UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 5, 2017
ARMSTRONG WORLD INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
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Pennsylvania |
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1-2116 |
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23-0366390 |
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(State or other jurisdiction of incorporation or organization) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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2500 Columbia Avenue P.O. Box 3001 Lancaster, Pennsylvania |
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17603 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: (717) 397-0611
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(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( § 240.12b-2 of this chapter).
Emerging growth company ◻
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
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Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On December 5, 2017, the Board of Directors (the “Board”) of Armstrong World Industries, Inc. (the “Company”) approved and adopted certain amendments to the Amended and Restated Bylaws of the Company, effective immediately. The Amended and Restated Bylaws, as amended, establish the Finance Committee as a standing committee of the Board, and provides that the Finance Committee shall (i) be composed of at least three members of the Board, each of whom shall be an Independent Director (as defined in the Amended and Restated Bylaws) and the appointment of each of whom shall require the affirmative vote of a majority of the Independent Directors at the time, and (ii) assist the Board in its oversight of the financial management of the Company, including material and strategic financial matters.
The foregoing summary of the Amended and Restated Bylaws, as amended, is qualified in its entirety by reference to the full text of the Amended and Restated Bylaws, as amended, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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Exhibit No. |
Description |
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3.1 |
Amended and Restated Bylaws of Armstrong World Industries, Inc. dated December 5, 2017 |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ARMSTRONG WORLD INDUSTRIES, INC. |
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By: |
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/s/ Mark A. Hershey |
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Mark A. Hershey |
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Senior Vice President, General Counsel, Secretary and Chief Compliance Officer |
Date: December 8, 2017
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Exhibit 3.1
of
ARMSTRONG WOR L D INDUSTRIES, INC.
(A Penn s y l v ania c o rpora t ion)
A s in eff e c t on Oc tob e r 2 , 2006 a nd a s a m e n d e d A u g ust 5, 2010 , J u l y 2 5, 2014 and December 5, 2017
A R T I C L E I
C er t a in Def initions; P r in c ip a l Off i c e ; N oti ce s to t he Co r po ra tion
S E C T I O N 1. C er t a in Def initions . U nl e ss the c ont e x t oth erw ise re qui re s, the f ollo w ing t er ms w h e n us e d h ere in s h a ll h a ve the f ollo w i n g m ea nin g s:
(a) " A r t i c l e s " shall mean the articles of inc o rpora t ion of the Corporation, a s from time to time amended and in e ff e ct in accor d an c e with la w , and shall include a n y a mendment determining the d es i g nation, voting r i g hts, pre f er e nces, limitations and special ri g hts of P r ef e rred Shares of the Corpo r ation made b y the B o ard as permitted b y l a w, as then i n eff e ct.
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(b) |
" B e n e f i c ial O w n er ship " shall have the sa m e meaning as provided b y |
R e g ul a tion 13 D - G und e r the E x c h a n g e Ac t, a s f r o m time to time in effec t ( a nd a n y su c c e ssor r e g ul a tion ) .
(c) " Boa r d " s h all mean t he B o a rd of Di r ectors o f the Corporation as const i tuted in accor d an c e with Article III of the B y laws.
(d) " Byla w s " shall mean the B y laws o f the Corpo r ation as from time to time amended and in ef f ect in a c corda n ce with law. Re f ere n ces i n the B y laws to " h e rein , " " h e reo f " or " h ereto , " or a n y like r e fe r en c e, sh a ll refer to the B y laws (as amended and in ef f ect f r om time to time) as a whole and not to a n y sp e cific Article, S e ction, subsection, par a graph, sen te nce or c l ause of the B y l aws unless e x plicit l y provided.
(e) " C o r po r a t ion " shall mean Armstro n g W orld Industries, I n c., the Penn s y l vania corporation incorp o rated b y the fili n g of articles of incorporation with the Secre t a r y of State o f the Commonwealth of Penn s y lvania on De c ember 30, 1891.
(f) " E ff ect ive Ti m e " s h all mean the or i g inal e f fec t ive time of these b y laws as provided b y A rticle X I h ere o f, n a me l y O ctober 2, 2006.
(g) " E x c hange Ac t " sha l l mean the Securities E x change Act of 1934, as a m ended and as the same m a y be amend e d from time to time (and a n y s u ccess o r statute).
(h) " Ind e p e nd e nt D i r e c t o r " s h all mean a di r ector who (i) qualifies as an " independent directo r " within the mea n ing of the corpo r ate g ov e rnance listi n g standards f rom time to time adopted b y the NYSE or Nasdaq, whic h ever m ar k et the Common Shares a r e listed for tradi n g on at the time (or, if at a n y t i me the Common Shares are not listed for t r ading on either such mar k et, as would be applicab l e if the Common Shares we r e then listed on the NYSE) with resp e ct to the composition of the board of directors o f a listed c o mpa n y ( without r e g ard to a n y in d epende n ce criteria applicable und e r such standards on l y to the members of a committee of the bo a rd of directors) and (ii) also sa t isfies the minimum requirements of dir e ctor inde p enden c e of Rule
10 A- 3 ( b )( 1 ) und e r t h e Ex c h a n g e A c t (a s f r om time to time in effec t ) , w h e t h e r or not su c h di rec tor is a m e mb e r of t he a udit c ommitt ee .
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" N Y SE " shall mean t he New Y o rk Stock E x change. |
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" N asdaq " s h all mean the Nasdaq Stock M a rke t . |
(k) " Subsidia r y " shall mean a n y compa n y contro l led, direct l y or indir e ct l y , b y the Corporation.
(l) " Whole Boa r d " shall mean the number o f m e mbers of the B oard at a n y time if the r e were then no va c ancies o n the B o a rd.
S E C T I O N 2. P r in c ip a l Off i ce ; N oti c e s to the Co r po ra tion . T he p r in c ip a l o ff i c e of the Co r po ra tion sh a ll be a t s u c h lo ca tion in L a n c a st e r , P e nn s y lv a nia a s the B o ar d of D i r ec to r s sh a ll fr om time to time d e t er min e . A ll noti ce s to the Co r po ra tion re qui r e d or p er mitt e d b y the B y l aw s m a y b e a dd r e ss e d to the p r in c ip a l o ff i c e of the C o r po ra tion a nd sh a ll be m a r k e d to the a tt e ntion of the S ec r e t a r y unl e ss o t h erw ise p r ovi d e d h e r e in.
AR T I C L E II
Sh are hold er s ' M e e tin g s
S E C T I O N 1. A nnu a l M ee ti n g s of Sh a r e hold er s . A n a nn u a l m e e ting of sh a re hold er s sh a ll be h e ld in eac h y ea r on su c h d a te a nd a t su c h time a s m a y b e s e t b y t h e B o a r d ( or b y a n o ff i ce r o f the Co r po r a tion a utho r i z e d to do so b y t he B o a r d) f o r the pu r po s e of e l e c ting di r ec to r s a nd the t ra ns a c tion of su c h oth e r busin e ss a s m a y p r op er l y c ome b ef o r e the m ee tin g .
S E C T I O N 2. Sp ec i al M ee ti n g s of Sh a r e hold er s . Sp ec i a l m e e tin g s of the s h are hol d er s m a y b e ca ll e d a t a n y time b y t h e B o ar d ( o r b y a n o ff i ce r o f the Co r po r a tion a utho r i z e d to do so b y the B o a r d ) . A sp e c i a l m ee ting of t h e sh a r e hold er s m a y a lso be ca ll e d b y the hold er s of a t l e a st 20% of the vot e s th a t a ll sh are hold er s ar e e ntitl e d to ca st a t the p ar ti c ul a r m ee tin g . I n a ddition, a sp ec i a l m ee ti n g of the h o ld er s of P re f er r e d Sh are s or a n y s er i e s t h ere o f f or t he pu r pose of e l ec ti n g di rec to r s w ho m a y b e e l e c t e d b y su c h ho l d er s or t a ki n g a n y oth e r a c tion th a t su ch hold er s m a y t a k e , a s p r o vid e d b y the Ar ti c l e s, m a y be ca ll e d a s p r ovid e d i n the Ar ti c l e s. A t a n y tim e , upon wr itt e n re qu e s t of a n y p er son or p er so n s e ntitl e d to ca ll a nd w ho h a ve du l y ca ll e d a sp ec i a l m ee ti n g , it sh a ll be the du t y o f the S e c re t a r y to s e t the d a t e of the m ee tin g , if s u c h d a te h a s not b ee n s e t b y the Bo ar d, on a d a y not mo r e t h a n si xt y d a y s af t e r t h e r ece ipt of the re qu e st, a nd to g ive d u e noti c e of su c h m ee ting to the s h ar e hold er s. I f the S e cre t a r y sh a ll n e g l e c t or r ef use to s e t the d a te of the m ee ting a nd g ive noti c e th er e o f , the p er son or p er sons ca lling the m e e ting
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m a y do so. F or pu r po s e s of this Ar ti c le I I , S ec tion 2, a re qu e st s h a ll be d e e m e d g iv e n b y a re qu e sti n g sh a r e hold er( s ) a t su c h time a s ( i) the re qu e sting sh a re hold e r ( s) s h a ll h a ve d e liv e r e d to the S ecre t a r y do c um e n t a tion th a t d e monst ra t e s th a t su c h re qu e sti n g sh a r e h o ld er( s) is the hold e r of a t l ea st 20% of t h e vot e s th a t a ll sh are hold e r s a r e e ntitl e d to ca st a t the p a r ti c ul a r m ee ti n g a nd
(ii) the Secre t a r y shall h a ve had a p eriod of 15 d a y s following r eceipt of su c h documentation (or such lesser p e riod as the Secret a r y determines is s ufficient) to r eview and e stablish, to the Secret a r y 's r e asonable sa t isfaction, the adeq u a c y t h ereof. Not later than 15 d a y s following receipt b y the S e cret a r y o f the information des c ribed in the pre c edi n g sent e nce, the Corpo r ation shall advise the sha r eholder(s) o f a n y d e ficienc i es in such information. The requesti n g shareholde r (s) m a y cure such deficie n cies within 15 d a y s after r e ceipt of s uch advice from the Secret a r y , faili n g which t he request shall be d ee m ed invalid.
S E C T I O N 3. Pl ac e a nd N oti c e of M e e tin g s of Sh a r e hold er s . A l l m ee tin g s of sh are hold er s s h a ll be h e l d a t the p r in c ip a l o ff i c e o f the Co r po ra tion unl e ss t he B o a r d ( or a n o ff i ce r o f the Co r po r a tion a utho r i z e d to do so b y t he B o a r d) sh a ll d e c ide o t h erw is e , in w hi c h ca se su c h m ee ti n g s m a y be h e ld a t su c h lo c a tion w ithin or w ithout the C o mmon wea lth of P e nn s y lv a nia a s the B o a r d m a y f r om time to time di rec t. W r itt e n noti c e of t he pl ace , d a y , a nd hour of a ll m ee ti n g s of s h are hold e r s a nd, in the c a se of a s p ec i a l m e e tin g , of the g e n e ra l n a tu r e of the busin e ss to be t ra ns a c t e d a t the m ee ti n g , sh a ll be g i v e n to e a c h sh a r e hold e r of r ec o r d e ntitl e d to vote a t the p ar ti c ul a r m ee ting e ith e r p er so n a l l y or b y s e nding a c o p y o f the noti c e th r o u g h the m a il or b y ov e r n i g ht c ou r i e r to the a dd r e ss of the s h are hold e r a pp e ar i n g on the books of the Co r po ra tion or suppli e d b y su c h s h are hol d e r to the Co r po ra tion f or the p ur pose of noti c e or b y oth e r m ea ns in c ludi n g e l ec t r onic m e a ns p er mitt e d b y l aw . E x ce pt a s oth e r w ise p r ovid e d b y the B y l aw s or b y l aw , su c h n oti c e sh a ll be g iv e n a t l ea st 10 d a y s b e f o r e t h e d a te of the m ee ti n g b y the P re sid e nt, V i c e P re s i d e nt, or S ec r e t a r y . A wa i v e r in wr iting o f a n y w r itt e n noti c e re qui r e d to be g i v e n, si g n e d b y the p er son e ntitl e d to su c h noti ce , w h e th e r b ef o r e or af t e r the time st a t e d, sh a ll be d ee m e d e quiv a l e nt to the g iving o f su c h n oti ce . A tt e nd a n c e of a pe r son, e ith e r in p er son or b y p r o x y , a t a n y m e e ting sh a ll c onstitute a w a i v e r of noti c e o f su c h m e e tin g , e x ce pt w h er e a p er son a tt e nds a m e e ting f or the e x p re ss pu r pose o f obj ec ting to the t ra ns a c tion of a n y busin e ss b eca use t h e m ee ti n g wa s not l awf ul l y c a ll e d or c o nv e n e d.
S E C T I O N 4. N omin a tions b y Sh are ho l d er s of C a ndid a t es f or E l ec tion as D i r e c to r s . I n a ddition to the nomin a ti o n b y the B o a r d of c a ndid a t e s f or e l ec tion to the Bo ar d a s h e re in a f t e r p r ovid e d, ca ndid a t e s m a y be nomin a t e d b y a n y s h are hold e r of the Co r po r a tion e ntitl e d to noti c e o f , a nd to vote a t, a n y m e e ting c a ll e d f or t h e e l ec t i on of di rec to r s. N omin a t i ons, oth e r th a n those m a de b y or on b e h a lf of t he B o a r d, sh a ll be m a d e in wr iting a nd s h a ll be r ec e iv e d b y the S ecre t a r y of the Co r po r a t ion ( i) w ith re sp ec t to a n e l ec tion of di r e c to r s to be h e ld a t a n a nn u a l m ee ting of s h are hol d er s, not l a t e r th a n 90 d a y s nor mo r e th a n 120 d a y s p r i o r to the a nniv er s a r y d a te of the imm e di a t e l y p rece di n g a nnu a l m ee ti n g of sh are hold e r s ( p r ovi de d th a t, if the d a te of the a nnu a l m ee ti n g of s h are hold e r s is mo r e th a n 3 0 d a y s b ef o r e or a f t e r the a nniv er s a r y d a te of the imm e di a t e l y p r e c e ding a nn u a l m ee ti n g of sh ar e hold er s, the sh a re hold e r nomin a tion sh a ll be rece i v e d w ithin 15 d a y s a f t e r the public a nnou n c e m e nt b y the Co r po r a tion of the d a te of t h e a nnu a l m ee ti n g of sh a re h old er s ) , a nd ( ii ) , w ith re s p ec t to a n e l e c tion of di r e c to r s to be h e ld a t a sp ec i a l m ee ti n g of sh a re h old er s, not l a t e r th a n the c lose of busin e ss on the 15th d a y f ollo w ing the d a te on w hi c h noti c e o f s u c h m ee ti n g is f i r st g i v e n to sh are hold er s o r public dis c losu r e of the m ee ting is f i r st m a d e , w h i c h e v e r is e ar li er . Su c h n omin a tion sh a ll c ont a in the f ollo w ing in f o r m a tion to the e x t e nt kno w n to the noti f y i n g s h are hold e r :
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(a) the n ame, a ge, busin e ss address, and r esiden c e address of each p ropos e d nominee and of the noti f y in g sha r eholder;
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the principal o ccupat i on of each p roposed no m inee; |
(c) a rep r esentation that t he noti f y i n g sh a rehold e r intends to appear in p e r s on or b y pro x y at the meeti n g t o nominate the proposed nominee or nominees sp e cified in the notice;
(d) the class and total number of sha r es of the Co r poration that are b enef i cial l y owned b y the noti f y i n g s harehold e r and b y the p r oposed nominee and, if s uch shares are not owned sole l y and direct l y b y t h e noti f y i n g shareholder and the pro p osed nominee and a n y of t h eir respective affiliates, the manner of b enefic i al o w nership;
(e) w h ether and t h e e x tent to which a n y d erivative instrument, swap, option, war r ant, short interest, h e d g e o r profit inte r est or o ther trans a ction has been entered into b y or on be h alf of ea ch proposed nominee a n d of the noti f y i n g sh a re h older, or a n y affiliates o r associa te s of such persons, with re spect to stock of the Co r poration;
(f) w h ether and t h e e x tent to which a n y ot h er tran s action, a g r e ement, a r ra n gement or understandi n g (includ i ng a n y sh o rt position or a n y bo r rowi n g or lendi n g of shares of stock of the Corpo r ation) has been m ade b y or on behalf of each p ropo s ed nominee and of the noti f y i n g sha r eholder, or a n y a f filiates or associates o f such p e rsons, the eff e ct or intent of a n y o f the for e g oi n g bei n g to m i ti g ate loss to, or to man a g e risk or benefit of stock pr i ce c ha n g es for, such p ersons, or a n y affiliates o r associa t es of such persons, or to inc r ease o r decr e ase the voti n g po w er or p e cunia r y o r econ o mic interest of such persons, or a n y a ffiliates or assoc i ates of s uch persons, with res p ect to stock of the Corporation;
(g) a de s cription of all a r ra n g ements or un d ersta n din g s bet w een the noti f y i ng shareholder and e ach pr o posed nominee and a n y o ther person or p ersons ( n aming such person or p ersons) p ursuant to which the no m ination or nominations are to be made b y the noti f y i n g s h arehold e r;
(h) a de s cription of all c o mpensato r y , p a y ment or other financ i al a g r e emen t s, arra n gements or und e rst a ndin g s bet w een e ach pr o posed nominee and a n y p erson or enti t y other than t h e Co r poration in connection w ith or related to the Cor p oration;
(i) e a ch proposed nomin e e’s written r epre s entation and a g r e ement that such proposed nominee ( A) is not and will not become a par t y to a n y a gr e ement, arra n gement or und e rsta n ding with, and has not g i ven a n y commitment or a ssurance to, a n y p erson or enti t y a s to how such person, if e lected as a d i rector o f the Corporation, will act or v ote on a n y issue or quest i on, ( B ) is not and will n o t become a par t y to a n y a gr e ement, arra n gement or und e rst a nding with a n y p e rson or enti t y other than the Corpo r ation with respect to a n y di re ct or indirect com p ensation, reimbursement or inde m nification in connection with service or action as a director o f
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the Co r po ra tion th a t h a s not b ee n dis c los e d to the Co r po ra tion in su c h re p r e s e nt a tion a nd a g r e e m e nt, ( C) in s u c h p er son ’ s individu a l ca p ac i t y , w ould be in c om p li a n ce , if e l ec t e d a s a di r e c tor of t h e Co r po ra tion, a nd w ill c omp l y w ith, a ll a ppli ca b l e publi c l y dis c los e d c on f id e nti a li t y , c o r po ra t e g ov er n a n ce , c on f li c t of int ere st, R e g ul a tion F D , c ode of c ond u c t a nd e th i c s, a nd sto c k o w n e r ship a nd t ra di n g poli c i e s a nd g uid e lin e s of the Co r po ra tion, a nd ( D ) in his or h e r c a p a c i t y a s a di r e c tor of the Co r p o ra tion, if so e l ec t e d, h a s a f idu c i ar y du t y sol e l y to the Co r p o ra tion und e r P e nn s y lv a n ia l a w a nd aff i r m a tiv e l y is c ommitt e d p er son a l l y to su c h du t y ;
(j) such other inf o rmation r e g ardi n g each nomin e e proposed b y such s h ar e holder as would be requ i red to b e included in a pro x y sta t ement filed with the Sec u rities and E x chan g e Commission pursuant to Re g ulation 1 4 A under the E x cha n g e A ct had the nominee been nominate d , or intended to be nominated, b y the B o ard of Di r ectors; and
(k) the consent o f e a ch n ominee to serve as a dir e ctor of the Corpo r ation if so elected.
The Corporation m a y r e q uest a n y s u ch proposed n ominee to furnish such o t her information as m a y r easo n ab l y b e requ ir ed b y t h e Corporation to determine the qualifi c ations of the proposed nominee to serve as a di r ector of the Corp o ration. W ithin 15 d a y s followi n g the r e c eipt b y the Secret a r y of a s h arehold e r notice of nomination p u rsuant hereto, the nominating and governa n ce committee shall instruct the Secret ar y of the C o rporation to a dvise the noti f y i n g shareholder o f a n y d efic i encies in the notice as d e termined b y t h e commit t ee. The noti f y i n g shareholder s h all cure s u ch deficie n cies within 15 d a y s after r e ceipt of su c h advice. No p ersons shall be eli g ible for el e ction as a dir e ctor of the C o rporation unless nominated in acc o rdan c e with the B y laws. Nominations not made in acc o rdan c e with the B y l aws m a y , in the discretion of the presiding o ffic e r at the m eeting and with the advi c e of the nominating and g ov e rnan c e committee of the B o ard, be dis re g a r ded b y t h e presidi n g off i cer and, upon his or her i nstructions, all votes cast for e ach s u ch nominee m a y be dis re g ar d ed; the determinations of the presiding o ffic e r at the meeting with r espect to s uch matters shall be co nc lusive and binding upon all shareholders o f the Corporation for all purp o ses.
S E C T I O N 5. A dv a n ce N oti ce of O th er M a tt er s to be P re s e nt ed b y Sh a r e hold er s . At a n y a nnu a l m e e ting or s p ec i a l m ee ti n g of s h are ho l d er s, on l y s u c h busin e ss a s is p r op er l y b r o u g ht b ef o r e t h e m ee ti n g in a cc o r d a n c e w ith this p ar a g ra ph m a y b e t ra ns a c t e d. T o be p r op er l y b r o u g ht b ef o r e a n y m ee ti n g , a n y p r opos e d busin e ss must be e ith e r ( a ) sp e c i f i e d in the noti c e of the m ee ting ( o r a n y suppl e m e nt th ere to) g iv e n b y o r a t the di rec tion of the B o a r d of D i r e c to r s,
(b) otherwise pro p er l y b r ou g ht b efo r e the meeti n g b y or at the dir e ction of the B oard of Dir e ctors, or (c) if b ro u g ht bef o re t he meeti n g b y a sh a reho l der, then written notifi c ation of such proposed business must have been recei v ed b y the Se c reta r y of the Corporation from a sharehol d er of record on t h e r e cord da t e for the det e rmination of shareholders entitled to vote at such meeti n g (i), with resp e ct to business to be proposed at an a nnual meeting o f sha r eh o lders, not later than
90 d a y s n o r mo r e th a n 1 2 0 d a y s p r ior to the a nniv e r s a r y d a te o f the imm e di a t e l y p r ece di n g a nnu a l m ee ti n g of sh a re h old er s ( p r ovid e d , th a t, if t he d a te of the a nnu a l m e e ting of s h are hold e r s is mo r e th a n 30 d a y s b e f o r e or a f t e r the a nniv er sar y d a te of the imm e di a t e l y p r ece di n g a nnu al m ee ting of s h are hol d er s, the noti f i ca tion must h a ve b ee n r e c e iv e d w ithin 15 d a y s af t e r t h e public a nnoun ce m e nt b y the C o r po ra tion of the d a t e of t he a nnu a l m e e ting of s ha re hold er s) a nd ( ii) w ith
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respect to business to be proposed at a s p ecial m e eting of s h arehold e rs, not later than the clo s e of business on the 15th d a y following the da t e on w h ich notice of such m e eting is first g iven to shareholders o r public disclosure of the m e eting is made, whiche v er is e arlier. Such sha r eholder notification shall set forth the nature of and r e as o ns for the proposal in r e a sonable detail, and shall include the propos e d te x t of a n y proposal re g a rding s u ch business (i n cluding the te x t of a n y resolutions proposed for consideration and, if s uc h business includes a pr o posal to amend these B y l aws, the te x t of the p r oposed amendment), and the reasons f o r cond u cting such business at the special meeti n g , and, as to the sharehold e r g iving notification, and t h e b eneficial ow n er, if a n y , on whose be h alf the proposal is being ma d e,
(1) the name and add r ess of such persons;
(2) the class and series o f all shares of the Corp o r a tion that are ben e ficial l y owned of rec o rd b y such p e rso n s and a n y a f filiates or as s ociates of such p ersons;
(3) the name o f e a ch n o minee holder of sh a res of all stock of the Corpora t ion owned ben e ficial l y but not of record b y s u ch p e rsons or a n y a f filiates or a s sociates of such persons, and the n u mber of such sh a res of s t ock of the Corpo r ation held b y each such nominee holder;
(4) wheth e r and the e x tent to which a n y d erivative instrument, swap, option, war r ant, short interest, h e d g e o r profit inte r est or o ther trans a ction has been entered into b y or on be h alf of s u ch persons, or a n y a f filiates or associa t es of such p ersons, with respect to stock of t he Corporation;
(5) wheth e r and the e x tent to which a n y ot h er tran s action, a g r e ement, arra n gement or und e rsta n ding (includi n g a n y short position or a n y bo r rowi n g or lending of s h ares o f sto c k of the Corporation) has been made b y o r on be h alf of such persons, or a n y affiliates or associates o f such p e rsons, the eff e ct or intent o f a n y of the for e g oi n g bei n g to m i ti g ate loss to, or to man a g e risk or be n efit of sto c k price cha n g es f o r, such p e rso n s, or a n y a f filiates or ass o ciates of such p ersons, or to increa s e or d e cr e ase the voting pow e r or p e cunia r y or economic inte r est of such persons, or a n y affiliates or associates o f such p e rsons, with respect to stock of the Corporation;
(6) a de s cription of all a greements, a rra n gements, or understandi n g s (w h et h er written or oral) b etw e en or among such p e rsons, or a n y a f filiates or assoc ia tes of such persons, and a n y ot h er p e rson or persons (i n cluding their n ames) in con n ec t ion with or relati n g to (A) t h e Co r poration or ( B ) the prop o sal, including a n y ma t er i al interest in, or anticipated be n efit from the proposal to such person, or a n y affiliates or associates of s u ch perso n s;
(7) a r epre s entation that the sharehol d er g iving no t ice intends to appe a r in p erson or b y p ro x y at the ann u al or special m e eting to br i ng such business b efo r e s uch meetin g ; and
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(8) a n y other i n formation relating to s u ch persons that would be requi r ed to be disclosed in a pro x y stat e ment or other filing requ i red to be made in conne c tion with the solicitation of pro x ies b y such p ersons with re s pect to the proposed bus i ness to be brou g ht b y such p ersons before an ann u al meeti n g pursuant to Section 14 of the E x chan g e A ct, and the r u les and r e g ulations pro m ul g ated t h ereun d er.
Within 15 da y s f ollo w ing r ece ipt b y the Se cre t a r y of a sh a r e hold e r noti f ication of p r opos e d busin e ss pu r su a nt h ere to, the Co r po ra tion sh a ll a dvise the sh are holder of any de f i c i e n c i e s in the noti f i ca tion. T he notif y ing sha re hold e r m a y c ure su c h d ef i c i e n c i e s w ithin 15 da y s af t e r r e ce ipt of su c h a dvi ce , fa iling w hich the sh are holder ' s noti f i ca tion sh a ll be d ee m e d inv a lid.
S E C T I O N 6. Q uo r um f or Sh a r e hold e r M ee tin g s . A t a n y m ee ti n g of the st o c khold er s, the p re s e n ce , in p er son o r b y p r o x y , of sto c khold e r s e ntitl e d to ca st a t l ea st a m a jo r i t y o f the vot e s w hi c h a ll sh are hol d er s a r e e ntitl e d to ca st u p on a m a tt e r sh a ll c onstitute a quo r um f or the t ra ns ac tion of busin e ss u pon su c h m a tt er , a nd the sto c khold er s p re s e nt a t a du l y o r g a ni z e d m ee ting ca n c ontinue to do busin e ss until a djou r nm e nt, not w ithst a nding the w ithd rawa l o f e nou g h st o c khold er s to l ea ve l e ss th a n a quo r um. I f a m e e ting ca nnot be o r g a ni z e d b e ca use a quo r um h a s not a tt e nd e d, those p re s e nt m a y , e x c e pt a s oth erw ise p r ovid e d b y l aw , a djou r n the m ee ting to su c h time a nd pl ac e a s th e y m a y d e t er min e , but in the ca se of an y m e e ting ca ll e d f o r the e l ec tion of di r ec to r s, those w ho a tt e nd the s ec ond of su c h a djou r n e d m ee tin g s, a lthou g h l e ss th a n a quo r um, sh a ll n e v er th e l e ss c onstitute a qu o r um f or the pu r po s e of e l ec ting di r ec to r s.
S E C T I O N 7. V ot es P er Sh are . E x ce pt a s oth erw ise p r ovi d e d in the Ar ti c l e s or b y l aw , e v e r y sto c khold e r of r ec o r d sh a ll h a ve the r i g ht, a t e v e r y sto c khold e r s ' m ee t i n g , to one vote f or e v e r y sh a r e st a ndi n g in h is n a me on the books of the Co r po ra tion. E x ce pt a s m a y be e x pli c it l y p r ovid e d f or b y the Ar ti c l e s w ith re sp ec t to the e le c tion of one or mo r e d i r e c to r s b y hol d er s of one or mo r e s er i e s of P re fer r e d Sto c k, in the e l ec t i on of di rec to r s sto c khol d er s sh a ll be e ntitl e d to ca st f or a n y ca ndid a t e f or e l ec tion a s a di r ec tor on l y one vo t e p e r s h ar e a nd sh a ll not be e ntitl ed to c umul a te th e ir vot e s a nd ca st th e m f or one ca n did a te or dist r ibute th e m a mong a n y t w o or mo r e ca ndid a t e s.
S E C T I O N 8. P r o x i e s . E v e r y sto c kho l d e r e ntitl e d to vote a t a m ee ting o f sto c khold er s m a y a utho r i z e a noth e r pe r son or p er sons to a c t f or him b y p r o x y . A p r o x y ma y b e submitt e d to the S ecre t a r y b y a sto c k h old e r in wr itin g , b y t e l e p hon e , e l ec t r on i ca l l y or a n y oth e r m ea ns p er mitt e d b y l a w .
S E C T I O N 9. R e qui re d V ote f o r Sh ar e hold e r Ac tion . E x ce pt in re sp ec t of t h e e l e c tion of di rec to r s ( a s to w hi c h a plu ra li t y vote s h a ll be r e qui re d) a nd subj ec t to S ec tion 11 of this Ar ti c le I I , a ll qu e stions submitt e d to the sto c khol d er s a nd a ll a c tions b y the sto c khold er s sh a ll be d ec id e d b y the aff i r m a ti v e vote of the sh a re hold er s p re s e nt, in p er son or b y p r o x y , e ntitl e d to ca st a t l ea st a m a jo r i t y of the vot e s w hi c h a ll sh are hol d er s p re s e nt ar e e ntitl e d to vote on the m a tt er , unl e ss oth erw ise p r ovid e d b y the A r ti c l e s, the B y l aw s or b y l aw . F or pu r p o s e s of this s ec tion, in the e v e nt th a t a hold e r of sh are s of a c l a ss or s er i e s th a t is e ntitl e d to vote on a m a tt e r is p re s e nt in p er son or b y p r o x y a t a m ee ti n g but is not p er mitt e d b y r e a son of a le g a l dis a bili t y o r b y a c ont rac tu a l re st r i c tion or oth erw ise to vote the sh a re s su c h hold e r holds on su c h m a tt er , the sh are s h e ld b y su c h hol d e r a nd not so p e r mitt e d to be vot e d sh a ll n e v e r th e l e ss be c onsid e r e d
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entitled to vote and pres e nt for purposes of d eter m ining the number o f vot e s required f o r stockholder action.
S E C T I O N 10. B a llots; J ud g e s of E l ec t i on . E l ec tions f or di r e c to r s n ee d not be b y b a llot e x ce pt on d e m a nd m a de b y a sto c khold e r a t the e l ec tion a nd b ef o r e the vot i ng b e g ins. I n a dv a n c e of a n y m ee ti n g of sto c k h old er s, the B o ar d m a y a p point jud g e s of e l ec tion w ho n ee d not be sto c khold er s to ac t a t su c h m ee ting or a n y a djou r n m e nt th ere o f , a nd if su c h a ppointm e nt is not m a d e , the c h a i r m a n of a n y su c h m ee ting m a y , a nd on re qu e st of a n y sto c k h old e r or his p r o x y sh a ll, m a ke su c h a ppoin t m e nt a t the m ee tin g . T he numb e r of ju d g e s sh a ll b e one or th r e e a nd, if a ppoint e d a t a m e e ting o n re qu e st of o n e or mo r e sto c khold er s or th e ir p r ox i e s, the m a jo r i t y of the sh are s p r e s e nt a nd e n titl e d to vote sh a ll d e t er mine w h e th e r o n e or th r e e jud g e s a r e to be a ppoint e d. N o p er son w h o is a ca ndid a te f or o ff i c e sh a ll ac t a s a ju d g e . I n c a se a n y p e r son a ppoint e d a s judge f a ils to a pp ea r o r fa ils or ref u s e s to ac t, the v a ca n c y ma y be f ill e d b y a ppointm e nt m a de b y the B o ar d in a dv a n c e of the c onv e ni n g of the m e e ting or a t the m ee ti n g b y the p er son or o f f i c e r ac t i ng a s c h a i r m a n o f the m e e tin g . O n re qu e st of the c h a i r m a n of the m ee ting or o f a n y sto c k h old e r or his p r o x y , the j u d g e s s h a ll m a ke a r e po r t in wr iting of a n y c h a ll e n g e or q u e stion or m a tt e r d e t er min e d b y th e m a nd e x ec ute a c er ti f i c a te of a n y f ac t f ound b y th e m.
S E C T I O N 11. Ac tion W ithout a M ee tin g .
(a) To the fullest e x tent and in the manner p e rmitted b y law, a n y a ction required or p ermitted to be taken at a meeti n g of t he stockholders or o f a c l ass or series o f stockholders m a y be ta ke n without a meeting of t h e stockholders or o f such class or series o f stockholders upon the c o nsent in writing si g n ed b y such stockhol d ers who would have b e en entitled to vote the min i mum number of votes that would be ne c essa r y to authori z e the action at a meeti n g at which all the stockholders entitled to vote thereon w ere p res e nt and votin g . The consents shall be filed w i th the Secret a r y .
(b) I n o rder that the Corp o ra t ion m a y de t ermine the s h arehold e rs entitled to consent to corpo r ate a ction in writing without a meetin g , t h e B o ard of D i r e ctors m a y fix a record date, which r ecord d ate s hall not prece d e the date upon which the resoluti o n fi x ing the record date is adopted b y the B o ard of Di r ectors, a nd wh i ch date shall not be mo r e than 30 d a y s aft e r the date upon which the r esolution fi x ing the reco r d date is adopted b y the B oard o f Dir e ctors. A n y s h arehold e r of r eco r d seeking to have the s ha reholders auth o ri z e or t a ke corpo r ate a ction b y written consent shall, b y written notice to the Sec r eta r y of the Corp o ration, request the B oard o f Directors to fix a rec o rd date. The B oard o f Dir ec tors shall prompt l y , but in all events within 30 d a y s after t h e date on w h ich such a r equest is re ce ived, adopt a resolution f i x ing the record d ate and the r e cord as so est a blished b y the B oard o f Directors shall not be le s s than 15 d a y s n o r more than 30 d a y s aft e r the da t e upon which the r esolution fi x ing the record d ate is adopted b y the B oard o f Dir e ctors. I f no record d ate has b een fi xe d b y the B o a rd of Di r ec t ors within 30 d a y s of the date on which such a request is r e ceived, subj e ct to the sharehold er ' s c o mpliance with Article I I , Section 11( c ), the r e c o rd date for d etermini n g s harehold e rs entitled to c o nsent to corporate action in writing without a meeti n g , when no pri o r action b y t h e B o ard of D irectors is requi r ed b y appli c able law, s h all be the close of business on the first date on which a si g ned w ritten consent setting f o rth the action taken or p roposed to be taken is delive r ed to the Corporation b y delive r y to its r e g istered office in the Commonw e alth of Penn s y lvan i a, its principal place o f
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busin e ss, or a n o ff i c e r or a g e nt of the Co r po r a tion h a ving c usto d y o f the b o ok in w hi c h p r o cee di n g s o f m ee ti n g s of the sh are hol d er s a r e re c o r d e d, to the a tt e ntion o f the S ec r e t a r y of t h e Co r po ra tion. De liv e r y m a de to the Co r po ra tio n ' s r e g ist e re d o f f i c e sh a ll be b y h a nd o r b y c er ti f i e d or r e g ist e r e d m a il, re tu r n rece ipt r e qu e st e d. I f no r ec o r d d a t e h a s b e e n f i x e d b y the B o a r d of D i rec to r s a nd p r ior a c tion b y the B o a r d of D i r ec t o r s is re qui re d b y a ppli c a ble l aw , the r e c o r d d a te f or d e t er mining s h a r e hold er s e ntitl e d to c ons e nt to c o r po ra te ac tion in wr iting w ithout a m ee ting sh a ll be a t the c l ose of busin e ss on the d a te on w hi c h the B o ar d of D i rec to r s a d o pts the re solution t a king su c h p r ior ac tion.
(c) A dv a n c e N oti c e of Sh a r e hold e r N omin a tions of C a ndid a t e s f or E l ec tion a s D i rec to r s a nd O th e r M a tt er s P re s e nt e d b y Sh a re h o ld er s to be Ac t e d on b y W r itt e n Cons e nt . I n addition to the provisions of Article I I , Section 11 ( b) r e g a rding t h e requi re ment that a shareholder o f r e cord s e e king to have t h e sha r eholders authori z e or ta k e co r porate a ction b y written consent shall re q uest the B o a rd of Di r ect o rs to fix a record date, in connection with a n y such authori z ation of co r porate a ction b y w ritten c onsent, on l y such nomin a tions of candidates for el e ction as directors ( as and to the e x tent such candidates a re p ermitted to be elected b y action b y written consen t ) and other business as is proper l y the subject o f such an a ction b y written consent of sh a re h olders in acc o rdan c e wi t h this par a g raph m a y b e t ransac t ed. To be proper l y the subject o f an action b y written conse n t of sharehold e rs, a n y n o minations of candidates f o r el e ction as directors and oth e r pro p osed business to be ef f ec t ed b y m eans of s u ch action b y written consent must be either ( a ) specif i ed in the notice of the so l icitation of written consents (or a n y supp l ement thereto) g iven b y o r a t the direction of the B o a rd of Dir e ctors or
(b) if to be a cted upon at the request of a sha r eholder of r ecord s eeki n g to have the sh a reholders authori z e or take c o rpor a te action b y written con s ent, then written notifica t ion of such proposed business must have been recei v ed b y the Se c reta r y of the Corporation from such sharehol d er of record not la t er than the close of business on the 30th d a y p rior to the r e c o rd date set in accor d an c e with Article I I , S e ction 11(b) f o r the d etermination of sha r eho l ders entitled to act b y written consent in lieu of a meeti n g with resp e ct to the election of such ca n didates for dir e ctor or the taking of s u ch corp or ate action; p r ovid e d , ho w e v er , that (i) i f the B o ard of Directors fi x es a record d ate f o r the det er mination of shareholders entitled to act b y written consent in lieu of a meeting that is less than 30 d a y s after a r equest theref o r is made purs u ant to Article I I , S e ction 11(b), then written notif i cation of such propo s ed business must have been recei v ed b y the Secret a r y of the Corpo r a t ion from such sha r ehold e r of r e cord not later t h an the close of business on the 15th d a y p rior to such rec o rd date o r (ii) if no such rec o rd date is fi x ed b y t h e B o ard of Directors purs u ant to Ar t icle I I , Section 11( b ), th e n written notification of s uch proposed business must have been recei v ed b y the Se c reta r y of the Corporation from such sharehol d er of record not la t er than the r ecord da t e as othe r wise e stablished in accor d ance with Article I I , Section 11(b). Such sha r eholder notification shall (i) to the e x tent such notification relates to proposed business other t han the nomination of c a ndidates for el e ction as d irectors, set f o rth (a) the nature of and r e asons for the proposal in r eas o nable detail, and shall in c lude the proposed te x t of a n y proposal re g a rding such busi n ess (inc l uding the te x t of a n y res o lutions proposed for consideration and, if s uc h business includes a pr o posal to amend these B y l aws, the te x t of the proposed amendment), a nd (b) the r e asons for c o nducting such business b y a ction b y written consent, (ii) as to the sh a reholder g ivi n g notificat i on, and the ben e ficial o w ner, if a n y , on who s e behalf the notification is being ma d e,
(a) the n ame and address of such persons;
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(b) the class and series o f all shares of the Corp o r a tion that are ben e ficial l y owned of rec o rd b y such p e rso n s and a n y a f filiates or as s ociates of such p ersons;
(c) the n ame of e ach no m inee holder of s h ares o f a ll stock of the Corporation owned ben e ficial l y but not of record b y s u ch p e rsons or a n y a f filiates or a s sociates of such persons, and the n u mber of such sh a res of s t ock of the Corpo r ation held b y each such nominee holder;
(d) wheth e r and the e x tent to which a n y d erivative instrument, swap, option, war r ant, short interest, h e d g e o r profit inte r est or o ther trans a ction has been entered into b y or on be h alf of s u ch persons, or a n y a f filiates or associa t es of such p ersons, with respect to stock of t he Corporation;
(e) w h ether and t h e e x tent to which a n y ot h er tran s action, a g r e ement, a r ra n gement or understandi n g (includ i ng a n y sh o rt position or a n y bo r rowi n g or lendi n g of shares of stock of the Corpo r ation) has been m ade b y or on behalf of s u ch person s , or a n y affiliates or associates of such persons, the e ff e ct o r intent of a n y of the for e g oi n g being to mitigate loss to, or to man a g e risk or b en e fit of stock price cha n g es for, such persons, or a n y affiliates or associates o f such p e rsons, or to increa s e or d ec rease t h e voting pow e r or p e cunia r y or economic inte r est of such persons, or a n y a f filiates or associates of s u ch perso n s, with respect to stock of the Corporation;
(f) a d escription of all a greements, a rra n gements, or understandi n g s (w h et h er written or oral) b etw e en or among such p e rsons, or a n y a f filiates or assoc ia tes of such persons, and a n y ot h er p e rson or persons (i n cluding their n ames) in con n ec t ion with or relati n g to (A) t h e Co r poration or ( B ) the prop o sal, including a n y ma t er i al interest in, or anticipated be n efit from the proposal to such persons, or a n y affiliates or associates of s u ch perso n s; and
(g) a n y other i n formation relating to s u ch persons that would be requi r ed to be disclosed in a pro x y stat e ment or other filing requ i red to be made in conne c tion with the solicitation of pro x ies b y such p ersons with re s pect to the proposed bus i ness to be brou g ht b y such p ersons before an ann u al meeti n g pursuant to Section 14 of the E x chan g e A ct, and the r u les and r e g ulations pro m ul g ated t h ereun d er;
and (iii) to the e x tent such notification relates to t he nomination of candid a tes for el e ction as directors, set f o rth the in f ormation specified in su b clauses ( a ), (b), ( g ), ( h ) , (i), (j) and ( k ) of Article I I , S e ction 4 of these B y l aws. W ithin 15 d a y s following re c eipt b y t he Secre t a r y of a shareholder n otification of nominations of candi d ates for e l ection as dir e c t ors or other propo s ed business to be acted on b y w ritten consent pursu a nt hereto, the Corpo r ation shall advise the shareholder o f a n y d efic i encies in the notification. The noti f y i n g sh a rehol d er m a y c u re such deficienc i es within 15 d a y s a fter r e c eipt of such a dvice, faili n g which the s harehold er ' s notification shall be de e med invalid.
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AR T I C L E III
T he B o ar d of D i rec to r s
S E C T I O N 1. A utho r i t y of the B o a r d of D i rec to r s . E x ce pt a s ot h erw ise p r ovi d e d b y l a w a nd subj ec t to the p r ovisions of the Ar ti c l e s a nd the B y l aw s, a ll po we r s v e st e d b y l a w in the Co r po ra tion m a y b e e x e r c is e d b y or und e r the a u t ho r i t y o f , a nd the busin e s s a nd af f a i r s of the Co r po ra tion sh a ll be m a n a g e d und e r t h e di r e c tion o f , a B o ar d of D i r e c to r s w hi c h sh a ll be c onstitut e d a s p r ovid e d b y l aw , t h e Ar ti c l e s a nd the B y l aw s.
S E C T I O N 2. N umb e r O f D i rec to r s . S ubj ec t to the p r ovisions of l aw , the Ar ti c l e s a nd the B y l aw s, the B o a r d s h a ll c onsist of not fewe r t h a n s e v e n nor m o r e th a n t we lve individu a ls, the e x ac t numb e r to be s e t f r om time to time b y the Bo ar d pu r su a nt to a re solution a dopt e d b y t h e aff i r m a tive vote o f a m a j o r i t y of the B o a r d, plus su c h numb e r of a ddition a l individu a ls a s m a y be e l ec t e d b y the hol d er s of P refe r re d Sh a r e s in a c c o r d a n c e w ith the A r ti c l e s a nd the B y l aw s, p r ovid e d th a t no re d u c tion in the numb e r of m e m b er s sh a ll e nd the t e r m of o ff i c e of a n y di r e c tor ear li e r t h a n su c h t er m of o ff i c e w ould oth e rw ise e nd.
S E C T I O N 3. Vaca n c i e s . V a ca n c i e s on the B o a r d ( in c ludi n g a n y v aca n c y c r ea t e d b y a n in cr e a se in the si z e of the B o a r d) m a y be f ill e d b y a c tion of the sh a r e ho l d er s or the B o a r d, a s p r ovid e d b y a nd subj ec t t o a ppli ca ble l a w a nd the Ar ti c l e s.
S E C T I O N 4. A nnu al O r g a ni z a tion al M ee ting o f the B o ar d . T he B o a r d sh a ll hold a n a nnu a l o r g a ni z a tion a l m e e ting imm e di a t e l y f ollo w ing the a nn u a l m ee ti n g of the sh are hold e r s a t the pl ac e th e re o f , w ithout noti c e in a ddition to the noti c e of the a nn u a l m ee t ing of sh a re hold e r s, or a t su c h oth e r time a s s oon a s p rac ti c a ble a f t e r s u c h m ee ti n g a s the B o ar d sh a ll d e t er mine a nd sh a ll a t the a nnu a l o r g a ni z a tion a l m ee ting e l e c t a P re sid e nt, a S ec r e t a r y a n d a Tr e a su re r o f the Co r po ra tion a nd su c h ot h e r o ff i c er s of t h e Co r po r a tion a s sh a ll be p r ovid e d b y the B y l aw s o r d e t er min e d b y the B o ar d to be a pp r op r i a t e , sh a ll e st a blish the st a nding c o m mitt ee s of the B o a r d p r ovid e d b y the B y l aw s a nd m a y t a k e su c h oth e r a c tion a s the B o ar d d e t er min e s to be a pp r op r i a t e . Off i c er s of t he Co r po ra tion a nd st a n d ing a nd oth e r c ommitt ee s of the B o ar d m a y a lso be e l ec t e d a t a n y ot h e r time b y t h e B o ar d.
S E C T I O N 5. O th er M ee ti n g s of the B o ar d . A ll m ee ti n g s of the B o ar d, ot h e r th a n the a nnu a l o r g a ni z a tion a l m e e tin g , sh a ll be h e ld a t the p r in c ip a l o ff i c e of the C o r po ra tion unl e ss the B o ar d ( or the p er son or p er sons e ntitl e d to ca ll a nd ca lling the m ee ting) sh a l l d ec ide oth erw i s e , in w hi c h ca se s u c h m ee ti n gs m a y be h e ld a t su c h lo c a tion w ithin or w ithout t h e Common wea lth of P e nn s y lv a nia a s the B o a r d ( or the p er son o r p er s o ns e ntitl e d to ca ll a nd ca l ling the m ee ti n g ) m a y fr om time to time di rec t. R e g ul a r m ee ti n g s of the B o ar d s h a ll be h e ld a t s u c h time (a nd pl a c e ) in acc o r d a n c e w ith su c h s c h e dule a s the B o ar d s h a ll h a ve d e t e r min e d in a dv a n c e a nd no f u r th e r noti c e of r e g u l a r m ee ti n gs of the B o ar d sh a ll be re qui re d. T he I n d e p e nd e nt D i rec to r s sh a ll m e e t p er iodi ca l l y w ithout a n y m e mb e r of m a na g e m e nt p re s e nt a nd, e x ce pt a s the I nd e p e n d e nt D i rec to r s m a y oth e rw ise d e t er min e , w ithout a n y o th e r di rec tor p re s e nt to c onsid e r the ov e r a ll p erf o r m a n c e o f m a n a g e m e nt a nd the p e r f o r m a n c e of the r ole o f the I n d e p e nd e nt D i r e c to r s in the g ov e r n a n c e of the Co r p o ra tion; su c h m ee ti n g s sh a ll be h e ld in c onn ec tion w ith a r e g ul ar l y s c h e dul e d m ee ti n g of t h e B o ar d e x ce pt a s the I n de p e nd e nt D i r e c to r s sh a ll o th erw ise d e t e r min e . Sp ec i a l m ee ti n g s of the B o ar d m a y be c a ll e d b y t he Ch a i r m a n of the B o ar d ( if a n y ) , a V i ce
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Ch a i r m a n of the B o ar d ( if a n y ) , the P re si d e nt or b y a n y t w o o r mo r e di r ec t o r s b y g ivi n g wr itt e n noti c e a t l ea st t w o B usin e ss D a y s in a dv a n c e of t h e d a y a nd ho u r of the m e e ting to e ac h di r e c tor ( unl e ss it is d e t er min e d by the Ch a i r m a n of the B o ar d ( if a n y ) , a V i c e Ch a i r m a n of the B o ar d ( if a n y ) or the P r e sid e nt to be e x i g e nt und e r t h e c i r c u mst a n ce s f or the p r ot ec t i on of the int ere sts of the Co r po ra tion th a t the B o ar d m ee t e ar li er , in w h i c h ca se no l e ss th a n t we n t y -f o u r hou r s ' noti c e sh a ll be g iv e n ) , e ith e r p e r son a l l y or b y fac simil e , o r oth e r m ea ns in c ludi n g e l ec t r onic m ea ns p er mitt e d b y l a w . A tt e n d a n c e a t a n y m ee ti n g of t h e B o a r d sh a ll be a wa iv e r of noti c e th e r e o f , unl e ss su c h l ac k of noti c e is p r ot e st e d a t the outs e t of the m ee tin g . I f a ll the m e mb er s of the B o ar d a r e p re s e nt a t a n y m ee tin g , no noti c e of the m ee ting s h a ll be r e qui r e d. F or pu r p os e s h e re o f , wr itt e n noti c e sh a ll in c lude noti c e p r ovid e d b y e - m a il or in oth e r e l ec t r on i c f o r m a s lo n g a s a do c um e nt a r y c o p y o f su c h e l ec t r onic noti c e m a y b e m a d e.
S E C T I O N 6. Q uo r um . A m a jo r i t y o f the m e mb er s of the W ho l e B o a r d sh a ll c onstitute a quo r um f or the t r a ns ac t ion of busin e ss but, if a t a n y m ee ti n g a quo r um s h a ll not be p re s e nt, the m ee ting m a y a djou r n b y a m a jo r i t y o f those p re se nt until su c h tim e , fr om t i me to tim e , until a quo r um sh a ll be p re s e nt.
S E C T I O N 7. Te l e phonic P ar ti c ip a tion . D i rec to r s m a y p ar ti c ip a t e in a m ee ti n g of the B o ar d o r a c ommitt e e th e re of b y c o n fe r e n c e t e l e p h one or simil a r c ommuni c a tions e quipm e nt b y m ea ns of w hi c h a ll p er s o ns p ar ti c ip a ting in the m e e ting c a n h e a r e ac h oth e r .
S E C T I O N 8. Ch a i r m a n a nd V i c e Ch a i r m a n of the B o ar d . T h e B o ar d m a y , b y re solution a dopt e d b y a m a jo r i t y of the W hole Bo ar d, a t a n y time d e s i g na te one of its m e mb er s a s Ch a i r m a n of the B o ar d. T he B o ar d m a y , b y r e s olution a dopt e d b y the Bo ar d, a t a n y time a lso d e si g n a t e one or mo r e of its m e mb er s a s V i c e Ch a i r m a n of the B o ar d. T h e Ch a i r m a n of the B o ar d s h a ll p re side a t a ll m ee tin g s of t h e sh a r e hold er s. I n the a b s e n c e or u n a v a il a bili t y of the Ch a i r m a n of the B o ar d, t he V i c e Ch a i r m a n of the B o ar d s h a ll p re side a t m e e tin g s of the sh are hold er s a nd, e x ce pt a s oth erw ise p r ovi d e d b y the B o a r d, in the a bs e nc e or un a v a il a bili t y of the V i c e Ch a i r m a n, t h e P re sid e nt sh a ll p re side a t m ee tin g s of t h e sh a r e hold er s. T he Ch a i r m a n o f the B o a r d sh a ll p re side a t the m ee tin g s o f the B o a r d, sh a ll be re sponsible f o r the o r d er l y c ondu c t b y the B o a r d of its ov er s i g ht of the busin e ss a nd a f fa i r s of the Co r p o ra tion a nd its oth e r duti e s a s p r ovid e d b y l aw , the A r ti c l e s a nd the B y l aw s a nd sh a ll h a ve su c h oth e r a u t ho r i t y a nd re sponsibili t y a s the B o a r d m a y d e si g n a t e . I n the a bs e n c e or u n a v a il a bili t y of the Ch a i r m a n of the B o a r d or V i c e Ch a i r m a n of the B o ar d, a nd e x ce pt a s oth e r w ise p r ovid e d b y the B o a r d, the L e a d D i r ec to r , if a n y , sh a ll p re side a t m ee ti n g s of t he B o a r d. I n the a bs e n c e or un a v a il a bili t y o f a Ch a i r m a n, V i c e Ch a i r ma n or L ea d D i r ec to r , t h e Bo ar d sh a ll, b y re solution a dopt e d b y the B o ar d, d e si g n a t e one of its m e m b er s to p re side a t a m ee t i ng of the B o ar d. A V i c e Ch a i r m a n of the B o ar d s h a ll a ssist the Ch a i r m a n in the c ondu c t o f his duti e s, in c luding b y p re siding a t m ee ti n g s of the B o ar d in the a b s e n c e of the Ch a i r m a n of the B o ar d, a nd sh a ll h a ve s u c h oth e r a utho r i t y a nd re sponsibili t y a s the B o ar d m a y d e s i g n a t e . A Ch a i r m a n or V i c e C h a i r m a n of the B o ar d sh a ll not be c onsid ere d a n o ff i ce r of t h e Co r po ra tion u n l e ss oth erw ise p r ovid e d b y the B o a r d.
S E C T I O N 9. Committ ee s of the B o ar d . T he B o ar d m a y , b y r e s olution a dopt e d b y a m a jo r i t y of the W hole Bo ar d, a t a n y time d e s i g na te one or mo r e c ommitt ee s, eac h c ommitt e e to c onsist of one or mo r e o f the di rec to r s of t h e Co r p o ra tion, e x ce pt a s oth er w ise p r ovid e d b y the B y l aw s. T h e B o ar d m a y d e si g n a t e one or mo r e di r ec to r s a s a lt e r n a te m e m b er s of a n y c ommitt ee, w ho m a y re pl a c e a n y a b s e nt or disqu a li f i e d m e m b e r a t a n y m e e ting o f the c ommitt ee . Subj ec t to
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the f ollo w ing p r ovisions of this s ec tion, a n y s u c h c ommitt e e to the e x t e nt p r ovid e d in su c h re solution sh a ll h a ve a nd m a y e x erc ise a n y or a ll of the a utho r i t y a nd r e sp o nsibili t y of the B o a r d in the m a n a g e m e nt of the busin e ss a nd af f a i r s of t he Co r po ra tion, e x ce pt a t oth erw ise p r ovid e d b y l aw , t h e Ar ti c l e s or t h e B y l aw s. E x ce pt a s oth e rw ise p r ovid e d b y the A r ti c l e s, the B y l aw s o r ac tion of the B o ar d, a q u o r um f or ac tion b y a c o m mitt e e sh a ll be a m a jo r i t y of the m e mb er s (a ssuming no v aca n c y ) a nd ac tion b y vo t e of a m a jo r i t y of the m e m b er s a t a m ee ti n g du l y ca ll ed a t w hi c h a quo r um is p r e s e nt sh a ll c onstitute ac tion b y the c ommitt ee . Eac h c ommitt e e sh a ll k ee p a rec o r d of its ac tions a n d a ll m a t er i a l ac tions t a k e n b y a c ommitt e e on b e h a lf of the B o ar d s h a ll be re po r t e d to the f ull B o ar d p er iodi c a l l y . I n a ll oth e r re s p ec ts, the B o ar d ma y , b y re solution a dopt e d b y a m a jo r i t y of the W hole B o ar d, e st a blish r ul e s of p r o c e du r e f or a c ommitt ee , in c luding d e s i g n a ti n g a m e mb e r of a c ommitt e e a s its c h a i r . I n the a bs e n c e of the d e s i g n a tion b y the B o a r d of the c h a ir of a c ommitt e e or the a dopt i on b y the B o a r d of r ul e s of p r o ce d u r e f o r a c ommitt ee , the c ommitt e e sh a ll a dopt its o w n r ul e s of p r o ce d u r e a nd e l ec t i ts c h a i r . T he B o ar d sh a ll e st a blish st a nding c ommitt ee s of the B o a r d a s p r ovid e d b y t h e f ollo w ing p r ovisions of this s ec tion.
(a) A udit Commi t t ee . The a udit committee shall be composed of at least three memb e rs of the B o ard, e a ch of whom s h all be an I nde p endent Di r ec t or, shall not, in relation to the Corporati o n, be an " a f filiated pers o n" as d efined in Rule 1 0 A-3 under the E x chan g e A ct (as from time to time in effect) and shall meet such other qu a lifications for membership on the audit committee as are from time to time required b y t h e listing standards of the NYSE or Nas d aq ap p licable to the Corporati o n. The audit committee shall assist the B oard in overseei n g the Corp o rat i on ' s fina n cial rep o rting a nd shall have such autho r i t y and r esponsibili t y as is provided in the co m mittee ' s c h arter (as h e re i nafter provi d ed fo r ) and, subject thereto, as is normal l y incident to the f unctioning of the audit c ommittee of a public l y - tr aded compa n y and shall perform the oth e r f u nctions provided to be p e rformed b y it b y the B y la ws and such other functions as a r e from time to time assi g ned to it b y the B o a rd.
(b) M a n a g e m e nt D e v e lopm e nt a nd Comp e ns a tion Committ ee . The man a g ement de v elopm e nt and compensation c o mmittee shall be composed of at least th r ee members of the B oard, e ach of whom shall be an I n d ependent Director and shall meet such other qualifications as m a y be necess a r y to quali f y as a non-empl o y e e di r ector u nder Rule 16b-3 und e r the E x change A ct (as fr o m time to time in eff e ct) and as an outside dir e ct o r under S e ction 162(m) of the I nter n al Revenue Code of 1986, as amen de d (and as f rom time to time in eff e ct). No member of the committee shall be el i g ible to part i cipate in a n y com p ensation plan or pr o g r am of the Corporation or a n y S ubsidia r y o f the Corpora t ion that is administered or overs e en b y the committee. The man a g e ment development and c ompensation committee shall assist the B oard in overseei n g the compens a tion of the Corporation ' s officers, t h e Corporatio n 's empl o y e e stock option or other equi t y - b a sed compensation plans a nd programs and the Co r poration ' s man a g ement com p ensation policies and shall ha v e such authori t y and r es p onsibili t y as is provided in the committee ' s char t er ( as he r einaft e r provided for) and, subj e ct thereto and subj e ct to other direction of the B oard, as is normal l y i nc ident to the functioning o f the man a g e m ent compensation committee of a public l y - tra d ed co m pa n y and shall pe r form t he other fu n ctions provided to be pe r formed b y it b y the B y l aws and such other fu n ctions as a r e from time to time assi g ned to it b y the B oa r d. Unless revie w ed and, i f neces s a r y , ap p roved b y the committee, the Corporation shall not ca u se or permit a n y Subsidi ar y o f the Corpo r ation to p a y o r g rant a n y
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compensation to a n y off i cer or empl o y e e of t h e Corporation which, if paid or granted b y the Corporation, would requ i re rev i ew or ap p roval of t he committee.
(c) N omin a ting a nd G o v er n a n c e Committ ee . The n o minating and g ov e rnan c e committee shall be com p osed of at least th r ee m e mbers of the B oard, each of whom shall be an I n d ependent Director and the appointment of e a ch of whom shall require t h e affir m ative vote of a majori t y o f the I nde p e n dent Directors at the time. The nominating and g o vernan c e committee
(i) shall have auth o ri t y a nd responsibili t y to rec o mmend to the B oard for approval the c andidates to be recommen d ed b y the B o a rd to the sha r ehold e rs for el e ction as dir e cto r s of the Corporation or to be elec t ed b y the Board to fill a va c an c y on t he B o a rd, who shall be s uch as to cau s e, if such candidates are elec t ed, the composition of the B o a rd to satis f y the r e q uirements of the Articles r e gardi n g dir e ctor independe n ce and t h e requirements of this s e ction, (ii) shall advise the B oard on its policies and procedu r es for ca r r y i n g o ut its responsibilities and on the Corporation ' s policies and pro c edures r especti n g sha r eholder p a r ticipation in corporate g o vernan c e and
(iii) shall have such aut h ori t y and responsibili t y a s is provided in the committee ' s c h arter (as herein a fter provi d ed for) and, subject the r eto and s ubject to other dir e ction of the B o ard, as is normal l y incident to the f unctioning of the nomin a ting or g ov e rnan c e co m mittee of a public l y - traded compa n y and (iv) shall perform the oth e r f u nctions provided to be p e rformed b y it b y the B y l aws and s u ch other f u nctions as are from time to time assi g ned to it b y the B o a rd.
(d) Finance Committee . The finance committee shall be composed of at least three members of the Board, each of whom shall be an Independent Director and the appointment of each of whom shall require the affirmative vote of a majority of the Independent Directors at the time. The finance committee (i) shall assist the Board in its oversight of the financial management of the Corporation, including material and strategic financial matters, (ii) shall have such authority and responsibility as is provided in the committee's charter (as hereinafter provided for) and, subject thereto and subject to other direction of the Board, as is normally incident to the functioning of the finance committee of a publicly- traded company and (iii) shall perform the other functions provided to be performed by it by the Bylaws and such other functions as are from time to time assigned to it by the Board.
(e) Committ e e Ch ar t er s . The B o a rd, b y majori t y vote of the W hole B o ard, shall approve a char t er d escribi n g the purposes, f unctions and responsibilities of each standi n g committee of the B o ard. Each standi n g committee of the B o ard shall pre p a r e and r e commend to the B o a rd for its appro va l the committee ' s c h art e r and shall, at least ann u all y , r eview and rep o rt to the B oard on t h e ade q ua c y the r eof. I n addition to and without limi t ing the provisions of par a g r aphs ( a ) thro u g h (c ) of this section, e a ch st a nding committee of the Board shall have t h e authori t y and responsibili t y provided b y its B o ard - approved c h art e r, subject to further a ction b y the B o a rd, and no f u rther authori z ation of the B o a rd shall be ne c essa r y for actions b y a committee within the scope of its chart e r. A n y ot h er committee of the B o ar d m a y likewise prepa r e and r ecommend t o the B o a rd a c h art e r for the committee and shall have the authori t y and responsibili t y p rovided b y its B o ard - approved ch a rter.
(f) Committ e e A dviso r s a nd R e sou rce s . E ach stand i ng committee of t h e B oard s h all have the authori t y to re t ain, at the Co r poration ' s e x pense, such legal and other counsel and advisors as it determines to be n e cess ar y o r appro p riate to c ar r y out its responsibilities within t h e scope of its c h arter. E a ch other committee of t h e B o a rd shall have like authori t y to the e x tent p r ovided b y its ch a rter o r o therwise authori z ed b y t h e B o a rd. The Corporation shall p a y the compensation of the in d ependent auditor o f the Corporation for all audit services, as appro v ed b y t h e Audit Commit t ee, without need f o r furt h er authori z ation.
S E C T I O N 10. D i rec tor Comp e ns a tion . T he B o ar d m a y s e t the c omp e ns a tion of
di rec to r s a s p er mitt e d b y l aw .
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AR T I C L E I V
Off i c e rs
S E C T I O N 1. Off i c e r s Ge n era l l y . T he B o ar d s h a ll d e si g n a te a P re sid e nt, one or mo r e V i c e P re sid e nts, a T rea s u rer , a S e cre t a r y a nd a G e n era l Couns e l a nd sh a ll d e si g n a t e a n o f f i c e r as c hi e f f in a n c i a l o ff i c e r a n d a n o ff i c e r a s c hi e f a cc o unting o ff i c e r a nd m a y d e si g n a t e su c h oth er o ff i cer s, w ith su c h titl e s, a utho r i t y a nd re sponsibili t y ( in c ludi n g A ssist a nt V i c e P re sid e nts, A ssist a nt Trea su r er s a nd A ssist a nt S ecre t ar i e s ) , a s the B o a r d c onsid er s a pp r op r i a te f or the c ondu c t of the busin e ss a nd affa i r s o f the Co r po r a tion. A n y t w o or mo r e o f f i ce s m a y be h e ld b y the s a me individu a l. U nl e ss soon e r r e mov e d b y t h e B o a r d, a ll o ff i cer s sh a ll hold o ff i c e until the n e x t a nnu a l m ee ting of t h e B o a r d a nd until th e ir s u cce sso r s s h a ll h a ve b e e n e l ec t e d. A n y o ff i c er m a y b e re mov e d fr om o f f i c e a t a n y tim e , w ith or w ithout ca us e , b y ac tion of the B o ar d.
S E C T I O N 2. P re sid e nt . T he P re sid e nt sh a ll be the c hi e f e x ec utive o ff i c e r of the Co r po ra tion, sh a ll h a ve g e n era l su p er vision of the busin e ss a nd af f a i r s a nd a ll oth e r o ff i c er s of the Co r po ra tion (e x ce pt t h a t, if th er e is a Ch a i r ma n of the B o ar d or a V i c e Ch a i r m a n of the B o ar d w ho is c onsid e r e d a n o ff i c e r of the Co r p o ra t ion, the P re sid e nt sh a ll pl a y on l y s u c h sup er viso r y r ole w ith r e s p ec t th ere to a s is p r ovid e d b y the B o a r d) a nd, sub j ec t to the di rec tion of the B o a r d, sh a ll h a ve the a utho r i t y a nd re sponsibili t y c ustom a r y to su c h o ff i ce . I n the a bs e n c e or un a v a il a bili t y of a Ch a i r m a n of the B o ar d or V i c e Ch a i r m a n of the B o ar d, a nd e x ce pt a s oth erw ise p r ovid e d b y t h e B o a r d, the P re sid e nt s h a ll p re side a t m ee ti n g s of the sh are hold e r s.
S E C T I O N 3. V i c e P re sid e nts; O p e ra t i on or D ivision P re sid e nts . T he B o ar d m a y e l ect one or mo r e V i c e P re sid e nts, w ith su c h f u r th e r titl e s ( in c luding d e si g n a tion a s P re sid e nt of a division or op era tion of the Co r po ra tion) a nd w ith su c h a utho r i t y a nd re sp o nsibili t y a s the B o a r d m a y d e t er min e . I n t h e a b s e n c e or dis a bili t y of the P re sid e nt, his duti e s sh a ll be p erf o r m e d b y one or mo r e V i c e P re sid e nts or O p e r a tion or D ivision P re sid e nts a s d e s i g n a t e d b y the B o a r d.
S E C T I O N 4. Chi e f F in a n c i a l Off i c er ; Cont r oll er . T he B o ar d s h a ll d e si g n a t e a n o f f i c e r a s the c hi e f f in a n c i a l o ff i ce r of t h e Co r po ra tion, w ho sh a ll h a ve g e n e ra l su p er vision of the f in a n c i a l a ffa i r s o f the Co r po ra tion, su c h oth e r a u tho r i t y a nd r e sponsibili t y a s the B o ar d m a y d e si g n a t e a nd, subj e c t to the di rec tion of the B o ar d, the a utho r i t y a nd re sp o nsibili t y c ustom a r y to su c h o ff i ce . I n the a b s e n c e or dis a bili t y of the c hi e f f in a n c i a l o f f i c e r , his or h e r duti e s m a y be p erf o r m e d b y a n y oth e r o ff i ce r d e s i g n a t e d b y him or h er , b y the P r e sid e nt or b y the B o ar d. T he B o ar d s h a ll a lso d e si g n a t e a n o ff i ce r a s the Cont r o ll e r of the Co r po ra tion, w ho sh a ll be the c hi ef acc ounti n g o ff i ce r o f the Co r po ra tion (a nd m a y b e the s a me a s or di f fe r e nt f r om the c hi e f f in a n c i a l o ff i ce r ) . T he C o nt r oll e r sh a ll h a ve g e n e ra l sup er vision of the books a nd acc ounts o f the Co r po ra tion, su c h oth e r a utho r i t y a nd r e sponsibility a s the B o ar d m a y d e s i gn a te a nd, subj ec t to the di rec tion of the B o ar d, the a utho r i t y a nd re sp o nsibili t y c ustom a r y to s u c h o ff i c e . I n the a bs e n c e o r dis a bili t y of t he c hi e f acc ounti n g o f f i c er , his or h e r duti e s m a y be p erf o r m e d b y a n y oth e r o ff i c e r d e s i g n a t e d b y him or h e r , b y the P r e sid e nt or b y the B o a r d.
S E C T I O N 5. Trea su r er . T h e Tr e a su r e r (w ho m a y be the s a me a s or di ffe r e nt fr om the c hi e f f in a n c i a l o ff i c e r a n d/or the c hi e f acc ounti n g o ff i ce r ) sh a ll h a ve su p er v ision a nd c usto d y of a ll f unds a nd s ec u r iti e s of the Co r po ra tion a nd k e e p or ca use to b e k e pt a c c u ra te a cc ounts of a ll mon e y r e c e iv e d or p a y m e nts m a de b y the Co r po r a tion, a nd sh a ll h a ve su c h oth e r a utho r i t y a nd
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responsibili t y as provid e d b y the B y laws o r as the B oard m a y des i g nate a n d, subject to the direction of the B oard, t h e authori t y and r esponsibili t y customa r y to such o f fice. The T r e asurer shall be e x -officio, and h ave the authori t y and re s ponsibili t y of, an Assist a nt Secreta r y .
S E C T I O N 6. Ge n e r al Couns e l . T he Bo ar d sh a ll d e s i g n a te a G e n era l Couns e l f or the Co r po ra tion, w ho sh a ll be the Co r po ra tio n ' s c hi e f l e g a l o ff i c e r a nd s h a ll h a ve g e n e r a l sup er vision of the l e g a l a ffa i r s o f the Co r po ra tion a nd su c h ot h e r a utho r i t y a nd r e sponsibili t y a s the B o ar d m a y d e si g n a te a nd, subj e c t to the di rec tion of the B o ar d, t h e a utho r i t y a nd re sponsibili t y c ustom a r y to su c h o ff i c e .
S E C T I O N 7. S ecre t a r y . T he S e c re t a r y sh a ll h a ve c usto d y of the minut e s of the m ee tin g s of t h e B o ar d, i t s c ommitt ee s a nd the sto c khold er s, of the Ar ti c l e s a s a m e nd e d a nd the B y l aw s a s a m e nd e d a nd su c h oth e r r e c o r ds of t h e Co r po ra tion a s re s p ec t its e x ist e n c e a nd a utho r i t y to c ond u c t busin e ss, sh a ll h a ve su c h ot h e r a utho r i t y a nd r e sponsibili t y a s p r ovid e d b y the B y l aw s o r a s the B o a r d m a y d e s i g n a te a nd, subj ec t th ere to, the a utho r ity a nd re sponsibili t y c ustom a r y to su c h o ff i c e . T he S ec r e t a r y sh a ll s e nd out noti ce s of m ee ti n g s of the B o ar d a nd sto c khold er s a s r e qui re d b y l a w o r the B y l aw s. T h e S ecre t a r y sh a ll a tt e nd a nd k ee p the minut es of the B o ar d e x ce pt a s t h e B o a r d m a y oth e r w ise d e si g n a t e . T he S e cre t a r y s h a ll be e x - o ff i c io, a nd h a ve the a utho r i t y a nd r e sponsibili t y o f , a n A ssist a nt Trea s u rer .
S E C T I O N 8. A ssist a nt Trea su r er s; A s s ist a nt S ecre t ar i e s . I n the a bs e n c e o r dis a bili t y of the S ec r e t a r y , his or h e r duti e s m a y be p erf o r m e d b y a n A ssist a nt S ec r e t a r y . I n the a bs e n c e or dis a bili t y o f the T r ea su re r , his or h e r duti e s m a y b e p erf o r m e d b y a n A ssist a nt Trea s u rer . Su ch a ssist a nt o ff i cer s s h a ll a lso h a ve su c h a utho r i t y a n d re sponsibili t y a s m a y b e a ssi g n e d to th e m b y the B o a r d.
S E C T I O N 9. B ond e d O ff i c er s a nd E m pl o y e e s . Su c h o ff i c er s a nd e mpl o y e e s of the Co r po ra tion a s the B o ar d sh a ll d e t er mine sh a ll g ive bond f or the fa ith f ul dis c h a r g e o f th e ir duti e s in su c h f o r m a nd f o r su c h a mount a nd w ith su c h su re t y o r su re ti e s a s the Bo ar d sh a ll re qui r e . T he e x p e nse of p r o c u r i n g s uc h bonds sh a ll be bo r ne b y the Co r p o ra tion.
AR T I C L E V
L imit a tion on D i rec to r s ' P er son a l L i a bili t y ; I nd e m ni f i ca tion of D i r e c to r s, Off i c e r s, E mpl o y e e s a nd A g e nts
S E C T I O N 1. L imit a tion on D i rec to r s ' P er son a l L i a bili t y . A di r ec tor of the Co r po ra tion sh a ll not be p er son a l l y li a ble f or mo n e t a r y d a m a g e s f or a n y ac tion t a k e n or fa ilu r e to t a ke a n y a c tion unl e ss the di rec tor h a s b r e ac h e d o r fa il e d to p e r f o r m the d u ti e s of his or h e r o f f i c e und e r Sub c h a pt e r B o f Ch a pt e r 17 of the P e nn s y l v a nia B usin e ss Co r p o ra tion L a w of 1988, a s a m e nd e d, a nd s u c h b r e a c h or fa ilu r e to p e rf o r m c o nstitut e s s e l f- d ea lin g , w ill f ul mis c ondu c t or rec kl e ssn e ss; p r ovi d e d , h o we v er , th a t the f o r e g oi n g p r ovision sh a ll not e limin a te or limit the li a bili t y of a di r e c tor
(i) for a n y r esponsibili t y o r l iabili t y o f such dir e ctor p ursuant to a n y criminal statute, or
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(ii) for a n y liabili t y of a dir e ctor for the p a y m ent of t ax es pursuant to local, state or fede r al law.
S E C T I O N 2. I n d e mni f i ca tion of D i r ec t o r s, Off i c er s, E mpl o y ees a nd A g e nts .
(a) I n d e mni f i ca tion of D i r ec t o r s a nd Off i cer s . T h e Corporation shall indemni f y to the full e x tent permitted b y law a n y person made, o r threa t e n ed to be made, a par t y to or otherwise involved in (as a witness or oth er wise) an a ction, suit or proceedi n g (w h ether civil, criminal, administrative, l e g islative or inve s ti g ative, and whether b y or in the ri g ht of t h e Corporation or oth e rwise a s serted) b y r eason of t h e f act that the person
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is or was a dir e ctor or o f f icer of the Corp o ration or |
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(ii) |
while a direct o r or off i c e r of the Corpo r ation, either |
(A) serves or s erved as a dir e ctor, offi c er, p a rtner, member, trustee, empl o y ee or a gent of a n y subsi d ia r y o f the Corpo r ation or other related en t erprise at the r equest of the Corpo r ation or in connection with a r elated empl o y e e be n efit plan of the Corporation, a n y su b sidia r y of the Corporati o n or a n y s u ch ent e rprise,
(B) serves or s erved as a dir e ctor, offi c er, p a rtner, member, trustee, empl o y ee or a gent of a n y ot h er u nrelated en t erprise (incl u ding a n y charitab l e o r g ani z ation) in furthe r ance o f the interests of, and at the s p ecific written request of t h e Corporation, or in conn e ction with a related empl o y e e benefit plan of such ente r prise,
against a n y e x penses, jud g ments, fines, and amo u nts paid in settlement actual l y and reaso n ab l y incurred in d e fendi n g or responding to a n y such p ending or threa t ened a ction, suit or proceedi n g (including a n y i n cur r ed in connection with a n y ac tions brou g ht b y or in the ri g ht of the Corporation). A r esolution or other a ction b y the C orporation or subsidia r y electi n g , nominating or proposing a person to a position refe r red to in this subsection 2(a) shall constitute a specific written request of t h e Corporation sufficient for t h e purposes of this Secti o n. Upon written request of a p erson claiming to be entitled to ind e mnification hereun d er a n d speci f y i n g the e x penses, jud g ments, fi n es and amounts paid in settlement against which i ndemni t y is sou g ht, the Corporation shall, as soon as practi c able and i n a n y event within 90 d a y s of its r e ceipt of such request, ma k e a de t ermination, in such man n er as is requi r ed b y law, as to the entitlement of such person to indemnif i cation a g ainst such e x p e nses as provided b y this subsection 2(a). Such a determination, howev e r, shall not be conclusive as to such perso n ' s entitlement to indemnification pursuant to this subsection 2(a) a nd such person m a y s e ek to enfor c e an entitlement to indemnification pursuant to this subsection 2(a) b y appropri a te proc e edin g s in a n y court of compe t ent jurisdiction b y showi n g that, n otwithstanding such det e rmination, such person satisfied the stan d ard of cond u ct requi r ed b y law to b e satisfied in o r der for s u ch person to be entitled to indemnification from the Corpora t ion as permitted b y l aw.
(b) A dv a n ce m e nt of E x p e ns e s . E x penses reasonab l y incurred b y a person ref e rred to in subs e ction 2(a) abo v e in de f ending or respondi n g to a civil, c riminal, administrative, le g islati v e or investigative a ction, suit or proceedi n g shall b e paid b y the
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Co r po ra tion in a dv a n c e o f the f in a l disposition of the ac tion, suit or p r o c ee d ing upon r ece ipt of a n und er t a ki n g b y or on b e h a lf of su c h p er son to r e p a y su c h a mount to the e x t e nt it sh a ll ultim a t e l y be d e t e r min e d th a t su c h p er son is not e ntitl e d to be ind e mni f i e d b y the Co r p o ra tion a g a inst su c h e x p e ns e s o r , in the ca se of a cr imin a l ac tion in w hi c h a ju d g m e nt h a s b ee n e nt e re d a g a inst su c h p er son, the B o ar d o f D i r e c to r s so d e t er min e s.
(c) I n d e mni f i ca tion of E mp lo y e e s a nd A g e nts . The Corporation m a y , upon authori z ation b y the bo ar d of directors, the P r esident or a n y other o ffi c er d esi g na t ed b y the bo a rd of directors, indemni f y , o r a g r e e to indemni f y , and advan c e e x penses to a n y person who is or was an empl o y e e or a ge n t of the Corporation or a n y subsidia r y of t h e Corp o ration to the same e x tent (or a n y l esser e x t e nt) to which it m a y ind e mni f y and advan c e e x p e nses to a director o r officer o f the Corpo r ation in accor d ance with subsection 2(b) abo v e.
(d) N on -E x c lusivi t y . T h e r i g ht to indemnification a n d advan c ement of e x penses confe r red in this Section shall not be de e med e x clusive of a n y other r i g hts to which a n y person indemnified m a y be entitled under a n y a g r eement, vote of stockho l ders or dir e ctors or otherwise, the Corpo r ation having the e x press authori t y to ent e r such a gre e ments or make other provision for the indemnification of and advan c e m ent of e x penses to a n y or all of its repre s entatives as the B o ard of Di r ectors d eems a ppropriate, includi n g co r porate policies and t h e creation of o n e or mo r e f unds or equivalent g ua ra ntees for indemni t y p a y ments and or e x pense advan c ements to present or future indemnified p e r sons.
(e) Continuing Cont rac tu a l Ri g hts . The r i g ht to ind e mnification and the advan c ement of e x penses provided in this Section shall be a cont r act r i g ht, shall continue as to a person who has cea s ed to serve in the c ap a cities described h erein, and s h all inure to the ben e fit of the heirs, e x ecutors a n d administrators of such person. E x penses reaso n ab l y inc u rred b y a person in suc c essful l y e n forci n g a r i g ht to indem n ification or adva n cement of e x penses provided to such person b y , or as p ermitted b y , this Section 2 shall be paid b y t h e Corporation.
S E C T I O N 3. N o R e t r o ac tive A m e ndm e nt . N o a m e ndm e nt, a lt e ra tion or re p ea l of this Ar ti c le V , nor the a doption of a n y p r ovision in c o nsist e nt w ith this Ar ti c le V , sh a ll a dv er s e l y aff e c t a n y limit a tion on the p er son a l li a bili t y o f a di rec tor or o ff i c e r , or the r i g hts of a p er son to ind e mni f i ca tion a nd a dv a n ce m e nt of e x p e ns e s, e x isting a t the time of su c h a m e ndm e nt, modi f i ca tion or re p e a l, or the a doption of su c h a n i n c onsist e nt p r ovision.
AR T I C L E V I
S eal
The Corporation shall h a ve a seal that s h all contain the words "Armstro n g W orld I ndustries, I nc . " and m a y be affi x ed to documents of the Corporation as pr i ma facie eviden c e of the act of the Corp o rati o n to the e x tent provided b y law.
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AR T I C L E V II
Sh ar e C er ti f i c a t es a nd T r a ns fer s
S E C T I O N 1. F o r m of Sh a r e C er ti f i c a t e s . Sh are s of the Co r p or a tion m a y b e re p re s e nt e d b y c er ti f i ca te s or m a y b e un c er ti f i ca te d, but sh are hold er s s h a ll be e ntitl e d to re c e ive sh ar e c er ti f i c a t e s re p re s e nting th e ir sh a r e s a s p r o v id e d b y l a w . Sh ar e cer ti f i ca t e s sh a ll be in su ch f o r m a s the B o ar d m a y f r om time to time d e t er mine a nd sh a ll be s i g n e d b y t he P re sid e nt or one of the V i c e P r e sid e nts a n d c ount er s i g n e d b y the T rea su r e r or a n A ssist a nt Trea su r e r or t h e S ecre t a r y or a n A ssist a nt S ecre t a r y a nd e mboss e d w ith the s ea l of the Co r p o ra tion o r , if not so si g n e d a n d s ea l e d, s h a ll b ea r the e n g ra v e d or p r in t e d fac simile s i g n a tu r e s of the o ff i c er s
authori z ed to si g n and t h e e n g r aved o r printed f ac simile of the s e al of the Corporation. The d eath, incapaci t y , r esi g n ation or removal of an o ffi c er w h o si g ned or whose f acsi m ile si g natu r e app e ars on a share certif i cate sha l l not affect the v alidi t y of the share certifi c ate.
S E C T I O N 2. Tra ns f e rs of R ec o r d . T h e sh are s o f the Co r po r a tion sh a ll, upon the su rre nd e r a nd c a n c e ll a tion of the c e r ti f i ca te or c e r ti f i ca t e s re p re s e nti n g the s a m e , be t ra n s fe r red upon the books of the Co r po ra tion a t the r e qu e st o f the hold e r th e r e o f , n a m e d in the su rre n d ere d cer ti f i c a te or c er ti f i c a t e s, in p er son or b y his l e g a l r e p re s e n t a tiv e s or b y his a tto r n e y du l y a utho r i z e d b y w r itt e n po we r of a tto r n e y f il e d w ith the Co r po ra tion or its t r a ns fe r a g e nt. I n c a se of loss or d e st r u c tion of a c er ti f i ca te o f sto c k, a noth e r m a y b e issu e d in li e u th ere of in su c h m a nn e r a nd upon su c h t er ms a s t he B o a r d sh a ll a utho r i z e .
S E C T I O N 3. R ec o r d Da t e s . T he B o a r d of D i rec to r s m a y s e t a t im e , not mo r e th a n 90 d a y s p r ior to the d a te o f an y m e e ting of t h e sh a r e h old er s, or the d a te s e t f or the p a y m e nt of a n y divid e nd or dist r ibution o r the d a te f o r the a llotm e nt of r i g hts, or the d a te w h e n a n y c h a n g e or c onv er sion or e x c h a nge of sh are s sto c k w ill be m a de or g o into e f fec t, a s a rec o r d d a te f o r the d e t er min a tion of the sh ar e hold er s e ntitl e d to noti c e o f , or to vote a t, a n y su c h m ee ti n g , or e ntitl e d to rece ive p a y m e nt of a n y su c h divid e nd o r dist r ibution, or to rece ive a n y s u c h a llotm e nt of r i g hts, or to e x erc ise t h e r i g hts in re sp e c t to a n y s u c h c h a n g e , c onv e r sion, or e x c h a nge of sh a re s of the Co r po ra tion. I n s u c h ca s e , on l y s u c h sh a r e h old er s a s sh a ll be sh a re h o ld er s of r e c o r d on the d a te so s e t sh a ll be e ntitl e d to noti c e o f , or to vote a t, su c h m ee ti n g , or to r e ce ive p a y m e nt of su c h divid e nd or dist r ibution, or to rece ive s u c h a l lotm e nt of r i g hts, or e x e r c ise su c h r i g hts, a s the ca se m a y b e , not w ithst a nding a n y t r a ns f e r of s h are s of the C o r po ra tion on the books of the Co r po ra tion af t e r a n y r e c o r d d a te s e t a s af o r e s a id.
AR T I C L E V III
F is cal Y e ar ; F in a n c i al S t a t e m e nts
The fiscal y e ar of t h e Corporation shall end on the 31st d a y of De c ember. W ithout limiting a n y oth e r financ i al reporti n g obligation the Corporation m a y ha v e, the B o a rd shall mail or otherwise c ause to be sent to the stockholders, within 120 d a y s a fter the close of e ach fis c al y ea r, fi n ancial statements which shall include a ba l ance sh e et as of the end o f such y e a r, t o g ether with a statement of inc o me and e x pense for s u ch y ea r, p r epa r ed so as to p r esent fair l y the financial condition and r esults of its operations of the Corporation in acc or dance with g e n eral l y ac c epted a ccounting p ri n ciples. Such financial sta t ements shall have b e en a udited in accor d ance
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with g e n eral l y a ccep t ed a uditing standards b y a fi r m of independent c ertifi e d public accountants and shall be a c compani e d b y such fir m ' s opinion as to the fairness o f the p resentation the r eof.
AR T I C L E I X
F o r um f or A djudi ca tion of C er t a in D isput e s
Unless the Corporation c onsents in writing to the selection of an alternati v e judicial forum (an “ A l t e r na t ive F o r u m C ons e n t ”), the s ole and e x clusive judicial forum for (i) a n y derivative a ction or pro c eedi n g bro u g ht on beha l f of the Corporation, (ii) an y a ction asserti n g or alle g i n g a n y claim of b re ach of a fiducia r y du t y o wed b y a n y di r ector, o f ficer, sh a rehold e r, empl o y e e or a gent of the Corporation to the Corporation or the Corporatio n 's shareholders, (iii) a n y action ass e rting o r a l le g i n g a n y claim a g ainst the Corporation or a gainst a n y di r ector, o f fic e r, shareholder, empl o y e e o r agent of the Corpo r ation arising p u rsuant to, or involving a n y application, interpretati o n, enfor c ement or de t er m ination of validi t y of, a n y provision of the Penn s y lvania Associations Code, the B usiness C o rporation L aw o f the Commonwealth of Penn s y lvania, the Articl e s of I ncorp o ration of the Corporation or these B y l aws (as a n y of the for e g oi n g m a y be amen d ed and in e f fect f rom time to time), or (iv) a n y ac t ion asserting o r alle g i n g a n y claim a g ain s t the Corporation or a g a i nst a n y di r ector, o f fic e r, shareholder, empl o y e e or a g ent of the Corp o rat i on g ov e rned b y or invol v ing the inter n al af f airs d o ctrine of the Commonwealth of Penns y l vania; shall in e ach su c h instance, be a s t ate co u rt located within L a n cast e r Coun t y , Penn s y l vania o r, if no state co u rt located within L an c aster Coun t y h as jurisdiction over a n y su c h case or p roc e edi n g , the U.S. fede r al district court for the East e rn District of Penn s y lvan i a, in each such case, un l ess such state or f ede r al cou r ts, as applicable, have dismissed a prior ac tion b y the same plaintiff asserting the same claims because s u ch court lacked p e rsonal jurisdiction over an indispensable par t y n amed as a de f end a nt therein. W ithout limiting a n y of t h e fo re goin g , nothing contained i n this Article I X is intended to limit, determine or address the m erits or s ubstance of a n y action or proceedi n g (includin g , whether a n y action or proceedi n g should be c o mmenced or maintained against the Corporation o r a g ainst a n y of the Corporation’s directors, officers, s h arehol d ers, e mpl o y ees o r a g ents, or w hether a n y p articular t y pe or form of reme d y o r relief should be so u g ht or is available a gainst the Corporation or against a n y of its directo r s, officers o r empl o y ee s ), but instead, the provisions of this Article I X are sole l y pr o cedu r al in nature and g o v ern on l y the e x clusive location, forum and venue f o r the commencement of actio n s and proc e edi n g s e x pre s s l y enum e rated in c l aus e s (i) throu g h (iv) of the immediate l y p r e c eding sente n ce. F ailu r e to e n force t h e fo re g oing p rovisions would cause the Corporation irrep a rable h arm and the Corpo r ation shall be entitled to equitable relief, includi n g injunctive relief and s p e c ific perf o rman c e, to enf o rce the for e g oi n g provis i ons. A n y p erson or enti t y purc h asi n g or oth e rwise acquiri n g a n y inte r est in shares of capital stock of the Corpo r ation shall be deemed to ha v e notice of and con s ented t o the provisions of this Article I X. The e x istence of a n y prior Al t ernative F orum Consent shall not act as a w aiver of the Corporation’s on g oi n g con s ent ri g ht as set forth above in this A r ticle I X with resp e ct to an y c u rrent or future actions or claims.
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AR T I C L E X
A m e ndm e nts
The B y l a ws, as from ti m e to time in effect, m a y b e amended, modified o r r epealed, in whole or in part, at a n y time and from time to time in a n y r esp e ct b y either ( i) the sharehold e rs, b y the affirmative vo t e of the holders of a maj o ri t y of the outstanding sh a res entitled to vote on the matter, or (ii) b y the B oard, b y t h e a f firmative vote of a majori t y of the W hole B oard, in either ca s e e x cept as oth e rwise provided b y l a w or b y the A rticles or b y Se c tion 2 of this Article of the B y l a ws (as in e ff e ct at the Ef f ective Time).
AR T I C L E X I
Effec tive T ime
The for e g oi n g B y laws w ere or i g inal l y adop t ed b e fore the E ff e ctive Time b y a ction of the sole sharehold e r of the C orporation and b e came e f fective upon the filing w i th the office of t h e Secret a r y of State of the Commonwealth of Penns y l vania o f Amended and Restated Articles of I n corpo r ation of the Co r poration and the e ff e ctiveness of such A m ended a nd Restated Articles of I n corpo r ation in acc o rd a nce with law on O ctober 2, 2006 (the " E ff e ctive T ime " ).
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