# EDGAR Filing Document

**Accession Number:** 0001637655
**File Stem:** 0001193125-23-028092
**Filing Date:** 2023-2
**Character Count:** 33108
**Document Hash:** 4c5cd34ee8b791164d7290056cf46cba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-028092.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001193125-23-028092

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230208

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Horizon Global Corp
- **CENTRAL INDEX KEY:** 0001637655
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLE PARTS & ACCESSORIES [3714]
- **IRS NUMBER:** 473574483
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37427
- **FILM NUMBER:** 23598366

**BUSINESS ADDRESS:**
- **STREET 1:** 47912 HALYARD DRIVE
- **STREET 2:** SUITE 100
- **CITY:** PLYMOUTH
- **STATE:** MI
- **ZIP:** 48170
- **BUSINESS PHONE:** 7346563000

**MAIL ADDRESS:**
- **STREET 1:** 47912 HALYARD DRIVE
- **STREET 2:** SUITE 100
- **CITY:** PLYMOUTH
- **STATE:** MI
- **ZIP:** 48170

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(D)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): February 8, 2023

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## Horizon Global Corporation

#### (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-37427** | **47-3574483** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

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| | |
|:---|:---|
| **47912 Halyard Drive, Suite 100**<br> **Plymouth, Michigan** | **48170** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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#### Registrant's telephone number, including area code: (734) 656-3000

#### Not Applicable

#### (Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of exchange**<br> **on which registered** |
| Common Stock, par value $0.01 per share | HZN | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### Introductory Note
On February 8, 2023, First Brands Group, LLC, a Delaware limited liability company (the "Parent"), completed the previously announced acquisition of Horizon Global Corporation, a Delaware corporation (the "Company"), pursuant to an Agreement and Plan of Merger, dated as of December 30, 2022 (the "Merger Agreement"), by and among the Company, Parent and PHX Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Parent (the "Purchaser").

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| | |
|:---|:---|
| **Item 2.01** | **Completion of Acquisition or Disposition of Assets.**  |

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As previously disclosed, pursuant to the Merger Agreement, Purchaser conducted a tender offer to acquire all of the outstanding shares of common stock, par value $0.01 per share (the "Common Stock"), and all of the outstanding shares of Series B Preferred Stock, par value $0.01 per share (the "Preferred Stock" and together with the Common Stock, the "Shares") of the Company at a price of $1.75 per share of Common Stock and an amount equal to the Redemption Price (as defined in the Certificate of Designations, Preferences and Rights of Series B Preferred Stock of Horizon Global Corporation incorporated herein by reference to Exhibit (d)(3) to Amendment No. 1 to the Schedule TO filed by Parent and Purchaser with the Securities and Exchange Commission ("SEC") on January 20, 2023) per share of Preferred Stock calculated as of the closing date of the Merger (as defined below), in each case, net to the seller in cash, without interest thereon and less any applicable withholding taxes, upon the terms and conditions set forth in the offer to purchase dated January 9, 2023 (together with any amendments and supplements thereto, the "Offer to Purchase"), and in the related letter of transmittal (together with any amendments and supplements thereto, the "Letter of Transmittal"), which, together with any other related materials, as each may have been amended or supplemented, collectively constituted the "Offer."

The Offer expired one minute after 11:59 P.M., Eastern Time, on February 6, 2023 as scheduled and was not extended. According to Computershare, Inc., the depository agent for the Offer, as of the expiration of the tender offer, 100% of the shares of Preferred Stock were validly tendered and not withdrawn, and a total of 25,727,921 shares of the Common Stock were validly tendered and not withdrawn. Such shares of the Common Stock represent approximately 92.77% of the shares of Common Stock issued and outstanding as of the expiration of the Offer, which satisfied the minimum tender condition. Each other condition to the Offer was satisfied or waived, and Purchaser irrevocably accepted for payment all Shares that were validly tendered and not validly withdrawn.

On February 8, 2023, following consummation of the Offer, Purchaser merged with and into the Company (the "Merger"), with the Company surviving as a wholly-owned subsidiary of the Parent. The Merger was completed pursuant to Section 251(h) of the General Corporation Law of the State of Delaware (the "DGCL"), with no vote of the Company stockholders required to consummate the Merger. At the effective time of the Merger (the "Effective Time"), except for Shares held in trust by the Company, Parent, or Purchaser or any of their respective subsidiaries or any Shares that are otherwise set aside from Shares held in the Company's treasury pursuant to a Company Plan (as defined in the Merger Agreement), each issued and outstanding (i) Share held in the treasury of the Company, (ii) Share owned by Parent, Purchaser or the Company or any of their respective direct or indirect wholly owned subsidiaries immediately before the Effective Time, and (iii) Dissenting Share (as defined in the Merger Agreement, (i)-(iii) collectively, the "Cancelled Shares") were cancelled and extinguished, and no payment or other consideration was made with respect to such shares subject, in the case of Dissenting Shares, to the right of the holder thereof to receive any payment under the Merger Agreement.

As a result of the Merger, each option to purchase Shares (each, a "Company Option") that was outstanding and unexercised as of the Effective Time (whether vested or unvested) was cancelled by virtue of the Merger and without any action on the part of the holder thereof and without any payment to the holder thereof.

The foregoing summaries of the Merger Agreement and the transactions contemplated respectively thereby do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Merger Agreement, attached as Exhibit 2.1 to the Current Report on Form 8-K filed by the Company on December 30, 2022, which is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 3.01** | **Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.**  |

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On February 8, 2023, the Company (a) notified the New York Stock Exchange ("NYSE") of the consummation of the Merger and (b) requested that NYSE: (i) halt trading of the Common Stock for February 8, 2023 and suspend trading of the Common Stock effective February 8, 2023; and (ii) file with the SEC a Form 25 to delist and deregister the Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends to file a certification on Form 15 with the SEC requesting the deregistration of the Common Stock and the suspension of the Company's reporting obligations under Sections 13 and 15(d) of the Exchange Act.

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| | |
|:---|:---|
| **Item 3.03** | **Material Modification to Rights of Security Holders.**  |

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The information set forth in Item 2.01, Item 3.01 and Item 5.03 of this Current Report on Form 8-K is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 5.01** | **Changes in Control of Registrant.**  |

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The information set forth in Item 2.01, Item 3.01, Item 5.02 and Item 5.03 of this Current Report on Form 8-K is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**  |

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In accordance with the terms of the Merger Agreement: (i) each of John C. Kennedy, John F. Barrett, Danna M. Costello, Ryan L. Langdon, Brett N. Milgrim, Debra S. Oler, and Mark D. Weber ceased to be a member of the Company's Board of Directors, and any committee thereof, effective at the Effective Time (as defined in the Merger Agreement); (ii) John C. Kennedy, ceased to be Chairman of the Company's Board of Directors; and (iii) John C. Kennedy, Jian James Zhou and Matthew J. Meyer ceased to be officers of the Company.

Effective as of the Effective Time: (i) Patrick James and Michael Baker became members of the Company's Board of Directors; (ii) Patrick James became Chief Executive Officer and President, and "principal executive officer," as such term is defined under the Exchange Act, of the Company; and (iii) Stephen Graham became Chief Financial Officer, and "principal financial officer" and "principal accounting officer," as such terms are defined under the Exchange Act, of the Company. Information about Mr. Baker, Mr. James and Mr. Graham is contained in the Parent's and Purchaser's Offer to Purchase, dated January 9, 2023, which information is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 5.03** | **Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.**  |

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Pursuant to the terms of the Merger Agreement, the certificate of incorporation and bylaws of the Company were amended and restated in their entirety, effective as of the Effective Time. Copies of the Company's amended and restated certificate of incorporation and amended and restated bylaws are included as Exhibits 3.1 and 3.2 hereto, respectively, each of which is incorporated by reference herein.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Description** |
| 2.1 | [Agreement and Plan of Merger by and among the Parent, the Purchaser and the Company, dated as of December 30, 2022 (incorporated herein by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the SEC by the Company on January 3, 2023)](http://www.sec.gov/Archives/edgar/data/920465/000119312522190913/d378167dex21.htm) |
| 3.1 | [Amended and Restated Certificate of Incorporation of Horizon Global Corporation](d391766dex31.htm) |
| 3.2 | [Amended and Restated Bylaws of Horizon Global Corporation](d391766dex32.htm) |
| 104 | Cover Page Interactive Date File (embedded within the Inline XBRL document) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | Horizon Global Corporation | Horizon Global Corporation |
|  | By: | /s/ Michael Baker |
| Date: February 8, 2023 |  | Name: Michael Baker |
|  |  | Title: Chief Corporate Strategy Officer |

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## Exhibit 3.1

**Exhibit 3.1** 

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION** 

**OF** 

**HORIZON GLOBAL CORPORATION** 

**I.** 

The name of this corporation is Horizon Global Corporation.

**II.** 

The address of the registered office of the corporation in the State of Delaware is Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801, and the name of the registered agent of the corporation in the State of Delaware at such address is The Corporation Trust Company.

**III.** 

The purpose of this corporation is to engage in any lawful act or activity for which a corporation may be organized under the Delaware General Corporation Law (as the same may be amended from time to time, **"DGCL"**).

**IV.** 

This corporation is authorized to issue only one class of stock, which shall be designated **"Common Stock"**. The total number of shares of Common Stock presently authorized is One Thousand (1,000), each having a par value of $0.001.

**V.** 

The management of the business and the conduct of the affairs of the corporation shall be vested in the board of directors of the corporation (the **"Board of Directors"**). The number of directors which shall constitute the whole Board of Directors shall be fixed by the Board of Directors in the manner provided in the bylaws of the corporation (the **"Bylaws"**). Unless required by the Bylaws, the election of directors of the corporation need not be by written ballot.

**VI.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** The liability of the directors of the corporation for monetary damages shall be eliminated to the fullest extent under applicable law. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the corporation shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Any repeal or modification of this Article VI shall be prospective and shall not affect the rights under this Article VI in effect at the time of the alleged occurrence of any act or omission to act giving rise to liability or indemnification.

**VII.** 

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 the stockholders herein are granted subject to this reservation. The Board of Directors is expressly empowered to adopt, amend or repeal the Bylaws of the corporation. The stockholders shall also have power to adopt, amend or repeal the Bylaws of the corporation; <u>provided</u>, <u>however</u>, that, in addition to any vote of the holders of any class or series of stock of the corporation required by law or by this Certificate of Incorporation, the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of the capital stock of the corporation entitled to vote generally in the election of directors, voting together as a single class, shall be required to adopt, amend or repeal any provision of the Bylaws of the corporation.

**VIII.** 

Unless the corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the corporation, (b) any action asserting a claim for breach of a fiduciary duty owed by any director, officer, employee or agent of the corporation to the corporation or the corporation's stockholders, (c) any action asserting a claim arising pursuant to any provision of the DGCL, this Certificate of Incorporation or the Bylaws or (d) any action asserting a claim governed by the internal affairs doctrine, in each case subject to said Court of Chancery having personal jurisdiction over the indispensable parties named as defendants therein.

## Exhibit 3.2

**Exhibit 3.2** 

**AMENDED AND RESTATED** 

**BYLAWS** 

**OF** 

**HORIZON GLOBAL CORPORATION** 

**<u>ARTICLE I</u>**

STOCKHOLDERS

<u>Section 1. Annual Meeting</u> 

An annual meeting of the stockholders of Horizon Global Corporation (the **"Corporation"**), for the election of directors to succeed those whose terms expire and for the transaction of such other business as may properly come before the meeting, shall be held at such place, on such date and at such time as the Board of Directors of the Corporation (the **"Board"**) shall fix each year.

<u>Section 2. Special Meetings</u> 

Special meetings of the stockholders may be called at any time, either by the Board or by the Chairman of the Board. The Chairman of the Board shall call a special meeting of the stockholders whenever a request to do so is made in writing by stockholders representing a majority of the shares of the Corporation.

<u>Section 3. Notice of Meetings</u> 

Written notice of all meetings of the stockholders shall be given, not less than ten (10) nor more than sixty (60) days before the date on which the meeting is to be held, to each stockholder entitled to vote at such meeting. The notice shall state the place, date and hour of the meeting, and, in the case of a special meeting, the purpose for which the meeting is called.

Whenever any notice is required to be given to the stockholders, a waiver thereof, in writing, signed by the stockholder entitled to such notice, whether signed before or after the time stated therein, shall be equivalent to the giving of the notice.

<u>Section 4. Quorum</u> 

At any meeting of the stockholders, the holders of a majority of all of the stock entitled to vote at the meeting, present in person or by proxy, shall constitute a quorum.

<u>Section 5. Voting Procedure</u> 

If the object of a meeting is to elect directors or take a vote of the stockholders on any proposition, the Secretary shall receive and canvass the votes given at such meeting and report the result of the meeting to the Chairman of the Board.

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<u>Section 6. Action by Consent</u> 

Any action required by these Bylaws or by the Delaware General Corporation Law (as the same may be amended from time to time, the **"DGCL"**) to be taken at a meeting of the stockholders, or any action which may be taken at any annual or special meeting of the stockholders may be taken without a meeting without prior notice and without vote, if consents in writing setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted; and shall be filed with the minutes of meetings of the stockholders.

**<u>ARTICLE II</u>**

BOARD OF DIRECTORS

<u>Section 1. Powers of the Directors</u> 

The directors shall have and take entire general charge and supervision of the business and affairs of the Corporation. They may appoint one of their members as Chairman of the Board. They may also, by a resolution adopted by a majority of the Board, designate two or more directors to constitute an executive committee. The Chairman of the Board shall be a member of the executive committee.

The Board or the executive committee may appoint such officers and agents as may be necessary in the judgment of the directors or the executive committee. Any officers or agents so appointed shall be removable with or without cause by the Board or by the executive committee. Any vacancy in any office may be filled in the same manner. In the absence or disqualification of any member of the executive committee, the members of the committee present at the meeting and not disqualified from voting may by unanimous vote appoint another member of the Board to act at the meeting in place of the absent or disqualified member.

Unless otherwise directed by the Board, the Chairman of the Board, or such other officer or agent as the Chairman of the Board or Board may designate, shall have authority to vote and otherwise act on behalf of the Corporation, in person or by proxy, at any meeting of stockholders, or with respect to any action of stockholders, of any other corporation in which this Corporation may hold securities, and otherwise to exercise any and all rights and powers that this Corporation may possess by reason of its ownership of securities in any other corporation.

<u>Section 2. Number, Election and Terms of Office</u> 

The number of directors shall not be less than one (1) nor more than ten (10), as determined by a majority vote of the total number of directors then serving in office. Each director shall continue in office for a term of one (1) year and until such person's successor has been elected and qualified.

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In the case of the death or the resignation of any director(s) of the Corporation, a majority of the surviving or remaining directors may fill the vacancy (or vacancies) until a successor (or successors) is (are) elected at a stockholders' meeting.

<u>Section 3. Meetings of the Directors</u> 

Regular meetings of the Board shall be held at such place or places, on such date or dates and at such time or times as shall have been established by the Board. A notice of each such regular meeting shall not be required.

Special meetings of the Board may be called by the Chairman of the Board whenever such person may think proper. A special meeting shall be called when a written request is made by at least one-third of the entire Board. Notice of the place, date and time of each such special meeting shall be given by mailing or telephoning such notice to each director at least twenty-four (24) hours before the time named for the meeting.

A majority of the total number of directors shall constitute a quorum for any meeting of the Board. Any action required or permitted, by these Bylaws or the DGCL, at any meeting of the Board or any committee thereof, may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing, and consents are filed with the minutes of proceedings of the Board or committee.

<u>Section 4. Waiver of Notice</u> 

Whenever any notice is required to be given to any director, a waiver thereof in writing, signed by the person entitled to such notice, whether signed before or after the time stated in the notice, shall be equivalent to the giving of such notice.

Attendance of a director at a meeting, or execution by a director of a written consent in lieu thereof, shall constitute a waiver of notice of such meeting, except where the director attends the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

<u>Section 5. Committees of the Board</u> 

The Board, by a vote of a majority of the total number of directors, may, from time to time, designate committees of the Board, with such lawfully delegable powers and duties as it thereby confers, to serve at the pleasure of the Board. Each committee may determine procedural rules for the conduct of its meetings and business, and shall act in accordance therewith, unless otherwise provided by the Board in the resolution establishing the committee.

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**<u>ARTICLE III</u>**

OFFICERS

<u>Section 1. Generally</u> 

The officers of the Corporation shall include, if and when designated by the Board, the President and Chief Executive Officer (which may be the same person or different persons, as determined from time to time by the Board), one or more Vice Presidents, a Secretary, a Treasurer and such other officers as may, from time to time, be appointed by the Board. Officers shall be elected by the Board, which shall consider that subject at its first meeting after every annual meeting of stockholders. Each officer shall hold office until a successor is elected and qualified or until such officer's earlier resignation or removal. Any number of offices may be held by the same person.

<u>Section 2. President and Chief Executive Officer</u> 

The President and Chief Executive Officer shall, subject to the direction of the Board, have general supervision, direction and control of the business and affairs of the Corporation. The President and Chief Executive Officer shall also perform all other duties commonly incident to the office(s) or that are delegated to such officer or officers by the Board from time to time.

<u>Section 4. Vice President</u> 

Each Vice President shall perform such duties as usually pertain to the office to which appointed and such other duties as may from time to time be assigned.

<u>Section 5. Secretary and Assistant Secretaries</u> 

The Secretary shall attend all meetings of the stockholders and of the Board and shall record all acts and proceedings thereof in the minute book of the Corporation. The Secretary shall give notice in conformity with these Bylaws of all meetings of the stockholders and of all meetings of the Board and any committee thereof requiring notice. The Secretary shall perform all other duties provided for in these Bylaws and/or that are delegated to such office by the Board from time to time.

Each Assistant Secretary shall perform such duties of the Secretary as may from time to time be assigned.

<u>Section 7. Treasurer and Assistant Treasurers</u> 

The Treasurer shall keep or cause to be kept the books of account of the Corporation in a thorough and proper manner and shall render statements of the financial affairs of the Corporation in such form and as often as required by the Board. The Treasurer shall also perform all other duties commonly incident to the office or that are delegated to such officer by the Board from time to time.

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The Assistant Treasurer shall perform such duties of the Treasurer as may from time to time be assigned.

<u>Section 8. Delegation of Authority</u> 

The Board may, from time to time, assign or delegate the powers or duties of any officer to any other officers or agents of the Corporation, notwithstanding any provision hereof.

**<u>ARTICLE IV</u>**

MISCELLANEOUS

<u>Section 1. Indemnification of Directors, Officers or Agents</u> 

Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation, whether the basis of such proceeding is alleged action in an official capacity as a director or officer or in any other capacity while serving as a director or officer shall be indemnified and held harmless by the Corporation to the fullest extent permitted by the DGCL, 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), against all expense, liability and loss (including, without limitation, attorneys' fees, judgment, fines and amounts paid in settlement) reasonably incurred or suffered by such person in connection therewith, and such indemnification shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of such person's heirs, executors and administrators. The Corporation shall indemnify a director or officer in connection with an action, suit or proceeding (other than an action, suit or proceeding to enforce indemnification rights provided for herein or elsewhere) initiated by such director or officer only if such action, suit or proceeding was authorized by the Board. The right to indemnification conferred herein shall be a contract right and shall include the right to be paid by the Corporation the expenses incurred in defending any action, suit or proceeding in advance of its final disposition; provided, however, that, if the DGCL requires, the payment of such expenses incurred by a director or officer in such person's capacity as a director or officer (and not in any other capacity in which service was or is rendered by such person) in advance of the final disposition of an action, suit or proceeding shall be made only upon delivery to the Corporation of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such director or officer is not entitled to be indemnified for such expenses under this <u>Section</u> <u>1</u> or otherwise.

The Corporation may, to the extent authorized from time to time by the Board, provide indemnification and the advancement of expenses, to any agent of the Corporation and to any person who is or was serving at the request of the Corporation as a director or officer or agent of another corporation or of a partnership, joint venture, trust or other enterprise, to such extent and

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to such effect as the Board shall determine to be appropriate and permitted by applicable law, as the same exists or may hereafter be amended.

The rights to indemnification and to the advancement of expenses conferred in this <u>Section</u> <u>1</u> shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation or Bylaws of the Corporation, agreement, vote of stockholders or disinterested directors or otherwise.

<u>Section 2. Certificates of Stock</u> 

Shares of stock in the Corporation may be evidenced by physical stock certificates if so determined by the Board. If the Board determines that shares of stock in the Corporation shall be certificated, any certificates of such stock shall be issued by the Treasurer in the name of the stockholder and shall be signed on behalf of the Corporation by the Chairman of the Board, or the President and Chief Executive Officer or a Vice President and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary. Any or all of the signatures on the certificates may be facsimile.

<u>Section 3. Facsimile Signatures</u> 

In addition to the provision for the use of facsimile signatures on stock certificates as provided in Section 2 of Article IV, facsimile signatures of any officer or officers of the Corporation may be used whenever and as authorized by the Board.

<u>Section 4. Fiscal Year</u> 

The fiscal year of the Corporation shall be identical with the calendar year.

<u>Section 5. Seal</u> 

The Board may provide a suitable seal containing the name of the Corporation, which seal shall be in the charge of the Secretary.

**<u>ARTICLE V</u>**

AMENDMENTS

The Board is expressly empowered to adopt, amend or repeal these Bylaws. The stockholders shall also have power to adopt, amend or repeal these Bylaws; <u>provided</u>, <u>however</u>, that, in addition to any vote of the holders of any class or series of stock of the Corporation required by law or by the Corporation's Certificate of Incorporation, the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of the capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class, shall be required to adopt, amend or repeal any provision of these Bylaws.

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