Amended and Restated
BY-LAWS
Of
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
Adopted by the
Board of Directors
On
October 10, 1995
And
Amended on
May 2, 1997
December 18, 1997
February 18, 1999
February 20, 2003
April 17, 2003
May 20, 2004
May 19, 2005
May 17, 2007
September 18, 2008
May 28, 2009
October 21, 2010
September 20, 2012
June 8, 2014
December 17, 2015
July 21, 2016
1
TABLE OF CONTENTS
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1.
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STOCKHOLDERS.
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1
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1.1
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Place of Stockholders Meetings.
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1
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1.2
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Day and Time of Annual Meetings of Stockholders.
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1
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1.3
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Purposes of Annual Meetings.
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1
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1.4
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Special Meetings of Stockholders.
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3
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1.5
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Notice of Meetings of Stockholders
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4
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1.6
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Quorum of Stockholders.
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4
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1.7
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Chairman and Secretary of Meeting.
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5
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1.8
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Voting by Stockholders.
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5
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1.9
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Proxies.
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5
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1.10
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Inspectors.
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5
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1.11
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List of Stockholders.
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6
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1.12
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Confidential Voting.
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6
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1.13
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Action by Written Consent.
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7
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2.
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DIRECTORS.
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7
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2.1
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Powers of Directors.
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7
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2.2
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Powers and Duties of the Chairman.
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7
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2.3
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Number and Terms of Office of Directors.
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7
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2.4
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Method of Election of Directors.
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7
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2.5
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Vacancies on Board.
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20
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2.6
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Meetings of the Board.
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21
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2.7
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Quorum and Action.
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21
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2.8
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Presiding Officer and Secretary of Meeting.
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22
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2.9
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Action by Consent without Meeting.
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22
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2.10
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Standing Committees.
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22
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2.11
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Other Committees.
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23
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2.12
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Compensation of Directors.
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23
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3
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OFFICERS
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23
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3.1
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Officers, Titles, Elections, Terms.
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23
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3.2
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General Powers of Officers.
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24
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3.3
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Powers and Duties of the Chief Executive Officer.
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25
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3.4
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Powers and Duties of the President.
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25
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3.5
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Powers and Duties of Vice Presidents.
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25
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3.6
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Powers and Duties of the Chief Financial Officer.
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25
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3.7
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Powers and Duties of the Controller and Assistant Controllers.
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25
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3.8
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Powers and Duties of the Treasurer and Assistant Treasurers.
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25
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3.9
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Powers and Duties of the Secretary and Assistant Secretaries.
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26
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4.
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INDEMNIFICATION.
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27
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4.1
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Rights to Indemnification and Effect of Amendment.
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27
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4.2
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Insurance, Contracts and Funding.
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27
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4.3
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Indemnification; Not Exclusive Right.
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28
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4.4
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Advancement of Expenses.
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28
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4.5
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Indemnification Procedures; Presumptions and Effect of Certain Proceedings;
Remedies.
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28
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4.6
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Indemnification of Employees and Agents.
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32
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4.7
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Severability.
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32
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2
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5.
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CAPITAL STOCK.
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32
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5.1
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Stock Certificates.
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32
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5.2
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Record Ownership.
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33
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5.3
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Transfer of Record Ownership.
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33
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5.4
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Lost, Stolen, or Destroyed Certificates.
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34
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5.5
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Transfer Agent; Registrar; Rules Respecting Certificates.
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34
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5.6
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Fixing Record Date for Determination of Stockholders of Record.
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6.
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SECURITIES HELD BY THE CORPORATION.
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35
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6.1
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Voting.
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35
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6.2
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General Authorization to Transfer Securities Held by the Corporation.
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35
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7.
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DEPOSITARIES AND SIGNATORIES.
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35
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7.1
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Depositaries.
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35
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7.2
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Signatories.
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36
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8.
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SEAL.
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36
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9.
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FISCAL YEAR.
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36
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10.
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TIMING OF, WAIVER OF AND DISPENSING WITH NOTICE.
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36
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11.
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AMENDMENT OF BY-LAWS.
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37
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12.
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OFFICES AND AGENT.
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37
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13.
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FORUM FOR ADJUDICATION OF DISPUTES.
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37
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13.1
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Forum.
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37
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13.2
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Personal Jurisdiction.
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38
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13.3
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Enforceability.
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38
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ii
3
BY-LAWS
of
THE HARTFORD FINANCIAL SERVICES GROUP, INC.
(a Delaware Corporation, the Corporation)
1. STOCKHOLDERS.
1.1 Place of Stockholders Meetings.
All meetings of the stockholders of the Corporation shall be held at such place or places, within
or outside the state of Delaware, as may be fixed by the Corporations Board of Directors (the
Board and each member thereof a Director) from time to time or as shall be specified in the
respective notices thereof.
1.2 Day and Time of Annual Meetings of Stockholders.
An annual meeting of stockholders shall be held at such place (within or outside the state of
Delaware), date, and hour as shall be determined by the Board and designated in the notice thereof.
1.3 Purposes of Annual Meetings.
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(a)
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At each annual meeting, the stockholders shall elect the members of the Board
for the succeeding year. At any such annual meeting, any business properly brought
before the meeting may be transacted.
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(b)
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To be properly brought before an annual meeting, business (other than
nominations of directors, which must be made in compliance with, and shall be
exclusively governed by, Section 2.4 of these By-laws) must be (i) specified in the
notice of the meeting (or any supplement thereto) given by or at the direction of the
Board, (ii) otherwise properly brought before the meeting by or at the direction of the
Board, or (iii) otherwise properly brought before the meeting by a stockholder, who is
a stockholder of record at the time of giving of the notice provided for in this
Section 1.3(b) and, at the time of the annual meeting, who shall be entitled to vote at
such meeting, and who complies with the notice procedures set forth in this Section
1.3(b).
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For any such business to be properly brought before an annual meeting by a stockholder
pursuant to clause (iii) of the preceding paragraph, the stockholder must have given
written notice thereof, either by personal delivery or by United States mail, postage
prepaid, to the Secretary not later than the close of business 90 days in advance of
the anniversary date of the immediately preceding annual meeting (or, if the date of
the annual meeting is more than 30 days before or after the anniversary date of the
immediately preceding annual meeting, not later than the later of (i) the close of
business 90 days prior to the date of such annual meeting, or (ii) if the first public
announcement of the date of such advanced or delayed annual meeting is less than 100
days prior to the date of such annual
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meeting, ten (10) days after the first public announcement of the date of such
annual meeting). In no event shall any adjournment or postponement of an annual
meeting or the announcement thereof commence a new time period (or extend any time
period) for the giving of a stockholders notice as described above.
Any such notice shall set forth each matter the stockholder proposes to bring before
the annual meeting:
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(i)
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a brief description of the business to be brought before the
meeting, the reasons for conducting such business at the meeting, and in the
event that such business includes a proposal to amend the By-laws of the
Corporation, the language of the proposed amendment;
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(ii)
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as to the stockholder of record giving notice and the beneficial
owner, if any, on whose behalf the proposal is made, (1) the name and address of
such stockholder and beneficial owner, (2) the class and number of shares of the
Corporation which are, directly or indirectly, owned beneficially or of record by
such stockholder and by such beneficial owner, respectively, or their respective
affiliates (naming such affiliates), as of the date of such notice, (3) a
description of any agreement, arrangement, or understanding (including, without
limitation, any swap or other derivative or short positions, profit interests,
options, hedging transactions, and securities lending or borrowing arrangement)
to which such stockholder or beneficial owner or their respective affiliates is,
directly or indirectly, a party as of the date of such notice (x) with respect
to shares of stock of the Corporation or (y) the effect or intent of which is to
mitigate loss to, manage the potential risk or benefit of share price changes
(increases or decreases) for, or increase or decrease the voting power of such
stockholder or beneficial owner or any of their affiliates with respect to
securities of the Corporation or which may have payments based in whole or in
part, directly or indirectly, on the value (or change in value) of any class or
series of securities of the Corporation (any agreement, arrangement, or
understanding of a type described in this clause (3), a Covered Arrangement),
and (4) a representation that the stockholder is a holder of record of stock of
the Corporation entitled to vote at such meeting and intends to appear in person
or by proxy at the meeting to propose such business;
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(iii)
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a description of any direct or indirect material interest by
security holdings or otherwise of the stockholder of record and of the beneficial
owner, if any, on whose behalf the proposal is made, or their respective
affiliates, in such business (whether by holdings of securities, or by virtue of
being a creditor or contractual counterparty of the Company or of a third party,
or otherwise), and all agreements, arrangements, and understandings between such
stockholder and beneficial owner, if any, or their respective affiliates and any
other person or persons (naming such person or persons) in connection with the
proposal of such business by the stockholder;
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(iv)
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if the stockholder of record or the beneficial owner, if any, intends
(whether by itself or as part of a group) to solicit proxies in support of such
proposal, a representation to that effect; and
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(v)
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an undertaking by the stockholder of record and each beneficial
owner, if any, to (1) notify the Corporation in writing of the information set
forth in clauses (ii)(2), (ii)(3) and (iii) above as of the record date for the
meeting promptly (and, in any event, within five (5) business days) following the
later of the record date or the date notice of the record date is first disclosed
by public announcement and (2) update such information thereafter within two (2)
business days of any change in such information and, in any event, as of close of
business on the day preceding the meeting date.
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(c)
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Notwithstanding anything in these By-laws to the contrary: (i) no business
(other than the nominations of directors, which must be made in compliance with, and
shall be exclusively governed by, Section 2.4 of these By-laws) shall be conducted at
any annual meeting except in accordance with the procedures set forth in Section 1.3(b)
above; and (ii) unless otherwise required by law, if a stockholder intending to bring
business before an annual meeting in accordance with Section 1.3(b) above does not (1)
timely provide the notifications contemplated by clause (v) of Section 1.3(b) above, or
(2) timely appear in person or by proxy at the meeting to present the proposed
business, such business shall not be transacted, notwithstanding that proxies in
respect of such business may have been received by the Corporation or any other person
or entity.
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Except as otherwise provided by law, the Certificate of Incorporation, or these
By-laws, the presiding officer of any annual meeting of stockholders shall have the
power and duty to determine whether any business proposed to be brought before an
annual meeting was proposed in accordance with the foregoing procedures (including
whether the stockholder solicited or did not so solicit, as the case may be, proxies
in support of such stockholders proposal in compliance with such stockholders
representation as required by clause (iv) of Section 1.3(b)) and, if any business is
not proposed in compliance with Section 1.3(b), to declare that such defective
proposal shall be disregarded. The requirements of Section 1.3(b) and this Section
1.3(c) shall apply to any business to be brought before an annual meeting by a
stockholder other than nominations of directors, which must be made in compliance
with, and shall be exclusively governed by, Section 2.4 of these By-laws and other
than matters properly brought under Rule 14a-8 of the Securities Exchange Act of 1934,
as amended (the Exchange Act) (or any successor rule). For purposes of these
By-laws, public announcement shall mean disclosure in a press release of the
Corporation reported by the Dow Jones News Service, Associated Press, or comparable
news service or in a document publicly filed or furnished by the Corporation with or
to the Securities and Exchange Commission (the SEC) pursuant to Section 13, 14 or
15(b) of the Exchange Act.
1.4 Special Meetings of Stockholders.
Except as otherwise expressly required by applicable law, special meetings of the stockholders or
of any class or series entitled to vote may be called for any purpose or purposes by the
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Chairman or by a majority vote of the entire Board to be held at such place (within or outside
the state of Delaware), date, and hour as shall be determined by the Board and designated in the
notice thereof. Only such business as is specified in the notice of any special meeting of the
stockholders shall come before such meeting.
1.5 Notice of Meetings of Stockholders
Except as otherwise expressly required or permitted by applicable law, not less than ten (10) days
nor more than 60 days before the date of every stockholders meeting, the Secretary shall cause to
be delivered to each stockholder of record entitled to vote at such meeting written notice stating
the place, day, and time of the meeting and, in the case of a special meeting, the purpose or
purposes for which the meeting is called. Except as provided in Section 1.6(d) or as otherwise
expressly required by applicable law, notice of any adjourned meeting of stockholders need not be
given if the time and place thereof are announced at the meeting at which the adjournment is taken.
Any notice, if mailed, shall be deemed to be given when deposited in the United States mail,
postage prepaid, addressed to the stockholder at the address for notices to such stockholder as it
appears on the records of the Corporation.
1.6 Quorum of Stockholders.
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(a)
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Unless otherwise expressly required by applicable law, at any meeting of the
stockholders, the presence in person or by proxy of stockholders entitled to cast a
majority of votes thereat shall constitute a quorum for the entire meeting,
notwithstanding the withdrawal of stockholders entitled to cast a sufficient number of
votes in person or by proxy to reduce the number of votes represented at the meeting
below a quorum. Shares of the Corporations stock belonging to the Corporation or to
another corporation, if a majority of the shares entitled to vote in an election of the
directors of such other corporation is held by the Corporation, shall neither be
counted for the purpose of determining the presence of a quorum nor entitled to vote at
any meeting of the stockholders.
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(b)
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At any meeting of the stockholders at which a quorum shall be present, a
majority of those present in person or by proxy may adjourn the meeting from time to
time without notice other than announcement at the meeting. In the absence of a
quorum, the officer presiding thereat shall have power to adjourn the meeting from time
to time until a quorum shall be present. Notice of any adjourned meeting other than
announcement at the meeting shall not be required to be given, except as provided in
Section 1.6(d) below and except where expressly required by applicable law.
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(c)
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At any adjourned meeting at which a quorum shall be present, any business may
be transacted, which might have been transacted at the meeting originally called, but
only those stockholders entitled to vote at the meeting as originally noticed shall be
entitled to vote at any adjournment or adjournments thereof unless a new record date is
fixed by the Board.
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(d)
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If an 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 in the manner specified in Section 1.5 to each stockholder of record entitled
to vote at the meeting.
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4
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1.7 Chairman and Secretary of Meeting.
The Chairman or, in his or her absence, an officer of the Corporation designated by the Chairman
shall preside at meetings of the stockholders. The Secretary shall act as secretary of the
meeting, or in the absence of the Secretary, an Assistant Secretary shall so act, or if neither is
present, the presiding officer may appoint a person to act as secretary of the meeting.
1.8 Voting by Stockholders.
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(a)
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Except as otherwise expressly required by applicable law, at every meeting of
the stockholders, each stockholder shall be entitled to the number of votes specified
in the Certificate of Incorporation or any certificate of designations providing for
the creation of any series of Preferred Stock, in person or by proxy, for each share of
stock standing in his or her name on the Stock Ledger (as defined in Section 5.2) on
the date fixed, pursuant to the provisions of Section 5.6, as the record date for the
determination of the stockholders who shall be entitled to receive notice of and to
vote at such meeting.
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(b)
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When a quorum is present at any meeting of the stockholders, all questions
shall be decided by the vote of a majority in voting power of the stockholders present
in person or by proxy and entitled to vote at such meeting, unless a question is one
upon which by express provision of law, the Certificate of Incorporation, or these
By-laws, a different vote is required, in which case such express provision shall
govern and control the decision of such question.
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(c)
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Except as required by applicable law, the vote at any meeting of stockholders
on any question need not be by ballot, unless so directed by the presiding officer of
the meeting. On a vote by ballot, each ballot shall be signed by the stockholder
voting, or by his or her attorney-in- fact, if authorized by proxy, and shall state the
number of shares voted.
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1.9 Proxies.
Any stockholder entitled to vote at any meeting of stockholders may vote either in person or by his
or her attorney-in-fact or proxy.
1.10 Inspectors.
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(a)
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The election of Directors and any other vote by ballot at any meeting of the
stockholders shall be supervised by one or more inspectors. Such inspectors may be
appointed by the Chairman before the meeting. If the Chairman shall not have so
appointed such inspectors or if one or both inspectors so appointed shall refuse to
serve or shall not be present, such appointment shall be made by the officer presiding
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.
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(b)
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The inspectors shall (i) ascertain the number of shares of the Corporation
outstanding and the voting power of each, (ii) determine the shares represented at any
meeting of stockholders and the validity of the proxies and ballots, (iii) count all
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5
8
votes and ballots, (iv) determine and retain for a reasonable period a record of
the disposition of any challenges made to any determination by the inspectors, and (v)
certify their determination of the number of shares represented at the meeting and
their count of all proxies and ballots. The inspectors may appoint or retain other
persons or entities to assist the inspectors in the performance of the duties of the
inspectors.
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(c)
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If there are three or more inspectors, the act of a majority shall govern. On
request of the officer presiding at such meeting, the inspectors shall make a report of
any challenge, question, or matter determined by them and execute a certificate of any
fact found by them. Any report or certificate made by them shall be prima facie
evidence of the facts therein stated and of the vote as certified by them and such
report or certificate shall be filed with the minutes of such meeting.
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1.11 List of Stockholders.
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(a)
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At least ten (10) days before every meeting of stockholders, the Secretary
shall cause to be prepared and made a complete list of the stockholders entitled to
vote at the meeting, arranged in alphabetical order, and showing the address of each
stockholder and the number of shares registered in the name of each stockholder.
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(b)
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For a period of at least ten (10) days prior to the meeting, such list shall be
open to examination by any stockholder for any purpose germane to the meeting (i)
during ordinary business hours, at the Corporations principal office; or (ii) on a
reasonably accessible electronic network, provided that the information required to
gain access to such list is provided with the notice of the meeting.
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(c)
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The list shall also be produced and kept at the time and place of the meeting
during the whole time of the meeting, and it may be inspected by any stockholder who is
present.
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(d)
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The Stock Ledger shall be the only evidence as to who are the stockholders
entitled to examine the Stock Ledger, the list required by this Section 1.11, or the
books of the Corporation, or to vote in person or by proxy at any meeting of
stockholders.
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1.12 Confidential Voting.
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(a)
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Proxies and ballots that identify the votes of specific stockholders shall be
kept in confidence by the tabulators and the inspectors of election unless (i) there is
an opposing solicitation with respect to the election or removal of Directors, (ii)
disclosure is required by applicable law, (iii) a stockholder expressly requests or
otherwise authorizes disclosure, or (iv) the Corporation concludes in good faith that a
bona fide dispute exists as to the authenticity of one or more proxies, ballots, or
votes or as to the accuracy of any tabulation of such proxies, ballots, or votes.
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(b)
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The tabulators and inspectors of election and any authorized agents or other
persons engaged in the receipt, count, and tabulation of proxies and ballots shall be
advised of this By-law and instructed to comply herewith.
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(c)
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The inspectors of election shall certify, to the best of their knowledge based on
due inquiry, that proxies and ballots have been kept in confidence as required by this
Section 1.12.
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1.13 Action by Written Consent.
Any action required or permitted to be taken by the stockholders of the Corporation must be
effected at a duly called annual or special stockholders meeting and may not be effected by
consent in writing by such stockholders.
2. DIRECTORS.
The business and affairs of the Corporation shall be managed by or under the direction of the
Board, which may exercise all the powers of the Corporation except such as are by applicable law,
the Certificate of Incorporation, or these By-laws required to be exercised or performed by the
stockholders.
2.2
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Powers and Duties of the Chairman.
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The Board shall elect from among its members a Chairman of the Board. The Chairman shall have such
duties and powers as set forth in these By-Laws or as shall otherwise be conferred upon the
Chairman from time to time by the Board. The Chairman or, in his or her absence, a member of the
Board chosen by those Directors then present shall preside at meetings of the Board.
2.3
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Number and Terms of Office of Directors.
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The number of Directors which shall constitute the whole Board shall be such as from time to time
shall be determined by resolution adopted by a majority of the entire Board, but the number shall
not be less than three (3) nor more than 25, provided that the tenure of a Director shall not be
affected by any decrease in the number of Directors so made by the Board. Each Director shall hold
office until the next annual meeting of stockholders and until his or her successor is elected and
qualified or until his or her earlier death, retirement, resignation, or removal from office in
accordance with these By-laws, any applicable law, or pursuant to an order of a court. Directors
need not be stockholders of the Corporation or citizens of the United States of America.
2.4
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Method of Election of Directors.
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Nominations of persons for election as Directors may be made by (i) the Board; (ii) by any
stockholder of the Corporation who is a stockholder of record at the time of giving of the notice
provided for in Section 2.4(a) and, at the time of the stockholders meeting, who shall be entitled
to vote for the election of Directors at the meeting and who complies with the notice procedures
set forth in Section 2.4(a); or (iii) by any stockholder or group of stockholders of the
Corporation that comply with Section 2.4(b) of this Section 2.4, (clause (ii) and clause (iii)
being the exclusive means for a stockholder or group of stockholders to make nominations of persons
for election to the Board at a meeting of stockholders).
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(i)
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Any stockholder entitled to vote for the election of Directors
may nominate a person or persons for election as Directors only if written
notice of such stockholders intent to make such nomination is given in
accordance with the procedures set forth in this Section 2.4(a), either by
personal delivery or by United States mail, postage prepaid, to the Secretary
not later than (x) with respect to an election to be held at an annual meeting
of stockholders, the close of business 90 days in advance of the anniversary
date of the immediately preceding annual meeting (or, if the date of the annual
meeting is more than 30 days before or more than 60 days after the anniversary
date of the immediately preceding annual meeting, not later than the later of
(A) the close of business 90 days prior to the date of such annual meeting or
(B) if the first public announcement of the date of such advanced or delayed
annual meeting is less than 100 days prior to the date of such annual meeting,
ten (10) days after the first public announcement of the date of such annual
meeting) and (y) with respect to a special meeting of stockholders at which the
Board gives notice that Directors are to be elected, the close of business on
the seventh day after the first public announcement of the date of such special
meeting. In no event shall any adjournment or postponement of an annual
meeting or special meeting or the announcement thereof commence a new time
period (or extend any time period) for the giving of a stockholders notice as
described above. In the case of a special meeting of stockholders at which the
Board gives notice that Directors are to be elected, stockholders may nominate
a person or persons (as the case may be) for election only as provided in this
paragraph and only for such position(s) as are specified in the Corporations
notice of meeting as being up for election at such meeting.
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Each such notice of a stockholders intent to make a nomination shall set
forth:
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(1)
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as to the stockholder of record giving notice
and the beneficial owner, if any, on whose behalf the nomination is
made, (A) the name and address of such stockholder and beneficial
owner, (B) the class and number of shares of the Corporation which are,
directly or indirectly, owned beneficially and of record by such
stockholder and by such beneficial owner, respectively, or their
respective affiliates (naming such affiliates), as of the date of such
notice, (C) a description of any Covered Arrangement to which such
stockholder or beneficial owner, or their respective affiliates,
directly or indirectly, is a party as of the date of such notice, (D)
any other information relating to such stockholder and beneficial owner
that would be required to be disclosed in a proxy statement in
connection with a solicitation of proxies for the election of directors
in a contested election pursuant to Section 14 of the Exchange Act and
the rules and regulations promulgated thereunder, and (E) a
representation that the stockholder is a
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holder of record of stock of the Corporation entitled to vote at
such meeting and intends to appear in person or by proxy at the
meeting to nominate the person or persons specified in the notice;
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(2)
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a description of all arrangements or
understandings between the stockholder or beneficial owner, or their
respective affiliates, and each nominee or any other person or persons
(naming such person or persons) pursuant to which the nomination or
nominations are to be made by the stockholder;
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(3)
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if the stockholder of record or the beneficial
owner, if any, intends (whether by itself or as part of a group) to
solicit proxies in support of such nomination, a representation to that
effect;
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(4)
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as to each person whom the stockholder of
record proposes to nominate for election or reelection as a Director,
(A) all information relating to such person as would have been required
to be included in a proxy statement filed in connection with a
solicitation of proxies 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) a description of any Covered
Arrangement to which such nominee or any of his or her affiliates is a
party as of the date of such notice, (C) the written consent of each
nominee to being named in the proxy statement as a nominee and to
serving as a Director if so elected and (D) whether, if elected, the
nominee intends to tender any advance resignation notice(s) requested
by the Board in connection with subsequent elections, such advance
resignation to be contingent upon the nominees failure to receive a
majority vote and acceptance of such resignation by the Board; and
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(5)
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an undertaking by the stockholder of record and
each beneficial owner, if any, to (A) notify the Corporation in writing
of the information set forth in clauses (1)(B), (1)(C), (2) and (4)
above as of the record date for the meeting promptly (and, in any
event, within five (5) business days) following the later of the record
date or the date notice of the record date is first disclosed by public
announcement; and (B) update such information thereafter within two (2)
business days of any change in such information and, in any event, as
of close of business on the day preceding the meeting date.
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(ii)
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Notwithstanding anything in these By-laws to the contrary,
unless otherwise required by law, if a stockholder intending to make a
nomination at an annual or special meeting in accordance with this Section
2.4(a) does not (1) timely provide the notifications contemplated by clause (5)
of Section 2.4(a), or (2) timely appear in person or by proxy at the meeting to
present the nomination, such nomination shall be
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disregarded, notwithstanding that proxies in respect of such nomination
may have been received by the Corporation or any other person or entity.
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(iii)
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Notwithstanding the foregoing provisions of this Section
2.4(a), any stockholder intending to make a nomination at an annual or special
meeting in accordance with this Section 2.4(a), and each related beneficial
owner, if any, 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 By-laws; provided, however, that any references in
these By-laws to the Exchange Act or the rules promulgated thereunder are not
intended to and shall not limit the requirements applicable to nominations made
or intended to be made in accordance with clause (ii) of Section 2.4.
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(iv)
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Submission of Questionnaire; Representation and Agreement. To
be eligible to be a nominee for election or reelection as a Director of the
Corporation, a person must deliver (not later than the deadline prescribed for
delivery of notice under Section 2.4(a) of these By-laws) to the Secretary of
the Corporation 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: (1) is not
and will not become a party to (A) 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 (B) any Voting Commitment that could limit or
interfere with such persons ability to comply, if elected as a Director of the
Corporation, with such persons duties under applicable law; (2) 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
such individuals candidacy for election as a Director or service or action as
a Director that has not been disclosed therein and is not and will not become a
party to any agreement, arrangement, or understanding with any person other
than the Corporation with respect to any direct or indirect compensation,
reimbursement, or indemnification in connection with service or action as a
Director; and (3) in such persons 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,
applicable law and corporate governance, conflict of interest, corporate
opportunity, confidentiality and stock ownership and trading policies and
guidelines of the Corporation that are applicable to Directors generally. The
Corporation may require any proposed nominee to furnish such other information
as may reasonably be required by the
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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 stockholders understanding of the independence, or
lack thereof, of such nominee.
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(b)
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Proxy Access for Director Nomination
.
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(i)
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Subject to the provisions of this Section 2.4(b), if expressly
requested in the relevant Nomination Notice (as defined below), the Corporation
shall include in its proxy statement for any annual meeting of stockholders:
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(1)
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the name of any person nominated for election
(the Access Nominee), which shall also be included on the
Corporations form of proxy and ballot, by any Eligible Holder (as
defined below) or group of up to 20 Eligible Holders that has
(individually and collectively, in the case of a group) satisfied, as
determined by the Board or its designee, acting in good faith, all
applicable conditions and complied with all applicable procedures set
forth in this Section 2.4(b) (such Eligible Holder or group of Eligible
Holders being a Nominating Stockholder);
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(2)
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disclosure about the Access Nominee and the
Nominating Stockholder required under the rules of the SEC or other
applicable law to be included in the proxy statement;
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(3)
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any statement included by the Nominating
Stockholder in the Nomination Notice for inclusion in the proxy
statement in support of the Access Nominees election to the Board
(subject, without limitation, to Section 2.4(b)(iv)(2)(K), if such
statement does not exceed 500 words); and
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(4)
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any other information that the Corporation or
the Board determines, in their discretion, to include in the proxy
statement relating to the nomination of the Access Nominee, including,
without limitation, any statement in opposition to the nomination and
any of the information provided pursuant to this Section 2.4(b).
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(ii)
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Maximum Number of Access Nominees.
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(1)
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The Corporation shall not be required to
include in the proxy statement for an annual meeting of stockholders
more Access Nominees than that number of Directors constituting the
greater of two or 20% of the total number of Directors of the
Corporation on the last day on which a Nomination Notice may be
submitted pursuant to this Section 2.4(b) (rounded down to the nearest
whole number) (the Maximum Number). The Maximum Number for a
particular annual meeting shall be reduced by: (A) Access Nominees who
are subsequently withdrawn or that the Board itself
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decides to nominate for election at such annual meeting and (B)
the number of incumbent Directors who had been Access Nominees with
respect to any of the preceding three annual meetings of stockholders
and whose reelection at the upcoming annual meeting is being
recommended by the Board. In the event that one or more vacancies for
any reason occurs on the Board after the deadline set forth in
Section 2.4(b)(iv) below but before the date of the annual meeting,
and the Board resolves to reduce the size of the Board in connection
therewith, the Maximum Number shall be calculated based on the number
of Directors in office as so reduced.
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(2)
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If the number of Access Nominees, pursuant to
this Section 2.4(b) for any annual meeting of stockholders, exceeds the
Maximum Number then, promptly upon notice from the Corporation, each
Nominating Stockholder will select one Access Nominee for inclusion in
the proxy statement until the Maximum Number is reached, going in order
of the amount (largest to smallest) of the ownership position as
disclosed in each Nominating Stockholders Nomination Notice, with the
process repeated if the Maximum Number is not reached after each
Nominating Stockholder has selected one Access Nominee. If, after the
deadline for submitting a Nomination Notice as set forth in Section
2.4(b)(iv), a Nominating Stockholder becomes ineligible or withdraws
its nomination or an Access Nominee becomes unwilling to serve on the
Board, whether before or after the mailing of the definitive proxy
statement, then the nomination shall be disregarded, and the
Corporation: (A) shall not be required to include in its proxy
statement or on any ballot or form of proxy the disregarded Access
Nominee or any successor or replacement nominee proposed by the
Nominating Stockholder or by any other Nominating Stockholder and (B)
may otherwise communicate to its stockholders, including without
limitation by amending or supplementing its proxy statement or ballot
or form of proxy, that the Access Nominee will not be included as an
Access Nominee in the proxy statement or on any ballot or form of proxy
and will not be voted on at the annual meeting of stockholders.
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(iii)
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Eligibility of Nominating Stockholder.
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(1)
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An Eligible Holder is a person who has either
(A) been a record holder of the Corporations common stock used to
satisfy the eligibility requirements in this Section 2.4(b)(iii)
continuously for the three (3) year period specified in Subsection (2)
below or (B) provides to the Secretary of the Corporation, within the
time period referred to in Section 2.4(b)(iv)
,
evidence of continuous
ownership of such shares for such three (3) year period from one or
more securities intermediaries in a form that the Board or its
designee, acting in good faith, determines would be deemed acceptable
for
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purposes of a shareholder proposal under Rule 14a-8(b)(2) under
the Exchange Act (or any successor rule).
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(2)
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An Eligible Holder or group of up to 20
Eligible Holders may submit a nomination in accordance with this
Section 2.4(b)(iii) only if the person or group (in the aggregate) has
continuously owned at least the Minimum Number (as defined below)
of shares of the Corporations common stock throughout the three (3)
year period preceding and including the date of submission of the
Nomination Notice and continues to own at least the Minimum Number
through the date of the annual meeting. A group of funds under common
management and investment control shall be treated as one Eligible
Holder if such Eligible Holder shall provide, together with the
Nomination Notice, documentation reasonably satisfactory to the
Corporation that demonstrates that the funds are under common
management and investment control. For the avoidance of doubt, in the
event of a nomination by a group of Eligible Holders, any and all
requirements and obligations for an individual Eligible Holder that are
set forth in this Section 2.4(b)(iii), including the minimum holding
period, shall apply to each member of such group; provided, however,
that the Minimum Number shall apply to the ownership of the group in
the aggregate. Should any stockholder withdraw from a group of Eligible
Holders at any time prior to the annual meeting of stockholders, the
group of Eligible Stockholders shall only be deemed to own the shares
held by the remaining members of the group.
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(3)
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The Minimum Number of shares of the
Corporations common stock means 3% of the number of outstanding shares
of common stock as of the most recent date for which such amount is
given in any filing by the Corporation with the SEC prior to the
submission of the Nomination Notice.
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(4)
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For purposes of this Section 2.4(b), an
Eligible Holder owns only those outstanding shares of the
Corporations common stock as to which the Eligible Holder possesses
both:
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(A)
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the full voting and investment
rights pertaining to the shares of the Corporations common
stock; and
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(B)
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the full economic interest in
(including the opportunity for profit and risk of loss on)
such shares of the Corporations common stock; provided that the
number of shares of the Corporations common stock calculated in
accordance with clauses (1) and (2) above shall not include
any shares: (I) sold by such Eligible Holder or any of its
affiliates in any transaction that has not been settled or
closed, (II) borrowed by such Eligible Holder or any of its
affiliates for
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any purpose or purchased by such Eligible Holder or any
of its affiliates pursuant to an agreement to resell, or
(III) subject to any option, warrant, forward contract, swap,
contract of sale, other derivative, or similar agreement
entered into by such Eligible Holder or any of its
affiliates, whether any such instrument or agreement is to be
settled with shares or with cash based on the notional amount
or value of outstanding shares of the Corporation, in any
such case which instrument or agreement has, or is intended
to have, the purpose or effect of: (x) reducing in any
manner, to any extent or at any time in the future, such
Eligible Holders or any of its affiliates full right to
vote or direct the voting of any such shares, and/or (y)
hedging, offsetting, or altering to any degree, gain, or loss
arising from the full economic ownership of such shares by
such Eligible Holder or any of its affiliates.
An Eligible Holder owns shares held in the name of a
nominee or other intermediary so long as the Eligible Holder
retains the right to instruct how the shares are voted with
respect to the election of Directors and possesses the full
economic interest in the shares. An Eligible Holders
ownership of shares shall be deemed to continue during any
period in which the Eligible Holder has delegated any voting
power by means of a proxy, power of attorney, or other
similar instrument or arrangement that is revocable at any
time by the Eligible Holder. An Eligible Holders ownership
of shares shall be deemed to continue during any period in
which the Eligible Holder has loaned such shares provided
that the Eligible Holder has the power to recall such
loaned shares on three (3) business days notice. The terms
owned, owning, and other variations of the word own
shall have correlative meanings. Whether outstanding shares
of the Corporation are owned for these purposes shall be
determined by the Board or its designee.
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(5)
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No person shall be permitted to be in more than
one group constituting a Nominating Stockholder, and if any person
appears as a member of more than one group, it shall be deemed to be a
member of the group that has the largest ownership position as
reflected in the Nomination Notice.
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(iv)
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Nomination Notice. To nominate a Nominee, the Nominating
Stockholder must, no earlier than 150 calendar days and no later than 120
calendar days before the anniversary of the date that the Corporation mailed
its proxy statement for the prior years annual meeting of stockholders, submit
to the Secretary of the Corporation at the principal executive office of the
Corporation all of the following information and documents
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(collectively, the Nomination Notice); provided, however, that if
(and only if) the annual meeting is not scheduled to be held within a period
that commences 30 days before and ends 60 days after the anniversary date of
the prior years annual meeting (an annual meeting date outside such period
being referred to herein as an Other Meeting Date), the Nomination Notice
shall be given in the manner provided herein by the later of the close of
business on the date that is 180 days prior to such Other Meeting Date or
the tenth day following the date such Other Meeting Date is first publicly
announced or disclosed:
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(1)
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A Schedule 14N (or any successor form) relating
to the Access Nominee, completed and filed with the SEC by the
Nominating Stockholder as applicable, in accordance with SEC rules;
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(2)
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A written notice of the nomination of such
Access Nominee that includes the following additional information,
agreements, representations, and warranties by the Nominating
Stockholder (including each group member):
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(A)
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the information required with
respect to the nomination of Directors pursuant to Section
2.4(a) of these By-Laws;
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(B)
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the details of any relationship
that existed within the past three (3) years that would have
been described pursuant to Item 6(e) of Schedule 14N (or any
successor item) if it existed on the date of submission of the
Schedule 14N;
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(C)
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a representation and warranty
that the Nominating Stockholder did not acquire, and is not
holding, securities of the Corporation for the purpose or with
the effect of influencing or changing control of the
Corporation;
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(D)
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a representation and warranty
that the Access Nominees candidacy or, if elected, Board
membership would not violate applicable state or federal law or
the rules of any stock exchange on which the Corporations
securities are traded;
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(E)
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a representation and warranty
that the Access Nominee:
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(I)
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does not have any
direct or indirect relationship with the Corporation
other than those relationships that have been deemed
categorically immaterial pursuant to the Corporations
policy on director independence as most recently
published in its Corporate Governance Guidelines on its
website and otherwise qualifies as independent under the
rules of the primary stock exchange on which the
Corporations securities are traded;
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(II)
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meets the audit committee independence requirements
under the rules of any stock exchange on which the
Corporations securities are traded;
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(III)
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would be a
non-employee director for the purposes of Rule 16b-3
under the Exchange Act (or any successor rule);
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(IV)
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would be an
outside director for the purposes of Section 162(m) of
the Internal Revenue Code, as amended (or any successor
provision); and
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(V)
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is not and has
not been subject to any event specified in Rule
506(d)(1) of Regulation D (or any successor rule) under
the Securities Act of 1933, as amended, or Item 401(f)
of Regulation S-K (or any successor rule) under the
Exchange Act, without reference to whether the event is
material to an evaluation of the ability or integrity of
the Access Nominee.
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(F)
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a representation and warranty
that the Nominating Stockholder satisfies the eligibility
requirements set forth in Section 2.4(b)(iii) and has provided
evidence of ownership to the extent required by Section
2.4(b)(iii);
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(G)
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a representation and warranty
that the Nominating Stockholder intends to continue to satisfy
the eligibility requirements described in Section 2.4(b)(iii)
through the date of the annual meeting;
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(H)
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details of any position of the
Access Nominee as an officer or director of any competitor (as
defined for purposes of Section 8 of the Clayton Antitrust Act
of 1914, as amended) of the Corporation, within the three (3)
years preceding the submission of the Nomination Notice;
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(I)
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a representation and warranty
that the Nominating Stockholder will not engage in a
solicitation within the meaning of Rule 14a-1(l) (without
reference to the exception in Section 14a-1(l)(2)(iv)) (or any
successor rules) with respect to the annual meeting, other than
with respect to the Access Nominee or any nominee of the Board;
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(J)
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a representation and warranty
that the Nominating Stockholder will not use any proxy card
other than the
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Corporations proxy card in soliciting stockholders in
connection with the election of an Access Nominee at the
annual meeting;
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(K)
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if desired, a statement for
inclusion in the proxy statement in support of the Access
Nominees election to the Board, provided that such statement
shall not exceed 500 words and shall fully comply with Section
14 of the Exchange Act and the rules and regulations thereunder,
including Rule 14a-9; and
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(L)
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in the case of a nomination by a
group, the designation by all group members of one group member
that is authorized to act on behalf of all group members with
respect to matters relating to the nomination, including
withdrawal of the nomination.
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The information and documents required by this Section 2.4(b)(iv) shall be:
(1) provided with respect to and executed by each group member, in the case
of information applicable to group members; and (2) provided with respect to
the persons specified in Instruction 1 to Items 6(c) and (d) of Schedule 14N
(or any successor item) in the case of a Nominating Stockholder or group
member that is an entity. The Nomination Notice shall be deemed submitted
on the date on which all the information and documents referred to in this
Section 2.4(b)(iv) (other than such information and documents contemplated
to be provided after the date the Nomination Notice is provided) have been
delivered to or, if sent by mail, received by the Secretary of the
Corporation.
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(v)
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An executed agreement, in a form deemed satisfactory by the
Board or its designee, acting in good faith, pursuant to which the Nominating
Stockholder (including each group member) agrees:
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(1)
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to comply with all applicable laws, rules, and
regulations in connection with the nomination, solicitation, and
election;
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(2)
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to file with the SEC any written solicitation
or other communication with the Corporations stockholders relating to
one or more of the Corporations Directors or Director nominees or any
Access Nominee with the SEC, regardless of whether any such filing is
required under rule or regulation or whether any exemption from filing
is available for such materials under any rule or regulation;
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(3)
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to assume all liability stemming from an
action, suit, or proceeding concerning any actual or alleged legal or
regulatory violation arising out of any communication by the Nominating
Stockholder with the Corporation, its stockholders, or any other person
in connection with the nomination or election of Directors, including,
without limitation, the Nomination Notice;
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20
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(4)
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to indemnify and hold harmless (jointly with all other group
members, in the case of a group member) the Corporation and each of its
Directors, officers, and employees individually against any liability,
loss, damages, expenses, or other costs (including attorneys fees)
incurred in connection with any threatened or pending action, suit, or
proceeding, whether legal, administrative, or investigative, against
the Corporation or any of its Directors, officers, or employees arising
out of or relating to a failure or alleged failure of the Nominating
Stockholder to comply with, or any breach or alleged breach of, its
obligations, agreements, or representations under this Section 2.4(b);
and
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(5)
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in the event that any information included in
the Nomination Notice, or any other communication by the Nominating
Stockholder (including with respect to any group member), with the
Corporation, its stockholders, or any other person in connection with
the nomination or election ceases to be true and accurate in all
material respects (or due to a subsequent development omits a material
fact necessary to make the statements made not misleading) or that the
Nominating Stockholder (including any group member) has failed to
continue to satisfy the eligibility requirements described in Section
2.4(b)(iii) to promptly (and in any event within 48 hours of
discovering such misstatement or omission) notify the Corporation and
any other recipient of such communication of the misstatement or
omission in such previously provided information and of the information
that is required to correct the misstatement or omission.
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(vi)
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An executed agreement, in a form deemed satisfactory by the
Board or its designee, acting in good faith, by the Access Nominee to provide
to the Corporation such other information, as it may reasonably request,
including the questionnaire, representations, and warranties and other
documentation set forth in Section 2.4(a)(iv) of these By-laws.
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(1)
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Notwithstanding anything to the contrary
contained in this Section 2.4(b), the Corporation may omit from its
proxy statement any Access Nominee and any information concerning such
Access Nominee (including a Nominating Stockholders statement in
support) and no vote on such Access Nominee will occur (notwithstanding
that proxies in respect of such vote may have been received by the
Corporation), and the Nominating Stockholder may not, after the last
day on which a Nomination Notice would be timely, cure in any way any
defect preventing the nomination of the Access Nominee, if:
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(A)
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the Corporation receives a notice
pursuant to Section 2.4(a) of these By-laws that a stockholder
has nominated a
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21
person for election to the Board pursuant to the advance
notice requirements for shareholder nominees for directors
set forth in Section 2.4(a) of these By-laws;
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(B)
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the Nominating Stockholder or the
designated lead group member, as applicable, or any qualified
representative thereof, does not appear at the meeting of
stockholders to present the nomination submitted pursuant to
this Section 2.4(b) or the Nominating Stockholder withdraws its
nomination;
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(C)
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the Board, acting in good faith,
determines that such Access Nominees nomination or election to
the Board would result in the Corporation violating or failing
to be in compliance with the Corporations By-laws or
Certificate of Incorporation or any applicable law, rule, or
regulation to which the Corporation is subject, including any
rules or regulations of any stock exchange on which the
Corporations securities are traded;
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(D)
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the Access Nominee was nominated
for election to the Board pursuant to this Section 2.4(b) at one
of the Corporations two preceding annual meetings of
stockholders and either withdrew or became ineligible
;
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(E)
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the Access Nominee has been, within the past three (3)
years, an officer or director of a competitor, as defined for
purposes of Section 8 of the Clayton Antitrust Act of 1914, as
amended; or
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(F)
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the Corporation is notified, or
the Board acting in good faith determines, that a Nominating
Stockholder has failed to continue to satisfy the eligibility
requirements described in Section 2.4(b)(iii), any of the
representations and warranties made in the Nomination Notice
ceases to be true and accurate in all material respects (or
omits a material fact necessary to make the statement not
misleading), the Access Nominee becomes unwilling or unable to
serve on the Board or any material violation or breach occurs of
the obligations, agreements, representations, or warranties of
the Nominating Stockholder or the Access Nominee under this
Section 2.4(b).
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(vii)
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Notwithstanding anything to the contrary contained in this
Section 2.4(b), the Corporation may omit from its proxy statement, or may
supplement or correct, any information, including all or any portion of the
statement in support of the Access Nominee included in the Nomination Notice,
if the Board in good faith determines that:
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22
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(1)
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such information is not true in all material respects or omits a
material statement necessary to make the statements made not
misleading;
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(2)
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such information directly or indirectly impugns
character, integrity, or personal reputation of or directly or
indirectly makes charges concerning improper, illegal, or immoral
conduct or associations, without factual foundation, with respect to,
any person; or
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(3)
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the inclusion of such information in the proxy
statement would otherwise violate the SEC proxy rules or any other
applicable law, rule, or regulation or any rules or regulation of any
stock exchange on which the Corporations securities are listed.
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The Company may solicit against, and include in the proxy statement its own
statement relating to, any Access Nominee.
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(c)
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At each meeting of the stockholders for the election of Directors at which a
quorum is present, each Director shall be elected by the vote of the majority of the
votes cast with respect to the Director, excluding abstentions, provided that, if the
number of Director nominees exceeds the number of Directors to be elected, the
Directors shall be elected by the vote of a plurality of the votes cast. For purposes
of this Section 2.4, a majority of the votes cast shall mean that the number of shares
voted for a Director must exceed the number of votes against that Director.
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(d)
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No person shall be eligible for election as a Director of the Corporation
unless nominated in accordance with the procedures set forth in these By-laws. Except
as otherwise provided by law, the Certificate of Incorporation or these By-laws, the
presiding officer of any meeting of stockholders to elect Directors or the Board may,
if the facts warrant, determine that a nomination was not made in compliance with the
procedures set forth in this Section 2.4, and if the presiding officer or the Board
should so determine, it shall be so declared at the meeting, and the defective
nomination shall be disregarded.
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(e)
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Nothing in this Section 2.4 shall be deemed to affect any rights of the holders
of any series of preferred stock of the Company to elect directors pursuant to any
applicable provisions of the Certificate of Incorporation.
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(a)
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Any Director may resign from office at any time by delivering a written
resignation to the Chairman or the Secretary. The resignation will take effect at the
time specified therein, or if no time is specified, at the time of its receipt by the
Corporation. The acceptance of a resignation shall not be necessary to make it
effective, unless expressly so provided in the resignation.
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23
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(b)
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Any vacancy and any newly created Directorship resulting from any increase in the
authorized number of Directors may be filled by vote of a majority of the Directors
then in office, though less than a quorum, and any Director so chosen shall hold office
until the next annual election of Directors by the stockholders and until a successor
is duly elected and qualified or until his or her earlier death, retirement,
resignation, or removal from office in accordance with these By-laws or any applicable
law or pursuant to an order of a court. If there are no Directors in office, then an
election of Directors may be held in the manner provided by applicable law.
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2.6
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Meetings of the Board.
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(a)
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The Board may hold its meetings, both regular and special, either within or
outside the state of Delaware, at such places as from time to time may be determined by
the Board or as may be designated in the respective notices or waivers of notice
thereof.
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(b)
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Regular meetings of the Board shall be held at such times and at such places as
from time to time shall be determined by the Board.
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(c)
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The first meeting of each newly elected Board shall be held as soon as
practicable after the annual meeting of the stockholders and shall be for the election
of officers and the transaction of such other business as may come before it.
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(d)
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Special meetings of the Board shall be held whenever called by direction of the
Chairman or at the request of a majority of the Directors then in office.
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(e)
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Members of the Board or any Committee of the Board may participate in a meeting
of the Board or Committee, as the case may be, by means of conference telephone or
similar communications equipment by means of which all persons participating in the
meeting can hear each other, and such participation shall constitute presence in person
at such meeting.
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(f)
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The Secretary or any Assistant Secretary shall give notice to each Director of
any meeting of the Board by mailing the same at least two (2) days before the meeting
or by telegram, electronic mail, or facsimile transmission or delivering the same not
later than the day before the meeting. Such notice need not include a statement of the
business to be transacted at, or the purpose of,
any such meeting. Any and
all business may be transacted at any meeting of the Board. No notice of any adjourned
meeting need be given. No notice to or waiver by any Director shall be required with
respect to any meeting at which the Director is present.
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Except as otherwise expressly required by applicable law, the Certificate of Incorporation, or
these By-laws, at any meeting of the Board, the presence of at least one-third of the entire Board
shall constitute a quorum for the transaction of business; but if there shall be less than a quorum
at any meeting of the Board, a majority of those present may adjourn the meeting from time to time.
Unless otherwise provided by applicable law, the Certificate of Incorporation, or these By-laws,
the vote of a majority of the Directors present (and not abstaining) at any
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24
meeting at which a quorum is present shall be necessary for the approval and adoption of any
resolution or the approval of any act of the Board.
2.8
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Presiding Officer and Secretary of Meeting.
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The Chairman or, in the absence of the Chairman, a member of the Board selected by the members
present, shall preside at meetings of the Board. The Secretary shall act as secretary of the
meeting, but in the Secretarys absence, the presiding officer may appoint a secretary of the
meeting.
2.9
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Action by Consent without Meeting.
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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 members of the Board or Committee, as the case may
be, consent thereto in writing and the writing or writings are filed with the minutes of
proceedings of the Board or Committee.
2.10
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Standing Committees.
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By resolution adopted by a majority of the entire Board, the Board shall elect, from among its
members, individuals to serve on the Standing Committees established by this Section 2.10. Each
Standing Committee shall be comprised of such number of Directors, not less than three, as shall be
elected to such Committee, provided that no officer or employee of the Corporation shall be
eligible to serve on the Audit, Compensation and Management Development or Nominating and Corporate
Governance Committees. Each Committee shall keep a record of all its proceedings and report the
same to the Board. One-third of the members of a Committee, but not less than two, shall
constitute a quorum, and the act of a majority of the members of a Committee present at any meeting
at which a quorum is present shall be the act of the Committee. Each Standing Committee shall meet
at the call of its chairman or any two of its members. The chairmen of the various Committees
shall preside, when present, at all meetings of such Committees, and shall have such powers and
perform such duties as the Board may from time to time prescribe. The Standing Committees of the
Board, and functions of each, are as follows:
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(a)
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Compensation and Management Development Committee
. The Compensation
and Management Development Committee shall exercise the power of oversight of the
compensation and benefits of the employees of the Corporation and shall be charged with
evaluating management performance and establishing executive compensation. This
Committee shall have access to its own independent outside compensation counsel. This
By-law shall not be amended or repealed except by a majority of the voting power of the
stockholders present in person or by proxy and entitled to vote at any meeting at which
a quorum is present.
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(b)
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Audit Committee
. The Audit Committee shall monitor the integrity of
the financial statements of the Corporation, shall select the independent registered
public accounting firm, shall assess the independent registered public accounting
firms qualifications and independence, and shall review the performance of the
Corporations independent registered public accounting firm and internal audit
function. The Audit Committee shall also oversee the Corporations compliance with
legal and regulatory requirements and the Corporations Code of Ethics and Business
Conduct and shall review and approve management policies and programs relating to
compliance with such requirements.
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25
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(c)
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Nominating and Corporate Governance Committee
. The Nominating and
Corporate Governance Committee shall make recommendations as to the organization, size,
and composition of the Board and the Committees thereof, identify individuals qualified
to become members of the Board, propose nominees for election to the Board and the
Committees thereof, and consider the qualifications, compensation, and retirement of
Directors. The Nominating and Corporate Governance Committee also shall develop and
recommend to the Board a set of corporate governance principles and review policies and
programs that relate to the Corporations social responsibility, sustainability, and
environmental stewardship.
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(d)
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Finance, Investment and Risk Management Committee
. The Finance,
Investment and Risk Management Committee shall oversee the investment activities,
financial management, and risk management of the Corporation and its subsidiaries.
Additionally, the Committee shall provide a forum for discussion among management and
the Board on key financial, investment, and risk management matters of the enterprise.
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By resolution passed by a majority of the entire Board, the Board may also appoint from among its
members such other Committees, Standing or otherwise, as it may from time to time deem desirable
and may delegate to such Committees such powers of the Board as it may consider appropriate,
consistent with applicable law, the Certificate of Incorporation, and these By-laws.
2.12
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Compensation of Directors.
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Unless otherwise restricted by the Certificate of Incorporation or these By-laws, Directors shall
receive for their services on the Board or any Committee thereof such compensation and benefits,
including the granting of options, together with expenses, if any, as the Board may from time to
time determine. The Directors may be paid a fixed sum for attendance at each meeting of the Board
or Committee thereof and/or a stated annual sum as a Director, together with expenses, if any, of
attendance at each meeting of the Board or Committee thereof. Nothing herein contained shall be
construed to preclude any Director from serving the Corporation in any other capacity and receiving
compensation therefor.
3 OFFICERS
3.1
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Officers, Titles, Elections, Terms.
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(a)
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The Board may from time to time elect a Chief Executive Officer, a President,
one or more Vice Presidents (which shall be deemed Vice Presidents under these By-laws
regardless of any terms preceding or following the term Vice President), a Chief
Financial Officer, a Controller, a Treasurer, a Secretary, a General Counsel, one or
more Assistant Controllers, one or more Assistant Treasurers, one or more Assistant
Secretaries, and one or more Associate or Assistant General Counsels to serve at the
pleasure of the Board or otherwise as shall be specified by the Board at the time of
such election and until their successors are elected and qualified or until their
earlier death, retirement, resignation, or removal from office in accordance with these
By-laws or any applicable law or pursuant to an order of a court.
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26
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(b)
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The Board may elect or appoint at any time such other officers or agents with such
duties as it may deem necessary or desirable. Such other officers or agents shall
serve at the pleasure of the Board or otherwise as shall be specified by the Board at
the time of such election or appointment and, in the case of such other officers, until
their successors are elected and qualified or until their earlier death, retirement,
resignation, or removal from office in accordance with these By-laws or any applicable
law or pursuant to an order of a court. Each such officer or agent shall have such
authority and shall perform such duties as may be provided herein or as the Board may
prescribe. The Board may from time to time authorize any officer or agent to appoint
and remove any other such officer or agent and to prescribe such persons authority and
duties.
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(c)
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No person may be elected or appointed an officer who is not a citizen of the
United States of America if such election or appointment is prohibited by applicable
law or regulation.
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(d)
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Any vacancy in any office may be filled for the unexpired portion of the term
by the Board. Each officer elected or appointed during the year shall hold office
until the next meeting of the Board at which officers are regularly elected or
appointed and until his or her successor is elected or appointed and qualified or until
his or her earlier death, retirement, resignation, or removal from office in accordance
with these By-laws or any applicable law or pursuant to an order of a court.
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(e)
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Any officer or agent elected or appointed by the Board may be removed at any
time by the affirmative vote of a majority of the entire Board.
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(f)
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Any officer may resign from office at any time. Such resignation shall be made
in writing and given to the President or the Secretary. Any such resignation shall
take effect at the time specified therein or, if no time is specified, at the time of
its receipt by the Corporation. The acceptance of a resignation shall not be necessary
to make it effective, unless expressly so provided in the resignation.
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3.2
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General Powers of Officers.
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Except as may be otherwise provided by applicable law or in Article 6 or Article 7 of these
By-laws, the Chief Executive Officer, the President, any Vice President, the Chief Financial
Officer, the General Counsel, the Controller, the Treasurer, and the Secretary, or any of them, may
(a) execute and deliver in the name of the Corporation, in the name of any Division of the
Corporation, or in both names any agreement, contract, instrument, power of attorney, or other
document pertaining to the business or affairs of the Corporation or any Division of the
Corporation, including without limitation agreements or contracts with any government or
governmental department, agency, or instrumentality, and (b) delegate to any employee or agent the
power to execute and deliver any such agreement, contract, instrument, power of attorney, or other
document.
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27
3.3
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Powers and Duties of the Chief Executive Officer.
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The Chief Executive Officer shall report directly to the Board. Except in such instances as the
Board may confer powers in particular transactions upon any other officer, and subject to the
control and direction of the Board, the Chief Executive Officer shall manage and direct the
business and affairs of the Corporation and shall communicate to the Board and any Committee
thereof reports, proposals, and recommendations for their respective consideration or action. He
or she may do and perform all acts on behalf of the Corporation.
3.4
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Powers and Duties of the President.
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The President shall have such powers and perform such duties as the Board or the Chief Executive
Officer may from time to time prescribe or as may be prescribed in these By-laws.
3.5
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|
Powers and Duties of Vice Presidents.
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Vice Presidents shall have such powers and perform such duties as the Board or the Chief Executive
Officer may from time to time prescribe or as may be prescribed in these By-laws.
3.6
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|
Powers and Duties of the Chief Financial Officer.
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The Chief Financial Officer shall have such powers and perform such duties as the Board or the
Chief Executive Officer may from time to time prescribe or as may be prescribed in these By-laws.
The Chief Financial Officer shall cause to be prepared and maintained (a) at the office of the
Corporation, a Stock Ledger containing the names and addresses of all stockholders and the number
of shares held by each and (b) the list of stockholders for each meeting of the stockholders as
required by Section 1.11 of these By-laws. The Chief Financial Officer shall be responsible for
the custody of all stock books and of all unissued stock certificates.
3.7
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Powers and Duties of the Controller and Assistant Controllers.
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(a)
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The Controller shall be responsible for the maintenance of adequate accounting
records of all assets, liabilities, capital, and transactions of the Corporation. The
Controller shall prepare and render such balance sheets, income statements, budgets,
and other financial statements and reports as the Board or the Chief Executive Officer
may require and shall perform such other duties as may be prescribed or assigned
pursuant to these By-laws and all other acts incident to the position of Controller.
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(b)
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Each Assistant Controller shall perform such duties as from time to time may be
assigned by the Controller or by the Board. In the event of the absence, incapacity,
or inability to act of the Controller, then any Assistant Controller may perform any of
the duties and may exercise any of the powers of the Controller.
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3.8
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Powers and Duties of the Treasurer and Assistant Treasurers.
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(a)
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The Treasurer shall have the care and custody of all the funds and securities
of the Corporation except as may be otherwise ordered by the Board, and shall cause
such funds (i) to be invested or reinvested from time to time for the benefit of the
Corporation as may be designated by the Board, the Chief Executive Officer, the
President, the Chief Financial Officer, or the Treasurer or (ii) to be deposited to the
credit of the Corporation in such banks or depositories as may be designated by the
Board, the Chief Executive Officer, the President, the Chief
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Financial Officer, or the Treasurer, and shall cause such securities to be
placed in safekeeping in such manner as may be designated by the Board, the Chief
Executive Officer, the President, the Chief Financial Officer, or the Treasurer.
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(b)
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The Treasurer, any Assistant Treasurer, or such other person or persons as may
be designated for such purpose by the Board, the Chief Executive Officer, the
President, the Chief Financial Officer, or the Treasurer may endorse in the name and on
behalf of the Corporation all instruments for the payment of money, bills of lading,
warehouse receipts, insurance policies, and other commercial documents requiring such
endorsement.
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(c)
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The Treasurer, any Assistant Treasurer, or such other person or persons as may
be designated for such purpose by the Board, the Chief Executive Officer, the
President, the Chief Financial Officer, or the Treasurer (i) may sign all receipts and
vouchers for payments made to the Corporation, (ii) shall render a statement of the
cash account of the Corporation to the Board as often as it shall require the same, and
(iii) shall enter regularly in books to be kept for that purpose full and accurate
account of all moneys received and paid on account of the Corporation and of all
securities received and delivered by the Corporation.
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(d)
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The Treasurer shall perform such other duties as may be prescribed or assigned
pursuant to these By-laws and all other acts incident to the position of Treasurer.
Each Assistant Treasurer shall perform such duties as may from time to time be assigned
by the Treasurer or by the Board. In the event of the absence, incapacity, or
inability to act of the Treasurer, then any Assistant Treasurer may perform any of the
duties and may exercise any of the powers of the Treasurer.
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3.9
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Powers and Duties of the Secretary and Assistant Secretaries.
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(a)
|
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The Secretary shall keep the minutes of all proceedings of the stockholders,
the Board, and the Committees of the Board. The Secretary shall attend to the giving
and serving of all notices of the Corporation, in accordance with the provisions of
these By-laws and as required by applicable law. The Secretary shall be the custodian
of the seal of the Corporation. The Secretary shall affix or cause to be affixed the
seal of the Corporation to such contracts, instruments, and other documents requiring
the seal of the Corporation and, when so affixed, may attest the same and shall perform
such other duties as may be prescribed or assigned pursuant to these By-laws and all
other acts incident to the position of Secretary.
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(b)
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Each Assistant Secretary shall perform such duties as may from time to time be
assigned by the Secretary or by the Board. In the event of the absence, incapacity, or
inability to act of the Secretary, then any Assistant Secretary may perform any of the
duties and may exercise any of the powers of the Secretary.
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4. INDEMNIFICATION.
4.1
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Rights to Indemnification and Effect of Amendment.
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(a)
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Rights to Indemnification
. The Corporation, to the fullest extent
permitted by applicable law as then in effect, shall indemnify any person who is or was
a Director or officer of the Corporation and who is or was involved in any manner
(including, without limitation, as a party or a witness) or is threatened to be made so
involved in any threatened, pending or completed investigation, claim, action, suit, or
proceeding, whether civil, criminal, administrative, or investigative (including,
without limitation, any action, suit, or proceeding by or in the right of the
Corporation to procure a judgment in its favor) (a Proceeding) by reason of the fact
that such person is or was a Director, officer, employee, or agent of the Corporation
or is or was serving at the request of the Corporation as a director, officer,
employee, fiduciary, or agent of any Covered Entity (as defined in Section 4.5(d)),
against all expenses (including attorneys fees), judgments, fines, and amounts paid in
settlement actually and reasonably incurred by such person in connection with such
Proceeding. Any such former or present Director or officer of the Corporation finally
determined to be entitled to indemnification as provided in this Article 4 is
hereinafter called an Indemnitee. Until such final determination is made, such
former or present Director or officer shall be a Potential Indemnitee for purposes of
this Article 4. Notwithstanding the foregoing provisions of this Section 4.1(a), the
Corporation shall not indemnify an Indemnitee with respect to any Proceeding commenced
by such Indemnitee unless the commencement of such Proceeding by such Indemnitee has
been approved by a majority vote of the Disinterested Directors (as defined in Section
4.5(d));
provided
,
however
, that such approval of a majority of the
Disinterested Directors shall not be required with respect to any Proceeding commenced
by such Indemnitee after a Change in Control (as defined in Section 4.5(d)) has
occurred.
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(b)
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Effect of Amendments
. The rights to indemnification and advancement of
expenses conferred in this Article 4 shall be contract rights and shall vest at the
time a Director or officer shall take office. Neither the amendment or repeal of, nor
the adoption of a provision inconsistent with, any provision of this Article 4
(including, without limitation, this Section 4.1(b)) shall adversely affect the rights
of any person who is or was a Director or officer under this Article 4 with respect to
any Proceeding arising out of any action or omission occurring prior to such amendment,
repeal, or adoption of an inconsistent provision, without the written consent of such
person.
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4.2
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Insurance, Contracts and Funding.
|
The Corporation may purchase and maintain insurance to protect itself and any Director, officer,
employee, or agent of the Corporation against any expenses, judgments, fines, and amounts paid in
settlement as specified in Section 4.1(a) or Section 4.6 of this Article 4 or incurred by any
Director, officer, employee, or agent of the Corporation in connection with any Proceeding referred
to in such Sections, to the fullest extent permitted by applicable law as then in effect. The
Corporation may enter into contracts with any Director, officer, employee, or agent of the
Corporation or any director, officer, employee, fiduciary, or agent of any Covered Entity in
furtherance of the provisions of this Article 4 and may create a trust fund or use other means
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(including, without limitation, a letter of credit) to ensure the payment of such amounts as
may be necessary to effect indemnification as provided in this Article 4.
4.3
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Indemnification; Not Exclusive Right.
|
The right of indemnification provided in this Article 4 shall not be exclusive of any other rights
to which any Indemnitee or Potential Indemnitee may otherwise be entitled, and the provisions of
this Article 4 shall inure to the benefit of the heirs and legal representatives of any Indemnitee
or Potential Indemnitee under this Article 4 and shall be applicable to Proceedings commenced or
continuing after the adoption of this Article 4, whether arising from acts or omissions occurring
before or after such adoption.
4.4
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Advancement of Expenses.
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Each Potential Indemnitee shall be entitled to receive from time to time advance payment of any
expenses as and when actually and reasonably incurred by such Potential Indemnitee in connection
with such Proceeding prior to a determination of such Potential Indemnitees entitlement to
indemnification in accordance with Section 4.5(a). Each Potential Indemnitee may from time to time
submit one or more statements to the Corporation requesting such advance payment, whether prior to
or after final disposition of such Proceeding, reasonably evidencing the expenses incurred by such
Potential Indemnitee and accompanied by an undertaking by or on behalf of such Potential Indemnitee
to repay the amounts advanced if ultimately it should be determined that such Potential Indemnitee
is not entitled to be indemnified against such expenses in accordance with this Article 4.
Notwithstanding the foregoing provisions of this Section 4.4, the Corporation shall not advance
expenses to a Potential Indemnitee with respect to any Proceeding commenced by such Potential
Indemnitee unless the commencement of such Proceeding by such Potential Indemnitee has been
approved by a majority vote of the Disinterested Directors;
provided
,
however
, that
such approval of a majority of the Disinterested Directors shall not be required with respect to
any Proceeding commenced by such Potential Indemnitee after a Change in Control has occurred.
4.5 Indemnification Procedures; Presumptions and Effect of Certain Proceedings; Remedies.
In furtherance, but not in limitation, of the foregoing provisions of this Article 4, the following
procedures, presumptions, and remedies shall apply with respect to the right to indemnification
under this Article 4:
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(a)
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Procedures for Determination of Entitlement to Indemnification
.
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(i)
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To obtain indemnification under this Article 4, a Potential
Indemnitee shall submit to the Secretary of the Corporation a written request,
including such documentation and information as is reasonably available to the
Potential Indemnitee and reasonably necessary to determine whether and to what
extent the Potential Indemnitee is entitled to indemnification (the
Supporting Documentation
). The determination of the Potential
Indemnitees entitlement to indemnification shall be made not later than 60 days
after the later of (1) the receipt by the Corporation of the written request for
indemnification together with the Supporting Documentation and (2) the receipt by
the Corporation of written notice of final disposition of the Proceeding for
which indemnification is sought. The Secretary of the Corporation shall,
promptly upon receipt of such a request for indemnification, advise the Board in
writing that the Indemnitee has requested indemnification.
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(ii)
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The Potential Indemnitees entitlement to indemnification under this Article
4 shall be determined in one of the following ways: (1) by a majority vote of
the Disinterested Directors whether or not they constitute a quorum of the Board;
(2) by a committee of the Disinterested Directors designated by a majority vote
of the Disinterested Directors, whether or not they constitute a quorum of the
Board; (3) by a written opinion of Independent Counsel (as defined in Section
4.5(d)) if (x) a Change in Control shall have occurred and the Potential
Indemnitee so requests, (y) a majority of such Disinterested Directors so
directs, or (z) there are no Disinterested Directors; (4) by the stockholders of
the Corporation; or (5) as provided in Section 4.5(b) of this Article 4.
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(iii)
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In the event the determination of entitlement to indemnification
is to be made by Independent Counsel pursuant to Section 4.5(a)(ii), a majority
of the Disinterested Directors (or, if there are no Disinterested Directors, the
General Counsel of the Corporation or, if the General Counsel is or was a party
to the Proceeding in respect of which indemnification is sought, the highest
ranking officer of the Corporation who is not and was not a party to such
Proceeding) shall select the Independent Counsel, but only an Independent Counsel
to which the Potential Indemnitee does not reasonably object;
provided
,
however
, that, if a Change in Control shall have occurred, the Potential
Indemnitee shall select such Independent Counsel, but only an Independent Counsel
to which a majority of the Disinterested Directors does not reasonably object.
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(b)
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Presumptions and Effect of Certain Proceedings
. Except as otherwise
expressly provided in this Article 4, if a Change in Control shall have occurred, the
Potential Indemnitee shall be presumed to be entitled to indemnification under this
Article 4 (with respect to actions or failures to act occurring prior to such Change in
Control) upon submission of a request for indemnification together with the Supporting
Documentation in accordance with Section 4.5(a)(i), and thereafter, the Corporation
shall have the burden of proof to overcome that presumption in reaching a contrary
determination. In any event, if the person or persons empowered under Section 4.5(a)
to determine entitlement to indemnification shall not have been appointed or shall not
have made a determination within 60 days after the later of (x) receipt by the
Corporation of the written request for indemnification together with the Supporting
Documentation and (y) the receipt by the Corporation of written notice of final
disposition of the Proceeding for which indemnification is sought, the Potential
Indemnitee shall be deemed to be, and shall be, entitled to indemnification. The
termination of any Proceeding or of any claim, issue, or matter therein, by judgment,
order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, adversely affect the right of the Potential Indemnitee to
indemnification or create a presumption that the Potential Indemnitee did not act in
good faith and in a manner which the Indemnitee reasonably believed to be in or not
opposed to the best interests of the Corporation or, with respect to any criminal
Proceeding, that the Potential Indemnitee had reasonable cause to believe that his or
her conduct was unlawful.
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32
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(i)
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In the event that a determination is made pursuant to Section
4.5(a) that the Potential Indemnitee is not entitled to indemnification under
this Article 4, (1) the Potential Indemnitee shall be entitled to seek an
adjudication of his or her entitlement to such indemnification either, at the
Potential Indemnitees sole option, in (x) an appropriate court of the state of
Delaware or any other court of competent jurisdiction or (y) an arbitration to be
conducted by a single arbitrator pursuant to the rules of the American
Arbitration Association; (2) any such judicial proceeding or arbitration shall be
de novo and the Indemnitee shall not be prejudiced by reason of such adverse
determination; and (3) if a Change in Control shall have occurred in any such
judicial proceeding or arbitration, the Corporation shall have the burden of
proving that the Potential Indemnitee is not entitled to indemnification under
this Article 4 (with respect to actions or omissions occurring prior to such
Change in Control).
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(ii)
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If a determination shall have been made or deemed to have been
made, pursuant to Section 4.5(a) or (b), that the Potential Indemnitee is
entitled to indemnification, the Corporation shall be obligated to pay the
amounts constituting such indemnification within five (5) days after such
determination has been made or deemed to have been made and shall be conclusively
bound by such determination unless (1) the Indemnitee misrepresented or failed to
disclose a material fact in making the request for indemnification or in the
Supporting Documentation or (2) such indemnification is prohibited by law. In
the event that payment of indemnification is not made within five (5) days after
a determination of entitlement to indemnification has been made or deemed to have
been made pursuant to Section 4.5(a) or (b), the Indemnitee shall be entitled to
seek judicial enforcement of the Corporations obligation to pay to the
Indemnitee such indemnification. Notwithstanding the foregoing, the Corporation
may bring an action, in an appropriate court in the state of Delaware or any
other court of competent jurisdiction, contesting the right of the Indemnitee to
receive indemnification hereunder due to the occurrence of an event described in
Subclause (1) or (2) of this subsection (each, a Disqualifying Event);
provided, however, that, in any such action, the Corporation shall have the
burden of proving the occurrence of such Disqualifying Event.
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(iii)
|
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The Corporation shall be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 4.5(c) that the
procedures and presumptions of this Article 4 are not valid, binding, and
enforceable and shall stipulate in any such court or before any such arbitrator
that the Corporation is bound by all the provisions of this Article 4.
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(iv)
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In the event that the Indemnitee or Potential Indemnitee, pursuant
to this Section 4.5(c), seeks a judicial adjudication of or an award in
arbitration to enforce his or her rights under, or to recover damages for breach
of, this Article 4, such person shall be entitled to recover from the Corporation
and shall be indemnified by the Corporation against any expenses actually and
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30
33
reasonably incurred by such person in connection with such judicial
adjudication or arbitration. If it shall be determined in such judicial
adjudication or arbitration that such person is entitled to receive part but not
all of the indemnification or advancement of expenses sought, the expenses
incurred by such person in connection with such judicial adjudication or
arbitration shall be prorated accordingly.
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(d)
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Definitions
. For purposes of this Article 4:
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(i)
|
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Change in Control
means a change in control of the
Corporation of a nature that would be required to be reported in response to Item
6(e) (or any successor provision) of Schedule 14A of Regulation 14A (or any
amendment or successor provision thereto) promulgated under the Exchange Act,
whether or not the Corporation is then subject to such reporting requirement;
provided that, without limitation, such a change in control shall be deemed to
have occurred if (1) any person (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) is or becomes the beneficial owner (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Corporation representing 20% or more of the voting power of all
outstanding shares of stock of the Corporation entitled to vote generally in an
election of Directors without the prior approval of at least two-thirds of the
members of the Board in office immediately prior to such acquisition; (2) the
Corporation is a party to any merger or consolidation in which the Corporation is
not the continuing or surviving corporation or pursuant to which shares of the
Corporations common stock would be converted into cash, securities, or other
property, other than a merger of the Corporation in which the holders of the
Corporations common stock immediately prior to the merger have the same
proportionate ownership of common stock of the surviving corporation immediately
after the merger; (3) there is a sale, lease, exchange, or other transfer (in one
transaction or a series of related transactions) of all, or substantially all,
the assets of the Corporation, or liquidation or dissolution of the Corporation;
(4) the Corporation is a party to a merger, consolidation, sale of assets, or
other reorganization, or a proxy contest, as a consequence of which members of
the Board in office immediately prior to such transaction or event constitute
less than a majority of the Board thereafter; or (5) during any period of two (2)
consecutive years, individuals who at the beginning of such period constituted
the Board (including for this purpose any new Director whose election or
nomination for election by the stockholders was approved by a vote of at least
two-thirds of the Directors then still in office who were Directors at the
beginning of such period) cease for any reason to constitute at least a majority
of the Board.
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(ii)
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Covered Entity
means, with respect to any person, any
corporation (other than the Corporation), partnership, joint venture, trust, or
other enterprise (including, without limitation, any employee benefit plan) in
respect of which such person is serving at the request of the Corporation as a
director, officer, employee, fiduciary, or agent.
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34
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(iii)
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Disinterested Director
means a Director who is not and was not a
party to the Proceeding in respect of which indemnification is sought by the
Indemnitee or Potential Indemnitee.
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(iv)
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Independent Counsel
means a law firm or a member of a law
firm that neither presently is, nor in the past five years has been, retained to
represent: (1) the Corporation or the Indemnitee in any matter material to either
such party or (2) any other party to the Proceeding giving rise to a claim for
indemnification under this Article 4. Notwithstanding the foregoing, the term
Independent Counsel shall not include any person who, under applicable
standards of professional conduct then prevailing under the law of the state of
Delaware, would have a conflict of interest in representing either the
Corporation or the Indemnitee or Potential Indemnitees in an action to determine
the Indemnitees or Potential Indemnitees rights under this Article 4.
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4.6
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Indemnification of Employees and Agents.
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Notwithstanding any other provision of this Article 4, the Corporation, to the fullest extent
permitted by applicable law as then in effect, may indemnify any person other than a Director or
officer of the Corporation who is or was an employee or agent of the Corporation and who is or was
involved in any manner (including, without limitation, as a party or a witness) or is threatened to
be made so involved in any threatened, pending, or completed Proceeding, by reason of the fact that
such person is or was an employee or agent of the Corporation or was or is serving, at the request
of the Corporation, as a director, officer, employee, or agent of a Covered Entity, against all
expenses (including attorneys fees), judgments, fines, and amounts paid in settlement actually and
reasonably incurred by such person in connection with such Proceeding. The Corporation may also
advance expenses incurred by such employee, fiduciary, or agent in connection with any such
Proceeding, consistent with the provisions of applicable law as then in effect. If made or
advanced, such indemnification shall be made and such reasonable expenses shall be advanced
pursuant to procedures to be established from time to time by the Board or its designee(s).
If any of this Article 4 shall be held to be invalid, illegal, or unenforceable for any reason
whatsoever: (a) the validity, legality, and enforceability of the remaining provisions of this
Article 4 (including, without limitation, all portions of any Section of this Article 4 containing
any such provision held to be invalid, illegal, or unenforceable, that are not themselves invalid,
illegal, or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the
fullest extent possible, the provisions of this Article 4 (including, without limitation, all
portions of any Section of this Article 4 containing any such provision held to be invalid,
illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be
construed so as to give effect to the intent manifested by the provision held invalid, illegal, or
unenforceable.
5. CAPITAL STOCK.
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(a)
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The shares of the Corporation shall be represented by certificates, which
certificates shall be in such form as the Board shall prescribe and as provided in
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35
Section 5.1(d), provided that the Board may provide by resolution or resolutions
that some or all of any or all classes or series of its stock shall be
uncertificated shares. Every holder of stock in the Corporation, upon written request
to the transfer agent or registrar of the Corporation, shall be entitled to have a
certificate certifying the number of shares owned by him or her in the Corporation and
designating the class and series of stock to which such shares belong. Each such
certificate shall be signed by, or in the name of, the Corporation by the Chief
Executive Officer or the President or any Vice President, and by the Treasurer or any
Assistant Treasurer or the Secretary or any Assistant Secretary. Within a reasonable
time after the issue or transfer of shares without certificates, upon the request of
any stockholder, the Corporation shall send the stockholder a written statement of the
information required by the Delaware General Corporation Law to be on physical share
certificates of the Corporation.
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(b)
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If such certificate is countersigned by a transfer agent other than the
Corporation or its employee, or by a registrar other than the Corporation or its
employee, the signatures of the officers of the Corporation may be facsimiles, and if
permitted by applicable law, any other signature on the certificate may be a facsimile.
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(c)
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In case any officer who has signed or whose facsimile signature has been placed
upon a certificate shall have ceased to be such officer before such certificate is
issued, it may be issued by the Corporation with the same effect as if such person were
such officer at the date of issue.
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(d)
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Certificates of stock shall be issued in such form not inconsistent with the
Certificate of Incorporation. They shall be numbered and registered in the order in
which they are issued. No certificate shall be issued until fully paid.
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(e)
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All certificates surrendered to the Corporation shall be cancelled (other than
treasury shares) with the date of cancellation and shall be retained by the Chief
Financial Officer, together with the powers of attorney to transfer and the assignments
of the shares represented by such certificates, for such period of time as such officer
shall designate.
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A record of the name of the person, firm, or corporation and address of each holder of shares, the
number of shares held by such holder, and the date of issue thereof shall be made on the
Corporations books (such record, the Stock Ledger). The Corporation shall be entitled to treat
the holder of record of any share of stock as the holder in fact thereof and, accordingly, shall
not be bound to recognize any equitable or other claim to or interest in any share on the part of
any person, whether or not it shall have express or other notice thereof, except as required by
applicable law.
5.3
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Transfer of Record Ownership.
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Transfers of stock shall be recorded on the Stock Ledger, and in the case of certificated shares of
stock, only by direction of the person named in the certificate or such persons attorney, lawfully
constituted in writing, and only upon the surrender of the certificate therefor and a written
assignment of the shares evidenced thereby and, in the case of uncertificated shares of stock, upon
receipt of proper transfer instructions from the registered owner or such persons
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36
attorney, lawfully constituted in writing, and upon compliance with appropriate procedures for
transferring shares in uncertificated form. Whenever any transfer of stock shall be made for
collateral security, and not absolutely, it shall be so expressed in the entry of the transfer if,
when the certificates are presented to the Corporation for transfer, both the transferor and
transferee request the Corporation to do so.
5.4
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Lost, Stolen, or Destroyed Certificates.
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The Corporation may issue (a) new certificates representing shares of the stock of the Corporation
or (b) uncertificated shares in place of any certificate alleged to have been lost, stolen, or
destroyed in such manner and on such terms and conditions as the Board from time to time may
authorize in accordance with applicable law.
5.5
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Transfer Agent; Registrar; Rules Respecting Certificates.
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The Corporation shall maintain one or more transfer offices or agencies where stock of the
Corporation shall be transferable. The Corporation shall also maintain one or more registry
offices where such stock shall be registered. The Board may make such rules and regulations as it
may deem expedient concerning the issue, transfer, and registration of stock certificates in
accordance with applicable law.
5.6
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Fixing Record Date for Determination of Stockholders of Record.
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(a)
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The Board may fix, in advance, a date as the record date for the purpose of
determining the stockholders entitled to notice of, or to vote at, any meeting of the
stockholders or any adjournment thereof, which record date shall not precede the date
upon which the resolution fixing the record date is adopted by the Board and which
record date shall not be more than 60 days nor less than ten (10) days before the date
of a meeting of the stockholders. If no record date is fixed by the Board, the record
date for determining the stockholders entitled to notice of or to vote at a
stockholders meeting shall be at the close of business on the day next preceding the
day on which notice is given or, if notice is waived, at the close of business on the
day next preceding the day on which the meeting is held. A determination of
stockholders of record entitled to notice of or to vote at a meeting of stockholders
shall apply to any adjournment of the meeting; provided, however, that the Board may
fix a new record date for the adjourned meeting.
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(b)
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The Board may fix, in advance, a date as the record date for the purpose of
determining the stockholders entitled to receive payment of any dividend or other
distribution or the allotment of any rights or entitled to exercise any rights in
respect of any change, conversion, or exchange of stock or in order to make a
determination of the stockholders for the purpose of any other lawful action, which
record date shall not precede the date upon which the resolution fixing the record date
is adopted by the Board and which record date shall not be more than 60 calendar days
prior to such action. If no record date is fixed by the Board, the record date for
determining the stockholders for any such purpose shall be at the close of business on
the day on which the Board adopts the resolution relating thereto.
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6. SECURITIES HELD BY THE CORPORATION.
Unless the Board shall otherwise order, the Chief Executive Officer, the President, any Vice
President, the Chief Financial Officer, the Controller, the Treasurer, or the Secretary shall have
full power and authority, on behalf of the Corporation, to attend, act, and vote at any meeting of
the stockholders of any corporation in which the Corporation may hold stock and at such meeting to
exercise any or all rights and powers incident to the ownership of such stock, and to execute on
behalf of the Corporation a proxy or proxies empowering another or others to act as aforesaid. The
Board from time to time may confer like powers upon any other person or persons.
6.2
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General Authorization to Transfer Securities Held by the Corporation.
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(a)
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Any of the following officers, to wit: the Chief Executive Officer, the
President, any Vice President, the Chief Financial Officer, the Controller, the
Treasurer, any Assistant Controller, any Assistant Treasurer, and each of them, hereby
is authorized and empowered to transfer, convert, endorse, sell, assign, set over, and
deliver any and all shares of stock, bonds, debentures, notes, subscription warrants,
stock purchase warrants, evidences of indebtedness, or other securities now or
hereafter standing in the name of or owned by the Corporation and to make, execute, and
deliver any and all written instruments of assignment and transfer necessary or proper
to effectuate the authority hereby conferred.
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(b)
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Whenever there shall be annexed to any instrument of assignment and transfer
executed pursuant to and in accordance with Section 6.2(a), a certificate of the
Secretary or any Assistant Secretary in office at the date of such certificate setting
forth the provisions hereof and stating that they are in full force and effect and
setting forth the names of persons who are then officers of the Corporation, all
persons to whom such instrument and annexed certificate shall thereafter come shall be
entitled, without further inquiry or investigation and regardless of the date of such
certificate, to assume and to act in reliance upon the assumption that (i) the shares
of stock or other securities named in such instrument were theretofore duly and
properly transferred, endorsed, sold, assigned, set over, and delivered by the
Corporation, and (ii) with respect to such securities, the authority of these
provisions of these By-laws and of such officers is still in full force and effect.
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7. DEPOSITARIES AND SIGNATORIES.
The Chief Executive Officer, the President, the Chief Financial Officer, and the Treasurer are each
authorized to designate depositaries for the funds of the Corporation deposited in its name or that
of a Division of the Corporation, or both, and the signatories with respect thereto in each case,
and from time to time, to change such depositaries and signatories, with the same force and effect
as if each such depositary and the signatories with respect thereto and changes therein had been
specifically designated or authorized by the Board; and each depositary designated by the Board or
by the Chief Executive Officer, the President, the Chief Financial Officer, or the Treasurer shall
be entitled to rely upon the certificate of the Secretary or any Assistant Secretary of the
Corporation or of a Division of the Corporation setting forth the fact of
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38
such designation and of the appointment of the officers of the Corporation or of the Division
or of both or of other persons who are to be signatories with respect to the withdrawal of funds
deposited with such depositary, or from time to time the fact of any change in any depositary or in
the signatories with respect thereto.
Unless otherwise designated by the Board or by the Chief Executive Officer, the President, the
Chief Financial Officer, or the Treasurer, all notes, drafts, checks, acceptances, orders for the
payment of money, and all other negotiable instruments obligating the Corporation for the payment
of money shall be (a) signed by the Treasurer or any Assistant Treasurer and (b) countersigned by
the Controller or any Assistant Controller, or (c) either signed or countersigned by the Chief
Executive Officer, the President, or any Vice President in lieu of either the officers designated
in Clause (a) or the officers designated in Clause (b) of this Section 7.2.
8. SEAL.
The seal of the Corporation shall be in such form and shall have such content as the Board shall
from time to time determine.
9. FISCAL YEAR.
The fiscal year of the Corporation shall end on December 31 in each year or on such other date as
the Board shall determine.
10. TIMING OF, WAIVER OF AND DISPENSING WITH NOTICE.
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(a)
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Whenever the deadline for the giving of any notice in accordance with these
By-laws shall fall on a Saturday, Sunday, or any other day that is not a business day
in Hartford, Connecticut, such notice shall be deemed to have been timely given if
delivered by the close of business on the following business day.
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(b)
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Whenever any notice of the time, place, or purpose of any meeting of the
stockholders is required to be given by applicable law, the Certificate of
Incorporation, or these By-laws, a written waiver of notice, signed by a stockholder
entitled to notice of a stockholders meeting, whether by telegraph, cable, or other
form of recorded communication, whether signed before or after the time set for a given
meeting, shall be deemed equivalent to notice of such meeting. Attendance of a
stockholder in person or by proxy at a stockholders meeting shall constitute a waiver
of notice to such stockholder of such meeting, except when the stockholder attends the
meeting for the express purpose of objecting at the beginning of the meeting to the
transaction of any business because the meeting was not lawfully called or convened.
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(c)
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Whenever any notice of the time or place of any meeting of the Board or
Committee of the Board is required to be given by applicable law, the Certificate of
Incorporation, or these By-laws, a written waiver of notice signed by a Director,
whether by telegraph, cable, or other form of recorded communication, whether signed
before or after the time set for a given meeting, shall be deemed equivalent to notice
of such meeting. Attendance of a Director at a meeting in person (or by
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39
conference telephone or similar communications equipment) shall constitute a
waiver of notice to such Director of such meeting.
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(d)
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No notice need be given to any person with whom communication is made unlawful
by any law of the United States or any rule, regulation, proclamation, or executive
order issued under any such law.
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11. AMENDMENT OF BY-LAWS.
These By-laws, or any of them, may from time to time be supplemented, amended, or repealed, or new
By-laws may be adopted, by the Board at any regular or special meeting of the Board, if such
supplement, amendment, repeal, or adoption is approved by a majority of the entire Board. These
By-laws, or any of them, may from time to time be supplemented, amended, or repealed, or new
By-laws may be adopted, by the stockholders at any regular or special meeting of the stockholders
at which a quorum is present, if such supplement, amendment, repeal, or adoption is approved by the
affirmative vote of the holders of at least a majority of the voting power of all outstanding
shares of stock of the Corporation entitled to vote generally in an election of directors.
12. OFFICES AND AGENT.
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(a)
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Registered Office and Agent
. The registered office of the Corporation
in the state of Delaware shall be 1209 Orange Street, Wilmington, Delaware 19801. The
name of the registered agent is The Corporation Trust Company. Such registered agent
has a business office identical with such registered office.
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(b)
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Other Offices
. The Corporation may also have offices at other places,
either within or outside the state of Delaware, as the Board may from time to time
determine or as the business of the Corporation may require.
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13. FORUM FOR ADJUDICATION OF DISPUTES.
Unless the Corporation consents in writing to the selection of an alternative forum, to the fullest
extent permitted by law, the sole and exclusive forum for any stockholder (including any beneficial
owner, within the meaning of Section 13(d) of the Exchange Act) to bring: (a) any derivative action
or proceeding purportedly brought on behalf of the Corporation, (b) any action asserting a claim of
breach of a fiduciary duty owed by any current or former director, officer, or employee of the
Corporation to the Corporation or the Corporations stockholders, (c) any action asserting a claim
arising pursuant to any provision of the Delaware General Corporation Law or the Corporations
Certificate of Incorporation or these By-laws (in each case, as they may be amended from time to
time), or (d) any action asserting a claim governed by the internal affairs doctrine shall be the
Court of Chancery in the state of Delaware (or, if the Court of Chancery lacks jurisdiction, the
federal district court for the District of Delaware unless said court lacks subject matter
jurisdiction in which case, the Superior Court of the state of Delaware).
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13.2
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Personal Jurisdiction.
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If any action the subject matter of which is within the scope of Section 13.1 of these By-laws is
filed in a court other than the Court of Chancery in the state of Delaware (or, if the Court of
Chancery in the state of Delaware lacks jurisdiction, the federal district court for the District
of Delaware unless said court lacks subject matter jurisdiction in which case, the Superior Court
of the state of Delaware) (a
Foreign Action
) in the name of any stockholders (including any
beneficial owner, within the meaning of Section 13(d) of the Exchange Act), such stockholder shall
be deemed to have consented to (a) the personal jurisdiction of the state and federal courts
located within the state of Delaware in connection with any action brought in any such court to
enforce Section 13.1 of these By-laws, and (b) having service of process made upon such stockholder
in any such action by service upon such stockholders counsel in the Foreign Action as agent for
such stockholder.
Any person or entity purchasing or otherwise acquiring any interest in shares of stock of the
Corporation shall be deemed to have notice of and consented to the provisions of this Article 13.
If any provision of this Article 13 shall be held to be invalid, illegal, or unenforceable as
applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest
extent permitted by law, the validity, legality, and enforceability of such provision in any other
circumstance and of the remaining provisions of this Article 13 (including, without limitation,
each portion of any sentence of this Article 13 containing any such provision held to be invalid,
illegal, or unenforceable that is not itself held to be invalid, illegal, or unenforceable) and the
application of such provision to other persons or entities and circumstances shall not in any way
be affected or impaired thereby.
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