Exhibit 10.21


 


BYLAWS 


OF 


HIGHTIMES HOLDING CORP. 


(a Delaware Corporation)


 


ARTICLE I     OFFICES


 


Section 1.01.     
Registered Office. The registered office of the corporation in the State of Delaware shall 1013 Centre Road, Suite 403-B,
City of Wilmington, County of New Castle, 19805. The name of its registered agent at such address is Vcorp Services, LLC.


 


Section 1.02.      
Location of Offices. The corporation may also have offices at such other places both within and without the State of Delaware
as the board of directors may from time to time determine or the business of the corporation may require.


 


Section 1.03.     
Corporate Seal. The board of directors may adopt a corporate seal. The corporate seal shall consist of a die bearing the
name of the corporation and the inscription, “Corporate Seal, Delaware.” Said seal may be used by causing it or a facsimile
thereof to be impressed or affixed or reproduced or otherwise.


 


ARTICLE II     STOCKHOLDERS


 


Section 2.01.     
Annual Meeting. The annual meeting of the stockholders of the corporation, for the purpose of election of directors and
for such other business as may lawfully come before it, shall be held on such date and at such time as may be designated from time
to time by the board of directors.


 


Section 2.02.     
Special Meetings. Special meetings of the stockholders, for any purpose or purposes, unless otherwise prescribed by statute
or by the certificate of incorporation, may be called by (i) the chairman of the board of directors, (ii) the chief executive
officer, (iii) the president or (iii) 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).


 


Section 2.03.      
Place of Meetings. All meetings of the stockholders for the election of directors shall be held at such place as may be
fixed from time to time by the board of directors, or at such other place either within or without the State of Delaware as shall
be designated from time to time by the board of directors and stated in the notice of the meeting. Meetings of stockholders for
any other purpose may be held at such time and place, within or without the State of Delaware, as shall be stated in the notice
of the meeting or in a duly executed waiver of notice thereof.


 


Section 2.04.      
Notice of Meetings. Written notice of the time, place and purpose or purposes of all meetings of the stockholders (whether
annual or special) shall be given to each stockholder entitled to vote at such meeting not less than ten (10) nor more than sixty
(60) days before the date of the meeting. If mailed, notice is given when deposited in the United States mail, postage prepaid,
directed to the stockholder at such stockholder’s address as it appears on the records of the corporation.


 






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Section 2.05.     
Waiver of Notice. Notice of the time, place, if any, and purpose of any meeting of stockholders (however called or noticed,
whether or not called or noticed, and whether before during or after the meeting) may be waived in writing, signed by the person
entitled to notice thereof, or by electronic transmission by such person, either before or after such meeting, and will be waived
by any stockholder by his attendance thereat in person, by remote communication, if applicable, or by proxy, except when the stockholder
attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because
the meeting is not lawfully called or convened. Any stockholder so waiving notice of such meeting shall be bound by the proceedings
of any such meeting in all respects as if due notice thereof had been given.


 


Section 2.06.      Fixing
Record Date.


 


(a) In order that
the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment
thereof, the board of directors may fix, in advance, a record date, which record date shall not precede the date upon which the
resolution fixing the record date is adopted by the board of directors, and which record date shall, subject to applicable law,
not be more than sixty (60) nor less than ten (10) days before the date of such meeting. If no record date is fixed by
the board of directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders
shall be at the close of business on the day next preceding the day on which notice is given, or if notice is waived, at the close
of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled
to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the
board of directors may fix a new record date for the adjourned meeting.


 


(b) In order that
the corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of
any rights or 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, the board of directors may fix, in advance, a record date, which record date shall not
precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than sixty
(60) days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose
shall be at the close of business on the day on which the board of directors adopts the resolution relating thereto.


 


Section 2.07.     
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 open to the examination of
any stockholder, for any purpose germane to the meeting, (a) on a reasonably accessible electronic network, provided that
the information required to gain access to such list is provided with the notice of the meeting, or (b) during ordinary business
hours, at the principal place of business of the corporation. In the event that the corporation determines to make the list available
on an electronic network, the corporation may take reasonable steps to ensure that such information is available only to stockholders
of the corporation. The list shall be open to examination of any stockholder during the time of the meeting as provided by law.


 


Section 2.08.     
[Reserved].


 






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Section 2.09.       Quorum
and Adjournment.


 


(a)   
At all meetings of stockholders, except where otherwise provided by statute, by the certificate of incorporation, or by these bylaws,
the presence, in person, by remote communication, if applicable, or by proxy duly authorized, of the holders of a majority of the
outstanding shares of stock entitled to vote, shall constitute a quorum for the transaction of business. In the absence of a quorum,
any meeting of stockholders may be adjourned, from time to time, either by the chairman of the meeting or by vote of the holders
of a majority of the shares represented thereat, but no other business shall be transacted at such meeting. The stockholders present
at a duly called or convened meeting, at which a quorum is present, may continue to transact business until adjournment, notwithstanding
the withdrawal of enough stockholders to leave less than a quorum.


 


(b)   
Any meeting of stockholders, whether annual or special, may be adjourned from time to time either by the chairman of the meeting
or by the vote of a majority of the shares present in person, by remote communication, if applicable, or represented by proxy at
the meeting. When a meeting is adjourned to another time or place, if any, notice need not be given of the adjourned meeting if
the time and place, if any, thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the
corporation may transact any business 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.


 


Section 2.10.     
Vote Required. Except as otherwise provided by the certificate of incorporation or these bylaws, in all matters other than
the election of directors, the affirmative vote of the majority of shares present in person, by remote communication, if applicable,
or represented by proxy at the meeting and entitled to vote generally on the subject matter shall be the act of the stockholders.
Except as otherwise provided by statute, the certificate of incorporation or these bylaws, directors shall be elected by a plurality
of the votes of the shares present in person, by remote communication, if applicable, or represented by proxy at the meeting and
entitled to vote generally on the election of directors. Where a separate vote by a class or classes or series is required, except
where otherwise provided by the statute or by the certificate of incorporation or these bylaws, a majority of the outstanding shares
of such class or classes or series, present in person, by remote communication, if applicable, or represented by proxy duly authorized,
shall constitute a quorum entitled to take action with respect to that vote on that matter. Except where otherwise provided by
statute or by the certificate of incorporation or these bylaws, the affirmative vote of the majority (plurality, in the case of
the election of directors) of shares of such class or classes or series present in person, by remote communication, if applicable,
or represented by proxy at the meeting shall be the act of such class or classes or series.


 


Section 2.11.     
Voting of Stock. Unless otherwise provided in the certificate of incorporation, each stockholder shall at every meeting
of the stockholders entitled to one vote in person or by proxy for each share of the capitals stock having voting power held by
such stockholder, subject to the modification of such voting rights of any class or classes of the corporation’s capital
stock by the certificate of incorporation. For the purpose of determining those stockholders entitled to vote at any meeting of
the stockholders, except as otherwise provided by law, only persons in whose names shares stand on the stock records of the corporation
on the record date, as provided in Section 2.06 of these bylaws, shall be entitled to vote at any meeting of stockholders. Every
person entitled to vote shall have the right to do so either in person, by remote communication, if applicable, or by an agent
or agents authorized by a proxy granted in accordance with Delaware law. An agent so appointed need not be a stockholder.


 






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Section 2.12.     
Proxies. At each meeting of the stockholders, each stockholder entitled to vote shall be entitled to vote in person or by
proxy; provided, however, that the right to vote by proxy shall exist only in case the instrument authorizing such proxy to act
shall have been executed in writing by the registered holder or holders of such stockholder, as the case may be, as shown on the
stock ledger of the corporation or by his attorney thereunto duly authorized in writing. Such instrument authorizing a proxy to
act shall be delivered at the beginning of such meeting to the secretary of the corporation or to such officer or person who may,
in the absence of the secretary, be acting as secretary of the meeting. In the event that any such instrument shall designate two
(2) or more persons to act as proxy, a majority of such persons present at the meeting, or if only one (1) be present, that one
(1) shall (unless the instrument shall otherwise provide) have all of the powers conferred by the instrument on all persons so
designated. Persons holding stock in a fiduciary capacity shall be entitled to vote the stock so held and the persons whose shares
are pledged shall be entitled to vote, unless the transfer by the pledgor in the books and records of the corporation shall have
expressly empowered the pledgee to vote thereon, in which case the pledgee, or his proxy, may represent such stock and vote thereon.
No proxy shall be voted after three (3) years from its date of creation unless the proxy provides for a longer period.


 


Section 2.13.      
Nomination of Directors and Business at Annual Meetings.


 


(a) Only persons who
are nominated in accordance with the procedures set forth in this section shall be eligible for election as directors. Nominations
of persons for election to the board of directors of the corporation and the proposal of business to be considered by the stockholders
may be made at an annual meeting of stockholders: (i) pursuant to the corporation’s notice of meeting of stockholders;
(ii) by or at the direction of the board of directors; or (iii) by any stockholder of the corporation who was a stockholder
of record at the time of giving the stockholder’s notice provided for in the following paragraph, who is entitled to vote
at the meeting and who complied with the notice procedures set forth in this Section 2.12; provided, however, that clause (iii) above
shall be the exclusive means for a stockholder to make nominations and submit other business (other than matters properly brought
under Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the “1934 Act”) and included in the corporation’s
notice of meeting of stockholders) before an annual meeting of stockholders.


 






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(b) At an annual meeting
of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting. For nominations
or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of Section 2.12(a)
of these bylaws, (i) the stockholder must have given timely notice thereof in writing to the secretary of the corporation,
(ii) such other business must be a proper matter for stockholder action under the Delaware Revised Statutes, (iii) if
the stockholder, or the beneficial owner on whose behalf any such proposal or nomination is made, has provided the corporation
with a Solicitation Notice (as defined in clause (iii) of the last sentence of this Section 2.12 (b)), such stockholder or
beneficial owner must, in the case of a proposal, have delivered a proxy statement and form of proxy to holders of at least the
percentage of the corporation’s voting shares required under applicable law to carry any such proposal, or, in the case of
a nomination or nominations, have delivered a proxy statement and form of proxy to holders of a percentage of the corporation’s
voting shares reasonably believed by such stockholder or beneficial owner to be sufficient to elect the nominee or nominees proposed
to be nominated by such stockholder, and must, in either case, have included in such materials the Solicitation Notice, and (iv) if
no Solicitation Notice relating thereto has been timely provided pursuant to this section, the stockholder or beneficial owner
proposing such business or nomination must not have solicited a number of proxies sufficient to have required the delivery of such
a Solicitation Notice under this Section 2.12. To be timely, a stockholder’s notice shall be delivered to the secretary at
the principal executive offices of the corporation not later than the close of business on the ninetieth (90th) day nor earlier
than the close of business on the one hundred twentieth (120th) day prior to the first anniversary of the preceding year’s
annual meeting; provided, however, that in the event that the date of the annual meeting is advanced more than thirty (30) days
prior to or delayed by more than thirty (30) days after the anniversary of the preceding year’s annual meeting, notice
by the stockholder to be timely must be so delivered not earlier than the close of business on the one hundred twentieth (120th) day
prior to such annual meeting and not later than the close of business on the later of the ninetieth (90th) day prior to such
annual meeting or the tenth (10th) day following the day on which public announcement of the date of such meeting is first
made. In no event shall the public announcement of an adjournment of an annual meeting commence a new time period for the giving
of a stockholder’s notice as described above. Such stockholder’s notice shall set forth: (A) as to each person
whom the stockholder proposed to nominate for election or reelection as a director all information relating to such person that
is required to be disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required,
in each case pursuant to Regulation 14A under the 1934 Act and Rule 14a-4(d) thereunder (including such person’s written
consent to being named in the proxy statement as a nominee and to serving as a director if elected); (B) as to any other business
that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the
meeting, the reasons for conducting such business at the meeting and any material interest in such business of such stockholder
and the beneficial owner, if any, on whose behalf the proposal is made; and (C) as to the stockholder giving the notice and
the beneficial owner, if any, on whose behalf the nomination or proposal is made (i) the name and address of such stockholder,
as they appear on the corporation’s books, and of such beneficial owner, (ii) the class and number of shares of the
corporation which are owned beneficially and of record by such stockholder and such beneficial owner, and (iii) whether either
such stockholder or beneficial owner intends to deliver a proxy statement and form of proxy to holders of, in the case of the proposal,
at least the percentage of the corporation’s voting shares required under applicable law to carry the proposal or, in the
case of a nomination or nominations, a sufficient number of holders of the corporation’s voting shares to elect such nominee
or nominees (an affirmative statement of such intent, a “Solicitation Notice”).


 


(c) Notwithstanding
anything in the third sentence of Section 2.12 (b) of these bylaws to the contrary, in the event that the number of directors to
be elected to the board of directors of the corporation is increased and there is no public announcement naming all of the nominees
for director or specifying the size of the increased Board of Directors made by the corporation at least one hundred (100) days
prior to the first anniversary of the preceding year’s annual meeting, a stockholder’s notice required by this Section
2.12 shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall
be delivered to the secretary at the principal executive offices of the corporation not later than the close of business on the
tenth (10th) day following the day on which such public announcement is first made by the corporation.


 






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(d) Only such persons
who are nominated in accordance with the procedures set forth in this Section 2.12 shall be eligible to serve as directors and
only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance
with the procedures set forth in this Section 2.12. Except as otherwise provided by law, the chairman of the meeting shall have
the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made, or proposed,
as the case may be, in accordance with the procedures set forth in these bylaws and, if any proposed nomination or business is
not in compliance with these bylaws, to declare that such defective proposal or nomination shall not be presented for stockholder
action at the meeting and shall be disregarded.


 


(e) Notwithstanding
the foregoing provisions of this Section 2.12, in order to include information with respect to a stockholder proposal in the proxy
statement and form of proxy for a stockholders’ meeting, a stockholder must also comply with all applicable requirements
of the 1934 Act and the rules and regulations thereunder with respect to matters set forth in this Section 2.12. Nothing in these
Bylaws shall be deemed to affect any rights of stockholders to request inclusion of proposals in the corporation’s proxy
statement pursuant to Rule 14a-8 under the 1934 Act.


 


(f)  For purposes
of this Section 2.12, “public announcement” shall mean disclosure in a press release reported by the Dow Jones News
Service, Associated Press or comparable national news service or in a document publicly filed by the corporation with the Securities
and Exchange Commission pursuant to Section 13, 14 or 15(d) of the 1934 Act.


 


Section 2.14.    
Inspectors of Election. There shall be appointed two inspectors of the vote. Such inspectors shall first take and subscribe
an oath or affirmation faithfully to execute the duties of inspector at such meeting with strict impartiality and according to
the best of their ability. Unless appointed in advance of any such meeting by the board of directors, such inspectors shall be
appointed for the meeting by the presiding officer. No director or candidate for the office of director shall be appointed as such
inspector. Such inspectors shall be responsibility for tallying and certifying each vote required to be tallied and certified by
them as provided in the resolution of the board of directors appointing them or in their appointment by the person presiding at
such meeting, as the case may be.


 


Section 2.15.     
Election of Directors. At all meetings of the stockholders at which directors are to be elected, except as otherwise set
forth in any preferred stock designation (as defined in the certificate of incorporation) with respect to the right of the holders
of any class or series of preferred stock to elect additional directors under specified circumstances, directors shall be elected
by a plurality of the votes cast at the meeting, as provided for in Section 2.09 hereto. The election need not be by ballot unless
any stockholder so demands before the voting begins. Except as otherwise provided by law, the certificate of incorporation, any
preferred stock designation, or these bylaws, all matters other than the election of directors submitted to the stockholders at
any meeting, shall be decided by a majority of the votes case with respect thereto.


 


Section 2.16.      
[Reserved]


 


Section 2.17.      
Business at Special Meeting.


 


(a)   
Written notice of a special meeting stating the place, date and hour of the meeting and the purpose or purposes for which the meeting
is called, shall be given not fewer than ten (10) nor more than sixty (60) days before the date of the meeting, to each stockholder
entitled to vote at such meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated
in the notice.


 






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(b)   Nominations
of persons for election to the board of directors may be made at a special meeting of stockholders at which directors are to be
elected pursuant to the corporation’s notice of meeting (i) by or at the direction of the board of directors or (ii) by any
stockholder of the corporation who is a stockholder of record at the time of giving notice provided for in this paragraph who shall
be entitled to vote at the meeting and who complies with the notice procedures set forth in Section 2.12 of these bylaws. In the
event the corporation calls a special meeting of stockholders for the purpose of electing one or more directors to the board of
directors, any such stockholder may nominate a person or persons (as the case may be), for election to such position(s) as specified
in the corporation’s notice of meeting, if the stockholder’s notice required by Section 2.12 (b) of these bylaws shall
be delivered to the secretary at the principal executive offices of the corporation not earlier than the close of business on the
one hundred twentieth (120th) day prior to such special meeting and not later than the close of business on the later of the ninetieth
(90th) day prior to such meeting or the tenth (10th) day following the day on which public announcement is first made of the date
of the special meeting and of the nominees proposed by the board of directors to be elected at such meeting. In no event shall
the public announcement of an adjournment of a special meeting commence a new time period for the giving of a stockholder’s
notice as described above.


 


(c)   Notwithstanding the foregoing provisions of this Section 2.16, a stockholder must also comply with all applicable requirements
of the 1934 Act and the rules and regulations thereunder with respect to matters set forth in this Section 2.16. Nothing in
these bylaws shall be deemed to affect any rights of stockholders to request inclusion of proposals in the corporation’s
proxy statement pursuant to Rule 14a-8 under the 1934 Act.


 


Section 2.18.    
Written Consent to Action by Stockholders. Any action which can be taken by the stockholders at an annual or special meeting
of stockholders called in accordance with these bylaws and the certification of incorporation, may also be taken by written consent
of the holders of a majority of the outstanding voting Common Stock of the Corporation; provided, that, the Corporation shall notify
all stockholders of any such action taken by written consent and, to the extent applicable, shall comply with Rule 14(f) of the
Securities Exchange Act of 1934, as amended.


 


Section 2.19.     
Procedure for Meetings.


 


(a)   At every meeting of stockholders, the chairman of the board of directors, or, if a chairman has not been appointed or is absent,
the chief executive officer, or, if the chief executive officer is absent, the president, or, if the president is absent, a chairman
of the meeting chosen by a majority in interest of the stockholders entitled to vote, present in person or by proxy, shall act
as chairman. The secretary, or, in his or her absence, an assistant secretary directed to do so by the chief executive officer
or president, shall act as secretary of the meeting.


 






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(b)   Meeting of the stockholders shall be conducted pursuant to such reasonable rules of conduct and protocol as the board of directors
may prescribe or, if no such rules are prescribed, in accordance with the most recent published edition of Roberts Rules of Order.
Subject to such rules and regulations of the board of directors, if any, the chairman of the meeting shall have the right and authority
to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are necessary,
appropriate or convenient for the proper conduct of the meeting, including, without limitation, establishing an agenda or order
of business for the meeting, rules and procedures for maintaining order at the meeting and the safety of those present, limitations
on participation in such meeting to stockholders of record of the corporation and their duly authorized and constituted proxies
and such other persons as the chairman shall permit, restrictions on entry to the meeting after the time fixed for the commencement
thereof, limitations on the time allotted to questions or comments by participants and regulation of the opening and closing of
the polls for balloting on matters which are to be voted on by ballot. The date and time of the opening and closing of the polls
for each matter upon which the stockholders will vote at the meeting shall be announced at the meeting.


 


ARTICLE III     DIRECTORS


 


Section 3.01.     
General Powers. The business of the corporation shall be managed by or under the direction of its board of directors which
may exercise all such powers of the corporation and do all such lawful acts and things as are not by statute or by the certificate
of incorporation or by these bylaws directed or required to be exercised or done by the stockholders.


 


Section 3.02.      
Number, Term, Qualifications and Classification.


 


(a)   
The authorized number of directors of the corporation shall be fixed by the board of directors from time to time. Directors need
not be stockholders unless so required by the board of directors. If for any cause, the directors shall not have been elected at
an annual meeting, they may be elected as soon thereafter as convenient at a special meeting of the stockholders called for that
purpose in the manner provided in these bylaws.


 


(b)   
Upon the adoption of a resolution by the board of directors of the Corporation to the following effect, the directors may be divided
into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third
of the total number of directors constituting the entire board of directors. The initial division of the board of directors into
classes shall be made by the decision of the affirmative vote of a majority of the entire board of directors. The terms of the
initial Class I, Class II and Class III directors shall commence at next annual meeting of the stockholders subsequent to the adoption
of these bylaws. At the first annual meeting of stockholders following the adoption of these bylaws, the term of office of the
Class I directors shall expire and Class I directors shall be elected for a full term of three years. At the second annual meeting
of stockholders following the adoption of these bylaws, the term of office of the Class II directors shall expire and Class II
directors shall be elected for a full term of three years. At the third annual meeting of stockholders following the adoption of
these bylaws, the term of office of the Class III directors shall expire and Class III directors shall be elected for a full term
of three years. At each succeeding annual meeting of stockholders, directors shall be elected for a full term of three years to
succeed the directors of the class whose terms expire at such annual meeting. Notwithstanding the foregoing provisions of this
Article, each director shall serve until his successor is duly elected and qualified or until his death, resignation or removal.
No decrease in the number of directors constituting the board of directors shall shorten the term of any incumbent director.


 






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Section 3.03.      
Vacancies and Newly Created Directorships. Any vacancy on the board of directors that results from an increase in the number
of directors may be filled by a majority of the board of directors then in office, though less than a quorum, or by a sole remaining
director. Any vacancy on the board of directors that results from death, resignation, disqualification, removal or other cause,
may be filled by a majority of the board of directors then in office, though less than a quorum, or by a sole remaining director.
If the board of directors is not classified, then any director so chosen shall hold office until the next annual election and until
his or her successor is duly elected and shall qualify. If the board of directors is classified, then each director of any class
elected to fill a vacancy resulting from an increase in the number of directors of such class shall hold office for a term that
shall coincide with the remaining term of that class. Any director elected to fill a vacancy not resulting from an increase in
the number of directors shall have the same remaining term as his or her predecessor. If there are no directors in office, then
an election of directors may be held in the manner provided by statute.


 


Section 3.04.     
Regular Meetings. Regular meetings of the board of directors may be held at any time or date and at any place within or
without the State of Delaware which has been designated by the board of directors and publicized among all directors, either orally
or in writing, by telephone, including a voice-messaging system or other system designed to record and communicate messages, facsimile,
telegraph or telex, or by electronic mail or other electronic means. No further notice shall be required for regular meetings of
the board of directors.


 


Section 3.05.     
Special Meetings. Special meetings of the board of directors may be called by or at the request of the chairman of the board,
the vice chairman of the board, the chief executive officer, the president or a majority of the authorized number of directors.
The person or persons authorized to call special meetings of the board of directors may fix any place, either within or without
the state of incorporation, as the place for holding any special meeting of the board of directors called by them.


 


Section 3.06.      
Meetings by Telephone Conference Call. Any member of the board of directors, or of any committee thereof, may participate
in a meeting by means of conference telephone or other communications equipment by means of which all persons participating in
the meeting can hear each other, and participation in a meeting by such means shall constitute presence in person at such meeting.


 


Section 3.07.      
Notice.


 


(a) Notice of the
time and place of all special meetings of the board of directors shall be orally or in writing, by telephone, including a voice
messaging system or other system or technology designed to record and communicate messages,, facsimile, telegraph or telex, or
by electronic mail or other electronic means, during normal business hours, at least twenty-four (24) hours before the date and
time of the meeting. If notice is sent by US mail, it shall be sent by first class mail, charges prepaid, at least three (3) days
before the date of the meeting. Notice of any meeting may be waived in writing, or by electronic transmission, at any time before
or after the meeting and will be waived by any director by attendance thereat, except when the director attends the meeting for
the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not
lawfully called or convened.


 






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(b) The transaction
of all business at any meeting of the board of directors, or any committee thereof, however called or noticed, or wherever held,
shall be as valid as though had at a meeting duly held after regular call and notice, if a quorum be present and if, either before
or after the meeting, each of the directors not present who did not receive notice shall sign a written waiver of notice or shall
waive notice by electronic transmission. All such waivers shall be filed with the corporate records or made a part of the minutes
of the meeting.


 


Section 3.08.    
Quorum. Unless the certificate of incorporation or statute requires a greater number, and except with respect to questions
related to indemnification arising under Article 8 for which a quorum shall be one-third of the exact number of directors fixed
from time to time, a quorum of the board of directors shall consist of a majority of the exact number of directors fixed from time
to time by the board of directors in accordance with the certificate of incorporation; provided, however, at any meeting whether
a quorum be present or otherwise, a majority of the directors present may adjourn from time to time until the time fixed for the
next regular meeting of the board of directors, without notice other than by announcement at the meeting.


 


Section 3.09.     
Manner of Acting. At each meeting of the board of directors at which a quorum is present, all questions and business shall
be determined by the affirmative vote of a majority of the directors present, unless a different vote be required by law, the certificate
of incorporation or these bylaws.


 


Section 3.10.     
Compensation. By resolution of the board of directors, the directors may be paid their expenses, if any, of attendance at
each meeting of the board of directors, and may be paid a fixed sum for attendance at each meeting of the board of directors or
a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and
receiving compensation therefore.


 


Section 3.11.     
Presumption of Assent. A director of the corporation who is present at a meeting of the board of directors at which action
on any corporate matter is taken shall be presumed to have assented to the action taken unless (i) such director’s dissent
or abstention therefrom shall be entered into the minutes of the meeting, (ii) such director shall file a written dissent to such
action with the person acting as the secretary of the meeting before the adjournment thereof, or (iii) such director shall forward
such dissent by registered or certified mail, postage pre-paid, with return receipt requested to the secretary of the corporation
not later than the first business day following the adjournment of the meeting. Such right to dissent shall not apply to a director
who abstained or voted in favor of such action.


 


Section 3.12.     
Resignations. Any director may resign at any time by delivering his or her notice in writing or by electronic transmission
to either the chief executive officer, president, a vice president, the secretary, or assistant secretary if any. The resignation
shall become effective on giving of such notice, unless such notice specifies a later time for the effectiveness of such resignation.


 


Section 3.13.      
Written Consent to Action by Directors. Unless otherwise restricted by the certificate of incorporation or these bylaws,
any action required or permitted to be taken at any meeting of the board of directors or of any committee thereof may be taken
without a meeting, if all members of the board of directors or committee, as the case may be, consent thereto in writing or by
electronic transmission, and such writing or writings or transmission or transmissions are filed with the minutes of proceedings
of the board of directors or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall
be in electronic form if the minutes are maintained in electronic form.


 






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Section 3.14.      
Removal. Subject to any limitations imposed by law, the board of directors or any director may be removed from office at
any time (i) with cause by the affirmative vote of the holders of a majority of the voting power of all then-outstanding shares
of capital stock of the corporation entitled to vote generally at an election of directors or (ii) without cause by the affirmative
vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all then-outstanding shares of
capital stock of the corporation entitled to vote generally at an election of directors.


 


ARTICLE IV     OFFICERS


 


Section 4.01.      
Number. The officers of the corporation shall be chosen by the board of directors and shall be at least a chief executive
officer, chief financial officer and a secretary. The board of directors may elect from among its members a chairman of the board
and a vice chairman. The board of directors may also choose a president, chief operating officer, treasurer and controller or one
or more vice-presidents, assistant secretaries, assistant controllers and assistant treasurers.


 


Section 4.02.      
Election, Term of Office and Qualifications. The board of directors at its first meeting after each annual meeting of stockholders
shall choose a chief executive officer, chief financial officer and a secretary and may also choose a president, chief operating
officer, treasurer, controller, vice presidents, assistant secretaries, assistant controllers or assistant treasurers. In the event
of failure to choose officers at an annual meeting of the board of directors, officers may be chosen at any regular or special
meeting of the board of directors. Each such officer (whether chosen at an annual meeting of the board of directors to fill a vacancy
or otherwise) shall hold his office until the next ensuing annual meeting of the board of directors, and until his successor shall
have been chosen and qualified, or until his death or until his resignation or removal in the manner provided in these bylaws.
Any number of offices may be held by the same person, unless the certificate of incorporation or these bylaws otherwise provide.


 


Section 4.03.      
Subordinate Officers, Etc. The board of directors may appoint such other officers and agents as it shall deem necessary,
who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from
time to time by the board.


 


Section 4.04.      
Resignations. Any officer may resign at any time by giving notice in writing or by electronic transmission to the board
of directors or to the chief executive officer, the president or to the secretary. Any such resignation shall be effective when
received by the person or persons to whom such notice is given, unless a later time is specified therein, in which event the resignation
shall become effective at such later time. Unless otherwise specified in such notice, the acceptance of any such resignation shall
not be necessary to make it effective. Any resignation shall be without prejudice to the rights, if any, of the corporation under
any contract with the resigning officer.


 


Section 4.05.      
Removal. Any officer may be removed from office at any time, either with or without cause, by the affirmative vote of a
majority of the directors in office at the time, or by the unanimous written consent of the directors in office at the time, or
by any committee or by the chief executive officer or by other superior officers upon whom such power of removal may have been
conferred by the board of directors.


 






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Section 4.06.      
Vacancies and Newly Created Offices. If any vacancy shall occur in any office by reason of death, resignation, removal,
disqualification, or any other cause, or if a new office shall be created, then such vacancies or newly created offices may be
filled by the board of directors at any regular or special meeting.


 


Section 4.07.      
The Chairman of the Board. The chairman of the board, if there be such an officer, shall have the following powers and duties:


 


(a) He shall preside
at all stockholders’ meetings;


 


(b) He shall preside
at all meetings of the board of directors;  and


 


(c) He shall be a
member of the executive committee, if any.


 


Section 4.08.      
The Chief Executive Officer and President. The chief executive officer shall be the president of the corporation unless
such title is assigned to another officer of the corporation; and in the absence of the chairman of the board and the vice chairman
of the board, he/she shall preside at all meetings of the stockholders and the board of directors; he/she shall have general and
active management of the business of the corporation and shall see that all orders and resolutions of the board of directors are
carried into effect.


 


In the absence of the chief executive officer
or in the event of his/her inability or refusal to act, the president, if any, shall perform the duties of the chief executive
officer, and when so acting, shall have all the powers of and be subject to all the restrictions upon the chief executive officer.
The president shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.


 


The chief executive officer, president
or any vice president shall execute bonds, mortgages and other contracts requiring a seal, under the seal of the corporation, except
where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall
be expressly delegated by the board of directors to some other officer or agent of the corporation.


 


Section 4.09.      
The Vice Presidents. In the absence of the president or in the event of his/her inability or refusal to act, the vice-president,
if any, (or in the event there be more than one vice-president, the vice-presidents in the order designated by the directors, or
in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so
acting, shall have all the powers of and be subject to all the restrictions upon the president. The vice-presidents shall perform
such other duties and have such other powers as the board of directors may from time to time prescribe.


 






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Section 4.10.       The Secretary.


 


(a) The secretary
or his or her designee shall attend all meetings of the board of directors and all meetings of the stockholders and record all
the proceedings of the meetings of the corporation and of the board of directors and shall cause such records to be kept in a book
kept for that purpose and shall perform like duties for the standing committees when required. He/she shall give, or cause to be
given, notice of all meetings of the stockholders and special meetings of the board of directors, and shall perform such other
duties as may be prescribed by the board of directors or chief executive officer, under whose supervision he/she shall be. He/she
shall have custody of the corporate seal of the corporation and he/she, or an assistant secretary, shall have authority to affix
the same to any instrument requiring it and when so affixed, it may be attested by his/her signature or by the signature of such
assistant secretary. The board of directors may give general authority to any other officer to affix the seal of the corporation
and to attest the affixing by his/her signature.


 


(b) The assistant
secretary, or if there be more than one, the assistant secretaries in the order determined by the board of directors (or if there
be no such determination, then in the order of their election) shall, in the absence of the secretary or in the event of his/her
inability or refusal to act, perform the duties and exercise the powers of the secretary and shall perform such other duties and
have such other powers as the board of directors may from time to time prescribe.


 


Section 4.11.      
The Chief Financial Officer.


 


(a) The chief financial
officer shall be the chief financial officer and treasurer of the corporation and shall have the custody of the corporate funds
and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the corporation and
shall deposit all moneys and other valuable effects in the name and to the credit of the corporation in such depositories as may
be designated by the board of directors.


 


(b) He/she shall disburse
the funds of the corporation as may be ordered by the board of directors, taking proper vouchers for such disbursements, and shall
render to the chief executive officer and the board of directors, at its regular meetings, or when the board of directors so requires,
an account of all his/her transactions as treasurer and of the financial condition of the corporation.


 


(c) Along with the
chief executive officer, president or any vice president, he/she shall be authorized to execute bonds, mortgages and other contracts
requiring a seal, under the seal of the corporation, except where required or permitted by law to be otherwise signed and executed
and except where the signing and execution thereof shall be expressly delegated by the board of directors to some other officer
or agent of the corporation.


 


(d) If required by
the board of directors, he/she shall give the corporation a bond (which shall be renewed every six years) in such sum and with
such surety or sureties as shall be satisfactory to the board of directors for the faithful performance of the duties of his/her
office and for the restoration to the corporation, in case of his/her death, resignation, retirement or removal from office, of
all books, papers, vouchers, money and other property of whatever kind in his/her possession or under his/her control belonging
to the corporation.


 


(e) The controller
shall, in the absence of the chief financial officer or in the event of his/her inability or refusal to act, perform the duties
and exercise the powers of the chief financial officer and shall perform such other duties and have such other powers as the board
of directors may from time to time prescribe.


 






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(f)  Notwithstanding
anything herein to the contrary, the board of directors shall be entitled to assign the title of treasurer to an officer of the
corporation other than the chief financial officer, in which case the treasurer shall perform such duties and have such powers
(which may include some or all of the duties and powers enumerated above for the chief financial officer) as the board of directors
may from time to time prescribe.


 


Section 4.12.      
Salaries. The salaries and other compensation of the officers of the corporation shall be fixed by or in the manner designated
by the board of directors.


 


Section 4.13.     
Surety Bonds. In the case the board of directors shall so require, any officer or agent of the corporation shall execute
to the corporation a bond in such sums and with such surety or sureties as the board of directors may direct, conditioned on the
faithful performance of his duties to the corporation, including responsibility for negligence and for the accounting of all property,
monies, or securities of the corporation which may come into his hands.


 


ARTICLE V     EXECUTION
OF CORPORATE INSTRUMENTS, BORROWING OF MONEY AND DESPOSIT OF CORPORATE FUNDS


 


Section 5.01.     
Execution of Instruments. Subject to any limitation contained in the certificate of incorporation or these bylaws, the chief
executive officer, president or any vice president, if any, may in the name and on behalf of the corporation, execute and delivery
any contract, or other instrument authorized in writing by the board of directors. The board of directors may, subject to any limitation
contained in the certificate of incorporation or in these bylaws, authorize in writing any officer or agent to execute and deliver
any contract or other instrument in the name of and on behalf of the corporation; any such authorization may be general or confined
to specific instances.


 


Section 5.02.     
Loans. No loan or advance shall be contracted on behalf of the corporation, no negotiable paper or other evidence of its
obligation under any loan or advance shall be issued in its name, and no property of the corporation shall be mortgaged, pledged,
hypothecated, transferred, or conveyed as security for the payment of any loan, advance, indebtedness or liability of the corporation,
unless and except as authorized by the board of directors. Any such authorization may be general or confined to specific instances.


 


Section 5.03.    
Deposits. All monies of the corporation not otherwise employed shall be deposited from time to time to its credit in such
banks or trust companies or with such bankers or other depositories as the board of directors may select, or as from time to time
may be selected by any officer or agent authorized to do so by the board of directors.


 


Section 5.04.    
Checks, Drafts, Etc. All notes, drafts, acceptances, checks, endorsements, and, subject to the provisions of these bylaws,
evidences of indebtedness of the corporation shall be signed by such officer or officers or such agent or agents of the corporation
and in such manner as the board of directors from time to time may determine. Endorsements for deposit to the credit of the corporation
in any of its duly authorized depositories shall be in such manner as the board of directors from time to time may determine.


 






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Section 5.05.      
Bonds and Debentures. Every bond or debenture issued by the corporation shall be evidenced by an appropriate instrument
which shall be signed by the chief executive officer, president or a vice president and by the secretary and sealed with the seal
of the corporation. The seal may be a facsimile, engraved or printed. Where such bond or debenture is authenticated with the manual
signature of an authorized officer of the corporation or other trustee designated by the indenture of trust or other agreement
under which such security is issued, the signature of any of the corporation’s officer named thereon may be a facsimile.
In case any officer who signed, or whose facsimile signature has been used on any such bond or debenture, shall cease to be an
officer of the corporation for any reason before the same has been delivered by the corporation, such bond or debenture may nevertheless
be adopted by the corporation and issued and delivered as though the person who signed it or whose facsimile signature has been
used thereon has not ceased to be such an officer.


 


Section 5.06.      
Sale, Transfer, Etc. of Securities. Sales, transfers, endorsements, and assignments of stocks, bonds and other securities
owned by or standing in the name of the corporation, and the execution and delivery on behalf of the corporation of any and all
instruments in writing incident to any such sale, transfer, endorsement, or assignment, shall be effected by the chief executive
officer, president, or by any vice president, together with the secretary, or by any officer or agent authorized to do so by the
board of directors.


 


Section 5.07.      
Proxies. Proxies to vote with respect to stock of other corporations owned by or standing in the name of the corporation
shall be executed and delivered on behalf of the corporation by the chief executive officer, president or any vice president and
the secretary of the corporation, or by any officer or agent authorized to do so by the board of directors.


 


ARTICLE VI     CAPITAL
STOCK


 


Section 6.01.      
Stock Certificates. Every holder of stock in the corporation shall be entitled to have a certificate, signed by, or in the
name of the corporation by, (i) the chief executive officer, the president, or a vice-president and (ii) the chief financial office
or an assistant chief financial officer, or the secretary or an assistant secretary of the corporation, certifying the number of
shares owned by such holder in the corporation. Certificates may be issued for partly paid shares and in such case upon the face
or back of the certificates issued to represent any such partly paid shares, the total amount of the consideration to be paid therefor,
and the amount paid thereon shall be specified. If the corporation shall be authorized to issue more than one class of stock or
more than one series of any class, the powers, designations, preferences and relative, participating, optional or other special
rights of each class of stock or series thereof and the qualification, limitations or restrictions of such preferences and/or rights
shall be set forth in full or summarized on the face or back of the certificate that the corporation shall issue to represent such
class or series of stock, provided that, except as otherwise provided in Delaware General Corporation Law, in lieu of the foregoing
requirements, there may be set forth on the face or back of the certificate that the corporation shall issue to represent such
class or series of stock, a statement that the corporation will furnish without charge to each stockholder who so requests the
powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series
thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Any of or all the signatures on
the certificate may be facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature
has been placed upon a certificate shall have 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/she were such officer, transfer agent or registrar at
the date of issue.


 






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Section 6.02.      
Transfer of Stock. Upon surrender to the corporation or the transfer agent of the corporation of a certificate for shares
duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty of the
corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon
its books. The corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner
of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a person registered on
its books as the owner of shares and shall not be bound to recognize any equitable or other claim to or interest in such share
or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided
by the laws of Delaware.


 


Section 6.03.      
Regulations. Subject to the provision of Article IV, the board of directors may make such rules and regulations as it may
deem expedient concerning the issuance, transfer, redemption and registration of certificates for stock of the corporation.


 


Section 6.04.      
Maintenance of Stock Ledger at Principal Place of Business. A stock ledger (or ledgers where more than one kind, class,
or series of stock is outstanding) shall be kept at the principal place of business of the corporation, or at such other place
as the board of directors shall determine, containing the names alphabetically arranged of original stockholders of the corporation,
their addresses, their interest, the amount paid on their shares, and all transfer thereof and the number and class of stock held
by each. Such stock ledgers shall at all reasonable hours be subject to inspection by persons entitled by law to inspect the same.


 


Section 6.05.      
Transfer Agents and Registrars. The board of directors may appoint one or more transfer agents and one or more registrars
with respect to the certificates representing stock of the corporation, and may require all such certificates to bear the signature
of either or both. The board of directors may from time to time define the respective duties of such transfer agents and registrar.
No certificate for stock shall be valid until countersigned by a transfer agent, if at the date appearing thereon the corporation
had a transfer agent for such stock, and until registered by a registrar, if at such date the corporation had a registrar for such
stock.


 


Section 6.06.      
Lost or Destroyed Certificates. The corporation may issue a new certificate for stock of the corporation in place of any
certificate theretofore issued by it, alleged to have been lost or destroyed, and the board of directors may, in their discretion,
require the owner of the lost or destroyed certificate or his legal representatives, to give the corporation a bond in such form
and amount as the board of directors may direct, and with such surety or sureties as may be satisfactory to the board, to indemnify
the corporation and its transfer agents and registrars, if any, against any claims that may be made against it or any such transfer
agent or registrar on account of the issuance of such new certificate. A new certificate may be issued without requiring any bond
when, in the judgment of the board of directors, it is proper to do so.


 






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ARTICLE VII     INSURANCE
AND OFFICER AND DIRECTOR CONTRACTS


 


Section 7.01.      
Indemnification: Third Party Actions. 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, whether civil, criminal, administrative
or investigative (other than an action 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 (and, in the discretion of the board of directors, may so indemnify a person by reason of
the fact that he is or was an employee, or agent of the corporation, or is or was serving at the request of the corporation as
a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise), against
expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in
connection with such action, suit or proceeding if he acted in good faith and in a manner he 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 his conduct was unlawful. The termination of any action, suit or proceeding 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 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 reasonable cause to believe that his conduct was unlawful.


 


Section 7.02.      
Indemnification: Corporate Actions. The corporation shall indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment
in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving
at the request of the corporation as a director or officer of the corporation (and, in the discretion of the board of directors,
may so indemnify a person by reason of the fact that he is or was an employee or agent of another corporation, partnership, joint
venture, trust or other enterprise), against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection
with the defense or settlement of such action or suit if he acted in good faith and in a manner he 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 such other court shall deem proper.


 


Section 7.03.      
Determination. To the extent that a present or former director or officer of a corporation has been successful on the merits
or otherwise in defense of any action, suit or proceeding referred to in Sections 8.01 and 8.02 hereof, or in defense of any claim,
issue or matter therein, he shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred
by such person in connection therewith. Any other indemnification under Sections 8.01 and 8.02 hereof, 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 present
or former director, officer, employee or agent is proper in the circumstances because he has met the applicable standard of conduct
set forth in Sections 8.01 and 8.02 hereof. Such determination shall be made, with respect to a person who is a director or officer
at the time of such determination, (i) by a majority vote of the directors who are not parties to such action, suit or proceeding,
even though less than a quorum, or (ii) by a committee of such directors designated by majority vote of such directors, even though
less than a quorum, or (iii) if there are no such directors, or if such directors so direct, by independent legal counsel in a
written opinion, or (iv) by the stockholders.


 






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Section 7.04.    
Advances. Expenses (including attorneys’ fees) incurred by an officer or director in defending any civil, criminal, administrative
or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action,
suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall
ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in this section. Such
expenses (including attorneys’ fees) incurred by former directors and officers or other employees and agents may be so paid upon
such terms and conditions, if any, as the corporation deems appropriate.


 


Section 7.05.     
Scope of Indemnification. The indemnification and advancement of expenses provided by, or granted pursuant to, Sections
8.01, 8.02 and 8.04:


 


(a) Shall not be deemed
exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw,
agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and
as to action in another capacity while holding such office; and


 


(b) In accordance
with the Delaware Revised Statutes, the right to indemnification or to advancement of expenses arising under a provision of the
certificate of incorporation or a bylaw shall not be eliminated or impaired by an amendment to such provision after the occurrence
of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for
which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission
explicitly authorizes such elimination or impairment after such action or omission has occurred.


 


Section 7.06.     
Insurance. The corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer,
employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee,
or agent of another corporation, partnership, joint venture, trust, or other enterprise against any liability asserted against
him and incurred by him in any such capacity or arising out of his status as such, whether or not the corporation would have the
power to indemnify him against any such liability.


 


Section 7.07.     
Officer and Director Contracts. No contract or other transaction between the corporation and one or more of its directors
or officers, or between the corporation and any corporation, partnership, association, or other organization in which one or more
of the corporation’s directors or officers are directors, officers or have a financial interest, is either void or voidable
solely on the basis of such relationship or solely because any such director or officer is present at or participates in the meeting
of the board of directors or a committee thereof, which authorizes the contract or transaction, or solely because the vote or votes
of each director or officer are counted for such purpose if:


 


(a) The material facts
of the relationship or interest are disclosed or known to the board of directors or committee and the board or committee in good
faith authorizes the contract or transaction by the affirmative vote of a majority of the disinterested directors even though the
disinterested directors be less than a quorum;


 


(b) The material facts
of the relationship or interest is disclosed or known to the stockholders and they approve or ratify the contract or transaction
in good faith by a majority vote of the shares voted at a meeting of stockholders called for such purpose or written consent of
stockholder holding a majority of the shares entitled to vote (the votes of the common or interested directors or officers shall
be counted in any such vote of the stockholders); or


 






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(c) The contract or
transaction is fair as to the corporation at the time it is authorized, approved, or ratified by the board of directors, a committee
thereof, or the stockholders.


 


ARTICLE VIII     FISCAL
YEAR


 


The fiscal year of the corporation shall
be fixed by resolution of the board of directors.


 


ARTICLE IX     DIVIDENDS


 


Dividends upon the capital stock of the
corporation, subject to the provisions of the certificate of incorporation and applicable law, if any, may be declared by the board
of directors pursuant to law at any regular or special meeting. Dividends may be paid in cash, in property, or in shares of the
capital stock, subject to the provisions of the certificate of incorporation and applicable law.


 


Before payment of any dividend, there may
be set aside out of any funds of the corporation available for dividends such sum or sums as the board of directors from time to
time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or
for repairing or maintaining any property of the corporation, or for such other purpose as the board of directors shall think conducive
to the interests of the corporation, and the board of directors may modify or abolish any such reserve in the manner in which it
was created.


 


ARTICLE X      NOTICES


 


Section 10.01.   Notice To
Stockholders. Written notice to stockholders of stockholder meetings shall be given as provided in Section 2 herein. Without
limiting the manner by which notice may otherwise be given effectively to stockholders under any agreement or contract with such
stockholder, and except as otherwise required by law, written notice to stockholders for purposes other than stockholder meetings
may be sent by US mail or nationally recognized overnight courier, or by facsimile, telegraph or telex or by electronic mail or
other electronic means.


 


Section 10.02.    Notice To
Directors. Unless otherwise provided in these bylaws, any notice required to be given to any director may be given by the method
stated in Section 11.01, or by overnight delivery service, facsimile, telex or telegram, except that such notice other than one
which is delivered personally shall be sent to such address as such director shall have filed in writing with the secretary, or,
in the absence of such filing, to the last known post office address of such director.


 


Section 10.03.    Affidavit
Of Mailing. An affidavit of mailing, executed by a duly authorized and competent employee of the corporation or its transfer
agent appointed with respect to the class of stock affected, or other agent, specifying the name and address or the names and addresses
of the stockholder or stockholders, or director or directors, to whom any such notice or notices was or were given, and the time
and method of giving the same, shall in the absence of fraud, be prima facie evidence of the facts therein contained.


 






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Section 10.04.     Methods of
Notice. It shall not be necessary that the same method of giving notice be employed in respect of all recipients of notice,
but one permissible method may be employed in respect of any one or more, and any other permissible method or methods may be employed
in respect of any other or others.


 


Section 10.05.     Notice To
Person With Whom Communication Is Unlawful. Whenever notice is required to be given, under any provision of law or of the certificate
of incorporation or bylaws of the corporation, to any person with whom communication is unlawful, the giving of such notice to
such person shall not be required and there shall be no duty to apply to any governmental authority or agency for a license or
permit to give such notice to such person. Any action or meeting which shall be taken or held without notice to any such person
with whom communication is unlawful shall have the same force and effect as if such notice had been duly given. In the event that
the action taken by the corporation is such as to require the filing of a certificate under any provision of the Delaware Revised
Statutes, the certificate shall state, if such is the fact and if notice is required, that notice was given to all persons entitled
to receive notice except such persons with whom communication is unlawful.


 


Section 10.06.     Notice to
Stockholders Sharing an Address. Except as otherwise prohibited under the Delaware Revised Statutes, any notice given under
the provisions of the Delaware Revised Statutes, the certificate of incorporation or the bylaws shall be effective if given by
a single written notice to stockholders who share an address if consented to by the stockholders at that address to whom such notice
is given. Such consent shall have been deemed to have been given if such stockholder fails to object in writing to the corporation
within 60 days of having been given notice by the corporation of its intention to send the single notice. Any consent shall be
revocable by the stockholder by written notice to the corporation.


 


ARTICLE XI     AMENDMENTS


 


Subject to the limitations set forth in
Section 8.05 of these bylaws or the provisions of the certificate of incorporation, the board of directors is expressly empowered
to adopt, amend or repeal the bylaws of the corporation. The stockholders also shall have power to adopt, amend or repeal the bylaws
of the corporation; provided, however, that, in addition to any vote of the holders of any class or series of stock of the corporation
required by law or by the certificate of incorporation, such action by stockholders shall require the affirmative vote of the holders
of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all of the then-outstanding shares of the capital
stock of the corporation entitled to vote generally in the election of directors, voting together as a single class.


 


Adopted by vote of stockholders at special meeting on December
13, 2016


 






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