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Ex. 10.3 EXECUTION VERSION

REGISTRATION RIGHTS AGREEMENT
This REGISTRATION RIGHTS AGREEMENT (as the same may be amended from time to time in accordance with its terms, the “Agreement”) is made as of April 30, 2021, by and among Magnite, Inc., a Delaware corporation (the “Company”), and each of the Persons set forth on Schedule 1 (collectively, together with their Permitted Assignees (defined below), the “Holders”, and each a “Holder”).  Capitalized terms used but not defined herein shall have the respective meanings ascribed to them in the Purchase Agreement (defined below).
WHEREAS, in connection with the transactions contemplated by the Stock Purchase Agreement (the “Purchase Agreement”), dated as of February 4, 2021, by and among, the Company, RTL US Holding, Inc., a Delaware corporation (the “Seller”), and, solely for purposes of Article 6 thereof, RTL Group S.A., a Société Anonyme, the parties hereto have agreed to enter into this Agreement pursuant to which the Company has agreed to grant the Holders certain registration rights with respect to the Common Shares held by the Holders (as set forth on Schedule 1) as more fully set forth herein.
THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties mutually agree as follows:
ARTICLE I.
DEFINITIONS 
Section i.Certain Definitions.  As used in this Agreement, capitalized terms not otherwise defined herein shall have the meanings ascribed to them below: 
“Affiliate” means, with respect to any Person, any other Person who directly or indirectly controls, is controlled by or is under common control with such first Person.  For purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have correlative meanings.
“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405 promulgated under the Securities Act.
“Block Trade” means an offering and/or sale of Registrable Securities by any Holder to one or more financial institutions in a private resale transaction or an underwritten registered shelf take-down transaction in the form of a bought deal, a block trade or a direct sale that does not include any substantial marketing efforts by the Company or its management prior to pricing.
“Business Day” means a day, other than Saturday, Sunday or other day on which commercial banks in Los Angeles, California, the Grand Duchy of Luxembourg or New York, New York are customarily closed, or required by Applicable Law to close.
    

“Common Shares” means shares of the Common Stock, par value $0.00001 per share, of the Company, and any equity securities issued or issuable in exchange for or with respect thereto by way of a stock dividend, stock split or combination of shares or in connection with a reclassification, recapitalization, merger, consolidation or other reorganization or otherwise.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
“FINRA” means the Financial Industry Regulatory Authority, Inc.
“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an offer of Registrable Securities. 
“Person” means any individual, corporation, partnership, limited liability company, limited liability partnership, syndicate, person, trust, association, organization or other entity or any governmental or regulatory body or other agency or authority or political subdivision thereof, including any successor, by merger or otherwise, of any of the foregoing. 
“Prospectus” means the prospectus included in a registration statement (including, without limitation, an Issuer Free Writing Prospectus a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a registration statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.
“Registrable Securities” means (a) Common Shares held by the Holders as of the date hereof and set forth on Schedule 1, and (b) Common Shares issued or issuable, directly or indirectly, in exchange for or with respect to the Common Shares referenced in clause (a) above (including by way of share split, share dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise); provided, however, that, as to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (i) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged, in each case with or to a third party who is not a Permitted Assignee, in accordance with such Registration Statement; (ii) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (iii) such securities shall have ceased to be outstanding; (iv) such securities are sold without registration pursuant to Rule 144 promulgated under the Securities Act; (v) such securities become eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 promulgated under the Securities Act; or (vi) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction. Notwithstanding anything to the contrary, any particular Registrable Securities shall cease to be Registrable 
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Securities when such Registrable Securities have been transferred by a Holder to any transferee that is not a Permitted Assignee.  
“Registration Expenses” means all fees and expenses incurred in connection with the Company’s performance of or compliance with the provisions of Article II, including, without limitation:  (a) all registration, listing, qualification and filing fees (including FINRA filing fees), (b) fees and expenses of compliance with state securities or “blue sky” laws (including reasonable counsel fees in connection with the preparation of a blue sky and legal investment survey and FINRA filings), (c) printing and copying expenses, (d) messenger and delivery expenses, (e) expenses incurred in connection with any road show, (f) fees and disbursements of outside firm counsel for the Company, (g) with respect to each registration, the reasonable fees and disbursements of one counsel for the Holders selected by the Seller, (h) fees and disbursements of independent public accountants, including the expenses of any audit or “comfort” letter, and fees and expenses of other persons, including special experts, retained by the Company, (i) underwriter fees, excluding discounts and commissions, and any other expenses which are customarily borne by the issuer or seller of securities in a public equity offering and (j) all internal expenses of the Company (including all salaries and expenses of officers and employees performing legal or accounting duties). 
“SEC” means the Securities and Exchange Commission. 
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
Section ii.Index of Other Defined Terms.  In addition to those terms defined in Section 1.1, the following terms shall have the respective meanings given thereto in the sections or paragraphs indicated below:
DEFINED TERMS

Agreement    Preamble
Company    Preamble
Holder(s)    Preamble
Losses    Section 2.5(a)
Permitted Assignee(s)    Section 4.8
Purchase Agreement    Preamble
Seller    Preamble
Shelf Registration    Section 2.1(a)
Shelf Registration Statement    Section 2.1(a)
Suspension Period    Section 2.1(b)(ii)

I.
REGISTRATION RIGHTS 
i.Shelf Registration. 
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1.Shelf Registration.  As promptly as reasonably practicable after the receipt of a written request from the Seller, the Company shall prepare and file with the SEC a registration statement on Form S-1 or Form S-3 or an equivalent general registration form then in effect (a “Shelf Registration Statement”) providing for the resale from time to time on a delayed or continuous basis pursuant to Rule 415 under the Securities Act by the Holders of all of their Registrable Securities.  If at the time of filing of the Shelf Registration Statement the Company is eligible for use of an Automatic Shelf Registration Statement, then such shelf registration statement shall be filed as an Automatic Shelf Registration Statement.  The Shelf Registration Statement described in this Section 2.1(a) shall relate to the offer and sale of the Registrable Securities held by the Holders from time to time in accordance with the methods of distribution set forth in the applicable Shelf Registration Statement (hereinafter the “Shelf Registration”).  The Company shall use its commercially reasonable efforts to address any comments from the SEC regarding such Shelf Registration Statement.  The Shelf Registration Statement shall cover to the extent allowable under the Securities Act and the rules promulgated thereunder, such indeterminate number of additional Registrable Securities resulting from stock splits, stock dividends or similar transactions with respect to the Common Shares.  The Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement to become effective under the Securities Act as promptly as practicable following the initial filing thereof; provided that the Company shall not be required to take any action to cause the Shelf Registration Statement to be declared effective prior to the date the Lockup Period expires.
2.Continued Effectiveness.  
a.Except as provided herein, the Company shall use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective pursuant to the rules, regulations or instructions under the Securities Act until the earliest of (A) the date as of which all of the Registrable Securities specified in such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement or another Registration Statement filed under the Securities Act, (B) such shorter period as Seller shall agree in writing and (C) the date that no Registrable Securities remain outstanding.
b.Upon written notice to the Holders of Registrable Securities, (A) the Company shall be entitled to suspend, for a period of time, the use of any Shelf Registration Statement or Prospectus if the Board of Directors of the Company determines in its good faith judgment, after consultation with counsel, that the Shelf Registration Statement or any Prospectus may contain an untrue statement of a material fact or omits any fact necessary to make the statements in the Shelf Registration Statement or Prospectus not misleading and (B) the Company shall not be required to amend or supplement the Shelf Registration Statement, any related Prospectus or any document incorporated therein by reference if the Board of Directors of the Company determines in its good faith judgment, after consultation with counsel, that such amendment would reasonably be expected to have a material adverse effect on any proposal or plan of the Company to effect a merger, acquisition, disposition, financing, reorganization, recapitalization or similar transaction, in each case that is material to the 
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Company (in case of each clause (A) and (B), a “Suspension Period”); provided that (1) the duration of all Suspension Periods may not exceed one hundred and twenty (120) days in the aggregate in any 12-month period and (2) the Company shall use its commercially reasonable efforts to amend the Shelf Registration Statement and/or Prospectus to correct such untrue statement or omission as soon as reasonably practicable.  Each Holder agrees that upon receipt of any notice from the Company under this Section 2.1(b)(ii), such Holder will discontinue its disposition of Registrable Securities pursuant to the Shelf Registration Statement covering such Registrable securities until such Holder’s receipt of the copies of the supplemented or amended Prospectus and/or Shelf Registration Statement.  
3.Certain Undertakings.  Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause (i) the Shelf Registration Statement (as of the effective date of such Shelf Registration Statement), any amendment thereof (as of the effective date thereof) or supplement thereto (as of its date) (A) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading and (B) to comply in all material respects as to form with all applicable requirements of the Securities Act and the Exchange Act, and (ii) any related Prospectus, as of its date, not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading; provided, however, the Company shall have no such obligations or liabilities with respect to any written information pertaining to any Holder and furnished in writing to the Company by or on behalf of such Holder specifically for inclusion therein.  The Company agrees, to the extent necessary, to supplement or make amendments to each Shelf Registration Statement if required by applicable law. 
4.Underwritten Shelf Take-Downs; Block Trades.  The Seller and the Holders shall cooperate in good faith such that any sale of a material amount of Registrable Securities is conducted in an orderly fashion, whether such sale might occur pursuant to the Shelf Registration Statement or in a private resale transaction; and, in connection therewith, the Seller and the Holders will consider in good faith any proposal by the Company to arrange or facilitate an underwritten offering and sale or Block Trade of the Registrable Securities. 
ii.Registration Procedures.  Whenever the Company is required by the provisions of this Agreement to use commercially reasonable efforts to effect or cause the registration of any Registrable Securities under the Securities Act as provided in this Agreement, the Company, as expeditiously as possible:
1.shall prepare and file with the SEC the requisite registration statement, which shall comply as to form in all material respects with the requirements of the applicable form and shall include all financial statements required by the SEC to be filed therewith, and use commercially reasonable efforts to cause such registration statement to become and remain effective (provided, however, that before filing a registration statement or Prospectus or any amendments or supplements thereto, or comparable statements under securities or blue sky laws of any jurisdiction, the Company will furnish to one counsel for the Holders (selected by the 
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Seller), copies of all such documents proposed to be filed (including all exhibits thereto), which documents will be subject to the reasonable review and comment of such counsel, and the Company shall not file any registration statement or amendment thereto, any Prospectus or supplement thereto to which such parties shall reasonably object); 
2.shall furnish, without charge, to each Holder of the securities covered by such registration statement, with copies of such registration statement, each amendment thereto, the Prospectus included or related to such registration statement, all in conformity with the requirements of the Securities Act, and such other documents as any Holder reasonably may request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such Holder;
3.shall use commercially reasonable efforts to register or qualify the Registrable Securities covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions as any Holder reasonably shall request, and do any and all other acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition of the Registrable Securities in such jurisdictions; provided, however, that in no event shall the Company be required to (i) qualify to do business as a foreign corporation in any jurisdiction where, but for the requirements of this Section 2.2(d), it would not be required to be so qualified, (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction;
4.shall promptly notify each Holder:
a.when the registration statement, any pre-effective amendment, any Prospectus or supplement related thereto or any post-effective amendment to the registration statement has been filed and, with respect to the registration statement or any post-effective amendment, when the same has become effective; 
b.of any request by the SEC or state securities authority for amendments or supplements to the registration statement or the prospectus related thereto or for additional information;
c.the issuance or threatened issuance by the SEC of any stop order suspending the effectiveness of the registration statement or the initiation or threatening of any proceedings for that purpose;
d.of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation of any proceeding for such purpose; and
e.of the existence of any fact of which the Company becomes aware which results in the registration statement, the Prospectus related thereto, any document incorporated therein by reference or the information conveyed to any purchaser at the time of sale to such purchaser containing an untrue statement of a material fact or 
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omitting to state a material fact required to be stated therein or necessary to make any statement therein not misleading;
5.shall use commercially reasonable efforts to cause all securities covered by such registration statement to be authorized to be listed on a national securities exchange if shares of the particular class of securities are at that time, or will be immediately following the offering, listed on such exchange;
6.shall provide and cause to be maintained a transfer agent and registrar for all such securities covered by such registration statement not later than the effective date of such registration statement;
7.shall enter into such customary agreements (including, if applicable, an underwriting agreement with a mutually agreeable underwriter) and take such other actions as the Seller shall reasonably request in order to expedite or facilitate the disposition of such securities (it being understood that the applicable holders of the securities that are to be distributed by any underwriters shall be parties to any such underwriting agreement);
8.shall use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of the registration statement;
9.shall provide a CUSIP number for all Registrable Securities not later than the effective date of the applicable registration statement;
10.if applicable, shall cooperate with the Holders to facilitate the timely preparation and delivery of certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and instruct any transfer agent and registrar of Registrable Securities to release any stop transfer orders in respect thereof; 
11.shall cooperate with the Holders and their respective counsel in connection with any filings required to be made with FINRA;
12.in the event that the Company proposes an underwritten offering of the Registrable Securities, shall cause its officers to use their commercially reasonable efforts to support the marketing of the Registrable Securities covered by such offering (including participation of appropriate officers and employees (on a customary basis and upon reasonable advance notice) in “road shows” or other similar marketing efforts) to the extent reasonably necessary, in the view of the managing underwriter(s), to support the proposed sale of Registrable Securities; and
13.shall take all other reasonable steps necessary to effect (x) the registration and disposition of the Registrable Securities as required hereby and (y) the relevant hedging transaction pursuant to the No-Action Letter (if applicable). 
The Company may require as a condition precedent to the Company’s obligations under this Section 2.2 that each Holder as to which any registration is being effected furnish the Company 
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such information in writing regarding such Holder and the distribution of its Registrable Securities as the Company from time to time reasonably may request.  
iii.Registration Expenses.
1.The Company shall pay all Registration Expenses with respect to any registration effected under Section 2.1.
2.Notwithstanding the foregoing, (i) the provisions of this Section 2.3 shall be deemed amended to the extent necessary to cause these expense provisions to comply with “blue sky” laws of each state in which the offering is made and (ii) in connection with any registration hereunder, each Holder shall pay all transfer taxes, if any, attributable to the sale of such Holder’s Registrable Securities.
iv.No Required Sale.  Nothing in this Agreement shall be deemed to create an independent obligation on the part of any Holder to sell any Registrable Securities pursuant to any effective registration statement.
v.Indemnification.
1.In the event of any registration of any securities of the Company under the Securities Act pursuant to Article II, the Company will, and hereby agrees to, indemnify and hold harmless, to the fullest extent permitted by law, each Holder, its directors, officers, Affiliates, (and the directors and officers thereof), and each other Person, if any, who controls such holder within the meaning of the Securities Act, from and against any and all losses, claims, damages, expenses or liabilities, joint or several, actions or proceedings (whether commenced or threatened) and expenses (including reasonable fees of counsel and any amounts paid in any settlement effected with the Company’s consent) to which each such indemnified party may become subject under the Securities Act or otherwise in respect thereof (collectively, “Losses”), insofar as such Losses arise out of or are based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact necessary to be stated or necessary in order to make the statements, in light of the circumstances under which they were made, not misleading, in any registration statement under which such securities were registered under the Securities Act, or amendment thereof or supplement thereto, or in any Prospectus, together with the documents incorporated by reference therein, and the Company will reimburse any such indemnified party for any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Loss as such expenses are incurred; provided, however, that the Company shall not be liable to any such indemnified party in any such case to the extent such Loss arises out of or is based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in such registration statement or amendment thereof or supplement thereto or in any such Prospectus in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of such indemnified party specifically for use therein.
2.Each Holder whose Registrable Securities are included in the securities as to which any registration under Article II is being effected shall, severally and not jointly, 
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indemnify and hold harmless (in the same manner and to the same extent as set forth in paragraph (a) of this Section 2.5), to the fullest extent permitted by law, the Company, its officers and directors, each Person controlling the Company within the meaning of the Securities Act and all other prospective sellers and their respective directors, officers, Affiliates and respective controlling Persons with respect to any untrue statement or alleged untrue statement of any material fact in, or omission or alleged omission of any material fact from, such registration statement, any Prospectus utilized in connection therewith, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with information furnished in writing to the Company or its representatives by or on behalf of such Holder specifically for use therein and reimburse such indemnified party for any legal or other expenses reasonably incurred in connection with investigating or defending any such Loss as such expenses are incurred.  Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such holder.
3.Any Person entitled to indemnification under this Agreement promptly shall notify the indemnifying party in writing of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 2.5, but the failure of any such Person to provide such notice shall not relieve the indemnifying party of its obligations under the preceding paragraphs of this Section 2.5, except to the extent the indemnifying party is materially prejudiced thereby, and shall not relieve the indemnifying party from any liability that it may have to any such Person otherwise than under this Article II.  In case any action or proceeding is brought against an indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, unless in the reasonable opinion of outside counsel to the indemnified party a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, to assume the defense thereof jointly with any other indemnifying party similarly notified, to the extent that it chooses, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party that it so chooses, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that (i) if the indemnifying party fails to take reasonable steps necessary to defend diligently the action or proceeding within 20 days after receiving notice from such indemnified party, (ii) if such indemnified party who is a defendant in any action or proceeding that is also brought against the indemnifying party reasonably shall have concluded that there may be one or more legal defenses available to such indemnified party that are not available to the indemnifying party or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct, then, in any such case, the indemnified party shall have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all indemnified parties) and the indemnifying party shall be liable for any expenses therefor.  Without the written consent of the indemnified party, which consent shall not be unreasonably withheld, no indemnifying party shall effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder, whether or not the 
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indemnified party is an actual or potential party to such action or claim, unless such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (B) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.
4.If for any reason the foregoing indemnity is unavailable or is insufficient to hold harmless an indemnified party under Section 2.5(a), (b) or (c), then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of any Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to such offering of securities.  The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission.  If, however, the allocation provided in the second preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative faults but also the relative benefits of the indemnifying party and the indemnified party as well as any other relevant equitable considerations.  The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 2.5(d) were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the preceding sentences of this Section 2.11(d).  The amount paid or payable in respect of any Loss shall be deemed to include any legal or other third party expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Loss.  No Person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.  
5.The indemnity and contribution agreements contained herein shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to law or contract and shall remain operative and in full force and effect regardless of any investigation made or omitted by or on behalf of any indemnified party and shall survive the transfer of the Registrable Securities by any such party.
II.
GENERAL 
i.Company Filings.  The Company covenants that, so long as it remains subject to the reporting provisions of the Exchange Act, it will timely file the reports required to be filed by it under the Securities Act or the Exchange Act or, if it is not required to file such reports, upon the request of any Holder it shall make publicly available other information so long as necessary to permit sales of such Registrable Securities in compliance with Rule 144 under the Securities Act, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by 
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Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC.  
ii.Nominees for Beneficial Owners.  If securities are held by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its option, be treated as the holder of such securities for purposes of any request or other action by any holder or holders pursuant to this Agreement or any determination of any number or percentage of shares constituting securities held by any holder or holders contemplated by this Agreement; provided, that the Company shall have received assurances reasonably satisfactory to it of such beneficial ownership.
iii.No Inconsistent Agreements.  The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with any other agreements to which the Company is a party or by which it is bound.
III.
MISCELLANEOUS 
i.Amendment and Waiver. 
1.Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and is signed by the Company and the Seller.
2.No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder.
ii.Notices.  All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, (b) upon receipt of confirmation of successful transmission if delivered by electronic mail, (c) on the first Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (d) on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid.  All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:
a.if to any Holder, to the address set forth on Schedule 1;
b.if to the Company, to:
Magnite, Inc.
12181 Bluff Creek Drive, 4th Floor
Los Angeles, CA 90094
Attention:  General Counsel
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Telephone No.:  (310) 207-0272
E-mail:  legal@magnite.com
with a copy (which shall not constitute notice) to:
Gibson, Dunn & Crutcher LLP
333 South Grand Avenue
Los Angeles, CA 90071
Attention:  Bradford P. Weirick
Telephone No.:  (213)-229-7000
E-mail:  bweirick@gibsondunn.com
or such other address as the Company or the applicable holder shall have specified to the other party in writing in accordance with this Section 4.2.
iii.Interpretation.  When a reference is made in this Agreement to a Section, Article or Schedule, such reference shall be to a Section or Article of this Agreement or a Schedule attached hereto unless otherwise indicated.  The headings contained in this Agreement are for convenience of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  All words used in this Agreement will be construed to be of such gender or number as the circumstances require.  The word “including” and words of similar import when used in this Agreement will mean “including, without limitation,” unless otherwise specified.  Each of the parties hereto acknowledges that it has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement.  Accordingly, any rule of law or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party has no application and is expressly waived.
iv.Entire Agreement.  This Agreement constitutes the entire agreement, and supersedes all prior written agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings between the parties with respect to the subject matter hereof and thereof.
v.No Third-Party Beneficiaries.  Except as provided in Section 2.5, nothing in this Agreement, express or implied, is intended to or shall confer upon any Person other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement.
vi.Governing Law.  This Agreement shall be governed by and construed in accordance with the law of the State of Delaware, without regard to the conflicts of law rules of such state that would cause the laws of any other jurisdiction to apply.
vii.Submission to Jurisdiction.  The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought exclusively in the United States District Court for the District of Delaware or any Delaware State court sitting in 
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Wilmington, Delaware, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of business in the State of Delaware, and each of the parties hereby irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.  Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 4.2 shall be deemed effective service of process on such party.
viii.Successors, Assigns and Transferees.  The rights and obligations of each party hereto may not be assigned, in whole or in part, without the written consent of the Company; provided, however, that notwithstanding the foregoing, the rights and obligations set forth herein may be assigned, in whole or in part, by any Holder to any of its Affiliates, and such transferee shall, with the consent of the transferring holder, be treated as a “Holder” for all purposes of this Agreement (each Person to whom the rights and obligations are assigned in compliance with this Section 4.8 is a “Permitted Assignee” and all such Persons, collectively, are “Permitted Assignees”); provided, further, that such transferee shall only be admitted as a party hereunder upon its, his or her execution and delivery of a joinder agreement in substantially the form attached as Exhibit A hereto, agreeing to be bound by the terms and conditions of this Agreement as if such Person were a party hereto.
ix.Enforcement.  The parties hereto agree that irreparable damage would occur, and that the parties would not have any adequate remedy at law, in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.  It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement without proof of actual damages or otherwise in the Court of Chancery of the State of Delaware, provided that if jurisdiction is not then available in the Court of Chancery of the State of Delaware, then in any state or federal court located in the State of Delaware in addition to any other remedy to which any party is entitled at law or in equity.  Each party agrees to waive any requirement for the securing or posting of any bond in connection with such remedy.  The parties further agree not to assert that a remedy of specific performance is unenforceable, invalid, contrary to law or inequitable for any reason, nor to assert that a remedy of monetary damages would provide an adequate remedy.
x.Severability.  Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such 
13
    

jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein.
xi.Waiver of Jury Trial.  EACH OF THE PARTIES HERETO (ON BEHALF OF ITSELF AND ITS RELATED PARTIES) HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, LEGAL PROCEEDING OR COUNTERCLAIM (INCLUDING ANY ACTION, PROCEEDING OR COUNTERCLAIM INVOLVING ANY OF THE FINANCING SOURCE PARTIES) ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
xii.Counterparts.  This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties.
xiii.Facsimile or .pdf Signature.  This Agreement may be executed by facsimile or .pdf signature and a facsimile or .pdf signature shall constitute an original for all purposes.
xiv.Time of Essence.  Time is of the essence with regard to all dates and time periods set forth or referred to in this Agreement.
Signature pages follow.

14
    

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 
MAGNITE, INC.
By:    /s/ David Day            
Name: David Day
Title:    Chief Financial Officer

Signature Page to Registration Rights Agreement    

HOLDER:
RTL US HOLDING, INC.

By:    /s/ Vera L. Noriega        
Name: Vera L. Noriega
Title:    Director

By:    /s/ Siska Ghesquiere        
Name: Siska Ghesquiere
Title:    President

Signature Page to Registration Rights Agreement    

Schedule 1
Holders

									
	Name	Issued and Outstanding
Common Shares	Notice Address
	RTL US Holding, Inc.	12,374,315	RTL US Holding, Inc. 
c/o RTL Group S.A. 
43 Boulevard Pierre Frieden 
L-1543 Luxembourg
Grand Duchy of Luxembourg Attention: General Counsel Telephone No.: +352 2 486 5081 Email: legal@rtlgroup.com

    

EXHIBIT A
FORM OF JOINDER
THIS JOINDER (this “Joinder”) to the Registration Rights Agreement dated as of [●], by and among Magnite, Inc., a Delaware corporation (the “Company”), and the Persons set forth on Schedule 1 thereto (the “Registration Rights Agreement”), is made and entered into as of [●], by and between the Company and [●] (the “Assuming Holder”).  Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Registration Rights Agreement.
WHEREAS, the Assuming Holder has acquired certain Registrable Securities from [●].
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties to this Joinder hereby agree as follows:
1.    Agreement to be Bound.  The Assuming Holder hereby agrees that upon execution of this Joinder, it shall become a party to the Registration Rights Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Registration Rights Agreement as though an original party thereto and shall be deemed a Holder for all purposes thereof.
2.    Successors and Assigns.  Except as otherwise provided herein, this Joinder shall bind and inure to the benefit of and be enforceable by the Company and its successors, heirs and assigns and the Assuming Holder and its successors, heirs and assigns.
3.    Notices.  For purposes of Section 4.2 (Notices) of the Registration Rights Agreement, all notices, requests and demands to the Assuming Holder shall be directed to:
[Name]
[Address]
4.    Incorporation by Reference.  The provisions of Section 4.6 (Governing Law), Section 4.7 (Submission to Jurisdiction), Section 4.11 (Waiver of Jury Trial) and Section 4.12 (Counterparts) of the Registration Rights Agreement are incorporated herein by reference as if set forth in full herein and shall apply to the terms and provisions of this Joinder and the parties hereto mutatis mutandis.
5.    Descriptive Headings.  The descriptive headings of this Joinder are inserted for convenience only and do not constitute a part of this Joinder.
Signature Pages Follow

    

IN WITNESS WHEREOF, the parties hereto have executed this Joinder to the Registration Rights Agreement as of the date first written above.
MAGNITE, INC.
By:        
Name:
Title:
[ASSUMING HOLDER]
By:        
Name:
Title:
Signature Page to JoinderExhibit 4.2

 

AMENDED AND RESTATED BYLAWS

 

OF

 

REGAL BELOIT CORPORATION

 

(a Wisconsin corporation)

 

(as amended through April 9, 2021)

 

Article
I. OFFICES

 

		1.01	Principal and Business Offices.

 

The corporation may have such
principal and other business offices, either within or without the State of Wisconsin, as the Board of Directors may designate or as the
business of the corporation may require from time to time.

 

		1.02	Registered Office.

 

The registered office of the
corporation required by the Wisconsin Business Corporation Law to be maintained in the State of Wisconsin may be, but need not be, identical
to the principal office in the State of Wisconsin, and the address of the registered office may be changed from time to time by the Board
of Directors. The business office of the registered agent of the corporation shall be identical to such registered office.

 

Article
II. SHAREHOLDERS

 

		2.01	Annual Meeting.

 

The annual meeting of the
shareholders of the corporation (the “Annual Meeting”) shall be held at such time and date as may be fixed by or under the
authority of the Board of Directors, for the purpose of electing directors and for the transaction of such other business as may properly
come before the Annual Meeting in accordance with Section 2.13 of these bylaws. If the election of directors shall not be held on the
day fixed as herein provided for any Annual Meeting, or at any adjournment thereof, the Board of Directors shall cause the election to
be held at a special meeting of the shareholders (a “Special Meeting”) as soon thereafter as the Board deems appropriate.
In fixing a meeting date for any Annual Meeting, the Board of Directors may consider such factors as it deems relevant within the good
faith exercise of its business judgment.

 

		2.02	Special Meetings.

 

(a)          
A Special Meeting may be called only by (i) the Chairman of the Board, (ii) the Chief Executive Officer or (iii) the Board
of Directors and shall be called by the Chairman of the Board or the Chief Executive Officer upon the demand, in accordance with this
Section 2.02, of the holders of record of shares representing at least 10% of all the votes entitled to be cast on any issues proposed
to be considered at the Special Meeting.

 

     

     

    

 

(b)          
 In order that the corporation may determine the shareholders entitled to demand a Special Meeting, the Board of Directors may
fix a record date to determine the shareholders entitled to make such a demand (the “Demand Record Date”). The Demand Record
Date shall not precede the date upon which the resolution fixing the Demand Record Date is adopted by the Board of Directors and shall
not be more than 10 days after the date upon which the resolution fixing the Demand Record Date is adopted by the Board of Directors.
Any shareholder of record seeking to have shareholders demand a Special Meeting shall, by sending written notice to the Secretary of the
corporation by hand or by certified or registered mail, return receipt requested, request the Board of Directors to fix a Demand Record
Date. The Board of Directors shall promptly, but in all events within 10 days after the date on which a valid request to fix a Demand
Record Date is received, adopt a resolution fixing the Demand Record Date and shall make a public announcement of such Demand Record Date.
If no Demand Record Date has been fixed by the Board of Directors within 10 days after the date on which such request is received by the
Secretary, the Demand Record Date shall be the 10th day after the first day on which a valid written request to set a Demand Record Date
is received by the Secretary. To be valid, such written request shall set forth the purpose or purposes for which the Special Meeting
is to be held, shall be signed by one or more shareholders of record (or their duly authorized proxies or other representatives), shall
bear the date of signature of each such shareholder (or proxy or other representative) and shall set forth all information about each
such shareholder and about the beneficial owner or owners, if any, on whose behalf the request is made that would be required to be set
forth in a shareholder’s notice described in paragraph (a)(ii) of Section 2.13 of these bylaws.

 

(c)          
In order for a shareholder or shareholders to demand a Special Meeting, a written demand or demands for a Special Meeting by the
holders of record as of the Demand Record Date of shares representing at least 10% of all the votes entitled to be cast on any issue proposed
to be considered at the Special Meeting must be delivered to the corporation. To be valid, each written demand by a shareholder for a
Special Meeting shall set forth the specific purpose or purposes for which the Special Meeting is to be held (which purpose or purposes
shall be limited to the purpose or purposes set forth in the written request to set a Demand Record Date received by the corporation pursuant
to paragraph (b) of this Section 2.02), shall be signed by one or more persons who as of the Demand Record Date are shareholders of record
(or their duly authorized proxies or other representatives), shall bear the date of signature of each such shareholder (or proxy or other
representative), shall set forth the name and address, as they appear in the corporation’s books, of each shareholder signing such
demand and the class or series and number of shares of the corporation which are owned of record and beneficially by each such shareholder,
shall be sent to the Secretary by hand or by certified or registered mail, return receipt requested, and shall be received by the Secretary
within 70 days after the Demand Record Date.

 

     2 

     

    

 

(d)          The
corporation shall not be required to call a Special Meeting upon shareholder demand unless, in addition to the documents required by
paragraph (c) of this Section 2.02, the Secretary receives a written agreement signed by each Soliciting Shareholder (as defined
herein), pursuant to which each Soliciting Shareholder, jointly and severally, agrees to pay the corporation’s costs of
holding the Special Meeting, including the costs of preparing and mailing proxy materials for the corporation’s own
solicitation, provided that if each of the resolutions introduced by any Soliciting Shareholder at such meeting is adopted, and each
of the individuals nominated by or on behalf of any Soliciting Shareholder for election as director at such meeting is elected, then
the Soliciting Shareholders shall not be required to pay such costs. For purposes of this paragraph (d), the following terms shall
have the meanings set forth below:

 

(i)            
“Affiliate” of any Person shall mean any Person controlling, controlled by or under common control with such first
Person.

 

(ii)           
“Participant” shall have the meaning assigned to such term in Rule 14a-12 promulgated under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”).

 

(iii)        
“Person” shall mean any individual, firm, corporation, partnership, joint venture, association, trust, unincorporated
organization or other entity.

 

(iv)         
“Proxy” shall have the meaning assigned to such term in Rule 14a-1(f) promulgated under the Exchange Act.

 

(v)          
“Solicitation” shall have the meaning assigned to such term in Rule 14a-1(l) promulgated under the Exchange Act.

 

(vi)         
“Soliciting Shareholder” shall mean, with respect to any Special Meeting demanded by a shareholder or shareholders,
any of the following Persons:

 

(A)         
if the number of shareholders signing the demand or demands for a meeting delivered to the corporation pursuant to paragraph (c)
of this Section 2.02 is 10 or fewer, each shareholder signing any such demand;

 

(B)          
if the number of shareholders signing the demand or demands for a meeting delivered to the corporation pursuant to paragraph (c)
of this Section 2.02 is more than 10, each Person who either (I) was a Participant in any Solicitation of such demand or demands or (II)
at the time of the delivery to the corporation of the documents described in paragraph (c) of this Section 2.02, had engaged or intended
to engage in any Solicitation of Proxies for use at such Special Meeting (other than a Solicitation of Proxies on behalf of the corporation);
or

 

(C)         
any Affiliate of a Soliciting Shareholder, if a majority of the directors then in office determine, reasonably and in good faith,
that such Affiliate should be required to sign the written notice described in paragraph (c) of this Section 2.02 and/or the written agreement
described in this paragraph (d) in order to prevent the purposes of this Section 2.02 from being evaded.

 

     3 

     

    

 

(e)           Except
as provided in the following sentence, any Special Meeting shall be held at such hour and day as may be designated by whichever of
the Chairman of the Board, the Chief Executive Officer or the Board of Directors shall have called such meeting. In the case of any
Special Meeting called by the Chairman of the Board or the Chief Executive Officer upon the demand of shareholders (a “Demand
Special Meeting”), such meeting shall be held at such hour and day as may be designated by the Board of Directors; provided,
however, that the date of any Demand Special Meeting shall be not more than 70 days after the Meeting Record Date (as defined in
Section 2.05 of these bylaws); and provided further that in the event that the directors then in office fail to designate an hour
and date for a Demand Special Meeting within 10 days after the date that valid written demands for such meeting by the holders of
record as of the Demand Record Date of shares representing at least 10% of all the votes entitled to be cast on any issue proposed
to be considered at the Special Meeting are delivered to the corporation (the “Delivery Date”), then such meeting shall
be held at 2:00 p.m. (local time) on the 100th day after the Delivery Date or, if such 100th day is not a Business Day (as defined
below), on the first preceding Business Day. In fixing a meeting date for any Special Meeting, the Chairman of the Board, the Chief
Executive Officer or the Board of Directors may consider such factors as he, she or it deems relevant within the good faith exercise
of his, her or its business judgment, including, without limitation, the nature of the action proposed to be taken, the facts and
circumstances surrounding any demand for such meeting, and any plan of the Board of Directors to call an Annual Meeting or a Special
Meeting for the conduct of related business.

 

(f)          
The corporation may engage nationally or regionally recognized independent inspectors of elections to act as an agent of the corporation
for the purpose of promptly performing a ministerial review of the validity of any purported written demand or demands for a Special Meeting
received by the Secretary. For the purpose of permitting the inspectors to perform such review, no purported demand shall be deemed to
have been delivered to the corporation until the earlier of (i) five Business Days following receipt by the Secretary of such purported
demand and (ii) such date as the independent inspectors certify to the corporation that the valid demands received by the Secretary represent
at least 10% of all the votes entitled to be cast on each issue proposed to be considered at the Special Meeting. Nothing contained in
this paragraph shall in any way be construed to suggest or imply that the Board of Directors or any shareholder shall not be entitled
to contest the validity of any demand, whether during or after such five Business Day period, or to take any other action (including,
without limitation, the commencement, prosecution or defense of any litigation with respect thereto).

 

(g)          
For purposes of these bylaws, “Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banking
institutions in the State of Wisconsin are authorized or obligated by law or executive order to close.

 

		2.03	Place of Meeting.

 

The Board of Directors, the
Chairman of the Board or the Chief Executive Officer may designate any place, either within or without the State of Wisconsin, as the
place of meeting for any Annual Meeting or for any Special Meeting, or for any postponement thereof. If no designation is made, the place
of meeting shall be the principal business office of the corporation in the State of Wisconsin. Any meeting may be adjourned to reconvene
at any place designated by vote of the Board of Directors or by the Chairman of the Board or the Chief Executive Officer.

 

     4 

     

    

 

		2.04	Notice of Meeting.

 

Written notice stating
the place, day and hour of any Annual Meeting or Special Meeting shall be delivered not less than 10 (unless a longer period is
required by the Wisconsin Business Corporation Law) nor more than 70 days before the date of such meeting, either personally or by
mail, by or at the direction of the Secretary, to each shareholder of record entitled to vote at such meeting and to other
shareholders as may be required by the Wisconsin Business Corporation Law. In the event of any Demand Special Meeting, such notice
of meeting shall be sent not more than 30 days after the Delivery Date. If mailed, notice pursuant to this Section 2.04 shall be
deemed to be effective when deposited in the United States mail, addressed to each shareholder at his or her address as it appears
on the stock record books of the corporation, with postage thereon prepaid. Unless otherwise required by the Wisconsin Business
Corporation Law, a notice of an Annual Meeting need not include a description of the purpose for which the meeting is called. In the
case of any Special Meeting, (a) the notice of meeting shall describe any business that the Board of Directors shall have
theretofore determined to bring before the meeting and (b) in the case of a Demand Special Meeting, the notice of meeting (i) shall
describe any business set forth in the statement of purpose of the demands received by the corporation in accordance with Section
2.02 of these bylaws and (ii) shall contain all of the information required in the notice received by the corporation in accordance
with Section 2.13(b) of these bylaws. If an Annual Meeting or Special Meeting is adjourned to a different date, time or place, the
corporation shall not be required to give notice of the new date, time or place if the new date, time or place is announced at the
meeting before adjournment; provided, however, that if a new Meeting Record Date for an adjourned meeting is or must be fixed, the
corporation shall give notice of the adjourned meeting to persons who are shareholders as of the new Meeting Record Date.

 

		2.05	Fixing of Record Date.

 

(a)          
The Board of Directors may fix in advance a date not less than 10 days and not more than 70 days prior to the date of any Annual
Meeting or Special Meeting as the record date for the determination of shareholders entitled to notice of, or to vote at, such meeting
(the “Meeting Record Date”). In the case of any Demand Special Meeting, (i) the Meeting Record Date shall be not later than
the 30th day after the Delivery Date and (ii) if the Board of Directors fails to fix the Meeting Record Date within 30 days after the
Delivery Date, then the close of business on such 30th day shall be the Meeting Record Date. The shareholders of record on the Meeting
Record Date shall be the shareholders entitled to notice of and to vote at the meeting. Except as provided by the Wisconsin Business Corporation
Law for a court-ordered adjournment, a determination of shareholders entitled to notice of and to vote at any Annual Meeting or Special
Meeting is effective for any adjournment of such meeting unless the Board of Directors fixes a new Meeting Record Date, which it shall
do if the meeting is adjourned to a date more than 120 days after the date fixed for the original meeting.

 

(b)          
The Board of Directors may also fix in advance a date as the record date for the purpose of determining shareholders entitled to
take any other action or determining shareholders for any other purpose. Such record date shall be not more than 70 days prior to the
date on which the particular action, requiring such determination of shareholders, is to be taken. The record date for determining shareholders
entitled to a distribution (other than a distribution involving a purchase, redemption or other acquisition of the corporation’s
shares) or a share dividend is the date on which the Board of Directors authorizes the distribution or share dividend, as the case may
be, unless the Board of Directors fixes a different record date.

 

     5 

     

    

 

(c)          
 In order that the corporation may determine the shareholders entitled to express consent to corporate action in writing without
a meeting, the Board of Directors may fix a record date to determine the shareholders entitled to express consent to corporate action
in writing without a meeting (the “Consent Record Date”). The Consent Record Date shall not precede the date upon which the
resolution fixing the Consent Record Date is adopted by the Board of Directors, and such date shall not be more than ten days after the
date upon which the resolution fixing the Consent Record Date is adopted by the Board of Directors. Any shareholder of record seeking
to have the shareholders express consent to corporate action in writing without a meeting shall, by sending written notice to the Secretary
of the corporation by hand or by certified registered mail, return receipt requested, request the Board of Directors to fix a Consent
Record Date. The Board of Directors shall promptly, but in all events within ten days after the date on which such a request is received,
adopt a resolution fixing the Consent Record Date and shall make a public announcement of such Consent Record Date. If no Consent Record
Date has been fixed by the Board of Directors within ten days after the date on which such a request is received by the Secretary, then
the Consent Record Date shall be the 10th day after the first date on which a valid written request to set a Consent Record Date is received
by the Secretary. To be valid, such written request shall comply with each of the following:

 

(i)             Such
written request shall be signed by one or more shareholders of record and by the beneficial owners or owners, if any, on whose
behalf the shareholder or shareholders are acting, shall bear the date of signature of each such shareholder and any such beneficial
owner and shall set forth: (A) the name and address, as they appear on this corporation’s books, of each such shareholder and
any such beneficial owner who seeks to have the shareholders express consent to corporate action in writing without a meeting; (B)
the class and number of shares of the corporation which are owned of record and/or beneficially by each such shareholder and any
such beneficial owner; (C) a representation that each such shareholder is a holder of record of shares of the corporation entitled
to vote at a meeting of shareholders; (D) the manner in which each such shareholder and any such beneficial owner intend to comply
with Regulation 14A under the Exchange Act in seeking to have the shareholders express consent to corporate action in writing
without a meeting; (E) in the case of any such shareholder and any such beneficial owner seeking to elect or re-elect a director by
the shareholders expressing consent to corporate action in writing without a meeting, (1) the name and residence address of the
person or persons each such shareholder and any such beneficial owner are seeking to elect or re-elect as a director, (2) a
description of all arrangements or understandings between each such shareholder and any such beneficial owner and each person such
shareholder and any such beneficial owner are seeking to elect or re-elect as a director and any other person or persons (naming
such person or persons) pursuant to which such shareholder and any such beneficial owner are seeking to elect or re-elect such
person as a director, (3) such other information regarding each person such shareholder and any such beneficial owner are seeking to
elect or re-elect as a director as would be required to be disclosed in solicitations of proxies for elections of directors, or
would be otherwise required to be disclosed, in each case pursuant to Regulation 14A under the Exchange Act, including any
information that would be required to be included in a proxy statement filed pursuant to Regulation 14A had such person been
nominated by the Board of Directors and (4) the written consent of each such person to serve as a director of the corporation if so
elected; (F) in the case of any such shareholder and any such beneficial owner seeking to remove a director by the shareholders
expressing consent to corporate action in writing without a meeting, (1) the names of the director(s) each such shareholder and any
such beneficial owner are seeking to remove and (2) the reasons of each such shareholder and any such beneficial owner for asserting
that such director(s) may be removed for cause; and (G) in the case of any such shareholder and any such beneficial owner seeking to
authorize or take any other corporate action by the shareholders expressing consent to corporate action in writing without a
meeting, (1) a brief description of the corporate action desired to be authorized or taken and, if such corporate action includes an
amendment to these bylaws, the language of the proposed amendment, (2) the reasons of each such shareholder and any such beneficial
owner for authorizing or taking such corporate action and (3) any material interest in such corporate action of each such
shareholder and any such beneficial owner.

 

     6 

     

    

 

(ii)          
Such written request shall be accompanied by a written agreement signed by each Consent Soliciting Shareholder (as defined below)
pursuant to which each Consent Soliciting Shareholder, jointly and severally, agrees to pay the corporation’s costs relating to
such Consent Soliciting Shareholder seeking to have the shareholders express consent to corporate action in writing without a meeting,
including the costs of preparing and mailing proxy materials for the corporation’s own solicitation, provided that if the Consent
Soliciting Shareholder obtains the requisite number of shares subject to valid and unrevoked Consents (as defined in Section 7.02(a))
to express the corporate action referred to therein in accordance with these Bylaws, then the Consent Soliciting Shareholders shall not
be required to pay such costs. For purposes of these Bylaws, “Consent Soliciting Shareholder” shall mean each of the following
Persons:

 

(A)         
if the number of shareholders signing the Consent or Consents is ten or fewer, each Person signing any such Consents; or

 

(B)          
if the number of shareholders signing the Consent or Consents is more than ten, each Person who either (1) was a Participant in
any Solicitation of such consent or consents or (2) at the time of the delivery to the corporation of the documents described in this
Section 2.05(c) had engaged or intends to engage in any Solicitation of Consents and/or Proxies for expressing consent to corporate action
in writing without a meeting (other than a Solicitation of Consents and/or Proxies on behalf of the corporation).

 

A “Consent Soliciting
Shareholder” shall also mean each Affiliate of a Consent Soliciting Shareholder described in clause (A) or (B) above who is a
member of such Consent Soliciting Shareholder’s “group” for purposes of Rule 13d-5(b) under the Exchange Act, and
any other Affiliate of such a Consent Soliciting Shareholder, if a majority of the directors then in office determine, reasonably
and in good faith, that such Affiliate should be required to sign the written notice described in Section 2.05(c)(i) and/or the
written agreements described in this Section 2.05(c)(ii) and Section 2.05(c)(iii) to prevent the purposes of this Section 2.05(c)
and Section 7.02 from being evaded.

 

(iii)          
Such written request shall be accompanied by a written agreement signed by each Consent Soliciting Shareholder pursuant to which
each Consent Soliciting Shareholder agrees to deliver to any inspectors of election engaged by the corporation pursuant to Section 7.02(c)
within two (2) Business Days after receipt all Consents and revocations thereof received by such Consent Soliciting Shareholder or such
Consent Soliciting Shareholder’s proxy solicitor or other designated agent in connection with such Consent Soliciting Shareholder
seeking to have the shareholders express written consent to corporate action without a meeting.

 

		2.06	Shareholder Lists.

 

After a Meeting Record Date
has been fixed, the corporation shall prepare a list of the names of all of the shareholders entitled to notice of the meeting. The list
shall be arranged by class or series of shares, if any, and show the address of and number of shares held by each shareholder. Such list
shall be available for inspection by any shareholder, beginning two Business days after notice of the meeting is given for which the list
was prepared and continuing to the date of the meeting, at the corporation’s principal office or at a place identified in the meeting
notice in the city where the meeting will be held. A shareholder or his or her agent may, on written demand, inspect and, subject to the
limitations imposed by the Wisconsin Business Corporation Law, copy the list, during regular business hours and at his or her expense,
during the period that it is available for inspection pursuant to this Section 2.06. The corporation shall make the shareholders’
list available at the meeting and any shareholder or his or her agent or attorney may inspect the list at any time during the meeting
or any adjournment thereof. Refusal or failure to prepare or make available the shareholders’ list shall not affect the validity
of any action taken at a meeting of shareholders.

 

		2.07	Quorum and Voting Requirements; Postponements; Adjournments.

 

(a)           Shares
entitled to vote as a separate voting group may take action on a matter at any Annual Meeting or Special Meeting only if a quorum of
those shares exists with respect to that matter. If the corporation has only one class of stock outstanding, such class shall
constitute a separate voting group for purposes of this Section 2.07. Except as otherwise provided in the Articles of Incorporation,
any bylaw adopted under authority granted in the Articles of Incorporation, or the Wisconsin Business Corporation Law, a majority of
the votes entitled to be cast on the matter shall constitute a quorum of the voting group for action on that matter. Once a share is
represented for any purpose at any Annual Meeting or Special Meeting, other than for the purpose of objecting to holding the meeting
or transacting business at the meeting, it is considered present for purposes of determining whether a quorum exists for the
remainder of the meeting and for any adjournment of that meeting unless a new Meeting Record Date is or must be set for the
adjourned meeting. If a quorum exists, action on a matter shall be approved if the votes cast within the voting group favoring the
action exceed the votes cast opposing the action, unless the Articles of Incorporation, any bylaw adopted under authority granted in
the Articles of Incorporation, or the Wisconsin Business Corporation Law requires a greater number of affirmative votes.

 

     7 

     

    

 

(b)          
The Board of Directors acting by resolution may postpone and reschedule any previously scheduled Annual Meeting or Special Meeting;
provided, however, that a Demand Special Meeting shall not be postponed beyond the 100th day following the Delivery Date. Any Annual Meeting
or Special Meeting may be adjourned from time to time, whether or not there is a quorum, (i) at any time, upon a resolution of shareholders
if the votes cast in favor of such resolution by the holders of shares of each voting group entitled to vote on any matter theretofore
properly brought before the meeting exceed the number of votes cast against such resolution by the holders of shares of each such voting
group or (ii) at any time prior to the transaction of any business at such meeting, by the Chairman of the Board or pursuant to resolution
of the Board of Directors. No notice of the time and place of adjourned meetings need be given except as required by the Wisconsin Business
Corporation Law. At any adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might
have been transacted at the meeting as originally notified.

 

		2.08	Conduct of Meetings.

 

The Chairman of the Board
and, in his or her absence, the Chief Executive Officer shall call any Annual Meeting or Special Meeting to order and shall act as chairman
of such meeting. In the absence of the Chairman of the Board and the Chief Executive Officer, such duties shall be performed by the President.
In the absence of the Chairman of the Board, the Chief Executive Officer and the President, such duties shall be performed by a Vice President
in the order provided under Section 4.08, or in their absence, by any person chosen by the shareholders present. The Secretary of the
corporation shall act as secretary of all Annual Meetings and Special Meetings, but, in the absence of the Secretary, the presiding officer
may appoint any other person to act as secretary of the meeting.

 

		2.09	Proxies.

 

At any Annual Meeting or Special
Meeting, a shareholder entitled to vote may vote in person or by proxy. A shareholder entitled to vote at any Annual Meeting or Special
Meeting, or to express consent or dissent in writing to any corporate action without a meeting, may authorize another person to act for
the shareholder by appointing the person as a proxy. The means by which a shareholder or the shareholder’s authorized officer, director,
employee, agent or attorney-in-fact may authorize another person to act for the shareholder by appointing the person as proxy include:

 

(a)          
Appointment of a proxy in writing by signing or causing the shareholder’s signature to be affixed to an appointment form
by any reasonable means, including, but not limited to, by facsimile signature.

 

(b)           Appointment
of a proxy by transmitting or authorizing the transmission of an electronic transmission of the appointment to the person who will
be appointed as proxy or to a proxy solicitation firm, proxy support service organization or like agent authorized to receive the
transmission by the person who will be appointed as proxy. Every electronic transmission shall contain, or be accompanied by,
information that can be used to reasonably determine that the shareholder transmitted or authorized the transmission of the
electronic transmission. Any person charged with determining whether a shareholder transmitted or authorized the transmission of the
electronic transmission shall specify the information upon which the determination is made.

 

     8 

     

    

 

An appointment of a proxy
is effective when a signed appointment form or an electronic transmission of the appointment is received by the inspector of election
or the officer or agent of the corporation authorized to tabulate votes. An appointment is valid for eleven months unless a different
period is expressly provided in the appointment. An appointment of a proxy is revocable unless the appointment form or electronic transmission
states that it is irrevocable and the appointment is coupled with an interest. The presence of a shareholder who has made an effective
proxy appointment shall not of itself constitute a revocation. The Board of Directors shall have the power and authority to make rules
that are not inconsistent with the Wisconsin Business Corporation Law as to the validity and sufficiency of proxy appointments.

 

		2.10	Voting of Shares.

 

Each outstanding share shall
be entitled to one vote upon each matter submitted to a vote at any Annual Meeting or Special Meeting except to the extent that the voting
rights of the shares of any class or classes are enlarged, limited or denied by the Articles of Incorporation or the Wisconsin Business
Corporation Law.

 

		2.11	Acceptance of Instruments Showing Shareholder Action.

 

If the name signed on a vote,
consent, waiver or proxy appointment corresponds to the name of a shareholder, the corporation, if acting in good faith, may accept the
vote, consent, waiver or proxy appointment and give it effect as the act of a shareholder. If the name signed on a vote, consent, waiver
or proxy appointment does not correspond to the name of a shareholder, the corporation, if acting in good faith, may accept the vote,
consent, waiver or proxy appointment and give it effect as the act of the shareholder if any of the following apply:

 

(a)          
The shareholder is an entity and the name signed purports to be that of an officer or agent of the entity.

 

(b)         
The name purports to be that of a personal representative, administrator, executor, guardian or conservator representing the shareholder
and, if the corporation requests, evidence of fiduciary status acceptable to the corporation is presented with respect to the vote, consent,
waiver or proxy appointment.

 

(c)          
The name signed purports to be that of a receiver or trustee in bankruptcy of the shareholder and, if the corporation requests,
evidence of this status acceptable to the corporation is presented with respect to the vote, consent, waiver or proxy appointment.

 

(d)          
The name signed purports to be that of a pledgee, beneficial owner, or attorney-in-fact of the shareholder and, if the corporation
requests, evidence acceptable to the corporation of the signatory’s authority to sign for the shareholder is presented with respect
to the vote, consent, waiver or proxy appointment.

 

     9 

     

    

 

(e)          
Two or more persons are
the shareholders as co-tenants or fiduciaries and the name signed purports to be the name of at least one of the co-owners and the person
signing appears to be acting on behalf of all co-owners.

 

The corporation may reject
a vote, consent, waiver or proxy appointment if the Secretary or other officer or agent of the corporation who is authorized to tabulate
votes, acting in good faith, has reasonable basis for doubt about the validity of the signature on it or about the signatory’s authority
to sign for the shareholder.

 

		2.12	Waiver of Notice by Shareholders.

 

A shareholder may waive any
notice required by the Wisconsin Business Corporation Law, the Articles of Incorporation or these bylaws before or after the date and
time stated in the notice. The waiver shall be in writing and signed by the shareholder entitled to the notice, contain the same information
that would have been required in the notice under applicable provisions of the Wisconsin Business Corporation Law (except that the time
and place of meeting need not be stated) and be delivered to the corporation for inclusion in the corporate records. A shareholder’s
attendance at any Annual Meeting or Special Meeting, in person or by proxy, waives objection to all of the following: (a) lack of notice
or defective notice of the meeting, unless the shareholder at the beginning of the meeting or promptly upon arrival objects to holding
the meeting or transacting business at the meeting; and (b) consideration of a particular matter at the meeting that is not within the
purpose described in the meeting notice, unless the shareholder objects to considering the matter when it is presented.

 

		2.13	Notice of Shareholder Business and Nomination of Directors.

 

(a)          
Annual Meetings.

 

(i)           
Nominations of persons for election to the Board of Directors and the proposal of business to be considered by the shareholders
may be made at an Annual Meeting (A) pursuant to the corporation’s notice of meeting, (B) by or at the direction of the Board of
Directors, (C) by any shareholder of the Corporation who (1) is a shareholder of record at the time of giving of notice provided for in
this Section 2.13, (2) is entitled to vote with respect to such nomination or other business at the meeting under the Articles of Incorporation
and (3) complies with the notice procedures set forth in this Section 2.13 or (D) with respect to nominations, by any shareholder of the
corporation who is eligible under, and complies with the notice procedures set forth in, Section 2.14.

 

     10 

     

    

 

(ii)           For
nominations or other business to be properly brought before an Annual Meeting by a shareholder pursuant to the foregoing Section
2.13(a)(i)(C), the shareholder must have given timely notice thereof in writing to the Secretary and such other business must
otherwise be a proper matter for shareholder action. To be timely, a shareholder’s notice shall be received by the Secretary
at the principal offices of the corporation not less than 45 days nor more than 70 days prior to the first annual anniversary of the
date set forth in the corporation’s proxy statement for the immediately preceding Annual Meeting as the date on which the
corporation first made available to its shareholders definitive proxy materials for the immediately preceding Annual Meeting (the
 “Anniversary Date”); provided, however, that if the date for which the Annual Meeting is called more than 30 days before
or more than 30 days after the first anniversary of the immediately preceding Annual Meeting, then notice by the shareholder to be
timely must be so delivered not earlier than the close of business on the 100th day prior to the date of such Annual Meeting and not
later than the later of (A) the 75th day prior to the date of such Annual Meeting or (B) the 10th day following the day on which
public announcement of the date of such Annual Meeting is first made. In no event shall the announcement of an adjournment or
postponement of an Annual Meeting commence a new time period for the giving of a shareholder notice as described above. Such
shareholder’s notice shall be signed by the shareholder of record who intends to make the nomination or introduce the other
business and by the beneficial owner or owners, if any, on whose behalf the shareholder is acting, shall bear the date of signature
of such shareholder and any such beneficial owner and shall set forth: (I) the name and address of such shareholder (as they appear
on the corporation’s books) and any such beneficial owner; (II) (1) the class or series and number of shares of the
corporation that are owned of record and/or beneficially by such shareholder and any such beneficial owner; (2) 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 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, (3) any proxy,
contract, arrangement, understanding, or relationship pursuant to which such shareholder has a right to vote any shares of any
security of the corporation, (4) any short interest in any security of the corporation (for purposes of this bylaw a person shall be
deemed to have a short interest in a security if such person 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), (5) any rights to dividends on the shares of the corporation owned beneficially by such shareholder
that are separated or separable from the underlying shares of the corporation, (6) 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 is
a general partner or, directly or indirectly, beneficially owns an interest in a general partner and (7) any performance-related
fees (other than an asset-based fee) that such shareholder is entitled to based on any increase or decrease in the value of shares
of the corporation or Derivative Instruments, if any, as of the date of such notice, including without limitation any such interests
held by members of such shareholder’s immediate family sharing the same household (which information shall be supplemented by
such shareholder and beneficial owner, if any, not later than 10 days after the record date for the meeting to disclose such
ownership as of the record date); (III) a representation that such shareholder is a holder of record of shares of the corporation
entitled to vote under the Articles of Incorporation at such meeting with respect to such nomination or other business and intends
to appear in person or by proxy at the meeting to make such nomination or introduce such other business; (IV) any other information
relating to such shareholder and any such beneficial owner that would be required to be disclosed in a proxy statement or other
filings required to be made in connection with solicitation of proxies for, as applicable, the proposal and/or for the election of
directors in a contested election pursuant to Section 15 of the Exchange Act and the rules and regulations promulgated thereunder;
(V) in the case of any proposed nomination for election or re-election as a director, (1) the name and residence address of the
person or persons to be nominated, (2) a description of all direct and indirect compensation and other material monetary agreements,
arrangements and understandings during the past three years, 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 if the shareholder making the nomination and any beneficial owner on whose behalf the nomination is made, if
any, or any affiliate or associate thereof or person acting in concert therewith, were the “registrant” for purposes of
such rule and the nominee were a director or executive officer of such registrant, (3) such other information regarding each nominee
proposed by such shareholder and any such beneficial owner as would be required to be disclosed in solicitations of proxies for
elections of directors, or would be otherwise required to be disclosed, in each case pursuant to Regulation 14A under the Exchange
Act, including any information that would be required to be included in a proxy statement filed pursuant to Regulation 14A had the
nominee been nominated by the Board of Directors and (4) the written consent of each nominee to be named in a proxy statement and to
serve as a director of the corporation if so elected; (VI) in the case of any proposed removal of a director, (1) the names of the
directors to be removed and (2) the reasons of such shareholder and any such beneficial owner for asserting that such directors
should be removed; and (VII) in the case of any other business that such shareholder and any such beneficial owner propose to bring
before the meeting, (1) a brief description of the business desired to be brought before the meeting and, if such business includes
a proposal to amend these bylaws, the language of the proposed amendment, (2) the reasons of such shareholder and any such
beneficial owner for conducting such business at the meeting and (3) a description of all agreements, arrangements and
understandings between such shareholder and any beneficial owner and any other person or persons (including their names) in
connection with the proposal of such business by such shareholder. 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
an independent director of the corporation or that could be material to a reasonable shareholder’s understanding of the
independence, or lack thereof, of such nominee.

 

     11 

     

    

 

(iii)         
Notwithstanding anything in the second sentence of the foregoing Section 2.13(a)(ii) to the contrary, if the number of directors
to be elected to the Board of Directors is increased and there is no public announcement naming all of the nominees for director or specifying
the size of the increased Board of Directors made by the corporation at least 45 days prior to the Anniversary Date, then a shareholder’s
notice required by this Section 2.13 shall also be considered timely, but only with respect to nominees for any new positions created
by such increase, if it shall be received by the Secretary at the principal offices of the corporation not later than the close of business
on the 10th day following the day on which such public announcement is first made by the corporation.

 

(b)          
Special Meetings. Only such business shall be conducted at a Special Meeting as shall have been described in the notice
of meeting sent to shareholders pursuant to the foregoing Section 4. Nominations of persons for election to the Board of Directors may
be made at a Special Meeting at which directors are to be elected pursuant to such notice of meeting (i) by or at the direction of the
Board of Directors or (ii) by any shareholder of the corporation who (A) is a shareholder of record at the time of giving of such
notice of meeting, (B) is entitled to vote with respect to such nominations at the meeting under the Articles of Incorporation and (C)
complies with the notice procedures set forth in this Section 2.13. Any shareholder permitted to nominate persons for election to the
Board of Directors pursuant to clause (ii) of the preceding sentence who desires to nominate persons for election to the Board of Directors
at such a Special Meeting shall cause a written notice complying with the requirements as to proper form set forth in paragraph (a)(ii)
of this Section 2.13 to be received by the Secretary at the principal offices of the corporation not earlier than 90 days prior to such
Special Meeting and not later than the close of business on the later of (I) the 60th day prior to such Special Meeting and (II) the 10th
day following the day on which public announcement is first made of the date of such Special Meeting and of the nominees proposed by the
Board of Directors to be elected at such meeting. In no event shall the announcement of an adjournment or postponement of a Special Meeting
commence a new time period for the giving of a shareholder notice as described above.

 

(c)          
General.

 

(i)           
Only persons who are nominated in accordance with the procedures set forth in this Section 2.13 or Section 2.14 shall be eligible
to be elected as directors at an Annual Meeting or Special Meeting. Only such business shall be conducted at an Annual Meeting or Special
Meeting as shall have been brought before such meeting in accordance with the procedures set forth in this Section 2.13. The chairman
of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting
was made in accordance with the procedures set forth in this Section 2.13 or Section 2.14 and, if any proposed nomination or business
is not in compliance with this Section 2.13 or Section 2.14, as the case may be, to declare that such defective proposal shall be disregarded.

 

     12 

     

    

 

(ii)          
 For purposes of this Section 2.13, “public announcement” shall mean disclosure in a press release reported by the
Dow Jones News Service, Associated Press or comparable national news service or in a document publicly filed by the corporation with the
Securities and Exchange Commission (the “SEC”) pursuant to Section 13, 14 or 15(d) of the Exchange Act.

 

(iii)        
Notwithstanding the foregoing provisions of this Section 2.13, a shareholder shall also comply with all applicable requirements
of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 2.13; provided, however,
that any references in these bylaws to the Exchange Act or the rules and regulations promulgated thereunder are not intended to limit
the requirements applicable to nominations or shareholder action pursuant to paragraph (a)(ii) or (b) of this Section 2.13. Nothing in
this Section 2.13 shall be deemed to limit the corporation’s obligation to include shareholder proposals in its proxy statement
if such inclusion is required by Rule 14a-8 under the Exchange Act.

 

		2.14	Shareholder Nominations Included in the Corporation’s
Proxy Materials:

 

(a)          
Inclusion of Nominee in Proxy Statement. Subject to the provisions of this Section 2.14, if expressly requested in the relevant
Nomination Notice (as defined below), the corporation shall include in its proxy statement for any Annual Meeting:

 

(i)            
the name of any person nominated for election (the “Nominee”) to the Board of Directors, which shall also be included
on the corporation’s form of proxy and ballot for the relevant Annual Meeting, by any Eligible Holder (as defined below) or group
of up to 20 Eligible Holders that has (individually and collectively, in the case of a group) satisfied, as determined by the Board of
Directors or its designee, acting in good faith, all applicable conditions and complied with all applicable procedures set forth in this
Section 2.14 (such Eligible Holder or group of Eligible Holders being a “Nominating Shareholder”);

 

(ii)          
disclosure about the Nominee and the Nominating Shareholder required under SEC rules or any other applicable law, rule or regulation
to be included in the proxy statement; and

 

(iii)         
any statement included by the Nominating Shareholder in the Nomination Notice for inclusion in the proxy statement in support of
the Nominee’s election to the Board of Directors (subject, without limitation, to Section 2.14(e)(ii)), if such statement does not
exceed 500 words.

 

Promptly after the corporation has determined
that it shall include a Nominee in its proxy statement and proxy card for an Annual Meeting, the corporation shall notify the Nominating
Shareholder that nominated the Nominee of such determination.

 

Notwithstanding anything herein to the
contrary, the corporation may solicit shareholders against any Nominee and include in its proxy statement for any Annual Meeting any
other information that the corporation or the Board of Directors determines, in their discretion, to include in the proxy statement
relating to the nomination of the Nominee, including without limitation any statement in opposition to the nomination and any of the
information provided pursuant to this Section 2.14.

 

     13 

     

    

 

 

		(b)	Maximum Number of Nominees.

 

(i)           
The corporation shall not be required to include in the proxy statement for an Annual Meeting more Nominees than that number of
directors constituting 20% of the total number of directors of the corporation on the last day on which a Nomination Notice may be submitted
pursuant to Section 2.14(d) (the “Final Nomination Date”), rounded down to the nearest whole number, but not less than two
(the “Maximum Number”). The Maximum Number for a particular Annual Meeting shall be reduced by (A) Nominees nominated by a
Nominating Shareholder for that Annual Meeting whose nomination is subsequently withdrawn after the Nominating Shareholder is notified
by the corporation that the Nominees will be included in the corporation’s proxy statement and proxy card for the Annual Meeting,
(B) Nominees nominated by a Nominating Shareholder for such Annual Meeting pursuant to this Section 2.14 that the Board of Directors itself
decides to nominate for election at such Annual Meeting, (C) the number of directors in office as of the Final Nomination Date who had
been Nominees nominated by a Nominating Shareholder with respect to any of the preceding two Annual Meetings (including any Nominee who
had been counted at any such Annual Meeting pursuant to the immediately preceding clause (B)) and (1) if Article V of the corporation’s
Articles of Incorporation provides for a classified Board of Directors, whose term as a director extends past such Annual Meeting or (2)
if Article V of the corporation’s Articles of Incorporation provides for annual elections of the entire Board of Directors, whose
reelection at the upcoming Annual Meeting is being recommended by the Board of Directors and (D) any director candidate for whom the Corporation
shall have received one or more valid shareholder notices (whether or not subsequently withdrawn) nominating such person for election
to the Board of Directors pursuant to Section 2.13(a)(i)(C), other than any such director referred to in this clause (D) who at the time
of such Annual Meeting will have served as a director continuously, as a nominee of the Board of Directors, for at least two annual terms,
but only to the extent the Maximum Number after such reduction with respect to this clause (D) equals one. If one or more vacancies for
any reason occurs on the Board of Directors after the Final Nomination Date but before the date of the Annual Meeting and the Board of
Directors resolves to reduce the size of the Board of Directors in connection with the occurrence of the vacancy or vacancies, then the
Maximum Number shall be calculated based on the number of directors in office as so reduced.

 

(ii)            Any
Nominating Holder submitting more than one Nominee pursuant to this Section 2.14 for an Annual Meeting shall rank such Nominees
based on the order in which the Nominating Holder desires such Nominees to be selected for inclusion in the corporation’s
proxy statement for such Annual Meeting if the number of Nominees pursuant to this Section 2.14 exceeds the Maximum Number. If the
number of Nominees pursuant to this Section 2.14 for any Annual Meeting exceeds the Maximum Number, then the highest ranking Nominee
who meets the requirements of this Section 2.14 from each Nominating Holder will be selected for inclusion in the
corporation’s proxy statement until the Maximum Number is reached, going in order of the amount (largest to smallest) of the
shares of common stock of the corporation disclosed as owned in each Nominating Shareholder’s Nomination Notice.

 

(iii)          
If, after the Final Nomination Date, (A) the corporation is notified, or the Board of Directors or its designee, acting in good
faith, determines, that (1) a Nominating Shareholder has failed to satisfy or to continue to satisfy the eligibility requirements
described in Section 2.14(c), (2) any of the representations and warranties made in the Nomination Notice cease to be true and accurate
in all material respects (or omit a material fact necessary to make the statements therein not misleading) or (3) any material violation
or breach occurs of the obligations, agreements, representations or warranties of the Nominating Shareholder or the Nominee under this
Section 2.14, (B) a Nominating Shareholder or any qualified representative thereof does not appear at the Annual Meeting to present any
nomination submitted pursuant to this Section 2.14, or the Nominating Shareholder withdraws its nomination, or (C) a Nominee becomes ineligible
for inclusion in the corporation’s proxy statement pursuant to this Section 2.14 or dies, becomes disabled or is otherwise disqualified
from being nominated for election or serving as a director of the corporation or is unwilling or unable to serve as a director of the
corporation, in each case as determined by the Board of Directors or its designee, acting in good faith, whether before or after the corporation’s
definitive proxy statement for such Annual Meeting is made available to shareholders, then the nomination of the Nominating Shareholder
or such Nominee, as the case may be, shall be disregarded and no vote on such Nominee will occur (notwithstanding that proxies in respect
of such vote may have been received by the corporation), the Nominating Shareholder may not cure in any way any defect preventing the
nomination of the Nominee, and the corporation (1) may omit from its proxy statement and any ballot or form of proxy the disregarded Nominee
and any information concerning such Nominee (including a Nominating Shareholder’s statement in support), any other Nominee that
the corporation had determined not to include in its proxy statement and proxy card for such Annual Meeting and any successor or replacement
nominee proposed by the Nominating Shareholder or by any other Nominating Shareholder and (2) may otherwise communicate to its shareholders,
including without limitation by amending or supplementing its proxy statement or ballot or form of proxy, that the Nominee will not be
included as a Nominee in the proxy statement or on any ballot or form of proxy and will not be voted on at the Annual Meeting.

 

     14 

     

    

 

		(c)	Eligibility of Nominating Shareholder.

 

(i)             An
 “Eligible Holder” is a person who has either (A) been a record holder of the shares of the corporation’s common
stock used to satisfy the eligibility requirements in this Section 2.14(c) continuously for the three-year period specified in
Section 2.14(c)(ii) or (B) provides to the Secretary of the corporation, within the time period referred to in Section 2.14(d),
evidence of continuous ownership of such shares for such three-year period from one or more securities intermediaries in a form and
in substance that the Board of Directors or its designee, acting in good faith, determines would be deemed acceptable for purposes
of a shareholder proposal under Rule 14a-8(b)(2) under the Exchange Act (or any successor rule).

 

(ii)           
An Eligible Holder or group of up to 20 Eligible Holders may submit a nomination in accordance with this Section 2.14 only if the
person or group (in the aggregate) has continuously owned at least the Minimum Number (as defined below) of shares of the corporation’s
common stock throughout the three-year period preceding and including the date of submission of the Nomination Notice and continues to
own at least the Minimum Number through the date of the Annual Meeting. A group of funds under common management and investment control
shall be treated as one Eligible Holder for purposes of such limitation if such Eligible Holder shall provide together with the Nomination
Notice documentation reasonably satisfactory to the corporation that demonstrates that the funds are under common management and investment
control. For the avoidance of doubt, in the event of a nomination by a group of Eligible Holders, any and all requirements and obligations
applicable to an individual Eligible Holder that are set forth in this Section 2.14, including the minimum holding period, shall apply
to each member of such group; provided, however, that the Minimum Number shall apply to the ownership of the group in the aggregate, and
a breach of any obligation, agreement, representation or warranty under this Section 2.14 by any member of a group shall be deemed a breach
by the Nominating Shareholder. If any shareholder withdraws from a group of Eligible Holders at any time prior to the Annual Meeting,
then the group of Eligible Shareholders shall only be deemed to own the shares held by the remaining members of the group and if, as a
result of such withdrawal, the Nominating Shareholder no longer owns the Minimum Number of shares of the corporation’s common stock,
then the nomination shall be disregarded as provided in Section 2.14(b)(iii).

 

(iii)          
The “Minimum Number” of shares of the corporation’s common stock means 3% of the number of outstanding shares
of the corporation’s common stock as of the most recent date for which such amount is given in any filing by the corporation with
the SEC prior to the submission of the Nomination Notice.

 

(iv)         
For purposes of this Section 2.14, an Eligible Holder “owns” only those outstanding shares of common stock of the corporation
as to which the Eligible Holder possesses both:

 

		(A)	the full voting and investment rights pertaining to such shares;
and

 

		(B)	the full economic interest in (including the opportunity for
profit and risk of loss on) such shares;

 

provided that the
number of shares calculated in accordance with clauses (A) and (B) shall not include any shares (1) sold by such Eligible Holder or
any of its affiliates in any transaction that has not been settled or closed, (2) borrowed by such Eligible Holder or any of
its affiliates for any purpose or purchased by such Eligible Holder or any of its affiliates pursuant to an agreement to resell or
(3) subject to any option, warrant, forward contract, swap, contract of sale, other derivative or similar instrument or agreement
entered into by such Eligible Holder or any of its affiliates, whether any such instrument or agreement is to be settled with shares
or with cash based on the notional amount or value of outstanding shares of common stock of the corporation, in any such case which
instrument or agreement has, or is intended to have, the purpose or effect of (x) reducing in any manner, to any extent or at
any time in the future, such Eligible Holder’s or any of its affiliates’ full right to vote or direct the voting of any
such shares and/or (y) hedging, offsetting, or altering to any degree gain or loss arising from maintaining the full economic
ownership of such shares by such Eligible Holder or any of its affiliates. An Eligible Holder “owns” shares held in the
name of a nominee or other intermediary so long as the Eligible Holder retains the right to instruct how the shares are voted with
respect to the election of directors and possesses the full economic interest in the shares. An Eligible Holder’s ownership of
shares shall be deemed to continue during any period in which the Eligible Holder has delegated any voting power by means of a
proxy, power of attorney or other similar instrument or arrangement that is revocable at any time by the Eligible Holder. An
Eligible Holder’s ownership of shares shall be deemed to continue during any period in which the Eligible Holder has loaned
such shares provided that the Eligible Holder has the power to recall such loaned shares on five Business Days’ notice,
recalls such loaned shares upon being notified by the corporation that any of the Eligible Holder’s Nominees will be included
in the corporation’s proxy statement and proxy card for the Annual Meeting (subject to the provisions of this Section 2.14)
and holds such shares through the date of the Annual Meeting. The terms “owned,” “owning,”
 “ownership” and other variations of the word “own” shall have correlative meanings. Whether outstanding
shares of the corporation are “owned” for these purposes shall be determined by the Board. For purposes of this Section
2.14, the term “affiliate” or “affiliates” shall have the meaning ascribed thereto under the General Rules
and Regulations under the Exchange Act.

 

(v)          
No person shall be permitted to be in more than one group constituting a Nominating Shareholder, and if any person appears as a
member of more than one group, then it shall be deemed to be a member of the group that has the largest amount of shares of common stock
of the corporation disclosed as owned in the Nomination Notice.

 

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(d)           Nomination
Notice. To nominate a Nominee for purposes of this Section 2.14, the Nominating Shareholder must have given timely notice
thereof in writing to the Secretary. To be timely, a Nominating Shareholder’s notice shall be received by the Secretary at the
principal offices of the corporation not less than 120 days nor more than 150 days prior to the first annual anniversary of the date
set forth in the corporation’s proxy statement for the immediately preceding Annual Meeting as the date on which the
corporation first made available to its shareholders definitive proxy materials for the immediately preceding Annual Meeting;
provided, however, that if the date for which the Annual Meeting is called is more than 30 days before or more than 30 days after
the first annual anniversary of the immediately preceding Annual Meeting, then notice by the Nominating Shareholder to be timely
must be received by the Secretary by the later of the close of business on the date that is 180 days prior to the date of such
Annual Meeting or the tenth day following the day on which public announcement of such Annual Meeting is first made. In no event
shall any adjournment or postponement of any Annual Meeting or the announcement thereof commence a new time period for the giving of a Nomination Notice. To be in proper form, a Nominating Shareholder’s notice to the Secretary for purposes of this
Section 2.14 shall include all of the following information and documents (collectively, the “Nomination
Notice”):

 

(i)           
A Schedule 14N (or any successor form) relating to the Nominee, completed and filed with the SEC by the Nominating Shareholder
as applicable, in accordance with SEC rules;

 

(ii)          
A written notice of the nomination of such Nominee that includes the following additional information, agreements, representations
and warranties by the Nominating Shareholder (including each group member):

 

(A)          the
information and representations that would be required to be set forth in a shareholder’s notice of a nomination for the election
of directors pursuant to Section 2.13(a);

 

(B)           the
details of any relationship that existed within the past three years and that would have been described pursuant to Item 6(e) of Schedule
14N (or any successor item) if it existed on the date of submission of the Schedule 14N;

 

(C)           a
representation and warranty that the shares of common stock of the corporation owned by the Nominating Shareholder were acquired in the
ordinary course of business and not with the intent or objective to influence or change control of the corporation and are not being
held with the purpose or effect of changing control of the corporation or to gain a number of seats on the Board of Directors that exceeds
the maximum number of nominees that shareholders may nominate pursuant to this Section 2.14;

 

(D)           a
representation and warranty that the Nominating Shareholder satisfies the eligibility requirements set forth in Section 2.14(c) and has
provided evidence of ownership to the extent required by Section 2.14(c)(i);

 

(E)           a
representation and warranty that the Nominating Shareholder will continue to satisfy the eligibility requirements described in Section
2.14(c) through the date of the Annual Meeting;

 

(F)           a
representation and warranty that the Nominating Shareholder has not nominated and will not nominate for election to the Board of Directors
at the Annual Meeting any person other than the Nominees it is nominating pursuant to this Section 2.14;

 

(G)           a
representation and warranty as to the Nominating Shareholder’s intentions with respect to continuing to own the Minimum Number
of shares of common stock of the corporation for at least one year following the Annual Meeting;

 

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(H)          
a representation and warranty that the Nominating Shareholder will not engage in, and will not be a “participant” in
another person’s, “solicitation” within the meaning of Rule 14a-1(l) under the Exchange Act (without reference to the
exception in Rule 14a-(l)(2)(iv)) (or any successor rules), with respect to the Annual Meeting, other than with respect to its Nominees
or any nominees of the Board of Directors;

 

(I)          
a representation and warranty that the Nominating Shareholder will not use any proxy card other than the corporation’s proxy
card in soliciting shareholders in connection with the election of a Nominee at the Annual Meeting;

 

(J)          
a representation and warranty that the Nominee’s nomination for election to the Board of Directors or, if elected, Board
membership would not violate applicable state or federal law or the rules of any stock exchange on which the corporation’s securities
are traded;

 

(K)         
a representation and warranty that the Nominee (1) qualifies as independent under the rules of any stock exchange on which the
corporation’s securities are traded, (2) meets the audit committee and compensation committee independence requirements under the
rules of any stock exchange on which the corporation’s securities are traded, (3) is a “non-employee director” for the
purposes of Rule 16b-3 under the Exchange Act (or any successor rule), (4) is an “outside director” for the purposes of Section
162(m) of the Internal Revenue Code (or any successor provision), (5) does not exceed the retirement age set forth in Section 3.04, and
(6) is not and has not been subject to any event specified in Rule 506(d)(1) of Regulation D (or any successor rule) under the Securities
Act of 1933, as amended, or Item 401(f) of Regulation S-K (or any successor rule) under the Exchange Act, without reference to whether
the event is material to an evaluation of the ability or integrity of the Nominee;

 

(L)         
details of any position of the Nominee as an employee, consultant, agent, officer or director of any Competitor within the three
years preceding the submission of the Nomination Notice;

 

(1)          
“Competitor” means an individual, business or any other entity or enterprise engaged or having publicly announced
its intent to engage in the sale or marketing of any Competing Product or Service.

 

(2)          
“Competing Product or Service” means any product or service that is sold in competition with, or is being developed
and that will compete with, a product or service developed, manufactured, or sold by the corporation.

 

(M)        
if desired, a statement for inclusion in the proxy statement in support of the Nominee’s election to the Board of Directors,
provided that such statement shall not exceed 500 words and shall fully comply with Section 14 of the Exchange Act and the rules and regulations
thereunder, including Rule 14a-9 thereunder; and

 

(N)         
in the case of a nomination by a group, the designation by all group members of one group member for purposes of receiving communications,
notices and inquiries from the corporation and that is authorized to act on behalf of all group members with respect to matters relating
to the nomination, including withdrawal of the nomination;

 

(iii)         
An executed agreement, in a form deemed satisfactory by the Board of Directors or its designee, acting in good faith, pursuant
to which the Nominating Shareholder (including each group member) agrees:

 

(A)        
to comply with all applicable laws, rules and regulations in connection with the nomination, solicitation and election;

 

(B)          
to file any written solicitation or other written communication with the corporation’s shareholders relating to one or more
of the corporation’s directors or director nominees or any Nominee with the SEC, regardless of whether any such filing is required
under rule or regulation or whether any exemption from filing is available for such materials under any rule or regulation;

 

(C)          
to assume all liability (jointly and severally by all group members in the case of a nomination by a group) stemming from any action,
suit or proceeding concerning any actual or alleged legal or regulatory violation arising out of any communication by the Nominating Shareholder,
its affiliates and associates or their respective agents and representatives with the corporation, its shareholders or any other person
in connection with the nomination or election of directors, including without limitation the Nomination Notice, or out of the facts, statements
or other information that the Nominating Shareholder or its Nominees provided to the corporation in connection with the inclusion of such
Nominees in the corporation’s proxy statement;

 

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(D)         to
indemnify and hold harmless (jointly with all other group members, in the case of a group member) the corporation and each of its
directors, officers and employees individually against any liability, loss, damages, expenses or other costs (including
attorneys’ fees) incurred in connection with any threatened or pending action, suit or proceeding, whether legal,
administrative or investigative, against the corporation or any of its directors, officers or employees arising out of or relating
to any nomination submitted by the Nominating Shareholder pursuant to this Section 2.14 or a failure or alleged failure of the
Nominating Shareholder to comply with, or any breach or alleged breach of, its obligations, agreements or representations under this
Section 2.14;

 

(E)         
in the event that any information included in the Nomination Notice, or any other communication by the Nominating Shareholder (including
with respect to any group member) with the corporation, its shareholders or any other person in connection with the nomination or election
ceases to be true and accurate in all material respects or omits a material fact necessary to make the statements made not misleading
or that the Nominating Shareholder (including any group member) has failed to continue to satisfy the eligibility requirements described
in Section 2.14(c), to promptly (and in any event within 48 hours of discovering such misstatement, omission or failure) notify the corporation
and any other recipient of such communication of the misstatement or omission in such previously provided information and of the information
that is required to correct the misstatement or omission and/or notify the corporation of the failure to continue to satisfy the eligibility
requirements described in Section 2.14(c), as the case may be, it being understood that providing any such notification shall not be deemed
to cure any defect or limit the corporation’s right to omit a Nominee from its proxy materials as provided in this Section 2.14;
and

 

(F)          
at the request of the corporation, promptly, but in any event within five (5) Business Days after such request, to provide to the
corporation such additional information as reasonably requested by the corporation.

 

(iv)         
An executed agreement, in a form deemed satisfactory by the Board of Directors or its designee, acting in good faith, by the Nominee:

 

(A)        
that the Nominee will provide such other information as may reasonably be required by the corporation to determine the eligibility
of such person to serve as a director of the corporation and will make such other acknowledgments, enter into such agreements and provide
such other information as the Board of Directors requires of all directors, including promptly completing the corporation’s director
questionnaire;

 

(B)         
that the Nominee has read and agrees, if elected as a director of the corporation, to adhere to the corporation’s corporate
governance guidelines and codes of ethics and any other corporation policies and guidelines applicable to directors;

 

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(C)        
that the Nominee is not and will not become a party to (1) any compensatory, payment, reimbursement, indemnification or other
financial agreement, arrangement or understanding with any person or entity in connection with service or action as a director of the
corporation that has not been disclosed to the corporation, (2) any agreement, arrangement or understanding with any person or entity
as to how the Nominee would vote or act on any issue or question as a director (a “Voting Commitment”) that has not been disclosed
to the corporation or (3) any Voting Commitment that could limit or interfere with the Nominee’s ability to comply, if elected as
a director of the corporation, with his or her fiduciary duties under applicable law; and

 

(D)         
in the event that any information or communication provided by the Nominee to the corporation, its shareholders or any other person
in connection with the nomination or election ceases to be true and accurate in all material respects or omits a material fact necessary
to make the statements made not misleading (and in any event within 48 hours of discovering such misstatement, omission or failure), that
the Nominee will notify the corporation and any other recipient of such communication of the misstatement or omission in such previously
provided information and of the information that is required to correct the misstatement or omission, as the case may be, it being understood
that providing any such notification shall not be deemed to cure any defect or limit the corporation’s right to omit a Nominee from
its proxy materials as provided in this Section 2.14.

 

The information and documents required by this
Section 2.14(d) shall be (i) provided with respect to and executed by each group member in the case of information applicable to group
members and (ii) provided with respect to the persons specified in Instruction 1 to Items 6(c) and (d) of Schedule 14N (or any successor
item) in the case of a Nominating Shareholder or group member that is an entity. The Nomination Notice shall be deemed submitted on the
date on which all the information and documents referred to in this Section 2.14(d) (other than such information and documents contemplated
to be provided after the date the Nomination Notice is provided) have been delivered to or, if sent by mail, received by the Secretary
of the corporation.

 

(e)           
Exceptions.

 

(i)            
Notwithstanding anything to the contrary contained in this Section 2.14, the corporation may omit from its proxy statement and
any ballot or form of proxy any Nominee and any information concerning such Nominee (including a Nominating Shareholder’s statement
in support), and no vote on such Nominee will occur (notwithstanding that proxies in respect of such vote may have been received by the
corporation), and the Nominating Shareholder may not, after the Final Nomination Date, cure in any way any defect preventing the nomination
of the Nominee, if:

 

(A)         
 the corporation receives a notice pursuant to Section 2.13(a) that a shareholder intends to nominate a person for election to
the Board of Directors at the Annual Meeting;

 

(B)          
the Board of Directors or its designee, acting in good faith, determines that such Nominee’s nomination or election to the
Board of Directors would result in the corporation violating or failing to be in compliance with these bylaws, the corporation’s
articles of incorporation or any applicable law, rule or regulation to which the corporation is subject, including any rules or regulations
of any stock exchange on which the corporation’s securities are traded;

 

     19 

     

    

 

(C)         
the Nominee was nominated for election to the Board of Directors pursuant to this Section 2.14 at one of the corporation’s
two preceding Annual Meetings and either (i) withdrew or became ineligible or unavailable for election at any such Annual Meeting or (ii)
received a vote of less than 25% of the shares of common stock of the corporation entitled to vote for such Nominee; or

 

(D)         
the Nominee has been, within the past three years, an officer or director of a competitor, as defined for purposes of Section 8
of the Clayton Antitrust Act of 1914, as amended.

 

(ii)           
Notwithstanding anything to the contrary contained in this Section 2.14, the corporation may omit from its proxy statement, or
may supplement or correct, any information, including all or any portion of the statement in support of the Nominee included in the Nomination
Notice, if the Board of Directors or its designee, acting in good faith, determines that:

 

(A)         
such information is not true in all material respects or omits a material statement necessary to make the statements made not misleading;

 

(B)         
such information directly or indirectly impugns character, integrity or personal reputation of, or directly or indirectly makes
charges concerning improper, illegal or immoral conduct or associations, without factual foundation, with respect to, any person; or

 

(C)          
the inclusion of such information in the proxy statement would otherwise violate SEC rules or any other applicable law, rule or
regulation.

 

     20 

     

    

 

Article
III. BOARD OF DIRECTORS

 

		3.01	General Powers and Number; Tenure.

 

All corporate powers
shall be exercised by or under the authority of, and the business and affairs of the corporation shall be managed under the
direction of, its Board of Directors. Each director shall hold office until the next Annual Meeting in the year in which such
director’s term expires and until his or her successor shall have been duly elected and, if necessary, qualified, or until
there is a decrease in the number of directors which takes effect after the expiration of his or her term, or until his or her prior
retirement, death, resignation or removal. Notwithstanding the foregoing, a director who is also an employee of the corporation
shall cease to be a director on the date such employee’s employment by the corporation is terminated for any reason without
further action by the corporation.

 

		3.02	Chairman of the Board.

 

The Board of Directors shall
annually elect one of its members to be Chairman of the Board and shall fill any vacancy in the position of Chairman of the Board at such
time and in such manner as the Board of Directors shall determine. The Chairman of the Board shall preside at all meetings of the Board
of Directors and of shareholders. The Chairman shall perform such other duties and services as shall be assigned to or required of the
Chairman by the Board of Directors.

 

		3.03	Resignation and Removal.

 

A director may resign at any
time by delivering written notice that complies with the Wisconsin Business Corporation Law to the Chairman of the Board or to the corporation.
Unless otherwise provided in these bylaws, a director’s resignation is effective when the notice is delivered unless the notice
specifies a later effective date. Directors need not be residents of the State of Wisconsin. Pursuant to Article V(b) of the Articles
of Incorporation, any director may be removed from office by the corporation’s shareholders, but only for cause and only by the
affirmative vote of a majority of the votes then entitled to be cast in an election of directors. In determining whether a director may
be removed by the Company’s shareholders, “cause” shall exist only if the director whose removal is proposed has been
convicted of a felony by a court of competent jurisdiction or has been adjudged liable for actions or omissions in the performance of
his or her duty to the corporation in a matter which has had a materially adverse effect on the business of the corporation.

 

		3.04	Eligibility.

 

A person shall not be eligible
for nomination to serve as a director of the corporation beginning with the Annual Meeting immediately following such director’s
seventy-second (72nd) birthday.

 

3.05         
Regular Meetings.

 

A regular meeting of the Board
of Directors shall be held without other notice than this bylaw immediately after the Annual Meeting, and each adjourned session thereof.
The place of such regular meeting shall be the same as the place of the Annual Meeting which precedes it, or such other suitable place
as may be announced at such Annual Meeting. The Board of Directors may provide, by resolution, the time and place, either within or without
the State of Wisconsin, for the holding of additional regular meetings without other notice than such resolution.

 

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		3.06	Special Meetings.

 

Special meetings of the Board
of Directors may be called by or at the request of the Chairman of the Board, the Chief Executive Officer or any three directors. The
Chairman of the Board or the Chief Executive Officer may fix any place, either within or without the State of Wisconsin, as the place
for holding any special meeting of the Board of Directors, and if no other place is fixed the place of meeting shall be the principal
business office of the corporation in the State of Wisconsin.

 

		3.07	Notice; Waiver.

 

Notice of each meeting of
the Board of Directors (unless otherwise provided in or pursuant to Section 3.05) shall be given by written notice delivered or communicated
in person, by telegram, facsimile or other form of wire or wireless communication, or by mail or private carrier, to each director at
his or her business address or at such other address as such director shall have designated in writing filed with the Secretary, in each
case not less than 48 hours prior to the time of the meeting. If mailed, such notice shall be deemed to be effective when deposited in
the United States mail so addressed, with postage thereon prepaid. If notice is given by telegram, facsimile or other form of wire or
wireless communication, such notice shall be deemed to be effective when transmitted for delivery. If notice is given by private carrier,
such notice shall be deemed to be effective when the notice is delivered to the private carrier. Whenever any notice whatever is required
to be given to any director of the corporation under the Articles of Incorporation or these bylaws or any provision of the Wisconsin Business
Corporation Law, a waiver thereof in writing, signed at any time, whether before or after the time of meeting, by the director entitled
to such notice, shall be deemed equivalent to the giving of such notice. The corporation shall retain any such waiver as part of the permanent
corporate records. A director’s attendance at or participation in a meeting waives any required notice to him or her of the meeting
unless the director at the beginning of the meeting or promptly upon his or her arrival objects to holding the meeting or transacting
business at the meeting and does not thereafter vote for or assent to action taken at the meeting. Neither the business to be transacted
at nor the purpose of any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of
such meeting.

 

		3.08	Quorum.

 

Except as otherwise provided
by the Wisconsin Business Corporation Law or by the Articles of Incorporation or these bylaws, a majority of the number of directors set
forth in Section 3.01 shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, but a majority
of the directors present (though less than such quorum) may adjourn the meeting from time to time without further notice.

 

		3.09	Manner of Acting.

 

The act of the majority of
the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors, unless the act of a greater
number is required by the Wisconsin Business Corporation Law or by the Articles of Incorporation or these bylaws.

 

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		3.10	Conduct of Meetings.

 

The Chairman of the Board
and, in his or her absence, any director chosen by the directors present, shall call meetings of the Board of Directors to order and shall
act as chairman of the meeting. The Secretary of the corporation shall act as secretary of all meetings of the Board of Directors, but
in the absence of the Secretary, the presiding officer may appoint any Assistant Secretary or any director or other person present to
act as secretary of the meeting. Minutes of any regular or special meeting of the Board of Directors shall be prepared and distributed
to each director.

 

		3.11	Vacancies.

 

Any vacancy occurring in the
Board of shall be filled in accordance with Article V(c) of the Articles of Incorporation. A vacancy that will occur at a specific later
date, because of a resignation effective at a later date or otherwise, may be filled before the vacancy occurs, but the new director may
not take office until the vacancy occurs.

 

		3.12	Compensation.

 

The Board of Directors by
affirmative vote of a majority of the directors then in office, irrespective of any personal interest of any of its members, may establish
reasonable compensation of all directors for services to the corporation as directors, officers or otherwise, or may delegate such authority
to an appropriate committee. The Board of Directors shall also have authority to provide for, or to delegate authority to, an appropriate
committee to provide for reasonable pensions, disability or death benefits, and other benefits or payments to directors, officers and
employees of the corporation.

 

		3.13	Presumption of Assent.

 

A director of the corporation
who is present at a meeting of the Board of Directors or a committee thereof of which he or she is a member at which action on any corporate
matter is taken shall be presumed to have assented to the action taken unless any of the following occurs:

 

(a)          
the director objects at the beginning of the meeting or promptly upon his arrival to holding the meeting or transacting business
at the meeting; (b) the director dissents or abstains from an action taken and minutes of the meeting are prepared that show the director’s
dissent or abstention from the action taken; (c) the director delivers written notice that complies with the Wisconsin Business Corporation
Law of his dissent or abstention to the presiding officer of the meeting before its adjournment or to the corporation immediately after
adjournment of the meeting; or (d) the director dissents or abstains from an action taken, minutes of the meeting are prepared that fail
to show the director’s dissent or abstention from the action taken, and the director delivers to the corporation a written notice
of that failure that complies with the Wisconsin Business Corporation Law promptly after receiving the minutes. Such right to dissent
or abstain shall not apply to a director who voted in favor of such action.

 

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		3.14	Committees.

 

The Board of Directors may
create one or more committees, appoint members of the Board of Directors to serve on the committees and designate other members of the
Board of Directors to serve as alternates. Each committee shall have at least one member who shall, unless otherwise provided by the Board
of Directors, serve at the pleasure of the Board of Directors. A committee may be authorized to exercise the authority of the Board of
Directors, except as otherwise limited by the Wisconsin Business Corporation Law. Unless otherwise provided by the Board of Directors
in creating the committee, a committee may employ counsel, accountants and other consultants to assist it in the exercise of its authority.

 

		3.15	Telephonic Meetings.

 

Except as herein provided
and notwithstanding any place set forth in the notice of the meeting or these bylaws, members of the Board of Directors (and any committee
thereof) may participate in regular or special meetings by, or through the use of, any means of communication by which all participants
may simultaneously communicate with each other, such as by conference telephone. If a meeting is conducted by such means, then at the
commencement of such meeting the presiding officer shall inform the participating directors that a meeting is taking place at which official
business may be transacted. Any participant in a meeting by such means shall be deemed present in person at such meeting. Notwithstanding
the foregoing, no action may be taken at any meeting held by such means on any particular matter which the presiding officer determines,
in his sole discretion, to be inappropriate under the circumstances for action at a meeting held by such means. Such determination shall
be made and announced in advance of such meeting.

 

Article
IV. OFFICERS

 

		4.01	Number.

 

The principal officers of
the corporation shall be established by the Board of Directors and may include a Chief Executive Officer, a President, a Chief Financial
Officer, one or more Vice Presidents, a Secretary and a Treasurer, each of whom shall be elected by the Board of Directors. Such other
officers and assistant officers as may be deemed necessary may be elected or appointed by the Board of Directors. The Board of Directors
may also authorize any duly appointed officer to appoint one or more officers or assistant officers. Any two or more offices may be held
by the same person.

 

		4.02	Election and Term of Office.

 

The officers of the corporation
to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors
held after the Annual Meeting. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter
as conveniently may be. Each officer shall hold office until such officer’s successor shall have been duly elected or until his
or her prior death, resignation or removal, or a different person is appointed to such office.

 

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		4.03	Removal and Resignation.

 

The Board of Directors may
remove any officer with or without cause and notwithstanding the contract rights, if any, of the officer removed. Election or appointment
shall not of itself create contract rights. An officer may resign at any time by delivering notice to the corporation that complies with
the Wisconsin Business Corporation Law. The resignation shall be effective when the notice is delivered, unless the notice specifies a
later effective date and the corporation accepts the later effective date.

 

		4.04	Vacancies.

 

A vacancy in any principal
office because of death, resignation, removal, disqualification or otherwise, shall be filled by the Board of Directors for the unexpired
portion of the term. If a resignation of an officer is effective at a later date as contemplated by Section 4.03 hereof, the Board of
Directors may fill the pending vacancy before the effective date if the Board provides that the successor may not take office until the
effective date.

 

		4.05	Chief Executive Officer.

 

Subject to the control of
the Board of Directors, the Chief Executive Officer shall in general supervise and control all of the business and affairs of the corporation.
He or she shall have authority, subject to such rules as may be prescribed by the Board of Directors, to appoint and remove such agents
and employees of the corporation as he or she shall deem necessary, to prescribe their powers, duties and compensation, and to delegate
authority to them. He or she shall have authority to sign, execute and acknowledge, on behalf of the corporation, all deeds, mortgages,
securities, contracts, leases, reports, and all other documents or other instruments necessary or proper to be executed in the course
of the corporation’s regular business, or which shall be authorized by resolution of the Board of Directors; and, except as otherwise
provided by law or the Board of Directors, he or she may authorize any elected President, Vice President or other officer or agent of
the corporation to sign, execute and acknowledge such documents or instruments in his place and stead. In general, he or she shall perform
all duties incident to the office of Chief Executive Officer of the corporation and such other duties as may be prescribed by the Board
of Directors from time to time.

 

		4.06	President.

 

In the absence of the
Chief Executive Officer or in the event of his or her death, inability or refusal to act, or in the event for any reason it shall be
impracticable for the Chief Executive Officer to act personally, the President shall perform the duties of the Chief Executive
Officer, and when so acting, shall have all the powers of and be subject to all the restrictions upon the Chief Executive Officer.
He or she shall have authority, subject to such rules as may be prescribed by the Board of Directors, to appoint such agents and
employees of the corporation as he or she shall deem necessary, to prescribe their powers, duties and compensation, and to delegate
authority to them. Such agents and employees shall hold office at the discretion of the President. He or she shall have authority to
sign, execute and acknowledge, on behalf of the corporation, all deeds, mortgages, bonds, stock certificates, contracts, leases,
reports and all other documents or instruments necessary or proper to be executed in the course of the corporation’s regular
business, or which shall be authorized by resolution of the Board of Directors; and, except as otherwise provided by law or the
Board of Directors, he or she may authorize any Vice President or other officer or agent of the corporation to sign, execute and
acknowledge such documents or instruments in his place and stead. In general the President shall perform all duties incident to the
office of President and such other duties as may be prescribed by the Board of Directors or the Chief Executive Officer from time to
time.

 

     25 

     

    

  

		4.07	Chief Financial Officer.

 

Subject to the control of
the Board of Directors and the Chief Executive Officer, the Chief Financial Officer shall in general perform all of the duties incident
to the office of Chief Financial Officer and have such other duties and exercise such other authority as from time to time may be delegated
or assigned to him by the Chief Executive Officer or by the Board of Directors. He or she shall have authority to sign, execute and acknowledge,
on behalf of the corporation, all deeds, mortgages, contracts, leases, reports, and all other documents or other instruments necessary
or proper to be executed in the course of the corporation’s regular business, or which shall be authorized by the Chief Executive
Officer or by resolution of the Board of Directors. The Chief Financial Officer shall have the same authority as a Vice President of the
corporation under these bylaws to execute documents, contracts or the like on behalf of the corporation or to otherwise bind the corporation.

 

		4.08	The Vice Presidents.

 

In the absence of the President
or in the event of his or her death, inability or refusal to act, or in the event for any reason it shall be impracticable for the President
to act personally, the Vice President (or in the event there be more than one Vice President, the Vice Presidents in the order designated
by the Board of Directors, or in the absence of any designation, then in the order of their election) shall perform the duties of the
President, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President. Any Vice President
may sign, with the Secretary or Assistant Secretary, certificates for shares of the corporation and shall perform such other duties and
have such authority as from time to time may be delegated or assigned to him or her by the President, Chief Executive Officer or by the
Board of Directors. The execution of any instrument of the corporation by any Vice President shall be conclusive evidence, as to third
parties, of his authority to act in the stead of the President.

 

		4.09	The Secretary.

 

The Secretary shall: (a)
keep the minutes of all Annual Meetings and Special Meetings and of all meetings of the Board of Directors in one or more books provided
for that purpose (including records of actions taken without a meeting); (b) see that all notices are duly given in accordance with the
provisions of these bylaws or as required by the Wisconsin Business Corporation Law; (c) be custodian of the corporate records and of
the seal of the corporation and see that the seal of the corporation is affixed to all documents the execution of which on behalf of
the corporation under its seal is duly authorized; (d) maintain a record of the shareholders of the corporation, in a form that permits
preparation of a list of the names and addresses of all shareholders, by class or series of shares and showing the number and class or
series of shares held by each shareholder; (e) sign with the Chief Executive Officer, the President, or a Vice President, certificates
for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (f) have general
charge of the stock transfer books of the corporation; and (g) in general perform all duties incident to the office of Secretary and
have such other duties and exercise such authority as from time to time may be delegated or assigned to him or her by the President,
the Chief Executive Officer or by the Board of Directors.

 

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		4.10	The Treasurer.

 

The Treasurer shall: (a) have
charge and custody of and be responsible for all funds and securities of the corporation; (b) maintain appropriate accounting records;
(c) receive and give receipts for moneys due and payable to the corporation from any source whatsoever, and deposit all such moneys in
the name of the corporation in such banks, trust companies or other depositaries as shall be selected in accordance with the provisions
of Section 5.04; and (d) in general perform all of the duties incident to the office of Treasurer and have such other duties and exercise
such other authority as from time to time may be delegated or assigned to him or her by the President, the Chief Executive Officer or
by the Board of Directors. If required by the Board of Directors, the Treasurer shall give a bond for the faithful discharge of his duties
in such sum and with such surety or sureties as the Board of Directors shall determine.

 

		4.11	Assistant Secretaries and Assistant Treasurers.

 

There shall be such number
of Assistant Secretaries and Assistant Treasurers as the Board of Directors may from time to time authorize. The Assistant Secretaries
may sign, with the Chief Executive Officer, the President or a Vice President, certificates for shares of the corporation the issuance
of which shall have been authorized by a resolution of the Board of Directors. The Assistant Treasurers shall respectively, if required
by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors
shall determine. The Assistant Secretaries and Assistant Treasurers, in general, shall perform such duties and have such authority as
shall from time to time be delegated or assigned to them by the Secretary or the Treasurer, respectively, or by the President, the Chief
Executive Officer or the Board of Directors.

 

		4.12	Other Assistants and Acting Officers.

 

The Board of Directors shall
have the power to appoint, or to authorize any duly appointed officer of the corporation to appoint, any person to act as assistant to
any officer, or as agent for the corporation in his stead, or to perform the duties of such officer whenever for any reason it is impracticable
for such officer to act personally, and such assistant or acting officer or other agent so appointed by the Board of Directors or the
appointing officer shall have the power to perform all the duties of the office to which he or she is so appointed to be assistant, or
as to which he or she is so appointed to act, except as such power may be otherwise defined or restricted by the Board of Directors or
the appointing officer.

 

		4.13	Salaries.

 

The salaries of the principal
officers shall be fixed from time to time by the Board of Directors or by a duly authorized committee thereof, and no officer shall be
prevented from receiving such salary by reason of the fact that he or she is also a director of the corporation.

 

     27 

     

    

 

Article V. CONTRACTS, LOANS,
CHECKS AND DEPOSITS; SPECIAL CORPORATE ACTS

 

		5.01	Contracts.

 

The Board of Directors may
authorize any officer or officers, agent or agents, to enter into any contract or execute or deliver any instrument in the name of and
on behalf of the corporation, and such authorization may be general or confined to specific instances. In the absence of other designation,
all deeds, mortgages and instruments of assignment or pledge made by the corporation shall be executed in the name of the corporation
by the Chief Executive Officer, the President or one of the Vice Presidents and by the Secretary, an Assistant Secretary, the Treasurer
or an Assistant Treasurer; the Secretary or an Assistant Secretary, when necessary or required, shall affix the corporate seal thereto;
and when so executed no other party to such instrument or any third party shall be required to make any inquiry into the authority of
the signing officer or officers.

 

		5.02	Loans.

 

No indebtedness for borrowed
money shall be contracted on behalf of the corporation and no evidences of such indebtedness shall be issued in its name unless authorized
by or under the authority of a resolution of the Board of Directors. Such authorization may be general or confined to specific instances.

 

		5.03	Checks, Drafts, etc.

 

All checks, drafts or other
orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation, shall be signed by such
officer or officers, agent or agents of the corporation and in such manner as shall from time to time be determined by or under the authority
of a resolution of the Board of Directors.

 

		5.04	Deposits.

 

All funds of the corporation
not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies or other depositories
as may be selected by or under the authority of a resolution of the Board of Directors.

 

		5.05	Voting of Securities Owned by this Corporation.

 

Subject always to the specific
directions of the Board of Directors, (a) any shares or other securities issued by any other corporation and owned or controlled by this
corporation may be voted at any meeting of security holders of such other corporation by the Chief Executive Officer if he or she be
present, or in his or her absence by the President of this corporation if he or she be present, or in his or her absence by any Vice
President of this corporation who may be present, and (b) whenever, in the judgment of the Chief Executive Officer, or in his absence
of the President, or in his absence of any Vice President, it is desirable for this corporation to execute a proxy or written consent
in respect to any shares or other securities issued by any other corporation and owned by this corporation, such proxy or consent shall
be executed in the name of this corporation by the Chief Executive Officer, the President or one of the Vice Presidents of this corporation,
without necessity of any authorization by the Board of Directors, affixation of corporate seal or countersignature or attestation by another
officer. Any person or persons designated in the manner above stated as the proxy or proxies of this corporation shall have full right,
power and authority to vote the shares or other securities issued by such other corporation and owned by this corporation the same as
such shares or other securities might be voted by this corporation.

 

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		5.06	No Nominee Procedures.

 

The corporation has not established,
and nothing in these bylaws shall be deemed to establish, any procedure by which a beneficial owner of the corporation’s shares
that are registered in the name of a nominee is recognized by the corporation as the shareholder under Section 180.0723 of the Wisconsin
Business Corporation Law.

 

Article
VI. CERTIFICATES FOR SHARES AND THEIR TRANSFER

 

		6.01	Certificates for Shares.

 

Certificates representing
shares of the corporation shall be in such form, consistent with the Wisconsin Business Corporation Law, as shall be determined by the
Board of Directors. Such certificates shall be signed by the Chairman of the Board, the Chief Executive Officer, the President or a Vice
President and by the Secretary or an Assistant Secretary. All certificates for shares shall be consecutively numbered or otherwise identified.
The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall
be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled
and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled,
except as provided in Section 6.06.

 

		6.02	Facsimile Signatures and Seal.

 

The seal of the corporation
(if any) on any certificates for shares may be a facsimile. The signatures of the Chairman of the Board, the Chief Executive Officer,
the President or any Vice President and the Secretary or Assistant Secretary upon a certificate may be facsimiles if the certificate is
countersigned by a transfer agent, or registered by a registrar, other than the corporation itself or an employee of the corporation.

 

		6.03	Signature by Former Officers.

 

In case any officer, who has
signed or whose facsimile signature has been placed upon any certificate for shares, shall have ceased to be such officer before such
certificate is issued, it may be issued by the corporation with the same effect as if he or she were such officer at the date of its issue.

 

		6.04	Transfer of Shares.

 

Prior to due presentment
of a certificate for shares for registration of transfer the corporation may treat the registered owner of such shares as the person
exclusively entitled to vote, to receive notifications and otherwise to exercise all the rights and powers of an owner. Where a certificate
for shares is presented to the corporation with a request to register for transfer, the corporation shall not be liable to the owner
or any other person suffering loss as a result of such registration of transfer if (a) there were on or with the certificate the necessary
endorsements, and (b) the corporation had no duty to inquire into adverse claims or has discharged any such duty. The corporation may
require reasonable assurance that said endorsements are genuine and effective and in compliance with such other regulations as may be
prescribed under the authority of the Board of Directors.

 

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		6.05	Restrictions on Transfer.

 

The face or reverse side of
each certificate representing shares shall bear a conspicuous notation of any restriction imposed by the corporation upon the transfer
of such shares.

 

		6.06	Lost, Destroyed or Stolen Certificates.

 

Where the owner claims that
his or her certificate for shares has been lost, destroyed or wrongfully taken, a new certificate shall be issued in place thereof if
the owner (a) so requests before the corporation has notice that such shares have been acquired by a bona fide purchaser, and (b) files
with the corporation a sufficient indemnity bond, and (c) satisfies such other reasonable requirements as the Board of Directors may prescribe.

 

		6.07	Consideration for Shares.

 

The Board of Directors may
authorize shares to be issued for consideration consisting of any tangible or intangible property or benefit to the corporation, including
cash, promissory notes, services performed, contracts for services to be performed or other securities of the corporation. Before the
corporation issues shares, the Board of Directors shall determine that the consideration received or to be received for the shares to
be issued is adequate. In the absence of a resolution adopted by the Board of Directors expressly determining that the consideration received
or to be received is adequate, Board approval of the issuance of the shares shall be deemed to constitute such a determination. The determination
of the Board of Directors is conclusive insofar as the adequacy of consideration for the issuance of shares relates to whether the shares
are validly issued, fully paid and nonassessable. The corporation may place in escrow shares issued in whole or in part for a contract
for future services or benefits, a promissory note, or other property to be issued in the future, or make other arrangements to restrict
the transfer of the shares, and may credit distributions in respect of the shares against their purchase price, until the services are
performed, the benefits or property are received or the promissory note is paid. If the services are not performed, the benefits or property
are not received or the promissory note is not paid, the corporation may cancel, in whole or in part, the shares escrowed or restricted
and the distributions credited.

 

		6.08	Stock Regulation.

 

The Board of Directors shall
have the power and authority to make all such further rules and regulations not inconsistent with the statutes of the State of Wisconsin
as it may deem expedient concerning the issue, transfer and registration of certificates representing shares of the corporation.

 

     30 

     

    

 

Article VII. ACTION WITHOUT
MEETINGS

 

		7.01	Director Action without Meeting.

 

Any action required or permitted
by the Articles of Incorporation or these bylaws or any provision of the Wisconsin Business Corporation Law to be taken by the Board of
Directors (or a committee thereof) at a meeting may be taken without a meeting if a consent in writing, setting forth the action so taken,
shall be signed by such number of members of the Board or of the committee, as the case may be, as is required by the Wisconsin Business
Corporation Law or by the Articles of Incorporation or these bylaws to take such action. Such action shall be effective when the last
director or committee member signs the consent, unless the consent specifies a different effective date.

 

		7.02	Shareholder Action without Meeting.

 

(a)          
To be valid, each expression of consent to corporate action in writing (a “Consent”) shall be in writing; shall set
forth the specific corporate action to be taken (which corporate action or actions shall be limited to the action or actions set forth
in the written request to set a Consent Record Date received by the corporation pursuant to Section 2.05(c)); shall be signed by one or
more persons who as of the Consent Record Date are shareholders of record (or their duly authorized proxies); shall bear the date of signature
of each such shareholder (or their duly authorized proxies); shall set forth the name and address, as they appear in the corporation’s
books, of each shareholder signing such Consent and the class and number of shares of the corporation that are owned of record by each
such shareholder; in the case of a Person who is not a shareholder of record, shall be accompanied by a proxy or proxies evidencing each
such Person’s appointment as a proxy for the applicable shareholder of record; and shall be sent to the inspectors of elections
engaged by the corporation pursuant to Section 7.02(c) in accordance with the provisions of Section 7.02(d). Without limiting the foregoing,
no Consent shall be valid unless, within seventy (70) days after the applicable Consent Record Date fixed pursuant to Section 2.05(c),
Consents representing the requisite number of shares subject to valid and unrevoked Consents to express such corporate action are delivered
to the corporation pursuant to Section 7.02; provided, however, that if the corporation or a Consent Soliciting Shareholder (whichever
is soliciting Consents) has requested a Preliminary Consent Report that is pending on such 70th day pursuant to Section 7.02(e), then
such Consents shall be valid if Consents representing the requisite number of shares subject to valid and unrevoked Consents to express
such corporate action are delivered to the corporation pursuant to this Section 7.02 at such time as such inspectors issue the Final Consent
Report relating to the pending Preliminary Consent Report pursuant to Section 7.02(f) or Section 7.02(g). The Board of Directors shall
have the power and authority to make rules that are not inconsistent with the Wisconsin Business Corporation Law as to the validity of
Consents and revocations thereof.

 

(b)          
Consents may be revoked at any time prior to the earlier of (i) such time as the inspectors of elections issue a Final Consent
Report pursuant to Section 7.02(f) or Section 7.02(g) or (ii) seventy (70) days after the applicable Consent Record Date fixed pursuant
to Section 2.05(c) by written notice delivered to (A) the Secretary, (B) any Consent Soliciting Shareholder, (C) to a proxy solicitor
or other agent designated by the corporation or any Consent Soliciting Shareholder and/or (D) the inspectors of elections engaged by the
corporation pursuant to Section 7.02(c).

 

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(c)          
Within three (3) Business Days after a Consent Record Date fixed pursuant to Section 2.05(c), the corporation shall (i) engage
regionally or nationally recognized independent inspectors of elections to act as agent of the corporation for the purpose of promptly
performing a ministerial review of the validity of Consents and revocations thereof and (ii) provide notice to each Consent Soliciting
Shareholder of the identity of such inspectors and the manner in which such Consent Soliciting Shareholder may deliver Consents and revocations
thereof to such inspectors pursuant to Section 7.02(d). Except as provided in Section 2.05(c)(ii), the cost of retaining inspectors of
election shall be borne by the corporation.

 

(d)          
The corporation, the Consent Soliciting Shareholders and their respective proxy solicitors or other designated agents shall deliver
Consents and revocations thereof to the inspectors within two (2) Business Days after receipt. As soon as the inspectors receive Consents
and/or revocations thereof, the inspectors shall review the Consents and revocations thereof and shall maintain a count of the number
of shares subject to valid and unrevoked Consents. The inspectors shall keep such count confidential and shall not reveal the count to
any Person; provided, however, that, as soon as practicable after a written request therefor by the corporation or a Consent Soliciting
Shareholder, the inspectors shall issue a report (a “Consent Report”) to the corporation and the Consent Soliciting Shareholders
stating: (i) number of shares subject to valid Consents; (ii) the number of shares subject to valid revocations of Consents; (iii) the
number of shares subject to valid and unrevoked Consents; (iv) the number of shares subject to invalid Consents; (v) the number of shares
subject to invalid revocations of Consents; (vi) whether, based on their count, the requisite number of shares subject to valid and unrevoked
Consents has been obtained to express the corporate action specified in the Consents; and (vii) the latest date the inspectors received
Consents and revocations thereof that the inspectors reflected in such report (the “Report Date”).

 

(e)          
As soon as practicable after a written request therefor by the corporation or a Consent Soliciting Shareholder (whichever is soliciting
Consents), notice of which request shall be given to the corporation and any parties opposing the solicitation of Consents, if any, which
request shall state that the corporation or the Consent Soliciting Shareholders, as the case may be, have a good faith belief that the
requisite number of shares subject to valid and unrevoked Consents to express the corporate action specified in the Consents has been
received in accordance with the Articles of Incorporation and these Bylaws, the inspectors shall issue and deliver to the corporation
and the Consent Soliciting Shareholders a preliminary Consent Report (the “Preliminary Consent Report”); provided, however,
that neither the corporation nor the Consent Soliciting Shareholders may request a Preliminary Consent Report after the 70th day after
the applicable Consent Record Date fixed pursuant to Section 2.05(c). Unless the corporation and the Consent Soliciting Shareholders shall
agree to a shorter or longer period, the corporation and the Consent Soliciting Shareholders shall have two (2) Business Days after receipt
of the Preliminary Consent Report to review the Consents and revocations thereof and to advise the inspectors and the opposing parties
in writing as to whether they intend to challenge the Preliminary Consent Report.

 

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(f)           
If no written notice of an intention to challenge a Preliminary Consent Report is received within two (2) Business Days after
receipt of the Preliminary Consent Report by the corporation and the Consent Soliciting Shareholders and either (i) the date that is two
(2) Business Days after such receipt of such Preliminary Consent Report (the “Cut-Off Date”) is more than seventy (70) days
after the applicable Consent Record Date fixed pursuant to Section 2.05(c) or (ii) the Cut-Off Date is not more than seventy (70) days
after the applicable Consent Record Date fixed pursuant to Section 2.05(c) and the requisite number of shares subject to valid and unrevoked
Consents to express the corporate action specified in the Consents was obtained, then the inspectors shall as promptly as practicable
issue to the corporation and the Consent Soliciting Shareholders their final Consent Report (a “Final Consent Report”), which
shall contain the information included in the Preliminary Consent Report, plus all changes in the vote totals as a result of Consents
and revocations thereof received after the Preliminary Consent Report Report Date to the time of issuance of the Final Consent Report,
if such Consents and revocations thereof are received within seventy (70) days after the applicable Consent Record Date fixed pursuant
to Section 2.05(c), and a certification as to whether the requisite number of shares subject to valid and unrevoked Consents to express
the corporate action specified in the Consents was obtained. If the Cut-Off Date is not more than seventy (70) days after the applicable
Consent Record Date fixed pursuant to Section 2.05(c) and the requisite number or shares subject to valid and unrevoked Consents to express
the corporate action specified in the Consents was not obtained, then the inspectors shall as promptly as practicable issue a Consent
Report to the corporation and the Consent Soliciting Shareholders and a certification that the requisite number of shares subject to
valid and unrevoked Consents to express the corporate action specified in the Consents was not obtained, and the corporation or the Consent
Soliciting Shareholders (whichever is soliciting Consents) shall have the right to request again a Preliminary Consent Report in accordance
with the provisions of Section 7.02(e).

 

(g)          
If the corporation or the Consent Soliciting Shareholders issue written notice to the inspectors and the corporation or the Consent
Soliciting Shareholders, as the case may be, of an intention to challenge a Preliminary Consent Report within two (2) Business Days after
receipt of the Preliminary Consent Report by the corporation and the Consent Soliciting Shareholders, then challenge session shall be
scheduled by the inspectors as promptly as practicable, at which the corporation and the Consent Soliciting Shareholders shall have the
right to object to the validity of Consents and revocations thereof. A transcript of the challenge session shall be recorded by a certified
court reporter. Following completion of the challenge session, if either (i) the date on which the challenge session is completed (the
 “Completion Date”) is more than seventy (70) days after the applicable Consent Record Date fixed pursuant to Section 2.05(c)
or (ii) the Completion Date is not more than seventy (70) days after the applicable Consent Record Date fixed pursuant to Section 2.05(c)
and the requisite number of shares subject to valid and unrevoked Consents to express the corporate action specified in the Consents
was obtained, then the inspectors shall as promptly as practicable issue to the corporation and the Consent Soliciting Shareholders a
Final Consent Report, which shall contain the information included in the Preliminary Consent Report, plus all changes in the vote totals
as a result of the challenge and, if such Consents and revocations thereof are received within seventy (70) days after the applicable
Consent Record Date fixed pursuant to Section 2.05(c), Consents and revocations thereof received after the Preliminary Consent Report
Report Date to the time of issuance of the Final Report, and a certification as to whether the requisite number of shares subject to
valid and unrevoked Consents to express the corporate action specified in the Consents was obtained. If the Completion Date is not more
than seventy (70) days after the applicable Consent Record Date fixed pursuant to Section 2.05(c) and the requisite number of shares
subject to valid and unrevoked Consents to express the corporate action specified in the Consents was not obtained, then the inspectors
shall as promptly as practicable issue a Consent Report to the corporation and the Consent Soliciting Shareholders and a certification
that the requisite number of shares subject to valid and unrevoked Consents to express the corporate action specified in the Consents
was not obtained, and the corporation or the Consent Soliciting Shareholders whichever is soliciting Consents shall have the right to
request again a Preliminary Consent Report in accordance with the provisions of Section 7.02(e).

 

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(h)          
Simultaneously with the delivery of any Final Consent Report to the corporation pursuant to Section 7.02(f) or Section 7.02(g),
the inspectors shall deliver all valid and unrevoked Consents to the corporation, which shall constitute delivery of such Consents to
the corporation for purposes of Section 180.0704 of the Wisconsin Business Corporation Law and the Articles of Incorporation. A copy of
any Final Consent Report shall be included in the book in which the proceedings of meetings of shareholders are recorded.

 

(i)           
As to any Consent, if, prior to the issuance of a Final Consent Report and delivery of Consents to the corporation, all Consent
Soliciting Shareholders notify the corporation and the inspectors in writing that such Consent Soliciting Shareholders no longer desire
to express consent to the corporate actions specified in the Consents, then the Consents shall be deemed abandoned, and the inspectors
shall not issue a Final Consent Report or deliver such Consents to the corporation.

 

Article
VIII. MISCELLANEOUS

 

		8.01	Seal. The Board of Directors may (but shall not be required
to) provide a corporate seal.

 

		8.02	Forum for Certain Actions.

 

(a)           Forum.
Unless a majority of the Board of Directors, acting on behalf of the corporation, consents in writing to the selection of an
alternative forum (which consent may be given at any time, including during the pendency of litigation), any commercial court
established pursuant to Wisconsin Supreme Court Order No. 16-05 and amendments thereto (or, if such commercial courts established
pursuant to such order do not have jurisdiction or cease to exist, any circuit court located within the State of Wisconsin or, if no
circuit court located within the State of Wisconsin has jurisdiction, any other state court located within the State of Wisconsin,
or if no state court located within the State of Wisconsin has jurisdiction, a federal district court located in the State of
Wisconsin), to the fullest extent permitted by law, shall be the sole and exclusive forum for (i) any derivative action or
proceeding brought on behalf of the corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current
or former director, officer or other employee of the corporation to the corporation or the corporation’s shareholders, (iii)
any action asserting a claim against the corporation or any of its directors, officers or other employees arising pursuant to any
provision of the Wisconsin Business Corporation Law, these bylaws or the Articles of Incorporation (in each case, as may be amended
from time to time), or (iv) any action asserting a claim against the corporation or any of its directors, officers or other
employees governed by the internal affairs doctrine of the State of Wisconsin, in all cases subject to the court’s having
personal jurisdiction over all indispensable parties named as defendants. Unless a majority of the Board, acting on behalf of the
corporation, consents in writing to the selection of an alternative forum (which consent may be given at any time, including
during the pendency of litigation), the federal district courts of the United States of America, to the fullest extent permitted by
law, shall be the sole and exclusive forum for the resolution of any action asserting a cause of action arising under the Securities
Act of 1933, as amended.

 

     34 

     

    

 

(b)          
Personal Jurisdiction. If any action the subject matter of which is within the scope of subparagraph (a) of this Section
8.02 is filed in a court other than a court located within the State of Wisconsin (a “Foreign Action”) in the name of any
shareholder, such shareholder shall be deemed to have consented to (i) the personal jurisdiction of the state and federal courts located
within the State of Wisconsin in connection with any action brought in any such court to enforce subparagraph (a) of this Section 8.02
(an “Enforcement Action”) and (ii) having service of process made upon such shareholder in any such Enforcement Action by
service upon such shareholder’s counsel in the Foreign Action as agent for such shareholder.

 

(c)          
Enforceability. If any provision of this Section 8.02 shall be held to be invalid, illegal or unenforceable as applied to
any person, entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and
enforceability of such provision in any other circumstance and of the remaining provisions of this Section 8.02, and the application of
such provision to other persons or entities and circumstances shall not in any way be affected or impaired thereby.

 

(d)          
Notice and Consent. For the avoidance of doubt, any person or entity purchasing or otherwise acquiring or holding any interest
in any security of the corporation shall be deemed to have notice of and consented to the provisions of this Section 8.02.

 

Article
IX. INDEMNIFICATION

 

		9.01	Certain Definitions.

 

The following capitalized
terms (including any plural forms thereof) used in this Article IX shall be defined for purposes of this Article IX as follows:

 

(a)          
“Authority” shall mean the persons or entity selected by the Director or Officer to determine his or her right to indemnification
pursuant to Section 9.04.

 

(b)          
“Board” shall mean the entire then elected and serving Board of Directors of the Corporation, including without limitation
all members thereof who are Parties to the subject Proceeding or any related Proceeding.

 

(c)          
“Breach of Duty” shall mean the Director or Officer breached or failed to perform his or her duties to the Corporation
and his or her breach or failure to perform those duties is determined, in accordance with Section 9.04, to constitute misconduct under
Section 180.0851(2)(a) l, 2, 3 or 4 of the Statute.

 

(d)         
“Corporation,” as used herein and as defined in the Statute and incorporated by reference into the definitions of
certain other capitalized terms used herein, shall mean this corporation, including, without limitation, any successor corporation or
entity to this corporation by way of merger, consolidation or acquisition of all or substantially all of the capital stock or assets of
this corporation.

 

     35 

     

    

 

(e)          
“Corporation Affiliate” shall include, without limitation, any corporation, partnership, limited liability company,
joint venture, employee benefit plan, trust or other enterprise, whether domestic or foreign, that is an Affiliate (as defined in Section
1.04(d)(i) of these bylaws) of the Corporation.

 

(f)           
“Director or Officer” shall have the meaning set forth in the Statute; provided, that, for purposes of this Article
IX, (i) “Director or Officer” shall include a director or officer of a Subsidiary (whether or not otherwise serving as a Director
or Officer), (ii) the term “employee benefit plan” as used in Section 180.0850(2)(c) of the Statute shall include an employee
benefit plan sponsored, maintained or contributed to by a Subsidiary and (iii) it shall be conclusively presumed that any Director or
Officer serving as a director, officer, partner, member, trustee, member of any governing or decision-making committee, manager, employee
or agent of a Corporation Affiliate shall be so serving at the request of the Corporation.

 

(g)          
“Disinterested Quorum” shall mean a quorum of the Board who are not Parties to the subject Proceeding or any related
Proceeding.

 

(h)          
“Expenses” shall mean and include fees, costs, charges, disbursements, attorney fees and any other expenses incurred
in connection with a Proceeding.

 

(i)           
“Liability” shall mean and include the obligation to pay a judgment, settlement, penalty, assessment, forfeiture or
fine, including an excise tax assessed with respect to an employee benefit plan, and reasonable Expenses.

 

(j)           
“Party” shall have the meaning set forth in the Statute; provided, that, for purposes of this Article IX, the term
 “Party” shall also include any Director or Officer or employee of the Corporation who is or was a witness in a Proceeding
at a time when he or she has not otherwise been formally named a Party thereto.

 

(k)          
“Proceeding” shall have the meaning set forth in the Statute; provided, that, in accordance with Section 180.0859 of
the Statute and for purposes of this Article IX, the term “Proceeding” shall include without limitation all Proceedings (i)
brought under (in whole or in part) the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, their respective
state counterparts, and/or any rule or regulation promulgated under any of the foregoing; (ii) brought before an Authority or otherwise
to enforce rights hereunder; (iii) involving any appeal from a Proceeding; and (iv) in which the Director or Officer is a plaintiff or
petitioner because he or she is a Director or Officer; provided, however, that any such Proceeding under this subsection (iv) must be
authorized by a majority vote of a Disinterested Quorum.

 

(l)            
“Statute” shall mean Sections 180.0850 through 180.0859, inclusive, of the Wisconsin Business Corporation Law, Chapter
180 of the Wisconsin Statutes, as the same shall then be in effect, including any amendments thereto, but, in the case of any such amendment,
only to the extent such amendment permits or requires the Corporation to provide broader indemnification rights than the Statute permitted
or required the Corporation to provide prior to such amendment.

 

(m)          
 “Subsidiary” shall mean any direct or indirect subsidiary of the Corporation as determined for financial reporting
purposes, whether domestic or foreign.

 

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		9.02	Mandatory Indemnification of Directors and Officers.

 

To the fullest extent permitted
or required by the Statute, the Corporation shall indemnify a Director or Officer against all Liabilities incurred by or on behalf of
such Director or Officer in connection with a Proceeding in which the Director or Officer is a Party because he or she is a Director or
Officer.

 

		9.03	Procedural Requirements.

 

(a)          
A Director or Officer who seeks indemnification under Section 9.02 shall make a written request therefor to the Corporation. Subject
to Section 9.03(b), within 60 days of the Corporation’s receipt of such request, the Corporation shall pay or reimburse the Director
or Officer for the entire amount of Liabilities incurred by the Director or Officer in connection with the subject Proceeding (net of
any Expenses previously advanced pursuant to Section 9.05).

 

(b)          
No indemnification shall be required to be paid by the Corporation pursuant to Section 9.02 if, within such 60-day period, (i)
a Disinterested Quorum, by a majority vote thereof, determines that the Director or Officer requesting indemnification engaged in misconduct
constituting a Breach of Duty or (ii) a Disinterested Quorum cannot be obtained.

 

(c)          
In case of nonpayment pursuant to Section 9.03(b), the Board shall immediately authorize by resolution that an Authority, as provided
in Section 9.04, determine whether the Director’s or Officer’s conduct constituted a Breach of Duty and, therefore, whether
indemnification should be denied hereunder.

 

(d)          
(i) If the Board does not authorize an Authority to determine the Director’s or Officer’s right to indemnification
hereunder within such 60-day period and/or (ii) if indemnification of the requested amount of Liabilities is paid by the Corporation,
then it shall be conclusively presumed for all purposes that a Disinterested Quorum has affirmatively determined that the Director or
Officer did not engage in misconduct constituting a Breach of Duty and, in the case of subsection (i) above (but not subsection (ii)),
indemnification by the Corporation of the requested amount of Liabilities shall be paid to the Director or Officer immediately.

 

		9.04	Determination of Indemnification.

 

(a)          
If the Board authorizes an Authority to determine a Director’s or Officer’s right to indemnification pursuant to Section
9.03, then the Director or Officer requesting indemnification shall have the absolute discretionary authority to select one of the following
as such Authority:

 

(i)            
An independent legal counsel; provided, that such counsel shall be mutually selected by such Director or Officer and by a majority
vote of a Disinterested Quorum or, if a Disinterested Quorum cannot be obtained, then by a majority vote of the Board;

 

(ii)          
 A panel of three arbitrators selected from the panels of arbitrators of the American Arbitration Association in Wisconsin; provided,
that (A) one arbitrator shall be selected by such Director or Officer, the second arbitrator shall be selected by a majority vote of a
Disinterested Quorum or, if a Disinterested Quorum cannot be obtained, then by a majority vote of the Board, and the third arbitrator
shall be selected by the two previously selected arbitrators, and (B) in all other respects (other than this Article IX), such panel shall
be governed by the American Arbitration Association’s then existing Commercial Arbitration Rules; or

 

(iii)          
A court pursuant to and in accordance with Section 180.0854 of the Statute.

 

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(b)         
In any such determination by the selected Authority, there shall exist a rebuttable presumption that the Director’s or Officer’s
conduct did not constitute a Breach of Duty and that indemnification against the requested amount of Liabilities is required. The burden
of rebutting such a presumption by clear and convincing evidence shall be on the Corporation or such other party asserting that such indemnification
should not be allowed.

 

(c)          
The Authority shall make its determination within 60 days of being selected and shall submit a written opinion of its conclusion
simultaneously to both the Corporation and the Director or Officer.

 

(d)          
If the Authority determines that indemnification is required hereunder, then the Corporation shall pay the entire requested amount
of Liabilities (net of any Expenses previously advanced pursuant to Section 9.05), including interest thereon at a reasonable rate, as
determined by the Authority, within 10 days of receipt of the Authority’s opinion; provided, that, if it is determined by the Authority
that a Director or Officer is entitled to indemnification against Liabilities incurred in connection with some claims, issues or matters,
but not as to other claims, issues or matters involved in the subject Proceeding, then the Corporation shall be required to pay (as set
forth above) only the amount of such requested Liabilities as the Authority shall deem appropriate in light of all of the circumstances
of such Proceeding.

 

(e)          
The determination by the Authority that indemnification is required hereunder shall be binding upon the Corporation, regardless
of any prior determination that the Director or Officer engaged in a Breach of Duty.

 

(f)          
All Expenses incurred in the determination process under this Section 9.04 by either the Corporation or the Director or Officer,
including, without limitation, all Expenses of the selected Authority, shall be paid by the Corporation.

 

     38 

     

    

 

		9.05	Mandatory Allowance of Expenses.

 

(a)           
The Corporation shall pay or reimburse from time to time or at any time, within 10 days after the receipt of the Director’s
or Officer’s written request therefor, the reasonable Expenses of the Director or Officer as such Expenses are incurred; provided,
the following conditions are satisfied:

 

(b)          
 The Director or Officer furnishes to the Corporation an executed written certificate affirming his or her good faith belief that
he or she has not engaged in misconduct which constitutes a Breach of Duty; and

 

(c)          
The Director or Officer furnishes to the Corporation an unsecured executed written agreement to repay any advances made under this
Section 9.05 if it is ultimately determined by an Authority that he or she is not entitled to be indemnified by the Corporation for such
Expenses pursuant to Section 9.04.

 

(d)          
If the Director or Officer must repay any previously advanced Expenses pursuant to this Section 9.05, then such Director or Officer
shall not be required to pay interest on such amounts.

 

		9.06	Indemnification and Allowance of Expenses of Certain Others.

 

(a)           
The Board may, in its sole and absolute discretion as it deems appropriate, pursuant to a majority vote thereof, indemnify a director
or officer of a Corporation Affiliate (who is not otherwise serving as a Director or Officer) against all Liabilities, and shall advance
the reasonable Expenses, incurred by such director or officer in a Proceeding to the same extent hereunder as if such director or officer
incurred such Liabilities because he or she was a Director or Officer, if such director or officer is a Party thereto because he or she
is or was a director or officer of the Corporation Affiliate.

 

(b)          
The Corporation shall indemnify an employee who is not a Director or Officer, to the extent he or she has been successful on the
merits or otherwise in defense of a Proceeding, for all reasonable Expenses incurred in the Proceeding if the employee was a Party because
he or she was an employee of the Corporation.

 

(c)          
The Board may, in its sole and absolute discretion as it deems appropriate, pursuant to a majority vote thereof, indemnify (to
the extent not otherwise provided in Section 9.06(b)) against Liabilities incurred by, and/or provide for the allowance of reasonable
Expenses of, an employee or authorized agent of the Corporation acting within the scope of his or her duties as such and who is not a
Director or Officer.

 

		9.07	Insurance.

 

The Corporation may purchase
and maintain insurance on behalf of a Director or Officer or any individual who is or was an employee or authorized agent of the Corporation
against any Liability asserted against or incurred by such individual in his or her capacity as such or arising from his or her status
as such, regardless of whether the Corporation is required or permitted to indemnify against any such Liability under this Article IX.

 

		9.08	Notice to the Corporation.

 

A Director or Officer or
an employee of the Corporation shall promptly notify the Corporation in writing when he or she has actual knowledge of a Proceeding that
may result in a claim of indemnification against Liabilities or allowance of Expenses hereunder, but the failure to do so shall not relieve
the Corporation of any liability to the Director or Officer or employee hereunder unless the Corporation shall have been irreparably prejudiced
by such failure (as determined, in the case of Directors or Officers only, by an Authority selected pursuant to Section 9.04(a)).

 

     39 

     

    

 

		9.09	Severability.

 

If any provision of this Article
IX shall be deemed invalid or inoperative, or if a court of competent jurisdiction determines that any of the provisions of this Article
IX contravene public policy, then this Article IX shall be construed so that the remaining provisions shall not be affected, but shall
remain in full force and effect, and any such provisions which are invalid or inoperative or which contravene public policy shall be deemed,
without further action or deed by or on behalf of the Corporation, to be modified, amended and/or limited, but only to the extent necessary
to render the same valid and enforceable; it being understood that it is the Corporation’s intention to provide Directors and Officers
with the broadest possible protection against personal liability allowable under the Statute.

 

		9.10	Nonexclusivity of Article IX.

 

The rights of a Director or
Officer or an employee of the corporation (or any other person) granted under this Article IX shall not be deemed exclusive of any other
rights to indemnification against Liabilities or allowance of Expenses which the Director or Officer or employee of the corporation (or
such other person) may be entitled to under any written agreement, board resolution, vote of shareholders of the corporation or otherwise,
including, without limitation, under the Statute. Nothing contained in this Article IX shall be deemed to limit the corporation’s
obligations to indemnify against Liabilities or allow Expenses to a Director or Officer or an employee of the corporation under the Statute.

 

		9.11	Contractual Nature of Article IX; Repeal or Limitation of
Rights.

 

This Article IX shall be deemed
to be a contract between the Corporation and each Director or Officer and employee of the Corporation and any repeal or other limitation
of this Article IX or any repeal or limitation of the Statute or any other applicable law shall not limit any rights of indemnification
against Liabilities or allowance of Expenses then existing or arising out of events, acts or omissions occurring prior to such repeal
or limitation, including, without limitation, the right to indemnification against Liabilities or allowance of Expenses for Proceedings
commenced after such repeal or limitation to enforce this Article IX with regard to acts, omissions or events arising prior to such repeal
or limitation. If the Statute is amended to permit or require the Corporation to provide broader indemnification rights than this Article
IX permits or requires, then this Article IX shall be automatically amended and deemed to incorporate such broader indemnification rights.

 

Article
X. AMENDMENTS

 

		10.01	By Shareholders.

 

These bylaws may be altered,
amended or repealed and new bylaws may be adopted by the shareholders at any Annual Meeting or Special Meeting at which a quorum is in
attendance.

 

     40 

     

    

 

		10.02	By Directors.

 

These bylaws may also be altered,
amended or repealed and new bylaws may be adopted by the Board of Directors by affirmative vote of a majority of the number of directors
present at any meeting at which a quorum is in attendance; provided, however, that the shareholders in adopting, amending or repealing
a particular bylaw may provide therein that the Board of Directors may not amend, repeal or readopt that bylaw.

 

		10.03	Implied Amendments.

 

Any action taken or authorized
by the shareholders or by the Board of Directors, which would be inconsistent with the bylaws then in effect but is taken or authorized
by affirmative vote of not less than the number of shares or the number of directors required to amend the bylaws so that the bylaws would
be consistent with such action, shall be given the same effect as though the bylaws had been temporarily amended or suspended so far,
but only so far, as is necessary to permit the specific action so taken or authorized.

 

Article
XI. INTERPRETATION

 

		11.01	Interpretation.

 

Unless the context requires
otherwise, all words used in these bylaws in the singular number extend to and include the plural, all words in the plural number extend
to and include the singular, and all words in any gender extend to and include all genders.

 

     41

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