Exhibit 3.03

SECONDTHIRD AMENDED AND RESTATED BYLAWS

OF

NEW FRONTIER MEDIA, INC.

A
Colorado Corporation

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INDEX TOSECONDTHIRD AMENDED AND RESTATED BYLAWS OF
NEW FRONTIER MEDIA, INC.

|                             |                                                                 | PAGE
|---------------------------- | --------------------------------------------------------------- | ----
|ARTICLE 1 OFFICES            |                                                                 | 1   
|                             | SECTION 1.1 PRINCIPAL OFFICE.                                   |     
|                             | SECTION 1.2 REGISTERED OFFICE.                                  |     
|ARTICLE 2 SHAREHOLDERS       |                                                                 | 1   
|                             | SECTION 2.1 ANNUAL MEETING.                                     |     
|                             | SECTION 2.2 SPECIAL MEETINGS.                                   |     
|                             | SECTION 2.3 PLACE OF MEETINGS.                                  |     
|                             | SECTION 2.4 NOTICE OF MEETING.                                  |     
|                             | SECTION 2.5 MEETING OF ALL SHAREHOLDERS.                        |     
|                             | SECTION 2.6 CLOSING OF TRANSFER BOOKS OR FIXING OF RECORD DATE. |     
|                             | SECTION 2.7 VOTING REQUIRED.                                    |     
|                             | SECTION 2.8 QUORUM.                                             |     
|                             | SECTION 2.9 MANNER OF ACTING.                                   |     
|                             | SECTION 2.10 PROXIES.                                           |     
|                             | SECTION 2.11 VOTING OF SHARES.                                  |     
|                             | SECTION 2.12 VOTING OF SHARES BY CERTAIN SHAREHOLDERS.          |     
|                             | SECTION 2.13 INFORMAL ACTION BY SHAREHOLDERS.                   |     
|                             | SECTION 2.14 VOTING BY BALLOT.                                  |     
|                             | SECTION 2.15 CUMULATIVE VOTING.                                 |     
|ARTICLE 3 BOARD OF DIRECTORS |                                                                 | 5   
|                             | SECTION 3.1 GENERAL POWERS.                                     |     
|                             | SECTION 3.2 PERFORMANCE OF DUTIES.                              |     
|                             | SECTION 3.3 NUMBER, TENURE AND QUALIFICATIONS.                  |     
|                             | SECTION 3.4 REGULAR MEETINGS.                                   |     
|                             | SECTION 3.5 SPECIAL MEETINGS.                                   |     
|                             | SECTION 3.6 NOTICE.                                             |     
|                             | SECTION 3.7 QUORUM.                                             |     
|                             | SECTION 3.8 MANNER OF ACTING.                                   |     
|                             | SECTION 3.9 INFORMAL ACTION BY DIRECTORS.                       |     
|                             | SECTION 3.10 PARTICIPATION BY ELECTRONIC MEANS.                 |     
|                             | SECTION 3.11 VACANCIES.                                         |     
|                             | SECTION 3.12 RESIGNATION.                                       |     
|                             | SECTION 3.13 REMOVAL.                                           |     
|                             | SECTION 3.14 COMMITTEES.                                        |     
|                             | SECTION 3.15 COMPENSATION.                                      |     
|                             | SECTION 3.16 PRESUMPTION OF ASSENT.                             |     

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|                                                                 | SECTION 3.17 LIMITATIONS ON LIABILITY.                                          |      | 8   
|---------------------------------------------------------------- | ------------------------------------------------------------------------------- | ---- | ----
|                                                                 | SECTION 3.18 INDEMNIFICATION.                                                   |      | 9   
|ARTICLE 4 OFFICERS                                               |                                                                                 | 9   
|                                                                 | SECTION 4.1 NUMBER.                                                             |      | 9   
|                                                                 | SECTION 4.2 ELECTION AND TERM OF OFFICE.                                        |      | 109 
|                                                                 | SECTION 4.3 REMOVAL.                                                            |      | 109 
|                                                                 | SECTION 4.4 VACANCIES.                                                          |      | 109 
|                                                                 | SECTION 4.5 PRESIDENT 10CHIEF EXECUTIVE OFFICER.                                |      | 9   
|                                                                 | SECTION 4.6 VICE PRESIDENT.                                                     |      | 10  
|                                                                 | SECTION 4.7 SECRETARYVICE PRESIDENT.                                            |      | 1110
|                                                                 | SECTION 4.8 SECRETARY.                                                          |      | 10  
|                                                                 | SECTION 4.9 TREASURER.                                                          |      | 11  
|                                                                 | SECTION 4.94.10 ASSISTANT SECRETARIES AND ASSISTANT TREASURERS.                 |      | 11  
|                                                                 | SECTION 4.104.11 BONDS.                                                         |      | 11  
|                                                                 | SECTION 4.114.12 SALARIES.                                                      |      | 11  
|ARTICLE 5 CONTRACTS, LOANS, CHECKS AND DEPOSITS                  |                                                                                 | 1211
|                                                                 | SECTION 5.1 CONTRACTS.                                                          |      | 1211
|                                                                 | SECTION 5.2 LOANS.                                                              |      | 12  
|                                                                 | SECTION 5.3 CHECKS, DRAFTS, ETC.                                                |      | 12  
|                                                                 | SECTION 5.4 DEPOSITS.                                                           |      | 12  
|ARTICLE 6 SHARES, CERTIFICATES FOR SHARES AND TRANSFER OF SHARES |                                                                                 | 12  
|                                                                 | SECTION 6.1 REGULATION.                                                         |      | 12  
|                                                                 | SECTION 6.2 CERTIFICATES FOR STOCK.                                             |      | 12  
|                                                                 | SECTION 6.3 CANCELLATION OF CERTIFICATES.                                       |      | 13  
|                                                                 | SECTION 6.4 LOST, STOLEN OR DESTROYED CERTIFICATES.                             |      | 13  
|                                                                 | SECTION 6.5 TRANSFER OF SHARES.                                                 |      | 13  
|ARTICLE 7 INDEMNIFICATION                                        |                                                                                 | 14  
|                                                                 | SECTION 7.1 INDEMNIFICATION.                                                    |      | 14  
|                                                                 | SECTION 7.2 RIGHT TO INDEMNIFICATION.                                           |      | 15  
|                                                                 | SECTION 7.3 EFFECT OF TERMINATION OF ACTION.                                    |      | 15  
|                                                                 | SECTION 7.4 GROUPS AUTHORIZED TO MAKE INDEMNIFICATION DETERMINATION.            |      | 15  
|                                                                 | SECTION 7.5 COURT-ORDERED INDEMNIFICATION.                                      |      | 16  
|                                                                 | SECTION 7.6 ADVANCE OF EXPENSES.                                                |      | 16  
|                                                                 | SECTION 7.7 ADDITIONAL INDEMNIFICATION TO CERTAIN PERSONS OTHER THAN DIRECTORS. |      | 17  
|                                                                 | SECTION 7.8 WITNESS EXPENSES.                                                   |      | 17  
|                                                                 | SECTION 7.9 REPORT TO SHAREHOLDERS.                                             |      | 17  

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|                                 | SECTION 7.10 PROVISION OF INSURANCE.                     |      | 18  
|-------------------------------- | -------------------------------------------------------- | ---- | ----
|ARTICLE 8 FISCAL YEAR            |                                                          | 1418
|ARTICLE 89 DIVIDENDS             |                                                          | 1418
|ARTICLE 910 CORPORATE SEAL       |                                                          | 1418
|ARTICLE 1011 WAIVER OF NOTICE    |                                                          | 1518
|ARTICLE 1112 AMENDMENTS          |                                                          | 1519
|ARTICLE 1213 EXECUTIVE COMMITTEE |                                                          | 1519
|                                 | SECTION 12.113.1 APPOINTMENT.                            |      | 1519
|                                 | SECTION 12.213.2 AUTHORITY.                              |      | 1519
|                                 | SECTION 12.313.3 TENURE AND QUALIFICATIONS.              |      | 1519
|                                 | SECTION 12.413.4 MEETINGS.                               |      | 1519
|                                 | SECTION 12.513.5 QUORUM.                                 |      | 1620
|                                 | SECTION 12.613.6 INFORMAL ACTION BY EXECUTIVE COMMITTEE. |      | 1620
|                                 | SECTION 12.713.7 VACANCIES.                              |      | 1620
|                                 | SECTION 12.813.8 RESIGNATIONS AND REMOVAL.               |      | 1620
|                                 | SECTION 12.913.9 PROCEDURE.                              |      | 1620
|ARTICLE 1314 EMERGENCY BYLAWS    |                                                          | 1620

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SECONDTHIRD AMENDED AND RESTATED BYLAWS
OF
NEW FRONTIER MEDIA, INC.

A
Colorado Corporation

ARTICLE 1
OFFICES

SECTION 1.1 PRINCIPAL OFFICE.

The principal office of the corporation in the state of Colorado shall be located in the city of Boulder, county of Boulder. The corporation may have such other
offices, either within or outside of the State of Colorado as the board of directors may designate, or as the business of the corporation may require from time to time.

SECTION 1.2 REGISTERED OFFICE.

The registered office of the corporation, required by the Colorado Business Corporation Act, as amended, to be maintained in the
State of Colorado, may be, but need not be, identical with the principal office in the State of Colorado, and the address of the registered office may be changed from time to time by the board of
directors.

ARTICLE 2
SHAREHOLDERS

SECTION 2.1 ANNUAL MEETING.

The annual meeting of the shareholders shall be held on June 1 ineach year, commencing with the
year 1998, at the hour of 10:00 a.m., or at such othertime on such otherday as shall be fixed
by the board of directors for the purpose of electing directors and for the transaction of such other business as may properlycome before the meeting. If the day fixed
for the annual meeting shall be a legal holiday in the State of Colorado, such meeting shall be held on the next succeeding business day. If the election of directors shall not be held on the day
designated herein for any annual meeting of the shareholders, or at any adjournment thereof, the board of directors shall cause the election to be held at a special meeting of the shareholders as soon
thereafter as may be convenient.

SECTION 2.2 SPECIAL MEETINGS.

Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the chief executive officer, the
president, or by the board of directors, and shall be called by the president at the request of the holders of not less than one-tenth of all outstanding shares of the corporation entitled
to vote at the meeting.

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SECTION 2.3 PLACE OF MEETINGS.

The board of directors may designate any place, either within or outside of the State of Colorado, as the place of meeting for any annual meeting or for any
special meeting called by the board of directors. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the principal office of the corporation in the
State of Colorado.

SECTION 2.4 NOTICE OF MEETING.

Written notice stating the place, day and hour of the meeting of shareholders and, in case of a special meeting, the purpose or purposes for which the meeting is
called, shall, unless otherwise prescribed by statute, be delivered not less than ten nor more than fiftysixtydays before the date of the meeting,
either personally or by mail, by or at the direction of the chief executive officer, the president, or the secretary, or the officer or other persons calling the meeting, to each shareholder of record
entitled to vote at such meeting; provided, however, that if the authorized shares of the corporation are to be increased, at least thirty days' notice shall be given, and if sale of all or
substantially all assets are to be voted upon, at least twenty days' notice shall be given. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail, addressed
to the shareholder at his or her address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.

SECTION 2.5 MEETING OF ALL SHAREHOLDERS.

If all of the shareholders shall meet at any time and place, either within or outside of the State of Colorado, and consent to the holding of a meeting at such
time and place, such meeting shall be valid without call or notice, and at such meeting any corporate action may be taken.

SECTION 2.6 CLOSING OF TRANSFER BOOKS OR FIXING OF RECORD DATE.

For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled
to receive payment of any dividend, or in order to make a determination of shareholders for any other purpose, the board of directors of the corporation may provide that the share transfer books shall
be closed for a stated period but not to exceed, in any case, fifty days. If the share transfer books shall be closed for the purpose of determining shareholders entitled to notice of or to vote at a
meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting. In lieu of closing the share transfer books, the board of directors may fix in advance a
date as the record date for any such determination of shareholders(other than one involving a purchase, redemption, or other acquisition of the of the corporation's
shares), such date in any case to be not more than fiftyseventy days and, in case of a meeting of shareholders, not
less than ten days prior to the date on which the particular action, requiring such determination of shareholders, is to be taken. If the share transfer books are not closed and no record date is
fixed for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders, or shareholders entitled to receive payment of a dividend, the date on which notice of the
meeting is mailed or the date on which the resolution of the board of directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders.
When a determination of shareholders entitled to vote at any meeting of

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shareholders
has been made as provided in this Section, such determination shall apply to any adjournment thereof.

SECTION 2.7 VOTING REQUIRED.

The officer or agent having charge of the stock transfer books for shares of the corporation shall make, at
leastbeginning the earlier of ten days before such meeting of shareholdersor two business days after notice of the meeting is given and
continuing through the meeting, a complete record of the shareholders entitled to vote at each meeting of shareholders or any adjournment thereof, arranged in alphabetical order, with
the address of and the number of shares held by each. The record, for asuch required periodof ten days prior to
such meeting, shall be kept on file at the principal office of the corporation, whether within or outside of the State of Colorado, and shall be subject to inspection by any
shareholder for any purpose germane to the meeting at any time during usual business hoursduring such period. Such record shall be produced and kept open at the time and
place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting for the purposes thereof.

The
original stock transfer books shall be the prima facie evidence as to who are the shareholders entitled to examine the record or transfer books or to vote at any meeting of
shareholders.

SECTION 2.8 QUORUM.

A majorityOne-third of theissued and outstanding
shares of the corporation entitled to vote, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, except as otherwise provided by the Colorado Business
Corporation Act, as amended, and the Articles of Incorporation. In the absence of a quorum at any such meeting, a majority of the shares so represented may adjourn the
meeting from time to time for a period not to exceed sixty days without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted
which might have been transacted at the meeting as originally noticed. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the
withdrawal during such meeting of that number of shareholders whose absence would cause there to be less than a quorum.

SECTION 2.9 MANNER OF ACTING.

If a quorum is present, the affirmative vote of theaction on any matter at a meeting other than the election
of directors is approved if a majority of the shares represented at the meeting and entitled to vote on the subject matter shall
beapprove the act of the shareholdersaction, unless the vote of a greater
proportion or number or voting by classes is otherwise required by statute or by the Articles of Incorporation or these bylaws.If a quorum is present and the matter presented at the
meeting is an election of directors, that number of candidates equaling the number of directors to be elected, having the highest number of votes cast in favor of their election, are elected to the
board of directors.

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SECTION 2.10 PROXIES.

At all meetings of shareholders a shareholder may vote in person or by proxy executed in writing by the shareholder or by a duly authorized
attorney-in-fact. Such proxy shall be filed with the secretary of the corporation before or at the time of the meeting. No proxy shall be valid after eleven months from the
date of the execution, unless otherwise provided in the proxy.

SECTION 2.11 VOTING OF SHARES.

Unless otherwise provided by these bylaws or the Articles of Incorporation, each outstanding share entitled to vote shall be entitled to one vote upon each matter
submitted to vote at a meeting of shareholders, and each fractional share shall be entitled to a corresponding fractional vote on each such matter.

SECTION 2.12 VOTING OF SHARES BY CERTAIN SHAREHOLDERS.

Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe, or, in the
absence of such provision, as the board of directors of such other corporation may determine.

Shares
standing in the name of a deceased person, a minor ward or an incompetent person, may be voted by an administrator, executor, court appointed guardian or conservator, either in
person or by proxy without a transfer of such shares into the name of such administrator, executor, court appointed guardian or conservator. Shares standing in the name of a trustee may be voted by
him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him or her without a transfer of such shares into his or her name.

Shares
standing in the name of a receiver may be voted by such receiver and shares held by or under the control of a receiver may be voted by such receiver without the transfer thereof
into the trustee name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed.

A
shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be
entitled to vote the shares so transferred.

Neither
shares of its own stock belonging to this corporation, nor shares of its own stock held by it in a fiduciary capacity, nor shares of its own stock held by another corporation if
the majority of shares entitled to vote for the election of directors of such corporation is held by this corporation may be voted, directly or indirectly, at any meeting and shall not be counted in
determining the total number of outstanding shares at any given time.

Redeemable
shares which have been called for redemption shall not be entitled to vote on any matter and shall not be deemed outstanding shares on and after the date on which written
notice of redemption has been mailed to shareholders and a sum sufficient to redeem such shares has been deposited with a bank or trust company with irrevocable instruction and authority to pay the
redemption price to the holders of the shares upon surrender of certificates therefor, if

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certificates
have been issued in respect thereof, or confirmation of a notation of cancellation of such shares on the books and records of the corporation, if uncertificated.

SECTION 2.13 INFORMAL ACTION BY SHAREHOLDERS.

Any action required or permitted to be taken at a meeting of the shareholders may be taken without a meeting if a consent in writing, setting forth the action so
taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.

SECTION 2.14 VOTING BY BALLOT.

Voting on any question or in any election may be by voice vote unless the presiding officer shall order or any shareholder shall demand that voting be by ballot.

SECTION 2.15 CUMULATIVE VOTING.

Cumulative voting shall not be allowed.

ARTICLE 3
BOARD OF DIRECTORS

SECTION 3.1 GENERAL POWERS.

The business and affairs of the corporation shall be managed by its board of directors.

SECTION 3.2 PERFORMANCE OF DUTIES.

A director of the corporation shall perform his or her duties as a director, including his or her duties as a member of any committee of the board upon which he
or she may serve, in good faith, in a manner he or she reasonably believes to be in the best interests of the corporation, and with such care as an ordinarily prudent person in a like position would
use under similar circumstances. In performing his or her duties, a director shall be entitled to rely on information, opinions, reports, or statements, including financial statements and other
financial data, in each case prepared or presented by persons and groups listed in paragraphs (A), (B), and (C) of this Section 3.2; but he or she shall not be considered to be acting in
good faith if he or she has knowledge concerning the matter in question that would cause such reliance to be unwarranted. A person who so performs his or her duties shall not have any liability by
reason of being or having been a director of the corporation. Those persons and groups on whose information, opinions, reports, and statements a director is entitled to rely upon are:



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SECTION 3.3 NUMBER, TENURE AND QUALIFICATIONS.

The number of directors of the corporation shallbe not be less than three (3) normore
than seven (7). The number of directors of the corporation shall be fixed from time to time by resolution of the board of directors, but in no instance shall there be less than one
director or that number otherwise required by lawthree (3) directors unless there are fewer than three (3) shareholders, in which event the number of
directors may be the same as the number of shareholders. Each director shall hold office until the next annual meeting of shareholders or until his or her successor shall have been
elected and qualified. Directors need not be residents of the state of Colorado or shareholders of the corporation.

When
shares of the corporation shall become owned beneficially or of record by one shareholder, the corporation shall elect at least one director. When the shares of
the corporation shall become owned beneficially or of record by two shareholders, the corporation shall elect at least two directors. When the shares of the corporation shall become owned beneficially
or of record by three or more shareholders, the corporation shall elect at least three directors.

There
shall be a chairman of the board, who has beenshall be elected from among the directors. He or she shall preside
at all meetings of the stockholdersshareholders and of the board of directorsunless unavailable. He or
she shall have such other powers and duties as may be prescribed by the board of directors.

SECTION 3.4 REGULAR MEETINGS.

A regular meeting of the board of directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of
shareholders. The board of directors may provide, by resolution, the time and place, either within or without the state of Colorado, for the holding of additional regular meetings without other notice
than such resolution.

SECTION 3.5 SPECIAL MEETINGS.

Special meetings of the board of directors may be called by or at the request of the chief executive officer, the president or any two 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 Colorado, as the place for holding any special meeting of the board of
directors called by them.

SECTION 3.6 NOTICE.

Written notice of any special meeting of directors shall be given as follows:

By
mail to each director at his or her business address at least three days prior to the meeting;or

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By
personal delivery or telegram at least twenty-four hours prior to the meeting to the business address of each director, or in the event such notice is given on a Saturday,
Sunday or holiday, to the residence address of each director.; or

By
any other method in writing permitted under Section 17-101-402 of the Colorado Business Corporation Act, as amended.

If
mailed, such notice shall be deemed to be delivered when deposited in the United States mail, so addressed, with postage thereon prepaid. If notice be given by telegram, such notice
shall be deemed to
be delivered when the telegram is delivered to the telegraph company.If another permitted method is used, such notice shall be effective as provided in
Section 7-101-402 of the Colorado Business Corporation Act, as amended.

Any
director may waive notice of any meeting. The attendance of a director at any meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting
for the express purpose of objecting 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 the board of directors need be specified in the notice or waiver of notice of such meeting.

SECTION 3.7 QUORUM.

A majority of the number of directors fixed by or pursuant to sectionSection 3.2 of this
Article 3 shall constitute a quorum for the transaction of business at any meeting of the board of directors, but if less than such majority is present at a meeting, a majority of the directors
present may adjourn the meeting from time to time without further notice.

SECTION 3.8 MANNER OF ACTING.

Except as otherwise required by law or by the Articles of Incorporation, the act of the majority of the directors present at a meeting at which a quorum is
present shall be the act of the board of directors.

SECTION 3.9 INFORMAL ACTION BY DIRECTORS.

Any action required or permitted to be taken by the board of directors or by a committee thereof at a meeting may be taken without a meeting if a consent in
writing, setting forth the action so taken, shall be signed by all of the directors or all of the committee members entitled to vote with respect to the subject matter thereof.

SECTION 3.10 PARTICIPATION BY ELECTRONIC MEANS.

Any members of the board of directors or any committee designated by such board may participate in a meeting of the board of directors or committee by means of
telephone conference or similar communications equipment by which all persons participating in the meeting can hear each other at the same time. Such participation shall constitute presence in person
at the meeting.

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SECTION 3.11 VACANCIES.

Any vacancy occurring in the board of directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the
board of directors. A director elected to fill a vacancy shall be elected for the unexpired term of his or her predecessor in office. Any directorship to be filled by reason of an increase in the
number of directors may be filled by election by the board of directors for a term of office continuing only until the next election of directors by the shareholders.

SECTION 3.12 RESIGNATION.

Any director of the corporation may resign at any time by giving written notice to the president or the secretary of the corporation. The resignation of any
director shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice, and, unless otherwise specified therein, the acceptance of such resignation shall
not be necessary to make it effective. 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.

SECTION 3.13 REMOVAL.

Any director or directors of the corporation may be removed at any time, with or without cause, in the manner provided in the Colorado Business Corporation
Act, as amended.

SECTION 3.14 COMMITTEES.

By resolution adopted by a majority of the board of directors, the directors may designate two or more directors to constitute a committee, any of which shall
have such authority in the management of the corporation as the board of directors shall designate and as shall be prescribed by the Colorado Business Corporation Act, as
amended.

SECTION 3.15 COMPENSATION.

By resolution of the board of directors and irrespective of any personal interest of any of the members, each director may be paid his or her expenses, if any, of
attendance at each meeting of the board of directors, and may be paid a stated salary as director or a fixed sum for attendance at each meeting of the board of directors or both. No such payment shall
preclude any director from serving the corporation in any other capacity and receiving compensation therefor.

SECTION 3.16 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 his or her dissent shall be entered in the minutes of the meeting or unless he or she shall file his or her written dissent to such action with the person acting as
the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the

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secretary
of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.

SECTION 3.17 LIMITATIONS ON LIABILITY.

To the fullest extent permitted by the Colorado Business Corporation Act, asthe same exists or may hereafter
be amended, a director of the corporation shall not be liable to the corporation or its stockholdersshareholders
for monetary damages for any action taken or any failure to take any action as a director. Notwithstanding the foregoing, a director will have liability for monetary damages for a breach or failure
which involves: (i) a violation of criminal law; (ii) a transaction from which the director derived an improper personal benefit, either directly or indirectly;
(iii) distributions in violation of the Colorado Business Corporation Act, as amended, or the Articles of Incorporation of the corporation (but only to the extent
provided by law); (iv) willful misconduct or disregard for the best interests of the corporation concerning any acts or omissions concerning any proceeding other than in the right of the
corporation or a shareholder; or (v) reckless, malicious or wanton acts or omissions concerning any proceeding other than in the right of the corporation or of a shareholder. No repeal,
amendment or modification of this Article, whether direct or indirect, shall eliminate or reduce its effect with respect to any act or omission of a director of the corporation occurring prior to such
repeal, amendment or modification.

SECTION 3.18 INDEMNIFICATION.

Subject to and in accordance with the Colorado Business Corporation Act, and except as may be expressly limited by the Articles of
Incorporation and any amendments thereto, the corporation shall indemnify any person:



The
corporation may maintain indemnification insurance regardless of its power to indemnify under the Colorado Business Corporation Act.

The
corporation may make any other or further indemnification or advancement of expenses of any of the directors, officers, employees or agents under any bylaw,
agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his or her official capacity and to action in another capacity while holding such office, except an
indemnification against material criminal or unlawful misconduct as set forth by statute, or as to any transaction wherein the director derived an improper personal benefit.

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Except
to the extent reimbursement shall be mandatory in accordance herewith, the corporation shall have the right to refuse indemnification, in whole or in part, in
any instance in which the person to whom indemnification would otherwise have been applicable, if he or she unreasonably refused to permit the corporation, at its own expense and through counsel of
its own choosing, to defend him or her in the action, or unreasonably refused to cooperate in the defense of such action.

ARTICLE 4
OFFICERS

SECTION 4.1 NUMBER.

The officers of the corporation shall be a president, a secretary, and a treasurer, each of whom shall be elected by the board of directors. Such other officers
as may be deemed necessary may be elected or appointed by the board of directors. Any two or more offices may be held by the same person.

SECTION 4.2 ELECTION AND TERM OF OFFICE.

The officers of the corporation to be elected by the board of directors shall be elected annually by the board of directors at the first meeting of the board of
directors held after the annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as practicable. Each officer
shall hold office until his or her successor shall have been duly elected and shall have qualified or until his or her death or until he or she shall resign or shall have been removed in the manner
hereinafter provided.

SECTION 4.3 REMOVAL.

Any officer or agent may be removed by the board of directors whenever in its
judgementjudgment the best interests of the corporation will be served thereby, but such removal shall be without prejudice to the
contract rights, if any, of the person so removed. Election or appointment of an officer or agent shall not of itself create contract rights.

SECTION 4.4 VACANCIES.

A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the board of directors for the unexpired portion
of the term.

SECTION 4.5 CHIEF EXECUTIVE OFFICER

The chief executive officer (the "CEO") shall be the chief executive officer of the corporation, shall have overall responsibility and authority for
management of the operations of the corporation (subject to the authority of the board of directors), shall preside at all meetings of the shareholders if the chairman of the board of directors is
unavailable, unless unavailable. He or she may sign, with the secretary or any other proper officer of the corporation thereunto authorized by the board of directors, certificates for shares of the
corporation and deeds, mortgages, bonds, contracts, or other instruments which the board of directors has authorized to be executed, excepted in cases where the signing and execution thereof shall be
expressly

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delegated
by the board of directors or by these bylaws to some other officer or agent of the corporation, or shall be required by law to be otherwise signed or executed.

SECTION 4.6 PRESIDENT.

The president shallbe the chief executive officer of the corporation and, subject to the control of the board of
directorsand the CEO,shall in general supervise and control all ofthe business and affairs
of the corporation. He or she shall, when present, and in the absence of a chairman of the boardand CEO, preside at all meetings of the shareholders and of the board of
directors.Her or she shall, in the absence of the CEO or in the event of the CEO's death, inability or refusal to act, perform all duties of the CEO, and when so acting, shall have all
the powers of and be subject to all of the restrictions on the CEO. He or she may sign, with the secretary or any other proper officer of the corporation thereunto authorized by the
board of directors, certificates for shares of the corporation and deeds, mortgages, bonds, contracts, or other instruments which the board of directors has authorized to be executed, excepted in
cases where the signing and execution thereof shall be expressly delegated by the board of directors or by these bylaws to some other officer or agent of the corporation, or shall be required by law
to be otherwise signed or executed; and in general shall perform all duties incident to the office of president and such other duties as may be prescribed by the board of directors from time to time.

SECTION 4.7SECTION 4.6 VICE PRESIDENT.

If elected or appointed by the board of directorsor any senior officer, the vice president (or in the event there be more than one
vice president, the vice presidents in the order designated at the time of their electionor appointment, or in the absence of any designation, then in the order of their
electionor appointment) shall, in the absence of the president or in the event of his or her death, inability or refusal to act, perform all duties of the president, and
when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any vice president may sign, with the treasurer or
an assistant treasurer or the secretary or an assistant secretary, certificates for shares of the corporation; and shall perform such other duties as from time to time may be assigned to him or her by
the CEO, thepresident or by the board of directors.

SECTION 4.8SECTION 4.7 SECRETARY.

The secretary shall: (a) keep the minutes of the proceedings of the shareholders and of the board of directors in one or more books provided for that
purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws or as required by law; (c) be custodian of the corporate records and of the seal of the
corporation and see that the seal of the corporation is affixed to all documents the execution of which on behalf of the corporation under its seal is duly authorized; (d) keep a register of
the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign with the chairman or vice chairman of the board of directors, or the
CEO, the president, or a vice president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the board of
directors; (f) have general charge of the stock transfer books of the corporation; and (g) in general perform all duties incident to the office of secretary and such other duties as from
time to time may be assigned to him or her bythe CEO, the president or by the board of directors.

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SECTION 4.9SECTION 4.8 TREASURER.

The treasurer shall: (a) have charge and custody of and be responsible for all funds and securities of the corporation; (b) receive and give
receipts for moneys due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such banks, trust companies or other depositories as
shall be selected in accordance with the provisions of Article 5 of these bylaws; and (c) in general perform all of the duties incident to the office of treasurer and such other duties
as from time to time may be assigned to him or her by the CEO, the president or by the board of directors.

SECTION 4.10SECTION 4.9 ASSISTANT SECRETARIES AND ASSISTANT TREASURERS.

The assistant secretaries, when authorized by the board of directors, may sign with the chairman or vice chairman of the board of directors or the
CEO, thepresident or a vice president certificates for shares of the corporation the issuance of which shall have been authorized by a resolution of the board of
directors. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or the treasurer, respectively, or by
the CEO, the president or the board of directors.

SECTION 4.11SECTION 4.10 BONDS.

If the board of directors by resolution shall so require, any officer or agent of the corporation shall give bond to the corporation in such amount and with such
surety as the board of directors may deem sufficient, conditioned upon the faithful performance of their respective duties and offices.

SECTION 4.12SECTION 4.11 SALARIES.

The salaries of the officers shall be fixed from time to time by the board of directorsor its designee and no officer shall be
prevented from receiving such salary by reason of the fact that he or she is also a director of the corporation.

ARTICLE 5
CONTRACTS, LOANS, CHECKS AND DEPOSITS

SECTION 5.1 CONTRACTS.

The board of directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and
on behalf of the corporation, and such authority may be general or confined to specific instances.

SECTION 5.2 LOANS.

No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the
board of directors. Such authority may be general or confined to specific instances.

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SECTION 5.3 CHECKS, DRAFTS, ETC.

All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation shall be signed by
such officer or officers, agent or agents of the corporation and in such manner as shall from time to time be determined by resolution of the board of directors.

SECTION 5.4 DEPOSITS.

All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies or other
depositories as the board of directors may select.

ARTICLE 6
SHARES, CERTIFICATES FOR SHARES AND TRANSFER OF SHARES

SECTION 6.1 REGULATION.

The board of directors may make such rules and regulations as it may deem appropriate concerning the issuance, transfer and registration of certificates for
shares of the corporation, including the appointment of transfer agents and registrars.

SECTION 6.2 CERTIFICATES FOR STOCK.

The shares of the corporation's stock may be certificated or uncertificated, as provided under Colorado law, and shall be entered in the books of the corporation
and registered as they are issued. Any certificates issued to any shareholder of the corporation shall be respectively numbered serially for each class of shares, or series thereof, as they are
issued, shall be impressed with the corporate seal or a facsimile thereof, if applicable, and shall be signed by the chairman or vice-chairman of the board of directors or by the president
or a vice president and by the treasurer or an assistant treasurer or by the secretary or an assistant secretary; provided that such signatures may be facsimile if the certificate is counter-signed by
a transfer agent, or registered by a registrar other than the corporation itself or its employee. Each certificate shall state the name of the corporation, the fact that the corporation is organized
or incorporated under the laws of the State of Colorado, the name of the person to whom issued, the date of issue, the class (or series of any class), the number of shares represented thereby and the
par value of the shares represented thereby or a statement that such shares are without par value. A statement of the designations, preferences, qualifications, limitations, restrictions and special
or relative rights of the shares of each class shall be set forth in full or summarized on the face or back of the certificates which the corporation shall issue, or in lieu thereof, the certificate
may set forth that such a statement or summary will be furnished to any shareholder upon request without charge. Each certificate shall be otherwise in such form as may be prescribed by the board of
directors and as shall conform to the rules of any stock exchange on which the shares may be listed.

Within
a reasonable time after the issuance or transfer of uncertificated shares, the corporation shall send to the registered owner thereof a written statement that shall set forth all
of the information required by the Colorado Business Corporation Act, as amended, and these bylaws to be provided to holders of uncertificated shares, and any restrictions on the transfer or

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registration
of such shares imposed by the corporation's then-effective articles of incorporation, bylaws and any agreement among shareholders or any agreement between shareholders and the
corporation.

The
corporation shall not issue certificates representing fractional shares and shall not be obligated to make any transfers creating a fractional interest in a share. The corporation
may, but shall not be obligated to, issue scrip in lieu of any fractional shares, such scrip to have terms and conditions specified by the board of directors.

SECTION 6.3 CANCELLATION OF CERTIFICATES.

All certificates surrendered to the corporation for transfer shall be canceled and no new certificates shall be issued in lieu thereof until the former
certificate for a like number of shares shall have been surrendered and canceled, except as herein provided with respect to lost, stolen or destroyed certificates.

SECTION 6.4 LOST, STOLEN OR DESTROYED CERTIFICATES.

Any shareholder claiming that his or her certificate for shares is lost, stolen or destroyed may make an affidavit or affirmation of that fact and lodge the same
with the secretary of the corporation, accompanied by a signed application for a new certificate. Thereupon, and upon the giving of a satisfactory bond of indemnity to the corporation not exceeding an
amount double the value of the shares as represented by such certificate (the necessity for such bond and the amount required to be determined by the president and treasurer of the corporation), the
corporation may issue (i) a new certificate of the same tenor and representing the same number, class and series of shares as were represented by the certificate alleged to be lost, stolen or
destroyed; or (ii) uncertificated shares in place of the certificate previously issued by the corporation alleged to have been lost, stolen or destroyed.

SECTION 6.5 TRANSFER OF SHARES.

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, and evidence of compliance with applicable securities laws and other restrictions, it shall be the duty of the corporation to issue a new certificate
or evidence of the issuance of uncertificated shares to the shareholder entitled thereto, cancel the old certificate and record the transaction upon the corporation's books. Upon the surrender of any
certificate for transfer, such certificate shall at once be conspicuously marked on its face "Cancelled" and filed with the permanent stock records of the corporation.

Upon
the receipt of proper transfer instructions from the registered owner of uncertificated shares, such uncertificated shares shall be cancelled, issuance of new equivalent
uncertificated shares or certificated shares shall be made to the shareholder entitled thereto and the transaction shall be recorded upon the books of the corporation. If the corporation has a
transfer agent or registrar acting on its behalf, the signature of any officer or representative thereof may be in facsimile.

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The
board of directors may appoint a transfer agent and one or more co-transfer agents and a registrar and one or more co-registrars and may make or authorize
such agent to make all such rules and regulations deemed expedient concerning the issue, transfer and registration of shares of stock.

As
against the corporation, a transfer of shares can be made only on the books of the corporation and in the manner hereinabove provided, and the corporation shall be entitled to treat
the holder of record of any share as the owner thereof and shall not be bound to recognize any equitable or other claim to or interest in such share on the part of any other person, whether or not it
shall have express or other notice thereof, save as expressly provided by the statutes of the State of Colorado.

ARTICLE 7INDEMNIFICATION

SECTION 7.1 INDEMNIFICATION.

For purposes of this Article 7, a "Proper
Person" means any person (including the estate or personal representative of a director) 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, and whether formal or informal, by reason of the fact that such
individual is or was a director, officer, employee, fiduciary or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, partner, trustee, employee,
fiduciary or agent of any foreign or domestic profit or nonprofit corporation or of any partnership, joint venture, trust, profit or nonprofit unincorporated association, limited liability company, or
other enterprise or employee benefit plan. The corporation shall indemnify any Proper Person against reasonably incurred expenses (including attorneys' fees), judgments, penalties, fines (including
any excise tax assessed with respect to an employee benefit plan) and amounts paid in settlement reasonably incurred by such Proper Person in connection with such action, suit or proceeding if it is
determined by the groups set forth in Section 7.4 of this Article 7 that such Proper Person conducted himself in good faith and reasonably believed (i) in the case of conduct in
the official capacity of such Proper Person with the corporation, that the conduct of such Proper Person was in the corporation's best interests; or (ii) in all other cases (except criminal
cases), that the conduct of such Proper Person was at least not opposed to the corporation's best interests; or (iii) in the case of any criminal proceeding, that the Proper Person had no
reasonable cause to believe such conduct was unlawful. Official capacity means, when used with respect to a director, the office of director and, when used with respect to any other Proper Person, the
office in a corporation held by the officer or the employment, fiduciary or agency relationship undertaken by the employee, fiduciary, or agent on behalf of the corporation. Official capacity does not
include service for any other domestic or foreign corporation or other person or employee benefit plan.

A
director's conduct with respect to an employee benefit plan for a purpose the director reasonably believed to be in the interests of the participants in or beneficiaries
of the plan is conduct that satisfies the requirement in (ii) of this Section 7.1. A director's conduct with respect to an employee benefit plan for a purpose that the director did not
reasonably believe to

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be
in the interests of the participants in or beneficiaries of the plan shall be deemed not to satisfy the requirement of this Section 7.1 that a director acted in good
faith.

No
indemnification shall be made under this Article 7 to a Proper Person with respect to any claim, issue or matter in connection with a proceeding by or in the
right of a corporation in which the Proper Person was adjudged liable to the corporation or in connection with any proceeding charging that the Proper Person derived an improper personal benefit,
whether or not involving action in an official capacity, in which such Proper Person was adjudged liable on the basis that such Proper Person derived an improper personal benefit. Further,
indemnification under this Section 7.1 in connection with a proceeding brought by or in the right of the corporation shall be limited to reasonable expenses, including attorneys' fees, incurred
in connection with the proceeding.

SECTION 7.2 RIGHT TO INDEMNIFICATION.

The corporation shall indemnify any Proper Person who was wholly successful, on the merits or otherwise, in defense of any action, suit, or
proceeding as to which such Proper Person was entitled to indemnification under Section 7.1 of this Article 7 against expenses (including attorneys' fees) reasonably incurred by such
Proper Person in connection with the proceeding without the necessity of any action by the corporation other than the determination in good faith that the defense has been wholly
successful.

SECTION 7.3 EFFECT OF TERMINATION OF ACTION.

The termination of any action, suit or proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent
shall not of itself create a presumption that the person seeking indemnification did not meet the standards of conduct described in Section 7.1 of this Article 7. Entry of a judgment by
consent as part of a settlement shall not be deemed an adjudication of liability, as described in Section 7.2 of this Article 7.

SECTION 7.4 GROUPS AUTHORIZED TO MAKE INDEMNIFICATION DETERMINATION.

Except where there is a right to indemnification as set forth in Sections 7.1 or 7.2 of this Article 7 or where indemnification is
ordered by a court in Section 7.5 of this Article 7, any indemnification shall be made by the corporation only as determined in the specific case by a proper group that indemnification
of the Proper Person is permissible under the circumstances because the Proper Person has met the applicable standards of conduct set forth in Section 7.1 of this Article 7. This
determination shall be made by the board of directors by a majority vote of those present at a meeting at which a Quorum, as defined hereunder, is present. For purposes of this Article 7, a
"Quorum" shall consist of all directors not party to the proceeding. If a Quorum cannot be
obtained, the determination shall be made by a majority vote of a committee of the board of directors designated by the board of directors, which committee shall consist of two or more directors not
parties to the proceeding, except that directors who are parties to the proceeding may participate in the designation of directors for the committee. If a Quorum of the board of directors cannot be
obtained and the committee cannot be established, or even if a Quorum is obtained or the committee is designated and a majority of the directors constituting

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such
Quorum or committee so directs, the determination shall be made by (i) independent legal counsel selected by a vote of the board of directors or the committee in the manner
specified in this Section 7.4 or, if a Quorum of the full board of directors cannot be obtained and a committee cannot be established, by independent legal counsel selected by a majority vote
of the full board of directors (including directors who are parties to the action) or (ii) a vote of the shareholders.

Authorization
of indemnification and advance of expenses shall be made in the same manner as the determination that indemnification or advance of expenses is permissible
except that, if the determination that indemnification or advance of expenses is permissible is made by independent legal counsel, authorization of indemnification and advance of expenses shall be
made by the body that selected such counsel.

SECTION 7.5 COURT-ORDERED INDEMNIFICATION.

Any Proper Person may apply for indemnification to the court conducting the proceeding or to another court of competent jurisdiction for mandatory
indemnification under Section 7.2 of this Article 7, including indemnification for reasonable expenses incurred to obtain court-ordered indemnification. If a court determines that the
Proper Person is entitled to indemnification under Section 7.2 of this Article 7, the court shall order indemnification, including the Proper Person's reasonable expenses incurred to
obtain court-ordered indemnification. If the court determines that such Proper Person is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not
such Proper Person met the standards of conduct set forth in Section 7.1 of this Article 7 or was adjudged liable in the proceeding, the court may order such indemnification as the court
deems proper except that if the Proper Person has been adjudged liable, indemnification shall be limited to reasonable expenses incurred in connection with the proceeding and reasonable expenses
incurred to obtain court-ordered indemnification.

SECTION 7.6 ADVANCE OF EXPENSES.

Reasonable expenses (including attorneys' fees) incurred in defending an action, suit or proceeding as described in Section 7.1 of this
Article 7 may be paid by the corporation to any Proper Person in advance of the final disposition of such action, suit or proceeding upon receipt of (i) a written affirmation of such
Proper Person's good faith belief that such Proper Person has met the standards of conduct prescribed by Section 7.1 of this Article 7; (ii) a written undertaking, executed
personally or on the Proper Person's behalf, to repay such advances if it is ultimately determined that such Proper Person did not meet the prescribed standards of conduct (the undertaking shall be an
unlimited general obligation of the Proper Person but need not be secured and may be accepted without reference to financial ability to make repayment); and (iii) a determination is made by the
proper group (as described in Section 7.4 of this Article 7) that the facts as then known to the group would not preclude
indemnification. Determination and authorization of payments shall be made in the same manner specified in Section 7.4 of this Article 7.

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SECTION 7.7 ADDITIONAL INDEMNIFICATION TO CERTAIN PERSONS OTHER THAN DIRECTORS.

In addition to the indemnification provided to officers, employees, fiduciaries or agents because of their status as Proper Persons under this
Article 7, the corporation may also indemnify and advance expenses to them if they are not directors of the corporation to a greater extent than is provided in these bylaws, if not inconsistent
with public policy, and if provided for by general or specific action of its board of directors or shareholders or by contract.

SECTION 7.8 WITNESS EXPENSES.

The sections of this Article 7 do not limit the corporation's authority to pay or reimburse expenses incurred by a director in connection
with an appearance as a witness in a proceeding at a time when such individual has not been made a named as a defendant or respondent in the proceeding.

SECTION 7.9 REPORT TO SHAREHOLDERS.

Any indemnification of or advance of expenses to a director in accordance with this Article 7, if arising out of a proceeding by or on behalf
of the corporation, shall be reported in writing to the shareholders with or before the notice of the next shareholders' meeting. If the next shareholder action is taken without a meeting at the
instigation of the board of directors, such notice shall be given to the shareholders at or before the time the first shareholder signs a writing consenting to such action.

SECTION 7.10 PROVISION OF INSURANCE.

By action of the board of directors, notwithstanding any interest of the directors in the action, the corporation may purchase and maintain
insurance, in such scope and amounts as the board of directors deems appropriate, on behalf of any person who is or was a director, officer, employee, fiduciary or
agent of the corporation, or who, while a director, officer, employee, fiduciary or agent of the corporation, is or was serving at the request of the corporation as a director, officer, partner,
trustee, employee, fiduciary or agent of any other foreign or domestic profit or nonprofit corporation or of any partnership, joint venture, trust, profit or nonprofit unincorporated association,
limited liability company, other enterprise or employee benefit plan, against any liability asserted against, or incurred by, such individual in that capacity or arising out of such individual's
status as such, whether or not the corporation would have the power to indemnify such individual against such liability under the provisions of Article 7 of these bylaws or applicable law. Any
such insurance may be procured from any insurance company designated by the board of directors of the corporation, whether such insurance company is formed under the laws of Colorado or any other
jurisdiction of the United States or elsewhere, including any insurance company in which the corporation has an equity interest or any other interest, through stock ownership or
otherwise.

ARTICLE 8
FISCAL YEAR

The fiscal year of the corporation shall end on the last day of March each year.

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ARTICLE 9ARTICLE 8
DIVIDENDS

The board of directors may from time to time declare, and the corporation may pay, dividends on its outstanding shares in the manner and upon the terms and
conditions provided by law and its Articles of Incorporation.

ARTICLE 10ARTICLE 9
CORPORATE SEAL

The board of directors shallmay provide a corporate seal which shall be circular in form and
shall have inscribed thereon the name of the corporation and the state of incorporation and the words "CORPORATE SEAL."

ARTICLE 11ARTICLE 10
WAIVER OF NOTICE

Whenever any notice is required to be given under the provisions of these bylaws or under the provisions of the Articles of Incorporation or under the provisions
of the Colorado Business Corporation Act, as amended, or otherwise, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or
after the event or other circumstance requiring such notice, shall be deemed equivalent to the giving of such notice.

ARTICLE 12ARTICLE 11
AMENDMENTS

These bylaws may be altered, amended or repealed and new bylaws may be adopted by a majority of the directors present at any meeting of the board of directors of
the corporation at which a quorum is present, or by unanimous written consent of the board of directors as provided in Section 3.9 hereof.

ARTICLE 13ARTICLE 12
EXECUTIVE COMMITTEE

SECTION 13.1SECTION 12.1 APPOINTMENT.

The board of directors by resolution adopted by a majority of the full board, may designate two or more of its members to constitute an executive committee. The
designation of such committee and the delegation thereto of authority shall not operate to relieve the board of directors, or any member thereof, of any responsibility imposed by law.

SECTION 13.2SECTION 12.2 AUTHORITY.

The executive committee, when the board of directors is not in session, shall have and may exercise all of the authority of the board of directors except to the
extent, if any, that such authority shall be limited by the resolution appointing the executive committee and except also that the executive committee shall not have the authority of the board of
directors in reference to amending the Articles of Incorporation, adopting a plan of merger or consolidation,

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recommending
to the shareholders the sale, lease or other disposition of all or substantially all of the property and assets of the corporation otherwise than in the usual and regular course of its
business, recommending to the shareholders a voluntary dissolution of the corporation or a revocation thereof, or amending the bylaws of the corporation.

SECTION 13.3SECTION 12.3 TENURE AND QUALIFICATIONS.

Each member of the executive committee shall hold office until the next regular annual meeting of the board of directors following his or her designation and
until his or her successor is designated as a member of the executive committee and is elected and qualified.

SECTION 13.4SECTION 12.4 MEETINGS.

Regular meetings of the executive committee may be held without notice at such time and places as the executive committee may fix from time to time by resolution.
Special meetings of the executive committee may be called by any member thereof upon not less than one day's notice stating the place, date and hour of the meeting, which notice may be written or
oral, and if mailed, shall be deemed to be delivered when deposited in the United States mail addressed to the member of the executive committee at his or her business address. Any member of the
executive committee may waive notice of any meeting and no notice of any meeting need be given to any member thereof who attends in person. The notice of a meeting of the executive committee need not
state the business proposed to be transacted at the meeting.

SECTION 13.5SECTION 12.5 QUORUM.

A majority of the members of the executive committee shall constitute a quorum for the transaction of business at any meeting thereof, and action of the executive
committee must be authorized by the affirmative vote of a majority of the members present at a meeting at which a quorum is present.

SECTION 13.6SECTION 12.6 INFORMAL ACTION BY EXECUTIVE COMMITTEE.

Any action required or permitted to be taken by the executive committee at a meeting may be taken without a meeting if a consent in writing, setting forth the
action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.

SECTION 13.7SECTION 12.7 VACANCIES.

Any vacancy in the executive committee may be filled by a resolution adopted by a majority of the full board of directors.

SECTION 13.8SECTION 12.8 RESIGNATIONS AND REMOVAL.

Any member of the executive committee may be removed at any time with or without cause by resolution adopted by a majority of the full board of directors. Any
member of the executive committee may resign from the executive committee at any time by giving written notice to the president or secretary of the corporation, and unless otherwise specified therein,
the acceptance of such resignation shall not be necessary to make it effective.

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SECTION 13.9SECTION 12.9 PROCEDURE.

The executive committee shall elect a presiding officer from its members and may fix its own rules of procedure which shall not be inconsistent with these bylaws.
It shall keep regular minutes of its proceedings and report the same to the board of directors for its information at the meeting thereof held next after the proceedings shall have been taken.

ARTICLE 14ARTICLE 13
EMERGENCY BYLAWS

The emergency bylaws provided in this Article 1314 shall be operative during any
emergency (as defined in Section 7-102-107(4) of the Colorado Business Corporation Act, as amended)in the conduct of the business of the
corporationresulting from an attack on the United States or any nuclear or atomic disaster, notwithstanding any different provision in the preceding
articles of the bylaws or in the Articles of Incorporation or in the Colorado Business Corporation Actbylaws. To the extent not
inconsistent with the provisions of this Article, 14, the bylaws provided in the preceding articles shall remain in effect
during such emergency and upon its termination the emergency bylaws shall cease to be operative.

During
any such emergency:



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