Document:

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                                                                   EXHIBIT 10.66

                                    AGREEMENT
                                       FOR
                           STRATEGIC ADVISORY SERVICES

         This Agreement for Strategic Advisory Services (the "Agreement"), dated
as of October 19, 2003, is entered into by and between Akira Hara, a citizen of
Japan with his principal place of residence located at 2-21-6-501 Himonya,
Meguro-ku, Tokyo 152-0003, Japan (the "Strategic Adviser"), and Baldwin
Technology Company, Inc. ("BTI") having its principal place of business at 12
Commerce Drive, Shelton, CN 06484-0941 USA (each a "Party," and collectively the
"Parties").

         WHEREAS, the Strategic Adviser is currently employed as the Chairman
and serves as a Director of Baldwin Japan Limited ("BJL"), and as a Director of
BTI, as well as an officer and/or director of various subsidiaries of BTI
(collectively, BTI, BJL and all other subsidiaries and affiliates are referred
to as the "BTI Group");

         WHEREAS, the Strategic Adviser desires to retire from full-time
employment with BJL and from part-time positions with various companies in the
BTI Group effective as of the close of business on December 31, 2003; and

         WHEREAS, BTI desires to continue to benefit from the knowledge and
experience of the Strategic Adviser in the form of strategic advisory services
rendered on behalf of the BTI Group, and Strategic Adviser is willing to
continue in this capacity, under the terms and conditions provided in this
Agreement.

         NOW, THEREFORE, in consideration of the mutual promises contained
herein, the sufficiency of which is hereby acknowledged, the Parties agree as
follows:

         1. ENGAGEMENT. Company hereby engages the Strategic Adviser and the
Strategic Adviser hereby agrees to hold himself available to render, at the
request of the Chairman and CEO of BTI and the President and Representative
Director of BJL, strategic advisory services to the BTI Group, to the best of
his ability, upon the terms and conditions hereinafter set forth.

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         2. TERM AND TERMINATION. The term of this Agreement shall begin on
January 1, 2004, and shall continue indefinitely until terminated. Either Party
may terminate this Agreement at any time, with or without cause, by giving the
other Party 180 days notice in advance of termination in accordance with the
provisions of Paragraph 12 below, provided however, that if BTI elects to
terminate this Agreement without good and substantial cause prior to December
31, 2008, BTI shall cause BJL to pay the Strategic Adviser a cancellation fee
equal to the total outstanding and unpaid amount of the Retainer Fee that would
have been payable had this Agreement remained in force through December 31,
2008, along with any earned but unpaid Project Fees, both as defined in
Paragraph 3 below.

         3. RETAINER FEE AND PROJECT FEE. BTI shall cause BJL to pay the
Strategic Adviser an annual retainer fee of Six Million Seven Hundred and Twenty
Thousand (JPY6,720,000) Japanese Yen (adjusted annually for inflation in
Japan)(1) divided into 12 equal monthly payments to fulfill the duties set forth
in Paragraph 4(a) and 4(b) below (the "Retainer Fee"). Payment of the Retainer
Fee shall entitle the Chairman and CEO of BTI and the President and
Representative Director of BJL to call upon the Strategic Adviser for up to a
maximum of 45 days per year, provided however, that the Retainer Fee shall be
due and payable whether or not the services of the Strategic Adviser are
actually required for the entire 45 days in any given year. If services of the
Strategic Adviser in excess of 45 days per year are required, and the Strategic
Adviser is willing and able to render such additional services, the Strategic
Adviser shall be paid at the rate of One Hundred Twenty Thousand (JPY120,000)
Japanese Yen per day, with a half-day minimum being guaranteed at Sixty Thousand
(JPY60,000) Japanese Yen (the "Project Fee"). The Retainer Fee and the Project
Fee shall be payable without deduction, except for Japanese withholding taxes if
and as required by law, and shall be paid monthly on the same day and in the
same manner as BJL makes its regular monthly payroll deposits.

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(1) adjusted annually as of January 1 of each calendar year commencing
January 1, 2005

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         4. DUTIES AND SUPPORT. The Strategic Adviser shall perform the
following duties for the BTI Group:

               (a)  Strategic Adviser shall continue to serve as the Chairman
                    and as a Director of BJL, and as a Director of Baldwin India
                    Private Limited ("BIN"), and will serve for one additional
                    term if re-elected by the shareholder of each entity upon
                    expiration of the current terms. Strategic Adviser shall
                    serve as the representative of BJL to the Japan Printing
                    Machinery Industry Association (the "JPMA"), where he is
                    currently a Vice President, so long as he remains as
                    Chairman of BJL or until such time as the JPMA requests that
                    he resign from the Vice President post.

               (b)  If the Strategic Adviser ceases to serve in an executive
                    position at the JPMA, he shall resign from the position of
                    Chairman of BJL, but shall continue as a strategic adviser
                    pursuant to the terms and conditions of this Agreement.

               (c)  Strategic Adviser shall perform additional duties and
                    provide strategic advice as reasonably requested by the
                    Chairman and CEO of BTI and the President and Representative
                    Director of BJL.

In addition to the above duties, the Strategic Advisor shall continue to serve
as a Director of BTI, and if re-elected by the shareholders of BTI, will serve
for one additional term as a Director of BTI. The Strategic Adviser will not
receive a fee for attending Board of Directors meetings of BTI, and time doing
so shall not be counted towards the 45 days per year covered by the Retainer
Fee. He shall, however, be entitled to receive any and all other benefits, stock
options and perquisites afforded to (2)Directors of BTI. Consistent with (c)
above, the Strategic Adviser shall report directly to the Chairman and CEO of
BTI, and to the President and Representative Director of BJL. The BTI Group
shall provide the Strategic Adviser with the support necessary to perform his
duties effectively. In particular and without limitation, BTI and BJL shall
provide the Strategic Adviser, in a timely manner, with all pertinent
information relating to the business and affairs of the BTI Group, as well as
with specific and general information relating to the field of graphic arts and
control products at-large (the "Industry").

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(2)...to "Non-Employee Directors"...

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         5. CLUB MEMBERSHIPS AND EXPENSES. The Strategic Adviser shall be
reimbursed on a monthly basis by BJL for all reasonable business expenses
incurred by the Strategic Adviser in connection with the performance of his
services hereunder in the same manner as present. Specifically, and without
limitation, the Strategic Adviser shall continue to be entitled to payment by
BJL of all current club membership dues, such as the Tokyo American Club, and
shall continue to enjoy the same travel and business expense reimbursement
policies as he currently enjoys.

         6. RETIREMENT PAYMENTS, AND SOCIAL AND WELFARE BENEFITS. BTI shall
cause BJL to continue to provide the Strategic Adviser with all vested and
accrued retirement payments, and all Japanese social and welfare benefits as
currently enjoyed by the Strategic Adviser. Nothing contained herein shall be
deemed to amend, modify or reduce any retirement compensation or other benefits
provided to the Strategic Adviser under any prior agreement, retirement
allowance program, or other arrangement currently in place.

         7. D&O INSURANCE, LIMITATION OF LIABILITY, AND INDEMNIFICATION. BTI
shall maintain at all times officer and director insurance covering the
Strategic Adviser in the same manner as it does for the other Directors of BTI
and the BTI Group, for so long as Strategic Adviser remains as a Director of BTI
or of any company in the BTI Group. The Strategic Adviser shall not be
answerable for the default or misconduct of any agent, accountant or attorney
appointed by him in pursuance of his duties hereunder, if such agent, accountant
or attorney shall have been selected with reasonable care. The duties and
responsibilities of the Strategic Adviser shall be limited to those expressly
set forth in this Agreement, and no implied covenants or obligations shall be
read into this Agreement against the Strategic Adviser. BTI shall indemnify and
save harmless the Strategic Adviser from any claim, liability, loss, cost or
expense of any kind or character whatsoever, and will at all times pay all costs
and expenses of any suit or litigation of any character, arising from, in
connection with or with respect to this Agreement, and if the Strategic Adviser,
BTI or any member of the BTI Group, as the case may be, shall be made a party
thereto, BTI shall pay all costs and expenses, including reasonable counsel fees
and expenses, to which the Strategic Adviser may be subject by reason thereof.
The Strategic Adviser may consult with counsel, and the opinion of such counsel
shall be full and complete authorization and protection in respect of any action
taken or omitted or suffered by the Strategic Adviser, as

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the case may be, hereunder in good faith and in accordance with such opinion.
Notwithstanding anything contained herein to the contrary, the Strategic Adviser
shall not be liable for any ordinary, actual, direct, special, indirect or
consequential damages or for loss of profits or business resulting from the
conduct or advice of the Strategic Adviser.

         8. NON-COMPETITION. The Strategic Adviser shall not compete, directly
or indirectly, with the BTI Group during the term of this Agreement, or for a
period of six months following its termination, except as provided in Paragraph
9 below.

         9. INVENTIONS AND INTELLECTUAL PROPERTY. The special terms and
conditions pertaining to the rights of BTI and the Strategic Adviser with
respect to any inventions or other intellectual property created or otherwise
developed by the Strategic Adviser ("IPR") are set forth in Appendix A, attached
hereto and incorporated herein by reference.

         10. ASSIGNMENT. Neither BTI nor the Strategic Adviser shall voluntarily
or by operation of law assign or otherwise transfer the obligations incurred on
their respective parts, pursuant to the terms of this Agreement, without the
prior written consent of the other, provided however, that(3) the parties shall
have the automatic right to assign their IPR to any company in which (4)they
own, directly or indirectly, a controlling interest. Any attempted assignment or
transfer in violation of the preceding sentence shall be wholly void. It is
expressly understood that any request by BTI to assign this Agreement shall be
accompanied by a written undertaking, in form and substance reasonably
acceptable to the Strategic Adviser, from the assignee unequivocally stating
that it will assume, and faithfully fulfill, all of the terms and conditions of
this Agreement.

         11. MODIFICATION OF AGREEMENT. This Agreement can be modified by the
Parties only by a written supplemental agreement executed by both Parties.

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(3)...either of the parties...

(4)...it owns, directly...

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         12. NOTICE. Any notice required, or permitted, to be given hereunder
shall be sufficient if in writing, and if sent by courier or by registered or
certified mail, postage prepaid, addressed as follows:

     If to BTI:
              Baldwin Technology Company, Inc.
              12 Commerce Drive
              Shelton, CN 06484-0941 USA
                Attn: Mr. Gerald A. Nathe(5)

                       With a copy to:
                               Baldwin Japan Limited
                               2-4-34 Toyo
                               Kohtoh-ku, Tokyo 135-8384 Japan
                                 Attn: President and Representative Director

     If to the Strategic Adviser:
              Akira Hara
              2-21-6-501 Himoniya
              Meguro-ku, Tokyo 152-0003, Japan

         13. WAIVER OF BREACH. The waiver by either Party of any beach of any
provision of this Agreement shall not operate or be construed as a waiver of any
subsequent breach.

         14. HEADINGS. Paragraph headings have been inserted in this Agreement
as a matter of convenience for reference only and it is agreed that such
paragraph headings are not a part of this Agreement and shall not be used in the
interpretation of any provision of this Agreement.

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(5)(or then current CEO)

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      15. GOVERNING LAW AND CHOICE OF FORUM. This Agreement shall be governed by
the laws of Japan without regard to the conflict of law rules thereof. All
disputes, controversies or differences which may arise between the Parties
hereto, out of or in relation to or in connection with this Agreement shall be
finally settled by arbitration in Tokyo, Japan in accordance with the Commercial
Arbitration Rules of The Japan Commercial Arbitration Association. Arbitration
shall be conducted before a single arbitrator if both Parties can agree on the
arbitrator. If the Parties cannot agree on a single arbitrator, three
arbitrators shall be appointed, with each Party selecting one arbitrator and the
two so selected jointly agreeing on the third arbitrator who shall serve as
chair of the arbitral panel. The award rendered by the arbitrator(s) shall be
final and binding upon the Parties hereto. The language of any such arbitration,
and the award, shall be Japanese.

         16. ENTIRE AGREEMENT. This Agreement contains the entire agreement of
the Parties with respect to the subject matter hereof and supercedes all
contracts, agreements and understandings between the Parties concerning the
subject matter hereof, except as contemplated by, and provided for in, Paragraph
6 above.

         IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly
executed, as of the day and year first above written, in triplicate with each
signed version being deemed to be an original.

STRATEGIC ADVISER:                          BALDWIN TECHNOLOGY COMPANY, INC.

/s/ Akira Hara                              By: /s/ Gerald A. Nathe
------------------------------                  ----------------------------
Akira Hara                                      Gerald A. Nathe
                                                President & CEO

ACKNOWLEDGED AND AGREED:

BALDWIN JAPAN LIMITED

By: /s/ Takayuki Miyaoku
    ---------------------
    Takayuki Miyaoku
    President and Representative Director

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                                   APPENDIX A
                             (REFERENCE PARAGRAPH 9)
                      INVENTIONS AND INTELLECTUAL PROPERTY

           The Strategic Adviser may, but shall not be obligated to, create or
otherwise develop valuable IPR, whether patentable or not, with applications in
the Industry during the term of this Agreement. In the event that the Strategic
Adviser creates or otherwise develops multiple IPR, the provisions of this
Appendix A shall apply to each item of IPR separately.

           With respect to the IPR, the Strategic Adviser hereby grants to BTI a
right of first refusal to license the IPR, subject to the following terms and
conditions:

           A. The Strategic Adviser shall, in his sole discretion and cost,
decide whether or not to apply for patents and other legal protection with
respect to the IPR. It is currently anticipated that patent applications, if
filed at all, will be limited to major Industry countries such as, the US,
Japan, China, India, the UK, Italy France and Germany.

           B. At such time as the Strategic Adviser believes, in his sole
discretion, that the IPR is commercially valuable in the Industry, or a patent
application has been filed, the Strategic Adviser shall provide BTI with a
written description of the IPR (the "Disclosure") solely for the purpose of
evaluation. BTI shall have no right to use, directly or indirectly, the IPR
contained in the Disclosure other than for the purpose of evaluation.
Specifically, and without limitation, BTI shall not use the Disclosure to
further its own research and development without having first entered into a
license agreement with the Strategic Adviser as contemplated herein.

           C. BTI shall hold the Disclosure in strict confidence, disclose it to
employees only on a "need to know" basis, and shall treat it in the same manner
as it treats its own confidential and proprietary information.

           D. Any improvements, inventions or other intellectual property made
by BTI in connection with or resulting from the Disclosure shall be jointly
owned by BTI and the Strategic Adviser.

           E. In the event that the Disclosure is of interest to BTI, then BTI
shall pay to the Strategic Adviser the non-refundable sum of Five Thousand
($5,000) US Dollars to compensate the Strategic Adviser for the time and effort
required to assist BTI during the evaluation. This sum will be credited to the
non-refundable, lump sum, upfront royalty payment contemplated in paragraph 2
below in the event that the Strategic Adviser and BTI enter into a license
agreement for the IPR.

           F. Within 90 days of the Disclosure, BTI shall inform the Strategic
Adviser in writing whether or not BTI intends to exercise its right to entire
into a license agreement with the Strategic Adviser (the "Notice of Intent to
License") for the IPR.

           G. Within 30 days after receipt of the Notice of Intent to License,
the Parties shall enter into good faith negotiations with the aim of concluding
a mutually acceptable license agreement covering the IPR. Failure to conclude a
valid and binding license agreement within 180 days after the start of good
faith negotiations shall be treated in the same manner

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as a notice from BTI to the Strategic Adviser that it does not intend to license
the IPR, to wit, the Strategic Adviser shall be released from his obligations
hereunder to BTI with respect to the IPR, including without limitation the duty
not to compete as provided in Paragraph 8 of the Agreement, and he shall be free
to use, sell, license or otherwise benefit, directly or indirectly, from the IPR
in any manner as he deems appropriate in his sole discretion.

           H. In the event BTI (a) notifies the Strategic Adviser that it does
not intend to license the IPR, or (b) fails to send the Notice of Intent to
License as contemplated in F above in a timely manner, or (c) fails to enter
into good faith negotiations as contemplated in G above in a timely manner, then
the Strategic Adviser shall be released from his obligations hereunder to BTI
with respect to the IPR, including without limitation the duty not to compete as
provided in Paragraph 8 of the Agreement, and he shall be free to use, sell,
license or otherwise benefit, directly or indirectly, from the IPR in any manner
as he deems appropriate in his sole discretion. Release of the Strategic
Adviser's obligations as contemplated by the preceding sentence is contingent on
the Strategic Adviser having negotiated in good faith with BTI.

           In order to guide the Parties negotiations as contemplated in G
above, any license agreement shall include the following:

           1. Payment of a sum of money sufficient to compensate the Strategic
Adviser for all of his reasonable costs and expenses, including, without
limitation, attorneys' fees, licensing fees for included technology, other third
party charges, and patent application fees. The costs and expenses are estimated
to be in the approximate range of Seventy-five Thousand ($75,000) to One Hundred
Thousand ($100,000) US Dollars depending on the complexity of the IPR and the
number of countries in which patent protection is sought.

           2. Payment of a non-refundable, lump sum, upfront royalty based on a
mutually agreed joint estimate of the net invoice value of the IPR during the
first two years of the license agreement (the "Lump Sum Royalty"). The amount of
the Lump Sum Royalty is estimated to be between One Hundred Thousand ($100,000)
and Three Hundred Thousand ($300,000) US Dollars for most IPR. Seventy-five
percent (75%) of the Lump Sum Royalty will be applied as a credit against the
payment of running royalties, if any, calculated pursuant to Paragraph 3 below
during the first two years of the license agreement; provided however, that the
Strategic Adviser shall not be obligated under any circumstances to refund any
part or portion of the Lump Sum Royalty.

           3. Payment of a running royalty calculated in accordance with the
following schedule:

               (a)  3% of net invoice value for IPR that is not the subject of a
                    patent application or issued patent,

               (b)  5% of net invoice value for IPR that is the subject of a
                    patent application or issued patent,

               (c)  7% of net invoice value for IPR that is the subject of a
                    patent application or issued patent, and is very useful to
                    BTI, and

               (d)  10% of net invoice value for IPR that is the subject of a
                    patent application or issued patent, is very useful to BTI,
                    and gives BTI a substantial competitive advantage in the
                    Industry.

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For purposes of Paragraph 3(c), IPR that is very useful is any IPR that allows
BTI not only to develop and enter into the market with a new or improved product
but also provides a strong sales or cost reduction opportunity or technological
advantage(s) over competitors. IPR providing a substantial competitive advantage
in the Industry under Paragraph 3(d) means IPR that enables BTI to develop and
market a new or improved product with an exclusive technological solution or
advantage for extremely strong sales or cost reduction opportunities.

           4. Such other terms and conditions, such as audit rights, as are
customarily found in international license agreements pertaining to intellectual
property rights.

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                                                                     Exhibit 4.2

                                     BY-LAWS

                                       of

                              The BISYS Group, Inc.

                     (hereinafter called the "Corporation")

                                    ARTICLE I
                                     OFFICES

         Section 1. Registered Office. The registered office of the Corporation
shall be in the City of Wilmington, County of New Castle, State of Delaware.

         Section 2. Other Offices. The Corporation may also have offices at such
other places both within and without the State of Delaware as the Board of
Directors may from time to time determine.

                                   ARTICLE II
                            MEETINGS OF STOCKHOLDERS

         Section 3. Place of Meetings. Meetings of the stockholders for the
election of directors or for any other purpose shall be held at such time and
place, either within or without the State of Delaware, as shall be designated
from time to time by the Board of Directors and stated in the notice of the
meeting or in a duly executed waiver of notice thereof.

         Section 2. Annual Meetings. The Annual Meetings of Stockholders shall
be held on such dates and at such times as shall be designated from time to time
by the Board of Directors and stated in the notice of the meeting, at which
meetings the stockholders shall elect by a plurality vote a Board of Directors,
and transact such other business as may properly be brought before the meeting.
Written notice of the Annual Meeting stating the place, date and hour of the
meeting shall be given to each stockholder entitled to vote at such meeting not
less than ten nor more than sixty days before the date of the meeting.
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         Section 3. Special Meetings. Unless otherwise prescribed by law or by
the Certificate of Incorporation, Special Meetings of Stockholders, for any
purpose or purposes, may be called by either (i) the Chairman, if there be one,
or (ii) the President, (iii) any Vice President, if there be one, (iv) the
Secretary, or (v) any Assistant Secretary, if there be one, and shall be called
by any such officer at the request in writing of stockholders owning a majority
of the capital stock of the Corporation issued and outstanding and entitled to
vote. Such request shall state the purpose or purposes of the proposed meeting.
Written notice of a Special Meeting stating the place, date and hour of the
meeting and the purpose or purposes for which the meeting is called shall be
given not less than ten nor more than sixty days before the date of the meeting
to each stockholder entitled to vote at such meeting.

         Section 4. Quorum. Except as otherwise provided by law or by the
Certificate of Incorporation, the holders of a majority of the capital stock
issued and outstanding and entitled to vote thereat, present in person or
represented by proxy, shall constitute a quorum at all meetings of the
stockholders for the transaction of business. If, however, such quorum shall not
be present or represented at any meeting of the stockholders, the stockholders
entitled to vote thereat, present in person or represented by proxy, shall have
the power to adjourn the meeting from time to time, without notice other than
announcement at the meeting, until a quorum shall be present or represented. At
such 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 noticed. If the adjournment is for more than thirty days, or if after
the adjournment a new record date is fixed for the adjourned meeting, a notice
of the adjourned meeting shall be given to each stockholder entitled to vote at
the meeting.

         Section 5. Voting. Unless otherwise required by law, the Certificate of
Incorporation or these By-Laws, any question brought before any meeting of
stockholders shall be decided by the vote of the holders of a majority of the
stock represented and entitled to vote thereat. Each stockholder represented at
a meeting of stockholders shall be entitled to cast one vote for each share of
the capital stock entitled to vote thereat held by such stockholder. Such

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votes may be cast in person or by proxy but no proxy shall be voted on or after
three years from its date, unless such proxy provides for a longer period. The
Board of Directors, in its discretion, or the officer of the Corporation
presiding at a meeting of stockholders, in his discretion, may require that any
votes cast at such meeting shall be cast by written ballot.

         Section 6. Consent of Stockholders in Lieu of meeting. Unless otherwise
provided in the Certificate of Incorporation, any action required or permitted
to be taken at any Annual or Special Meeting of Stockholders of the Corporation,
may be taken without a meeting, without prior notice and without a vote, if a
consent in writing, setting forth the action so taken, shall be signed by the
holders of outstanding stock having not less than the minimum number of votes
that would be necessary to authorize or take such action at a meeting at which
all shares entitled to vote thereon were present and voted. Prompt notice of the
taking of the corporate action without a meeting by less than unanimous written
consent shall be given to those stockholders who have not consented in writing.

         Section 7. List of Stockholders Entitled to Vote. The officer of the
Corporation who has charge of the stock ledger of the Corporation shall prepare
and make, at least ten days before every meeting of stockholders, a complete
list of the stockholders entitled to vote at the meeting, arranged in
alphabetical order, and showing the address of each stockholder and the number
of shares registered in the name of each stockholder. Such list shall be open to
the examination of any stockholder, for any purpose germane to the meeting,
during ordinary business hours, for a period of at least ten days prior to the
meeting, either at a place within the city where the meeting is to be held,
which place shall be specified in the notice of the meeting, or, if not so
specified, at the place where the meeting is to be held. This list shall also be
produced and kept at the time and place of the meeting during the whole time
thereof, and may be inspected by any stockholder of the Corporation who is
present.

         Section 8. Stock Ledger. The stock ledger of the Corporation shall be
the only evidence as to who are the stockholders entitled to examine the stock
ledger, the list required

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by Section 7 of this Article II or the books of the Corporation, or to vote in
person or by proxy at any meeting of stockholders.

                                   ARTICLE III
                                    DIRECTORS

         Section 1. Number and Election of Directors. The Board of Directors
shall consist of not less than one nor more than 12 members, such number to be
determined from time to time by the Board of Directors. Except as provided in
Section 2 of this Article III, directors shall be elected by a plurality of the
votes cast at Annual Meetings of Stockholders, and each director so elected
shall hold office until the next Annual Meeting and until his successor is duly
elected and qualified, or until his earlier resignation or removal. Any director
may resign at any time upon notice to the Corporation. Directors need not be
stockholders.

         Section 2. Vacancies. Vacancies and newly created directorships
resulting from any increase in the authorized number of directors may be filled
by a majority of the directors then in office, though less than a quorum, or by
a sole remaining director, and the directors so chosen shall hold office until
the next annual election and until their successors are duly elected and
qualified, or until their earlier resignation or removal.

         Section 3. Duties and Powers. The business of the Corporation shall be
managed by or under the direction of the Board of Directors which may exercise
all such powers of the Corporation and do all such lawful acts and things as are
not by statute or by the Certificate of Incorporation or by these By-Laws
directed or required to be exercised or done by the stockholders.

         Section 4. Meetings. The Board of Directors of the Corporation may hold
meetings, both regular and special, either within or without the State of
Delaware. Regular meetings of the Board of Directors may be held without notice
at such time and at such place as may from time to time be determined by the
Board of Directors. Special meetings of the Board of Directors may be called by
the Chairman, if there be one, the President, or any director. Notice thereof
stating the place, date and hour of the meeting shall be given to each

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director either by mail not less than forty-eight (48) hours before the date of
the meeting, by telephone or telegram on twenty-four (24) hours' notice, or on
such shorter notice as the person or persons calling such meeting may deem
necessary or appropriate in the circumstances.

         Section 5. Quorum. Except as may be otherwise specifically provided by
law, the Certificate of Incorporation or these By-Laws, at all meetings of the
Board of Directors, a majority of the entire Board of Directors shall constitute
a quorum for the transaction of business and the act of a majority of the
directors present at any meeting at which there is a quorum shall be the act of
the Board of Directors. If a quorum shall not be present at any meeting of the
Board of Directors, the directors present thereat may adjourn the meeting from
time to time, without notice other than announcement at the meeting, until a
quorum shall be present.

         Section 6. Actions of Board. Unless otherwise provided by the
Certificate of Incorporation or these By-Laws, any action required or permitted
to be taken at any meeting of the Board of Directors or of any committee thereof
may be taken without a meeting, if all the members of the Board of Directors or
committee, as the case may be, consent thereto in writing, and the writing or
writings are filed with the minutes of proceedings of the Board of Directors or
committee.

         Section 7. Meetings by Means of Conference Telephone. Unless otherwise
provided by the Certificate of Incorporation or these By-Laws, members of the
Board of Directors of the Corporation, or any committee designated by the Board
of Directors, may participate in a meeting of the Board of Directors or such
committee by means of a conference telephone or similar communications equipment
by means of which all persons participating in the meeting can hear each other,
and participation in a meeting pursuant to this Section 7 shall constitute
presence in person at such meeting.

         Section 8. Committees. The Board of Directors may, by resolution passed
by a majority of the entire Board of Directors, designate one or more
committees, each committee to consist of one or more of the directors of the
Corporation. The Board of Directors may

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designate one or more directors as alternate members of any committee, who may
replace any absent or disqualified member at any meeting of any such committee.
In the absence or disqualification of a member of a committee, and in the
absence of a designation by the Board of Directors of an alternate member to
replace the absent or disqualified member, the member or members thereof present
at any meeting and not disqualified from voting, whether or not he or they
constitute a quorum, may unanimously appoint another member of the Board of
Directors to act at the meeting in the place of any absent or disqualified
member. Any committee, to the extent allowed by law and provided in the
resolution establishing such committee, shall have and may exercise all the
powers and authority of the Board of Directors in the management of the business
and affairs of the Corporation. Each committee shall keep regular minutes and
report to the Board of Directors when required.

         Section 9. Compensation. The directors may be paid their expenses, if
any, of attendance at each meeting of the Board of Directors and may be paid a
fixed sum for attendance at each such meeting of the Board of Directors or a
stated salary as director. No such payment shall preclude any director from
serving the Corporation in any other capacity and receiving compensation
therefor. Members of special or standing committees may be allowed like
compensation for attending committee meetings.

         Section 10. Interested Directors. No contract or transaction between
the Corporation and one or more of its directors or officers, or between the
Corporation and any other corporation, partnership, association, or other
organization in which one or more of its directors or officers are directors or
officers, or have a financial interest, shall be void or voidable solely for
this reason, or solely because the director or officer is present at or
participates in the meeting of the Board of Directors or committee thereof which
authorizes the contract or transaction, or solely because his or their votes are
counted for such purpose if (i) the material facts as to his or their
relationship or interest and as to the contract or transaction are disclosed or
are known to the Board of Directors or the committee, and the Board of Directors
or committee in good faith authorizes the contract or transaction by the
affirmative

                                       6
<PAGE>
votes of a majority of the disinterested directors, even though the
disinterested directors be less than a quorum; or (ii) the material facts as to
his or their relationship or interest and as to the contract or transaction are
disclosed or are known to the stockholders entitled to vote thereon, and the
contract or transaction is specifically approved in good faith by vote of the
stockholders; or (iii) the contract or transaction is fair, as to the
Corporation as of the time it is authorized, approved or ratified, by the Board
of Directors, a committee thereof or the stockholders. Common or interested
directors may be counted in determining the presence of a quorum at a meeting of
the Board of Directors or of a committee which authorizes the contract or
transaction.

         Section 11. Removal of Directors. Any director or the entire Board of
Directors may be removed, with or without cause, by the holders of a majority of
the shares then entitled to vote at an election of directors.

                                   ARTICLE IV
                                    OFFICERS

         Section 1. General. The officers of the Corporation shall be chosen by
the Board of Directors and shall be a President, a Secretary and a Treasurer.
The Board of Directors, in its discretion, may also choose a Chairman of the
Board of Directors (who must be a director) and one or more Vice-Presidents,
Assistant Vice-Presidents, Assistant Secretaries, Assistant Treasurers and other
officers. Any number of offices may be held by the same person, unless otherwise
prohibited by law, the Certificate of Incorporation or these By-Laws. The
officers of the Corporation need not be stockholders of the Corporation nor,
except in the case of the Chairman of the Board of Directors, need such officers
be directors of the Corporation.

         Section 2. Election. The Board of Directors at its first meeting held
after each Annual Meeting of Stockholders shall elect the officers of the
Corporation who shall hold their offices for such terms and shall exercise such
powers and perform such duties as shall be determined from time to time by the
Board of Directors; and all officers of the Corporation shall hold office until
their successors are chosen and qualified, or until their earlier resignation or

                                       7
<PAGE>
removal. Any officer elected by the Board of Directors may be removed at any
time by the affirmative vote of a majority of the Board of Directors. Any
vacancy occurring in any office of the Corporation shall be filled by the Board
of Directors. The salary and incentive compensation of the Chief Executive
Officer and the officers of the Corporation reporting to the Chief Executive
Officer shall be determined by the Board of Directors or a committee thereof.

         Section 3. Voting Securities Owned by the Corporation. Powers of
attorney, proxies, waivers of notice of meeting, consents and other instruments
relating to securities owned by the Corporation may be executed in the name of
and on behalf of the Corporation by the President or any Vice-President and any
such officer may, in the name of and on behalf of the Corporation, take all such
action as any such officer may deem advisable to vote in person or by proxy at
any meeting of security holders of any corporation in which the Corporation may
own securities and at any such meeting shall possess and may exercise any and
all rights and powers incident to the ownership of such securities and which, as
the owner thereof, the Corporation might have exercised and possessed if
present. The Board of Directors may, by resolution, from time to time confer
like powers upon any other person or persons.

         Section 4. Chairman of the Board of Directors. The Chairman of the
Board of Directors, if there be one, shall preside at all meetings of the
stockholders and of the Board of Directors. He shall be the Chief Executive
Officer of the Corporation, and except where by law the signature of the
President is required, the Chairman of the Board of Directors shall possess the
same power as the President to sign all contracts, certificates and other
instruments of the Corporation which may be authorized by the Board of
Directors. During the absence or disability of the President, the Chairman of
the Board of Directors shall exercise all the powers and discharge all the
duties of the President. The Chairman of the Board of Directors shall also
perform such other duties and may exercise such other powers as from time to
time may be assigned to him by these By-Laws or by the Board of Directors.

         Section 5. President. The President shall, subject to the control of
the Board of Directors and, if there be one, the Chairman of the Board of
Directors, have general supervision

                                       8
<PAGE>
of the business of the Corporation and shall see that all orders and resolutions
of the Board of Directors are carried into effect. He shall execute all bonds,
mortgages, contracts and other instruments of the Corporation requiring a seal,
under the seal of the Corporation, except where required or permitted by law to
be otherwise signed and executed and except that the other officers of the
Corporation may sign and execute documents when so authorized by these By-Laws,
the Board of Directors or the President. In the absence or disability of the
Chairman of the Board of Directors, or if there be none, the President shall
preside at all meetings of the stockholders and the Board of Directors. If there
be no Chairman of the Board of Directors, the President shall be the Chief
Executive Officer of the Corporation. The President shall also perform such
other duties and may exercise such other powers as from time to time may be
assigned to him by these By-Laws or by the Board of Directors.

         Section 6. Vice-Presidents. At the request of the President or in his
absence or in the event of his inability or refusal to act (and if there be no
Chairman of the Board of Directors), the Vice-President or the Vice-Presidents,
if there are more than one (in the order designated by the Board of Directors),
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. Each
Vice-President shall perform such other duties and have such other powers as the
Board of Directors from time to time may prescribe. If there be no Chairman of
the Board of Directors and no Vice-President, the Board of Directors shall
designate the officer of the Corporation who, in the absence of the President or
in the event of the inability or refusal of the President to act, shall perform
the duties of the President, and when so acting, shall have all powers of and be
subject to all the restrictions upon the President.

         Section 7. Secretary. The Secretary shall attend all meetings of the
Board of Directors and all meetings of stockholders and record all the
proceedings thereat in a book or books to be kept for that purpose; the
Secretary shall also perform like duties for the standing committees when
required. The Secretary shall give, or cause to be given, notice of all meetings
of the stockholders and special meetings of the Board of Directors, and shall
perform such

                                       9
<PAGE>
other duties as may be prescribed by the Board of Directors or President, under
whose supervision he shall be. If the Secretary shall be unable or shall refuse
to cause to be given notice of all meetings of the stockholders and special
meetings of the Board of Directors, and if there be no Assistant Secretary, then
either the Board of Directors or the President may choose another officer to
cause such notice to be given. The Secretary shall have custody of the seal of
the Corporation and the Secretary or any Assistant Secretary, if there be one,
shall have authority to affix the same to any instrument requiring it and when
so affixed, it may be attested by the signature of the Secretary or by the
signature of any such Assistant Secretary. The Board of Directors may give
general authority to any other officer to affix the seal of the Corporation and
to attest the affixing by his signature.

         Section 8. Treasurer. The Treasurer shall have the custody of the
corporate funds and securities and shall keep full and accurate accounts of
receipts and disbursements in books belonging to the Corporation and shall
deposit all moneys and other valuable effects in the name and to the credit of
the Corporation in such depositories as may be designated by the Board of
Directors. The Treasurer shall disburse the funds of the Corporation as may be
ordered by the Board of Directors, taking proper vouchers for such
disbursements, and shall render to the President and the Board of Directors, at
its regular meetings, or when the Board of Directors so requires, an account of
all his transactions as Treasurer and of the financial condition of the
Corporation. If required by the Board of Directors, the Treasurer shall give the
Corporation a bond in such sum with such surety or sureties as shall be
satisfactory to the Board of Directors for the faithful performance of the
duties of his office and for the restoration to the Corporation, in case of his
death, resignation, retirement or removal from office, of all books, papers,
vouchers, money and other property of whatever kind in his possession or under
his control belonging to the Corporation.

         Section 9. Assistant Vice-Presidents. Except as may otherwise be
provided in these By-Laws, Assistant Vice-Presidents, if there be any, shall
perform such duties and have such powers as from time to time may be assigned to
them by the Board of Directors, the

                                       10
<PAGE>
President or any Vice-President, and in the absence of any Vice-President or in
the event of his disability or his refusal to act, shall perform the duties of
such Vice-President, and when so acting, shall have all the powers of and be
subject to all the restrictions upon such Vice-President.

         Section 10. Assistant Secretaries. Except as may be otherwise provided
in these By-Laws, Assistant Secretaries, if there be any, shall perform such
duties and have such powers as from time to time may be assigned to them by the
Board of Directors, the President, any Vice-President, if there be one, or the
Secretary, and in the absence of the Secretary or in the event of his disability
or refusal to act, shall perform the duties of the Secretary, and when so
acting, shall have all the powers of and be subject to all the restrictions upon
the Secretary.

         Section 11. Assistant Treasurers. Assistant Treasurers, if there be
any, shall perform such duties and have such Powers as from time to time may be
assigned to them by the Board of Directors, the President, any Vice-President,
if there be one, or the Treasurer, and in the absence of the Treasurer or in the
event of his disability or refusal to act, shall perform the duties of the
Treasurer, and when so acting, shall have all the powers of and be subject to
all the restrictions upon the Treasurer. If required by the Board of Directors,
an Assistant Treasurer shall give the Corporation a bond in such sum and with
such surety or sureties as shall be satisfactory to the Board of Directors for
the faithful performance of the duties of his office and for the restoration to
the Corporation, in case of his death, resignation, retirement or removal from
office, of all books, papers, vouchers, money and other property of whatever
kind in his possession or under his control belonging to the Corporation.

         Section 12. Other Officers. Such other officers as the Board of
Directors, the Chairman of the Board of Directors, if there be one, or the
President may choose shall perform such duties and have such powers as from time
to time may be assigned to them by the Board of Directors, the Chairman of the
Board of Directors, if there be one, or the President.

                                       11
<PAGE>
                                   ARTICLE V
                                      STOCK

         Section 1. Form of Certificates. Every holder of stock in the
Corporation shall be entitled to have a certificate signed, in the name of the
Corporation (i) by the Chairman of the Board of Directors, the President or a
Vice-President and (ii) by the Treasurer or an Assistant Treasurer, or the
Secretary or an Assistant Secretary of the Corporation, certifying the number of
shares owned by him in the Corporation.

         Section 2. Lost Certificates. The Board of Directors may direct a new
certificate to be issued in place of any certificate theretofore issued by the
Corporation alleged to have been lost, stolen or destroyed, upon the making of
an affidavit of that fact by the person claiming the certificate of stock to be
lost, stolen or destroyed. When authorizing such issue of a new certificate, the
Board of Directors may, in its discretion and as a condition precedent to the
issuance thereof, require the owner of such lost, stolen or destroyed
certificate, or his legal representative, to advertise the same in such manner
as the Board of Directors shall require and/or to give the Corporation a bond in
such sum as it may direct as indemnity against any claim that may be made
against the Corporation with respect to the certificate alleged to have been
lost, stolen or destroyed.

         Section 3. Transfers. Stock of the Corporation shall be transferable in
the manner prescribed by law and in these By-Laws. Transfers of stock shall be
made on the books of the corporation only by the person named in the certificate
or by his attorney lawfully constituted in writing and upon the surrender of the
certificate therefor, which shall be canceled before a new certificate shall be
issued.

         Section 4. Record Date. (i) Except as set forth in paragraph (ii)
below, in order that the Corporation may determine the stockholders entitled to
notice of or to vote at any meeting of stockholders or any adjournment thereof,
or entitled to receive payment of any dividend or other distribution or
allotment of any rights, or entitled to exercise any rights in respect of any
change, conversion or exchange of stock, or for the

                                       12
<PAGE>
purpose of any other lawful action, the Board of Directors may fix, in advance,
a record date, which shall not be more than sixty days nor less than ten days
before the date of such meeting, nor more than sixty days prior to any other
action. A determination of stockholders of record entitled to notice of or to
vote at a meeting of stockholders shall apply to any adjournment of the meeting;
provided, however, that the Board of Directors may fix a new record date for the
adjourned meeting. (ii) In order that the Corporation may determine the
stockholders entitled to consent to corporate action in writing without a
meeting, the Board of Directors may fix a record date, which record date shall
not precede the date upon which the resolution fixing the record date is adopted
by the Board of Directors, and which date shall not be more than ten days after
the date upon which the resolution fixing the record date is adopted by the
Board of Directors. Any person seeking to have the stockholders authorize or
take corporate action by written consent shall, by written notice to the
Secretary of the Corporation, request the Board of Directors to fix a 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 record date. If no record date has been fixed by the Board of Directors
within ten days of the date on which such a request was received, the record
date for determining stockholders entitled to consent to corporate action in
writing without a meeting, when no prior action by the Board of Directors is
required by applicable law, shall be the first date on which a signed written
consent setting forth the action taken or proposed to be taken is delivered to
the Corporation by delivery to its registered office in the State of Delaware,
its principal place of business, or an officer or agent of the Corporation
having custody of the book in which proceedings of stockholders meetings are
recorded, to the attention of the Secretary of the Corporation. Delivery shall
be by hand or by certified or registered mail, return receipt requested. If no
record date has been fixed by the Board of Directors and prior action by the
Board of Directors is required by applicable law, the record date for
determining stockholders entitled to

                                       13
<PAGE>
consent to corporate action in writing without a meeting shall be at the close
of business on the date on which the Board of Directors adopts the resolution
taking such prior action.

         Section 5. Beneficial Owners. The Corporation shall be entitled to
recognize the exclusive right of a person registered on its books as the owner
of shares to receive dividends, and to vote as such owner, and to hold liable
for calls and assessments a person registered on its books as the owner of
shares, and shall not be bound to recognize any equitable or other claim to or
interest in such share or shares on the part of any other person, whether or not
it shall have express or other notice thereof, except as otherwise provided by
law.

                                   ARTICLE VI
                                     NOTICES

         Section 1. Notices. Whenever written notice is required by law, the
Certificate of Incorporation or these By-Laws, to be given to any director,
member of a committee or stockholder, such notice may be given by mail,
addressed to such director, member of a committee or stockholder, at his address
as it appears on the records of the Corporation, with postage thereon prepaid,
and such notice shall be deemed to be given at the time when the same shall be
deposited in the United States mail. Written notice may also be given personally
or by telegram, telex or cable.

         Section 2. Waivers of Notice. Whenever any notice is required by law,
the Certificate of Incorporation or these By-Laws, to be given to any director,
member of a committee or stockholder, a waiver thereof in writing, signed, by
the person or persons entitled to said notice, whether before or after the time
stated therein, shall be deemed equivalent thereto.

                                   ARTICLE VII
                               GENERAL PROVISIONS

         Section 1. Dividends. Dividends upon the capital stock of the
Corporation, subject to the provisions of the Certificate of Incorporation, if
any, may be declared by the

                                       14
<PAGE>
Board of Directors at any regular or special meeting, and may be paid in cash,
in property, or in shares of capital stock. Before payment of any dividend,
there may be set aside out of any funds of the Corporation available for
dividends such sum or sums as the Board of Directors from time to time, in its
absolute discretion, deems proper as a reserve or reserves to meet
contingencies, or for equalizing dividends, or for repairing or maintaining any
property of the Corporation, or for any proper purpose, and the Board of
Directors may modify or abolish any such reserve.

         Section 2. Disbursements. All checks or demands for money and notes of
the Corporation shall be signed by such officer or officers to such other person
or persons as the Board of Directors may from time to time designate.

         Section 3. Fiscal Year. The fiscal year of the Corporation shall be
fixed by resolution of the Board of Directors.

         Section 4. Corporate Seal. The corporate seal shall have inscribed
thereon the name of the Corporation, the year of its organization and the words
"Corporate Seal. Delaware". The seal may be used by causing it or a facsimile
thereof to be impressed or affixed or reproduced otherwise.

                                  ARTICLE VIII
                                 INDEMNIFICATION

         Section 1. Power to Indemnify in Actions, Suits or Proceedings other
Than Those by or in the Right of the Corporation. Subject to Section 3 of this
Article VIII, the Corporation shall indemnify any person who was or is a party
or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the Corporation) by
reason of the fact that he is or was a director, officer or employee of the
Corporation, or is or was serving at the request of the Corporation as a
director, officer or employee of another corporation, partnership, joint
venture, trust or other enterprise, against expenses (including attorneys'
fees), judgments, fines and amounts paid in settlement actually and reasonably

                                       15
<PAGE>
incurred by him in connection with such action, suit or proceeding if he acted
in good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the Corporation, and, with respect to any criminal action
or proceeding, had no reasonable cause to believe his conduct was unlawful. The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that the person did not act in good faith and in a
manner which he reasonably believed to be in or not opposed to the best
interests of the Corporation, and, with respect to any criminal action or
proceeding, had reasonable cause to believe that his conduct was unlawful.

         Section 2. Power to Indemnify in Actions, Suits or Proceedings by or in
the Right of the Corporation. Subject to Section 3 of this Article VIII, the
Corporation shall indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action or suit by or in
the right of the Corporation to procure a judgment in its favor by reason of the
fact that he is or was a director, officer or employee of the Corporation, or is
or was serving at the request of the Corporation as a director, officer or
employee of another corporation, partnership, joint venture, trust or other
enterprise against expenses (including attorneys' fees) actually and reasonably
incurred by him in connection with the defense or settlement of such action or
suit if he acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the Corporation; except that no
indemnification shall be made in respect of any claim, issue or matter as to
which such person shall have been adjudged to be liable to the Corporation
unless and only to the extent that the Court of Chancery or the court in which
such action or suit was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case,
such person is fairly and reasonably entitled to indemnity for such expenses
which the Court of Chancery or such other court shall deem proper.

         Section 3. Authorization of Indemnification. Any indemnification under
this Article VIII (unless ordered by a court) shall be made by the Corporation
only as authorized in

                                       16
<PAGE>
the specific case upon a determination that indemnification of the director,
officer or employee is proper in the circumstances because he has met the
applicable standard of conduct set forth in Section 1 or Section 2 of this
Article VIII, as the case may be. Such determination shall be made (i) by the
Board of Directors by a majority vote of a quorum consisting of directors who
were not parties to such action, suit or proceeding, or (ii) if such a quorum is
not obtainable, or, even if obtainable a quorum of disinterested directors so
directs, by independent legal counsel in a written opinion, or (iii) by the
stockholders. To the extent, however, that a director, officer or employee of
the Corporation has been successful on the merits or otherwise in defense of any
action, suit or proceeding described above, or in defense of any claim, issue or
matter therein, he shall be indemnified against expenses (including attorneys'
fees) actually and reasonably incurred by him in connection therewith, without
the necessity of authorization in the specific case.

         Section 4. Good Faith Defined. For purposes of any determination under
Section 3 of this Article VIII, a person shall be deemed to have acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Corporation, or, with respect to any criminal action or
proceeding, to have had no reasonable cause to believe his conduct was unlawful,
if his action is based on the records or books of account of the Corporation or
another enterprise, or on information supplied to him by the officers of the
Corporation or another enterprise in the course of their duties, or on the
advice of legal counsel for the Corporation or another enterprise or on
information or records given or reports made to the Corporation or another
enterprise by an independent certified public accountant or by an appraiser or
other expert selected with reasonable care by the Corporation or another
enterprise. The term "another enterprise" as used in this Section 4 shall mean
any other corporation or any partnership, joint venture, trust or other
enterprise of which such person is or was serving at the request of the
Corporation as a director, officer or employee. The provisions of this Section 4
shall not be deemed to be exclusive or to limit in any way the circumstances in
which a person may be deemed to have met the applicable standard of

                                       17
<PAGE>
conduct set forth in Sections 1 or 2 of this Article VIII, as the case may be.

         Section 5. Indemnification by a Court. Notwithstanding any contrary
determination in the specific case under Section 3 of this Article VIII, and
notwithstanding the absence of any determination thereunder, any director,
officer or employee may apply to any court of competent jurisdiction in the
State of Delaware for indemnification to the extent otherwise permissible under
Sections 1 and 2 of this Article VIII. The basis of such indemnification by a
court shall be a determination by such court that indemnification of the
director, officer or employee is proper in the circumstances because he has met
the applicable standards of conduct set forth in Sections 1 or 2 of this Article
VIII, as the case may be. Notice of any application for indemnification pursuant
to this Section 5 shall be given to the Corporation promptly upon the filing of
such application.

         Section 6. Expenses Payable in Advance. Expenses incurred in defending
or investigating a threatened or pending action, suit or proceeding may be paid
by the Corporation in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of the director,
officer or employee to repay such amount if it shall ultimately be determined
that he is not entitled to be indemnified by the Corporation as authorized in
this Article VIII.

         Section 7. Non-exclusivity and Survival of Indemnification. The
indemnification and advancement of expenses provided by, or granted pursuant to,
the other Sections of this Article VIII shall not be deemed exclusive of any
other rights to which those seeking indemnification or advancement of expenses
may be entitled under any statute, By-Law, agreement, contract, vote of
stockholders or disinterested directors or pursuant to the direction (howsoever
embodied) of any court of competent jurisdiction or otherwise, both as to action
in his official capacity and as to action in another capacity while holding such
office, it being the policy of the Corporation that indemnification of the
persons specified in Sections 1 and 2 of this Article VIII shall be made to the
fullest extent permitted by law. The provisions of this Article VIII shall not
be deemed to preclude the indemnification of any person who is not

                                       18
<PAGE>
specified in Sections 1 or 2 of this Article VIII but whom the Corporation has
the power or obligation to indemnify under the provisions of the General
Corporation Law of the State of Delaware, or otherwise. The indemnification and
advancement of expenses provided by, or granted pursuant to, this Article VIII
shall, unless otherwise provided when authorized or ratified, continue as to a
person who has ceased to be a director, officer, employee or agent and shall
inure to the benefit of the heirs, executors and administrators of such a
person.

         Section 8. Insurance. The Corporation may purchase and maintain
insurance on behalf of any person who is or was a director, officer or employee
of the Corporation, or is or was serving at the request of the Corporation as a
director, officer or employee of another corporation, partnership, joint
venture, trust or other enterprise against any liability asserted against him
and incurred by him in any such capacity, or arising out of his status as such,
whether or not the Corporation would have the power or the obligation to
indemnify him against such liability under the provisions of this Article VIII.

         Section 9. Meaning of "Corporation" for Purposes of Article VIII. For
purposes of this Article VIII, references to "the Corporation" shall include, in
addition to the resulting corporation, any constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger which,
if its separate existence had continued, would have had power and authority to
indemnify its directors, officers, and employees so that any person who is or
was a director, officer or employee of such constituent corporation, or is or
was serving at the request of such constituent corporation as a director,
officer or employee of another corporation, partnership, joint venture, trust or
other enterprise, shall stand in the same position under the provisions of this
Article VIII with respect to the resulting or surviving corporation as he would
have with respect to such constituent corporation if its separate existence had
continued.

         Section 10. Meaning of "other enterprises" and certain other terms for
Purposes of Article VIII. For purposes of this Article VIII, references to
"other enterprises" shall include employee benefit plans; references to "fines"
shall include any excise taxes assessed on a

                                       19
<PAGE>
person with respect to an employee benefit plan; and references to 'serving at
the request of the Corporation" shall include any service as a director,
officer, employee or agent of the Corporation which imposes duties on, or
involves services by, such director, officer, employee, or agent with respect to
an employee benefit plan, its participants or beneficiaries; and a person who
acted in good faith and in a manner he reasonably believed to be in the interest
of the participants and beneficiaries of an employee benefit plan shall be
deemed to have acted in a manner "not opposed to the best interests of the
Corporation" as referred to in this Article.

                                   ARTICLE IX
                                   AMENDMENTS

         Section 1. These By-Laws may be altered, amended or repealed, in whole
or in part, or new By-Laws may be adopted by the stockholders or by the Board of
Directors; provided, however, that notice of such alteration, amendment, repeal
or adoption of new By-Laws be contained in the notice of such meeting of
stockholders or Board of Directors as the case may be. All such amendments must
be approved by either the holders of a majority of the outstanding capital stock
entitled to vote thereon or by a majority of the entire Board of Directors then
in office.

         Section 2. Entire Board of Directors. As used in this Article IX and in
these By-Laws generally, the term "entire Board of Directors" means the total
number of directors which the Corporation would have if there were no vacancies.

                                       20

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