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EXHIBIT 3.1

                          AMENDED AND RESTATED BY-LAWS
                              AS OF AUGUST 21, 2003
                         DREXLER TECHNOLOGY CORPORATION


                               ARTICLE 1. OFFICES

     1.1    Principal Office. The principal executive office and place of
business of the corporation (hereafter called the "principal office") is fixed
and located at:

                            1077 Independence Avenue
                             Mountain View, CA 94043

The Board of Directors shall have the authority from time to time to change the
principal office from one location to another by amending this Section 1.1.

     1.2    Registered Office. The registered office of the corporation in
Delaware is located as set forth in the Certificate of Incorporation. The Board
of Directors may by resolution change such location and shall then make
appropriate filings with the Delaware Secretary of State and the Office of the
Recorder for the county in which the new registered office is located.

     1.3    Other Offices. One or more branches or other subordinate offices may
at any time be fixed and located by the Board of Directors at such place or
places within or without the State of California as it deems appropriate.

                       ARTICLE 2. MEETINGS OF STOCKHOLDERS

     2.1    Place of Meetings. Meetings of the stockholders shall be held at any
place within or outside the State of Delaware that may be designated by the
Board of Directors. If no such designation is made, the meetings shall be held
at the principal office of the corporation designated in Section 1.1 of these
By-Laws.

     2.2    Annual Meetings. Unless some other time or date shall be selected by
the Board of Directors, the annual meeting of the stockholders shall be held on
the fourth Friday of September in each year, if not a legal holiday, and if a
legal holiday, then on the next succeeding business day, at the hour of 2:00
P.M., at which time the stockholders shall elect a Board of Directors and
transact such other business as may properly be brought before the meeting.
Whenever held, any business transacted or election held at a duly called and
held annual meeting shall be as valid as if transacted or held at an annual
meeting on the date above specified.

     2.3    Special Meetings. Special meetings of the stockholders of the
corporation may be called for any purpose or purposes by (a) the Chairman of the
Board of Directors, (b) stockholders entitled to cast not less than a majority
of the total authorized voting power of the corporation entitled to cast votes
on the matters to be considered at the special meeting, or (c) the Board of
Directors pursuant to a resolution adopted by a majority of the total number of
authorized directors (whether or not there exist any vacancies in previously
authorized directorships at the time any such resolution is presented to the
Board of Directors for adoption).

            In order for a special meeting to be called by any person or persons
other than the Board of Directors, a written request for such meeting,
specifying the general nature of the business proposed to be transacted, shall
be delivered personally or sent by registered mail or by telegraphic or other
facsimile transmission to the Chairman of the Board of Directors, the Chief
Executive Officer, or the Secretary of the corporation (or to the Chief
Executive Officer or Secretary of the corporation in the event that the meeting
is called by the Chairman). No business may be transacted at such special
meeting otherwise than as specified in such notice. The Board of Directors shall
determine the time and place of such special meeting, which shall be held not
less than thirty-five (35) nor more than one hundred twenty (120) days after the
date of the receipt of the request. Upon determination of the time and place of
the meeting, the officer receiving the request shall cause notice to be given to
the stockholders entitled to vote, in accordance with the provisions of Sections
4 and 9 of this Article 2. If the notice is not given within sixty (60) days
after the receipt of the request, the person or persons requesting the meeting
may set the time and place of the meeting and give the notice. Nothing contained
in this paragraph shall be construed as limiting, fixing, or affecting the time
when a meeting of stockholders called by action of the Board of Directors may be
held.

     2.4    Notice of Stockholders' Meetings. Whenever stockholders are required
or permitted to take any action at a meeting, a written notice of the meeting
shall be given not less than ten (10) (or if sent by third-class mail, thirty
(30)) nor more than sixty (60) days before the date of the meeting to each
stockholder entitled to vote thereat. Such notice shall state the place, date
and hour of the

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meeting and (a) in the case of a special meeting, the general nature of the
business to be transacted, and no other business may be transacted or (b) in the
case of the annual meeting, those matters which the Board of Directors, at the
time of the mailing of the notice, intends to present for action by the
stockholders, but any proper matter may be presented by the Board of Directors
at the meeting for such action. The notice of any meeting at which directors are
to be elected, or a proxy statement accompanying such notice, shall include the
names of nominees intended at the time of the notice to be presented by the
Board for election.

            Notice of a stockholders' meeting shall be given either personally
or by first or third class mail or other means of written communication,
addressed to the stockholder at the address of such stockholder appearing on the
books of the corporation or given by the stockholder to the corporation for the
purpose of notice; or if no such address appears or is given, at the place where
the principal office of the corporation is located. The notice shall be deemed
to have been given at the time when delivered personally or deposited in the
mail postage prepaid or sent by other means of written communication. No notice
need to be given to those stockholder specified in Section 230 of the Law. An
affidavit of the Secretary or an Assistant Secretary or the transfer agent of
the corporation that notice has been given shall in the absence of fraud, be
prima facie evidence of the facts stated therein.

     2.5    Quorum and Required Vote.

            (a)    At any meeting of the stockholders, a majority of the shares
of the corporation entitled to vote, represented in person or by proxy at the
meeting, shall constitute a quorum for the transaction of business.

            (b)    In all matters other than the election of directors, the
affirmative vote of a majority of the shares, present in person or represented
by proxy at the meeting and entitled to vote on the subject matter, at a duly
held meeting at which a quorum is present, shall be the act of the stockholders,
unless the vote of a greater number or voting by classes is required by the Law,
the Certificate of Incorporation, or the Bylaws of this corporation. Directors
shall be elected by a plurality of the votes of the shares present in person or
represented by proxy at the meeting and entitled to vote on the election of
directors.

            (c)    Stockholders present at a valid meeting at which a quorum is
initially present may continue to do business until adjournment notwithstanding
the withdrawal of enough stockholders to leave less than a quorum, if any action
taken (other than adjournment) is approved by a majority of the shares
originally present at the time the quorum was determined and which shares are
entitled to vote on the subject matter.

     2.6    Adjourned Meeting. Any annual or special stockholders' meeting may
be adjourned from time to time, even though a quorum is not present, by the vote
of the holders of a majority of the voting shares represented at the meeting
either in person or by proxy, provided that in the absence of a quorum, no other
business may be transacted at the meeting except as provided in Section 2.5 of
these By-Laws.

            Notice need not be given of the adjourned meeting if the time and
place thereof are announced at the meeting at which the adjournment is taken. At
the adjourned meeting, any business may be transacted which might have been
transacted at the original meeting. If the adjournment is for more than thirty
(30) days or if after the adjournment a new record date is fixed for the
adjourned meeting, a notice of the adjourned meeting shall be given to each
stockholder of record entitled to vote at the meeting.

     2.7    Waiver or Consent by Stockholders. The transactions of any meeting
of stockholders, however called and noticed, and wherever held, are as valid as
though had at a meeting duly held after regular call and notice, if a quorum is
present either in person or by proxy, and if, either before or after the
meeting, each of the persons entitled to vote, not present in person or by
proxy, signs a written waiver of notice of the meeting. All such waivers shall
be filed with the corporate records or made a part of the minutes of the
meeting. Attendance of a person at a meeting shall constitute a waiver of notice
of and presence at such meeting, except when the person objects, at the
beginning of the meeting, to the transaction of any business because the meeting
is not lawfully called or convened. Neither the business to be transacted at nor
the purpose of any regular or special meeting of stockholders need be specified
in any written waiver of notice.

     2.8    Action Without Meeting. Any action which may be taken at any annual
or special meeting of stockholders may be taken without a meeting and without
prior notice and without a vote, if a consent in writing, setting forth the
action so taken, shall be signed by the holders of outstanding shares having not
less than the minimum number of votes that would be necessary to authorize or
take such action at a meeting at which all shares entitled to vote thereon were
present and voted. Such written consent may be signed in counterparts and, in
order to be effective, shall bear the date of signature of each stockholder who
signs the consent and be delivered within sixty (60) days of the earliest dated
consent to the corporation's registered office in Delaware, its principal place
of business, or an officer or agent of the corporation having custody of the
book in which proceedings of meetings of stockholders are recorded. To be
effective, delivery made to the corporation's registered office shall only be by
hand or by certified or registered mail, return receipt requested; delivery to
the principal place of business or to an officer or agent of the corporation may
be made also by

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other means. Prompt notice of the taking of the corporate action without a
meeting by less than unanimous written consent shall be given to those
stockholders who have not consented in writing.

            Any stockholder giving a written consent, or the stockholder's
proxyholders, or a transferee of the shares or a personal representative of the
stockholder or their respective proxyholders, may revoke the consent by a
writing received by the corporation prior to the time that written consents of
the number of shares required to authorize the proposed action have been filed
with the Secretary of the corporation, but may not do so thereafter. Such
revocation is effective upon its receipt by the Secretary of the corporation.

     2.9    Record Date and Voting Rights. Except as otherwise provided by law,
only persons in whose names shares entitled to vote stand on the stock records
of the corporation at the close of business on the record date fixed by the
Board of Directors as provided in Section 5.1 for the determination of
stockholders of record shall be entitled to notice of and to vote at such
meeting of stockholders. If no record date is fixed, the record date for
determining stockholders entitled to notice of or to vote at a meeting of
stockholders shall be at the close of business on the business day next
preceding the day on which notice is given or, if notice is waived, at the close
of business on the business day next preceding the day on which the meeting is
held; the record date for determining stockholders entitled to give consent to
corporate action in writing without a meeting, when no prior action by the Board
is required, shall be the day on which the first written consent is given, and
if such Board action is required, shall be the day that the Board adopted a
resolution taking such action; and the record date for determining stockholders
for any other purpose shall be at the close of business on the day on which the
Board adopts the resolution relating thereto. Unless the Board of Directors
chooses to fix a new record date for an adjourned meeting, the record date for
the adjourned meeting shall be that of the original meeting.

            Except as may be otherwise provided in the Certificate of
Incorporation, the holder of each outstanding share, regardless of class, shall
be entitled to one vote for each share held on each matter submitted to a vote
of stockholders. The voting of shares held in a fiduciary capacity, held of
record by two or more persons, or which are pledged or subject to a voting
agreement or trust shall be determined by and subject to Sections 217 and 218 of
the Law. Voting may be by voice or ballot, provided that any election of
directors must be by ballot upon the demand of any stockholder made at the
meeting and before the voting begins.

     2.10   Proxies. Every person entitled to vote shares may authorize another
person or persons to act by proxy with respect to such shares. All proxies must
be in writing and must be signed by the stockholder confirming the proxy or his
attorney-in-fact. No proxy shall be valid after the expiration of three years
from the date thereof unless otherwise provided in the proxy. Every proxy
continues in full force and effect until revoked by the person executing it
prior to the vote pursuant thereto, unless the proxy states that it is
irrevocable and if, and only so long as, it is coupled with an interest
sufficient in law to support an irrevocable proxy. Except for such irrevocable
proxies, such revocation may be effected by a writing delivered to the
corporation stating that the proxy is revoked or by a subsequent proxy executed
by the person executing the prior proxy and presented to the meeting, or as to
any meeting, by attendance at such meeting and voting in person by the person
executing the proxy. The dates contained on the forms of proxy presumptively
determine the order of execution, regardless of the postmark dates on the
envelopes in which they are mailed.

     2.11   Inspectors of Election. In advance of any meeting of stockholders
the Board of Directors may appoint inspectors of election to act at the meeting
and any adjournment thereof. If inspectors of election are not so appointed, or
if any persons so appointed fail to appear or refuse to act, the chairman of any
meeting of stockholders may, and on the request of any stockholder or a
stockholder's proxy shall, appoint inspectors of election (or persons to replace
those who so fail or refuse) at the meeting. The number of inspectors shall be
either one or three. If appointed at a meeting on the request of one or more
stockholders or proxies, the majority of shares represented in person or by
proxy shall determine whether one or three inspectors are to be appointed. If
there are three inspectors of election, the decision, act or certificate of a
majority is effective in all respects as the decision, act or certificate of
all.

            The inspectors of election shall determine the number of shares
outstanding and the voting power of each, the shares represented at the meeting,
the existence of a quorum and the authenticity, validity and effect of proxies,
receive votes, ballots or consents, hear and determine all challenges and
questions in any way arising in connection with the right to vote, count and
tabulate all votes or consents, determine when the polls shall close, determine
the result and do such acts as may be proper to conduct the election or vote
with fairness to all stockholders.

     2.12   List of Stockholders. The Secretary shall prepare and make, at least
ten (10) days before every meeting of stockholders, a complete list of the
stockholders entitled to vote at said meeting, arranged in alphabetical order,
showing the address of each stockholder and the number of shares registered in
the name of each stockholder. Such list shall be opened to the examination of
any stockholder, for any purpose germane to the meeting, during ordinary
business hours, for a period of at least ten (10) days prior to the meeting,
either at a place within the city where the meeting is to be held, which place
shall be specified in the notice of the meeting, or, if not specified, at the
place where the meeting is to be held. The list shall be produced and kept at
the time and place of meeting during the whole time thereof, and may be
inspected by any stockholder who is present.

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     2.13   Nominations and Proposals.

            (a)    The Board of Directors of the corporation may nominate
candidates for election as directors of the corporation and may propose such
other matters for approval of the stockholders as the Board deems necessary or
appropriate.

            (b)    Nominations for election of members of the Board of Directors
may also be made by any holder of any outstanding class of capital stock of the
corporation entitled to vote for the election of directors. Notice of intention
to make any such nominations under this paragraph must be made in writing and
must be received by the Secretary, at the principal offices of the corporation,
by the close of business on a date which is not less than one hundred twenty
(120) days prior to the meeting; PROVIDED, HOWEVER, that if less than one
hundred twenty (120) days' notice or prior public disclosure of the date of the
meeting is given or made to stockholders, notice by the stockholder to be timely
must be so received not later than the close of business on the tenth (10th) day
following the day on which notice of the date of the meeting was mailed to
stockholders of record or such public disclosure was made; and PROVIDED,
FURTHER, that public disclosure shall in all cases be deemed to have been made
of any annual meeting held on the date specified in these By-Laws. Such
notification must contain the following information: (i) the name and address of
each proposed nominee, (ii) the principal occupation of each proposed nominee,
(iii) the number of shares (if any) of capital stock of the corporation owned of
record or beneficially by each proposed nominee, (iv) the name and residence
address of the notifying stockholder, (v) the number of shares of capital stock
of the corporation owned by the notifying stockholder, (vi) whether the proposed
nominee has ever been convicted of or pleaded NOLO CONTENDERE to any criminal
offense involving dishonesty or breach of trust, filed a petition in bankruptcy,
or been adjudged bankrupt, and (vii) any other information relating to such
nominee that is required to be disclosed in a proxy statement soliciting proxies
for the election of directors or is otherwise required to be provided by the
stockholder pursuant to Section 14A of the Securities Exchange Act of 1934, as
amended. The notification shall (1) be signed by the nominating stockholder and
by each nominee, (2) be accompanied by a written consent to be named as a
nominee for election as a director from each proposed nominee, and (3) confirm
the accuracy of all of the above-described information contained in the notice.
Nominations not made in accordance with these procedures shall be disregarded by
the chairman of the meeting, and upon his or her instructions, the Inspector(s)
of Election shall disregard all votes cast for each such nominee.

            (c)    No proposal by any person other than the Board of Directors
shall be submitted for the approval of the stockholders at any regular or
special meeting of the stockholders of the corporation unless written notice of
such proposal shall have been given by the person advancing such proposal and
actually received by the Secretary of the corporation, at the principal offices
of the corporation, by the close of business on a date which is not less than
one hundred twenty (120) days prior to the meeting; PROVIDED, HOWEVER, that if
less than one hundred twenty (120) days' notice or prior public disclosure of
the date of the meeting is given or made to stockholders, notice by the
stockholder to be timely must be so received not later than the close of
business on the tenth (10th) day following the day on which such notice of the
date of the meeting was mailed to stockholders of record or such public
disclosure was made; and PROVIDED, FURTHER, that public disclosure shall in all
cases be deemed to have been made of any annual meeting which is held on the
date specified in these By-Laws. Such notice must be either delivered to the
Secretary or mailed to and received by the Secretary, shall be signed and dated
by the person advancing the proposal (the "Proposing Stockholder"), and shall
disclose (i) the name and address(es) of the person or group advancing the
proposal, (ii) the number of shares of stock in the corporation owned of record
or beneficially by the Proposing Stockholder, (iii) any material interest of
such person or persons, or of persons affiliated with them, in the proposal, and
(iv) such other information concerning the person making such proposal and the
proposal itself as would be required by the appropriate Rules and Regulations of
the Securities and Exchange Commission to be included in a proxy statement
soliciting proxies for the proposal.

                        ARTICLE 3. DIRECTORS; MANAGEMENT

     3.1    Powers. Subject to any provisions of the Certificate of
Incorporation and these By-Laws of this corporation and of the Law limiting the
powers of the Board of Directors or reserving powers to the stockholders, the
Board shall, directly or by delegation, manage the business and affairs of the
corporation and exercise all corporate powers permitted by law.

     3.2    Number and Qualification of Directors. The authorized number of
directors shall be seven (7), unless and until changed by a proper amendment to
this Section 3.2. A reduction in the authorized number of directors shall not
remove any director prior to the expiration of such director's term of office.
Directors need not be stockholders of the corporation.

     3.3    Election and Term of Office. The directors shall be elected annually
by the stockholders at the annual meeting of the stockholders; provided, that if
for any reason, said annual meeting or an adjournment thereof is not held or the
directors are not elected thereat, then the directors may be elected at any
special meeting of the stockholders called and held for that purpose. The term
of office of the directors shall, except as provided in Section 3.4, begin
immediately after their election and shall continue until their respective
successors are elected and qualified or until earlier resignation or removal.

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     3.4    Removal of Directors. A director may be removed from office by the
Board of Directors if he is declared of unsound mind by an order of court or
convicted of a felony. Any or all of the directors may be removed from office
with or without cause by a vote of stockholders holding a majority of the
outstanding shares entitled to vote at an election of directors.

     3.5    Vacancies.

            (a)    A vacancy or vacancies on the Board of Directors shall exist
on the death, resignation, or removal of any director, or if the authorized
number of directors is increased or the stockholders fail to elect the full
authorized number of directors. Any director may resign by giving written notice
to the Chairman of the Board, or in his or her absence the Secretary, which
resignation shall be effective upon the giving of such notice, unless the notice
specifies a later time for the effectiveness of such resignation.

            (b)    Vacancies and newly created directorships resulting from any
increase in the authorized number of directors may be filled by a majority of
the directors then in office, although less than a quorum, or by a sole
remaining director. When one or more directors shall resign from the Board,
effective at a future date, a majority of the directors then in office,
including those who have so resigned, shall have power to fill such vacancy or
vacancies, the vote thereon to take effect when such resignation or resignations
shall become effective.

            (c)    If, at the time of filling any vacancy or any newly created
directorship, the directors then in office shall constitute less than a majority
of the whole Board (as constituted immediately prior to any such increase), the
Court of Chancery may, upon application of any stockholder or stockholders
holding at least 10 percent of the total number of the shares at the time
outstanding having the right to vote for such directors, summarily order an
election to be held to fill any such vacancies or newly created directorships,
or to replace the directors chosen by the directors then in office as aforesaid,
which election shall be governed by Section 211 of the Law as far as applicable.
Otherwise, the stockholders shall not be entitled to fill a vacancy or newly
created directorship except at an annual meeting or at a special meeting called
pursuant to Section 2.3 for such purpose. Notwithstanding the foregoing, if at
any time, by reason of death or resignation or other cause, the corporation
should have no directors in office, then any officer or any stockholder or an
executor, administrator, trustee or guardian of a stockholder, or other
fiduciary entrusted with like responsibility for the person or estate of a
stockholder, may call a special meeting of stockholders in accordance with the
Certificate of Incorporation or the bylaws, or may apply to the Court of
Chancery for a decree summarily ordering an election as provided in Section 211
of the Law.

     3.6    Place of Meetings. Regular and special meetings of the Board of
Directors shall be held at any place within or outside the State of Delaware
that is designated by resolution of the Board or, either before or after the
meeting, consented to in writing by all the Board members. If the place of a
regular or special meeting is not fixed by resolution or written consents of the
Board, it shall be held at the corporation's principal office.

     3.7    Organizational Meetings. Immediately following each annual
stockholders' meeting, the Board of Directors shall hold an organizational
meeting to organize, elect officers, and transact other business. Notice of this
meeting shall not be required.

     3.8    Other Regular Meetings. The Board of Directors may, by resolution,
fix any time, date and place for other regular meetings of the Board of
Directors; provided, however, that any director not present at the meeting at
which such resolution was adopted receives notice of the adoption of such
resolution and the time and place of such meetings prior to the first regular
meeting held pursuant to such resolution. Such notice of the adoption of the
resolution must comply with the notice provisions of Section 3.9 of these
By-Laws as if the first regular meeting were a special meeting. After the first
regular meeting held pursuant to such resolution, no notice of regular meetings
held pursuant to this paragraph and such resolution shall be required.

     3.9    Special Meetings.

            (a)    Special meetings of the Board of Directors for any purpose or
purposes may be called at any time or place by the Chairman of the Board, or if
the Chairman is unreachable in the event of an emergency, or is unable or
refuses to act, by either Co-Executive Officer, or by any two directors.

            (b)    Notice of the time and place of special meetings shall be
given in any one of the following manners:

                   (i)    if delivered in person or by telephone, such notice
shall be delivered at least forty-eight (48) hours prior to the time the meeting
is to be held. Such notice may be communicated either to the director or to a
person at the home or business of the director when the person delivering the
notice has reason to believe such person will promptly communicate

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it to the director. Such notice shall be considered delivered when the person
noticing the meeting believes in good faith that the notified person has heard
and acknowledged the notice;

                   (ii)   if delivered by telegram, such notice shall be
delivered to a common carrier, charges prepaid, for transmission to the director
at least forty-eight (48) hours prior to the time the meeting is to be held.
Delivery to a common carrier shall be due and legal notice to such director;

                   (iii)  if delivered by overnight courier service, including
without limitation such services as Express Mail and Federal Express, such
notice shall be delivered to such courier service, charges prepaid, for delivery
to the director no later than two days prior to the day upon which the meeting
is to be held. Delivery to a courier service shall be due and legal notice to
such director;

                   (iv)   if delivered by facsimile transmission, such notice
shall be either delivered to a common carrier, charges prepaid, for transmission
to the director or transmitted by or under the direction of the person giving
notice to the director at least forty-eight (48) hours prior to the time the
meeting is to be held. Delivery to a common carrier or transmission of a
facsimile shall be due and legal notice to such director;

                   (v)    if delivered by first-class mail, such notice shall be
deposited in the United States mail, postage prepaid, at least four (4) days
prior to the date of the meeting to be held. Deposit in the U.S. mail shall be
due and legal notice to such director.

                   The notice need not specify the place of the meeting if the
meeting is to be held at the principal office of the corporation.

     3.10   Quorum. A majority of the authorized number of directors, but in no
event less than two (2) (unless the authorized number of directors is one (1)),
shall constitute a quorum for the transaction of business, except to adjourn a
meeting under Section 3.12. Every act done or decision made by a majority of the
directors present at a meeting at which a quorum is present shall be regarded as
the act of the Board of Directors, unless the vote of a greater number is
required by law, the Certificate of Incorporation, or these By-Laws. A meeting
at which a quorum is initially present may continue to transact business
notwithstanding the withdrawal of directors, if any action taken is approved by
a majority of the required quorum for such meeting.

     3.11   Contents of Notice and Waiver of Notice. Neither the business to be
transacted at, nor the purposes of, any regular or special Board meeting need be
specified in the notice or waiver of notice of the meeting. Notice of a meeting
need not be given to any director who signs a waiver of notice of the meeting
either before or after the meeting, or who attends the meeting without
protesting, prior thereto or at its commencement, the lack of notice to said
director. All such waivers shall be filed with the corporate records or made a
part of the minutes of the meeting.

     3.12   Adjournment. A majority of the directors present, whether or not a
quorum is present, may adjourn any meeting to another time and place.

     3.13   Notice of Adjournment. Notice of the time and place of holding an
adjourned meeting need not be given to absent directors if the time and place
are fixed at the meeting being adjourned, except that if the meeting is
adjourned for more than twenty-four (24) hours such notice shall be given prior
to the adjourned meeting to the directors who were not present at the time of
the adjournment.

     3.14   Telephone Participation. Members of the Board of Directors may
participate in a meeting through use of conference telephone or similar
communications equipment, so long as all members participating in such meetings
can hear one another. Such participation constitutes presence in person at such
meeting.

     3.15   Action Without Meeting. The Board of Directors may take any action
without a meeting that may be required or permitted to be taken by the Board at
a meeting, if all members of the Board individually or collectively consent in
writing to the action. The written consent or consents shall be filed in the
minutes of the proceedings of the Board. Such action by written consent shall
have the same effect as a unanimous vote of directors.

     3.16   Fees and Compensation. Directors and members of committees shall
receive neither compensation for their services nor reimbursement for their
expenses unless these payments are fixed by resolution of the Board of
Directors.

     3.17   Certain Corporate Loans and Guaranties. The corporation may make
loans of money or property to, or guarantee the obligations of, or otherwise
assist any officer or other employee of the corporation or of its subsidiary,
including any

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officer or employee who is a director of the corporation or its subsidiary, or
adopt an employee benefit plan or plans authorizing such loans or guaranties,
upon the approval of the Board of Directors alone if the Board of Directors
determines that such a loan or guaranty or plan may reasonably be expected to
benefit the corporation.

     3.18   Sarbanes-Oxley Act. Notwithstanding anything in these By-Laws to the
contrary, the corporation shall not extend or maintain credit, arrange for the
extension of credit, or renew an extension of credit, in the form of a personal
loan to or for any director or executive officer in violation of the
Sarbanes-Oxley Act of 2002 and the rules and regulations thereunder.

                               ARTICLE 4. OFFICERS

     4.1    Officers. The officers of the corporation shall be a Chairman of the
Board, two Co-Chief Executive Officers, a Secretary, and a Treasurer. The
corporation may also have, at the discretion of the Board of Directors, one or
more Vice Presidents, one or more Assistant Secretaries, one or more Assistant
Treasurers, and any other officers who may be appointed under Section 4.3 of
these By-Laws.

     4.2    Election. The officers of the corporation, except those appointed
under Section 4.3 of these By-Laws, shall be chosen annually by the Board of
Directors, and each shall hold his office at the pleasure of the Board of
Directors until he resigns or is removed or otherwise disqualified to serve, or
his successor is elected and qualified.

     4.3    Subordinate Officers. The Board of Directors may appoint, and may
authorize the Chairman of the Board or either Co-Chief Executive Officer to
appoint, any other officers that the business of the corporation may require,
each of whom shall hold office for the period, have the authority, and perform
the duties specified in the By-Laws or by the Board of Directors.

     4.4    Removal and Resignation. Any officer may be removed with or without
cause either by the Board of Directors at any regular or special Board meeting
or, except for an officer chosen by the Board, by an officer on whom the power
of removal may be conferred by the Board.

            Any officer may resign at any time by giving written notice to the
Board of Directors or the Chairman of the Board, or in his or her absence either
Co-Chief Executive Officer. An officer's resignation shall take effect when it
is received or at any later time specified in the resignation. Unless the
resignation specifies otherwise, its acceptance by the corporation shall not be
necessary to make it effective.

     4.5    Vacancies. A vacancy in any office because of death, resignation,
removal, disqualification, or any other cause shall be filled in the manner
prescribed in these By-Laws for regular appointments to the office.

     4.6    Chairman of the Board. The Chairman of the Board shall act as an
advisor to the Co-Chief Executive Officers in carrying out the policies
established by the Board of Directors. The Chairman of the Board shall also
preside as chairman at all meetings of the directors and stockholders. In the
absence of the Chairman of the Board, the Board of Directors may appoint an
acting chairman for any such meeting.

     4.7    Co-Chief Executive Officers. These officers shall jointly exercise
the general powers and duties of management; any other powers and duties that
are prescribed by the Board of Directors or these By-Laws; and shall be
primarily responsible for carrying out all orders and resolutions of the Board.
If either Co-Chief Executive Officer is unreachable in the event of an
emergency, or is disabled or dies, the other Co-Chief Executive Officer shall so
notify the Board and, subject to supervision by the Board, shall temporarily
perform such of the above duties as are appropriate in the circumstances. When
so acting temporarily, the Co-Chief Executive Officer shall have all the powers
of both of the Co-Chief Executive Officers, subject to such limitations thereon
as may be imposed by the Board.

     4.8    Vice Presidents. If both Co-Chief Executive Officers are unreachable
in the event of an emergency, or are disabled or die, the Vice Presidents in
order of their rank as fixed by the Board, or if not ranked, the Vice President
designated by the Board, shall so notify the Board and, subject to supervision
by the Board, shall temporarily perform such of the above duties as are
appropriate in the circumstances. When so acting temporarily, the designated
Vice President shall have all of the powers of both the Co-Chief Executive
Officers, subject to such limitations as may be imposed by the Board. Each Vice
President shall have any other powers and perform any other duties that are
prescribed by the Board or By-Laws.

     4.9    Secretary. The Secretary shall keep or cause to be kept, and be
available at the principal office and any other place that the Board of
Directors specifies, a book of minutes of all directors' and stockholders'
meetings. The minutes of each meeting shall state the time and place that it was
held, whether it was regular or special, if a special meeting, how it was
authorized, the notice given, the names of those present or represented at
stockholders' meetings, and the proceedings of the meetings. A similar minute
book shall be kept for any committees, if required by the Board.

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<PAGE>

                   The Secretary shall keep, or cause to be kept, at the
principal office or at the office of the corporation's transfer agent, a share
register, or a duplicate share register, showing the stockholders' names and
addresses, the number and classes of shares held by each, the number and date of
each certificate issued for these shares, and the number and date of
cancellation of each certificate surrendered for cancellation, to the extent
required by law.

                   The Secretary shall give, or cause to be given, notice of all
directors' and stockholders' meetings required to be given under these By-Laws
or by law, shall keep the corporate seal in safe custody, and shall have any
other powers and perform any other duties that are prescribed by the Board or
the By-Laws.

            4.10   Chief Financial Officer. The Treasurer, or another officer
designated by the Board of Directors, shall be the corporation's chief financial
officer and shall keep and maintain, or cause to be kept and maintained,
adequate and correct accounts of the corporation's properties and business
transactions, including accounts of its assets, liabilities, receipts,
disbursements, gains, losses, capital, retained earnings, and shares. The books
of account shall at all reasonable times be open to inspection by any director.

                   The corporation's chief financial officer shall deposit all
money and other valuables in the name and to the credit of the corporation in
accordance with the banking and investment guidelines established by the Board
of Directors. He or she shall disburse the corporation's funds as ordered by the
Board of Directors; shall render to the Chairman of the Board, Co-Chief
Executive Officers and directors, whenever they request it, an account of all
his or her transactions as the corporation's chief financial officer and of the
corporation's financial condition; and shall have any other powers and perform
any other duties that are prescribed by the Board of Directors or the By-Laws.

                   If required by the Board of Directors, the corporation's
chief financial officer shall give the corporation a bond in the amount and with
the surety or sureties specified by the Board for faithful performance of the
duties of his office and for restoration to the corporation of all its books,
papers, vouchers, money, and other property of every kind in his possession or
under his control on his death, resignation, retirement, or removal from office.

            4.11   Representation of Shares of Other Corporations. The Chairman
of the Board, or in his or her absence either Co-Chief Executive Officer, or any
other person authorized by the Board of Directors is authorized to vote,
represent, and exercise on behalf of this corporation, all rights incident to
any and all shares of any other corporation or corporations standing in the name
of this corporation. The authority granted herein may be exercised either by
such person directly or by any other person authorized to do so by proxy or
power of attorney duly executed by such person having the authority.

            4.12   Authority and Duties of Officers. In addition to the
foregoing authority and duties, all officers of the corporation shall
respectively have such authority and perform such duties in the management of
the business of the corporation as may be designated from time to time by the
Board of Directors.

                      ARTICLE 5. GENERAL CORPORATE MATTERS

            5.1    Record Date and Closing of Stockbooks. The Board of Directors
may fix a time in the future as a record date for determining stockholders
entitled to notice of and to vote at any stockholders' meeting, entitled to
consent to corporate action, or entitled to receive payment of any dividend, or
other distribution or allotment of any rights, or entitled to exercise any
rights in respect of any change, commission or exchange of stock or for the
purpose of any other lawful action. The record date for determining the
stockholders entitled to notice of or to vote at any meeting of stockholders or
any adjournment thereof, shall not, however, be more than sixty (60) nor less
than ten (10) days prior to the date of such meeting. The record date for
determining the stockholders entitled to consent to corporate action in writing
without a meeting shall not be more than ten (10) days after the date upon which
the resolution fixing the record date is adopted by the board of directors. The
record date for determining the stockholders entitled to receive payments of any
dividend or other distribution or allotment of any rights or for determining the
stockholders entitled to exercise any rights in respect of any change,
conversion or exchange of stock, or for the purpose of any other lawful action,
shall not be more than sixty (60) days prior to such action. If a record date is
fixed for a particular meeting or event, only stockholders of record on that
date are entitled to notice and to vote and to receive the dividend,
distribution, or allotment of rights, or to exercise the rights, as the case may
be, notwithstanding any transfer of any shares on the books of the corporation
after the record date.

            5.2    Corporate Records and Inspection by Stockholders and
Directors. The corporation shall, either at its principal office or at such
place or places as designated by the Board of Directors, keep a record of its
stockholders listing their names and addresses and the number and class of
shares held by each stockholder, a copy of these bylaws as amended to date,
accounting books, books of minutes of meetings or consents of the Board of
Directors, committees thereof, and stockholders and other records. Any
stockholder of record, in person or by attorney or other agent, shall, upon five
days' prior written demand under oath stating the

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<PAGE>

purpose thereof, have the right during the usual hours for business to inspect
for any proper purpose the corporation's stock ledger, a list of its
stockholders, and its other books and records and to make copies or extracts
therefrom. A proper purpose shall mean a purpose reasonably related to such
person's interest as a stockholder. In every instance where an attorney or other
agent is the person who seeks the right to inspection, the demand under oath
shall be accompanied by a power of attorney or such other writing that
authorizes the attorney or other agent to so act on behalf of the stockholder.
The demand under oath shall be directed to the corporation at its registered
office in Delaware or at its principal place of business.

                   Any director shall have the right to examine the
corporation's stock ledger, a list of its stockholders, and its other books and
records for a purpose reasonably related to his position as a director. The
Court of Chancery is hereby vested with the exclusive jurisdiction to determine
whether a director is entitled to the inspection sought. The Court may summarily
order the corporation to permit the director to inspect any and all books and
records, the stock ledger, and the stock list and to make copies or extracts
therefrom. The Court may, in its discretion, prescribe any limitations or
conditions with reference to the inspection, or award such other and further
relief as the Court may deem just and proper.

            5.3    Checks, Drafts, Evidences of Indebtedness. All checks,
drafts, or other orders for payment of money, notes, and all mortgages, or other
evidences of indebtedness, issued in the name of or payable to the corporation,
and all assignments and endorsements of the foregoing, shall be signed or
endorsed by the person or persons and in the manner specified by the Board of
Directors.

            5.4    Corporate Contracts and Instruments; How Executed. Except as
otherwise provided in the By-Laws, officers, agents or employees must be
authorized by the Board of Directors to enter into any contract or execute any
instrument in the corporation's name and on its behalf. This authority may be
general or confined to specific instances.

            5.5    Stock Certificates. One or more certificates for shares of
the corporation's capital stock shall be issued to each stockholder for any of
such stockholder's shares that are fully paid up. The corporate seal or its
facsimile may be fixed on certificates. All certificates shall be signed by the
Chairman of the Board, or in his or her absence either Co-Executive Officer, and
the Secretary, or in his or her absence the Treasurer or an Assistant Secretary.
Any or all of the signatures on the certificate may be facsimile signatures. In
case any officer, transfer agent or registrar who has signed or whose facsimile
signature has been placed upon a certificate has ceased to be such officer,
transfer agent or registrar before such certificate is issued, it may be issued
by the corporation with the same effect as if he were such officer, transfer
agent or registrar at the date of issue.

            5.6    Lost Certificates. No new share certificate that replaces an
old one shall be issued unless the old one is surrendered and cancelled at the
same time; provided, however, that if any share certificate is lost, stolen,
mutilated, or destroyed, the Chairman of the Board, or in his absence either
Co-Executive Officer, and Secretary, or in his absence the Treasurer or
Assistant Secretary, may cause to be issued a new certificate replacing the old
one on any terms and conditions, including a bond or other reasonable
arrangement for indemnification of the corporation, that the Chairman of the
Board, or in his absence, either Co-Executive Officer may specify.

            5.7    Construction; Definitions. Unless the context requires
otherwise, the general provisions, rules of construction, and definitions in the
Delaware General Corporation Law (heretofore and hereafter the "Law") shall
govern the construction of these By-Laws. Without limiting the generality of
this provision, the singular number includes the plural, the plural number
includes the singular, and the term "person" includes both a corporation and a
natural person.

                              ARTICLE 6. AMENDMENTS

                   By-Laws may be adopted, amended or repealed by either the
affirmative vote or written consent of stockholders owning a majority of the
outstanding shares entitled to vote or by the Board of Directors.

                       ARTICLE 7. COMMITTEES OF THE BOARD


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<PAGE>

                   The Board of Directors may, by resolution adopted by a
majority of the authorized number of directors, designate one or more
committees, each consisting of one or more directors, to serve at the pleasure
of the Board and with such authority and organization as the Board may from time
to time determine. The Board may designate one or more directors as alternate
members of any committee, who may replace any absent member at any meeting of
the committee. The appointment of members or alternate members of a committee
requires the vote of a majority of the authorized number of directors. In the
absence or disqualification of a member of a committee, the member or members
thereof present at any meeting and not disqualified for voting, whether or not
he or they constitute a quorum, may unanimously appoint another member of the
Board of Directors to act at the meeting in the place of any such absent or
disqualified member. Any such committee, to the extent provided in the
resolution of the Board, shall have and may exercise powers and authority of the
Board of Directors in the management of the business and affairs of the
corporation, and may authorize the seal of the corporation to be affixed to all
papers that may require it; but no such committee shall have the power or
authority to (a) amend the Certificate of Incorporation (except that a committee
may, to the extent authorized in the resolution or resolutions providing for the
issuance of shares of stock adopted by the Board of Directors as provided in
Section 151(a) of the Law, fix the designations and any of the preferences or
rights of such shares relating to dividends, redemption, dissolution, any
distribution of assets of the corporation or the conversion into, or the
exchange of such shares for, share of any other class or classes or any other
series of the same or any other class or classes of stock of the corporation or
fix the number of shares of any series of stock or authorize the increase or
decrease of the shares of any series), (b) adopt an agreement of merger or
consolidation under Sections 251 or 252 of the Law, (c) recommend to the
stockholders the sale, lease or exchange of all or substantially all of the
corporation's property and assets, (d) recommend to the stockholders a
dissolution of the corporation or a revocation of a dissolution, or (e) amend
the By-Laws of the corporation; and, unless the Board resolution establishing
the committee, the By-Laws or the Certificate of Incorporation expressly so
provide, no such committee shall have the power or authority to declare a
dividend, to authorize the issuance of stock, or to adopt a certificate of
ownership and merger pursuant to Section 253 of the Law.

                   The Board shall designate a chairman for each committee who
shall have the sole power to call any committee meeting other than a meeting set
by the Board. Each committee shall keep regular minutes of its meetings and
report the same to the Board of Directors when required.

                   Meetings and actions of committees shall be governed by, and
held and taken in accordance with, the provisions of the following sections of
Article 3 of these By-Laws, Section 3.6 (place of meetings, Section 3.8 (regular
meetings), Section 3.9 (special meetings), Section 3.10 (quorum), Section 3.11
(contents of notice and waiver of notice), Section 3.12 (adjournment), Section
3.13 (notice of adjournment), Section 3.14 (telephone participation), and
Section 3.15 (action without a meeting), with such changes in the context of
those By-Laws as are necessary to substitute the committee and its members for
the Board of Directors and its members; provided, however, that the time of
regular meetings of committees may be determined either by resolution of the
Board of Directors or by resolution of the committee, that special meetings of
committees may also be called by resolution of the Board of Directors and that
notice of special meetings of committees shall also be given to all alternate
members, who shall have the right to attend all meetings of the committee. The
Board of Directors may adopt rules for the government of any committee not
inconsistent with the provisions of these By-Laws.

                           ARTICLE 8. INDEMNIFICATION

            8.1    Action, Etc., Other Than By or in the Right of the
Corporation. The corporation shall indemnify any person who was or is a party or
is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding or investigation, whether civil, criminal, administrative, or
investigative, and whether external or internal to the corporation (other than a
judicial action or suit brought by or in the right of the corporation), by
reason of the fact that he or she is or was a director or officer of the
corporation, or that he or she is or was serving at the request of the
corporation as a director, officer, employee, trustee, or agent of another
corporation, partnership, joint venture, trust or other enterprise (all such
persons being referred to hereafter as an "Agent"), against expenses (including
attorneys' fees), judgments, fines and amounts paid or to be paid in settlement
(if such settlement is approved by the corporation, which approval shall not be
unreasonably withheld or delayed) actually and reasonably incurred by him or her
in connection with such action, suit or proceeding, or any appeal therein, if
the Agent acted in good faith and in a manner he or she reasonably believed to
be in or not opposed to the best interests of the corporation, and with respect
to any criminal action or proceeding, had no reasonable cause to believe such
conduct was unlawful. The termination of any action, suit or proceeding --
whether by judgment, order, settlement, conviction, or upon a plea of NOLO
CONTENDERE or its equivalent -- shall not, of itself, create a presumption that
the person did not act in good faith and in a manner which he or she reasonably
believed to be in or not opposed to the best interests of the corporation, and,
with respect to any criminal action or proceeding, that such person had
reasonable cause to believe that his or her conduct was unlawful.

            8.2    Action, Etc., By or in the Right of the Corporation. The
corporation shall indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed judicial action or suit
brought by or in the right of the corporation to procure a judgment in its favor
by reason of the fact that he or she is or was an Agent (as defined above)
against expenses (including attorneys' fees) actually and reasonably incurred by
him or her in connection with the defense, settlement or

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<PAGE>

appeal of such action or suit if he or she acted in good faith and in a manner
he or she reasonably believed to be in or not opposed to the best interests of
the corporation, except that no indemnification shall be made in respect of any
claim, issue, or matter as to which such person shall have been adjudged to be
liable to the corporation unless and only to the extent that the Court of
Chancery or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses which the Court of Chancery or other such court
shall deem proper.

            8.3    Determination of Right of Indemnification. Any
indemnification under Sections 8.1 or 8.2 above (unless ordered by a court)
shall be made by the corporation only as authorized in the specific case upon a
determination that indemnification of the Agent is proper in the circumstances
because he or she has met the applicable standard of conduct set forth in
Sections 8.1 and/or 8.2. Such determination shall be made (a) by the Board of
Directors by a majority vote of a quorum consisting of Directors who were not
parties to such action, suit or proceeding, or (b) if such a quorum is not
obtainable, or if such a quorum is obtainable and so directs, by independent
legal counsel (chosen either jointly by the corporation and Agent or else by
counsel to the corporation) in a written opinion, or (c) by the stockholders.

            8.4    Indemnification Against Expenses of Successful Party.
Notwithstanding the other provisions of this Article 8, to the extent that an
Agent has been successful on the merits or otherwise, including, without
limitation, the dismissal of an action without prejudice or the settlement of an
action without admission of liability, in defense of any claim, issue, or matter
therein, or an appeal from any such proceeding, action, or claim or matter, such
Agent shall be indemnified against all expenses incurred in connection
therewith.

            8.5    Advances of Expenses. Except as listed by Section 8.6, costs,
charges and expenses (including attorneys' fees) incurred in any action, suit,
proceeding or investigation or any appeal therefrom shall be paid by the
corporation in advance of the final disposition of such matter, if the Agent
shall undertake to repay such amount in the event that it is ultimately
determined, as provided herein, that such person is not entitled to
indemnification.

            8.6    Right of Agent to Indemnification Upon Application; Procedure
Upon Application. Any indemnification provided for in Sections 8.1, 8.2, or 8.4
shall be made no later than six (6) months after the corporation is given notice
of request by Agent, provided that such request is made after final
adjudication, dismissal, or settlement unless an appeal is filed, in which case
the request is made after the appeal is resolved. Upon such notice, the
corporation shall within two (2) weeks call a Board of Directors meeting to be
held within two (2) months of such notice to make a determination as to whether
the Agent has met the applicable standard of conduct. The corporation shall
retain (at the corporation's expense) independent legal counsel chosen either
jointly by the corporation and Agent or else by corporation counsel within two
(2) weeks to make such determination, if at such meeting a quorum consisting of
directors who were not parties to the relevant action, suit, or proceeding is
not obtainable, or if obtainable such quorum refuses to make such determination,
but so directs the corporation. If such legal counsel is not so retained or does
not make such determination within six (6) weeks, then the Board of Directors
shall cause a stockholders meeting to be held within two (2) months to make such
a determination.

                   If a claim under these By-Laws, under any statute, under any
provision of any agreement with the corporation, or under the corporation's
Certificate of Incorporation providing for indemnification or advance of
expenses, is not paid in full by the corporation within sixty (60) days in case
of indemnification and twenty (20) days in case of advance of expenses after
notice of a request for payment thereof has been given to the corporation by
Agent, Agent may, but need not, at any time thereafter bring an action against
the corporation to recover the unpaid amount of the claim or the expense advance
and, if successful, Agent shall also be entitled to be paid for the expenses
(including attorneys' fee) of bringing such action. It shall be a defense to any
such action (other than an action brought to enforce a claim for expenses
incurred in connection with any action, suit or proceeding in advance of its
final disposition) that Agent has not met the standards of conduct which make it
permissible under applicable law for the corporation to indemnify Agent for the
amount claimed, and Agent shall be entitled to receive interim payment of
expenses pursuant to Section 8.5 unless and until such defense may be finally
adjudicated by court order or judgment from which no further right of appeal
exists. Neither the failure of the corporation (including its Board of
Directors, any committee or subgroup of the Board of Directors, independent
legal counsel, or its stockholders) to have made a determination that
indemnification of Agent is proper in the circumstances because Agent has met
the applicable standard of conduct required by applicable law, nor an actual
determination by the corporation (including its Board of Directors, any
committee or subgroup of the Board of Directors, independent legal counsel, or
its stockholders) that Agent has not met such applicable standard of conduct,
shall create a presumption that Indemnitee has or has not met the applicable
standard of conduct.

            8.7    Other Rights and Remedies. The indemnification provided by
this Article shall not be deemed exclusive of, and shall not affect, any other
rights to which an Agent seeking indemnification may be entitled under any law,
other provision of these By-Laws, the corporation's Certificate of
Incorporation, agreement, vote of stockholders or disinterested directors or
otherwise, both as to action in his or her official capacity and as to action in
another capacity while holding such office, and shall continue as to

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<PAGE>

a person who has ceased to be an Agent and shall inure to the benefit of the
heirs, executors, and administrators of such a person. All right to
indemnification under this Article shall be deemed to be provided by a contract
between the corporation and the Agent who serves in such capacity at any time
these By-Laws and other relevant provisions of the general corporation law and
other applicable law, if any, are in effect. Any repeal or modification thereof
shall not affect any rights or obligations then existing. In addition,
notwithstanding any other provisions of these By-Laws, the corporation hereby
agrees to indemnify the Agent to the fullest extent permitted by law, regardless
of whether such indemnification is authorized by any other provision of these
By-Laws by the corporation's Certificate of Incorporation, by agreement with the
corporation, or by statute.

            8.8    Insurance. Upon resolution passed by the Board of Directors,
the corporation may purchase and maintain insurance on behalf of any person who
is or was an Agent against any liability asserted against such person and
incurred by him or her in any such capacity, or arising out of his or her status
as such, whether or not the corporation would have the power to indemnify such
person against such liability under the provisions of this Article.

            8.9    Optional Means of Assuring Payment. Upon request by an Agent
certifying that the Agent has reasonable grounds to believe the Agent may be
made a party to a proceeding for which the Agent may be entitled to be
indemnified under this Article 8, the corporation may but is not required to
create a trust fund, grant a security interest or use other means (including,
without limitation, a letter of credit) to ensure the payment of such sums as
may become necessary to effect indemnification as provided herein.

            8.10   Constituent Corporations. For the purposes of this Article,
references to "the corporation" include all constituent corporations absorbed in
a consolidation or merger as well as the resulting or surviving corporation, so
that any person who is or was a director, officer, employee, or trustee of such
a constituent corporation or who, being or having been such a director, officer,
employee or trustee, is or was serving at the request of such constituent
corporation as a director, officer, employee, trustee of another corporation,
partnership, joint venture, trust or other enterprise shall stand in the same
position under the provisions of this Article with respect to the resulting or
surviving corporation as such person would if he or she had served the resulting
or surviving corporation in the same capacity.

            8.11   Other Enterprises, Fines, and Serving at Corporation's
Request. For purposes of this Article, references to "other enterprise" in
Sections 8.1 and 8.10 shall include employee benefit plans; references to
"fines" shall include any excise taxes assessed on a person with respect to any
employee benefit plan; and references to "serving at the request of the
corporation" shall include any service by Agent as director, officer, employee,
trustee, or agent of the corporation which imposes duties on, or involves
services by, such Agent with respect to any employee benefit plan, its
participants, or beneficiaries; and a person who acted in good faith and in a
manner he or she reasonably believed to be in the interest of the participants
and beneficiaries of an employee benefit plan shall be deemed to have acted in a
manner "not opposed to the best interests of the Corporation" as referred to in
this Article.

            8.12   Savings Clause. If this Article or any portion thereof shall
be invalidated on any ground by any court of competent jurisdiction, then the
corporation shall nevertheless indemnify each Agent as to expenses (including
attorneys' fees), judgments, fines, and amounts paid in settlement with respect
to any action, suit, appeal, proceeding, or investigation, whether civil,
criminal, or administrative, and whether internal or external, including a grand
jury proceeding and an action or suit brought by or in the right of the
corporation, to the full extent permitted by any applicable portion of this
Article that shall not have been invalidated, or by any other applicable law.

            8.13   Employees or Agents. The corporation may, by resolution of
the Board of Directors, grant an agent or employee of the corporation who is not
an officer or director of the corporation and therefore not an Agent, the rights
of an Agent under this Article 8.

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