# EDGAR Filing Document

**Accession Number:** 0000034956
**File Stem:** 0001654954-25-007104
**Filing Date:** 2025-6
**Character Count:** 30112
**Document Hash:** 02053008c90e16d51f0c87e2fcdd6f86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-25-007104.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001654954-25-007104

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250611

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

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TENAX THERAPEUTICS, INC.
- **CENTRAL INDEX KEY:** 0000034956
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 262593535
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34600
- **FILM NUMBER:** 251053743

**BUSINESS ADDRESS:**
- **STREET 1:** 101 GLEN LENNOX DRIVE
- **STREET 2:** SUITE 300
- **CITY:** CHAPEL HILL
- **STATE:** NC
- **ZIP:** 27517
- **BUSINESS PHONE:** 919-855-2100

**MAIL ADDRESS:**
- **STREET 1:** 101 GLEN LENNOX DRIVE
- **STREET 2:** SUITE 300
- **CITY:** CHAPEL HILL
- **STATE:** NC
- **ZIP:** 27517

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OXYGEN BIOTHERAPEUTICS, INC.
- **DATE OF NAME CHANGE:** 20080703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SYNTHETIC BLOOD INTERNATIONAL INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SINEQUANON CORP
- **DATE OF NAME CHANGE:** 19901219

?xml version='1.0' encoding='ASCII'? tennx_8k.htm

**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 11, 2025**

---

| |
|:---|
| **Tenax Therapeutics, Inc.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34600** | **26-2593535** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

**101 Glen Lennox Drive, Suite 300**

**<u>Chapel Hill, North Carolina 27517</u>**

(Address of principal executive offices) (Zip Code)

**<u>919-855-2100</u>**

(Registrant's telephone number, including area code)

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, $0.0001 par value per share | TENX | 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 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐<br>

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 11, 2025, Tenax Therapeutics, Inc. (the "Company") held its 2025 annual meeting of stockholders (the "Annual Meeting"). At the Annual Meeting, upon the recommendation of the Company's Board of Directors (the "Board"), the Company's stockholders approved the Certificate of Amendment (the "Officer Exculpation Amendment") to the Company's Certificate of Incorporation, as amended (the "Certificate") to add provisions to the Certificate exculpating certain officers of the Company from liability in specific circumstances, as permitted by Delaware law. The details of the Officer Exculpation Amendment were disclosed in the Company's definitive proxy statement for the Annual Meeting, filed with the Securities and Exchange Commission on April 25, 2025, which description is incorporated herein by reference.

The Company filed the Officer Exculpation Amendment with the Secretary of State of the State of Delaware (the "DE Secretary of State") on June 13, 2025, which became effective upon filing. The Company filed a restated certificate of incorporation (the "Restated Certificate") with the DE Secretary of State on June 16, 2025, which became effective upon filing, that integrated the Certificate and the Officer Exculpation Amendment.

The foregoing descriptions of the Officer Exculpation Amendment and the Restated Certificate are qualified in their entirety by reference to the full text of the Officer Exculpation Amendment and the Restated Certificate, copies of which are filed as Exhibit 3.1 and Exhibit 3.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 5.07**  | **Submission of Matters to a Vote of Security Holders.** |

---

The following proposals were voted upon at the Annual Meeting and the final voting results with respect to each such proposal are set forth below.

**Proposal 1: Election of Directors** 

The Company's stockholders elected each of the following individuals to the Board for a one-year term expiring in 2026, or until his or her successor is duly elected qualified, by the votes indicated below.

---

| | | | |
|:---|:---|:---|:---|
| **Members** | **For** | **Withheld**  | **Broker Non-Votes** |
| June Almenoff | 2460500 | 25549 | 527090 |
| Michael Davidson | 1992079 | 493970 | 527090 |
| Declan Doogan | 2470868 | 15181 | 527090 |
| Christopher T. Giordano | 2470815 | 15234 | 527090 |
| Robyn M. Hunter | 2470890 | 15159 | 527090 |
| Gerald T. Proehl | 2470820 | 15229 | 527090 |
| Stuart Rich | 2470804 | 15245 | 527090 |

---

**Proposal 2: Officer Exculpation** 

The Company's stockholders approved the Officer Exculpation Amendment by the votes indicated below.

---

| | | | |
|:---|:---|:---|:---|
| **For** | **Against** | **Abstain** | **Broker Non-Votes** |
| 2,458,203 | 10,244 | 17,602 | 527,090 |

---

**Proposal 3: Stockholder Action** 

The Company's stockholders did not approve the proposed amendments to the Certificate requiring all stockholder action be taken at an annual or special meeting of stockholders, by the votes indicated below.

---

| | | | |
|:---|:---|:---|:---|
| **For** | **Against** | **Abstain** | **Broker Non-Votes** |
| 1,915,960 | 563,768 | 6,321 | 527,090 |

---

**Proposal 4: Say-on-Pay** 

The Company's stockholders voted on a resolution to approve (on a nonbinding advisory basis) the Company's 2024 named executive officer compensation as disclosed in the Proxy Statement. This proposal was approved by the votes indicated below.

---

| | | | |
|:---|:---|:---|:---|
| **For** | **Against** | **Abstain** | **Broker Non-Votes** |
| 2,435,043 | 30,284 | 20,722 | 527,090 |

---

**Proposal 5: Say-on-Frequency** 

The Company's stockholders voted to approve (on a nonbinding advisory basis) the frequency of an advisory vote on the compensation of the Company's named executive officers (the "say-on-pay" vote) in future years. The votes on this proposal are summarized below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **1 Year** | **2 Years** | **3 Years** | **Abstain** | **Broker Non-Votes** |
| 616,373 | 1,825,717 | 21,046 | 22,913 | 527,090 |

---

After taking into consideration the foregoing voting results and the prior recommendations of the Board, the Company will hold an advisory "say-on-pay" vote every two years in connection with its annual meeting of stockholders until the Board otherwise determines that a different frequency for such advisory votes is in the best interest of the Company.

**Proposal 6: Auditor Ratification** 

The Company's stockholders ratified the appointment of Cherry Bekaert LLP as the Company's independent registered public accounting firm for the year ending December 31, 2025 by the votes indicated below.

---

| | | | |
|:---|:---|:---|:---|
| **For** | **Against** | **Abstain** | **Broker Non-Votes** |
| 2,976,524 | 19,600 | 17,015 | None |

---

---

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

---

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.**  | **Description**  |
| [3.1](tennx_ex31.htm) | [Officer Exculpation Amendment.](tennx_ex31.htm) |
| [3.2](tennx_ex32.htm) | [Restated Certificate of Incorporation.](tennx_ex32.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document).  |

---

**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.

---

| | | |
|:---|:---|:---|
| Date: June 17, 2025 | **Tenax Therapeutics, Inc.** | **Tenax Therapeutics, Inc.** |
|  | By:  | /s/ Christopher T. Giordano  |
|  |  | Christopher T. Giordano |
|  |  | President and Chief Executive Officer |

---

## Exhibit 3.1

**EXHIBIT 3.1**

**CERTIFICATE OF AMENDMENT**

**TO**

**CERTIFICATE OF INCORPORATION**

**OF**

**TENAX THERAPEUTICS, INC.**

The undersigned, for purposes of amending the Certificate of Incorporation, as amended (the "**Certificate**"), of Tenax Therapeutics, Inc., a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware (the "**Corporation**"), does hereby certify as follows:

**FIRST**: Article VII of the Certificate is hereby amended to read as follows:

ARTICLE VII

<u>LIMITATION ON DIRECTOR AND OFFICER LIABILITY</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. No member of the Board or officer of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except, if required by the DGCL, as amended from time to time, for liability: (1) for any breach of the director's or officer's duty of loyalty to the Corporation or its stockholders; (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; (3) for a director under Section 174 of the DGCL; (4) for any transaction from which the director or officer derived an improper personal benefit; or (5) for an officer, in any action by or in the right of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If the DGCL is amended after the approval of this Article VII to authorize corporate action further eliminating or limiting the personal liability of directors or officers of the Corporation, then the liability of directors or officers of the Corporation shall be eliminated or limited to the fullest extent permitted by the DGCL, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Any repeal or modification of this Article VII shall not adversely affect any right or protection of a director or officer of the Corporation with respect to acts or omissions of such director or officer prior to the time of such repeal or modification.

**SECOND**: Except as expressly amended herein, all provisions of the Certificate filed with the Office of the Secretary of State of the State of Delaware on April 17, 2008, and amended on November 4, 2009, May 10, 2013, September 8, 2014, February 22, 2018, January 3, 2023 and December 28, 2023 shall remain in full force and effect.

**THIRD**: That said amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.

**FOURTH**: That the Corporation's number of shares of authorized capital stock of all classes, and the par value thereof, shall not be changed or affected under or by reason of said amendment.

**FIFTH**: That said amendment shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned, being a duly authorized officer of the Corporation, does hereby execute this Certificate of Amendment to the Certificate of Incorporation this 13<sup>th</sup> day of June, 2025.

---

| | |
|:---|:---|
| TENAX THERAPEUTICS, INC. | TENAX THERAPEUTICS, INC. |
| By: | /s/ Christopher T. Giordano |
| Name: | Christopher T. Giordano |
| Title: | President and Chief Executive Officer |

---

## Exhibit 3.2

**EXHIBIT 3.2**

**AMENDED AND RESTATED** 

**CERTIFICATE OF INCORPORATION** 

**OF** 

**TENAX THERAPEUTICS, INC.**

Tenax Therapeutics, Inc. (the "<u>Corporation</u>"), a corporation organized and existing under the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"), does hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Corporation is Tenax Therapeutics, Inc. The original certificate of incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on April 17, 2008, as amended on November 4, 2009, May 10, 2013, September 8, 2014, February 22, 2018, January 3, 2023 and December 28, 2023 and June 13, 2025. The name under which the Corporation was originally incorporated was Oxygen Biotherapeutics, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Amended and Restated Certificate of Incorporation (the "<u>Restated Certificate</u>"), which only restates and integrates and does not further amend (except as permitted under § 242(d)(1)(A) of the DGCL) the provisions of the corporation's certificate of incorporation as theretofore amended or supplemented and there is no discrepancy between those provisions and the provisions of the Restated Certificate (except as permitted under § 245(c) of the DGCL), has been approved and adopted by the Board of Directors of the Corporation (the "<u>Board of Directors</u>") of the Corporation in accordance with Sections 242 and 245 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The text of the certificate of incorporation of the Corporation, as heretofore amended, is hereby amended and restated by this Restated Certificate to read in its entirety as set forth in <u>EXHIBIT A</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Restated Certificate shall be effective upon filing.

IN WITNESS WHEREOF, Tenax Therapeutics, Inc. has caused this Restated Certificate to be signed by a duly authorized officer of the Corporation, on June 16, 2025.

---

| | |
|:---|:---|
| **Tenax Therapeutics, Inc.** | **Tenax Therapeutics, Inc.** |
| By:  | /s/ Christopher T. Giordano |
| Name:  | Christopher T. Giordano |
| Title:  | President and Chief Executive Officer |

---

[*Signature Page to Amended and Restated Certificate of Incorporation*]

**<u>EXHIBIT A</u>**

ARTICLE I

<u>NAME OF CORPORATION</u>

The name of the Corporation is Tenax Therapeutics, Inc. (the "Corporation").

ARTICLE II

ADDRESS OF REGISTERED OFFICE;

<u>NAME OF REGISTERED AGENT</u>

The address of the Corporation's registered office in the State of Delaware is 251 Little Falls Drive, City of Wilmington, County of New Castle, Delaware 19808. The name of the registered agent of the Corporation at such address is Corporation Service Company.

ARTICLE III

<u>PURPOSE</u>

The purpose of the Corporation is to engage in any lawful act or activity for which a corporation may now or hereafter be organized under the Delaware General Corporation Law ("<u>DGCL</u>").

ARTICLE IV

<u>CAPITAL STOCK</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Authorized</u>. The total number of shares of all classes of stock which the Corporation has authority to issue is 410,000,000, consisting of (a) 400,000,000 shares of common stock, par value $0.0001 per share (the "<u>Common Stock</u>"), and (b) 10,000,000 shares of preferred stock, par value $0.0001 per share (the "<u>Preferred Stock</u>"), to be issued from time to time with such rights, preferences and priorities as the Board of Directors of the Corporation (the "<u>Board</u>") shall designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Preferred Stock</u>. The Preferred Stock may be issued from time to time in one or more series. The Board is hereby authorized to provide for the issuance of shares of Preferred Stock in one or more series and, by filing a certificate pursuant to the applicable law of the State of Delaware (hereinafter referred to as "<u>Preferred Stock Designation</u>"), to establish from time to time the number of shares to be included in each such series, and to fix the designation, powers, preferences and rights of the shares of each such series and the qualifications, limitations and restrictions thereof. The authority of the Board with respect to each series shall include, but not be limited to, determination of 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;(1) The designation of the series, which may be by distinguishing number, letter or title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The number of shares of the series, which number the Board may thereafter (except where otherwise provided in the Preferred Stock Designation) increase or decrease (but not below the number of shares thereof then outstanding).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The amounts payable on, and the preferences, if any, of shares of the series in respect of dividends, and whether such dividends, if any, shall be cumulative or noncumulative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Dates at which dividends, if any, shall be payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The redemption rights and price or prices, if any, for shares of the series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The terms and amount of any sinking fund provided for the purchase or redemption of shares of the series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The amounts payable on, and the preferences, if any, of shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Whether the shares of the series shall be convertible into or exchangeable for shares of any other class or series, or any other security, of the Corporation or any other corporation, and, if so, the specification of such other class or series or such other security, the conversion or exchange price or prices or rate or rates, any adjustments thereof, the date or dates at which such shares shall be convertible or exchangeable and all other terms and conditions upon which such conversion or exchange may be 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;(9) Restrictions on the issuance of shares of the same series or of any other class or series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) The voting rights, if any, of the holders of shares of the series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Common Stock</u>. The Common Stock shall be subject to the express terms of the Preferred Stock and any series thereof. Except as may otherwise be provided in this Certificate of Incorporation, in a Preferred Stock Designation or by applicable law, the holders of shares of Common Stock shall be entitled to one vote for each such share upon all questions presented to the stockholders, the Common Stock shall have the exclusive right to vote for the election of directors and for all other purposes, and holders of Preferred Stock shall not be entitled to vote at or receive notice of any meeting of stockholders. There will be no cumulative voting.

The Corporation shall be entitled to treat the person in whose name any share of its stock is registered as the owner thereof for all purposes and shall not be bound to recognize any equitable or other claim to, or interest in, such share on the part of any other person, whether or not the Corporation shall have notice thereof, except as expressly provided by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Consideration for Issuance</u>. The Corporation may, from time to time, issue and sell authorized shares of stock for consideration per share not less than the par value thereof, either in money, property or services, or for such other consideration, as permitted by law and as fixed by the Board. All such shares of stock so issued shall be fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Liquidation Rights</u>. Subject to the rights of any outstanding Preferred Stock, upon any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, the holders of stock shall be entitled to receive all remaining assets of the Corporation and such assets shall be distributed ratably among the holders of stock on the basis of the number of shares of stock held by each of them. Neither the merger or consolidation of the Corporation with or into another corporation, nor the merger or consolidation of another corporation with or into the Corporation, nor the sale, transfer or lease of all or substantially all the assets of the Corporation, or the reduction of the capital stock of the Corporation, shall be deemed to be a liquidation, dissolution or winding up of the Corporation within the meaning of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Dividend Rights</u>. Dividends may be paid on the stock as and when declared by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>No Preemptive Rights</u>. Except as set forth in the express terms of the Preferred Stock or any series thereof, no holder of any shares of stock shall, as such holder, have any rights, preemptive or otherwise, to purchase, subscribe for or otherwise acquire any shares of stock, whether now or hereafter authorized, which at any time are offered for sale or sold by the Corporation.

ARTICLE V

<u>DURATION</u>

The Corporation shall have perpetual existence.

ARTICLE VI

<u>BYLAWS</u>

The stockholders of the Corporation shall have the power to adopt, amend or repeal the Bylaws. The Board shall also have the power to adopt, amend or repeal the Bylaws except as specifically provided for in the Bylaws.

ARTICLE VII

<u>LIMITATION ON DIRECTOR AND OFFICER LIABILITY</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. No member of the Board or officer of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except, if required by the DGCL, as amended from time to time, for liability: (1) for any breach of the director's or officer's duty of loyalty to the Corporation or its stockholders; (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; (3) for a director under Section 174 of the DGCL; (4) for any transaction from which the director or officer derived an improper personal benefit; or (5) for an officer, in any action by or in the right of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If the DGCL is amended after the approval of this Article VII to authorize corporate action further eliminating or limiting the personal liability of directors or officers of the Corporation, then the liability of directors or officers of the Corporation shall be eliminated or limited to the fullest extent permitted by the DGCL, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Any repeal or modification of this Article VII shall not adversely affect any right or protection of a director or officer of the Corporation with respect to acts or omissions of such director or officer prior to the time of such repeal or modification.

ARTICLE VIII

<u>INDEMNIFICATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Indemnification of Authorized Representatives</u>. The Corporation shall indemnify, to the fullest extent permitted by applicable law, any person who was or is a party to, or is threatened to be made a party to, or is otherwise involved in, any action, suit or proceeding, whether civil, criminal, administrative or investigative (a "proceeding") by reason of the fact that such person was or is an authorized representative, or was or is a director, officer, employee or agent of the Corporation, or was or is serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, non-profit entity or other enterprise, against all liability and loss suffered and expenses (including attorney's fees) actually and reasonably incurred by such person in connection with such proceeding. The Corporation shall be required to indemnify a person in connection with a proceeding (or part thereof) initiated by such person only if the proceeding (or part thereof) was authorized by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Advancing Expenses</u>. The Corporation shall pay the expenses actually and reasonably incurred in defending a third party proceeding or corporate proceeding in advance of the final disposition of such proceeding and within thirty (30) days of receipt by the secretary of the Corporation, if required by law, of an undertaking by or on behalf of the authorized representative to repay such amount if it shall ultimately be determined that the authorized representative is not entitled to be indemnified by the Corporation as authorized in this Article VIII. The financial ability of any authorized representative to make a repayment contemplated by this section shall not be a prerequisite to the making of an advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Claims</u>. If a claim for indemnification or payment of expenses (including attorney's fees) under this Article is not paid in full within sixty days after a written claim therefor has been received by the Corporation, the claimant may file suit to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the Corporation shall have the burden of proving that the claimant was not entitled to the requested indemnification or payment of expenses under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Scope of this Article VIII</u>. The indemnification of authorized representatives and advancement of expenses, as authorized by the preceding provisions of this Article VIII, shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any agreement, vote of stockholders or disinterested directors or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Amendment or Repeal</u>. Any repeal or modification of the provisions of this Article VIII shall not adversely affect any right or protection hereunder of any person in respect of any act or omission occurring prior to the time of such repeal or modification.

ARTICLE IX

<u>AMENDMENTS</u>

The Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation in the manner now and hereafter prescribed by statute, and all rights conferred upon officers, directors and stockholders herein are granted subject to this reservation.

ARTICLE X

<u>BOARD OF DIRECTORS</u>

The governing board of the Corporation shall be known as the Board of Directors, and the number of persons at any time comprising the Board of Directors may be increased or decreased in the manner provided in the Bylaws; provided, however, the number of persons comprising the Board of Directors shall not be less than one (1) or more than fifteen (15).