# EDGAR Filing Document

**Accession Number:** 0000912603
**File Stem:** 0001140361-25-025485
**Filing Date:** 2025-7
**Character Count:** 59308
**Document Hash:** 4139b26f85e19c4ddcd3c5c6a393f11d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-025485.hdr.sgml**: 20250710

**ACCESSION NUMBER**: 0001140361-25-025485

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250710

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**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**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250710

**DATE AS OF CHANGE**: 20250710

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RADIUS RECYCLING, INC.
- **CENTRAL INDEX KEY:** 0000912603
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-MISC DURABLE GOODS [5090]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 930341923
- **STATE OF INCORPORATION:** OR
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22496
- **FILM NUMBER:** 251116399

**BUSINESS ADDRESS:**
- **STREET 1:** 222 SW COLUMBIA ST
- **STREET 2:** SUITE 1150
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97201
- **BUSINESS PHONE:** 5032249900

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 10047
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97296

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCHNITZER STEEL INDUSTRIES, INC.
- **DATE OF NAME CHANGE:** 20230808

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RADIUS RECYCLING
- **DATE OF NAME CHANGE:** 20230727

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCHNITZER STEEL INDUSTRIES, INC.
- **DATE OF NAME CHANGE:** 20190214

?xml version='1.0' encoding='ASCII'?

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 10, 2025

Commission File Number 000-22496

## RADIUS RECYCLING, INC.

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

---

| | |
|:---|:---|
| **OREGON**<br>| **93-0341923**<br>|
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| **222 SW Columbia Street, Suite 1150, Portland, Oregon** | **97201**<br>|
| **(Address of principal executive offices)** | **(Zip Code)** |

---

(503) 224-9900

#### (Registrant's telephone number, including area code)

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

☐ 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:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock, $1.00 par value<br>| RDUS<br>| The Nasdaq Stock Market LLC |

---

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. ☐

------

#### Introductory Note
This Current Report on Form 8-K is being filed in connection with the completion of the transactions contemplated by the previously announced Agreement and Plan of Merger, dated as of March 13, 2025 (the "Merger Agreement"), by and among Radius Recycling, Inc., an Oregon corporation ("Radius"), Toyota Tsusho America, Inc., a New York corporation ("Parent"), and TAI Merger Corporation, a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub"). On July 10, 2025, pursuant to the Merger Agreement, Merger Sub merged with and into Radius (the "Merger"), the separate corporate existence of Merger Sub ceased, and Radius was the surviving corporation in the Merger (the "Surviving Corporation") and, as a result, is now a wholly owned subsidiary of Parent.

---

| | |
|:---|:---|
|  **Item 1.02** | **Termination of a Material Definitive Agreement.** |

---

The information set forth under Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 1.02.

In connection with the completion of the Merger, on July 10, 2025, all outstanding obligations in respect of principal, interest and fees under that certain Third Amended and Restated Credit Agreement, dated as of April 6, 2016 (as amended on each of August 24, 2018, June 30, 2020, August 22, 2022, June 17, 2024, January 3, 2025 and June 16, 2025 and as further amended, restated, supplemented or otherwise modified from time to time, the "Company Credit Facility"), among Radius (as U.S. borrower), Schnitzer Steel Canada Ltd. (as Canadian borrower), Bank of America, N.A. (as administrative agent, swing line lender and an L/C issuer), Bank of Montreal (as the Canadian lender), the U.S. lenders party thereto from time to time and the guarantors party thereto from time to time, were repaid, all commitments under the Company Credit Facility were terminated and all liens and guarantees granted in connection therewith were released.

---

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

---

The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 2.01.

On the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the "Effective Time"), and as a result of the Merger, each share of Class A common stock, par value $1.00 per share, of Radius ("Radius Class A Common Stock") and Class B common stock, par value $1.00 per share, of Radius ("Radius Class B Common Stock" and together with Radius Class A Common Stock, "Radius Common Stock") that was issued and outstanding immediately prior to the Effective Time was converted into the right to receive $30.00 in cash (the "Merger Consideration"), without interest, and less any applicable withholding taxes.

In addition, pursuant to the Merger Agreement, immediately prior to the Effective Time, with respect to outstanding equity-based awards granted under the Schnitzer Steel Industries, Inc. 1993 Stock Incentive Plan, as amended and restated as of November 7, 2013, or the Radius Recycling, Inc. 2024 Omnibus Incentive Plan, as each may be amended from time to time (collectively, the "Radius Stock Plans"): (i) each outstanding restricted stock unit award subject solely to time-based vesting conditions granted under a Radius Stock Plan ("Radius RSU Award") became fully vested and was cancelled and converted into the right to receive an amount in cash equal to the sum of (a) the product of (x) the Merger Consideration, multiplied by (y) the total number of shares of Radius Common Stock subject to such Radius RSU Award (or portion thereof), plus (b) any accrued and unpaid dividends or dividend equivalent rights corresponding to such Radius RSU Award, (ii) each outstanding restricted stock unit award subject to performance-based vesting conditions granted under a Radius Stock Plan ("Radius PSU Award") became fully vested and was cancelled and converted into the right to receive an amount in cash equal to the product of (a) the Merger Consideration, multiplied by (b) the total number of shares of Radius Common Stock subject to the Radius PSU Award (or portion thereof), calculated based on the greater of (x) actual performance, calculated with the applicable performance period running through the last day of Radius' most recently completed quarter prior to the Effective Time and (y) deemed target level of performance, and (iii) each outstanding deferred stock unit award held by a member of Radius' board of directors and granted under a Radius Stock Plan ("Radius DSU Award") became fully vested and was cancelled and converted into the right to receive an amount in cash equal to the sum of (a) the product of (x) the Merger Consideration, multiplied by (y) the total number of shares of Radius Common Stock subject to such Radius DSU Award (or portion thereof), plus (b) any accrued and unpaid dividends or dividend equivalent rights corresponding to such Radius DSU Award.

------

The foregoing description of the Merger Agreement and Merger is not complete and is qualified in its entirety by reference to the Merger Agreement, which was filed as Exhibit 2.1 to Radius' Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on March 14, 2025, and is incorporated into this item by reference.

---

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

---

The information set forth in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.01.

On July 10, 2025, in connection with the closing of the Merger, Radius notified the Nasdaq Global Market ("Nasdaq") of the completion of the Merger and requested that Nasdaq (i) suspend trading of Radius Class A Common Stock on Nasdaq before the opening of trading on July 11, 2025 and (ii) file a notification of removal from listing on Form 25 with the SEC to delist Radius Class A Common Stock from Nasdaq and deregister the Radius Class A Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result, Radius Class A Common Stock will no longer be listed on Nasdaq.

In addition, after effectiveness of the Form 25, Radius intends to file with the SEC a Certification and Notice of Termination of Registration on Form 15 requesting the termination of registration of the Shares under Section 12(g) of the Exchange Act and the suspension of Radius' reporting obligations under Section 13 and 15(d) of the Exchange Act with respect to the shares of Radius Class A Common Stock.

---

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

---

The information set forth in the Introductory Note and Items 2.01, 3.01, 5.01 and 5.03 of this Current Report on Form 8-K is incorporated into this Item 3.03 by reference.

---

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

---

The information set forth in the Introductory Note and Items 2.01, 5.02 and 5.03 of this Current Report on Form 8-K is incorporated into this Item 5.01 by reference.

At the Effective Time, a change of control of Radius occurred. Merger Sub merged with and into Radius, the separate corporate existence of Merger Sub ceased, and Radius was the surviving corporation in the Merger and, as a result, is now a wholly owned subsidiary of Parent.

---

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

---

The information set forth in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.02.

Upon the Effective Time, in accordance with the terms of the Merger Agreement, all of the directors of Radius ceased to be directors. No director was terminated or resigned because of any disagreement with Radius, its management or its board of directors on any matter relating to its operations, policies or practices.

Upon the Effective Time, in accordance with the terms of the Merger Agreement, the directors of Merger Sub as of immediately prior to the Effective Time became the directors of the Surviving Corporation and shall hold office until their respective successors are duly elected and qualified, or their earlier death, incapacitation, retirement, resignation or removal, in each case, in accordance with the articles of incorporation and bylaws of the Surviving Corporation. The directors of Merger Sub immediately prior to the Effective Time were Masaharu Katayama, Naoyuki Hata, Hideyuki Iwamoto, Akihiro Sago and John Maraia.

------

Upon the Effective Time, in accordance with the terms of the Merger Agreement, all of the officers of Radius ceased to be officers of Radius. No officer was terminated or resigned because of any disagreement with Radius, its management or its board of directors on any matter relating to its operations, policies or practices.

Upon the Effective Time, in accordance with the terms of the Merger Agreement, the officers of Merger Sub as of immediately prior to the Effective Time became the officers of the Surviving Corporation and shall hold office until their respective successors are duly elected and qualified, or their earlier death, incapacitation, retirement, resignation or removal, in each case, in accordance with the articles of incorporation and bylaws of the Surviving Corporation. The sole officer of Merger Sub immediately prior to the Effective Time was Masaharu Katayama (President, Treasurer, Vice President and Secretary).

---

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

---

The information set forth under the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated into this Item 5.03 by reference.

In connection with the closing of the Merger, Radius' certificate of incorporation was amended and restated in its entirety (the "Amended and Restated Certificate of Incorporation") and Radius' bylaws were amended and restated in their entirety (the "Amended and Restated Bylaws").

Copies of the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws are filed as Exhibits 3.1 and 3.2, respectively, to this Current Report on Form 8-K, and are incorporated into this Item 5.03 by reference.

---

| | |
|:---|:---|
|  **Item 8.01** | **Other Events.** |

---

On July 10, 2025, Radius and Parent issued a joint press release announcing the completion of the Merger. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| <u>Exhibit</u> | <u>Description</u> |
| [2.1](https://www.sec.gov/Archives/edgar/data/912603/000110465925024004/tm257857d3_ex2-1.htm) | Agreement and Plan of Merger, dated as of March 13, 2025, by and among Radius Recycling, Inc., Toyota Tsusho America, Inc. and TAI Merger Corporation (incorporated by reference to Exhibit 2.1 to Radius' Current Report on Form 8-K filed on March 14, 2025) |
| [3.1](ef20051635_ex3-1.htm) | Amended and Restated Certificate of Incorporation of Radius Recycling, Inc. |
| [3.2](ef20051635_ex3-2.htm) | Amended and Restated Bylaws of Radius Recycling, Inc. |
| [99.1](ef20051635_ex99-1.htm) | Press Release of Radius Recycling, Inc. and Toyota Tsusho America, Inc., dated July 10, 2025 |
| 104 | The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline eXtensible Business Reporting Language) |

---

------

#### SIGNATURE
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.

---

| | | |
|:---|:---|:---|
|  | **RADIUS RECYCLING, INC.** | **RADIUS RECYCLING, INC.** |
|  | (Registrant) | (Registrant) |
| Dated: July 10, 2025 | By: | /s/ James Matthew Vaughn |
|  |  | Name: James Matthew Vaughn |
|  |  | Title: Senior Vice President, General Counsel,<br> Chief Compliance Officer and Secretary |

---

------

## Exhibit 3.1

------

#### Exhibit 3.1<br>

#### SECOND AMENDED AND RESTATED ARTICLES OF INCORPORATION

#### OF

#### RADIUS RECYCLING, INC.

#### ARTICLE I

The name of the corporation is Radius Recycling, Inc. (the "Corporation").

#### ARTICLE II

The address of the principal place of business of the Corporation is: 222 SW Columbia Street, Suite 1150, Portland OR 97201.

#### ARTICLE III

The business mailing address of the Corporation is: PO Box 10047, Portland, Oregon 97296.

#### ARTICLE IV

The name and business mailing address of the registered agent are: CT Corporation System, 780 Commercial St SE Ste 100 Salem, Oregon 97301.

#### ARTICLE V

The name and address of an individual who has direct knowledge of the operations and business activities of the Corporation are: Tamara L. Lundgren, 222 SW Columbia Street, Suite 1150, Portland OR 97201.

#### ARTICLE VI

The Corporation shall be authorized to issue 1,000 shares of capital stock, all of which 1,000 shares shall be shares of common stock, par value $0.001 per share (the "Common Stock"). Except as otherwise provided by law, the Common Stock shall have the exclusive right to vote for the election of directors and for all other purposes. Each share of the Common Stock shall have one vote.

#### ARTICLE VII

Both the board of directors of the Corporation and the shareholders shall have the power to alter, amend or repeal the bylaws of the Corporation.

#### ARTICLE VIII

Special meetings of the shareholders, for any purposes, unless otherwise prescribed by statute, may be called by the Chairman of the Board, President, Secretary or the Board of Directors and shall be called by the Chairman of the Board, President, Secretary or the Board of Directors upon the written demand, describing the purposes for which the meeting is to be held, signed, dated and delivered to the Secretary in accordance with the bylaws of the Corporation, of the holders of not less than 25% of all the votes entitled to be cast on any issue proposed to be considered at the meeting.

------

#### ARTICLE IX

Any action required or permitted to be taken at a shareholders' meeting may be taken without a meeting if the action is taken by shareholders having not less than the minimum number of votes that would be necessary to take such action at a meeting at which all shareholders entitled to vote on the action were present and voted. Any action taken will be evidenced by one or more written consents signed by those shareholders taking such action and delivered to the Corporation for filing with the Corporation's records. The Corporation will thereafter give written notice of any action so taken to shareholders who did not consent in writing to the action taken.

#### ARTICLE X

The Corporation shall indemnify to the fullest extent not prohibited by law any current or former director or officer of the Corporation who is made, or threatened to be made, a party to an action, suit or proceeding, whether civil, criminal, administrative, investigative or other (including an action, suit or proceeding by or in the right of the Corporation), by reason of the fact that such person is or was a director, officer, employee or agent of the Corporation or a fiduciary within the meaning of the Employee Retirement Income Security Act of 1974 with respect to any employee benefit plan of the Corporation, or serves or served at the request of the Corporation as a director, officer, employee or agent, or as a fiduciary of an employee benefit plan, of another corporation, partnership, joint venture, trust or other enterprise. The Corporation shall pay all expenses incurred by any such person in defending such a proceeding in advance of its final disposition at the written request of such person if the person furnishes the Corporation (a) a written statement of a good faith belief that he or she is entitled to indemnification and (b) a written undertaking to repay such advance if it is ultimately determined by a court that such person is not entitled to be indemnified. No amendment to these Second Amended and Restated Articles of Incorporation that limits the Corporation's obligation to indemnify directors and officers of the Corporation shall have any effect on such obligation for any act or omission which occurs prior to the later of the effective date of the amendment or the date notice of the amendment is given to the officer or director. This Article shall not be deemed exclusive of any other provisions for indemnification or advancement of expenses of directors, officers, employees, agents and fiduciaries included in any statute, bylaw, agreement, general or specific action of the Board of Directors, vote of shareholders or other document or arrangement.

#### ARTICLE XI

No director of the Corporation shall be personally liable to the Corporation or its shareholders for monetary damages for conduct as a director; provided that this Article shall not eliminate the liability of a director for any act or omission for which such elimination of liability is not permitted under the Oregon Business Corporation Act. No amendment to the Oregon Business Corporation Act that further limits the acts or omissions for which elimination of liability is permitted shall affect the liability of a director for any act or omission which occurs prior to the effective date of the amendment.

------

## Exhibit 3.2

------

#### Exhibit 3.2<br>

#### SECOND AMENDED AND RESTATED BYLAWS

#### OF

#### RADIUS RECYCLING, INC.

ARTICLE I

<u>SHAREHOLDERS MEETINGS AND VOTING</u>

Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Annual Meetin</u>g.

The annual meeting of the shareholders of Radius Recycling, Inc. (the "Corporation") will be held on such date and at such time as is determined by the board of directors of the Corporation (the "Board of Directors") and stated in the notice of the meeting. At the annual meeting, the shareholders will elect directors to the Board by vote, consider reports of the affairs of the Corporation, and transact such other business as may properly be brought before the meeting.

Section 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Special Meetings</u>.

The Corporation will hold a special meeting of shareholders upon the call of the President or the Board of Directors, or upon the Secretary's receipt of one or more written demands for a special meeting of shareholders, provided that such demand or demands (a) are signed by shareholders holding, collectively, at least twenty-five percent (25%) of all votes entitled to be cast on any issue proposed to be considered at the proposed special meeting, and (b) describe the purpose or purposes for which the special meeting is to be held.

Section 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Place of Meetings</u>.

Meetings of the shareholders shall be held at any place in or out of Oregon designated by the Board of Directors. If the Board of Directors does not determine that the meeting will occur solely by means of remote communication or if a meeting place is not designated by the Board of Directors, the meeting shall be held at the Corporation's principal office.

Section 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice of Meetings</u>.

Written or printed notice stating the date, time and place of the meeting and, in the case of a special meeting or a meeting for which special notice is required by law, the purposes for which the meeting is called, shall be delivered by the Corporation, in accordance with ORS 60.034 or any successor provision, to each shareholder entitled to vote at the meeting and, if required by law, to any other shareholders entitled to receive notice, not less than 10 nor more than 60 days before the meeting date, by or at the direction of the President, Secretary, or Assistant Secretary, or the officer or persons calling the meeting.

Section 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Waiver of Notice</u>.

A shareholder may at any time waive any notice required by law, these Bylaws or the Corporation's Articles of Incorporation. The waiver shall be in writing, be signed by the shareholder entitled to the notice and be delivered to the Corporation for inclusion in the minutes for filing with the corporate records. A shareholder's attendance at a meeting waives objection to (i) lack of notice or defective notice of the meeting, unless the shareholder at the beginning of the meeting objects to holding the meeting or transacting business at the meeting, and (ii) consideration of a particular matter at the meeting that is not within the purposes described in the meeting notice, unless the shareholder objects to considering the matter when it is presented.

------

Section 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Quorum; Adjournment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Shares entitled to vote as a separate voting group may take action on a matter at a meeting only if a quorum of those shares exists with respect to that matter. A majority of the votes entitled to be cast on the matter by the voting group constitutes a quorum of that voting group for action on that matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A majority of shares represented at a meeting, although less than a quorum, may adjourn the meeting, without further notice except as required by the Articles of Incorporation or applicable law, until a quorum attends. Any business that might have been transacted at the original meeting may be transacted at the adjourned meeting if a quorum exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Once a share is represented for any purpose at a meeting, it shall be deemed present for quorum purposes for the remainder of the meeting and for any adjournment of that meeting unless a new record date is or must be set for the adjourned meeting.

Section 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Voting Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The persons entitled to receive notice of and to vote at any shareholders meeting will be determined from the records of the Corporation on the close of business on the day before the electronic mail or mailing of the notice, or on such other date not more than 70 days before such meeting as may be fixed in advance by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Except as otherwise provided in the Articles of Incorporation, these Bylaws, or by applicable law, each outstanding share, regardless of class, is entitled to one vote on each matter voted on at a shareholders meeting. Only shares are entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Except as otherwise provided in the Articles of Incorporation or by applicable law, if a quorum exists, action on a matter, other than the election of directors, will be approved if the votes cast favoring the action exceed the votes cast opposing the action. If a quorum is present, directors will be elected by a plurality of the votes cast by the holders of shares entitled to vote in the election.

Section 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Action Without Meeting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any action required or permitted by law to be taken at a shareholders meeting may be taken without a meeting if the action is taken by shareholders having not less than the minimum number of votes that would be necessary to take such action at a meeting at which all shareholders entitled to vote on the action were present and voted. Any action taken will be evidenced by one or more written consents signed by those shareholders taking such action and delivered to the Corporation for filing with the corporate records. Action taken under this Section 1.8 is effective when the consent or consents bearing sufficient signatures are delivered to the Corporation, unless the consent or consents specify an earlier or later effective date. If not otherwise determined by law, the record date for determining shareholders entitled to take action without a meeting under this Section 1.8 is the date the first shareholder signs the consent. A consent signed under this Section 1.8 has the effect of a meeting vote and may be described as such in any document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If action is taken in accordance with this Section 1.8, the Corporation must give written notice of the action promptly after the action is taken to: (a) shareholders not entitled to vote, if the Oregon Business Corporation Act would require that notice of the proposed action be given to such nonvoting shareholders if this action had been submitted to a vote of shareholders at a meeting, and (b) shareholders entitled to vote who did not consent in writing under this Section 1.8. The notice must contain or be accompanied by the same material that would have been required under the Oregon Business Corporation Act to be sent to such shareholders in a notice of meeting at which the proposed action would have been submitted to a vote of shareholders. The notice is effective when mailed if it is mailed postage prepaid and is correctly addressed to the shareholder's address shown in the Corporation's current record of shareholders.

------

Section 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Meeting Chairperson</u>.

At each meeting of shareholders, a chairperson shall preside. The chairperson of such meeting shall be the Chairman of the Board or, in his or her absence, shall be the President or, in his or her absence, shall be any such person as shall be appointed by the Board of Directors.

ARTICLE II

<u>BOARD OF DIRECTORS</u>

Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Duties of Board of Directors</u>.

All corporate powers of the Corporation shall be exercised by or under the authority of its Board of Directors; the business and affairs of the Corporation shall be managed under the direction of its Board of Directors.

Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Number, Term and Qualification</u>.

The number of directors of the Corporation shall be at least three and no more than thirteen. Within this range, the number of directors shall be determined from time to time by the Board of Directors. No reduction in the number of directors shall shorten the term of any incumbent director. Despite the expiration of a director's term, the director shall continue to serve until the director's successor is elected and qualified or the number of directors is decreased. Directors need not be residents of Oregon or shareholders of the Corporation.

Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Regular Meetings</u>.

A regular meeting of the Board of Directors shall be held without notice other 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 for the holding of additional regular meetings in or out of Oregon without other notice than the resolution.

Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Special Meetings</u>.

Special meetings of the Board of Directors may be called by or at the request of the Chairman of the Board, the President or any two directors. The person or persons authorized to call special meetings of the Board of Directors may fix any place in or out of Oregon as the place for holding any special meeting of the Board of Directors called by them.

Section 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice</u>.

Notice of the date, time and place of any special meeting of the Board of Directors shall be given at least one day prior to the meeting by notice communicated in person, by telephone, facsimile, e-mail, telegraph, teletype, other form of wire or wireless communication, mail or private carrier. If written, notice shall be effective at the earliest of (a) when received, (b) five days after its deposit in the United States mail, as evidenced by the postmark, if mailed postpaid and correctly addressed, or (c) on the date shown on the return receipt, if sent by registered or certified mail, return receipt requested and the receipt is signed by or on behalf of the addressee. Notice by all other means shall be deemed effective when received by or on behalf of the director. Notice of any regular or special meeting need not describe the purposes of the meeting unless required by law or the Articles of Incorporation.

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Section 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Waiver of Notice</u>.

A director may at any time waive any notice required by law, these Bylaws or the Articles of Incorporation. Except as set forth below, the waiver must be in writing, be signed by the director entitled to the notice, specify the meeting for which notice is waived and be filed with the minutes or corporate records. A director's attendance at or participation in a meeting waives any required notice to the director of the meeting unless the director at the beginning of the meeting, or promptly upon the director's arrival, objects to holding the meeting or transacting business at the meeting and does not thereafter vote for or assent to action taken at the meeting.

Section 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Quorum</u>.

A majority of the number of directors fixed in accordance with Section 2.2 of these Bylaws shall constitute a quorum for the transaction of business at any meeting of the Board of Directors. If less than a quorum is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.

Section 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Manner of Acting</u>.

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, unless a different number is provided by law, the Articles of Incorporation or these Bylaws.

Section 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Meeting by Telephone Conference; Action Without Meeting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Directors may participate in a regular or special meeting by, or conduct the meeting through, use of any means of communications by which all directors participating may simultaneously hear each other during the meeting. Participation in a meeting by this means shall constitute presence in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any action that is required or permitted to be taken at a meeting of the Board of Directors may be taken without a meeting if one or more written consents describing the action taken are signed by all of the directors entitled to vote on the matter and included in the minutes or filed with the corporate records reflecting the action taken. The action shall be effective when the last director signs the consent, unless the consent specifies an earlier or later effective date.

Section 2.10&nbsp;&nbsp;&nbsp;&nbsp; <u>Vacancies</u>.

Unless the Articles of Incorporation provide otherwise, any vacancy occurring on the Board of Directors, including a vacancy resulting from an increase in the number of directors, may be filled by the shareholders, the Board of Directors, the remaining directors if less than a quorum (by the affirmative vote of a majority thereof) or by a sole remaining director. A vacancy that will occur at a specified later date, by reason of a resignation or otherwise, may be filled before the vacancy occurs, but the new director may not take office until the vacancy occurs.

Section 2.11&nbsp;&nbsp;&nbsp;&nbsp; <u>Compensation</u>.

By resolution of the Board of Directors, the directors may be paid reasonable compensation for services as directors and their expenses of attending meetings of the Board of Directors. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation for such service.

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Section 2.12&nbsp;&nbsp;&nbsp;&nbsp; <u>Presumption of Assent</u>.

A director who is present at a meeting of the Board of Directors or a committee of the Board of Directors shall be deemed to have assented to the action taken at the meeting unless (a) the director's dissent or abstention from the action is entered in the minutes of the meeting, (b) the director delivers a written notice of dissent or abstention to the action to the presiding officer of the meeting before any adjournment or to the Corporation immediately after the adjournment of the meeting or (c) the director objects at the beginning of the meeting or promptly upon the director's arrival to the holding of the meeting or transacting business at the meeting. The right to dissent or abstain is not available to a director who voted in favor of the action.

Section 2.13&nbsp;&nbsp;&nbsp;&nbsp; <u>Resignation</u>.

Any director may resign by delivering written notice to the Board of Directors, its chairperson or the Corporation. Unless the notice specifies a later effective date, a resignation notice shall be effective upon the earlier of (a) receipt, (b) five days after its deposit in the United States mails, if mailed postpaid and correctly addressed, or (c) on the date shown on the return receipt, if sent by registered or certified mail, return receipt requested, and the receipt is signed by addressee. Once delivered, a resignation notice is irrevocable unless revocation is permitted by the Board of Directors.

ARTICLE III

<u>COMMITTEES OF THE BOARD</u>

Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Committees</u>.

The Board of Directors may create one or more committees and appoint members of the Board of Directors to serve on them. Each committee shall have two or more members. The creation of a committee and appointment of members to it must be approved by a majority of all directors in office when the action is taken. Subject to any limitation imposed by the Board of Directors or by law, each committee may exercise all the authority of the Board of Directors in the management of the Corporation. A committee may not take any action that a committee is prohibited from taking by the Oregon Business Corporation Act, including ORS 60.354 or any successor provision.

Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Changes of Size and Function</u>.

Subject to the provisions of law, the Board of Directors shall have the power at any time to change the number of committee members, fill committee vacancies, change any committee members and change the functions and terminate the existence of a committee.

Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Conduct of Meetings</u>.

Each committee shall conduct its meetings in accordance with the applicable provisions of these Bylaws relating to meetings and action without meetings of the Board of Directors. Each committee shall adopt any further rules regarding its conduct, keep minutes and other records and appoint subcommittees and assistants as it deems appropriate.

Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Compensation</u>.

By resolution of the Board of Directors, committee members may be paid reasonable compensation for services on committees and their expenses of attending committee meetings.

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ARTICLE IV

<u>OFFICERS</u>

Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Appointment</u>.

The Board of Directors at its first meeting following its election each year shall appoint a President and a Secretary. At this meeting, or at any other time, the Board of Directors may appoint one of its members as Chairman of the Board and one or more Vice Presidents and a Treasurer. The Board of Directors also may appoint any other officers, assistant officers and agents it deems necessary or appropriate. Any two or more offices may be held by the same person.

Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Compensation</u>.

The Corporation may pay its officers reasonable compensation for their services, and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the Corporation.

Section 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Term</u>.

The term of office of all officers commences upon their appointment and continues until the first annual meeting of the Board of Directors following their appointment and thereafter until their successors are appointed or until their resignation or removal. Any vacancy in an office of the Corporation may be filled by the Board of Directors.

Section 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Removal</u>.

Any officer or agent appointed by the Board of Directors may be removed by the Board of Directors at any time with or without cause, but such removal shall not prejudice the contract rights of the person so removed.

Section 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Chairman of the Board</u>.

The Chairman of the Board, if that office is filled, shall preside at all meetings of the Board of Directors and shall perform any duties and responsibilities prescribed from time to time by the Board of Directors, including but not limited to powers and duties similar to those of the President.

Section 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>President</u>.

Unless otherwise determined by the Board of Directors, the President shall be the chief executive officer of the Corporation and, subject to the control of the Board of Directors, shall in general supervise and control all of the business and affairs of the Corporation. The President shall preside at all meetings of the shareholders and at all meetings of the Board of Directors when the Chairman of the Board of Directors is not present. The President may sign, with the Secretary or any Assistant Secretary, certificates for shares of the Corporation. The President may also sign, with the Secretary or any other officer of the Corporation authorized by the Board of Directors to sign with the President, any deeds, mortgages, bonds, contracts, or other instruments which the Board of Directors has authorized to be executed, except in cases where the Board of Directors or these Bylaws shall expressly delegate the signing and execution of such a document to some other officer or agent of the Corporation or where signing or execution other than by the President as described above shall be required by law. In general, the President 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.

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Section 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Vice Presidents</u>.

In the absence of the President or in the event of his or her death, inability or refusal to act, the Vice President (or in the event there be more than one Vice President, the Vice Presidents in the order designated at the time or their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President. Any Vice President may sign, with 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 the Vice President by the President or by the Board of Directors. The Board of Directors or the President may confer a special title upon a Vice President.

Section 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Secretary</u>.

The Secretary shall (a) have the responsibility for preparing minutes of the shareholders' and of the Board of Directors' meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provision of these Bylaws or as required by law; (c) be custodian of the corporate records and have the responsibility for authenticating records of the Corporation; (d) sign with the President, or Vice President, certificates for shares of the Corporation; and (e) in general perform all duties incident to the office of Secretary and such other duties as from time to time may be assigned to the Secretary by the President or by the Board of Directors.

Section 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Treasurer</u>.

If required by the Board of Directors, the Treasurer shall give a bond for the faithful discharge of the Treasurer's duties, in such sum and with such security or securities as the Board of Directors shall determine. 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 (c) deposit all such moneys in the name of the Corporation in such banks, trust companies or other depositaries as shall be selected in accordance with the provisions of Article VII of these Bylaws. In general, the Treasurer shall perform all of the duties incident to the office of Treasurer and such other duties as from time to time may be assigned to the Treasurer by the President or by the Board of Directors.

ARTICLE V

<u>INDEMNIFICATION</u>

The Corporation shall indemnify, to the fullest extent not prohibited by law, any current or former director or officer of the Corporation who is made, or threatened to be made, a party to an action, suit or proceeding, whether civil, criminal, administrative, investigative or other (including an action, suit or proceeding by or in the right of the Corporation) by reason of the fact that such person is or was a director, officer, employee or agent of the Corporation or a fiduciary within the meaning of the Employee Retirement Income Security Act of 1974 with respect to any employee benefit plan of the Corporation, or serves or served at the request of the Corporation as a director, officer, employee or agent, or as a fiduciary of an employee benefit plan, of another corporation, partnership, joint venture, trust or other enterprise. The Corporation shall pay all expenses incurred by any such person defending such proceeding in advance of its final disposition at the written request of such person if the person furnishes the Corporation (a) a written statement of a good faith belief that he or she is entitled to indemnification and (b) a written undertaking to repay such advance if it is ultimately determined by a court that such person is not entitled to be indemnified. No amendment to these Bylaws that limits the Corporation's obligation to indemnify directors and officers of the Corporation shall have any effect on such obligation for any act or omission which occurs prior to the later of the effective date of the amendment or the date notice of the amendment is given to the officer or director. This Article shall not be deemed exclusive of any other provisions for indemnification or advancement of expenses of directors, officers, employees, agents and fiduciaries that may be included in the Corporation's Articles of Incorporation or any statute, agreement, general or specific action of the Board of Directors, vote of shareholders or other document or arrangement.

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ARTICLE VI

<u>ISSUANCE OF SHARES</u>

Section 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certificates for Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Corporation's shares may be certificated or uncertificated. If certificated, certificates for shares will be in such form as the Board of Directors may designate, will designate the name of the Corporation and the state law under which the Corporation is organized, will state the name of the person to whom the shares represented by the certificate are issued, and will state the number and class of shares and the designation of the series, if any, that the certificate represents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If certificated, each certificate for shares will be signed, either manually or in facsimile, by the President or a Vice President and the Secretary or an Assistant Secretary of the Corporation.

Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfer on the Books</u>.

If certificated, upon surrender to the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, and subject to any limitations on transfer appearing on the certificate or in the Corporation's stock transfer records, the Corporation will issue a new certificate to the appropriate person, cancel the old certificate and record the transaction upon its books. Transfers of uncertificated shares will be made pursuant to procedures as the Board of Directors may prescribe.

Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Lost, Stolen or Destroyed Certificates</u>.

In the event a certificate is represented to be lost, stolen or destroyed, a new certificate will be issued in its place upon such proof of loss, theft or destruction and upon the giving of such bond or other indemnity as may be required by the Board of Directors. A new certificate may be issued without requiring any bond when in the judgment of the Board of Directors it is proper to do so.

Section 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Officer Ceasing to Act</u>.

If the person who signed a share certificate, either manually or in facsimile, no longer holds office when the certificate is issued, the certificate is nevertheless valid.

ARTICLE VII

<u>CONTRACTS, LOANS, CHECKS AND OTHER INSTRUMENTS</u>

Section 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Contracts</u>.

Except as otherwise provided by law, the Board of Directors may authorize any officers or agents to execute and deliver any contract or other instrument in the name of and on behalf of the Corporation, and this authority may be general or confined to specific instances.

Section 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Loans</u>.

The Corporation shall not borrow money and no evidence of indebtedness shall be issued in its name unless authorized by the Board of Directors. This authority may be general or confined to specific instances.

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Section 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Checks, Drafts, Etc.</u>

All checks, drafts or other orders for the payment of money and notes or other evidences of indebtedness issued in the name of the Corporation shall be signed by the officers or agents of the Corporation and in the manner designated by the Board of Directors.

Section 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Deposits</u>.

All funds of the Corporation not otherwise employed shall be deposited to the credit of the Corporation in those banks, trust companies or other depositaries as the Board of Directors or officers of the Corporation designated by the Board of Directors select or be invested as authorized by the Board of Directors.

ARTICLE VIII

<u>MISCELLANEOUS PROVISIONS</u>

Section 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fiscal Year</u>.

The business of the Corporation shall be conducted on a fiscal year basis beginning with the first day of September and ending on the last day of August of each year.

Section 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Dividends</u>.

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.

Section 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>.

A determination that any provision of these Bylaws is for any reason inapplicable, invalid, illegal or otherwise ineffective shall not affect or invalidate any other provision of these Bylaws.

Section 8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendments</u>.

Except as restricted by the Corporation's Articles of Incorporation, these Bylaws may be amended or repealed and new Bylaws may be adopted by the Board of Directors or the shareholders of the Corporation.

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*

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## Exhibit 99.1

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**Exhibit 99.1**<br>

**** 

<br> #### Toyota Tsusho America Completes Acquisition of Radius Recycling
&nbsp;&nbsp;&nbsp;&nbsp; ***-*** *Acquisition advances Toyota Tsusho's circular economy initiatives, solidifies Radius Recycling's leadership position*

&nbsp;&nbsp;&nbsp;&nbsp; ***-*** *Radius to continue operating as standalone business, leveraging Toyota Tsusho's capabilities and resources*

**New York, NY and Portland, OR, (July 10, 2025)** – Toyota Tsusho America, Inc. ("TAI"), a subsidiary of Toyota Tsusho Corporation ("Toyota Tsusho"), today completed the acquisition of Radius Recycling, Inc. ("Radius"), a leading North American recycling company with a network of over 100 locations.

The transaction advances key Toyota Tsusho strategic goals, including its commitment to building a circular economy focused on recycling throughout the automobile lifecycle, as well as accelerating progress towards carbon neutrality, and delivering long-term value to employees, customers, suppliers, and communities.

"We are delighted to welcome Radius into the Toyota Tsusho family," said Naoyuki Hata, TAI President & CEO. "Radius' proven track record and strong presence in the North American recycling industry closely reflect our shared mission to create Better Solutions for a Better Future. Building on our longstanding relationship, this acquisition will help expand our circular economy initiatives, enhance the supply of high-quality recycled resources, and deliver better solutions for our customers and our planet."

"Joining forces with Toyota Tsusho opens new doors for Radius, our employees, and our valued customers and suppliers," said Tamara Lundgren, Radius CEO. "Drawing from the combined strengths of both organizations, this is an opportunity to accelerate Radius' strategic priorities, access new growth opportunities, and further solidify our position as a leader in North American recycling."

Radius will continue to operate from its current headquarters in Portland, Oregon, following the close of the transaction, with its management, employees, operating facilities, strategy, and brand retained.

In connection with the completion of the transaction, Radius common shares will be delisted from the Nasdaq Capital Market.

###

Media contacts: Ross Lovern / Simone Leung, Kekst CNC, ross.lovern@kekstcnc.com/ simone.leung@kekstcnc.com

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#### About Toyota Tsusho America, Inc.
*For over 60 years, TAI has been at the forefront of innovation, creating value through exporting, importing, supply chain management, and logistics across the United States, Canada, Mexico, and the Caribbean. With a dedicated team of more than 9,300 employees, TAI provides value-added services at every level, addressing business and societal challenges with creative, solutions-oriented approaches. We support 10 major automotive companies across North America, including manufacturers from the U.S., Japan, and Europe. TAI's extensive supply chain network and expertise powers the automotive industry, connecting diverse brands, building efficiency, and driving excellence.*

*At TAI, our mission is clear: to build better solutions for a better future. We are deeply committed to a circular economy, promoting renewable energy, and leveraging resource recycling and waste management strategies to minimize environmental impact while maximizing value. For more information, please visit our website at <u>www.taiamerica.com</u>.*

#### About Radius Recycling, Inc.
*Radius is a leading North American recycler of ferrous and nonferrous metals with 54 operating facilities across 25 states, Puerto Rico, and Western Canada. The Company sells its products to U.S. and export customers from its locations on both the East and West Coasts of the U.S., the Southeast, Hawaii, and Puerto Rico. Radius' integrated operating platform also includes 50 stores operating across the U.S. and Western Canada under its Pick-N-Pull brand which sell serviceable used auto parts from salvaged vehicles and receive over 4 million annual retail visits. The Company's electric arc furnace and rolling mill located in McMinnville, Oregon is vertically integrated with its Pacific Northwest metals recycling operations and produces rebar, wire rod, and other specialty products that are sold to customers primarily in the Western U.S. and Western Canada. Radius began operations in 1906 in Portland, Oregon, where it remains headquartered.*

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