaware, upon application by
a Stockholder, shall determine otherwise. In determining the validity and counting of proxies and ballots cast at any meeting
of Stockholders, the inspectors may consider such information as is permitted by applicable law. No person who is a candidate
for office at an election may serve as an inspector at such election.
2.11
Conduct of Meetings; Organization
. Subject to Section 2.12 through 2.14 of these Bylaws, the Board may adopt by resolution
such rules and regulations for the conduct of the meeting of Stockholders as it shall deem appropriate. Unless another officer
is designated by the Board, at each meeting of Stockholders, the Chief Executive Officer, or in the absence of the Chief Executive
Officer, the President, or in the absence of the President, the Chairman, or if there is no Chairman or if there be one and the
Chairman is absent, a Vice President, and in case more than one Vice President shall be present, that Vice President designated
by the Board (or in the absence of any such designation, the most senior Vice President, based on age, present), shall preside
over the meeting. Except to the extent inconsistent with such rules and regulations as adopted by the Board, the person presiding
over any meeting of Stockholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules,
regulations and procedures and to do all such acts as, in the judgment of such person, are appropriate for the proper conduct
of the meeting. Such rules, regulations or procedures, whether adopted by the Board or prescribed by the presiding officer of
the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting
(subject to the requirements of Sections 2.12 and 2.13 of these Bylaws); (ii) rules and procedures for maintaining order at the
meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to Stockholders of
record of the Corporation, their duly authorized and constituted proxies or such other persons as the person presiding over the
meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v)
limitations on the time allotted to questions or comments by participants. The presiding officer at any meeting of Stockholders,
in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant,
determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such presiding
officer should so determine, such person shall so declare to the meeting and any such matter or business not properly brought
before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board or the person presiding
over the meeting, meetings of Stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.
The Secretary, or in his or her absence, one of the Assistant Secretaries, shall act as secretary of the meeting. In case none
of the officers above designated to act as the person presiding over the meeting or as secretary of the meeting, respectively,
shall be present, a person presiding over the meeting or a secretary of the meeting, as the case may be, shall be designated by
the Board, and in case the Board has not so acted, in the case of the designation of a person to act as secretary of the meeting,
designated by the person presiding over the meeting.
2.12
Order
of Business
. The order of business at all meetings of Stockholders shall be as determined by the person presiding over the
meeting, subject, however, to the following provisions:
2.12.1 At any annual meeting of Stockholders, only such nominations of persons for election to the Board shall be made, and only such
other business shall be conducted or considered, as shall have been properly brought before the meeting. For nominations to be
properly made at an annual meeting, and proposals of other business to be properly brought before an annual meeting, nominations
and proposals of other business must be (a) specified in the Corporation’s notice of meeting (or any supplement thereto)
given by or at the direction of the Board, (b) otherwise properly made at the annual meeting, by or at the direction of the Board
or (c) otherwise properly requested to be brought before the annual meeting by a Stockholder in accordance with these Bylaws.
For nominations of persons for election to the Board or proposals of other business to be properly requested by a Stockholder
to be made at an annual meeting, a Stockholder must (i) be a Stockholder of record at the time of giving of notice of such annual
meeting by or at the direction of the Board and at the time of the annual meeting, (ii) be entitled to vote at such annual meeting
and (iii) comply with the procedures set forth in these Bylaws as to such business or nomination. The immediately preceding sentence
shall be the exclusive means for a Stockholder to make nominations or other business proposals (other than matters properly brought
under Rule 14a-8 or Rule 14a-11 under the Securities Exchange Act of 1934 (the “Exchange Act”), and included in the
Corporation’s notice of meeting) before an annual meeting of Stockholders.
2.12.2 At any special meeting of Stockholders, only such business shall be conducted or considered, as shall have been properly brought
before the meeting pursuant to the Corporation’s notice of meeting. To be properly brought before a special meeting, proposals
of business must be (a) specified in the Corporation’s notice of meeting (or any supplement thereto) given by or at the
direction of the Board or (b) otherwise properly brought before the special meeting, by or at the direction of the Board. In this
regard, Nominations of persons for election to the Board may be made at a special meeting of Stockholders at which Directors are
to be elected pursuant to the Corporation’s notice of meeting (a) by or at the direction of the Board or (b) provided that
the Board has determined that Directors shall be elected at such meeting, by any Stockholder who (i) is a Stockholder of record
at the time of giving of notice of such special meeting and at the time of the special meeting, (ii) is entitled to vote at the
meeting, and (iii) complies with the procedures set forth in these Bylaws as to such nomination. The immediately preceding sentence
shall be the exclusive means for a Stockholder to make nominations or other business proposals before a special meeting of Stockholders
(other than matters properly brought under Rule 14a-8 or Rule 14a-11 under the Exchange Act and included in the Corporation’s
notice of meeting).
2.12.3 Except as otherwise provided by law, the Certificate of Incorporation or these Bylaws, the presiding person at the meeting shall
have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed,
as the case may be, in accordance with these Bylaws and, if any proposed nomination or other business is not in compliance with
these Bylaws, to declare that no action shall be taken on such nomination or other proposal and such nomination or other proposal
shall be disregarded.
2.13
Advance
Notice of Stockholder Business and Nominations
.
2.13.1 Without qualification or limitation, but subject to Section 2.13.3(d) of these Bylaws, for any nominations or any other business
to be properly brought before an annual meeting by a Stockholder pursuant to Section 2.12.1 of these Bylaws, the Stockholder must
have given timely notice thereof (including, in the case of nominations, the completed and signed questionnaire, representation
and agreement required by Section 2.14 of these Bylaws) and timely updates and supplements thereof in writing to the Secretary
and such other business must otherwise be a proper matter for Stockholder action. To be timely, a Stockholder’s notice shall
be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the close of business on
the 120th day and not later than the close of business on the 90th day prior to the first anniversary of the preceding year’s
annual meeting;
provided
,
however
, that in the event that the date of the annual meeting is more than 30 days before
or more than 60 days after such anniversary date, notice by the Stockholder must be so delivered not earlier than the close of
business on the 120th day prior to the date of such annual meeting and not later than the close of business on the later of the
90th day prior to the date of such annual meeting or, if the first public announcement of the date of such annual meeting is less
than 100 days prior to the date of such annual meeting, the 10th day following the day on which public announcement of the date
of such meeting is first made by the Corporation. In no event shall any adjournment or postponement of an annual meeting, or the
public announcement thereof, commence a new time period for the giving of a Stockholder’s notice as described above.
Notwithstanding
anything in the immediately preceding paragraph to the contrary, in the event that the number of Directors to be elected to the
Board is increased by the Board, and there is no public announcement by the Corporation naming all of the nominees for Director
or specifying the size of the increased Board at least 100 days prior to the first anniversary of the preceding year’s annual
meeting, a Stockholder’s notice required by this Section 2.13.1 shall also be considered timely, but only with respect to
nominees for any new positions created by such increase, if it shall be delivered to the Secretary at the principal executive
offices of the Corporation not later than the close of business on the 10th day following the day on which such public announcement
is first made by the Corporation.
In
addition, to be timely, a Stockholder’s notice must further be updated and supplemented, if necessary, so that the information
provided or required to be provided in such notice shall be true and correct as of the record date for the meeting and as of the
date that is 10 business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement
shall be delivered to the Secretary at the principal executive offices of the Corporation not later than five business days after
the record date for the meeting in the case of the update and supplement required to be made as of the record date, and not later
than eight business days prior to the date for the meeting, any adjournment or postponement thereof in the case of the update
and supplement required to be made as of 10 business days prior to the meeting or any adjournment or postponement thereof.
2.13.2 Subject to Section 2.13.3(d) of these Bylaws, in the event the Corporation calls a special meeting of Stockholders for the purpose
of electing one or more Directors to the Board, any Stockholder may nominate a person or persons (as the case may be) for election
to such position(s) to be elected as specified in the Corporation’s notice calling the meeting, provided that the Stockholder
gives timely notice thereof (including the completed and signed questionnaire, representation and agreement required by Section
2.14 of these Bylaws) and timely updates and supplements thereof in writing to the Secretary. In order to be timely, a Stockholder’s
notice shall be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the close of
business on the 120th day prior to the date of such special meeting and not later than the close of business on the later of the
90th day prior to the date of such special meeting or, if the first public announcement of the date of such special meeting is
less than 100 days prior to the date of such special meeting, the 10th day following the day on which public announcement is first
made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall
any adjournment or postponement of a special meeting, or the public announcement thereof, commence a new time period for the giving
of a Stockholder’s notice as described above.
In
addition, to be timely, a Stockholder’s notice must further be updated and supplemented, if necessary, so that the information
provided or required to be provided in such notice shall be true and correct as of the record date for the meeting and as of the
date that is 10 business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement
shall be delivered to the Secretary at the principal executive offices of the Corporation not later than five business days after
the record date for the meeting in the case of the update and supplement required to be made as of the record date, and not later
than eight business days prior to the date for the meeting, any adjournment or postponement thereof in the case of the update
and supplement required to be made as of 10 business days prior to the meeting or any adjournment or postponement thereof.
2.13.3 To be in proper form, a Stockholder’s notice (whether given pursuant to Section 2.12.1 or 2.12.2 of these Bylaws) to the
Secretary must include the following, as applicable.
(a) As
to the Stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made, a Stockholder’s
notice must set forth: (i) the name and address of such Stockholder, as they appear on the Corporation’s books, of such
beneficial owner, if any, and of their respective affiliates or associates or others acting in concert therewith, (ii) (A) the
class or series and number of shares of the Corporation which are, directly or indirectly, owned beneficially and of record by
such Stockholder, such beneficial owner and their respective affiliates or associates or others acting in concert therewith, (B)
any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege
or a settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived
in whole or in part from the value of any class or series of shares of the Corporation, or any derivative or synthetic arrangement
having the characteristics of a long position in any class or series of shares of the Corporation, or any contract, derivative,
swap or other transaction or series of transactions designed to produce economic benefits and risks that correspond substantially
to the ownership of any class or series of shares of the Corporation, including due to the fact that the value of such contract,
derivative, swap or other transaction or series of transactions is determined by reference to the price, value or volatility of
any class or series of shares of the Corporation, whether or not such instrument, contract or right shall be subject to settlement
in the underlying class or series of shares of the Corporation, through the delivery of cash or other property, or otherwise,
and without regard of whether the Stockholder of record, the beneficial owner, if any, or any affiliates or associates or others
acting in concert therewith, may have entered into transactions that hedge or mitigate the economic effect of such instrument,
contract or right or any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease
in the value of shares of the Corporation (any of the foregoing, a “Derivative Instrument”) directly or indirectly
owned beneficially by such Stockholder, the beneficial owner, if any, or any affiliates or associates or others acting in concert
therewith, (C) any proxy, contract, arrangement, understanding, or relationship pursuant to which such Stockholder has a right
to vote any class or series of shares of the Corporation, (D) any agreement, arrangement, understanding, relationship or otherwise,
including any repurchase or similar so-called “stock borrowing” agreement or arrangement, engaged in, directly or
indirectly, by such Stockholder, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership
or otherwise) of any class or series of the shares of the Corporation by, manage the risk of share price changes for, or increase
or decrease the voting power of, such Stockholder with respect to any class or series of the shares of the Corporation, or which
provides, directly or indirectly, the opportunity to profit or share in any profit derived from any decrease in the price or value
of any class or series of the shares of the Corporation (any of the foregoing, “Short Interests”), (E) any rights
to dividends on the shares of the Corporation owned beneficially by such Stockholder that are separated or separable from the
underlying shares of the Corporation, (F) any proportionate interest in shares of the Corporation or Derivative Instruments held,
directly or indirectly, by a general or limited partnership in which such Stockholder is a general partner or, directly or indirectly,
beneficially owns an interest in a general partner of such general or limited partnership, (G) any performance-related fees (other
than an asset-based fee) that such Stockholder is entitled to based on any increase or decrease in the value of shares of the
Corporation or Derivative Instruments, if any, including without limitation any such interests held by members of such Stockholder’s
immediate family sharing the same household, (H) any significant equity interests or any Derivative Instruments or Short Interests
in any principal competitor of the Corporation held by such Stockholder, and (I) any direct or indirect interest of such Stockholder
in any contract with the Corporation, any affiliate of the Corporation or any principal competitor of the Corporation (including,
in any such case, any employment agreement, collective bargaining agreement or consulting agreement), and (iii) any other information
relating to such Stockholder and beneficial owner, if any, that would be required to be disclosed in a proxy statement and form
of proxy or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or
for the election of Directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations
promulgated thereunder;
(b) If
the notice relates to any business other than a nomination of a Director or Directors that the Stockholder proposes to bring before
the meeting, a Stockholder’s notice must, in addition to the matters set forth in paragraph (a) above, also set forth: (i)
a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the
meeting and any material interest of such Stockholder and beneficial owner, if any, in such business, (ii) the text of the proposal
or business (including the text of any resolutions proposed for consideration), and (iii) a description of all agreements, arrangements
and understandings between such Stockholder and beneficial owner, if any, and any other person or persons (including their names)
in connection with the proposal of such business by such Stockholder;
(c) As
to each person, if any, whom the Stockholder proposes to nominate for election or reelection to the Board, a Stockholder’s
notice must, in addition to the matters set forth in paragraph (a) above, also set forth: (i) all information relating to such
person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations
of proxies for election of Directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations
promulgated thereunder (including such person’s written consent to being named in the proxy statement as a nominee and to
serving as a Director if elected) and (ii) a description of all direct and indirect compensation and other material monetary agreements,
arrangements and understandings during the past three years, and any other material relationships, between or among such Stockholder
and beneficial owner, if any, and their respective affiliates and associates, or others acting in concert therewith, on the one
hand, and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on
the other hand, including, without limitation all information that would be required to be disclosed pursuant to Rule 404 promulgated
under Regulation S-K if the Stockholder making the nomination and any beneficial owner on whose behalf the nomination is made,
if any, or any affiliate or associate thereof or person acting in concert therewith, were the “registrant” for purposes
of such rule and the nominee were a director or executive officer of such registrant; and
(d) With
respect to each person, if any, whom the Stockholder proposes to nominate for election or reelection to the Board, a Stockholder’s
notice must, in addition to the matters set forth in paragraphs (a) and (c) above, also include a completed and signed questionnaire,
representation and agreement required by Section 2.14 of these Bylaws. The Corporation may require any proposed nominee to furnish
such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee
to serve as an independent Director of the Corporation or that could be material to a reasonable Stockholder’s understanding
of the independence, or lack thereof, of such nominee.
(e) For
purposes of these Bylaws, “public announcement” shall mean disclosure in a press release reported by a regional or
national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant
to Section 13, 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder.
(f) Notwithstanding
the provisions of these Bylaws, a Stockholder shall also comply with all applicable requirements of the Exchange Act and the rules
and regulations thereunder with respect to the matters set forth in these Bylaws; provided, however, that any references in these
Bylaws to the Exchange Act or the rules promulgated thereunder are not intended to and shall not limit the requirements applicable
to nominations or proposals as to any other business to be considered pursuant to Section 2.12 of these Bylaws.
(g) Nothing
in these Bylaws shall be deemed to affect any rights (i) of Stockholders to request inclusion of proposals in the Corporation’s
proxy statement pursuant to Rule 14a-8 under the Exchange Act, (ii) of Stockholders to request inclusion of nominees in the Corporation’s
proxy statement pursuant to Rule 14a-11 under the Exchange Act or (iii) of the holders of any series of preferred stock if and
to the extent provided for under law, the Certificate of Incorporation or these Bylaws. Subject to Rule 14a-8 and Rule 14a-11
under the Exchange Act, nothing in these Bylaws shall be construed to permit any Stockholder, or give any Stockholder the right,
to include or have disseminated or described in the Corporation’s proxy statement any nomination of Director or Directors
or any other business proposal.
2.14
Submission
of Ouestionnaire, Representation and Agreement
. To be eligible to be a nominee for election or reelection as a Director of
the Corporation (or, in the case of a nomination brought under Rule 14a-11 of the Exchange Act, to serve as a Director of the
Corporation), a person must deliver (in accordance with the time periods prescribed for delivery of notice under Section 2.13
of these Bylaws or, in the case of a nomination brought under Rule 14a-11 of the Exchange Act, prior to the time such person is
to begin service as a Director) to the Secretary at the principal executive offices of the Corporation a written questionnaire
with respect to the background and qualification of such person and the background of any other person or entity on whose behalf
the nomination is being made (which questionnaire shall be provided by the Secretary upon written request), and a written representation
and agreement (in the form provided by the Secretary upon written request) that such person (A) is not and will not become a party
to (1) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity
as to how such person, if elected as a Director of the Corporation, will act or vote on any issue or question (a “Voting
Commitment”) that has not been disclosed to the Corporation or (2) any Voting Commitment that could limit or interfere with
such person’s ability to comply, if elected as a Director of the Corporation, with such person’s fiduciary duties
under applicable law, (B) is not and will not become a party to any agreement, arrangement or understanding with any person or
entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection
with service or action as a Director that has not been disclosed therein, and (C) in such person’s individual capacity and
on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a Director
of the Corporation, and will comply with all applicable corporate governance, conflict of interest, confidentiality and stock
ownership and trading policies and guidelines of the Corporation publicly disclosed from time to time.
2.15
Written
Consent of Stockholders Without a Meeting
. Unless otherwise provided in the Certificate of Incorporation, any action required
by the General Corporation Law to be taken at any annual or special meeting of Stockholders may be taken without a meeting, without
prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the
holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such
action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered (by hand or by
certified or registered mail, return receipt requested, or by electronic or remote communication) to the Office of the Corporation,
or to an officer or agent of the Corporation having custody of the book in which proceedings of meetings of Stockholders are recorded,
or to any other officer or agent designated by the Board. Every written consent shall bear the date of signature of each Stockholder
who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless, within
60 days of the earliest dated consent delivered in the manner required by this Section 2.13, written consents signed by a sufficient
number of holders to take action are delivered to the Corporation as aforesaid. Prompt notice of the taking of the corporate action
without a meeting by less than unanimous written consent shall, to the extent required by applicable law, be given to those Stockholders
who have not consented in writing, and who, if the action had been taken at a meeting, would have been entitled to notice of the
meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of holders to
take the action were delivered to the Corporation.
Article
3
Directors
3.1
General Powers
. Except as otherwise provided in the Certificate of Incorporation, the business and affairs of the Corporation
shall be managed by or under the direction of the Board. The Board may adopt such rules and regulations, not inconsistent with
the Certificate of Incorporation or these Bylaws or applicable law, as it may deem proper for the conduct of its meetings and
the management of the Corporation.
3.2
Number; Qualification; Term of Office
. The Board shall consist of at least three Directors and up to seven Directors, the
precise number thereof to be determined from time to time by resolution of the Board. Except as provided in Section 3.3, Directors
shall be elected at the annual meeting of Stockholders by a plurality of the votes cast in the applicable election, and each Director
shall hold office until his or her successor is elected and qualified, or until the Director’s earlier death, resignation,
disqualification or removal. Directors need not be Stockholders, and need not be residents of the State of Delaware.
3.3
Newly Created Directorships and Vacancies
. Unless otherwise provided by applicable law or the Certificate of Incorporation,
any newly created directorships resulting from an increase in the authorized number of Directors and any vacancies occurring in
the Board for any cause may be filled by the affirmative vote of a majority of the remaining members of the Board, although less
than a quorum, or by a sole remaining Director, or may be elected by a plurality of the votes cast by Directors at a Board meeting.
A Director so elected shall hold office until the expiration of the term of office of the Director whom he or she has replaced,
if applicable, or until a successor is elected and qualified, or until the Director’s earlier death, resignation or removal.
3.4
Resignation and Removal
. Any Director may resign at any time by notice given in writing to the Corporation. Such resignation
shall take effect at the time therein specified, and, unless otherwise specified in such resignation, the acceptance of such resignation
shall not be necessary to make it effective. Any Director or the Entire Board may be removed at any time, but only by the affirmative
vote of the holders of two-thirds or more of the outstanding shares of the capital stock of the Corporation entitled to vote generally
in the election of Directors (considered for this purpose as one class) cast at a meeting of the Stockholders called for that
purpose.
3.5
Regular Meetings
. Regular meetings of the Board may be held without notice at such times and at such places within or without
the State of Delaware as may be determined from time to time by resolution of the Board.
3.6
Special Meetings
. Special meetings of the Board may be held at such times and at such places within or without the State
of Delaware whenever called by the Chairman, the Chief Executive Officer or the Secretary, or by any two or more Directors on
at least 24 hours’ notice to each Director given by one of the means specified in Section 3.9 hereof other than by mail,
or on at least three days’ notice if given by mail. Special meetings shall be called by the Chairman, Chief Executive Officer
or Secretary in like manner and on like notice on the written request of any two or more of the Directors then serving as Directors.
3.7
Telephone Meetings
. Directors or members of any committee designated by the Board may participate in a meeting of the Board
or of 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 participation in a meeting pursuant to this Section 3.7 shall constitute presence in person
at such meeting.
3.8
Adjourned Meetings
. A majority of the Directors present at any meeting of the Board, including an adjourned meeting, whether
or not a quorum is present, may adjourn such meeting to another time and place. At least 24 hours’ notice of any adjourned
meeting of the Board shall be given to each Director whether or not present at the time of the adjournment, if such notice shall
be given by one of the means specified in Section 3.9 hereof other than by mail, or at least three days’ notice if by mail.
Any business may be transacted at an adjourned meeting that might have been transacted at the meeting as originally called.
3.9
Notice Procedure
. Subject to Sections 3.6 and 3.10 hereof, whenever under applicable law, the Certificate of Incorporation
or these Bylaws, notice is required to be given to any Director, such notice shall be deemed given effectively if given in person
or by telephone, by mail addressed to such Director at such Director’s address as it appears on the records of the Corporation,
with postage thereon prepaid, or by telegram, telecopy (facsimile) or by other means of electronic transmission such as electronic
mail.
3.10
Waiver
of Notice
. Whenever the giving of any notice to Directors is required by applicable law, the Certificate of Incorporation
or these Bylaws, a waiver thereof, given by the Director entitled to said notice, whether before or after the event as to which
such notice is required, shall be deemed equivalent to notice. Attendance by a Director at a meeting shall constitute a waiver
of notice of such meeting except when the Director attends a meeting for the express purpose of objecting, at the beginning of
the meeting, to the transaction of any business on the ground that the meeting has not been lawfully called or convened. Neither
the business to be transacted at, nor the purpose of, any regular or special meeting of the Directors or a committee of Directors
need be specified in any waiver of notice unless so required by applicable law, the Certificate of Incorporation or these Bylaws.
3.11
Organization
. At each meeting of the Board, the Chairman, or in the absence of the Chairman, the Chief Executive Officer,
or in the absence of the Chief Executive Officer, the President, or in the absence of the President, a chairman chosen by a majority
of the Directors present, shall preside. If present, the Secretary shall act as secretary at each meeting of the Board. In case
the Secretary shall be absent from any meeting of the Board, an Assistant Secretary shall perform the duties of secretary at such
meeting; and in the absence from any such meeting of the Secretary and all Assistant Secretaries, the person presiding at the
meeting may appoint any person to act as secretary of the meeting.
3.12
Quorum of Directors
. The presence in person of a majority of the Entire Board shall be necessary and sufficient to constitute
a quorum for the transaction of business at any meeting of the Board.
3.13
Action by Majority Vote
. Except as otherwise expressly required by applicable law, the Certificate of Incorporation or
these Bylaws, the vote of a majority of the Directors present at a meeting at which a quorum is present shall be the act of the
Board.
3.14
Action Without Meeting
. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required
or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if all Directors
or members of such committee, as the case may be, consent thereto in writing or by electronic transmission, and the writing or
writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board or committee.
Article
4
Committees of the Board
The
Board may, by resolution, designate one or more committees, each committee to consist of one or more of the Directors of the Corporation.
The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified
member at any meeting of such committee. If a member of a committee shall be absent from any meeting, or disqualified from voting
thereat, the remaining member or members present at the meeting and not disqualified from voting, whether or not such member or
members constitute a quorum, may, by a unanimous vote, appoint another member of the Board to act at the meeting in the place
of any such absent or disqualified member. Any such committee, to the extent permitted by applicable law and to the extent provided
in the resolution of the Board designating such committee, shall have and may exercise all the powers and authority of the Board
in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed
to all papers that may require it. Unless otherwise specified in the resolution of the Board designating a committee, at all meetings
of such committee, a majority of the then authorized members of the committee shall constitute a quorum for the transaction of
business, and the vote of a majority of the members of the committee present at any meeting at which there is a quorum shall be
the act of the committee. Each committee shall keep regular minutes of its meetings. Unless the Board otherwise provides, each
committee designated by the Board may make, alter and repeal rules for the conduct of its business. In the absence of such rules
each committee shall conduct its business in the same manner as the Board conducts its business pursuant to Article 3 of these
Bylaws.
Article
5
Officers
5.1
Positions
. The officers of the Corporation shall include a Chief Executive Officer, a Secretary, a Treasurer and such other
officers as the Board may elect, including a Chairman, President, one or more Vice Presidents and one or more Assistant Secretaries
and Assistant Treasurers, who shall exercise such powers and perform such duties as shall be determined from time to time by resolution
of the Board. The Board may elect one or more Vice Presidents as Executive Vice Presidents and may use descriptive words or phrases
to designate the standing, seniority or areas of special competence of the Vice Presidents elected or appointed by it. Any number
of offices may be held by the same person unless the Certificate of Incorporation or these Bylaws otherwise provide.
5.2
Election
. The officers of the Corporation shall be elected by the Board at its annual meeting or at such other time or
times as the Board shall determine.
5.3
Term of Office
. Each officer of the Corporation shall hold office for the term for which he or she is elected and until
such officer’s successor is elected and qualifies or until such officer’s earlier death, resignation or removal. Any
officer may resign at any time upon written notice to the Corporation. Such resignation shall take effect at the date of receipt
of such notice or at such later time as is therein specified, and, unless otherwise specified, the acceptance of such resignation
shall not be necessary to make it effective. The resignation of an officer shall be without prejudice to the contractual rights
of the Corporation, if any. Any officer may be removed at any time, with or without cause by the Board. Any vacancy occurring
in any office of the Corporation may be filled by the Board. The removal of an officer with or without cause shall be without
prejudice to the officer’s contract rights, if any. The election or appointment of an officer shall not of itself create
contractual rights in favor of such officer.
5.4
Fidelity
Bonds
. The Corporation may secure the fidelity of any or all of its officers or agents by bond or otherwise.
5.5
Chairman
. The Chairman, if one shall have been appointed, shall preside at all meetings of the Board and shall exercise
such powers and perform such other duties as shall be determined from time to time by resolution of the Board.
5.6
Chief Executive Officer
. The Chief Executive Officer of the Corporation and shall have general supervision over the business
of the Corporation, subject, however, to the control of the Board and of any duly authorized committee of the Board. Except as
otherwise provided in Section 2.11, the Chief Executive Officer shall preside at all meetings of the Stockholders and shall also,
if a Director, preside at all meetings of the Board at which the Chairman (if there be one) is not present. The Chief Executive
Officer may sign and execute in the name of the Corporation deeds, mortgages, bonds, contracts and other instruments, except in
cases in which the signing and execution thereof shall be expressly delegated by resolution of the Board or by these Bylaws to
some other officer or agent of the Corporation, or shall be required by applicable law otherwise to be signed or executed and,
in general, the Chief Executive Officer shall perform all duties incident to the office of a Chief Executive Officer or President
of a corporation and such other duties as may from time to time be assigned to the Chief Executive Officer by resolution of the
Board.
5.7
President
. The President, if any, shall have such powers and perform such duties as may be specified in these bylaws or
prescribed by the Board. If the Chief Executive Officer is absent or disabled, the President shall succeed to the Chief Executive
Officer’s powers and duties.
5.8
Vice
Presidents
. At the request of the Chief Executive Officer or the President, or, in the absence of both the Chief Executive
Officer and President, at the request of the Board, the Vice Presidents shall (in such order as may be designated by the Board,
or, in the absence of any such designation, in order of seniority based on age) perform all of the duties of the Chief Executive
Officer and, in so performing, shall have all the powers of, and be subject to all restrictions upon, the Chief Executive Officer.
Any Vice President may sign and execute in the name of the Corporation deeds, mortgages, bonds, contracts or other instruments,
except in cases in which the signing and execution thereof shall be expressly delegated by resolution of the Board or by these
Bylaws to some other officer or agent of the Corporation, or shall be required by applicable law otherwise to be signed or executed,
and each Vice President shall perform such other duties as from time to time may be assigned to such Vice President by resolution
of the Board or by the Chief Executive Officer or President.
5.9
Secretary
.
The Secretary shall attend all meetings of the Board and of the Stockholders and shall record all the proceedings of the meetings
of the Board and of the Stockholders in a book to be kept for that purpose, and shall perform like duties for committees of the
Board, when required. The Secretary shall give, or cause to be given, notice of all special meetings of the Board and of the Stockholders
and shall perform such other duties as may be prescribed by the Board or by the Chief Executive Officer, under whose supervision
the Secretary shall be. The Secretary shall have custody of the corporate seal of the Corporation, if any, and the Secretary,
or an Assistant Secretary, shall have authority to affix the same on any instrument requiring it, and when so affixed, the seal
may be attested by the signature of the Secretary or by the signature of such Assistant Secretary. The Board may, by resolution,
give general authority to any other officer to affix the seal of the Corporation and to attest the same by such officer’s
signature. The Secretary or an Assistant Secretary may also attest all instruments signed by the Chief Executive Officer, President
or any Vice President. The Secretary shall have charge of all the books, records and papers of the Corporation relating to its
organization and management, shall see that the reports, statements and other documents required by applicable law are properly
kept and filed and, in general, shall perform all duties incident to the office of Secretary of a corporation and such other duties
as may from time to time be assigned to the Secretary by resolution of the Board or by the Chief Executive Officer or President.
5.10
Treasurer
. The Treasurer, who may also be the Chief Financial Officer, shall have charge and custody of, and be responsible
for, all funds, securities and notes of the Corporation; receive and give receipts for moneys due and payable to the Corporation
from any sources whatsoever; deposit all such moneys and valuable effects in the name and to the credit of the Corporation in
such depositaries as may be designated by the Board; against proper vouchers, cause such funds to be disbursed by checks or drafts
on the authorized depositaries of the Corporation signed in such manner as shall be determined by the Board and be responsible
for the accuracy of the amounts of all moneys so disbursed; regularly enter or cause to be entered in books or other records maintained
for the purpose full and adequate account of all moneys received or paid for the account of the Corporation; have the right to
require from time to time reports or statements giving such information as the Treasurer may desire with respect to any and all
financial transactions of the Corporation from the officers or agents transacting the same; render to the Chief Executive Officer
or the Board, whenever the Chief Executive Officer or the Board shall require the Treasurer so to do, an account of the financial
condition of the Corporation and of all financial transactions of the Corporation; disburse the funds of the Corporation as ordered
by the Board; and, in general, perform all duties incident to the office of Treasurer of a corporation and such other duties as
may from time to time be assigned to the Treasurer by resolution of the Board or by the Chief Executive Officer.
5.11
Assistant Secretaries and Assistant Treasurers
. Assistant Secretaries and Assistant Treasurers shall perform such duties
as shall be assigned to them by the Secretary or by the Treasurer, respectively, or by resolution of the Board or by the Chief
Executive Officer.
Article
6
Indemnification
6.1
Right to Indemnification
. The Corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable
law as it presently exists or may hereafter be amended, any person (a “Covered Person”) who was or is made or is threatened
to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative
(a “Proceeding”), by reason of the fact that he or she, or a person for whom he or she is the legal representative,
is or was a Director or officer of the Corporation or, while a Director or officer of the Corporation, is or was serving at the
request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture,
trust, enterprise or nonprofit entity (an “Other Entity”), including service with respect to employee benefit plans,
against all liability and loss suffered and expenses (including attorneys’ fees) reasonably incurred by such Covered Person.
Notwithstanding the preceding sentence, except as otherwise provided in Section 6.3, the Corporation shall be required to indemnify
a Covered Person in connection with a Proceeding (or part thereof) commenced by such Covered Person only if the commencement of
such Proceeding (or part thereof) by the Covered Person was authorized by the Board.
6.2
Prepayment of Expenses
. The Corporation shall pay the expenses (including attorneys’ fees) incurred by a Covered
Person in defending any Proceeding in advance of its final disposition, provided, however, that, to the extent required by applicable
law, such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking
by the Covered Person to repay all amounts advanced if it should be ultimately determined that the Covered Person is not entitled
to be indemnified under this Article 6 or otherwise.
6.3
Actions by or in the Right of the Corporation
. 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 he or she 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 him
or her in connection with the defense or settlement of such action or suit if he or she acted in good faith and in a manner he
or she reasonably believed to be in or not opposed to the best interests of the corporation. No indemnification shall be made
in respect of any claim, issue or matter as to which such person shall have been adjudged by a court of competent jurisdiction
to be liable to the Corporation or for amounts paid in settlement to the Corporation, unless and only to the extent that the court
in which such action or suit was brought or other court of competent jurisdiction shall determine upon application that in view
of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court
shall deem proper. A person entitled to indemnification under this Section shall also be considered a “Covered Person”
for all purposes of these Bylaws.
6.4
Claims
. If a claim for indemnification or advancement of expenses under this Article 6 is not paid in full within 30 days
after a written claim therefor by the Covered Person has been received by the Corporation, the Covered Person may file suit to
recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting
such claim. In any such action the Corporation shall have the burden of proving that the Covered Person is not entitled to the
requested indemnification or advancement of expenses under applicable law.
6.5
Nonexclusivity of Rights
. The rights conferred on any Covered Person by this Article 6 shall not be exclusive of any other
rights that such Covered Person may have or hereafter acquire under any statute, provision of this Certificate of Incorporation,
the Bylaws, agreement, vote of Stockholders or disinterested Directors or otherwise.
6.6
Other Sources
. The Corporation’s obligation, if any, to indemnify or to advance expenses to any Covered Person who
was or is serving at its request as a director, officer, employee or agent of an Other Entity shall be reduced by any amount such
Covered Person may collect as indemnification or advancement of expenses from such Other Entity.
6.7
Amendment or Repeal
. Any repeal or modification of the foregoing provisions of this Article 6 shall not adversely affect
any right or protection hereunder of any Covered Person in respect of any act or omission occurring prior to the time of such
repeal or modification.
6.8
Other Indemnification and Prepayment of Expenses
. This Article 6 shall not limit the right of the Corporation, to the extent
and in the manner permitted by applicable law, to indemnify and to advance expenses to persons other than Covered Persons when
and as authorized by appropriate corporate action.
Article
7
Certain Litigation Matters
Any
person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed
to have notice of and consented to the provisions of this Article 7.
7.1
Exclusive Forum
. Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive
forum for any claim or counterclaim, including without limitation (i) any derivative action or proceeding brought on behalf of
the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee
of the Corporation to the Corporation or the Corporation’s Stockholders, (iii) any action asserting a claim arising pursuant
to any provision of the General Corporation Law, or (iv) any action asserting a claim governed by the internal affairs doctrine,
shall be a state or federal court located within the State of Delaware, in all cases subject to the court having personal jurisdiction
over the indispensable parties named as defendants.
Article
8
General Provisions
8.1
Certificates Representing Shares
. Shares of the Corporation’s stock may be certificated or uncertificated, as provided
under applicable law. Every holder of stock represented by certificates, and upon request every holder of uncertificated shares,
shall be entitled to have a certificate signed by or in the name of the Corporation by the Chairman, if any, or the Chief Executive
Officer, President or a Vice President and by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer,
certifying the number of shares owned by such Stockholder in the Corporation. Any or all of the signatures upon a certificate
may be facsimiles. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed
upon any certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, such
certificate may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar
at the date of issue.
8.2
Transfer and Registry Agents
. The Corporation may from time to time maintain one or more transfer offices or agents and
registry offices or agents at such place or places as may be determined from time to time by the Board.
8.3
Lost, Stolen or Destroyed Certificates
. The Corporation may issue a new certificate of stock in the place of any certificate
theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost,
stolen or destroyed certificate, or his legal representative, to give the Corporation a bond sufficient to indemnify it against
any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance
of such new certificate.
8.4
Form of Records
. Any records maintained by the Corporation in the regular course of its business, including its stock ledger,
books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device or method,
provided that the records so kept can be converted into clearly legible paper form within a reasonable time. The Corporation shall
so convert any records so kept upon the request of any person entitled to inspect such records pursuant to applicable law.
8.5
Certain Acquisitions by Fiduciaries
. The provisions of Sections 78.378 to 78.3793 of the General Corporation Law do not
apply to (i) an acquisition by a person acting in a fiduciary capacity from another person acting in a fiduciary capacity for
the same beneficiaries (and pursuant to the same instrument) or (ii) an acquisition by the spouse of a person acting in a fiduciary
capacity or by a relative of such fiduciary within the first, second or third degree of consanguinity, provided that such acquisition
is pursuant to the instrument creating such fiduciary relationship. For purposes of this section, “acquisition” has
the meaning set forth in Section 78.3783 of the General Corporation Law, and the term “fiduciary” has the meaning
set forth in the Uniform Fiduciaries Act as adopted in the State of Delaware.
8.6
Counting Time
. For all purposes of these Bylaws, whenever reference is made herein to a “day” or “days,”
such reference shall mean a calendar day. In addition, unless the General Corporation Law specifically requires otherwise, any
and all weekend days shall also be considered days for purposes of these Bylaws. Notwithstanding the foregoing, if a due date
for a particular action or a date for a meeting of the Board or members would otherwise fall on a federal holiday or weekend day,
such due date or date for such meeting shall instead fall on the next business day.
8.7
Seal
. The Board may provide for a corporate seal, in which case such corporate seal shall have the name of the Corporation
inscribed thereon and shall be in such form as may be approved from time to time by the Board. The seal may be used by causing
it or a facsimile thereof to be impressed or affixed or otherwise reproduced.
8.8
Fiscal Year
. The fiscal year of the Corporation shall be determined by resolution of the Board and may be changed by the
Board.
8.9
Amendments
.
These Bylaws may be altered, amended or repealed and new Bylaws may be adopted by the Board, but the Stockholders may make additional
Bylaws and may alter and repeal any Bylaws whether adopted by them or otherwise.
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