Document:

Exhibit 4.01

CUSIP NO. 52517PZ20

ISIN NO. US52517PZ203

	
  REGISTERED

  	
   

  	
  PRINCIPAL
  AMOUNT: $500,000

  
	
  No. R-1

  	
   

  	
   

  

 

LEHMAN BROTHERS HOLDINGS INC.

MEDIUM-TERM NOTE, SERIES I

CRUDE OIL-LINKED SINGLE BARRIER RANGE NOTE
 DUE DECEMBER 14, 2007

THIS
NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY OR A NOMINEE OF THE
DEPOSITORY.  UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY (AS DEFINED BELOW) OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND
ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM (A
“CERTIFICATED NOTE”), THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE
DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITORY.

 

 

LEHMAN BROTHERS HOLDINGS INC., a corporation duly organized and
existing under the laws of the State of Delaware (herein called the “Company,”
which term includes any successor corporation under the Indenture referred to
on the reverse hereof), for value received, hereby promises to pay to CEDE
& Co., or registered assigns, on the Maturity Date, an amount equal to the
Redemption Amount.

The “Maturity Date” is December 14, 2007, or if such day is not a
Business Day, on the next following Business Day.

The “Redemption Amount” is the amount equal to the sum of the principal
amount of the Notes plus the Supplemental Redemption Amount, if any.

The “Supplemental Redemption Amount” is a single U.S. Dollar payment
calculated by the Calculation Agent equal to the principal amount of the Notes
multiplied by:

(A) 2.50%, if Crude OilREF is strictly within the Crude Oil Range on each
Exchange Business Day during the Observation Period; or

(B)  0.00%, if Crude OilREF is outside the Crude Oil Range on any Exchange
Business Day during the Observation Period.

The “Observation Period” is the period from and including the Trade
Date to and including the Valuation Date.

The “Trade Date” is September 7, 2007.

The “Issue Date” is September 14, 2007.

The “Valuation Date” is December 7, 2007.

“Crude OilREF” is, for any Exchange
Business Day within the Observation Period, the Crude Oil Price on such
Exchange Business Day.

“Crude Oil” is light sweet crude oil.

The “Crude Oil Price” is the official settlement price of
the Crude Oil Contract, expressed as the U.S. dollar price per barrel of Crude
Oil, as made public by the Relevant Exchange (subject to the occurrence of a
Disruption Event).

The “Crude Oil Contract” is the first nearby month futures
contract (or, in the case of the last trading day of the first nearby month
contract, the second nearby month contract) for Crude Oil traded on the
Relevant Exchange.

The “Crude Oil Range” is 
the range from (but not including) the Lower Barrier to (but not
including) the Upper Barrier.

The “Lower Barrier” is $69.03, equal to the product of the
Crude Oil Strike times 90%.

 

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The “Upper Barrier” is $84.37, equal to the product of the
Crude Oil Strike times 110%.

The “Crude Oil Strike” is $76.70, equal to the Crude Oil
Price on the Trade Date.

The “Relevant Exchange” is the NYMEX Division, or its
successor, of the New York Mercantile Exchange, Inc., or its successor; or, if
NYMEX is no longer the principal exchange or trading market for Crude Oil
options or futures contracts, such other exchange or principal trading market
for Crude Oil as determined in good faith by the Calculation Agent which serves
as the source of prices for Crude Oil, and any principal exchanges where
options or futures contracts on Crude Oil are traded.

An “Exchange Business Day” is a day, as determined by the
Calculation Agent, on which the Relevant Exchange is scheduled to be (or, but
for the occurrence of a Disruption Event, would have been) open for trading
during its regular trading session (notwithstanding the Relevant Exchange
closing prior to its scheduled closing time).

If a Disruption Event identified in clauses (A), (B) or (C)
below has occurred and is in effect on any Exchange Business Day during the
Observation Period to but excluding the earlier of the earlier of (i) the
Valuation Date and (ii) the Exchange Business Day on which Crude OilREF was first outside the Crude Oil Range, the
Crude Oil Price for such Exchange Business Day will be the Crude Oil Price on
the immediately preceding Exchange Business Day on which such Disruption Event
was not in effect; provided that, if the Disruption Event is continuing for any
consecutive period of five or more Exchange Business Days (measured from and
including the first Exchange Business Day on which the Disruption Event was in
effect), the Calculation Agent will determine the Crude Oil Price on the sixth
consecutive Exchange Business Day, and for each consecutive Exchange Business
Day thereafter, in its sole and absolute discretion taking into account the
latest available quotation for the Crude Oil Price, and any other information
that in good faith it deems relevant.

If a Disruption Event identified in clauses (D) or (E)
below is in effect on any such Exchange Business Day, the Calculation Agent
will determine Crude OilREF applicable to
such Exchange Business Day in its sole and absolute discretion taking into
account the latest available quotation for the Crude Oil Price and any other
information that in good faith it deems relevant.

A “Disruption Event” means any of the following events as
determined in good faith by the Calculation Agent:

(A)          the
suspension of or material limitation on trading in the Crude Oil Contract or
Crude Oil, or futures contracts or options related to the Crude Oil Contract or
Crude Oil, on the Relevant Exchange;

(B)           either
(i) the failure of trading to commence, or permanent discontinuance of trading,
in the Crude Oil Contract or Crude Oil, or futures contracts or options related
to the Crude Oil Contract or Crude Oil, on the Relevant Exchange, or (ii) the
disappearance of, or of trading in, Crude Oil;

 

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(C)           the
failure of the Relevant Exchange to publish the official daily settlement price
for that day for the Crude Oil Contract (or the information necessary for
determining the settlement price);

(D)          the
occurrence since the Trade Date of a material change in the content,
composition, or constitution of Crude Oil or the Crude Oil Contract; or

(E)           the
occurrence since the Trade Date of a material change in the formula for or the
method of calculating the settlement price of the Crude Oil Contract.

For the purpose of determining whether a Disruption Event
has occurred:

(1)           a
limitation on the hours in a trading day and/or number of days of trading will
not constitute a Disruption Event if it results from an announced change in the
regular business hours of the Relevant Exchange;

(2)           a suspension
in trading on the Relevant Exchange (without taking into account any extended
or after-hours trading session), in the Crude Oil Contract, by reason of a
price change reflecting the maximum permitted price change from the previous
trading day’s settlement price will constitute a Disruption Event; and

(3)           a
suspension of or material limitation on trading on the Relevant Exchange will
not include any time when the Relevant Exchange is closed for trading under
ordinary circumstances.

A “Business Day”, notwithstanding
any provision in the Indenture, is any day that is not is not a Saturday or
Sunday and that is not a day on which banking institutions in New York City
generally are authorized or obligated by law or executive order to be closed.

The “Calculation Agent” means
Lehman Brothers Commodity Services Inc.

Except as provided below, the Redemption Amount may, at the option of
the Company, be made by check mailed to the person entitled thereto at such
person’s address as it appears on the registry books of the Company.

Payment of any Redemption Amount will be made in immediately available
funds in accordance with the normal procedures of the Trustee (or any duly
appointed Paying Agent).

The Company will pay any administrative costs imposed by banks in making
payments in immediately available funds, but any tax, assessment or
governmental charge imposed upon payments hereunder, including, without
limitation, any withholding tax, will be borne by the Holder hereof.

References herein to “U.S. dollars” or “U.S.$” or “$” or “USD” are to
the coin or currency of the United States as at the time of payment is legal
tender for the payment of public and private debts.

 

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REFERENCE IS HEREBY MADE TO THE FURTHER
PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF.  SUCH FURTHER PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

This Note shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed by the Trustee
under the Indenture.

 

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IN WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this
instrument to be signed by its Chairman of the Board, its President, its Vice
Chairman, its Chief Financial Officer, one of its Vice Presidents or its
Treasurer, by manual or facsimile signature under its corporate seal, attested
by its Secretary or one of its Assistant Secretaries by manual or facsimile
signature.

Dated:  September 14, 2007

	
  [SEAL]

  	
  LEHMAN BROTHERS HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Andrew M.W. Yeung

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Cindy Buckholz

  
	
   

  	
   

  	
  Title:

  	
  Assistant Secretary

  

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

This is one of the
Securities of the series designated herein referred to in the within-mentioned
Indenture.

	
  CITIBANK, N.A.

  	
   

  
	
  as Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

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[REVERSE
OF NOTE]

LEHMAN BROTHERS
HOLDINGS INC.

MEDIUM-TERM NOTES,
SERIES I

CRUDE OIL-LINKED SINGLE BARRIER RANGE NOTE

 DUE DECEMBER 14, 2007

Section 1.  General.  This Note is one of a duly authorized series
of Notes of the Company designated as the Medium-Term Notes, Series I, Crude
Oil-Linked Single Barrier Range Note (herein called the “Notes”).  The
Notes are one of an indefinite number of series of debt securities of the
Company (collectively, the “Securities”) issued or issuable under and pursuant
to an indenture dated as of September 1, 1987, as amended and supplemented (the
“Indenture”), duly executed and delivered by the Company and Citibank, N.A., as
Trustee (herein called the “Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company and the holders of the Securities.  The separate series of Securities may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest (if any) at different rates, may be subject to different
redemption provisions or repurchase rights (if any), may be subject to
different sinking, purchase or analogous funds (if any), may be subject to
different covenants and Events of Default and may otherwise vary as in the
Indenture provided.

Section 2.  Principal
Amount for Indenture Purposes.  For
the purpose of determining whether Holders of the requisite amount of Notes of
this series outstanding under the Indenture have made a demand, given a notice
or waiver or taken any other action, the principal amount of this Note will be
deemed to be the principal amount of this Note then outstanding.

Section 3.  Modification
and Waivers.  The Indenture contains
provisions permitting the Company and the Trustee, with the consent of the
Holders of not less than 66-2/3% in aggregate principal amount of each series
of the Securities at the time Outstanding to be affected, evidenced as in the Indenture
provided, to execute supplemental indentures adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or
of any supplemental indenture or modifying in any manner the rights of the
holders of the Securities of all such series; provided, however, that no such
supplemental indenture shall, among other things, (i) change the fixed maturity
of any Security, or reduce the Redemption Amount or the principal amount
thereof, or reduce the rate or extend the time of payment of interest thereon
or reduce any premium or other amount payable on redemption, or make the
Redemption Amount or the principal amount thereof, premium or other amount
payable, if any, or interest thereon payable in any coin or currency other than
that herein above provided, without the consent of the Holder of each Security
so affected, or (ii) change the place of payment on any Security, or impair the
right to institute suit for payment on any Security, or reduce the aforesaid
percentage of Securities, the holders of which are required to consent to any
such supplemental indenture, without the consent of the holders of each
Security so affected.  It is also
provided in the Indenture that, prior to any declaration accelerating the
maturity of any series of Securities, the holders of a majority in aggregate
principal amount of the Securities of such series

Outstanding
may on behalf of the holders of all the Securities of such series waive any
past default or Event of Default under the Indenture with respect to such
series and its consequences, except a default in the payment of interest, if
any, on the Redemption Amount or the principal amount, or premium, if any, on
any of the Securities of such series, or in the payment of any sinking fund installment
or analogous obligation with respect to Securities of such series.  Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future
holders and owners of this Note and any Notes of this series which may be
issued in exchange or substitution herefor, irrespective of whether or not any
notation thereof is made upon this Note or such other Notes of this series.

Section 4.  Obligations
Unconditional.  No reference herein
to the Indenture and no provisions of this Note or of the Indenture shall alter
or impair the obligation of the Company, which is absolute and unconditional,
to pay the Supplemental Redemption Amount or the principal amount on this Note
at the place, at the respective times, at the rate, and in the coin or currency
herein prescribed.

Section 5.  Defeasance.  The Indenture contains provisions for the
discharge of the Indenture and defeasance at any time of the indebtedness on
this Note upon compliance by the Company with certain conditions set forth
therein, which provisions apply to this Note.

Section 6.  Authorized
Form and Denominations.  The Notes of
this series are issuable in registered form, without coupons.  Each Note will be issued initially as either
a Global Security or a Certificated Note, at the option of the Company, in
denominations of $1,000 or whole multiples of $1,000, either at the office or
agency to be designated and maintained by the Company for such purpose in the
Borough of Manhattan, New York City, pursuant to the provisions of the
Indenture or at any of such other offices or agencies as may be designated and
maintained by the Company for such purpose pursuant to the provisions of the
Indenture, and in the manner and subject to the limitations provided in the
Indenture, but without the payment of any service charge, except for any tax or
other governmental charges imposed in connection therewith.  Notes of this series are exchangeable for a
like aggregate principal amount of Notes of this series of a different
authorized denomination, except that Global Securities will not be exchangeable
for Certificated Notes of this series.

Section 7.  Registration
of Transfer.  As provided in the
Indenture and subject to certain limitations as therein set forth, the transfer
of this Note is registrable in the Security Register, upon surrender of this
Note for registration of transfer, at the Corporate Trust Office or agency in a
Place of Payment for this Note, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar requiring such written instrument of transfer duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

If at any time the Depository notifies the Company
that it is unwilling or unable to continue as Depository or if at any time the
Depository shall no longer be eligible under the Indenture, the Company shall
appoint a successor Depository.  If a
successor Depository for the Notes of this series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware
of such ineligibility, the Company will issue, and the Trustee will

authenticate
and deliver, Notes of this series in definitive form in an aggregate principal
amount equal to the principal amount of this Note.

No service charge shall
be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

Prior to due presentment of this Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the person in whose name this Note is registered as the owner
hereof for all purposes, and neither the Company nor the Trustee nor any agent
of the Company or of the Trustee shall be affected by any notice to the
contrary.

Section 8.  Events
of Default.   If an Event of Default
with respect to Notes of this series shall occur and be continuing, the amount
that may be declared due and payable upon any acceleration of the notes will be
determined by the Calculation Agent for the period from and including the Issue
Date to but excluding the date of early repayment and will equal, for each
note, the Supplemental Redemption Amount, calculated as the date of early
repayment were the Maturity Date. If a bankruptcy proceeding is commenced in
respect of the Company, the claim of the beneficial owner of a note for the
period from and including the Issue Date to but excluding the date of early
repayment will be capped at the Supplemental Redemption Amount, calculated as
though the date of the commencement of the proceeding were the Maturity Date.

Section 9.  No
Recourse Against Certain Persons.  No
recourse for the payment of the Redemption Amount or for any claim based hereon
or otherwise in respect hereof, and no recourse under or upon any obligation,
covenant or agreement of the Company in the Indenture or any Indenture
supplemental thereto or in any Note, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Company or of any successor corporation, either directly or through the Company
or any successor corporation, whether by virtue of any constitution, statute or
rule of law or by the enforcement of any assessment or penalty or otherwise,
all such liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released.

Section 10.  Defined
Terms.  All terms used but not
defined in this Note are used herein as defined in the Indenture.

Section 11.  GOVERNING LAW.  THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.EXHIBIT 4.1

RELEVANT PORTIONS

OF

AMENDED AND RESTATED CERTIFICATE
OF INCORPORATION

OF

EASYLINK SERVICES INTERNATIONAL
CORPORATION

*              *              *

FOURTH:

I.              Capital Stock
Reverse Stock Split.

(1)           The aggregate number of shares which the
Corporation shall have authority
to issue is Fifty One Million (51,000,000) shares, consisting of  (i)
Forty Million (40,000,000) shares of Class A Common Stock, $.01 par value per
share; (ii) Two Million (2, 000,000) shares of Class B Common Stock, $.01 par
value per share; (iii) Two Million (2,000,000) shares of Class E-1 Common
Stock, $.01 par value per share; (iv) Two Million (2,000,000) shares of Class
E-2 Common Stock, $.01 par value per share; and (v) Five Million (5,000,000)
shares of preferred stock, $.01 par value per share.

(2)           As
of the Consent Effective Date (“Reverse Split Date”), each five (5) shares of
Class A Common Stock, Class B Common Stock, Class E-1 Common Stock and Class
E-2 Common Stock then issued and outstanding was, without any further action on
the part of the Corporation or any stockholder, automatically changed and
reclassified into one share of Class A Common Stock, Class B Common Stock,
Class E-1 Common Stock and Class E-2 Common Stock, as the case may be, and from
and after the Reverse Split Date each certificate which theretofore represented
any five (5) shares of the then issued and outstanding Class A Common Stock,
Class B Common Stock, Class E-1 Common Stock or Class E-2 Common Stock shall
automatically be deemed to represent one share of Class A Common Stock, Class B
Common Stock, Class E-1 Common Stock, or Class E-2 Common Stock, as the case
may be (the “Reverse Stock Split”).

(3)           No
fractional shares of Common Stock shall be issued in connection with the
Reverse Stock Split and each holder of shares shall be entitled to receive an
amount equal to the fair value of any fractional interests with respect to the
shares of Common Stock.

II.            Class
A Common Stock, Class B Common Stock, Class E-I and Class E-2 Common Stock.

A.            General.  The
designations, preferences, limitations and  relative
rights of the Class A Common Stock
and the Class B Common
Stock, the Class E-1 Common Stock and the Class E-2 Common Stock shall be in
all respect identical, except as stated in this Certificate of Incorporation or
as otherwise required by law.

B.            Voting Rights

(1)           At each meeting
of stockholders of the Corporation and upon each proposal presented at such meeting, every holder of Class A Common Stock, Class B-1 Common Stock and Class
E-2 Common Stock shall be entitled to
one vote in person or by proxy for each share of Class A Common Stock, Class
E-1 Common Stock and Class E-2 Common Stock standing in his or her name on the
stock transfer records of the Corporation and every holder of Class B Commas
Stock shall be entitled to six votes in person or by proxy for each
shares of Class B Common Stock standing in his or her name on the stock
transfer records of the Corporation.

(2)           Except is
provided in this Paragraph (B) or Paragraphs (G) and (H) of this Section II or
as may be otherwise required by law, the holders of Class A Common Stock, Class
B Common Stock and Class E-1 and E-2 Common Stock shall vote together as a
single class with respect to alt matters.

(3)           Except as may
be otherwise required by law or stated in any Preferred Stock Designation (as
defined in Section III of this Article Fourth), the
holders of Class A Common Stock, Class
B Common Stock, Class E-1 Common Stock and Class E-2 Common Stock shall have
the exclusive right to vote for the election of 

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directors
and for all other purposes, each holder of the Class
A Common Stock, Class B Common Stock, Class E-1 Common Stock and Class E-2
Common Stock being entitled to vote as provided in this Paragraph (B) Of
this Section II.

C.            Dividends and Distributions.  Except as provided in paragraph H, and subject to the rights of the holders of
Preferred Stock, and subject to any other provisions of this Certificate of
Incorporation, as it may  be amended from time to time,
holders of Class A Common Stock, Class B Common Stock, Class E-1 Common  Stock and Class E-2 Common Stock shall be
entitled to receive such dividends and
other distributions in cash, in
property or in  shares
of the Corporation as may be declared thereon by the Board of Directors from time  to
time out of assets or funds of the Corporation legally available therefor;
provided, however, that no cash, property or share dividend or distribution may be declared
or paid on the outstanding shares of either the Class A Common
Stock, the Class B Common Stock; the Class E-1 Common Stock or the Class E-2
Common Stock, unless an identical per
share dividend or distribution is simultaneously declared and paid on the
outstanding shares of the  other such class of stock;
provided, further, however, that
a dividend of shares may be declared and paid in Class A Common Stock to holders
of Class A Common Stock, Class B Common
Stock, Class E-1 Common Stock and Class E-2 Common Stock if the number of
shares paid per share to holders of Class A Common Stock, to holders of Class B Common Stock, to holders of Class E-1 Common Stock and to
holders of Class E-2 Common Stock shall be the same. If the Corporation shall in any manner
subdivide,  combine or
reclassify the outstanding shares of Class A Common Stock, Class B
Common Stock, Class E-1 Common Stock or Class E-2 Common. Stock, the
outstanding shares of the  other such class shall be
subdivided, combined or reclassified proportionally in the same manner and on  the
same basis as the outstanding
shares of Class A Common Stock, Class B Common Stock, Class E-1 Common Stock or
Class E-2 Common Stock, as the
Case may be, have been subdivided, combined or reclassified. A dividend in shares of Class A Common
Stock may be paid to the holders of shares of any other class of the
Corporation.

D.            Common Stock Subject to Priorities of
Preferred Stock.  The Class A Common Stock, Class B Common
Stock, Class E-1 Common Stock and Class E-2 Common Stock are subject to  all the powers, rights, privileges, preferences and priorities of
the Preferred Stock as may be stated in this Certificate of Incorporation and
in any Preferred Stock Designation.

E.             Liquidation
Rights.  Upon liquidation, dissolution or
winding up of the Corporation, whether voluntary or involuntary, and after the
holders, if any, of the Preferred Stock of each series shall have been paid in full the amounts to
which they respectively shall be entitled, or a sum sufficient for such payment
in full shall have been set aside, the remaining net assets of the Corporation
shall be distributed pro rata on a share for share basis to the holders of the
Class A Common Stock, Class B Common Stock, Class E-1 Common Stock and Class
E-2 Common Stock, to the exclusion of the holders of the Preferred Stock.

F.             No Conversion
of Class A Common Stock.  The
shares of Class A Common Stock are not convertible into or exchangeable for
shares of Class B Common Stock or any other shares or securities of
the Corporation.

G.            Conversion of
Class Common Stock.

(1)           Optional
Conversion.  Each record
holder of Class B Common Stock is entitled,
at any time or from time  to time, to convert any or all of
the shares of such holder’s Class B Common Stock into shares of Class A Common Stock at the ratio
of one share of Class A Common Stock for each share of Class B Common Stock.

(2)           Optional Conversion Procedures.

(a)           Each conversion of shares pursuant to Paragraph
(G)(1) of this Section II hereof shall be effected by the surrender of the certificate or
certificates representing the shares to be converted at the principal office of
the Corporation at any time during normal business hours, together with a
written notice by the holder staring the number of shares that such holder
desires to convert. Such conversion shall be deemed to have been effected as of
the close of business on the date on
which such certificate or certificates have been  surrendered,
and at such time, the rights of any such holder with respect to the converted
shares of such  holder will cease and the 

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person or persons in
whose name or names the certificate or certificates for shares are to be issued
upon such conversion will be
deemed to have become the holder or holders of record of such shares
represented thereby.

(b)           Promptly after such surrender, the Corporation. will issue and
deliver in accordance with the
surrendering holder’s instructions the certificate or certificates for the
Class A Common Stock issuable upon such conversion and a conversion and a
certificate representing any Class B Common Stock which was represented by the
certificate or certificates delivered to the Corporation in connection with
such conversion, but which was not converted.

(3)           Automatic Conversion.  Each share of
Class B Common Stock will convert automatically into one share of Class A
Common Stock upon the sale or any other transfer thereof (including. without
limitation, conveyance into a trust and transfer by the operation of any will
or the laws of descent and distribution), except upon a sale or any other transfer to a person who immediately prior to
such sale or trust  is a holder of a share or shares
of Class B Common Stock.

(4)           Issuance Costs.  The issuance of certificates upon conversion of shares pursuant hereto will
be made without charge to the holder or holders of such shares for any issuance
tax (except stock transfer tax) in respect thereof or other costs incurred by
the Corporation in connection therewith.

(5)           Reservation of Shares.  Solely  for the purpose of issuance upon conversion of such shares as herein
provided, the Corporation shall at all times reserve and keep available out of its authorized but unissued
shares of Class A Common Stock such number of shares of Class A Common
Stock as are then issuable upon the
conversion of all outstanding shares of Class B Common Stock.

H.            Class E Common
Stock

(1)           In General.  The Class E-1 Common Stock and Class E-2
Common Stock (collectively, “Class E Common Stock”) shall have all of the same rights as the Class A Common Stock and Class B Common Stock, except as specifically provided herein. On liquidation
of the Corporation, each outstanding share
of Class E Common Stock shall have the
same rights as a share of Class A Common Stock. 
Whenever any Class E Common Stock is outstanding, any other corporate
action, including but not limited to any declaration of dividends (whether in
cash, property or securities), distribution,
repurchase, split or split, reorganization, recapitalization, merger or
consolidation, shall also affect equally all shares of Class A Common Stock,
Class B Common Stock and Class E Common Stock, except that any transaction that
results or would result in the holders of Class E Common Stock holding cash,
new securities or other property (referred to herein as the “Class E
Distribution Proceeds”) shall be effected in such a fashion that the cash, new
securities or other property issuable with respect to each share of Class E
Common Stock shall be held in trust by the Corporation or by such other
person as it may appoint. Such trust shall terminate at the Determination Date
(as defined below). During the period prior to the Determination Date, the
Class E Common Stock itself (in addition to the Class E Distribution Proceeds)
shall remain subject to the Escrow
Conditions (as defined below), so the disposition of the Class E Common Stock
and corresponding Class E Distribution Proceeds shall be subject to the same
Escrow Conditions. Any earnings of the cash, new securities or other property
held in such trust shall be added to the corpus thereof, all of which shall be
distributed promptly after the Determination Date, to the holders of Class E
Common Stock as of the Determination Date, in proportion to their holdings of
Class E Common Stock, except that if none of the Escrow Conditions (as defined
below) shall have bon satisfied on or before the Determination Date, then such corpus
shall revert to the Corporation.

(2)           Determination Date.  The
Determination Date shall be the earlier to occur of (i) the date any of the
Escrow Conditions are satisfied, or (ii) March 31, 1999.

(3)           E-1 Escrow Conditions.

The Escrow Conditions for
the Class E-1 Common Stock shall be

(a)           that the Corporation’s
“Income” (as defined below) shall have equaled or exceeded $4,400,000 (adjusted
as set forth below) for the fiscal year ending July 31, 1996,

 3
 

(b)           that the Corporation’s Income shall have equaled or
exceeded $6.600,000 (adjusted as set forth below) for the fiscal year ending
July 31, 1997,

(c)           that the Corporation’s Income shall have equaled or
exceeded $8.800,000 (adjusted as set forth below) for the fiscal year ending
July 31. 1998,

(d)           that the “Market Price” (as
defined below) of the Class A
Common Stock, when averaged over any 30 consecutive trading days all of which  are
less than 18 month after the “Effective Date” (as defined below), shall have
equaled or exceeded $12.50 per share, or

(e)           that the Market
Price of the Class A Common Stock, when averaged over any 30 consecutive
trading days all of which are more than 18 and less than 36 months after the
Effective Dare, shall have equaled or exceeded $16.50 per share.

(4)           E-2 Escrow Conditions.

The
Escrow Conditions for the Class E-2 Common Stock shall be

(a)           that the
Corporation’s Income shall have equaled or exceeded $5,400,00 (adjusted as set
forth below) for the fiscal year ending July 31, 1996,

(b)           that the Corporation’s
Income shall have equaled or exceeded $8,100,000 (adjusted as set
forth below) for the fiscal year ending July 31, 1997,

(c)           that the Corporation’s Income shall have equaled or
exceeded $10,800.000 (adjusted as set forth below) for the fiscal year ending
July 31, 1998,

(d)           that the Market  Price of the Class A Common Stock, when averaged over any 30 consecutive
trading days all of which are less than 18 months after the Effective Date
shall have equaled or exceeded $18.00 per share, or

(e)           that the Market Price of the Class A Common
Stock,
when averaged over any 30 consecutive days  all
of which are more than 18 and less than 36 months after the Effective Date,
shall have equaled or exceeded $22.00 per share.

(5)           Definitions.

(a)           “Income” shall mean the Corporation’s net income before
provision for income taxes, but
exclusive of any other
earnings that arc classified as an extraordinary item, and exclusive of any charges to income that may
result from the release of any securities of the Corporation from an escrow and the Conversion of the Class E
Common Stock into Class A Common
Stock, as  stated in the Corporation’s financial statements for such fiscal year upon which
independent auditors have gives a report. For purposes of determining whether
the above criteria are met at
any Determination Date, the Income amounts set forth above shall be increased
at any Determination Date by multiplying such Income amounts by a fraction, the
numerator of which is the
average weighted number of shares of Common Stock outstanding over the
fiscal year for which the Escrow Condition is satisfied (including Class A and Class E Common Stock, and
treating as outstanding common stock of any class issuable upon conversion of securities that are outstanding at the
Determination Date and which are convertible into common stock without the  payment
of additional consideration (“Conversion Shares”)) and the denominator of which is the sum of (i) the number of
shares of Common Stock (Class A, Class E and Conversion Shares) which
are outstanding (or, with  respect to the Conversion Shares, treated as outstanding as set  forth
above) at the Effective Date, plus (ii) the number of shares of Common
Stock sold under the “Registration Statement,” as defined below.

(b)           The “Registration
Statement” shall mean that certain registration statement filed by the Corporation under the Securities Act of 1933, as
amended, which is the first
registration statement so filed by the Corporation with the United States Securities and Exchange
Commission.

 4
 

(c)           The “Effective
Date” shall mean the date on which the Registration Statement became
effective within the meaning of Section 8 of the Securities Act of 1933, as
amended.

(d)           “Market price”
shall mean, in order of preferences, (i) the last reported
sales price on a consolidated transaction reporting system, if the Class A
Common Stock is listed on a national securities exchange or is listed on the NASDAQ National Market, (ii) the high closing bid price if such
stock is otherwise quoted on the NASDAQ Stock Market, or (iii)
otherwise, a bid price for such stock determined by such means as the
Corporation’s Board of Directors finds to be reasonable.

(6)           Conversion.

(a)           If on the Determination Date, any of the  Escrow Conditions shall have been satisfied, than each share of
Class E Common Stock shall be converted into one share of Class A Common
Stock, and if on the Determination Date none of the Escrow Conditions shall
have been satisfied, then the Class E Common Stock remaining in escrow shall be redeemed by the Corporation at a
price per share of $.0001 and canceled without further obligation to the holder
thereof. From and after the Determination Date, the rights of the holders of
Class E Common Stock shall be limited to the following: (i) in the event that
any of the Escrow Conditions were satisfied at the Determination Date, the right to receive a certificate
representing the number of shares of Class A Common Stock into which such Class
E Common Stock was converted, and otherwise to the rights of a holder of such
shares of Class A Common Stock; or (ii) is  the event that none of the Escrow
Conditions were satisfied at the Determination Date, no further right with
respect to the Class E Common Stock, which is thereby canceled, or with respect
to any other property or securities previously issued with respect thereto.

(b)           Solely for the
purpose of issuance upon conversion of the Class E Common Stock as herein
provided, the Corporation shall, at all times, reserve
and keep available out of its authorized but unissued shares of Class A Common
Stock such number of shares of Class A Common Stock as are then issuable upon
the conversion of all outstanding shares of Class E Common Stock.

(7)           No Transfer.  No person holding shares of Class E
Common Stock of record may transfer such shares, except
by testamentary disposition or by operation of law, and any purported transfer
other than as permitted by the preceding clause shall be ineffective,
null and void.

(8)           Registration. 
Shares of Class E Common Stock shall be registered in the names of the
beneficial owners thereof and not in “street” or “nominee” name. For this
purpose, a “beneficial owner” of any shares of Class E Common Stock shall mean
a person who, or any entity which, possesses the power, either singly or
jointly, to direct the voting or disposition of such shares. The Corporation
shall note on the certificates for shares of Class E Common Stock the
restrictions on transfer and registration.

III.           Preferred
Stock.  The Board of Directors of the
Corporation is authorized, subject to any limitations prescribed by law, to
provide for the issuance of the shares of Preferred Stock in series designated
by the Board of Directors pursuant to this Section III.

A.            Series
of Preferred Stock

i.              Designation
of Series of Preferred Stock.  The
Board of Directors is hereby expressly authorized, by resolution or resolution
thereof, to provide for, designate and issue, out of the 5,000,000 authorized
but undersigned and unissued shares of Preferred Stock, one or more series of
Preferred Stock, subject to the terms and conditions set forth herein.  Before any shares of any such series are
issued, the Board of Directors shall fix, and here is expressly empowered to
fix, by resolution or resolutions, the following provisions of the shares of
any such series:

(i)            the
designation of such series, the number of shares to constitute such series and
the stated value thereof, if different from the par value thereof;

 5
 

(ii)           whether the shares of such series shall have
voting rights or powers, in addition to any voting rights required by law, and,
if so, the terms of such voting rights or powers, which my be full or limited;

(iii)          the dividends, if any, payable on such
series, whether any such dividends shall be cumulative, and, if so, from what
dates, the conditions and dates upon which such dividends shall be payable, and
the preference or relation which such dividends shall bear to the dividends
payable on any shares of stock or any other class or any other series of this
class;

(iv)          whether the shares of such series shall be subject
to redemption by the Corporation and, if so, the times, prices and other conditions of such redemption;

(v)           the amount or amounts payable upon shares of
such series upon, and the rights of the holders of such series in, the
voluntary or involuntary liquidation, dissolution or winding up, or upon any
distribution of the assets, of the Corporation;

(vi)          whether the shares of such series shall be
subject to the operation of a retirement or sinking fund and, if so, the extent
to and manner in which any such retirement or sinking fund shall be applied to
the purchase or redemption of the shares of such series for retirement or other
corporate purposes and the terms and provisions relative to the operation
thereof;

(vii)         whether the shares of such series shall be
convertible into, or exchangeable for, shares of stock of any other class or
any series of this claim or any other securities and, if so, the price or
prices or the rate or rates of conversion or exchange and the method, if any,
of adjusting the same, and any other terms and conditions or exchanges;

(viii)        the limitations and restrictions, if any, to
be effective while any shares of such series are outstanding upon the payment
of dividends or the making of other distributions on, and upon the purchase,
redemption or other acquisition by the Corporation of, the Common Stock or
shares of stock of any other class or any other series of this class;

(ix)           the conditions or restrictions, if any, to be
effective while any shares of such series are outstanding upon the creation of
indebtedness of the Corporation upon the issue of any additional stock,
including additional shares of such series or of any other series of this class
or of any other class; and

(x)            any other powers, designations, preferences
and relative, participating, optimal or other special rights, and any
qualifications, limitations or restrictions thereof.

The powers, designations, preferences and relative,
participating, optional or other special rights of each series of Preferred
Stock, and the qualifications, limitations or restrictions thereof, if any, may
differ from those of any and all other series at any time outstanding.  The Board of Directors is hereby expressly
authorized from time to time to increase (but not above the total number of
authorized shares of Preferred Stock) or decrease (but not below the number of
shares thereof then outstanding) the number of shares of stock of any series of
Preferred Stock designated as any one or more series of Preferred Stock
pursuant to this Paragraph (a)(1).

*              *              *

SIXTH:   The following provisions are inserted for the management of the business and for the conduct of the affairs of the corporation, and for further definition, limitation and regulation of  the
powers of the corporation and of its directors and stockholders:

(1)           The number of directors of the corporation
shall be such as from time to time shall be fixed  by, or in
the manner provided in the by-laws. Election of directors need not be by ballot
unless the by-laws so provide.

(2)           The Board of Directors shall have power
without the assent or vote of the stockholders:

 6
 

(a)           To make, alter, amend,
change, add to or  repeal the
By-Laws of the corporation; to fix and vary the amount to be reserved for any proper purpose; to
authorize and cause to be executed
mortgages and liens upon all or any part of the property of the
corporation; to determine the use and disposition of any surplus or net
profits; and to fix the times for the declaration and payment of dividends.

(b)           To determine from time
to time whether, and to what times and places, and under what conditions the accounts and books of the corporation
(other than the  stock lodger)  or
any of them, shall be open to  the inspection of the stockholders.

(3)           The directors in their discretion may submit
any contract or act for approval or ratification at any meeting of the
stockholders or at any meeting
of the stockholders called for the
purpose of considering any such
act or contract, and any contract or act that shall be approved or be ratified
by the vote of the holders of a majority of the  stock of the
corporation which is represented in person or by proxy at such meeting
and entitled to vote thereat (provided that a lawful quorum of stockholders be
there represented in person or by
proxy) shall be as valid and as binding upon the corporation and upon all stockholders as though it had been
approved or ratified by every stockholder of the corporation, whether or not the contract or act would otherwise be open to legal
attack because of directors’ interest, or for any other reason.

(4)           In addition to the powers and authorities hereinbefore
or by statute expressly conferred upon them, the directors are hereby empowered to exercise all such powers and do all such  acts and things as may be
exercised or done by the corporation; subject, nevertheless, to the provisions
of the unites of Delaware, of this certificate, and to any by-laws from time to
time made by the stockholders; provided, however, that no by-laws so made shall
invalidate any prior act of the directors which would have been valid if such
bylaw had nor been made.

SEVENTH:             No director shall be liable to the
corporation or any of its stockholders for monetary damages for breach of  fiduciary duty
as a director, except with respect to (1) a breach of the director’s
duty of loyalty to the corporation or its stockholders. (2) acts or omissions
not in good faith or which involve intentional misconduct or a knowing
violation of law, (3) liability under Section 174 of the Delaware General Corporation Law or (4) transaction from which the
director derived an improper personal benefit, it being the intention of the
foregoing provisions to eliminate the liability of the corporation’s directors
to the corporation or its stockholders to the fullest extent permitted by
Section 102(b)(7) of the Delaware General Corporation Law, as amended from time
to time. The corporation shall indemnify to the fullest extent permitted by
Sections 102(b)(7) and 145 of the Delaware General Corporation Law, as amended
from time to time each person that such
Section grant the corporation power to indemnify.

EIGHTH:                Whenever a compromise or arrangement is
proposed between this corporation and its creditors or any class of than and/or
between  this corporation and its stockholders or any class
of them, any court of equitable jurisdiction within the State of Delaware, may,
on the application in a summary way of this corporation or of any creditor or stockholder
thereof or on the application of any receiver or receivers appointed for this
corporation under the provisions of Section  291 of Title 8 of the Delaware
Code or on the application of trustees in dissolution or of any receiver or receivers appointed for this
corporation under the provisions
of Section 279 Title 8  of
the Delaware Code order a meeting of the creditors or class of
creditors, and/or of the stockholders or class of stockholders of this corporation, as the case may be, to be
summoned in such manner as the said court directs.  If a majority in number representing
three-fourths (3/4) in value of the
creditors or class of creditors, and/or of the stockholders or class of
stockholders of this corporation, as the case may be, agree to compromise or
arrangement and to any reorganization of this corporation as consequence of
such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if
sanctioned by the court to which the said application has been made, be binding
on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders, of this corporation,
as the case may be, and also an this corporation.

NINTH:                  The corporation reserves the right to amend,
alter, change or repeal any provision contained in this certificate of
incorporation in the manner now or hereafter prescribed by law, and all rights
and powers conferred herein on stockholders,
directors and officers are subject to this reserved power.

*              *              *

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RELEVANT PORTIONS

OF

AMENDED AND RESTATED BY-LAWS

OF

EASYLINK
SERVICES INTERNATIONAL CORPORATION

*                  *                  *
ARTICLE I
Stockholders
SECTION 1. Place of Meetings.  Meetings of stockholders shall be held at such place, either within or without the State of Delaware, as shall be designated from time to time by the Board of Directors.
SECTION 2. Annual Meeting.  Annual meetings of stockholders shall be held, from time to time, at such time fixed by the directors. If such day is a legal holiday, then the meeting shall be held on the next following business day. At each annual meeting, the stockholders shall elect by a plurality vote the directors and shall transact such other business as may be properly brought before the meeting.
SECTION 3. Matters to be Considered at Annual Meetings. At any annual meeting of stockholders or any special meeting in lieu of annual meeting of stockholders (the “Annual Meeting”), only such business shall be conducted, and only such proposals shall be acted upon as shall have been properly brought before such Annual Meeting. To be considered as properly brought before an Annual Meeting, business must be: (a) specified in the notice of meeting, (b) otherwise properly brought before the meeting by, or at the direction of, the Board of Directors, or (c) otherwise properly brought before the meeting by any holder of record (both as of the time notice of such proposal is given by the stock-holder as set forth below and as of the record date for the Annual Meeting in question) of any shares of capital stock of the corporation entitled to vote at such Annual Meeting on such business who complies with the requirements set forth in this Section 3. In addition to any other applicable requirements, for business to be properly brought before an Annual Meeting by a stockholder of record of any shares of capital stock entitled to vote at such Annual Meeting, such stockholder shall: (i) give timely notice as required by this Section 3 to the Secretary of the corporation and (ii) be present at such meeting, either in person or by a representative. A stockholder’s notice shall be timely if delivered to, or mailed to and received by, the corporation at its principal executive office not less than 75 days nor more than 120 days prior to the anniversary date of the immediately preceding Annual Meeting (the “Anniversary Date”); provided, however, that in the event the Annual Meeting is scheduled to be held on a date more than 30 days before the Anniversary Date or more than 60 days after the Anniversary Date, a stockholder’s notice shall be timely if delivered to, or mailed to and received by, the corporation at its principal executive office not later than the close of business on the later of (A) the 75th day prior to the scheduled date of such Annual Meeting, or (B) the 15th day following the day on which public announcement of the date of such Annual Meeting is first made by the corporation. For purposes of these By-Laws, “public announcement” shall mean: (i) disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service, (ii) a report or other document filed publicly with the Securities and Exchange Commission (including, without limitation, a Form 8-K), or (iii) a letter or report sent to stockholders of record of the corporation at the close of business on the day of the mailing of such letter or report. A stockholder’s notice to the Secretary shall set forth as to each matter proposed to be brought before an Annual Meeting: (i) a brief description of the business the stockholder desires to bring before such Annual Meeting and the reasons for conducting such business at such Annual Meeting, (ii) the name and address, as they appear on the corporation’s stock transfer books, of the stockholder proposing such business, (iii) the class and number of shares of the corporation’s capital stock beneficially owned by the stockholder proposing such business, (iv) the names and addresses of the beneficial owners, if any, of any capital stock of the corporation registered in such stockholder’s name on such books and the class and number of shares of the corporation’s capital stock beneficially owned by such beneficial owners, (v) the names and addresses of other stockholders known by the stockholder proposing such business to support such proposal and the class and number of shares of the corporation’s capital stock beneficially owned by such other stockholders and (vi) any material interest of the stockholder proposing to bring such business before such meeting (or any other stockholders known to be supporting such proposal) in such proposal. If the Board 

 8
 

of Directors or a designated committee thereof determines that any stockholder proposal was not made in a timely fashion in accordance with the provisions of this Section 3 or that the information provided in a stockholder’s notice does not satisfy the information requirements of this Section 3 in any material respect, such proposal shall not be presented for action at the Annual Meeting in question. If neither the Board of Directors nor such committee makes a determination as to the validity of any stockholder proposal in the manner set forth above, the presiding officer of the Annual Meeting shall determine whether the stockholder proposal was made in accordance with the terms of this Section 3. If the presiding officer determines that any stockholder proposal was not made in a timely fashion in accordance with the provisions of this Section 3 or that the information provided in a stockholder’s notice does not satisfy the information requirements of this Section 3 in any material respect, such proposal shall not be presented for action at the Annual Meeting in question. If the Board of Directors, a designated committee thereof or the presiding officer determines that a stockholder proposal was made in accordance with the requirements of this Section 3, the presiding officer shall so declare at the Annual Meeting and ballots shall be provided for use at the meeting with respect to such proposal. Notwithstanding the foregoing provisions of these By-Laws, a stockholder shall also comply with all applicable requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations thereunder with respect to the matters set forth in these By-Laws, and nothing in these By-Laws shall be deemed to affect any rights of stockholders to request inclusion of proposals in the corporation’s proxy statement, or the corporation’s right to refuse inclusion thereof, pursuant to Rule 14a-8 under the Exchange Act.
SECTION 4. Special Meetings. Special meetings of the stockholders may be called by the Board of Directors, the Chairman of the Board or the Chief Executive Officer of the corporation.
SECTION 5. Notice of Meetings. Written notice of each meeting of the stockholders stating the place, date and hour of the meeting shall be given by or at the direction of the Board of Directors to each stockholder entitled to vote at the meeting at least ten, but not more than sixty, days prior to the meeting. Notice of any special meeting shall state in general terms the purpose or purposes for which the meeting is called.
SECTION 6. Quorum; Adjournments of Meetings. The holders of a majority of the issued and outstanding shares of the capital stock of the corporation entitled to vote at a meeting, present in person or represented by proxy, shall constitute a quorum for the transaction of business at such meeting; but, if there be less than a quorum, the holders of a majority of the stock so present or represented may adjourn the meeting to another time or place, from time to time, until a quorum shall be present, whereupon the meeting may be held, as adjourned, without further notice, except as required by law, and any business may be transacted at such meeting which might have been transacted at the meeting as originally called.
SECTION 7. Voting. At any meeting of the stockholders every registered owner of shares entitled to vote may vote in person or by proxy and, except as otherwise provided by statute, in the Amended and Restated Certificate of Incorporation, as amended, or these By-Laws, shall have one vote for each such share standing in the stockholder’s name on the books of the corporation. Except as otherwise required by statute, the Amended and Restated Certificate of Incorporation, as amended, or these By-Laws, all matters, other than the election of directors, brought before any meeting of the stockholders shall be decided by a vote of a majority in interest of the stockholders of the corporation present in person or by proxy at such meeting and voting thereon, a quorum being present.
SECTION 8. Inspectors of Election. The Board of Directors, or, if the Board shall not have made the appointment, the chairman presiding at any meeting of stockholders, shall have power to appoint one or more persons to act as inspectors of election at the meeting or any adjournment of such meeting, but no candidate for the office of director shall be appointed as an inspector at any meeting for the election of directors.
SECTION 9. Chairman of Meetings. The Chairman of the Board or, in the Chairman of the Board’s absence, the Chief Executive Officer, shall preside at all meetings of the stockholders. In the absence of both the Chairman of the Board and the Chief Executive Officer, a majority of the members of the Board of Directors present in person at such meeting may appoint any other officer or director to act as chairman of the meeting. Section 10. Secretary of Meetings. The Secretary of the corporation shall act as secretary of all meetings of the stockholders. In the absence of the Secretary, the chairman of the meeting shall appoint any other person to act as secretary of the meeting.

 9
 

*                  *                  *
ARTICLE IV
Capital Stock
SECTION 1. Certificates of Stock. Certificates for stock of the corporation shall be in such form as the Board of Directors may from time to time prescribe and shall be signed by the Chairman of the Board or a Vice Chairman of the Board or the President or a Vice-President and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary.
SECTION 2. Transfer of Stock. Shares of capital stock of the corporation shall be transferable on the books of the corporation only by the holder of record thereof, in person or by duly authorized attorney, upon surrender and cancellation of certificates for a like number of shares, with an assignment or power of transfer endorsed thereon or delivered therewith, duly executed, and with such proof of the authenticity of the signature and of authority to transfer, and of payment of transfer taxes, as the corporation or its agents may require.
SECTION 3. Ownership of Stock. The corporation shall be entitled to treat the holder of record of any share or shares of stock as the owner thereof in fact and shall not be bound to recognize any equitable or other claim to or interest in such shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise expressly provided by law.
*                  *                  *
ARTICLE VI
Amendment
The Board of Directors shall have the power, without the assent or vote of the stockholders, to make, alter, amend, change, add to or repeal the By-Laws of the corporation subject to the power of the stockholders to alter or repeal the By-Laws made or altered by the Board of Directors.
ARTICLE VII
Indemnification
The corporation shall indemnify to the full extent permitted by Section 145 of the Delaware General Corporation Law, as amended from time to time (the “DGCL”), each person that such Sections grant the corporation power to indemnify.
ARTICLE VIII
Liability of Directors
No director shall be liable to the corporation or any of its stockholders for monetary damages for breach of fiduciary duty as a director, except with respect to (1) a breach of the director’s duty of loyalty to the corporation or its stockholders, (2) acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) liability under Section 174 of the DGCL or (4) a transaction from which the director derived an improper personal benefit, it being the intention of the foregoing provisions to eliminate the liability of the corporation’s directors to the corporation or its stockholders to the fullest extent permitted by Section 102(b)(7) of the DGCL.
*                  *                  *

 10

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