# EDGAR Filing Document

**Accession Number:** 0000018230
**File Stem:** 0001104659-26-001346
**Filing Date:** 2026-1
**Character Count:** 142703
**Document Hash:** a586a7e9c42aefceede4a67b317bdfcf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-001346.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001104659-26-001346

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260106

**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**: 20260106

**DATE AS OF CHANGE**: 20260106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CATERPILLAR INC
- **CENTRAL INDEX KEY:** 0000018230
- **STANDARD INDUSTRIAL CLASSIFICATION:** CONSTRUCTION MACHINERY & EQUIP [3531]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 370602744
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-00768
- **FILM NUMBER:** 26512127

**BUSINESS ADDRESS:**
- **STREET 1:** 5205 N. O'CONNOR BOULEVARD
- **STREET 2:** SUITE 100
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 9728917700

**MAIL ADDRESS:**
- **STREET 1:** 5205 N. O'CONNOR BOULEVARD
- **STREET 2:** SUITE 100
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CATERPILLAR TRACTOR CO
- **DATE OF NAME CHANGE:** 19860623

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

**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): **January 6, 2026**

**CATERPILLAR INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-768** | **37-0602744** |
| (State or other jurisdiction of<br> incorporation) | (Commission File Number) | (I.R.S Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **5205 N. O'Connor Blvd.** **Suite 100** **, Irving, Texas** | **75039** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(972** **) 891-7700**

Former name or former address, if changed since last report: **N/A**

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 which registered** |
| Common Stock ($1.00 par value) | CAT | The New York Stock Exchange |
| 5.3% Debentures due September 15, 2035 | CAT35 | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined by 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. ◻

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

*Board Leadership Transition*

On January 6, 2026, the Board of Directors (the "Board") of Caterpillar Inc. (the "Company") announced the resignation of D. James Umpleby III as a member of the Board, effective April 1, 2026 (the "Effective Date"). Mr. Umpleby currently serves as the Executive Chairman of the Board and previously served as the Company's Chief Executive Officer from 2017 to 2025. On the Effective Date, Joseph E. Creed, the Company's Chief Executive Officer and a director on the Board, will assume the title of Chairman of the Board. The Board also decreased the size of the Board from ten to nine directors, effective as of the Effective Date.

The Board thanks Mr. Umpleby for his forty-five years of service and unwavering commitment to the Company.

A copy of the Company's press release announcing these changes is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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

On January 6, 2026, the Board approved and adopted amended and restated Bylaws (the "Amended and Restated Bylaws"). The Amended and Restated Bylaws reflect the change in title of the Board's "Presiding Director" to "Lead Independent Director."

The foregoing summary of the Amended and Restated Bylaws does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Bylaws. The Amended and Restated Bylaws and a copy marked to show changes are attached as Exhibits 3.1 and 3.2 respectively. Exhibit 3.1 is incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

---

| | | |
|:---|:---|:---|
| (d) | Exhibits: | Exhibits: |
|  | The following is furnished as an exhibit to this report: | The following is furnished as an exhibit to this report: |
|  | [3.1](tm261912d1_ex3-1.htm) | [Bylaws of Caterpillar Inc. (as amended and restated January 6, 2026)](tm261912d1_ex3-1.htm) |
|  | [3.2](tm261912d1_ex3-2.htm) | [Marked Bylaws of Caterpillar Inc.](tm261912d1_ex3-2.htm) |
|  | [99.1](tm261912d1_ex99-1.htm) | [Caterpillar Inc. press release dated January 6, 2026.](tm261912d1_ex99-1.htm) |
|  | 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

---

**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.

---

| | | |
|:---|:---|:---|
|  | **CATERPILLAR INC.** | **CATERPILLAR INC.** |
| January 6, 2026 | By: | */s/ Derek Owens* |
|  |  | Derek Owens |
|  |  | Chief Legal Officer and General Counsel |

---

## Exhibit 3.1

**Exhibit 3.1**

**CATERPILLAR INC.<br> BYLAWS**

(as amended and restated as of January 6, 2026)

**Article I <br> Offices**

**Section 1. Registered Office.**

The registered office of the corporation in the State of Delaware shall be in the City of Wilmington, County of New Castle, State of Delaware.

**Section 2. Other Offices.**

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

**Article II <br> Stockholders**

**Section 1. Stockholder Meetings.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Place of
 Meetings. Meetings of stockholders shall be held at such places, within or without the State
 of Delaware, or solely by means of remote communication in accordance with the General Law
 of the State of Delaware, as may from time to time be designated by the board of directors
 and set forth in the notice thereof. The board of directors shall determine, in its sole
 discretion, the appropriate meeting format.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annual Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The annual
 meeting of stockholders shall be held on the second Wednesday in June in each year at
 a time designated by the board of directors, or at such a time and date as may be designated
 by the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At an annual
 meeting of the stockholders, only such business shall be conducted as shall have been properly
 brought before the meeting. To be properly brought before an annual meeting, business must
 be (a) specified in the notice of meeting (or any supplement thereto) given by or at
 the direction of the board of directors, (b) otherwise properly brought before the meeting
 by or at the direction of the board of directors, or (c) otherwise properly brought
 before the meeting by a stockholder. For business to be properly brought before an annual
 meeting by a stockholder (other than the nomination of a person for election as a director,
 which is governed by Article III, Section 1(d)(ii) of these bylaws), the stockholder
 must have given timely notice thereof in writing to the secretary of the corporation. To
 be timely, a stockholder's notice must be delivered to or mailed and received at the principal
 executive offices of the corporation, not less than 60 days nor more than 120 days prior
 to the first anniversary of the preceding year's annual meeting; provided, however,
 that in the event that the date of the annual meeting is more than 30 days before or 30 days
 after such anniversary date, notice by the stockholder to be timely must be so received not
 earlier than 120 days prior to such annual meeting and not later than the close of business
 on the fifteenth (15th) day following the date on which public announcement of the date of
 the annual meeting was first made by the corporation. In no event shall the public announcement
 of an adjournment or postponement of an annual meeting commence a new time period (or extend
 any time period) for the giving of a stockholder's notice as described above. A stockholder's
 notice to the secretary shall set forth as to each matter the stockholder proposes to bring
 before the annual meeting (a) a brief description of the business desired to be brought
 before the annual meeting and (b) as to the stockholder proposing such business and
 any beneficial owner on whose behalf the proposal is made (1) the name and address,
 as they appear on the corporation's books, of the stockholder and such beneficial owner,
 (2) a representation that the stockholder is a holder of record of stock of the corporation
 entitled to vote at the annual meeting and intends to appear in person or by proxy at the
 meeting to introduce the matter specified in the notice, (3) the class and number of
 shares of the corporation which are beneficially owned by such stockholder and beneficial
 owner, (4) any material interest of such stockholder and beneficial owner in such business,
 (5) a description of any agreement, arrangement or

understanding with respect to such business between or among such stockholder and beneficial owner and any other person or persons (naming such person or persons), (6) a description of any agreement, arrangement or understanding (including any derivative or short positions, profit interests, stock appreciation or similar rights, options, hedging transactions, and borrowed or loaned shares, regardless of whether settled in shares or cash) that has been entered into as of the date of the stockholder's notice by, or on behalf of, such stockholder and beneficial owner, the effect or intent of which is to mitigate loss, manage risk or benefit from changes in the share price of any class of the corporation's capital stock, or increase or decrease the voting power of such stockholder and beneficial owner with respect to shares of stock of the corporation and (7) a representation that such stockholder and beneficial owner will promptly notify the corporation in writing of any changes in the information required by this Section 1(b)(ii). Notwithstanding anything in the bylaws to the contrary, no business (other than matters properly brought under Rule 14a-8 under the Securities Exchange Act of 1934 and included in the corporation's notice of meeting) shall be conducted at an annual meeting except in accordance with the procedures set forth in this Section 1(b)(ii), or, with respect to the election of directors, the provisions of Article III, Section 1(d) of these bylaws. The presiding officer of an annual meeting shall, if the facts warrant, determine and declare to the meeting that business was not properly brought before the meeting and in accordance with the provisions of this Section 1, and if he should so determine, he shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Special
 Meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Special meetings
 of the stockholders of this corporation for any purpose or purposes may be called at any
 time by the chairman of the board, by the chief executive officer, by the secretary, or by
 the board of directors pursuant to a resolution approved by a majority of the entire board
 of directors, but such special meetings may not be called by any other person or persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A special
 meeting of stockholders shall be called by the board of directors upon written request to
 the secretary of one or more record holders of shares of stock of the corporation representing
 in the aggregate not less than twenty-five percent (25%) of the total number of shares of
 stock entitled to vote on the matter or matters to be brought before the proposed special
 meeting. A request to the secretary shall be signed by each stockholder, or a duly authorized
 agent of such stockholder, requesting the special meeting and shall set forth, for each stockholder
 requesting the meeting, the information required to be in a stockholder's notice pursuant
 to Article II, Section 1(b)(ii) (as if such notice were submitted in connection
 with an annual meeting) or Article III, Section 1(d)(ii) of these bylaws,
 as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A special
 meeting requested by stockholders shall be held at such date, time and place as may be fixed
 by the board of directors; provided, however, that the date of any such special meeting shall
 be not more than ninety (90)
days after a proper request to call the special meeting is received by the secretary. Notwithstanding the foregoing, a special meeting
requested by stockholders shall not be held if (1) the business proposed to be brought before the special meeting by stockholders
is not a proper subject for stockholder action under applicable law or (2) the board of directors has called or calls for an annual
meeting of stockholders to be held within ninety (90)
days after the secretary receives the request for the special meeting and the board of directors determines in good faith that the business
of such annual meeting includes (among any other matters properly brought before the annual meeting) the business specified in the request.
A stockholder may revoke a request for a special meeting at any time by written revocation delivered to the secretary, and if, following
such revocation, there are un-revoked requests from stockholders holding in the aggregate less than the requisite number of shares entitling
the stockholders to request the calling of a special meeting, the board of directors, in its discretion, may cancel the special meeting.

(iv) Business transacted at all special meetings shall be limited to the matters stated in the corporation's notice of special meeting. Business transacted at a special meeting requested by stockholders shall be limited to the matters described in the request for the special meeting; provided, however, that nothing herein shall prohibit the board of directors from submitting additional matters to stockholders at any such special meeting. In the event that a special meeting is called at the request of stockholders for the purpose of electing one or more persons to the board of directors, a stockholder entitled to vote in such election of directors may nominate a person or persons (as the case may be) for election to such position(s) as specified in the corporation's notice of meeting, if the stockholder's notice is submitted within the time and in the manner required by Article III, Section 1(d)(ii) of these bylaws. Notwithstanding anything in the bylaws to the contrary, no

business (other than matters properly brought under Rule 14a-8 under the Securities Exchange Act of 1934 and included in the corporation's notice of meeting) shall be conducted at a special meeting except in accordance with the procedures set forth in this Section 1(c). The presiding officer of a special meeting shall, if the facts warrant, determine and declare to the meeting that business was not properly brought before the meeting and in accordance with the provisions of this Section 1(c), and if the presiding officer should so determine, the presiding officer shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Notice of
 Meetings. Notice of every meeting of the stockholders shall be given in any manner permitted
 by law, and such notice shall include the record date for determining the stockholders entitled
 to vote at the meeting, if such date is different from the record date for determining stockholders
 entitled to notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Quorum.
 Except as otherwise required by law, the certificate of incorporation and these bylaws, the
 holders of not less than one-third of the shares entitled to vote at any meeting of the stockholders,
 present in person or by proxy, shall constitute a quorum at all meetings of the stockholders.
 If a quorum shall fail to attend any meeting, the chairman of the meeting may adjourn the
 meeting to another place, date or time. If a notice of any adjourned special meeting of stockholders
 is sent to all stockholders entitled to vote thereat, stating that it will be held with those
 present constituting a quorum, then, except as otherwise required by law, those present at
 such adjourned meeting shall constitute a quorum.

**Section 2. Determination of Stockholders Entitled to Vote.**

To determine the stockholders entitled to notice of any meeting or to vote, the board of directors may fix in advance a record date for each as provided in Article VI, Section 1 hereof.

**Section 3. Voting.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of applicable law, and except as otherwise provided in the certificate
 of incorporation, each stockholder present in person or by proxy shall be entitled to one
 vote for each full share of stock registered in the name of such stockholder at the time
 fixed by the board of directors or by law as the record date of the determination of stockholders
 entitled to vote at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Every stockholder
 entitled to vote may do so in person or by one or more agents authorized by proxy. Such authorization
 may be in writing or by transmission of an electronic communication, as permitted by law
 and in accordance with procedures established for the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Voting may
 be by voice or by ballot as the chairman of the meeting shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as
 otherwise provided in the corporation's certificate of incorporation or as required
 by law, in all matters other than the election of directors, the affirmative vote of the
 majority of shares present in person or by proxy at the meeting and entitled to vote on the
 subject matter shall be the act of the stockholders. At any meeting for the election of directors,
 each director must receive a greater number of shares voted "for" such director
 than shares voted "against" such director. If an incumbent director does not
 receive a greater number of shares voted "for" such director than shares voted
 "against" such director, then such director shall tender his or her resignation
 to the board of directors. Notwithstanding the foregoing, at any meeting for the election
 of directors, if the number of nominees exceeds the number of directors to be elected, the
 directors shall be elected by the vote of a plurality of the votes cast at any such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(e) In advance
 of any meeting of stockholders the board of directors may appoint one or more persons (who
 shall not be candidates for office) as inspectors of election to act at the meeting. If inspectors
 are not so appointed, or if an appointed inspector fails to appear or fails or refuses to
 act at a meeting, the chairman of any meeting of stockholders may, and on the request of
 any stockholder or his proxy shall, appoint inspectors of election at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Any action
 required or permitted to be taken by the stockholders of the corporation must be effected
 at a duly called annual or special meeting of such holders and may not be effected by any
 consent in writing by such holders.

**Section 4. Proxy Access.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever
 the board of directors solicits proxies with respect to the election of directors at an annual
 meeting of stockholders, subject to the provisions of this Section 4, the corporation
 shall include in its proxy statement for such annual meeting, in addition to any persons
 nominated for election by the board of directors or any committee thereof, the name, together
 with the Required Information (defined below), of any person nominated for election (the
 " <u>Stockholder Nominee</u> ") to the board of directors by a stockholder or group
 of no more than 20 stockholders (counting as one stockholder, for this purpose, any two or
 more funds that are (A) under common management and investment control, (B) under
 common management and funded primarily by the same employer, or (C) a "group of
 investment companies," as such term is defined in Section 12(d)(1)(G)(ii) of
 the Investment Company Act of 1940, as amended, that satisfy the requirements of this Section 4
 (such stockholder or stockholder group, including each member thereof to the extent the context
 requires, the " <u>Eligible Stockholder</u> "), and who expressly elects at the
 time of providing the notice required by this Section 4 (the " <u>Notice of Proxy Access Nomination</u> ") to have its nominee included in the corporation's proxy
 materials pursuant to this Section 4. If the Eligible Stockholder consists of a group
 of stockholders, any and all requirements and obligations for an individual Eligible Stockholder
 that are set forth in these bylaws, including the Minimum Holding Period, shall apply to
 each member of such group; provided, however, that the Required Ownership Percentage shall
 apply to the ownership of the group in the aggregate. For purposes of this Section 4,
 the " <u>Required Information</u> " that the corporation will include in its proxy
 statement is the information provided to the secretary of the corporation concerning the
 Stockholder Nominee and the Eligible Stockholder that is required to be disclosed in the
 corporation's proxy statement by the rules under the Securities Exchange Act of
 1934, and if the Eligible Stockholder so elects, a written statement, not to exceed 500 words,
 in support of the Stockholder Nominee(s)' candidacy (the " <u>Statement</u> ").
 Notwithstanding anything to the contrary contained in this Section 4, the corporation
 may omit from its proxy materials any information or Statement (or portion thereof) that
 it, in good faith, believes is untrue in any material respect (or omits to state a material
 fact necessary in order to make the statements made, in light of the circumstances under
 which they are made, not misleading) or would violate any applicable law or regulation, and
 the corporation may solicit against, and include in the proxy statement its own statement
 relating to, any Stockholder Nominee.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 be timely, the Notice of Proxy Access Nomination must be delivered to, or mailed to and received
 by, the secretary of the corporation no earlier than one hundred fifty (150) days and no
 later than one hundred twenty (120) days before the anniversary of the date that the corporation
 mailed its proxy statement for the previous year's annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 maximum number of Stockholder Nominees nominated by all Eligible Stockholders that will be
 included in the corporation's proxy materials with respect to an annual meeting of
 stockholders shall not exceed the greater of (i) two and (ii) 20% of the total
 number of directors in office (rounded down to the nearest whole number) as of the last day
 on which a Notice of Proxy Access Nomination may be delivered pursuant to and in accordance
 with this Section 4 (the " <u>Final Proxy Access Nomination Date</u> "). If
 the board of directors resolves to reduce the size of the board of directors after the Final
 Proxy Access Nomination Date but before the date of the annual meeting, the maximum number
 of Stockholder Nominees included in the corporation's proxy materials shall be calculated
 based on the number of directors in office as so reduced. Any individual nominated by an
 Eligible Stockholder for inclusion in the corporation's proxy materials pursuant to
 this Section 4 whom the board of directors decides to nominate as a nominee of the board
 of directors, and any individual nominated by an Eligible Stockholder for inclusion in the
 corporation's proxy materials pursuant to this Section 4 but whose nomination
 is subsequently withdrawn, shall be counted as one of the Stockholder Nominees for purposes
 of determining when the maximum number of Stockholder Nominees provided for in this Section 4
 has been reached. Any Eligible Stockholder submitting more than one Stockholder Nominee for
 inclusion in the corporation's proxy materials pursuant to this Section 4 shall
 rank such Stockholder Nominees based on the order that the Eligible Stockholder desires such
 Stockholder Nominees to be selected for inclusion in the corporation's proxy statement
 if the total number of Stockholder Nominees submitted by Eligible Stockholders pursuant to
 this Section 4 exceeds the maximum number of nominees provided for in this Section 4.
 If the number of Stockholder Nominees submitted by Eligible Stockholders pursuant to this
 Section 4 exceeds the maximum number of nominees provided for in this Section 4,
 the highest ranking Stockholder Nominee who meets the requirements of this Section 4
 from each Eligible Stockholder will be selected for inclusion in the corporation's
 proxy materials until the maximum number is reached, going in order of the amount (largest
 to smallest) of shares of the corporation's outstanding common stock each Eligible
 Stockholder disclosed as owned in its respective Notice of Proxy Access Nomination submitted
 to the corporation. If the maximum number is not reached

after the highest ranking Stockholder Nominee who meets the requirements of this Section 4 from each Eligible Stockholder has been selected, this process will continue as many times as necessary, following the same order each time, until the maximum number is reached.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 purposes of this Section 4, an Eligible Stockholder shall be deemed to "own"
 only those outstanding shares of common stock of the corporation as to which the stockholder
 possesses both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 full voting and investment rights pertaining to the shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
full economic interest in (including the opportunity for profit from and risk of loss on) such shares;

provided that the number of shares calculated in accordance with clauses (i) and (ii) shall not include any shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) sold
 by such stockholder or any of its affiliates in any transaction that has not been settled
 or closed, including any short sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) borrowed
 by such stockholder or any of its affiliates for any purposes or purchased by such stockholder
 or any of its affiliates pursuant to an agreement to resell; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) subject
 to any option, warrant, forward contract, swap, contract of sale, other derivative or similar
 agreement entered into by such stockholder or any of its affiliates, whether any such instrument
 or agreement is to be settled with shares or with cash based on the notional amount or value
 of shares of outstanding common stock of the corporation, in any such case which instrument
 or agreement has, or is intended to have, or if exercised by either party would have, the
 purpose or effect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) reducing
 in any manner, to any extent or at any time in the future, such stockholder's or its
 affiliates' full right to vote or direct the voting of any such shares; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) hedging,
 offsetting or altering to any degree any gain or loss realized or realizable from maintaining
 the full economic ownership of such shares by such stockholder or its affiliates.

A stockholder shall "own" shares held in the name of a nominee or other intermediary so long as the stockholder retains the right to instruct how the shares are voted with respect to the election of directors and possesses the full economic interest in the shares. A stockholder's ownership of shares shall be deemed to continue during any period in which the stockholder has (i) delegated any voting power by means of a proxy, power of attorney or other instrument or arrangement which is revocable at any time by the stockholder or (ii) loaned such shares provided that the stockholder has the power to recall such loaned shares on five business days' notice. The terms "owned," "owning" and other variations of the word "own" shall have correlative meanings. Whether outstanding shares of the common stock of the corporation are "owned" for these purposes shall be determined by the board of directors or any committee thereof, in each case, in its sole discretion. For purposes of this Section 4, the term "affiliate" or "affiliates" shall have the meaning ascribed thereto by the rules under the Securities Exchange Act of 1934. An Eligible Stockholder shall include in its Notice of Proxy Access Nomination the number of shares it is deemed to own for the purposes of this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 order to make a nomination pursuant to this Section 4, an Eligible Stockholder must
 have owned (as defined above) the Required Ownership Percentage (as defined below) of the
 corporation's outstanding common stock (the " <u>Required Shares</u> ") continuously
 for the Minimum Holding Period (as defined below) as of both the date the Notice of Proxy
 Access Nomination is delivered to, or mailed to and received by, the secretary of the corporation
 in accordance with this Section 4 and the record date for determining the stockholders
 entitled to vote at the annual meeting and must continue to own the Required Shares through
 the meeting date. For purposes of this Section 4, the " <u>Required Ownership Percentage</u> "
 is 3% or more, and the " <u>Minimum Holding Period</u> " is 3 years or more. Within
 the time period specified in this Section 4 for delivering the Notice of Proxy Access
 Nomination, an Eligible Stockholder must provide the following information in writing to
 the secretary of the corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one
 or more written statements from the record holder of the shares (and from each intermediary
 through which the shares are or have been held during the Minimum Holding Period) verifying
 that, as of a date within seven calendar days prior to the date the Notice of Proxy Access
 Nomination is delivered to, or mailed to and received by, the secretary of the corporation,
 the Eligible Stockholder owns, and has owned continuously for the Minimum Holding Period,
 the Required Shares, and the Eligible Stockholder's

agreement to provide, within five (5) business days after the record date for the annual meeting, written statements from the record holder and intermediaries verifying the Eligible Stockholder's continuous ownership of the Required Shares through the record date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 copy of the Schedule 14N that has been filed with the Securities and Exchange Commission
 as required by Rule 14a-18 under the Securities Exchange Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 information, representations and agreements that are the same as those that would be required
 to be set forth in a stockholder's notice of nomination pursuant to Article III,
 Section 1(d) of these bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 consent of each Stockholder Nominee to being named in the proxy statement as a nominee and
 to serving as a director if elected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 representation that the Eligible Stockholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) acquired
 the Required Shares in the ordinary course of business and not with the intent to change
 or influence control at the corporation, and does not presently have such intent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) presently
 intends to maintain qualifying ownership of the Required Shares through the date of the annual
 meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) has
 not nominated and will not nominate for election any individual as a director at the annual
 meeting, other than its Stockholder Nominee(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) has
 not engaged and will not engage in, and has not and will not be a "participant"
 in another person's, "solicitation" within the meaning of Rule 14a-1(l) under
 the Securities Exchange Act of 1934 in support of the election of any individual as a director
 at the annual meeting other than its Stockholder Nominee(s) or a nominee of the board
 of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) agrees
 to comply with all applicable laws and regulations with respect to any solicitation in connection
 with the meeting or applicable to the filing and use, if any, of soliciting material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) will
 provide facts, statements and other information in all communications with the corporation
 and its stockholders that are or will be true and correct in all material respects and do
 not and will not omit to state a material fact necessary in order to make the statements
 made, in light of the circumstances under which they were made, not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an
 undertaking that the Eligible Stockholder agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) assume
 all liability stemming from any legal or regulatory violation arising out of the Eligible
 Stockholder's communications with the stockholders of the corporation or out of the
 information that the Eligible Stockholder provided to the corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) indemnify
 and hold harmless the corporation and each of its directors, officers and employees individually
 against any liability, loss or damages in connection with any threatened or pending action,
 suit or proceeding, whether legal, administrative or investigative, against the corporation
 or any of its directors, officers or employees arising out of any nomination submitted by
 the Eligible Stockholder pursuant to this Section 4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in
 the case of a nomination by a group of stockholders that together is an Eligible Stockholder,
 the designation by all group members of one group member that is authorized to act on behalf
 of all such members with respect to the nomination and matters related thereto, including
 withdrawal of the nomination.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Within
 the time period specified in this Section 4 for delivering the Notice of Proxy Access
 Nomination, a Stockholder Nominee must deliver to the secretary of the corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 information required with respect to persons whom a stockholder proposes to nominate for
 election or re-election as a director pursuant to Article III, Section 1(d) of
 theses bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 written representation and agreement that such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) will
 act as a representative of all of the stockholders of the corporation while serving as a
 director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is
 not and will not become a party to (I) any agreement, arrangement or understanding with,
 and has not given any commitment or assurance to, any person or entity as to how such Stockholder
 Nominee, if elected as a director of the corporation, will act or vote on any issue or question
 that has not been disclosed to the corporation (a "Voting Commitment") or (II) any
 Voting Commitment that could limit or interfere with such Stockholder Nominee's ability
 to comply, if elected as a director of the corporation, with such Stockholder Nominee's
 fiduciary duties under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) is
 not or will not become a party to any agreement, arrangement or understanding with any person
 or entity other than the corporation with respect to direct or indirect compensation, reimbursement
 or indemnification in connection with service or action as a director that has not been disclosed
 to the corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) will
 comply with the corporation's Code of Conduct, Guidelines on Corporate Governance Issues,
 and other policies and procedures, including corporate governance, conflict of interest,
 confidentiality and stock ownership and trading policies and guidelines, and any other policies
 and guidelines applicable to directors, as well as the applicable provisions of these bylaws;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) will
 provide facts, statements and other information in all communications with the corporation
 and its stockholders that are or will be true and correct in all material respects (and shall
 not omit to state a material fact necessary in order to make the statements made, in light
 of the circumstances under which they were made, not misleading).

The Stockholder Nominee(s) must submit all completed and signed questionnaires required of directors of the corporation. The corporation may request such additional information as necessary to permit the board of directors to determine if each Stockholder Nominee is independent under the listing standards of the principal U.S. exchange upon which the common stock of the corporation is listed, any applicable rules of the SEC and any publicly disclosed standards used by the board of directors in determining and disclosing the independence of the corporation's directors.

&nbsp;&nbsp;&nbsp;&nbsp;(g) If
 any information or communications provided by the Eligible Stockholder or the Stockholder
 Nominee to the corporation or its stockholders ceases to be true and correct in all material
 respects or omits a material fact necessary to make the statements made, in light of the
 circumstances under which they were made, not misleading, each Eligible Stockholder or Stockholder
 Nominee, as the case may be, shall promptly notify the secretary of the corporation of any
 defect in such previously provided information and of the information that is required to
 correct any such defect.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 corporation shall not be required to include, pursuant to this Section 4, a Stockholder
 Nominee in its proxy materials for any meeting of stockholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for
 which the secretary of the corporation receives a notice that a stockholder has nominated
 a Stockholder Nominee for election to the board of directors pursuant to the advance notice
 requirements for stockholder nominees for director set forth in Article III, Section 1(d)(ii) of
 these bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the
 Eligible Stockholder who has nominated such Stockholder Nominee has engaged in or is currently
 engaged in, or has been or is a "participant" in another person's "solicitation"
 within the meaning of Rule 14a-1(l) under the Securities Exchange Act of 1934 in
 support of the election of any individual as a director at the annual meeting other than
 its Stockholder Nominee(s) or a nominee of the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the
 Stockholder Nominee is or becomes a party to any compensatory, payment, reimbursement, indemnification
 or other financial agreement, arrangement or understanding with any person or entity other
 than the corporation or a wholly owned subsidiary of the corporation, or has received or
 will receive any such compensation, reimbursement, indemnification or other payment from
 any person or entity other than the corporation or a wholly owned subsidiary of the corporation,
 in each case in connection with candidacy or service as a director of the corporation (other
 than agreements providing only for indemnification and/or reimbursement of out-of-pocket
 expenses in connection with candidacy as a director) unless the amount(s) of compensation,
 source(s) of compensation, payment criteria, form and timing of compensation, and all

other material terms and conditions with respect to such compensatory, payment, reimbursement, indemnification or other financial agreements, arrangements or understandings are accurately disclosed by such person to the corporation's stockholders in timely filed and distributed proxy solicitation disclosures in connection with the applicable stockholders meeting that includes a vote on the election of such Stockholder Nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) who is
 not independent under the listing standards of any principal U.S. exchange upon which the
 common stock of the corporation is listed, any applicable rules of the SEC and any publicly
 disclosed standards used by the board of directors in determining and disclosing independence
 of the corporation's directors, in each case as determined by the board of directors
 in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) whose election
 as a member of the board of directors would cause the corporation to be in violation of these
 bylaws, the Certificate of Incorporation, the rules and listing standards of any principal
 U.S. exchange upon which the common stock of the corporation is listed, or any applicable
 state or federal law, rule or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) who is
 or has been, within the past three (3) years, an officer or director of a competitor,
 as defined in Section 8 of the Clayton Antitrust Act of 1914;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) who is
 a named subject of a pending criminal proceeding (excluding traffic violations and other
 minor offenses) or has been convicted in such a criminal proceeding within the past ten (10) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) who is
 subject to any order of the type specified in Rule 506(d) of Regulation D promulgated
 under the Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if such
 Stockholder Nominee or the applicable Eligible Stockholder shall have provided information
 to the corporation in respect to such nomination that was untrue in any material respect
 or omitted to state a material fact necessary in order to make the statement made, in light
 of the circumstances under which they were made, not misleading, as determined by the board
 of directors or any committee thereof, in each case, in its sole discretion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Eligible
 Stockholder or applicable Stockholder Nominee fails to comply with its obligations pursuant
 to these bylaws, including, but not limited to, this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding
 anything to the contrary set forth herein, the board of directors or the chairman of the
 meeting of stockholders may declare a nomination by an Eligible Stockholder to be invalid,
 and such nomination shall be disregarded notwithstanding that proxies in respect of such
 vote may have been received by the corporation, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Stockholder
 Nominee(s) and/or the applicable Eligible Stockholder shall have breached its or their
 obligations under this Section 4, as determined by the board of directors or the chairman
 of the meeting of stockholders, in each case, in its or his sole discretion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Eligible
 Stockholder (or a qualified representative thereof) does not appear at the meeting of stockholders
 to present any nomination pursuant to this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Any
 Stockholder Nominee who is included in the corporation's proxy materials for a particular
 annual meeting of stockholders but either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) withdraws
 from or becomes ineligible or unavailable for election at the annual meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) does
not receive at least 25% of the votes cast in favor of such Stockholder Nominee's election

will be ineligible to be a Stockholder Nominee pursuant to this Section 4 for the next two annual meetings.

For the avoidance of doubt, this Section 4(j) shall not prevent any stockholder from nominating any person to the board of directors pursuant to and in accordance with Article III, Section 1(d) of these bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 board of directors shall have the exclusive power and authority to interpret the provisions
 of Sections 1(b) and 4 of Article II and Section 1(d) of Article III
 of these bylaws and make all determinations deemed necessary or advisable in connection with
 Sections 1(b) and 4 of Article II and Section 1(d) of Article III.
 All such actions, interpretations and determinations that are done or made by the board of
 directors shall be final, conclusive and binding on the corporation, the stockholders and
 all other parties.

&nbsp;&nbsp;&nbsp;&nbsp;(l) No
 stockholder shall be permitted to join more than one group of stockholders to become an Eligible
 Stockholder for purposes of nominations pursuant to this Section 4 per each annual meeting
 of stockholders.

**Article III <br> Board of Directors**

**Section 1. Election of Directors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Number.
 The authorized number of directors of the corporation shall be fixed from time to time by
 the board of directors but shall not be less than three (3). The exact number of directors
 shall be determined from time to time either by a resolution or bylaw duly adopted by the
 board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Election
 and Terms of Directors. Each director shall serve for a term of office to expire at the next
 annual meeting of stockholders, with each director to serve until his successor is duly elected
 and qualified or until his death, resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Newly Created
 Directorships and Vacancies. No decrease in the number of directors constituting the board
 of directors shall shorten the term of any incumbent director. Newly created directorships
 resulting from any increase in the number of directors and any vacancies on the board of
 directors resulting from death, resignation, disqualification, removal or other cause shall
 be filled by the affirmative vote of a majority of the remaining directors then in office
 (and not by stockholders), even though less than a quorum of the board of directors. Any
 director elected in accordance with the preceding sentence shall hold office until the next
 annual meeting of stockholders and until such director's successor shall have been elected
 and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Nomination
 of Directors. Candidates for director shall be nominated either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the board
 of directors or a committee appointed by the board of directors or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by nomination
 at any such stockholders' meeting by or on behalf of any stockholder entitled to vote at
 such meeting provided that written notice of such stockholder's intent to make such nomination
 or nominations has been given, either by personal delivery or by United States mail, postage
 prepaid, to the secretary of the corporation (1) with respect to an election to be held
 at an annual meeting of stockholders, not less than 60 days nor more than 120 days prior
 to the first anniversary of the preceding year's annual meeting; provided, however,
 that in the event that the date of the annual meeting is more than 30 days before or 30 days
 after such anniversary date, notice by the stockholder to be timely must be so given not
 earlier than 120 days prior to such annual meeting and not later than the fifteenth (15th)
 day following the date on which public announcement of the date of such meeting is first
 made by the corporation and (2) with respect to an election to be held at a special
 meeting of stockholders for the election of directors, not later than the close of business
 on the tenth (10th) day following the date on which public announcement of the date of such
 meeting is first made by the corporation. In no event shall the public announcement of an
 adjournment or postponement of a meeting commence a new time period (or extend any time period)
 for the giving of a stockholder's notice as described above. Each such notice shall
 set forth as to the stockholder giving the notice and any beneficial owner on whose behalf
 the nomination is made: (a) the name and address of such stockholder and beneficial
 holder and of the person or persons to be nominated; (b) a representation that the stockholder
 is a holder of record of stock of the corporation entitled to vote at such meeting and intends
 to appear in person or by proxy at the meeting to nominate the person or persons specified
 in the notice; (c) the class and number of shares of the corporation which are beneficially
 owned by such stockholder and beneficial owner, (d) a description of all arrangements
 or understandings between or among such stockholder and beneficial owner and each nominee
 and any other person or persons (naming such person or persons) pursuant to which the nomination
 or nominations are to be made by the stockholder; (e) a description of any agreement,
 arrangement or understanding (including any derivative or short positions, profit interests,
 stock appreciation or similar rights, options, hedging transactions, and borrowed or loaned
 shares, regardless of whether settled in shares or cash) that has been entered into as of
 the date of the stockholder's notice by, or on behalf of, such stockholder and beneficial
 owner, the effect or intent of which is to mitigate loss, manage risk or benefit from changes
 in the share price of any class of the corporation's capital stock, or increase or
 decrease the voting power of such stockholder and beneficial owner with respect to shares
 of stock of the corporation; (f) a representation that such stockholder and beneficial
 owner will promptly notify the corporation in writing of any changes in the information required
 by this Section 1(d)(ii); (g) such other

information regarding each nominee proposed by such stockholder as would be required to be included in a proxy statement filed pursuant to the proxy rules of the Securities and Exchange Commission, had the nominee been nominated, or intended to be nominated, by the board of directors; and (h) the consent of each nominee to serve as a director of the corporation if so elected. The presiding officer of the meeting may refuse to acknowledge the nomination of any person not made in compliance with the foregoing procedure.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Removal.
 Any director may be removed from office without cause but only by the affirmative vote of
 the holders of not less than a majority of the outstanding stock of the corporation entitled
 to vote generally in the election of directors, voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Preferred
 Stock Provisions. Notwithstanding the foregoing, whenever the holders of any one or more
 classes or series of stock issued by this corporation having a preference over the common
 stock as to dividends or upon liquidation, shall have the right, voting separately by class
 or series, to elect directors at an annual or special meeting of stockholders, the election,
 term of office, filling of vacancies, nominations, terms of removal and other features of
 such directorships shall be governed by the terms of Article FOURTH of the certificate
 of incorporation and the resolution or resolutions establishing such class or series adopted
 pursuant thereto.

**Section 2. Meetings of the Board of Directors.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Chairman
 and Lead Independent Director. The board of directors shall annually select a chairman of
 the board to preside over meetings of the board. If the chairman of the board is not an independent
 director, the independent directors shall appoint from their number a Lead Independent Director,
 with such duties as prescribed by the board.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Regular
 Meetings. Regular meetings of the board of directors shall be held without call at 7:30 a.m. on
 the second Wednesday in February, April, June, August, October and December (unless
 otherwise set forth in a meeting notice). Notice of all such regular meetings is permitted
 but not required.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Special
 Meetings. Special meetings of the board of directors may be called by the chairman of the
 board, the Lead Independent Director, the chief executive officer or a majority of the board
 of directors.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Notice of
 Meetings. Notices setting the time and place of meetings shall be given by the secretary
 or an assistant secretary, or by any other officer authorized by the board. Such notices
 shall be given to each director personally or by mail, messenger, telephone or electronic
 transmission. Notice by mail shall be deposited in the United States mail, postage prepaid,
 not later than the third (3rd) day prior to the date fixed for the meeting. Notice by telephone
 or electronic transmission shall be sent, and notice given personally or by messenger shall
 be delivered, at least twenty- four (24) hours prior to the time set for the meeting. Notice
 of a special meeting need not contain a statement of the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Adjourned
 Meetings. A majority of directors present at any regular or special meeting of the board
 of directors, whether or not constituting a quorum, may adjourn from time to time until the
 time fixed for the next regular meeting. Notice of the time and place of holding an adjourned
 meeting shall not be required if the time and place are fixed at the meeting adjourned.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Place of
 Meetings. Unless (i) a resolution of the board of directors, or (ii) the written
 consent of all directors given either before or after the meeting and filed with the secretary
 or (iii) the meeting notice, designates a different place within or without the State
 of Delaware, meetings of the board of directors, both regular and special, shall be held
 at the corporation's principal executive offices as listed in the corporation's filings
 with the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Participation
 by Telephone or Other Means. Members of the board may participate in a meeting through use
 of conference telephone or other communications equipment, so long as all members participating
 in such meeting can hear one another, and such participation shall constitute presence in
 person at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Quorum.
 At all meetings of the board one-third of the total number of directors shall constitute
 a quorum for the transaction of business and the act of a majority of the directors present
 at any meeting at which there is a quorum shall be the act of the board of directors, except
 as may be otherwise specifically provided by statute or by the certificate of incorporation.
 A meeting at which a quorum is initially present may continue to transact business notwithstanding
 the withdrawal of directors, if any action is approved by at least a majority of the required
 quorum for such meeting. Less than a quorum may adjourn any meeting of the board from time
 to time without notice.

**Section 3. Action Without a Meeting.**

Any action required or permitted to be taken by the board of directors may be taken without a meeting if all members of the board consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of the proceedings of the board.

**Section 4. Compensation of Directors.**

The directors may be paid such compensation for their services as the board shall from time to time determine. Directors who receive salaries as officers or employees of the corporation shall not receive additional compensation for their services as directors.

**Section 5. Committees of the Board.**

There shall be such committees of the board of directors each consisting of two or more directors with such authority, subject to applicable law, as a majority of the board shall by resolution determine. Committees of the board shall meet subject to the call of the chairman of each committee and shall prepare and file with the secretary minutes of their meetings. Unless a committee shall by resolution establish a different procedure, notice of the time and place of committee meetings shall be given by the chairman of the committee, or at his request by the chairman of the board or by the secretary or an assistant secretary. Such notice shall be given to each committee member personally or by mail, messenger, telephone or electronic transmission at the times provided in subsection (c) of Section 2 of this Article for notice of special meetings of the board of directors. One- third of a committee but not less than two members shall constitute a quorum for the transaction of business. Except as a committee by resolution may determine otherwise, the provisions of Section 3 and of subsections (d), (e), (f), and (g) of Section 2 of this Article shall apply, mutatis mutandis, to meetings of board committees.

**Article IV <br> Officers**

**Section 1. Officers.**

The officers of the corporation may include a chairman of the board, a chief executive officer, one or more group presidents, one or more senior vice presidents, a chief financial officer, a secretary and a treasurer, together with such other officers as the board of directors shall determine. Any two or more offices may be held by the same person.

**Section 2. Election and Tenure of Officers.**

Officers shall be elected by the board of directors, shall hold office at the pleasure of the board, and shall be subject to removal at any time by the board. Vacancies in office may be filled by the board.

**Section 3. Powers and Duties of Officers.**

Each officer shall have such powers and duties as may be prescribed by the board of directors or by an officer authorized to do so by the board.

**Section 4. Compensation of Officers.**

The compensation of officers shall be determined by the board of directors; provided that the board may delegate authority to determine the compensation of any officer, other than an executive officer, with power to redelegate.

**Article V <br> Indemnification**

The corporation shall indemnify to the full extent permitted by, and in the manner permissible under, the laws of the State of Delaware any person made, or threatened to be made, a party to an action or proceeding, whether criminal, civil, administrative or investigative (hereinafter a "proceeding"), by reason of the fact that he, his testator or intestate is or was a director or officer of the corporation or any predecessor of the corporation, or served any other enterprise as a director or officer at the request of the corporation or any predecessor of the corporation. The corporation shall pay or reimburse the actual and reasonable expenses (including attorneys fees) of such person incurred in defending any threatened or pending proceeding in advance of its final disposition if the corporation has received an undertaking by the person receiving such payment or reimbursement to repay all amounts advanced if it should be ultimately determined that he or she is not entitled to be indemnified under this Article V or otherwise.

The foregoing provisions of this Article V shall be deemed to be a contract between the corporation and each director and officer who serves in such capacity at any time while this bylaw is in effect, and any repeal or modification thereof shall not affect any rights or obligations then existing with respect to any state of facts then or theretofore existing or any action, suit or proceeding theretofore or thereafter brought based in whole or in part upon any such state of facts.

The foregoing rights of indemnification and advancement of expenses shall not be deemed exclusive of any other rights to which any director or officer may be entitled apart from the provisions of this Article.

The board of directors in its discretion shall have power on behalf of the corporation to indemnify and advance expenses to any person, other than a director or officer, made a party to any action, suit or proceeding by reason of the fact that he, his testator or intestate, is or was an employee of the corporation.

**Article VI <br> Miscellaneous**

**Section 1. Record Date.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) In order
 that the corporation may determine the stockholders entitled to notice of any meeting of
 stockholders or any adjournment thereof, the board of directors may fix, in advance, a record
 date, which record date shall not precede the date upon which the resolution fixing the record
 date is adopted by the board of directors and which record date shall not be more than sixty
 (60) nor less than ten (10) days prior to the date of such meeting. If the board of
 directors so fixes a date, such date shall also be the record date for determining the stockholders
 entitled to vote at such meeting unless the board of directors determines, at the time it
 fixes such record date, that a later date on or before the date of the meeting shall be the
 date for making such determination. If no record date is fixed by the board of directors,
 the record date for determining stockholders entitled to notice of and to vote at a meeting
 of stockholders shall be at the close of business on the day next preceding the day on which
 notice is given, or, if notice is waived, at the close of business on the day next preceding
 the day on which the meeting is held. A determination of stockholders of record entitled
 to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the
 meeting; provided, however, that the board of directors may fix a new record date for determination
 of stockholders entitled to vote at the adjourned meeting, and in such case shall also fix
 as the record date for stockholders entitled to notice of such adjourned meeting the same
 or an earlier date as that fixed for determination of stockholders entitled to vote in accordance
 with the foregoing provisions at the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In order
 that the corporation may determine the stockholders entitled to receive payment of any dividend
 or other distribution or allotment of any rights or entitled to exercise any rights in respect
 of any change, conversion or exchange of stock, or for the purpose of any other lawful action,
 the board may fix, in advance, a record date, which shall not be more than sixty (60) days
 prior to any such corporate action. If not fixed by the board, the record date shall be at
 the close of business on the day on which the board of directors adopts resolution relating
 thereto.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Stockholders
 on a record date are entitled to notice, to vote or to receive the dividend, distribution
 or allotment of rights or to exercise the rights, as the case may be, notwithstanding any
 transfer of any shares on the books of the corporation after the record date, except as otherwise
 provided by agreement or by applicable law.

**Section 2. Stock Certificates.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares of
 the corporation may be certificated or uncertificated, as provided under the laws of the
 State of Delaware. Every holder of certificated shares in the corporation shall be entitled
 to have a certificate signed in the name of the corporation by the chairman of the board
 or the chief executive officer, or by the president or senior vice president, and by the
 treasurer or an assistant treasurer, or the secretary or an assistant secretary, certifying
 the number of shares and the class or series of shares owned by the stockholder. Any or all
 of the signatures on the certificate may be a facsimile. In case any officer, transfer agent
 or registrar who has signed or whose facsimile signature has been placed upon a certificate
 shall have ceased to be such officer, transfer agent or registrar before such certificate
 is issued, it may be issued by the corporation with the same effect as if such person were
 an officer, transfer agent or registrar at the date of issue.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The corporation
 may issue a new share certificate or a new certificate for any other security in the place
 of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed,
 and the corporation may require the owner of the lost, stolen or destroyed certificate or
 the owner's legal representative to give the corporation a bond (or other adequate security)
 sufficient to indemnify it against any claim that may be made against it (including any expense
 or liability) on account of the alleged loss, theft or destruction of any such certificate
 or the issuance of such new certificate.

**Section 3. Corporate Seal.**

The corporation shall have a corporate seal in such form as shall be prescribed and adopted by the board of directors.

**Section 4. Construction and Definitions.**

Unless the context requires otherwise, the general provisions, rules of construction, and definitions in the General Corporation Law of Delaware shall govern the construction of these bylaws.

**Section 5. Amendments.**

Subject to the provisions of the certificate of incorporation, these bylaws may be altered, amended or repealed at any regular meeting of the stockholders (or at any special meeting thereof duly called for that purpose) by a majority vote of the shares represented and entitled to vote at the meeting; provided that in the notice of such special meeting notice of such purpose shall be given. Subject to the laws of the State of Delaware, the certificate of incorporation and these bylaws, the board of directors may by majority vote of those present at any meeting at which a quorum is present amend these bylaws, or enact such other bylaws as in their judgment may be advisable for the regulation of the conduct of the affairs of the corporation.

**Section 6. Forum for Adjudication of Disputes.**

Unless the corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the corporation, (ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the corporation to the corporation or the corporation's stockholders, (iii) any action asserting a claim against the corporation or any director or officer or other employee of the corporation arising pursuant to any provision of the Delaware General Corporation Law or the corporation's certificate of incorporation or bylaws (as either may be amended from time to time) or (iv) any action asserting a claim against the corporation or any director or officer or other employee of the corporation governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the corporation shall be deemed to have notice of and consented to the provisions of this Section 6 of Article VI.

## Exhibit 3.2

**Exhibit 3.2**

**CATERPILLAR INC. <br> BYLAWS**

(as amended and restated as of June 8, 2022 <u>January 6, 2026</u>)

**Article I <br> Offices**

**Section 1. Registered Office.**

The registered office of the corporation in the State of Delaware shall be in the City of Wilmington, County of New Castle, State of Delaware.

**Section 2. Other Offices.**

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

**Article II <br> Stockholders**

**Section 1. Stockholder Meetings.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Place of Meetings. Meetings of stockholders shall be held at such places, within or without the State of Delaware, or solely by means
of remote communication in accordance with the General Law of the State of Delaware, as may from time to time be designated by the board
of directors and set forth in the notice thereof. The board of directors shall determine, in its sole discretion, the appropriate meeting
format.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annual Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The annual meeting of stockholders shall be held on the second Wednesday in June in each year at a time designated by the board
of directors, or at such a time and date as may be designated by the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At an annual meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting.
To be properly brought before an annual meeting, business must be (a) specified in the notice of meeting (or any supplement thereto)
given by or at the direction of the board of directors, (b) otherwise properly brought before the meeting by or at the direction
of the board of directors, or (c) otherwise properly brought before the meeting by a stockholder. For business to be properly brought
before an annual meeting by a stockholder (other than the nomination of a person for election as a director, which is governed by Article III,
Section 1(d)(ii) of these bylaws), the stockholder must have given timely notice thereof in writing to the secretary of the
corporation. To be timely, a stockholder's notice must be delivered to or mailed and received at the principal executive offices of the
corporation, not less than 60 days nor more than 120 days prior to the first anniversary of the preceding year's annual meeting;
provided, however, that in the event that the date of the annual meeting is more than 30 days before or 30 days after such anniversary
date, notice by the stockholder to be timely must be so received not earlier than 120 days prior to such annual meeting and not later
than the close of business on the fifteenth (15th) day following the date on which public announcement of the date of the annual meeting
was first made by the corporation. In no event shall the public announcement of an adjournment or postponement of an annual meeting commence
a new time period (or extend any time period) for the giving of a stockholder's notice as described above. A stockholder's notice
to the secretary shall set forth as to each matter the stockholder proposes to bring before the annual meeting (a) a brief description
of the business desired to be brought before the annual meeting and (b) as to the stockholder proposing such business and any beneficial
owner on whose behalf the proposal is made (1) the name and address, as they appear on the corporation's books, of the stockholder
and such beneficial owner, (2) a representation that the stockholder is a holder of record of stock of the corporation entitled to
vote at the annual meeting and intends to appear in person or by proxy at the meeting to introduce the matter specified in the notice,
(3) the class and number of shares of the corporation which are beneficially owned by such stockholder and beneficial owner, (4) any
material interest of such stockholder and beneficial owner in such business, (5) a description of any agreement, arrangement or

understanding with respect to such business between or among such stockholder and beneficial owner and any other person or persons (naming such person or persons), (6) a description of any agreement, arrangement or understanding (including any derivative or short positions, profit interests, stock appreciation or similar rights, options, hedging transactions, and borrowed or loaned shares, regardless of whether settled in shares or cash) that has been entered into as of the date of the stockholder's notice by, or on behalf of, such stockholder and beneficial owner, the effect or intent of which is to mitigate loss, manage risk or benefit from changes in the share price of any class of the corporation's capital stock, or increase or decrease the voting power of such stockholder and beneficial owner with respect to shares of stock of the corporation and (7) a representation that such stockholder and beneficial owner will promptly notify the corporation in writing of any changes in the information required by this Section 1(b)(ii). Notwithstanding anything in the bylaws to the contrary, no business (other than matters properly brought under Rule 14a-8 under the Securities Exchange Act of 1934 and included in the corporation's notice of meeting) shall be conducted at an annual meeting except in accordance with the procedures set forth in this Section 1(b)(ii), or, with respect to the election of directors, the provisions of Article III, Section 1(d) of these bylaws. The presiding officer of an annual meeting shall, if the facts warrant, determine and declare to the meeting that business was not properly brought before the meeting and in accordance with the provisions of this Section 1, and if he should so determine, he shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Special Meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Special meetings of the stockholders of this corporation for any purpose or purposes may be called at any time by the chairman of
the board, by the chief executive officer, by the secretary, or by the board of directors pursuant to a resolution approved by a majority
of the entire board of directors, but such special meetings may not be called by any other person or persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A special meeting of stockholders shall be called by the board of directors upon written request to the secretary of one or more record
holders of shares of stock of the corporation representing in the aggregate not less than twenty-five percent (25%) of the total number
of shares of stock entitled to vote on the matter or matters to be brought before the proposed special meeting. A request to the secretary
shall be signed by each stockholder, or a duly authorized agent of such stockholder, requesting the special meeting and shall set forth,
for each stockholder requesting the meeting, the information required to be in a stockholder's notice pursuant to Article II,
Section 1(b)(ii) (as if such notice were submitted in connection with an annual meeting) or Article III, Section 1(d)(ii) of
these bylaws, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A special meeting requested by stockholders shall be held at such date, time and place as may be fixed by the board of directors;
provided, however, that the date of any such special meeting shall be not more than ninety (90) days after a proper request to
call the special meeting is received by the secretary. Notwithstanding the foregoing, a special meeting requested by stockholders shall
not be held if (1) the business proposed to be brought before the special meeting by stockholders is not a proper subject for stockholder
action under applicable law or (2) the board of directors has called or calls for an annual meeting of stockholders to be held within
ninety (90) days after the secretary receives
the request for the special meeting and the board of directors determines in good faith that the business of such annual meeting includes
(among any other matters properly brought before the annual meeting) the business specified in the request. A stockholder may revoke a
request for a special meeting at any time by written revocation delivered to the secretary, and if, following such revocation, there are
un-revoked requests from stockholders holding in the aggregate less than the requisite number of shares entitling the stockholders to
request the calling of a special meeting, the board of directors, in its discretion, may cancel the special meeting.

(iv) Business transacted at all special meetings shall be limited to the matters stated in the corporation's notice of special meeting. Business transacted at a special meeting requested by stockholders shall be limited to the matters described in the request for the special meeting; provided, however, that nothing herein shall prohibit the board of directors from submitting additional matters to stockholders at any such special meeting. In the event that a special meeting is called at the request of stockholders for the purpose of electing one or more persons to the board of directors, a stockholder entitled to vote in such election of directors may nominate a person or persons (as the case may be) for election to such position(s) as specified in the corporation's notice of meeting, if the stockholder's notice is submitted within the time and in the manner required by Article III, Section 1(d)(ii) of these bylaws. Notwithstanding anything in the bylaws to the contrary, no

business (other than matters properly brought under Rule 14a-8 under the Securities Exchange Act of 1934 and included in the corporation's notice of meeting) shall be conducted at a special meeting except in accordance with the procedures set forth in this Section 1(c). The presiding officer of a special meeting shall, if the facts warrant, determine and declare to the meeting that business was not properly brought before the meeting and in accordance with the provisions of this Section 1(c), and if the presiding officer should so determine, the presiding officer shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Notice of Meetings. Notice of every meeting of the stockholders shall be given in any manner permitted by law, and such notice shall
include the record date for determining the stockholders entitled to vote at the meeting, if such date is different from the record date
for determining stockholders entitled to notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Quorum. Except as otherwise required by law, the certificate of incorporation and these bylaws, the holders of not less than one-third
of the shares entitled to vote at any meeting of the stockholders, present in person or by proxy, shall constitute a quorum at all meetings
of the stockholders. If a quorum shall fail to attend any meeting, the chairman of the meeting may adjourn the meeting to another place,
date or time. If a notice of any adjourned special meeting of stockholders is sent to all stockholders entitled to vote thereat, stating
that it will be held with those present constituting a quorum, then, except as otherwise required by law, those present at such adjourned
meeting shall constitute a quorum.

**Section 2. Determination of Stockholders Entitled to Vote.**

To determine the stockholders entitled to notice of any meeting or to vote, the board of directors may fix in advance a record date for each as provided in Article VI, Section 1 hereof.

**Section 3. Voting.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of applicable law, and except as otherwise provided in the certificate of incorporation, each stockholder
present in person or by proxy shall be entitled to one vote for each full share of stock registered in the name of such stockholder at
the time fixed by the board of directors or by law as the record date of the determination of stockholders entitled to vote at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Every stockholder entitled to vote may do so in person or by one or more agents authorized by proxy. Such authorization may be in
writing or by transmission of an electronic communication, as permitted by law and in accordance with procedures established for the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Voting may be by voice or by ballot as the chairman of the meeting shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise provided in the corporation's certificate of incorporation or as required by law, in all matters other than
the election of directors, the affirmative vote of the majority of shares present in person or by proxy at the meeting and entitled to
vote on the subject matter shall be the act of the stockholders. At any meeting for the election of directors, each director must receive
a greater number of shares voted "for" such director than shares voted "against" such director. If an incumbent
director does not receive a greater number of shares voted "for" such director than shares voted "against" such
director, then such director shall tender his or her resignation to the board of directors. Notwithstanding the foregoing, at any meeting
for the election of directors, if the number of nominees exceeds the number of directors to be elected, the directors shall be elected
by the vote of a plurality of the votes cast at any such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(e) In advance of any meeting of stockholders the board of directors may appoint one or more persons (who shall not be candidates for
office) as inspectors of election to act at the meeting. If inspectors are not so appointed, or if an appointed inspector fails to appear
or fails or refuses to act at a meeting, the chairman of any meeting of stockholders may, and on the request of any stockholder or his
proxy shall, appoint inspectors of election at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Any action required or permitted to be taken by the stockholders of the corporation must be effected at a duly called annual or
special meeting of such holders and may not be effected by any consent in writing by such holders.

**Section 4. Proxy Access.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the board of directors solicits proxies with respect to the election of directors at an annual
meeting of stockholders, subject to the provisions of this Section 4, the corporation shall include in its proxy statement for such
annual meeting, in addition to any persons nominated for election by the board of directors or any committee thereof, the name, together
with the Required Information (defined below), of any person nominated for election (the " <u>Stockholder Nominee</u> ") to
the board of directors by a stockholder or group of no more than 20 stockholders (counting as one stockholder, for this purpose, any two
or more funds that are (A) under common management and investment control, (B) under common management and funded primarily
by the same employer, or (C) a "group of investment companies," as such term is defined in Section 12(d)(1)(G)(ii) of
the Investment Company Act of 1940, as amended, that satisfy the requirements of this Section 4 (such stockholder or stockholder
group, including each member thereof to the extent the context requires, the " <u>Eligible Stockholder</u> "), and who expressly
elects at the time of providing the notice required by this Section 4 (the " <u>Notice of Proxy Access Nomination</u> ")
to have its nominee included in the corporation's proxy materials pursuant to this Section 4. If the Eligible Stockholder consists
of a group of stockholders, any and all requirements and obligations for an individual Eligible Stockholder that are set forth in these
bylaws, including the Minimum Holding Period, shall apply to each member of such group; provided, however, that the Required Ownership
Percentage shall apply to the ownership of the group in the aggregate. For purposes of this Section 4, the " <u>Required Information</u> "
that the corporation will include in its proxy statement is the information provided to the secretary of the corporation concerning the
Stockholder Nominee and the Eligible Stockholder that is required to be disclosed in the corporation's proxy statement by the rules under
the Securities Exchange Act of 1934, and if the Eligible Stockholder so elects, a written statement, not to exceed 500 words, in support
of the Stockholder Nominee(s)' candidacy (the " <u>Statement</u> "). Notwithstanding anything to the contrary contained
in this Section 4, the corporation may omit from its proxy materials any information or Statement (or portion thereof) that it, in
good faith, believes is untrue in any material respect (or omits to state a material fact necessary in order to make the statements made,
in light of the circumstances under which they are made, not misleading) or would violate any applicable law or regulation, and the corporation
may solicit against, and include in the proxy statement its own statement relating to, any Stockholder Nominee.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To be timely, the Notice of Proxy Access Nomination must be delivered to, or mailed to and received by,
the secretary of the corporation no earlier than one hundred fifty (150) days and no later than one hundred twenty (120) days before the
anniversary of the date that the corporation mailed its proxy statement for the previous year's annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The maximum number of Stockholder Nominees nominated by all Eligible Stockholders that will be included
in the corporation's proxy materials with respect to an annual meeting of stockholders shall not exceed the greater of (i) two
and (ii) 20% of the total number of directors in office (rounded down to the nearest whole number) as of the last day on which a
Notice of Proxy Access Nomination may be delivered pursuant to and in accordance with this Section 4 (the " <u>Final Proxy Access Nomination Date</u> "). If the board of directors resolves to reduce the size of the board of directors after the Final Proxy Access
Nomination Date but before the date of the annual meeting, the maximum number of Stockholder Nominees included in the corporation's
proxy materials shall be calculated based on the number of directors in office as so reduced. Any individual nominated by an Eligible
Stockholder for inclusion in the corporation's proxy materials pursuant to this Section 4 whom the board of directors decides
to nominate as a nominee of the board of directors, and any individual nominated by an Eligible Stockholder for inclusion in the corporation's
proxy materials pursuant to this Section 4 but whose nomination is subsequently withdrawn, shall be counted as one of the Stockholder
Nominees for purposes of determining when the maximum number of Stockholder Nominees provided for in this Section 4 has been reached.
Any Eligible Stockholder submitting more than one Stockholder Nominee for inclusion in the corporation's proxy materials pursuant
to this Section 4 shall rank such Stockholder Nominees based on the order that the Eligible Stockholder desires such Stockholder
Nominees to be selected for inclusion in the corporation's
proxy statement if the total number of Stockholder Nominees submitted by Eligible Stockholders pursuant to this Section 4 exceeds
the maximum number of nominees provided for in this Section 4. If the number of Stockholder Nominees submitted by Eligible Stockholders
pursuant to this Section 4 exceeds the maximum number of nominees provided for in this Section 4, the highest ranking Stockholder
Nominee who meets the requirements of this Section 4 from each Eligible Stockholder will be selected for inclusion in the corporation's
proxy materials until the maximum number is reached, going in order of the amount (largest to smallest) of shares of the corporation's
outstanding common stock each Eligible Stockholder disclosed as owned in its respective Notice of Proxy Access Nomination submitted to
the corporation. If the maximum number is not reached

after the highest ranking Stockholder Nominee who meets the requirements of this Section 4 from each Eligible Stockholder has been selected, this process will continue as many times as necessary, following the same order each time, until the maximum number is reached.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of this Section 4, an Eligible Stockholder shall be deemed to "own" only those
outstanding shares of common stock of the corporation as to which the stockholder possesses both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the full voting and investment rights pertaining to the shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
full economic interest in (including the opportunity for profit from and risk of loss on) such shares;

provided that the number of shares calculated in accordance with clauses (i) and (ii) shall not include any shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) sold by such stockholder or any of its affiliates in any transaction that has not been settled or closed,
including any short sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) borrowed by such stockholder or any of its affiliates for any purposes or purchased by such stockholder
or any of its affiliates pursuant to an agreement to resell; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) subject to any option, warrant, forward contract, swap, contract of sale, other derivative or similar agreement
entered into by such stockholder or any of its affiliates, whether any such instrument or agreement is to be settled with shares or with
cash based on the notional amount or value of shares of outstanding common stock of the corporation, in any such case which instrument
or agreement has, or is intended to have, or if exercised by either party would have, the purpose or effect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) reducing in any manner, to any extent or at any time in the future, such stockholder's or its affiliates'
full right to vote or direct the voting of any such shares; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) hedging, offsetting or altering to any degree any gain or loss realized or realizable from maintaining the
full economic ownership of such shares by such stockholder or its affiliates.

A stockholder shall "own" shares held in the name of a nominee or other intermediary so long as the stockholder retains the right to instruct how the shares are voted with respect to the election of directors and possesses the full economic interest in the shares. A stockholder's ownership of shares shall be deemed to continue during any period in which the stockholder has (i) delegated any voting power by means of a proxy, power of attorney or other instrument or arrangement which is revocable at any time by the stockholder or (ii) loaned such shares provided that the stockholder has the power to recall such loaned shares on five business days' notice. The terms "owned," "owning" and other variations of the word "own" shall have correlative meanings. Whether outstanding shares of the common stock of the corporation are "owned" for these purposes shall be determined by the board of directors or any committee thereof, in each case, in its sole discretion. For purposes of this Section 4, the term "affiliate" or "affiliates" shall have the meaning ascribed thereto by the rules under the Securities Exchange Act of 1934. An Eligible Stockholder shall include in its Notice of Proxy Access Nomination the number of shares it is deemed to own for the purposes of this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In order to make a nomination pursuant to this Section 4, an Eligible Stockholder must have owned (as
defined above) the Required Ownership Percentage (as defined below) of the corporation's outstanding common stock (the " <u>Required Shares</u> ") continuously for the Minimum Holding Period (as defined below) as of both the date the Notice of Proxy Access Nomination
is delivered to, or mailed to and received by, the secretary of the corporation in accordance with this Section 4 and the record
date for determining the stockholders entitled to vote at the annual meeting and must continue to own the Required Shares through the
meeting date. For purposes of this Section 4, the " <u>Required Ownership Percentage</u> " is 3% or more, and the " <u>Minimum Holding Period</u> " is 3 years or more. Within
the time period specified in this Section 4 for delivering the Notice of Proxy Access Nomination, an Eligible Stockholder must provide
the following information in writing to the secretary of the corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one or more written statements from the record holder of the shares (and from each intermediary through
which the shares are or have been held during the Minimum Holding Period) verifying that, as of a date within seven calendar days prior
to the date the Notice of Proxy Access Nomination is delivered to, or mailed to and received by, the secretary of the corporation, the
Eligible Stockholder owns, and has owned continuously for the Minimum Holding Period, the Required Shares, and the Eligible Stockholder's

agreement to provide, within five (5) business days after the record date for the annual meeting, written statements from the record holder and intermediaries verifying the Eligible Stockholder's continuous ownership of the Required Shares through the record date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the Schedule 14N that has been filed with the Securities and Exchange Commission as required by
Rule 14a-18 under the Securities Exchange Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the information, representations and agreements that are the same as those that would be required to be
set forth in a stockholder's notice of nomination pursuant to Article III, Section 1(d) of these bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the consent of each Stockholder Nominee to being named in the proxy statement as a nominee and to serving
as a director if elected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a representation that the Eligible Stockholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) acquired the Required Shares in the ordinary course of business and not with the intent to change or influence
control at the corporation, and does not presently have such intent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) presently intends to maintain qualifying ownership of the Required Shares through the date of the annual
meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) has not nominated and will not nominate for election any individual as a director at the annual meeting,
other than its Stockholder Nominee(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) has not engaged and will not engage in, and has not and will not be a "participant" in another
person's, "solicitation" within the meaning of Rule 14a-1(l) under the Securities Exchange Act of 1934 in
support of the election of any individual as a director at the annual meeting other than its Stockholder Nominee(s) or a nominee
of the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) agrees to comply with all applicable laws and regulations with respect to any solicitation in connection
with the meeting or applicable to the filing and use, if any, of soliciting material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) will provide facts, statements and other information in all communications with the corporation and its
stockholders that are or will be true and correct in all material respects and do not and will not omit to state a material fact necessary
in order to make the statements made, in light of the circumstances under which they were made, not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an undertaking that the Eligible Stockholder agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) assume all liability stemming from any legal or regulatory violation arising out of the Eligible Stockholder's
communications with the stockholders of the corporation or out of the information that the Eligible Stockholder provided to the corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) indemnify and hold harmless the corporation and each of its directors, officers and employees individually
against any liability, loss or damages in connection with any threatened or pending action, suit or proceeding, whether legal, administrative
or investigative, against the corporation or any of its directors, officers or employees arising out of any nomination submitted by the
Eligible Stockholder pursuant to this Section 4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the case of a nomination by a group of stockholders that together is an Eligible Stockholder, the designation
by all group members of one group member that is authorized to act on behalf of all such members with respect to the nomination and matters
related thereto, including withdrawal of the nomination.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Within the time period specified in this Section 4 for delivering the Notice of Proxy Access Nomination, a Stockholder
Nominee must deliver to the secretary of the corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the information required with respect to persons whom a stockholder proposes to nominate for election or
re-election as a director pursuant to Article III, Section 1(d) of theses bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a written representation and agreement that such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) will act as a representative of all of the stockholders of the corporation while serving as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is not and will not become a party to (I) any agreement, arrangement or understanding with, and has
not given any commitment or assurance to, any person or entity as to how such Stockholder Nominee, if elected as a director of the corporation,
will act or vote on any issue or question that has not been disclosed to the corporation (a "Voting Commitment") or (II) any
Voting Commitment that could limit or interfere with such Stockholder Nominee's ability to comply, if elected as a director of the
corporation, with such Stockholder Nominee's fiduciary duties under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) is not or will not become a party to any agreement, arrangement or understanding with any person or entity
other than the corporation with respect to direct or indirect compensation, reimbursement or indemnification in connection with service
or action as a director that has not been disclosed to the corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) will comply with the corporation's Code of Conduct, Guidelines on Corporate Governance Issues, and
other policies and procedures, including corporate governance, conflict of interest, confidentiality and stock ownership and trading policies
and guidelines, and any other policies and guidelines applicable to directors, as well as the applicable provisions of these bylaws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) will provide facts, statements and other information in all communications with the corporation and its
stockholders that are or will be true and correct in all material respects (and shall not omit to state a material fact necessary in order
to make the statements made, in light of the circumstances under which they were made, not misleading).

The Stockholder Nominee(s) must submit all completed and signed questionnaires required of directors of the corporation. The corporation may request such additional information as necessary to permit the board of directors to determine if each Stockholder Nominee is independent under the listing standards of the principal U.S. exchange upon which the common stock of the corporation is listed, any applicable rules of the SEC and any publicly disclosed standards used by the board of directors in determining and disclosing the independence of the corporation's directors.

&nbsp;&nbsp;&nbsp;&nbsp;(g) If any information or communications provided by the Eligible Stockholder or the Stockholder Nominee to
the corporation or its stockholders ceases to be true and correct in all material respects or omits a material fact necessary to make
the statements made, in light of the circumstances under which they were made, not misleading, each Eligible Stockholder or Stockholder
Nominee, as the case may be, shall promptly notify the secretary of the corporation of any defect in such previously provided information
and of the information that is required to correct any such defect.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The corporation shall not be required to include, pursuant to this Section 4, a Stockholder Nominee
in its proxy materials for any meeting of stockholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for which the secretary of the corporation receives a notice that a stockholder has nominated a Stockholder
Nominee for election to the board of directors pursuant to the advance notice requirements for stockholder nominees for director set forth
in Article III, Section 1(d)(ii) of these bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Eligible Stockholder who has nominated such Stockholder Nominee has engaged in or is currently engaged in, or has been or is
a "participant" in another person's "solicitation" within the meaning of Rule 14a-1(l) under the
Securities Exchange Act of 1934 in support of the election of any individual as a director at the annual meeting other than its Stockholder
Nominee(s) or a nominee of the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Stockholder Nominee is or becomes a party to any compensatory, payment, reimbursement, indemnification or other financial agreement,
arrangement or understanding with any person or entity
other than the corporation or a wholly owned subsidiary of the corporation, or has received or will receive any such compensation, reimbursement,
indemnification or other payment from any person or entity other than the corporation or a wholly owned subsidiary of the corporation,
in each case in connection with candidacy or service as a director of the corporation (other than agreements providing only for indemnification
and/or reimbursement of out-of-pocket expenses in connection with candidacy as a director) unless the amount(s) of compensation,
source(s) of compensation, payment criteria, form and timing of compensation, and all

other material terms and conditions with respect to such compensatory, payment, reimbursement, indemnification or other financial agreements, arrangements or understandings are accurately disclosed by such person to the corporation's stockholders in timely filed and distributed proxy solicitation disclosures in connection with the applicable stockholders meeting that includes a vote on the election of such Stockholder Nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) who is not independent under the listing standards of any principal U.S. exchange upon which the common stock of the corporation is
listed, any applicable rules of the SEC and any publicly disclosed standards used by the board of directors in determining and disclosing
independence of the corporation's directors, in each case as determined by the board of directors in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) whose election as a member of the board of directors would cause the corporation to be in violation of these bylaws, the Certificate
of Incorporation, the rules and listing standards of any principal U.S. exchange upon which the common stock of the corporation is
listed, or any applicable state or federal law, rule or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) who is or has been, within the past three (3) years, an officer or director of a competitor, as defined in Section 8 of
the Clayton Antitrust Act of 1914;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) who is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses) or has been convicted
in such a criminal proceeding within the past ten (10) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) who is subject to any order of the type specified in Rule 506(d) of Regulation D promulgated under the Securities Act of
1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if such Stockholder Nominee or the applicable Eligible Stockholder shall have provided information to the corporation in respect to
such nomination that was untrue in any material respect or omitted to state a material fact necessary in order to make the statement made,
in light of the circumstances under which they were made, not misleading, as determined by the board of directors or any committee thereof,
in each case, in its sole discretion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Eligible Stockholder or applicable Stockholder Nominee fails to comply with its obligations pursuant to these bylaws, including,
but not limited to, this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary set forth herein, the board of directors or the chairman of the meeting of stockholders may
declare a nomination by an Eligible Stockholder to be invalid, and such nomination shall be disregarded notwithstanding that proxies in
respect of such vote may have been received by the corporation, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Stockholder Nominee(s) and/or the applicable Eligible Stockholder shall have breached its or their obligations under this
Section 4, as determined by the board of directors or the chairman of the meeting of stockholders, in each case, in its or his sole
discretion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Eligible Stockholder (or a qualified representative thereof) does not appear at the meeting of stockholders to present any nomination
pursuant to this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Any Stockholder Nominee who is included in the corporation's proxy materials for a particular annual
meeting of stockholders but either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) withdraws from or becomes ineligible or unavailable for election at the annual meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) does
not receive at least 25% of the votes cast in favor of such Stockholder Nominee's election

will be ineligible to be a Stockholder Nominee pursuant to this Section 4 for the next two annual meetings.

For the avoidance of doubt, this Section 4(j) shall not prevent any stockholder from nominating any person to the board of directors pursuant to and in accordance with Article III, Section 1(d) of these bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The board of directors shall have the exclusive power and authority to interpret the provisions of Sections
1(b) and 4 of Article II and Section 1(d) of Article III of these bylaws and make all determinations deemed necessary
or advisable in connection with Sections 1(b) and 4 of Article II and Section 1(d) of Article III. All such actions,
interpretations and determinations that are done or made by the board of directors shall be final, conclusive and binding on the corporation,
the stockholders and all other parties.

&nbsp;&nbsp;&nbsp;&nbsp;(l) No stockholder shall be permitted to join more than one group of stockholders to become an Eligible Stockholder
for purposes of nominations pursuant to this Section 4 per each annual meeting of stockholders.

**Article III <br> Board of Directors**

**Section 1. Election of Directors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Number. The authorized number of directors of the corporation shall be fixed from time to time by the board of directors but shall
not be less than three (3). The exact number of directors shall be determined from time to time either by a resolution or bylaw duly adopted
by the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Election and Terms of Directors. Each director shall serve for a term of office to expire at the next annual meeting of stockholders,
with each director to serve until his successor is duly elected and qualified or until his death, resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Newly Created Directorships and Vacancies. No decrease in the number of directors constituting the board of directors shall shorten
the term of any incumbent director. Newly created directorships resulting from any increase in the number of directors and any vacancies
on the board of directors resulting from death, resignation, disqualification, removal or other cause shall be filled by the affirmative
vote of a majority of the remaining directors then in office (and not by stockholders), even though less than a quorum of the board of
directors. Any director elected in accordance with the preceding sentence shall hold office until the next annual meeting of stockholders
and until such director's successor shall have been elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Nomination of Directors. Candidates for director shall be nominated either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the board of directors or a committee appointed by the board of directors or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by nomination at any such stockholders' meeting by or on behalf of any stockholder entitled to vote at such meeting provided that
written notice of such stockholder's intent to make such nomination or nominations has been given, either by personal delivery or by United
States mail, postage prepaid, to the secretary of the corporation (1) with respect to an election to be held at an annual meeting
of stockholders, not less than 60 days nor more than 120 days prior to the first anniversary of the preceding year's annual meeting;
provided, however, that in the event that the date of the annual meeting is more than 30 days before or 30 days after such anniversary
date, notice by the stockholder to be timely must be so given not earlier than 120 days prior to such annual meeting and not later than
the fifteenth (15th) day following the date on which public announcement of the date of such meeting is first made by the corporation
and (2) with respect to an election to be held at a special meeting of stockholders for the election of directors, not later than
the close of business on the tenth (10th) day following the date on which public announcement of the date of such meeting is first made
by the corporation. In no event shall the public announcement of an adjournment or postponement of a meeting commence a new time period
(or extend any time period) for the giving of a stockholder's notice as described above. Each such notice shall set forth as to
the stockholder giving the notice and any beneficial owner on whose behalf the nomination is made: (a) the name and address of such
stockholder and beneficial holder and of the person or persons to be nominated; (b) a representation that the stockholder is a holder
of record of stock of the corporation entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to nominate
the person or persons specified in the notice; (c) the class and number of shares of the corporation which are beneficially owned
by such stockholder and beneficial owner, (d) a description of all arrangements or understandings between or among such stockholder
and beneficial owner and each nominee and any other person or persons (naming such person or persons) pursuant to which the nomination
or nominations are to be made by the stockholder;
(e) a description of any agreement, arrangement or understanding (including any derivative or short positions, profit interests,
stock appreciation or similar rights, options, hedging transactions, and borrowed or loaned shares, regardless of whether settled in shares
or cash) that has been entered into as of the date of the stockholder's notice by, or on behalf of, such stockholder and beneficial
owner, the effect or intent of which is to mitigate loss, manage risk or benefit from changes in the share price of any class of the corporation's
capital stock, or increase or decrease the voting power of such stockholder and beneficial owner with respect to shares of stock of the
corporation; (f) a representation that such stockholder and beneficial owner will promptly notify the corporation in writing of any
changes in the information required by this Section 1(d)(ii); (g) such other

information regarding each nominee proposed by such stockholder as would be required to be included in a proxy statement filed pursuant to the proxy rules of the Securities and Exchange Commission, had the nominee been nominated, or intended to be nominated, by the board of directors; and (h) the consent of each nominee to serve as a director of the corporation if so elected. The presiding officer of the meeting may refuse to acknowledge the nomination of any person not made in compliance with the foregoing procedure.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Removal. Any director may be removed from office without cause but only by the affirmative vote of the holders of not less than a
majority of the outstanding stock of the corporation entitled to vote generally in the election of directors, voting together as a single
class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Preferred Stock Provisions. Notwithstanding the foregoing, whenever the holders of any one or more classes or series of stock issued
by this corporation having a preference over the common stock as to dividends or upon liquidation, shall have the right, voting separately
by class or series, to elect directors at an annual or special meeting of stockholders, the election, term of office, filling of vacancies,
nominations, terms of removal and other features of such directorships shall be governed by the terms of Article FOURTH of the certificate
of incorporation and the resolution or resolutions establishing such class or series adopted pursuant thereto.

**Section 2. Meetings of the Board of Directors.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Chairman and Presiding
 Director <u>Lead Independent Director</u>. The board of directors shall annually select a chairman of the
 board to preside over meetings of the board. If the chairman of the board is not an independent
 director, the independent directors shall appoint from their number a presiding
 director <u>Lead Independent Director</u>, with such duties as prescribed by the board.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Regular Meetings. Regular meetings of the board of directors shall be held without call at 7:30 a.m. on the second Wednesday
in February, April, June, August, October and December (unless otherwise set forth in a meeting notice). Notice of all such
regular meetings is permitted but not required.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Special Meetings. Special meetings of the board of directors may be called by the chairman of the board, the presiding
 director <u>Lead Independent Director</u>,
the chief executive officer or a majority of the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Notice of Meetings. Notices setting the time and place of meetings shall be given by the secretary or an assistant secretary, or by
any other officer authorized by the board. Such notices shall be given to each director personally or by mail, messenger, telephone or
electronic transmission. Notice by mail shall be deposited in the United States mail, postage prepaid, not later than the third (3rd)
day prior to the date fixed for the meeting. Notice by telephone or electronic transmission shall be sent, and notice given personally
or by messenger shall be delivered, at least twenty- four (24) hours prior to the time set for the meeting. Notice of a special meeting
need not contain a statement of the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Adjourned Meetings. A majority of directors present at any regular or special meeting of the board of directors, whether or not constituting
a quorum, may adjourn from time to time until the time fixed for the next regular meeting. Notice of the time and place of holding an
adjourned meeting shall not be required if the time and place are fixed at the meeting adjourned.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Place of Meetings. Unless (i) a resolution of the board of directors, or (ii) the written consent of all directors given
either before or after the meeting and filed with the secretary or (iii) the meeting notice, designates a different place within
or without the State of Delaware, meetings of the board of directors, both regular and special, shall be held at the corporation's principal
executive offices as listed in the corporation's filings with the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Participation by Telephone or Other Means. Members of the board may participate in a meeting through use of conference telephone or
other communications equipment, so long as all members participating in such meeting can hear one another, and such participation shall
constitute presence in person at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Quorum. At all meetings of the board one-third of the total number of directors shall constitute a quorum for the transaction of business
and the act of a majority of the directors present at any meeting at which there is a quorum shall be the act of the board of directors,
except as may be otherwise specifically provided by statute or by the certificate of incorporation. A meeting at which a quorum is initially
present may continue to transact business notwithstanding the withdrawal of directors, if any action is approved by at least a majority
of the required quorum for such meeting. Less than a quorum may adjourn any meeting of the board from time to time without notice.

**Section 3. Action Without a Meeting.**

Any action required or permitted to be taken by the board of directors may be taken without a meeting if all members of the board consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of the proceedings of the board.

**Section 4. Compensation of Directors.**

The directors may be paid such compensation for their services as the board shall from time to time determine. Directors who receive salaries as officers or employees of the corporation shall not receive additional compensation for their services as directors.

**Section 5. Committees of the Board.**

There shall be such committees of the board of directors each consisting of two or more directors with such authority, subject to applicable law, as a majority of the board shall by resolution determine. Committees of the board shall meet subject to the call of the chairman of each committee and shall prepare and file with the secretary minutes of their meetings. Unless a committee shall by resolution establish a different procedure, notice of the time and place of committee meetings shall be given by the chairman of the committee, or at his request by the chairman of the board or by the secretary or an assistant secretary. Such notice shall be given to each committee member personally or by mail, messenger, telephone or electronic transmission at the times provided in subsection (c) of Section 2 of this Article for notice of special meetings of the board of directors. One- third of a committee but not less than two members shall constitute a quorum for the transaction of business. Except as a committee by resolution may determine otherwise, the provisions of Section 3 and of subsections (d), (e), (f), and (g) of Section 2 of this Article shall apply, mutatis mutandis, to meetings of board committees.

**Article IV <br> Officers**

**Section 1. Officers.**

The officers of the corporation may include a chairman of the board, a chief executive officer, one or more group presidents, one or more senior vice presidents, a chief financial officer, a secretary and a treasurer, together with such other officers as the board of directors shall determine. Any two or more offices may be held by the same person.

**Section 2. Election and Tenure of Officers.**

Officers shall be elected by the board of directors, shall hold office at the pleasure of the board, and shall be subject to removal at any time by the board. Vacancies in office may be filled by the board.

**Section 3. Powers and Duties of Officers.**

Each officer shall have such powers and duties as may be prescribed by the board of directors or by an officer authorized to do so by the board.

**Section 4. Compensation of Officers.**

The compensation of officers shall be determined by the board of directors; provided that the board may delegate authority to determine the compensation of any officer, other than an executive officer, with power to redelegate.

**Article V<br> Indemnification**

The corporation shall indemnify to the full extent permitted by, and in the manner permissible under, the laws of the State of Delaware any person made, or threatened to be made, a party to an action or proceeding, whether criminal, civil, administrative or investigative (hereinafter a "proceeding"), by reason of the fact that he, his testator or intestate is or was a director or officer of the corporation or any predecessor of the corporation, or served any other enterprise as a director or officer at the request of the corporation or any predecessor of the corporation. The corporation shall pay or reimburse the actual and reasonable expenses (including attorneys fees) of such person incurred in defending any threatened or pending proceeding in advance of its final disposition if the corporation has received an undertaking by the person receiving such payment or reimbursement to repay all amounts advanced if it should be ultimately determined that he or she is not entitled to be indemnified under this Article V or otherwise.

The foregoing provisions of this Article V shall be deemed to be a contract between the corporation and each director and officer who serves in such capacity at any time while this bylaw is in effect, and any repeal or modification thereof shall not affect any rights or obligations then existing with respect to any state of facts then or theretofore existing or any action, suit or proceeding theretofore or thereafter brought based in whole or in part upon any such state of facts.

The foregoing rights of indemnification and advancement of expenses shall not be deemed exclusive of any other rights to which any director or officer may be entitled apart from the provisions of this Article.

The board of directors in its discretion shall have power on behalf of the corporation to indemnify and advance expenses to any person, other than a director or officer, made a party to any action, suit or proceeding by reason of the fact that he, his testator or intestate, is or was an employee of the corporation.

**Article VI<br> Miscellaneous**

**Section 1. Record Date.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) In order that the corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment
thereof, the board of directors may fix, in advance, a record date, which record date shall not precede the date upon which the resolution
fixing the record date is adopted by the board of directors and which record date shall not be more than sixty (60) nor less than ten
(10) days prior to the date of such meeting. If the board of directors so fixes a date, such date shall also be the record date for
determining the stockholders entitled to vote at such meeting unless the board of directors determines, at the time it fixes such record
date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed
by the board of directors, the record date for determining stockholders entitled to notice of and to vote at a meeting of stockholders
shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of
business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice
of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the board of directors
may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall also fix
as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination
of stockholders entitled to vote in accordance with the foregoing provisions at the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or
allotment of any rights or entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the board may fix, in advance, a record
date, which shall not be more than sixty (60) days prior to any such corporate action. If not fixed by the board, the record date shall
be at the close of business on the day on which the board of directors adopts resolution relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Stockholders on a record date are entitled to notice, to vote or to receive the dividend, distribution or allotment of rights or to
exercise the rights, as the case may be, notwithstanding any transfer of any shares on the books of the corporation after the record date,
except as otherwise provided by agreement or by applicable law.

**Section 2. Stock Certificates.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares of the corporation may be certificated or uncertificated, as provided under the laws of the State of Delaware. Every holder
of certificated shares in the corporation shall be entitled to have a certificate signed in the name of the corporation by the chairman
of the board or the chief executive officer, or by the president or senior vice president, and by the treasurer or an assistant treasurer,
or the secretary or an assistant secretary, certifying the number of shares and the class or series of shares owned by the stockholder.
Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or
whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before
such certificate is issued, it may be issued by the corporation with the same effect as if such person were an officer, transfer agent
or registrar at the date of issue.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The corporation may issue a new share certificate or a new certificate for any other security in the place of any certificate theretofore
issued by it, alleged to have been lost, stolen or destroyed, and the corporation may require the owner of the lost, stolen or destroyed
certificate or the owner's legal representative to give the corporation a bond (or other adequate security) sufficient to indemnify it
against any claim that may be made against it (including any expense or liability) on account of the alleged loss, theft or destruction
of any such certificate or the issuance of such new certificate.

**Section 3. Corporate Seal.**

The corporation shall have a corporate seal in such form as shall be prescribed and adopted by the board of directors.

**Section 4. Construction and Definitions.**

Unless the context requires otherwise, the general provisions, rules of construction, and definitions in the General Corporation Law of Delaware shall govern the construction of these bylaws.

**Section 5. Amendments.**

Subject to the provisions of the certificate of incorporation, these bylaws may be altered, amended or repealed at any regular meeting of the stockholders (or at any special meeting thereof duly called for that purpose) by a majority vote of the shares represented and entitled to vote at the meeting; provided that in the notice of such special meeting notice of such purpose shall be given. Subject to the laws of the State of Delaware, the certificate of incorporation and these bylaws, the board of directors may by majority vote of those present at any meeting at which a quorum is present amend these bylaws, or enact such other bylaws as in their judgment may be advisable for the regulation of the conduct of the affairs of the corporation.

**Section 6. Forum for Adjudication of Disputes.**

Unless the corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the corporation, (ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the corporation to the corporation or the corporation's stockholders, (iii) any action asserting a claim against the corporation or any director or officer or other employee of the corporation arising pursuant to any provision of the Delaware General Corporation Law or the corporation's certificate of incorporation or bylaws (as either may be amended from time to time) or (iv) any action asserting a claim against the corporation or any director or officer or other employee of the corporation governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the corporation shall be deemed to have notice of and consented to the provisions of this Section 6 of Article VI.

## Exhibit 99.1

**Exhibit 99.1**

![](tm261912d1_ex99-1img001.jpg)

**Caterpillar contact:**

Tiffany Heikkila

Mobile: 832-573-0958

Tiffany.Heikkila@cat.com

**FOR IMMEDIATE RELEASE** 

**<u>Caterpillar Chief Executive Officer Joe Creed Elected Chairman of the Board</u>**

IRVING, Texas, Jan. 6, 2026 – Caterpillar Inc. (NYSE: CAT) announced that, after 45 years of service, including eight years as Caterpillar's CEO, D. James Umpleby III will retire as Executive Chairman and as a member of the Caterpillar Board of Directors effective April 1, 2026. At that time, CEO Joseph E. Creed will assume the role of Chairman of the Board of Directors.

As part of this leadership transition, Debra L. Reed-Klages, who has served as a director since June 2015 and independent presiding director since June 2022, will continue to serve as lead independent director. "On behalf of the Board of Directors, we want to express our gratitude to Jim for his exemplary service as CEO and as a director. We look forward to continuing to work with Joe in his new role as Chairman of the Board," said Reed-Klages.

"On behalf of the Board and the entire Caterpillar team worldwide, I want to express my heartfelt thanks to Jim whose years of dedicated service have made a lasting impact and helped shape our legacy of excellence," added Creed. "I am honored to carry the torch forward as Chairman of the Board as we further Caterpillar's mission of solving our customers' toughest challenges."

Creed joined Caterpillar in 1997 and has held numerous positions of increasing responsibility across multiple divisions of the company, including Chief Operating Officer and Group President of Energy & Transportation. He was appointed CEO and became a member of the Board of Directors on May 1, 2025.

After becoming CEO in 2017, Umpleby led the development and execution of a new strategy for long-term profitable growth, delivering significant value to shareholders. In May 2025, Umpleby transitioned to Executive Chairman, playing a key role in ensuring a smooth leadership transition for both the CEO position and the Board. "It's been an honor to work alongside Caterpillar's talented global team and I'm very proud of all we accomplished together," said Umpleby. "I am confident that Joe is the right leader to guide Caterpillar as it embarks upon a new century full of exciting opportunities. As I enter retirement, my greatest satisfaction comes from the conviction that Caterpillar's best days lie ahead."

\# \# \#

**About Caterpillar**

With 2024 sales and revenues of $64.8 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at <u>caterpillar.com</u> or join the conversation on our social media channels at <u>caterpillar.com/en/news/social-media.html</u>.

**<u>Forward-Looking Statements</u>**

Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements. Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.