| 1. | Name.  The      name of the corporation is IMH Financial Corporation (the “Corporation”). |
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| 2. | Registered      Office; Registered Agent.  The address of the      Corporation’s registered office in the State of Delaware is 2711      Centerville Road, Suite 400, in the City of Wilmington, County of New      Castle, Delaware.  The name of the registered agent of the      Corporation at such address is Corporation Service  Company. |
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| 3. | Incorporator.  The      incorporator of the Corporation is Shane C. Albers.  The address      of the incorporator is 4900 N. Scottsdale Road, Suite 5000, Scottsdale,      Arizona 85251. |
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| 4. | Purpose.  The      purpose of the Corporation is to engage in any lawful act or activity for      which corporations may be organized under the General Corporation Law of      the State of Delaware (the “DGCL”). |
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| 5. | Capital      Stock. |
|----|---------------------|

|   | 5.1 | The      Corporation has the authority to issue an aggregate of 300,000,000      shares.  Of the authorized shares of capital stock of the      Corporation:  (i) 200,000,000 shares shall be designated as      Voting Common Stock, par value $0.01 per share (the “Voting      Common Stock”), and (ii) 100,000,000 shares shall be designated as      Preferred Stock, par value $0.01 per share (the “Preferred      Stock”).  The shares of Voting Common Stock shall be      divided into the following classes:  (A) 150,208,500 shares      shall be designated as Common Stock, par value $0.01 per share (the “Common      Stock”), (B) 16,994,144 shares shall be designated as Class B      Common Stock, par value $0.01 per share (the “Class B      Common Stock”), (C) 15,803,212 shares shall be designated as Class      C Common Stock, par value $0.01 per share (the “Class C      Common Stock”), and (D) 16,994,144 shares shall be designated as      Class D Common Stock, par value $0.01 per share (the “Class D      Common Stock” and together with the Common Stock, the Class B      Common Stock and the Class C Common Stock, the “Common      Securities”).  The shares of Class B Common Stock shall      be divided into the following series:  4,023,400 shares of Class      B-1 Common Stock (the “Class B-1      Common Stock”), 4,023,400 shares of Class B-2 Common Stock (the      “Class B-2      Common Stock”), 8,165,700 shares of Class B-3 Common Stock (the      “Class B-3      Common Stock”), and 781,644 shares of Class B-4 Common Stock (the      “Class B-4      Common Stock”). |
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|   | 5.2 | The      number of authorized shares of any class or classes of stock may be      increased or decreased (but not below the number of shares thereof then      outstanding) by the affirmative vote of the holders of a majority of the      stock of the corporation entitled to vote, voting together as a single      class, irrespective of the provisions of Section 242(b)(2) of the DGCL or      any corresponding provision hereinafterenacted. |
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|   | 5.3 | To      the full extent permitted by the DGCL, as the same exists or may hereafter      be amended, the Board of Directors is authorized by resolution to divide      and issue the shares of Preferred Stock in series and to fix the voting      powers and any designations, preferences, and relative, participating,      optional or other special rights of any such series of Preferred Stock and      any qualifications, limitations or restrictions thereof as are stated and      expressed in the resolution or resolutions providing for the issue of such      stock adopted by the Board ofDirectors. |
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|   | 5.4 | The      following is a description of the relative powers, preferences and      participating, optional or other special rights, and the qualifications,      limitations or restrictions of the Common  Securities. |
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|   | (a) | General.  Except      as otherwise set forth in this Article 5, the relative powers, preferences      and participating, optional or other special rights, and the      qualifications, limitations or restrictions of each class and series of      Common Securities are identical in allrespects. |
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|   | (b) | Voting.  At      every meeting of the stockholders of the Corporation in connection with      the election of directors and all other matters submitted to a vote of      stockholders, every holder of Common Securities is entitled to one vote in      person or by proxy for each share of Common Securities registered in the      name of the holder on the transfer books of the      Corporation.  Except as otherwise required by law, the holders      of Common Securities shall vote together as a single class, subject to any      right that may be conferred upon holders of Preferred Stock to vote      together with holders of Common Securities on matters submitted to a vote      of stockholders of the Corporation. |
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|   | (c) | Certain      Definitions.  For purposes of this Certificate of      Incorporation: |
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|   | (d) | Rights of Holders of Class B      Common Stock, Class C Common Stock and Class D Common      Stock. |
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|   | (i) | Transfer      Restrictions.  Except for (A) Permitted Transfers that      comply with the notice requirements set forth below, (B) Transfers to the      Corporation, (C) the conversion of shares of Class B Common Stock, Class C      Common Stock or Class D Common Stock pursuant to Sections 5.4(d)(ii) and      5.4(d)(iii)      hereof, (D) redemption of Class C Common Stock pursuant to Section 5.5(i) hereof,      or (E) Transfers approved by the Board of Directors, shares of Class B-1      Common Stock may not be Transferred during the period commencing on the      date hereof and continuing through the six-month anniversary of the      Trigger Date, shares of Class B-2 Common Stock may not be Transferred      during the period commencing on the date hereof and continuing through the      nine-month anniversary of the Trigger Date, shares of Class B-3 Common      Stock and Class B-4 Common Stock may not be Transferred during the period      commencing on the date hereof and continuing through the twelve-month      anniversary of the Trigger Date, and shares of Class C Common Stock and      Class D Common Stock may not be Transferred at any time. Except as      expressly provided in this Section 5.4(d), any      purported Transfer of shares of Class B Common Stock, Class C Common Stock      or Class D Common Stock shall be void. Shares of Class B Common Stock,      Class C Common Stock or Class D Common Stock may be Transferred pursuant      to a Permitted Transfer at any time, provided, however, that the      Transferor provides at least ten (10) Business Days prior written notice      to the Corporation, and any such Transferee shall take such shares subject      to all of the provisions and restrictions set forth in this Section      5.4(d).  In addition to any other restrictions on      Transfer to which the Class B-4 Common Stock is subject (including,      without limitation, the restrictions set forth in the preceding sentences      of this Section      5.4(d)(i)), no holder shall be permitted to Transfer its shares of      the Class B-4 Common Stock at any time prior to the earliest to occur of      (I) the four-year anniversary of the date hereof, (II) following the      five-month anniversary of the first day of trading of the Common Stock on      a national securities exchange, either the Market Capitalization or the      book value of the Corporation has exceeded an amount equal to (x)      $730,383,530.78 plus (y) the aggregate      amount of any net proceeds to the Corporation from the IPO and any other      offerings of the securities of the Corporation prior to the time of      determination less (z) the amount of      any dividends or distributions paid on the securities of the Corporation      prior to the time of determination, (III) the conversion of the Class B      Common Stock pursuant to Section 5.4(d)(iii)(B)      hereof, or (IV) if such holder has entered into an employment agreement      approved by the compensation committee of the Corporation, the termination      of such holder as an officer of the Corporation “without cause” (as such      term is defined in the employment agreement by and between the Corporation      and such holder). |
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|   | (ii) | Optional Conversion of Class B      Common Stock and Class D Common Stock.  The shares of      Class B Common Stock and Class D Common Stock shall be subject to      conversion at the option of the holder thereof (or, if applicable,      automatically), as follows: |
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|   | (A) | on      and after the six-month anniversary of the Trigger Date, each share of      Class B-1 Common Stock shall be convertible into one share of Common      Stock; |
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|   | (B) | on      and after the nine-month anniversary of the Trigger Date, each share of      Class B-2 Common Stock shall be convertible into one share of Common      Stock; |
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|   | (C) | if,      during the period beginning on the five-month anniversary of the IPO Date,      the closing per-share trading price of the Common Stock (as reported in      the New York City edition of The Wall Street Journal      for each such trading day, or, if not reported therein, any other      authoritative source to be selected by the Corporation) exceeds 125% of      the per-share price at which the Common Stock was initially sold to the      public in the IPO (before underwriting discounts and the like, and as      adjusted for stock splits, stock dividends and the like) for twenty (20)      consecutive trading days, each share of Class B-1 Common Stock, each share      of Class B-2 Common Stock, and each share of Class B-3 Common Stock shall      thereafter be convertible into one share of Common  Stock; |
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|   | (D) | on      and after the twelve-month anniversary of the Trigger Date, each share of      Class D Common Stock shall be convertible into one share of Common Stock;      and |
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|   | (E) | on      and after the four-year anniversary of the Trigger Date, each share of      Class B-4 Common Stock shall be convertible into one share of Common      Stock. |
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|   | (iii) | Automatic Conversion of Class B      Common Stock, Class C Common Stock and Class D Common      Stock.  The shares of Class B Common Stock and Class C      Common Stock shall be subject to automatic conversion, without any action      by the holder thereof, as follows: |
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|   | (A) | immediately      after the 12-month anniversary of the Trigger Date, each share of Class      B-1 Common Stock, each share of Class B-2 Common Stock, and each share of      Class B-3 Common Stock shall automatically convert into one share of      Common Stock; |
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|   | (B) | in      the event of a Change in Control, each share of Class B Common Stock shall      automatically convert into one share of Common Stock, each share of Class      C Common Stock shall automatically convert into one share of Common Stock,      and each share of Class D Common Stock shall automatically convert into      one share of Common Stock, in each case, immediately prior to such Change      in Control; |
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|   | (C) | in      the event that the Corporation has not initiated a Redemption on or before      the date that is thirty (30) days following the IPO Date, each share of      Class C Common Stock shall automatically convert into (i) 0.25 shares of      Class B-1 Common Stock, (ii) 0.25 shares of Class B-2 Common Stock and      (iii) 0.50 shares of Class B-3 CommonStock; |
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|   | (D) | in      the event that the Corporation consummates a Redemption, not later than      the Redemption Date, each share of Class C Common Stock outstanding      following such Redemption shall automatically convert into (i) 0.25 shares      of Class B-1 Common Stock, (ii) 0.25 shares of Class B-2 Common Stock and      (iii) 0.50 shares of Class B-3 Common Stock;and |
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|   | (E) | in      the event that that a Notice Date occurs, the Corporation may, in its sole      discretion, by action of the Board of Directors, beginning ninety (90)      days after such Notice Date, elect to convert up to twenty percent (20%)      of the then-outstanding shares of Class C Common Stock into Common Stock      on a pro rata basis based on the number of shares of Class C Common Stock      then held by each holder (a “Notice Date      Conversion”), with each such share of Class C Common Stock so      converted automatically converting into one share of Common Stock, and      upon such Notice Date Conversion, any share of Class C Common Stock not      converted into Common Stock automatically converting into (i) 0.25 shares      of Class B-1 Common Stock, (ii) 0.25 shares of Class B-2 Common Stock and      (iii) 0.50 shares of Class B-3 CommonStock. |
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|   | (iv) | Procedure for Transfers and      Withdrawal.  Shares of Class B Common Stock, Class C      Common Stock or Class D Common Stock which are uncertificated shall be      transferred on the books of the Corporation upon presentation at the      office of the Secretary of the Corporation (or at such additional place or      places as may from time to time be designated by the Secretary of the      Corporation) of a written request for transfer in such form as the      Corporation requests, which shall include (I) a Transfer Representation      from the holder thereof for transfers of Class B Common Stock or Class C      Common Stock, or (II) Transfer Cure Representations for transfers of Class      D Common Stock or transfers by persons who have previously submitted a      Transfer Violation Representation of Common Securities, but not      subsequently submitted a Transfer Cure Representation. Shares of Class B      Common Stock, Class C Common Stock or Class D Common Stock represented by      certificates shall be transferred on the books of the Corporation, and a      new certificate therefor issued, upon presentation at the office of the      Secretary of the Corporation (or at such additional place or places as may      from time to time be designated by the Secretary of the Corporation) of      the certificate for the shares, in proper form for transfer and      accompanied by all requisite stock transfer tax stamps, and a Transfer      Representation from the holder thereof.  In no event shall any      shares of Common Securities be Transferred by the holder thereof or      withdrawn from the custodian holding such shares unless the holder thereof      provides a Transfer Representation or Transfer Cure Representation, as      applicable, in connection with such withdrawal; if any holder fails to so      provide the Transfer Representation or Transfer Cure Representation, as      applicable, then the custodian holding such holder’s shares of Common      Securities shall not release such shares of Common Securities for a period      of 90 days after the date the request for withdrawal is deemed delivered,      and will thereafter release such shares of Common Securities only upon      receipt from the holder of the Transfer Cure Representation.  In      the event that any Common Securities are, for any reason other than      pursuant to the terms hereof, released from the custodian appointed by the      Corporation to hold such shares, the transfer agent for the Corporation’s      capital stock shall instead hold such shares and all of the restrictions      contained herein shall continue to apply to such shares in book entry form      with equal effect. |
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|   | (v) | Legends.  Each      outstanding certificate, if any, representing shares of Class B Common      Stock, Class C Common Stock and Class D Common Stock shall contain a      legend reading substantially as follows, together with any other      endorsements that the Board of Directors deems necessary or      appropriate: |
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|   | (vi) | Retirement of Class B Common      Stock, Class C Common Stock and Class D Common      Stock.  The Corporation shall take all such action as is      necessary so that any shares of Class B Common Stock, Class C Common Stock      or Class D Common Stock that have been converted into shares of Common      Stock shall be retired and may not be reissued as shares of Class B Common      Stock, Class C Common Stock or Class D Common  Stock. |
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|   | (vii) | Reservation of      Shares.  The Corporation at all times shall reserve and      keep available, out of its authorized but unissued Common Stock, at least      the number of shares of Common Stock that would become issuable upon the      conversion of all shares of Class B Common Stock, Class C Common Stock and      Class D Common Stock then outstanding pursuant to Sections 5.4(d)(ii) and      5.4(d)(iii)      hereof.  The Corporation at all times shall reserve and keep      available, out of its authorized but unissued Class D Common Stock, at      least the number of shares of Class D Common Stock that would become      issuable upon the conversion of all shares of Class B Common Stock then      outstanding pursuant to Section 5.4(d)(ii)      hereof. |
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|   | (e) | Reclassifications, Subdivisions      and Combinations.  No class of Common Securities, or      series thereof, may be reclassified, subdivided or combined, including      without limitation pursuant to any stock split, stock dividend or other      distribution, reorganization, reclassification or similar event, unless      such reclassification, subdivision or combination occurs simultaneously      and in the same proportion for each class of Common Securities, and each      series thereof, except that (i) the Common Stock, Class B-1 Common Stock,      Class B-2 Common Stock, Class B-3 Common Stock, and Class C Common Stock      may be reclassified as a single class of Common Securities at any time      following the conversion of all Class B-1 Common Stock, Class B-2 Common      Stock, Class B-3 Common Stock, and Class C Common Stock into Common Stock      pursuant to Sections      5.4(d)(ii) and (iii) hereof, and (ii)      the Common Stock, Class B Common Stock, and Class C Common Stock may be      reclassified as a single class of Common Securities at any time following      the conversion of all Class B Common Stock and Class C Common Stock into      Common Stock pursuant to Sections 5.4(d)(ii) and      (iii)      hereof.  All dividends or other distributions payable in Common      Securities pursuant to stock splits of Common Securities, whether effected      by subdivision, combination or stock dividend, shall be paid as follows:      (i) only shares of Common Stock are paid or distributed with respect to      Common Stock; (ii) only shares of Class B-1 Common Stock are paid or      distributed with respect to Class B-1 Common Stock; (iii) only shares of      Class B-2 Common Stock are paid or distributed with respect to Class B-2      Common Stock; (iv) only shares of Class B-3 Common Stock are paid or      distributed with respect to Class B-3 Common Stock; (v) only shares of      Class B-4 Common Stock are paid or distributed with respect to Class B-4      Common Stock; (vi) only shares of Class C Common Stock are paid or      distributed with respect to Class C Common Stock; and (vii) only shares of      Class D Common Stock are paid or distributed with respect to Class D      Common Stock; provided, however, that (i)      except for the Special Dividend, if a dividend or other distribution is      paid with respect to one or more series or class of Common Securities      other than pursuant to stock splits of Common Securities, whether effected      by subdivision, combination or stock dividend, a proportionate dividend or      distribution shall paid with respect to the each other series of class of      Common Securities, and (ii) if a dividend or other distribution is paid      with respect to one or more classes or series of Common Securities      pursuant to stock splits or divisions of Common Securities, a      proportionate dividend or distribution shall be paid with respect to each      other class or series of CommonSecurities. |
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|   | (f) | Dividends and Other      Distributions. |
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|   | (i) | All      holders of record of outstanding shares of Class B Common Stock on the      twelve-month anniversary of the IPO Date (the “Special      Dividend Record Date”) shall be entitled to payment of a one-time      cash dividend out of assets or funds of the Corporation legally available      therefor equal to $0.95 per share of Class B Common Stock then held by      such Person, with such payment to be made on a date determined by the      Board of Directors that is within 30 days of the Special Dividend Record      Date (the “Special      Dividend”); provided, however, that payment      of the Special Dividend shall be made to each holder of shares of Class B      Common Stock otherwise entitled to receive the Special Dividend only upon      receipt by the custodian holding such holder’s shares of Common Securities      of a Transfer Representation from such holder with respect to all of such      holder’s shares of Common Securities. Any holder of Class B Common Stock      on the Special Dividend Record Date that, upon the attempted withdrawal of      such holder’s Common Securities from the custodian, provides a Transfer      Violation Representation, shall promptly refund to the Corporation the      full amount of the Special Dividend that such holder received with respect      to its Common Securities. |
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|   | (ii) | Subject      to the right to the Special Dividend, the rights of the holders of      Preferred Stock, and Section 5.4(e) hereof      with respect to stock splits or divisions of Common Securities, holders of      Common Securities are entitled to receive such dividends and other      distributions in cash, stock of any corporation or property of the      Corporation as may be declared thereon by the Board of Directors in its      sole discretion from time to time out of assets or funds of the      Corporation legally available therefor, and shall share equally on a per      share basis in all such dividends and other  distributions. |
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|   | (iii) | Notwithstanding      anything herein to the contrary, unless both an Approved Financing has      been completed and the Common Stock has been listed on a national      securities exchange, no dividends or other distributions (including,      without limitation, the Special Dividend) otherwise due to the holders of      the Class B-4 Common Stock in respect of such holders’ shares of Class B-4      Common Stock shall be paid by the Corporation; provided, however, that such      dividends or distributions shall accrue on the books of Corporation and      become payable to the holders of the Class B-4 Common Stock immediately      following the occurrence of both an Approved Financing and the listing of      the Common Stock on a national securities  exchange. |
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|   | (g) | Liquidation, Dissolution and      Winding Up.  Unless both an Approved Financing has been      completed, and the Common Stock has been listed on a national securities      exchange, in the event of any liquidation, dissolution or winding up of      the affairs of the Corporation, whether voluntary or involuntary, after      payment in full of the amounts required to be paid to the holders of      Preferred Stock (the “Preferred      Payments”), the remaining assets and funds of the Corporation (the      “Remaining      Assets”) shall be distributed as follows: (i) first, any Remaining      Assets with an aggregate fair market value less than or equal to the      difference of (A) $730,383,530.78 less (B) the amount of      any Preferred Payments, shall be distributed pro rata to the holders of      shares of the Common Stock, the Class B-1 Common Stock, the Class B-2      Common Stock, the Class B-3 Common Stock, the Class C Common Stock and the      Class D Common Stock; and (ii) second, any Remaining Assets with an      aggregate fair market value in excess of the difference of (A)      $730,383,530.78 less (B) the amount of      any Preferred Payments, shall be distributed pro rata to the holders of      shares of the Common Securities.  Following the occurrence of      both an Approved Financing and the listing of the Common Stock on a      national securities exchange, in the event of any liquidation, dissolution      or winding up of the affairs of the Corporation, whether voluntary or      involuntary, after payment in full of the Preferred Payments, the      Remaining Assets shall be distributed pro rata to the holders of shares of      the Common Securities.  For purposes of this Section 5.4(g), the      voluntary sale, conveyance, lease, exchange or transfer (for cash, shares      of stock, securities or other consideration) of all or substantially all      of the assets of the Corporation or a consolidation or merger of the      Corporation with one or more other corporations (whether or not the      Corporation is the corporation surviving the consolidation or merger)      shall not be deemed to be a liquidation, dissolution or winding up,      voluntary or involuntary. |
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|   | (h) | Fractional      Shares.  Fractional shares of Common Securities may be      issued, but are not required to be issued, in the sole discretion of the      Board of Directors.  If the Board of Directors elects to not      issue fractional shares of Common Securities in connection with the      conversion of any shares of Class B Common Stock, Class C Common Stock, or      Class D Common Stock pursuant to Section 5.4(d)(ii) or      (iii) hereof,      then after aggregating all fractional share amounts of each holder into      one or more whole shares of the class of Common Securities into which such      holder’s shares of Class B Common Stock, Class C Common Stock, or Class D      Common Stock are convertible, any remaining fractional share interest      shall either be (i) rounded up to the nearest whole share if the      fractional interest is equal to or greater than one-half (1⁄2) of a share,      in which case one additional share of the applicable class of Common      Securities will be issued to the such holder, or (ii) rounded down to the      nearest whole share if the fractional interest is less than one-half (1⁄2)      of a share. |
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|   | (i) | Redemption. |
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|   | (i) | In      the event of an IPO, the Corporation may, in its sole discretion, on a      date (the “Redemption      Date”) not later than thirty (30) days following the closing of the      IPO, redeem up to the lesser of (A) $50,000,000 or (B) thirty percent      (30%) of the Aggregate IPO Proceeds (the “Maximum      Aggregate Redemption Amount”) of shares of Class C Common Stock at      a price per share equal to the Redemption Price (the “Redemption”).  In      the event that the product of (x) the number of shares of Class C Common      Stock outstanding at the Redemption Date multiplied by (y) the Redemption      Price is less than the Maximum Aggregate Redemption Amount, all      outstanding shares of Series C Common Stock shall be redeemed (a “Full      Redemption”).  In the event that the product of (x) the      number of shares of Class C Common Stock outstanding at the Redemption      Date multiplied by (y) the Redemption Price exceeds the Maximum Aggregate      Redemption Amount (a “Partial      Redemption”), an aggregate number of shares of Class C Common Stock      equal to the quotient by dividing (I) the Maximum Aggregate Redemption      Amount by (II) the Redemption Amount shall be redeemed at a price per      share equal to the Redemption Price on a pro rata basis based on the      number of shares of Class C Common Stock held by each    holder. |
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|   | (ii) | On      the Redemption Date, all shares of Class C Common Stock to be redeemed      (the “Redeemed      Shares”) shall be deemed to be surrendered to the Corporation by      the custodian thereof and all certificates representing such Redeemed      Shares shall be deemed to be surrendered to the Corporation by the      custodian thereof, and thereupon, with respect to each record holder of      such Redeemed Shares, an amount equal to the Redemption Price shall be      payable in cash to the order of the holder whose name appears on each such      certificate or on the stock ledger of the Corporation as the owner      thereof. |
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|   | (iii) | In      the event of a Full Redemption, from and after the Redemption Date, unless      there shall have been a default in payment of any Redemption Price, all      rights of the holders of shares of Class C Common Stock, as holders of      Class C Common Stock (except the right to receive the Redemption Price,      without interest) shall cease with respect to such shares, and such shares      shall be retired and cancelled. |
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|   | (iv) | In      the event of a Partial Redemption, from and after the Redemption Date,      unless there shall have been a default in payment of any Redemption Price,      all rights of the holders of Redeemed Shares, as holders of Class C Common      Stock with respect to such Redeemed Shares (except the right to receive      the Redemption Price, without interest) shall cease with respect to such      Redeemed Shares, and such Redeemed Shares shall be retired and      canceled.  The shares of Class C Common Stock held by each      holder that are not Redeemed Shares shall be converted into Class B shares      as provided in Section      5.4(d)(iii)(D) hereof. |
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|   | (v) | Shares      of Common Stock, Class B Common Stock or Class D Common Stock shall not be      redeemable. |
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| 6. | Limitation      of Liability.  A director of the Corporation shall not be      personally liable to the Corporation or its stockholders for monetary      damages for breach of fiduciary duty as a director, except for liability      (a) for any breach of the director’s duty of loyalty to the Corporation or      its stockholders, (b) for acts or omissions not in good faith or which      involve intentional misconduct or a knowing violation of law, (c) under      Section 174 of the DGCL, or (d) for any transaction from which the      director derived an improper personal benefit.  If the DGCL is      amended to authorize the further elimination or limitation of the      liability of directors, then the liability of directors is eliminated or      limited to the full extentauthorized. |
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| 7. | Amendment      of Bylaws.  In furtherance and not in limitation of the      powers conferred by the laws of the State of Delaware, the Board of      Directors is authorized to adopt, amend or repeal the Bylaws of the      Corporation (as may be amended and in effect from time to time, the “Bylaws”).  No      adoption, amendment or repeal of any provision of the Bylaws by action of      stockholders shall be effective unless approved by the affirmative vote of      the holders of at least a majority of the voting power of the shares      entitled to vote generally in the election of  directors. |
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| 8. | Board of      Directors. |
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|   | 8.1 | The      business and affairs of the Corporation are managed by or under the      direction of a Board of Directors.  The number of directors of      the Corporation constituting the whole Board of Directors shall be fixed      exclusively by the Board of Directors. The election of directors need not      be by ballot. |
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|   | 8.2 | Any      director may be removed, with or without cause, but only with the      affirmative vote of the holders of not less than a majority of the voting      power of all outstanding shares of stock of the Corporation entitled to      vote generally in the election of directors, considered for this purpose      as a single class. |
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|   | 8.3 | Vacancies      and newly created directorships resulting from any increase in the      authorized number of directors or from any other cause (other than      vacancies and newly created directorships which the holders of any class      or classes of stock or series thereof are expressly entitled by this      Certificate of Incorporation to fill) shall, unless otherwise required by      resolution of the Board of Directors, be filled by, and only by, the      affirmative vote of a majority of the members of the Board of Directors      then in office, although less than a quorum, or by the sole remaining      director.  Any director appointed to fill a vacancy or a newly      created directorship shall hold office until the next election of the      directors and until his or her successor is elected and qualified or until      his or her earlier resignation orremoval. |
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| 9. | Stockholder      Meetings.  Except as set forth in the Bylaws, as may be      amended from time to time, the stockholders of the Corporation shall be      entitled to take any action by written consent as authorized by the DGCL.      In addition to the matters expressly required to be approved by      stockholders under the DGCL, the Corporation shall not change the nature      of its business unless approved by the affirmative vote of the holders of      at least a majority of the voting power of the shares entitled to vote      generally in the election ofdirectors. |
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| 10. | Indemnification. |
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|  | 10.1 | Right to      Indemnification.  The Corporation shall, as set forth      more fully in the Bylaws, indemnify and hold harmless each of its      directors and officers, and advance expenses (including attorneys fees)      incurred by directors and officers in matters subject to such      indemnification, in each case to the fullest extent permitted by Delaware      law, as the same exists or may hereafter be amended (but, in the case of      any such amendment, only to the extent that such amendment permits the      Corporation to provide broader indemnification rights than such law      permitted the Corporation to provide prior to such amendment), and such      right to indemnification and advancement of expenses shall continue as to      any person who has ceased to be a director or officer and shall inure to      the benefit of his or her heirs, executors and administrators.      Notwithstanding the foregoing, except with respect to proceedings to      enforce rights to indemnification or advancement of expenses, the      Corporation shall not indemnify any current or former director or officer      in connection with a proceeding (or part thereof ) initiated by such      director or officer unless such proceeding (or part thereof ) was      authorized by the Board ofDirectors. |
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|   | 10.2 | Non-Exclusivity of      Rights.  The rights conferred on any person by this      Article 10 shall not be exclusive of any other right which such person may      have or hereafter acquire under applicable law, this Certificate of      Incorporation, the Bylaws, any agreement, vote of stockholders or      disinterested directors, orotherwise. |
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|   | 10.3 | Indemnification of Persons      Other Than Directors and Officers.  This Article 10 shall      not limit the right of the Corporation, to the extent and in the manner      authorized or permitted thereby, to indemnify and to advance expenses,      pursuant to applicable law, the Bylaws, any agreement, vote of      stockholders or disinterested directors, or otherwise, to persons other      than directors or officers of theCorporation. |
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| 11. | Amendments.  Subject      to the provisions of this Certificate of Incorporation, the Corporation      reserves the right to amend, alter, change or repeal any provision      contained in this Certificate of Incorporation, in the manner now or      hereafter prescribed by statute, and all rights conferred upon      stockholders in this Certificate of Incorporation are granted subject to      this reservation. |
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| By:    |   | /s/ Shane C. Albers        |
|--------|--------|----------------------------|
|   |   | Name:      Shane C. Albers |
|   |   | Title:      Incorporator   |

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