# EDGAR Filing Document

**Accession Number:** 0001468492
**File Stem:** 0001213900-25-060467
**Filing Date:** 2025-7
**Character Count:** 81298
**Document Hash:** 16eeddff2bc2c5d3ead9ebd446ae29b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-060467.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001213900-25-060467

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250627

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HeartSciences Inc.
- **CENTRAL INDEX KEY:** 0001468492
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 261344466
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41422
- **FILM NUMBER:** 251097428

**BUSINESS ADDRESS:**
- **STREET 1:** 550 RESERVE ST, SUITE 360
- **CITY:** SOUTHLAKE
- **STATE:** TX
- **ZIP:** 76092
- **BUSINESS PHONE:** 682-237-7781

**MAIL ADDRESS:**
- **STREET 1:** 550 RESERVE ST, SUITE 360
- **CITY:** SOUTHLAKE
- **STATE:** TX
- **ZIP:** 76092

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Heart Test Laboratories, Inc.
- **DATE OF NAME CHANGE:** 20090716

?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): June 27, 2025**

**HEARTSCIENCES INC.**

**(Exact name of Registrant as Specified in Its Charter)**

---

| | | |
|:---|:---|:---|
| **Texas** | **001-41422** | **26-1344466** |
| **(State or Other Jurisdiction<br> of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br> Identification No.)** |

---

---

| | |
|:---|:---|
| **550 Reserve Street, Suite 360**<br>**Southlake, Texas** | **76092** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: (682) 237-7781**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | HSCS | The NASDAQ Stock Market LLC |
| Warrants | HSCSW | The NASDAQ Stock Market LLC |

---

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

Emerging growth company ☒

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

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

On June 27, 2025, in connection with certain recent changes to the Texas Business Organizations Code ("TBOC") and in light of Texas law, the Board of Directors of HeartSciences Inc. (the "Company") adopted certain amendments to the Company's Bylaws (the "Bylaws") in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) add a new section to provide
for a jury trial waiver for "internal entity claims" as defined in the TBOC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) add a new section to adopt an
ownership threshold requiring any shareholder or group of shareholders to hold shares of common stock sufficient to meet an ownership
threshold of at least 3% of the Company's issued and outstanding shares in order to institute or maintain a derivative proceeding;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make technical revisions to
clarify the scope of the exclusive forum provision.

The Bylaw amendments, adopted in accordance with Texas law, became effective on June 27, 2025.

The foregoing description is qualified in its entirety by reference to the amended Bylaws filed as Exhibit 3.1 to this Report.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1\* | [Third Amended and Restated Bylaws of HeartSciences Inc.](ea024785501ex3-1_heart.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

\* Filed herewith.

**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.

---

| | | |
|:---|:---|:---|
|  | **HeartSciences Inc.** | **HeartSciences Inc.** |
| Date: July 1, 2025 | By: | /s/ *Danielle Watson* |
|  | Name: | Danielle Watson |
|  | Title: | Chief Financial Officer |

---

## Exhibit 3.1

**Exhibit 3.1**

**THIRD AMENDED AND RESTATED** 

**BYLAWS** 

**OF** 

**HEARTSCIENCES INC.** 

**(A TEXAS CORPORATION)** 

**June 27, 2025**

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I | OFFICES | 1 |
| Section 1.1 | Registered Office | 1 |
| Section 1.2 | Other Offices | 1 |
| ARTICLE II | SHAREHOLDERS | 1 |
| Section 2.1 | Place of Shareholder Meetings | 1 |
| Section 2.2 | Annual Meeting of Shareholders | 1 |
| Section 2.3 | List of Shareholders | 1 |
| Section 2.4 | Special Meetings of Shareholders | 1 |
| Section 2.5 | Notice of Shareholder Meetings | 1 |
| Section 2.6 | Quorum; Adjournment of Shareholder Meetings | 2 |
| Section 2.7 | Order of Business | 2 |
| Section 2.8 | Shareholder Voting | 2 |
| Section 2.9 | Method of Shareholder Voting | 2 |
| Section 2.10 | Action by Written Consent of the Shareholders | 2 |
| Section 2.11 | Record Date; Closing Transfer Books | 2 |
| Section 2.12 | Inspectors | 3 |
| Section 2.13 | Advance Notification of Shareholder Meetings | 3 |
| ARTICLE III | BOARD OF DIRECTORS | 5 |
| Section 3.1 | Management | 5 |
| Section 3.2 | Qualification; Election; Term; Classified Board | 5 |
| Section 3.3 | Notification of Nominations | 5 |
| Section 3.4 | Number | 7 |
| Section 3.5 | Removal | 7 |
| Section 3.6 | Resignation | 7 |
| Section 3.7 | Vacancies | 7 |
| Section 3.8 | Place of Board Meetings | 7 |
| Section 3.9 | Annual Meeting of the Board | 7 |
| Section 3.10 | Regular Meetings of the Board | 7 |
| Section 3.11 | Special Meetings of the Board | 8 |
| Section 3.12 | Notice of Board Meetings | 8 |
| Section 3.13 | Quorum; Adjournment of Meetings | 8 |
| Section 3.14 | Interested Directors | 8 |
| Section 3.15 | Action by Consent | 8 |
| Section 3.16 | Compensation of Directors | 8 |
| Section 3.17 | Rules and Regulations | 8 |

---

i

---

| | | |
|:---|:---|:---|
|  |  | **<u>Page</u>** |
| ARTICLE IV | COMMITTEES | 9 |
| Section 4.1 | Designation; Powers | 9 |
| Section 4.2 | Procedure; Meetings; Quorum | 9 |
| Section 4.3 | Vacancies | 9 |
| ARTICLE V | NOTICE | 9 |
| Section 5.1 | Form of Notice | 9 |
| Section 5.2 | Waiver | 9 |
| ARTICLE VI | OFFICERS AND AGENTS | 10 |
| Section 6.1 | In General | 10 |
| Section 6.2 | Election of Officers | 10 |
| Section 6.3 | Other Officers and Agents | 10 |
| Section 6.4 | Compensation of Officers | 10 |
| Section 6.5 | Term of Office and Removal | 10 |
| Section 6.6 | Officer Resignations | 10 |
| Section 6.7 | Chairman of the Board of Directors | 10 |
| Section 6.8 | Chief Executive Officer | 10 |
| Section 6.9 | President | 11 |
| Section 6.10 | Chief Financial Officer | 11 |
| Section 6.11 | Chief Operating Officer | 11 |
| Section 6.12 | Vice Presidents | 11 |
| Section 6.13 | Secretary | 11 |
| Section 6.14 | Assistant Secretaries | 11 |
| Section 6.15 | Treasurer | 11 |
| Section 6.16 | Assistant Treasurers | 12 |
| Section 6.17 | Execution of Contracts and Other Documents | 12 |
| Section 6.18 | Bonding | 12 |

---

ii

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE VII | CERTIFICATES REPRESENTING SHARES | 12 |
| Section 7.1 | Certificated and Uncertificated Shares | 12 |
| Section 7.2 | Certificates | 12 |
| Section 7.3 | Issuance of Uncertificated Shares | 12 |
| Section 7.4 | Lost, Stolen or Destroyed Certificates | 12 |
| Section 7.5 | Transfer of Shares | 13 |
| Section 7.6 | Registered Shareholders | 13 |
| Section 7.7 | Regulations Regarding Shares | 13 |
| ARTICLE VIII | EXCLUSIVE FORM; JURY TRIAL WAIVER; OWNERSHIP THRESHOLD FOR DERIVATIVE PROCEEDINGS | 13 |
| Section 8.1 | Exclusive Forum | 13 |
| Section 8.2 | Jury Trial Waiver | 13 |
| Section 8.3 | Ownership Threshold For Derivative Proceedings | 14 |
| ARTICLE IX | GENERAL PROVISIONS | 14 |
| Section 9.1 | Dividends | 14 |
| Section 9.2 | Reserves | 14 |
| Section 9.3 | Telephone and Similar Meetings | 14 |
| Section 9.4 | Books and Records | 14 |
| Section 9.5 | Fiscal Year | 14 |
| Section 9.6 | Construction | 14 |
| Section 9.7 | Seal | 14 |
| Section 9.8 | Indemnification | 15 |
| Section 9.9 | Insurance | 15 |
| Section 9.10 | Amendment of Bylaws | 15 |
| Section 9.11 | Invalid Provisions | 15 |
| Section 9.12 | Relation to Certificate of Formation | 15 |

---

iii

**THIRD AMENDED AND RESTATED** 

**BYLAWS** 

**OF** 

**HEARTSCIENCES INC.** 

\* \* \* \* \*

**ARTICLE I** 

**OFFICES** 

Section 1.1 *Registered Office*. The registered office and registered agent of HeartSciences Inc., (the "***Corporation***") will be as from time to time set forth in the Corporation's Amended and Restated Certificate of Formation as then in effect (as the same may be amended, restated or amended and restated from time to time, the "***Certificate of Formation***").

Section 1.2 *Other Offices*. The Corporation may also have offices at such other places, both within and outside the State of Texas, as the Board of Directors (the "***Board***" or "***Board of Directors***") may from time to time determine or the business of the Corporation may require.

**ARTICLE II** 

**SHAREHOLDERS**

Section 2.1 *Place of Shareholder Meetings*. All meetings of the shareholders shall be held at such place, within or outside the State of Texas, as may be fixed from time to time by the Board of Directors. Meetings of shareholders for any other purpose may be held at such time and place, within or outside the State of Texas, as may be stated in the notice of the meeting or in a duly executed waiver of notice thereof.

Section 2.2 *Annual Meeting of Shareholders*. An annual meeting of the shareholders for the election of members to the Board of Directors (each a "***Director***") to succeed those whose terms expire and for the transaction of such other business as may properly come before the meeting, shall be held on such date and at such hour as may from time to time be determined by the Board of Directors. The Board of Directors may, in its sole discretion, determine that the meeting will not be held at any place, but may instead be held solely by means of remote communication as provided under the Texas Business Organizations Code (the "***TBOC***").

Section 2.3 *List of Shareholders*. At least 10 days before each meeting of the shareholders, a complete list of the shareholders entitled to vote at such meeting, arranged in alphabetical order, with the address of and the number of voting shares registered in the name of each, will be prepared by the officer or agent having charge of the stock transfer books. Such list will be kept on file at the registered office of the Corporation for a period of 10 days prior to such meeting and will be subject to inspection by any shareholder at any time during usual business hours. Such list will be produced and kept open at the time and place of the meeting during the whole time thereof, and will be subject to the inspection of any shareholder who may be present.

Section 2.4 *Special Meetings of Shareholders*. Unless otherwise provided in the Certificate of Formation, special meetings of the shareholders, for any purpose or purposes may be called at any time by the Chairman of the Board, the Board of Directors or the Chief Executive Officer. Such request shall state the purpose or purposes of the proposed meeting. Business transacted at all special meetings will be confined to the purposes stated in the notice of the meeting.

Section 2.5 *Notice of Shareholder Meetings*. Written or printed notice stating the place, day and hour of any meeting of the shareholders and, in case of a special meeting, the purpose or purposes for which the meeting is called, will be given by or at the direction of the Board of Directors or the other person(s) calling the meeting to each shareholder of record entitled to vote thereat not less than 10 nor more than 60 days before the date of the meeting. Such notice may be delivered either personally or by mail. If mailed, such notice will be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the Corporation, with postage thereon prepaid.

Section 2.6 *Quorum; Adjournment of Shareholder Meetings*. With respect to any matter, the presence in person or by proxy of the holders of a majority of the shares entitled to vote on that matter will be necessary and sufficient to constitute a quorum for the transaction of business except as otherwise provided by law, the Certificate of Formation or these Third Amended and Restated Bylaws (these "***Bylaws***"). If, however, such quorum is not present or represented at any meeting of the shareholders, the shareholders entitled to vote thereat, present in person or represented by proxy, will have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present or represented. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting will be given to each shareholder of record entitled to vote at the meeting. At such adjourned meeting at which a quorum is present or represented, any business may be transacted that might have been transacted at the meeting as originally notified.

Section 2.7 *Order of Business*. At each meeting of the shareholders, one of the following persons, in the order in which they are listed (and in the absence of the first, the next, and so on), shall serve as chairman of the meeting: Chairman of the Board of Directors (the "***Chairman***" or "***Chairman of the Board***"), Chief Executive Officer, President, Chief Operating Officer, Vice Presidents (in the order of their seniority if more than one) and any other person as the Board of Directors may designate. The order of business at each such meeting shall be as determined by the chairman of the meeting. The chairman of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation, the establishment of procedures for the maintenance of order and safety, limitations on the time allotted to questions or comments on the affairs of the Corporation, restrictions on entry to such meeting after the time prescribed for the commencement thereof, and the opening and closing of the voting polls.

Section 2.8 *Shareholder Voting*. When a quorum is present at any meeting of the Corporation's shareholders, the vote of the holders of a majority of the shares entitled to vote and represented in person or by proxy at such meeting will be sufficient to decide such question; provided that if the question is one upon which, by express provision of law, the Certificate of Formation or these Bylaws, a different vote is required, such express provision shall govern and control the decision of such question.

Section 2.9 *Method of Shareholder Voting*. Each outstanding share of the Corporation's capital stock, regardless of class or series, will be entitled to one vote on each matter submitted to a vote at a meeting of shareholders, except to the extent that the voting rights of the shares of any class or series are altered, limited or denied by the Certificate of Formation, as amended from time to time. At any meeting of the shareholders, every shareholder having the right to vote will be entitled to vote in person or by proxy executed in writing by such shareholder and bearing a date not more than 11 months prior to such meeting, unless such instrument provides for a longer period. A telegram, telex, cablegram or similar transmission by the shareholder, or a photographic, photostatic, facsimile or similar reproduction of a writing executed by the shareholder, shall be treated as an execution in writing for purposes of the preceding sentence. Each proxy will be revocable unless expressly provided therein to be irrevocable and if, and only so long as, it is coupled with an interest sufficient in law to support an irrevocable power. Such proxy will be filed with the Secretary of the Corporation prior to or at the time of the meeting. Voting for Directors will be in accordance with <u>ARTICLE III</u> of these Bylaws. Unless otherwise provided in the Certificate of Formation of the Corporation, cumulative voting for the election of directors shall be prohibited. Voting on any question or in any election may be by voice vote or show of hands unless the chairman of the meeting orders or shareholders holding a majority of the issued and outstanding shares present in person or by proxy at any meeting demand that voting be by written ballot.

Section 2.10 *Action by Written Consent of the Shareholders*. Any action by written consent of the shareholders may only be taken if and to the extent provided for in the Certificate of Formation.

Section 2.11 *Record Date; Closing Transfer Books*. The Board of Directors may fix in advance a record date for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such record date to be not less than ten nor more than 60 days prior to such meeting, or the Board of Directors may close the stock transfer books for such purpose for a period of not less than ten nor more than 60 days prior to such meeting. In the absence of any action by the Board of Directors, the date upon which the notice of the meeting is mailed will be the record date. A determination of shareholders entitled to notice of or to vote at a meeting of the shareholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

Section 2.12 *Inspectors*. Either the Board of Directors or, in the absence of a designation of inspectors by the Board, the chairman of any meeting of shareholders may, in its or such person's discretion, appoint one or more inspectors to act at any meeting of shareholders. Such inspectors shall perform such duties as shall be specified by the Board or the chairman of the meeting. Inspectors need not be shareholders. No Director or nominee for the office of director shall be appointed such inspector.

Section 2.13 *Advance Notification of Shareholder Meetings*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At an annual meeting of the shareholders, 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 brought before the meeting by or at the direction of the Board of Directors, or (C) otherwise properly brought before the meeting by a shareholder who (i) was a shareholder of record at the time of giving of advance notice provided for in this <u>Section 2.13</u> and at the time of the annual meeting, (ii) is entitled to vote at the meeting and (iii) complies with the advance notice procedures set forth in this <u>Section 2.13</u> as to such business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For business to be properly brought before an annual meeting by a shareholder, if such business relates to the election of Directors of the Corporation, the procedures in <u>Section 3.3</u> must be complied with. If such business relates to any other matter, the shareholder must have given timely notice thereof in writing to the Secretary and such business must otherwise be a proper matter for shareholder action. To be timely, a shareholder's notice must be delivered or mailed by first class United States mail, postage prepaid, to and received by the Secretary at the principal executive offices of the Corporation not less than 75 days nor more than 100 days prior to the anniversary date of the immediately preceding annual meeting of shareholders of the Corporation; provided, however, that in the event that the annual meeting is called for a date (including any change in a date designated by the Board of Directors pursuant to <u>Section 2.2</u>) more than 50 days prior to such anniversary date, notice by the shareholder in order to be timely must be so received not later than the close of business on the 10th day following the day on which such notice of the date of the meeting was first mailed or public disclosure of the date of the meeting was first made, whichever first occurs. In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time period for the giving of a shareholder's notice as described above. A shareholder's notice to the Secretary shall set forth as to each matter the shareholder proposes to bring before the annual meeting the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name and address, as they appear on the Corporation's books, of the shareholder proposing such business and the name and address of the beneficial owner, if any, on whose behalf the proposal is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as of the date of the notice and as of the record date for the meeting (and if the record date is subsequent to the date notice is delivered to the Secretary as provided above, then such shareholder shall deliver in writing to the Secretary at the principal executive offices of the Corporation the information as of the record date promptly following the later of the record date and the date notice of the record date is first publicly disclosed) (I) the class or series and number of shares of the Corporation that are beneficially owned by such shareholder and such beneficial owner, (II) any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole or in part from the value of any class or series of shares of the Corporation, whether or not such instrument or right shall be subject to settlement in the underlying class or series of capital stock of the Corporation or otherwise (a "***derivative instrument***") directly or indirectly owned beneficially by such shareholder or beneficial owner and any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation, (III) any proxy, contract, arrangement, understanding, or relationship pursuant to which such shareholder or such beneficial owner has a right to vote any shares of any security of the Corporation, (IV) any short interest in any security of the Corporation (for purposes of this <u>Section 2.13</u> a person or entity shall be deemed to have a short interest in a security if such person or entity directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the value of the subject security), (V) any rights to dividends on the shares of the Corporation owned beneficially by such shareholder or beneficial owner that are separated or separable from the underlying shares of the Corporation, (VI) any proportionate interest in shares of the Corporation or derivative instruments held, directly or indirectly, by a general or limited partnership in which such shareholder or beneficial owner is a general partner or, directly or indirectly, beneficially owns an interest in a general partner thereof, and (VII) any performance-related fees (other than an asset-based fee) that such shareholder or beneficial owner is entitled to base on any increase or decrease in the value of shares of the Corporation or derivative instruments as of the date of such notice, including without limitation any such interests held by members of such shareholder's or beneficial owner's immediate family sharing the same household (which information shall be supplemented by such shareholder not later than 10 days after the record date for the meeting to disclose such ownership as of the record date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other information relating to such shareholder and beneficial owner, if any, that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for the proposal pursuant to Section 14 of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) as of the date of the notice and as of the record date for the meeting (and if the record date is subsequent to the date notice is delivered to the Secretary as provided above, then such shareholder shall deliver in writing to the Secretary at the principal executive offices of the Corporation the information as of the record date promptly following the later of the record date and the date notice of the record date is first publicly disclosed) (I) any material interest of such shareholder and beneficial owner, if any, in such business and (II) a description of all agreements, arrangements, and understandings between such shareholder and beneficial owner, if any, and any other person or entity (including their names) in connection with such business or the proposal thereof by such shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a representation that the shareholder is a holder of record of stock of the Corporation entitled to vote at the meeting and intends to appear in person or by proxy at the meeting to propose such business. Notwithstanding anything in the Bylaws to the contrary, no business shall be conducted at any annual meeting except in accordance with the procedures set forth in this <u>Section 2.13</u> and except that, with respect to any business related to the election of Directors of the Corporation, the procedures in <u>Section 3.3</u> must be complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The chairman of the meeting shall, if the facts warrant, determine and declare to the meeting that business was not properly brought before the meeting in accordance with the provisions of this <u>Section 2.13</u>, and if he should so determine, the chairman shall so declare to the meeting that any such business not properly brought before the meeting shall not be transacted. In addition, unless otherwise required by law, if a shareholder (or a qualified representative of the shareholder) intending to propose business at an annual meeting pursuant to this Section 2.13 does not appear at the meeting to present the proposed business, such business shall not be transacted, notwithstanding that proxies in respect of such business may have been received by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this <u>Section 2.13</u> shall be deemed to affect any rights of shareholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the Exchange Act.

**ARTICLE III** 

**BOARD OF DIRECTORS** 

Section 3.1 *Management*. The business and affairs of the Corporation will be managed by or under the direction of the Board of Directors, and, subject to the restrictions imposed by law, the Certificate of Formation or these Bylaws of the Corporation, the Board of Directors may exercise all the powers of the Corporation who may exercise all such powers of the Corporation and do all such lawful acts and things as are not by law, the Certificate of Formation or these Bylaws directed or required to be exercised or done by the shareholders.

Section 3.2 *Qualification; Election; Term; Classified Board*. None of the Directors need be a shareholder of the Corporation or a resident of the State of Texas. The Directors will be elected by plurality vote at the annual meeting of the shareholders, at which such Directors' term will expire, except as hereinafter provided, and each Director elected will hold office for the term for which such Director is elected, and until such Director's successor shall have been elected and qualified or until such director's earlier disability, death, resignation or removal. The Directors of the Corporation shall be divided into three classes as provided in the Certificate of Formation of the Corporation.

Section 3.3 *Notification of Nominations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Only persons who are nominated in accordance with the following procedures shall be eligible for election as Directors. Nominations for election to the Board of Directors of the Corporation at a meeting of shareholders may be made (A) by the Board of Directors or (B) at an annual meeting of shareholders or at a special meeting of shareholders at which Directors are to be elected as specified in the Corporation's notice of special meeting, by any shareholder of the Corporation who (i) was a shareholder of record at the time of giving of advance notice provided for in this <u>Section 3.3</u> and at the time of the meeting, (ii) is entitled to vote for the election of Directors at such meeting and (iii) complies with the advance notice procedures set forth in this <u>Section 3.3</u>. Nominations with respect to an election of Directors to be held at an annual meeting, other than those nominations made by or on behalf of the Board of Directors, shall be made by notice in writing delivered or mailed by first class United States mail, postage prepaid, to and received by the Secretary at the principal executive offices of the Corporation not less than 75 days nor more than 100 days prior to the anniversary date of the immediately preceding annual meeting of shareholders of the Corporation; provided, however, that in the event that the annual meeting is called for a date (including any change in a date designated by the Board pursuant to <u>Section 2.2</u>) more than 50 days prior to such anniversary date, notice by the shareholder in order to be timely must be so received not later than the close of business on the 10th day following the day on which such notice of the date of the annual meeting was first mailed or public disclosure of the date of the annual meeting was first made, whichever first occurs. In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time period for the giving of a shareholder's notice as described above. Nominations with respect to an election of Directors to be held at a special meeting of shareholders, other than nominations made by or on behalf of the Board of Directors, shall be made by notice in writing delivered or mailed by first class United States mail, postage prepaid, to and received by the Secretary at the principal executive offices of the Corporation no later than the close of business on the 10th day following the day on which such notice of the date of the special meeting was first mailed or public disclosure of the date of the special meeting was first made, whichever first occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each notice under this <u>Section 3.3</u> shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to each proposed nominee (I) the name, age and business address of each such nominee, (II) the principal occupation or employment of each such nominee, (III) the number of shares of stock of the Corporation that are beneficially owned by each such nominee, (IV) any other information concerning the nominee that must be disclosed as to nominees in proxy solicitations pursuant to Regulation 14A under the Exchange Act (as defined in <u>Section 2.13</u>) (including such person's written consent to be named as a nominee and to serve as a Director if elected) and (V) a description of all direct and indirect compensation and other material monetary agreements, arrangements, and understandings during the three fiscal years of the Corporation prior to the date of such meeting, and any other material relationships, between or among such shareholder and beneficial owner, if any, and their respective affiliates and associates, or others acting in concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Rule 404 promulgated under Regulation S-K (or any successor provision thereto) if the shareholder making the nomination and any beneficial owner on whose behalf the nomination is made, or any affiliate or associate thereof, or any person acting in concert therewith, were the "registrant" for purposes of such rules and the nominee were a Director or executive officer of such registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to the shareholder giving the notice (I) the name and address, as they appear on the Corporation's books, of such shareholder and the name and address of the beneficial owner, if any, on whose behalf the proposal is made, (II) as of the date of the notice and as of the record date for the meeting (and if the record date is subsequent to the date notice is delivered to the Secretary as provided above, then such shareholder shall deliver in writing to the Secretary at the principal executive offices of the Corporation the information as of the record date promptly following the later of the record date and the date notice of the record date is first publicly disclosed) (A) the class or series and number of shares of the Corporation which are beneficially owned by such shareholder and such beneficial owner, (B) any derivative instrument (as defined in <u>Section 2.13</u>) directly or indirectly owned beneficially by such shareholder or beneficial owner and any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation, (C) any proxy, contract, arrangement, understanding, or relationship pursuant to which such shareholder or such beneficial owner has a right to vote any shares of any security of the Corporation, (D) any short interest in any security of the Corporation (for purposes of this <u>Section 3.3</u> a person or entity shall be deemed to have a short interest in a security if such person or entity directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the value of the subject security), (E) any rights to dividends on the shares of the Corporation owned beneficially by such shareholder or beneficial owner that are separated or separable from the underlying shares of the Corporation, (F) any proportionate interest in shares of the Corporation or derivative instruments held, directly or indirectly, by a general or limited partnership in which such shareholder or beneficial owner is a general partner or, directly or indirectly, beneficially owns an interest in a general partner thereof, and (G) any performance-related fees (other than an asset-based fee) that such shareholder or beneficial owner is entitled to base on any increase or decrease in the value of shares of the Corporation or derivative instruments as of the date of such notice, including without limitation any such interests held by members of such shareholder's or beneficial owner's immediate family sharing the same household (which information shall be supplemented by such shareholder not later than 10 days after the record date for the meeting to disclose such ownership as of the record date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other information relating to such shareholder and beneficial owner, if any, that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for the election of Directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a representation that the shareholder is a holder of record of stock of the Corporation entitled to vote at the meeting and intends to appear in person or by proxy at the meeting to present such nomination. Each nominee for election or reelection to the Board of Directors must complete, execute and deliver a questionnaire, representation and agreement as described <u>Section 3.3(d)</u>. The Corporation may require any proposed nominee to furnish such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as a Director of the Corporation and to be independent as determined under applicable rules and regulations, and that could be material to a reasonable shareholder's understanding of the independence, or lack thereof, of such nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The chairman of the meeting may, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the foregoing procedure, and if he should so determine, he shall so declare to the meeting and the defective nomination shall be disregarded. In addition, unless otherwise required by law, if a shareholder (or a qualified representative of the shareholder) intending to make a nomination at an annual or special meeting pursuant to this <u>Section 3.3</u> does not appear at the meeting to present the nomination, such nomination shall be disregarded, notwithstanding that proxies in respect of such nomination may have been received by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To be eligible to be a nominee for election or reelection as a Director of the Corporation, the prospective nominee must deliver (in accordance with the periods prescribed for delivery of notice under this <u>Section 3.3</u>) to the Secretary at the principal executive offices of the Corporation a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request). The prospective nominee must also provide to the Secretary at the principal executive offices of the Corporation a written representation and agreement (in the form provided by the Secretary upon written request) that such person (i) is not and will not become a party to (A) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a Director of the Corporation, will act or vote on any issue or question (a "***Voting Commitment***") that has not been disclosed to the Corporation or (B) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a Director of the Corporation, with such person's fiduciary duties under applicable law, (ii) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a Director that has not been disclosed therein, and (iii) would be in compliance, if elected as a Director of the Corporation, and will comply with, applicable law and all applicable publicly disclosed corporate governance, conflict of interest, corporate opportunity, confidentiality and stock ownership and trading policies and guidelines of the Corporation.

Section 3.4 *Number*. The number of Directors of the Corporation will be at least one (1) and not more than seven (7). The number of Directors authorized will be fixed as the Board of Directors may from time to time designate. No decrease in the number of Directors will have the effect of shortening the term of any incumbent Director.

Section 3.5 *Removal.* Any Director may be removed from office only for cause and only by the affirmative vote of a majority of shares present in person or represented by proxy at such meeting and entitled to vote for the election of directors generally.

Section 3.6 *Resignation*. Any Director may resign at any time upon notice given in writing or by electronic transmission to the Chairman of the Board or to the Secretary. A resignation is effective when the resignation is delivered unless the resignation specifies (a) a later effective date or (b) an effective date determined upon the happening of an event or events.

Section 3.7 *Vacancies*. Any vacancy occurring in the Board of Directors may be filled by election at an annual or special meeting of the shareholders called for that purpose or by the affirmative vote of a majority of the Directors then in office (even if the remaining Directors constitute less than a quorum of the Board of Directors), and any Director so chosen shall hold office for the remainder of the term to which the director has been selected and until such director's successor shall have been elected and qualified. Any directorship to be filled by reason of an increase in the number of Directors may be filled by election at an annual meeting or at a special meeting of the shareholders called for that purpose or may be filled by the Board of Directors for a term of office continuing only until the next election of one or more directors by the shareholders; provided that the Board of Directors may not fill more than two such directorships during the period between any two successive annual meetings of the shareholders.

Section 3.8 *Place of Board Meetings*. Meetings of the Board of Directors, regular or special, may be held at such place within or outside the State of Texas as may be fixed from time to time by the Board of Directors or as shall be specified or fixed in the respective notices or waivers of notice thereof.

Section 3.9 *Annual Meeting of the Board*. The first meeting of each newly elected Board of Directors will be held without further notice immediately following the annual meeting of shareholders and at the same place, unless by unanimous consent, the Directors shall change such time or place. At the first meeting of the Board of Directors in each year at which a quorum shall be present, held after the annual meeting of shareholders, the Board of Directors shall elect the officers of the Corporation.

Section 3.10 *Regular Meetings of the Board*. Regular meetings of the Board of Directors may be held, pursuant to <u>Section 3.12</u>, at such time and place as is from time to time determined by resolution of the Board of Directors.

Section 3.11 *Special Meetings of the Board*. Special meetings of the Board of Directors will be held, pursuant to <u>Section 3.12</u>, whenever called by (i) the Chairman, (ii) the President or (iii) the President or the Secretary on the written request of at least two Directors.

Section 3.12 *Notice of Board Meetings*. Notice of regular meetings of the Board of Directors or of any adjourned meeting thereof need not be given. Notice of each special meeting of the Board shall, at least two days before the day on which the meeting is to be held, be made to each Director (i) by mail, addressed to such Director at such Director's residence or usual place of business, (ii) by facsimile, telegraph or electronic transmission (including, without limitation, electronic mail), addressed to such Director at such Director's residence or usual place of business, or (iii) in person or by telephone. Notwithstanding the foregoing, notice need not be given to any Director who shall (a) either before or after the meeting, submit a signed waiver of such notice or (b) attend such meeting without protesting, prior to or at its commencement, the lack of notice to such Director. Every such notice shall state the time and place but need not state the purpose of the meeting.

Section 3.13 *Quorum; Adjournment of Meetings*. At all meetings of the Board of Directors the presence of a majority of the number of Directors then in office will be necessary and sufficient to constitute a quorum for the transaction of business, and the affirmative vote of at least a majority of the Directors present at any meeting at which there is a quorum will be the act of the Board of Directors, except as may be otherwise specifically provided by law, the Certificate of Formation or these Bylaws. If a quorum is not present at any meeting of the Board of Directors, a majority of the Directors present thereat may adjourn the meeting from time to time without notice other than announcement at the meeting, until a quorum is present. At any adjourned meeting at which a quorum is present, any business may be transacted which might have been transacted at the meeting as original called and noticed.

Section 3.14 *Interested Directors*. No contract or transaction between the Corporation and one or more of its Directors or officers, or between the Corporation and any other corporation, partnership, association or other organization in which one or more of the Corporation's Directors or officers are Directors or officers or have a financial interest, will be void or voidable solely for this reason, solely because the Director or officer is present at or participates in the meeting of the Board of Directors or committee thereof that authorizes the contract or transaction, or solely because his or their votes are counted for such purpose, if: (i) the material facts as to his relationship or interest and as to the contract or transaction are disclosed or are known to the Board of Directors or the committee, and the Board of Directors or committee in good faith authorizes the contract or transaction by the affirmative vote of a majority of the disinterested Directors, even though the disinterested Directors be less than a quorum, (ii) the material facts as to his relationship or interest and as to the contract or transaction are disclosed or are known to the shareholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the shareholders or (iii) the contract or transaction is fair as to the Corporation as of the time it is authorized, approved or ratified by the Board of Directors, a committee thereof or the shareholders. Common or interested Directors may be counted in determining the presence of a quorum at a meeting of the Board of Directors or of a committee that authorizes the contract or transaction.

Section 3.15 *Action by Consent*. Any action required or permitted to be taken at any meeting of the Board of Directors or any committee of the Board of Directors may be taken without such a meeting if a consent or consents in writing, setting forth the action so taken, is signed by all the members of the Board of Directors or such committee, as the case may be, and such consent or consents are filed with the minutes of the proceedings of the Board or of such committee.

Section 3.16 *Compensation of Directors*. Directors and members of standing committees may receive such compensation for their services and reimbursement for their expenses as the Board of Directors, by resolution, may establish; provided that nothing herein contained will be construed to preclude any Director from serving the Corporation in any other capacity and receiving compensation therefor.

Section 3.17 *Rules and Regulations*. The Board of Directors may adopt such rules and regulations not inconsistent with the provisions of law, the Certificate of Formation of the Corporation or these Bylaws for the conduct of its meetings and management of the affairs of the Corporation as the Board of Directors may deem proper.

**ARTICLE IV** 

**COMMITTEES** 

Section 4.1 *Designation; Powers*. The Board of Directors may, by resolution or resolutions adopted by a majority of the full Board of Directors, designate one or more committees, which shall in each case be comprised of such number of Directors as the Board of Directors may determine from time to time. Any such designated committee shall have and may exercise such of the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation as may be provided in such resolution and to the extent permitted by the TBOC, except as prohibited by the TBOC (including Section 21.416(c) thereof or any successor statute). In addition to the above, such committee or committees shall have such other powers and limitations of authority as may be determined from time to time by the Board of Directors.

Section 4.2 *Procedure; Meetings; Quorum*. Except as otherwise provided by the Board of Directors, meetings of any committee shall be conducted in accordance with the provisions of <u>ARTICLE III</u> applicable to meetings and actions of the Board of Directors. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors at its meeting next succeeding such action or when otherwise required. A majority of the members of any such committee shall constitute a quorum, except as provided in <u>Section 4.3</u>, and the affirmative vote of a majority of the members present shall be necessary for the adoption by it of any resolution.

Section 4.3 *Vacancies*. The Board of Directors shall have the power at any time to remove any member(s) of a committee and to appoint other directors in lieu of the person(s) so removed and shall also have the power to fill vacancies in a committee.

**ARTICLE V** 

**NOTICE**

Section 5.1 *Form of Notice*. Whenever by law, the Certificate of Formation or these Bylaws, notice is to be given to any Director or shareholder, and no provision is made as to how such notice is to be given, such notice may be given: (a) in writing, by mail, postage prepaid, addressed to such Director or shareholder at such address as appears on the books of the Corporation or (b) by any other method permitted by law. Any notice required or permitted to be given by mail will be deemed to be given at the time the same is deposited in the United States mail. Notice from the Corporation may be given to any shareholder, director or committee member by facsimile, electronic mail or other electronic transmission to a facsimile number or electronic message address provided by such person, or to which such person consents, for the purpose of receiving notice. Any shareholder, director or committee member may specify the form of electronic transmission to be used to communicate notice. Notice by electronic transmission is deemed given to the shareholder, director or committee when such notice is (i) transmitted to a facsimile number provided by such person for the purpose of receiving notice; (ii) transmitted to an electronic mail address provided by such person for the purpose of receiving notice; (iii) posted on an electronic network and a message is sent to such person at the address provided by such person for the purpose of alerting such person of a posting; or (iv) communicated to such person by any other form of electronic transmission consented to by

such person. If the notice required by this <u>Section 5.1</u> is given by multiple means, such notice shall be effective as of the earliest date on which it was received. The shareholder, director or committee member may revoke this consent by written notice to the Corporation. The consent is deemed to be revoked if the Corporation is unable to deliver by electronic transmission two consecutive notices, and the person responsible for delivering notice on behalf of the Corporation knows that delivery of these two electronic transmissions was unsuccessful. The inadvertent failure to treat the unsuccessful transmissions as a revocation of consent does not invalidate a meeting or other action.

Section 5.2 *Waiver*. Whenever any notice is required to be given to any shareholder or Director of the Corporation as required by law, the Certificate of Formation or these Bylaws, a waiver thereof in writing signed by the person or persons entitled to such notice, whether before or after the time stated in such notice, will be equivalent to the giving of such notice. Attendance of a shareholder or Director at a meeting will constitute a waiver of notice of such meeting, except where such shareholder or Director attends for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business on the ground that the meeting has not been lawfully called or convened.

**ARTICLE VI** 

**OFFICERS AND AGENTS** 

Section 6.1 *In General*. The officers of the Corporation shall include a President and a Secretary, each of whom shall be elected by the Board of Directors and who shall hold office for such terms as shall be determined by the Board of Directors and until their successors are elected and qualify or until their earlier resignation or removal. The Board of Directors may also elect a Chairman of the Board, a Vice Chairman of the Board, a Chief Executive Officer, a Chief Financial Officer, a Chief Accounting Officer, a Chief Operating Officer, a Chief Compliance Officer, a Chief Technology Officer, Chief Information Officer, a Chief Marketing Officer Vice Presidents, Assistant Vice Presidents, a Treasurer, Comptroller and Assistant Secretaries and Assistant Treasurers. Any two or more offices may be held by the same person. The Board may, from time to time, delegate the powers or duties of any officer to any other officers or agents, notwithstanding any contrary provision hereof.

Section 6.2 *Election of Officers*. The Board of Directors, at its first meeting after each annual meeting of shareholders, will elect the officers, none of whom need be a member of the Board of Directors, except the Chairman of the Board.

Section 6.3 *Other Officers and Agents*. The Board of Directors may also elect and appoint such other officers and agents as it deems necessary, who will be elected and appointed for such terms and will exercise such powers and perform such duties as may be determined from time to time by the Board.

Section 6.4 *Compensation of Officers*. The compensation of all officers and agents of the Corporation will be fixed by the Board of Directors or any committee of the Board, if so authorized by the Board.

Section 6.5 *Term of Office and Removal*. Each officer of the Corporation will hold office until his death, his resignation or removal from office, or the election and qualification of his successor, whichever occurs first. Any officer or agent elected or appointed by the Board of Directors may be removed at any time, for or without cause, by the affirmative vote of a majority of the entire Board of Directors. If the office of any officer becomes vacant for any reason, the vacancy may be filled by the Board of Directors.

Section 6.6 *Officer Resignations*. Subject at all times to the right of removal as provided in <u>Section 6.5</u>, any officer may resign at any time by giving notice to the Board of Directors, the Chairman of the Board or the Secretary of the Corporation. Any such resignation shall take effect upon the date of receipt of such notice or at any later date specified therein; provided that the Chairman of the Board or, in the event of the resignation of the Chairman of the Board, the Board of Directors may designate an effective date for such resignation which is earlier than the date specified in such notice but which is not earlier than the date of receipt of such notice; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 6.7 *Chairman of the Board of Directors*. The Chairman of the Board shall preside at all meetings of the shareholders and the Board of Directors (unless the Board designates another person) and generally manage the affairs of the Board of Directors. The Chairman of the Board shall also have such other powers and duties as may from time to time be prescribed by the Board of Directors.

Section 6.8 *Chief Executive Officer*. Unless the Board of Directors otherwise determines, the Chief Executive Officer (i) shall have general and active management and control of the properties, business and operations of the Corporation with all such powers as may be reasonably incident to such responsibilities, (ii) may agree upon and execute all leases, contracts, evidences of indebtedness and other obligations in the name of the Corporation and may sign all certificates for shares of capital stock of the Corporation, (iii) shall have such other powers and duties as designated in accordance with these Bylaws and as from time to time may be assigned to the Chief Executive Officer by the Board of Directors, and (iv) shall have general supervision and direction of all of the other officers, employees and agents of the Corporation. If the Board of Directors has not elected a Chairman of the Board or in the absence, inability or refusal to act by the person elected to act as the Chairman of the Board, the Chief Executive Officer shall exercise all of the powers and discharge all of the duties of the Chairman of the Board, but only if the Chief Executive Officer is a director of the Corporation.

Section 6.9 *President*. The President shall have such powers and perform such duties as from time to time may be prescribed for the President by the Board or are incident to the office of President.

Section 6.10 *Chief Financial Officer*. The Chief Financial Officer, if any is elected, shall (i) have custody of the corporate funds, securities, evidences of indebtedness and other valuables of the Corporation, (ii) keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and (iii) have such powers and perform such duties as from time to time may be prescribed by the Board or are incident to the office of Chief Financial Officer. The Chief Financial Officer shall deposit all moneys and other valuables in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors or its designees selected for such purposes. The Chief Financial Officer shall disburse the funds of the Corporation, taking proper vouchers therefor. The Chief Financial Officer shall render to the Chief Executive Officer and the Board of Directors, upon their request, a report of the financial condition of the Corporation.

Section 6.11 *Chief Operating Officer*. The Chief Operating Officer, if any is elected, shall (i) be subject to the oversight of the Chief Executive Officer, (ii) exercise direction and control over the day-to-day operations of the Corporation and (iii) have such powers and perform such duties as from time to time may be prescribed by the Board or are incident to the office of Chief Operating Officer. In the case of the absence, disability or death of the Chief Executive Officer and the President(s), the Chief Operating Officer shall perform all of the duties of such officer, and when so acting shall have all the powers of and be subject to all the restrictions upon such officer, including the power to sign all instruments and to take all actions that such officer is authorized to perform by the Board or these Bylaws. The Chief Operating Officer shall have the general powers and duties of management usually vested in the office of the chief operating officer of a corporation and such other powers and duties as from time to time may be assigned to the Chief Operating Officer by the Chief Executive Officer or Board of Directors.

Section 6.12 *Vice Presidents*. Each Vice President will have the usual and customary powers and perform the usual and customary duties incident to the office of Vice President, and will have such other powers and perform such other duties as the Board of Directors or any committee thereof may from time to time prescribe or as the President or Chairman may from time to time delegate to such Vice President. In the absence, disability or death of the President and the Chairman, a Vice President designated by the Board of Directors, or in the absence of such designation the Vice Presidents in the order of their seniority in office, will exercise the powers and perform the duties of the President.

Section 6.13 *Secretary*. The Secretary will attend all meetings of the shareholders and record all votes and the minutes of all proceedings in a book to be kept for that purpose. The Secretary will perform like duties for the Board of Directors and committees thereof. The Secretary will give, or cause to be given, notice of all meetings of the shareholders and special meetings of the Board of Directors as required by these Bylaws. The Secretary will keep in safe custody the seal of the Corporation. The Secretary shall have charge of the stock ledger and also of the other nonfinancial books, records and papers of the Corporation and shall see that the reports, statements and other documents required by law are properly kept and filed; and shall, in general, perform all the duties incident to the office of Secretary and such other duties as from time to time may be assigned to such person by the Chief Executive Officer or the Board of Directors.

Section 6.14 *Assistant Secretaries*. The Assistant Secretaries in the order of their seniority in office, unless otherwise determined by the Board of Directors, will, in the absence, disability or death of the Secretary, exercise the powers and perform the duties of the Secretary. They will have such other powers and perform such other duties as the Board of Directors may from time to time prescribe or as the Chief Executive Officer or the President may from time to time delegate to them.

Section 6.15 *Treasurer*. The Treasurer will have responsibility for the receipt and disbursement of all corporate funds and securities, will keep full and accurate accounts of such receipts and disbursements, and will deposit or cause to be deposited all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. The Treasurer will render to the Directors whenever they may require it an account of the operating results and financial condition of the Corporation, and will have such other powers and perform such other duties as the Board of Directors may from time to time prescribe or as the Chief Executive Officer or the President may from time to time delegate to the Treasurer.

Section 6.16 *Assistant Treasurers*. The Assistant Treasurers in the order of their seniority in office, unless otherwise determined by the Board of Directors, will, in the absence, disability or death of the Treasurer, exercise the powers and perform the duties of the Treasurer. They will have such other powers and perform such other duties as the Board of Directors may from time to time prescribe or as the Chief Executive Officer or the President may from time to time delegate to them.

Section 6.17 *Execution of Contracts and Other Documents*. Each officer of the Corporation may execute, affix the corporate seal and/or deliver, in the name and on behalf of the Corporation, deeds, mortgages, notes, bonds, contracts, agreements, powers of attorney, guarantees, settlements, releases, evidences of indebtedness, conveyances, or any other document or instrument which is authorized by the Board or is required to be executed in the ordinary course of business of the Corporation, except in cases where the execution, affixation of the corporate seal and/or delivery thereof shall be expressly and exclusively delegated by the Board to some other officer or agent of the Corporation.

Section 6.18 *Bonding*. The Corporation may secure a bond to protect the Corporation from loss in the event of defalcation by any of the officers, which bond may be in such form and amount and with such surety as the Board of Directors may deem appropriate.

**ARTICLE VII** 

**CERTIFICATES REPRESENTING SHARES** 

Section 7.1 *Certificated and Uncertificated Shares*. The shares of the capital stock of the Corporation may be either certificated shares or uncertificated shares. As used herein, the term "***certificated shares***" means shares represented by instruments in bearer or registered form, and the term "***uncertificated shares***" means shares not represented by instruments and the transfers of which are registered upon books maintained for that purpose by or on behalf of the Corporation.

Section 7.2 *Certificates*. Certificates for certificated shares shall be in such form, not inconsistent with that required by law and the Certificate of Formation of the Corporation, as shall be approved by the Board of Directors. Such certificates will be consecutively numbered and entered in the stock book of the Corporation as they are issued. Each certificate will state on the face thereof the holder's name, the number, class of shares, and the par value of such shares or a statement that such shares are without par value, and such other matters as may be required by law. They will be signed by the Chief Executive Officer, President or a Vice President and the Secretary or an Assistant Secretary, and may be sealed with the seal of the Corporation or a facsimile thereof; provided, however, that any of or all the signatures on the certificate may be facsimile. In case any officer, transfer agent or registrar who have signed, or whose facsimile signature or signatures have been used on such certificate or certificates, ceases to be such officer, transfer agent or registrar before such certificate is issued by the Corporation, such certificate may nevertheless be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue.

Section 7.3 *Issuance of Uncertificated Shares*. After the issuance of uncertificated shares, the Corporation or the transfer agent of the Corporation must send to the registered owner of such uncertificated shares a written notice containing the information required to be stated on certificates representing shares of stock as set forth in <u>Section 7.2</u>.

Section 7.4 *Lost, Stolen or Destroyed Certificates*. The Board of Directors may determine the conditions upon which the Corporation may issue (a) a new certificate of stock or (b) uncertificated shares in place of a certificate theretofore issued by the Corporation that is alleged to have been lost, stolen or destroyed and may require the owner of such certificate or such owner's legal representative to give a bond, with surety sufficient to indemnify the Corporation and each transfer agent and registrar against any and all losses or claims which may arise by reason of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate in the place of the one so lost, stolen or destroyed. When authorizing such issue of a new certificate, the Board of Directors, in its discretion and as a condition precedent to the issuance thereof, may require the owner of such lost or destroyed certificate, or his legal representative, to advertise the same in such manner as it may require with respect to the certificate alleged to have been lost, stolen or destroyed. When a certificate has been lost, apparently destroyed or wrongfully taken, and the holder of record fails to notify the Corporation within a reasonable time after such holder has notice of it, and the Corporation registers a transfer of the shares represented by the certificate before receiving such notification, the holder of record is precluded from making any claim against the Corporation for the transfer of a new certificate.

Section 7.5 *Transfer of Shares*. Upon surrender to the Corporation or a transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the Corporation to issue a new certificate or evidence of the issuance of uncertificated shares to the person entitled thereto, cancel the old certificate and record the transaction upon the books of the Corporation. Upon receipt of proper transfer instructions from the registered owner of uncertificated shares, such uncertificated shares shall be cancelled, issuance of new equivalent uncertificated shares or certificated shares will be made to the person entitled thereto and the transaction shall be recorded upon the books of the Corporation.

Section 7.6 *Registered Shareholders*. The Corporation will be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and, accordingly, will not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it has express or other notice thereof, except as otherwise provided by law.

Section 7.7 *Regulations Regarding Shares*. The Board of Directors shall have the power and authority to make all such rules and regulations as they may deem expedient concerning the issue, transfer or registration of certificated or uncertificated shares and the replacement of certificated shares of capital stock of the Corporation.

**ARTICLE VIII**

**EXCLUSIVE FORUM; JURY TRIAL WAIVER; OWNERSHIP THRESHOLD FOR DERIVATIVE PROCEEDINGS**

Section 8.1 *Exclusive Forum*. Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for any of the filing, adjudication and trial of (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim for or based on a breach of a fiduciary duty owed by any current or former director or officer or other employee of the Corporation to the corporation or the Corporation's shareholders, including any claim alleging a conspiracy to breach a fiduciary duty, knowing participation in a breach of a fiduciary duty or aiding and abetting a breach of fiduciary duty, (iii) any action asserting a claim against the corporation or any current or former director or officer or other employee of the corporation arising pursuant to any provision of the TBOC or the Certificate of Formation or these Bylaws (in each case, as they may be amended from time to time), (iv) any action asserting a claim related to or involving the corporation that is governed by the internal affairs doctrine, (v) any action asserting an "internal entity claim" as that term is defined in Section 2.115 of the TBOC, or (vi) any other action or proceeding in which the Business Court of the State of Texas has jurisdiction, shall be the Texas Business Court ("***Business Court***"), located in Dallas County, Texas (provided that if the Business Court determines that it lacks jurisdiction, the United States District Court for the Northern District of Texas, (the "***Federal Court***"). For the avoidance of doubt, this Section shall not apply to any direct claims under the Securities Act of 1933, as amended, or the Exchange Act.

Section 8.2 ***JURY TRIAL WAIVER***. **UNLESS THE CORPORATION CONSENTS IN WRITING TO A JURY TRIAL, THE CORPORATION AND EACH SHAREHOLDER, DIRECTOR, AND OFFICER OF THE CORPORATION HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT THAT THE CORPORATION OR SUCH PERSON MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL ACTION, PROCEEDING, CAUSE OF ACTION, COUNTERCLAIM, CROSS-CLAIM OR THIRD-PARTY CLAIM ARISING OUT OF OR RELATING TO ANY "INTERNAL ENTITY CLAIM" AS THAT TERM IS DEFINED IN SECTION 2.115 OF THE TBOC, AND EACH SHAREHOLDER AGREES THAT SUCH SHAREHOLDER'S HOLDING OR ACQUISITION OF SHARES OF STOCK OF THE CORPORATION OR, TO THE EXTENT PERMITTED BY LAW, OPTIONS OR RIGHTS TO ACQUIRE SHARES OF STOCK OF THE CORPORATION FOLLOWING THE ADOPTION OF THESE BYLAWS CONSTITUTES SUCH SHAREHOLDER'S INTENTIONAL AND KNOWING WAIVER OF ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH CLAIMS.**

Section 8.3 *Ownership Threshold For Derivative Proceedings*. No shareholder or group of shareholders may institute or maintain a derivative proceeding brought on behalf of the Corporation against any director and/or officer of the Corporation in his or her official capacity, unless the shareholder or group of shareholders, at the time the derivative proceeding is instituted, beneficially owns a number of shares of common stock sufficient to meet an ownership threshold of at least three percent of the outstanding shares of the Corporation.

**ARTICLE IX**

**GENERAL PROVISIONS** 

Section 9.1 *Dividends*. Dividends upon the outstanding shares of the Corporation, subject to the provisions of the Certificate of Formation, if any, may be declared by the Board of Directors at any regular or special meeting. Dividends may be declared and paid in cash, in property, or in shares of the Corporation, subject to the provisions of the TBOC and the Certificate of Formation. The Board of Directors may fix in advance a record date for the purpose of determining shareholders entitled to receive payment of any dividend, such record date to be not more than 60 days prior to the payment date of such dividend, or the Board of Directors may close the stock transfer books for such purpose for a period of not more than 60 days prior to the payment date of such dividend. In the absence of any action by the Board of Directors, the date upon which the Board of Directors adopts the resolution declaring such dividend will be the record date.

Section 9.3 *Telephone and Similar Meetings*. Shareholders, Directors and committee members may participate in and hold meetings by means of conference telephone or similar communications equipment, or another suitable electronic communications system, including videoconferencing technology or the Internet if the telephone, equipment or system permits each person participating in the meeting to communicate with all other persons participating in the meeting. Participation in such a meeting will constitute presence in person at the meeting, except where a person participates in the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business on the ground that the meeting had not been lawfully called or convened.

Section 9.4 *Books and Records*. The Corporation will keep correct and complete books and records of account and minutes of the proceedings of its shareholders and Board of Directors, and will keep at its registered office or principal place of business, or at the office of its transfer agent or registrar, a record of its shareholders, giving the names and addresses of all shareholders and the number and class of the shares held by each.

Section 9.5 *Fiscal Year*. The fiscal year of the Corporation will be fixed by resolution of the Board of Directors.

Section 9.6 *Construction*. As used herein, the gender of words includes the masculine, feminine and neuter, and the singular includes the plural (and *vice-versa*). Use of the terms "include," "including" and similar derivations are without limitation.

Section 9.7 *Seal*. The Corporation may have a seal, and such seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise. Any officer of the Corporation will have authority to affix the seal to any document requiring it.

Section 9.8 *Indemnification*. The Corporation will indemnify its Directors, officers and other persons referenced in the Certificate of Formation to the fullest extent permitted by the TBOC and may, if and to the extent authorized by the Board of Directors, so indemnify any other person whom it has the power to indemnify against liability, reasonable expense or other matter whatsoever.

Section 9.9 *Insurance*. The Corporation may at the discretion of the Board of Directors purchase and maintain insurance on behalf of the Corporation and any person whom it has the power to indemnify pursuant to law, the Certificate of Formation, these Bylaws or otherwise.

Section 9.10 *Amendment of Bylaws*. These Bylaws may be altered, amended or repealed at any meeting of the Board of Directors at which a quorum is present, by the affirmative vote of a majority of the Directors present at such meeting, except to the extent (a) such power shall be reserved exclusively to the shareholders in whole or part by the Certificate of Formation or the TBOC or (b) the shareholders in amending, repealing or adopting a particular Bylaw shall have expressly provided in such Bylaw. Unless the Certificate of Formation or a Bylaw adopted by the shareholders shall provide otherwise as to all or some portion of the Bylaws, the shareholders may amend, repeal, or adopt Bylaws even though the Bylaws may also be amended, repealed, or adopted by the Board of Directors.

Section 9.11 *Invalid Provisions*. If any part of these Bylaws is held invalid or inoperative for any reason, the remaining parts, so far as possible and reasonable, will be valid and operative.

Section 9.12 *Relation to Certificate of Formation*. These Bylaws are subject to, and governed by, the Certificate of Formation.

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