Document:

Prepared by R.R. Donnelley Financial -- Addendums to Employment Contracts

 EXHIBIT 10.2 
  
 ADDENDUM TO EMPLOYMENT CONTRACT 
  
 R E C I T A L S 
  
  WHEREAS, KEY TRONIC CORPORATION (the “Employer”) and Ronald F. Klawitter (the “Employee”) desire to modify
Employee’s December 9, 1992 Employment Contract (the “Agreement”); 
  
 WHEREAS, said
modification is based upon the mutual desires of the Employer and the Employee; 
  
  NOW, THEREFORE, in
consideration of the mutual covenants contained therein, the following modification to the December 9, 1992 Employment Contract is executed. Except as provided in this modification, the other terms and conditions set out in the December 9, 1992
Employment Contract remain in full force and effect. 
  
 1.  Section 10a of the Agreement is hereby amended
to read in full as follows: 
  
         “10.  TERMINATION 
  
 a.  Employer’s Board of Directors and/or its President and its CEO may, in their discretion, terminate Employee’s employment at any time for any reason or for no reason. After such termination, all rights, duties
and obligations of both parties shall cease except that Employer shall pay Employee for Employee’s accumulated unused vacation and subject to the provisions below, Employer shall continue to pay Employee’s base salary only in effect prior
to termination for a period of two years after termination if termination occurs prior to July 30, 2003 and for a period of one year after termination if termination occurs on or after July 30, 2003. Also, for the period during which any such
payments are being made, Employer will continue Employee’s group medical and dental plan coverage for Employee and Employee’s dependents as such plans are then generally offered to employees of Employer. Employee may elect to continue
group medical coverage at the termination of severance benefits, for the balance of any COBRA period, at Employee’s sole expense.” 
  
 
	 EMPLOYER:    Key Tronic Corporation
 	 	  	 	 EMPLOYEE:    Ronald F. Klawitter
 
	 
	 By:
 	 	 /s/    JACK W. OEHLKE
        
 
	 	  	 	 By:
 	 	 /s/    RONALD F. KLAWITTER        
 

	  	 	 Jack W. Oehlke
 President & CEO
 	 	  	 	  	 	 Ronald F. Klawitter
 
	 Date:  April 25, 2002
 	 	  	 	 Date:  April 26, 2002
 

 
 

 ADDENDUM TO EMPLOYMENT CONTRACT 
  
 R E C I T A L S 
  
  WHEREAS, KEY TRONIC CORPORATION
(the “Employer”) and Craig D. Gates (the “Employee”) desire to modify Employee’s October 27, 1994 Employment Contract (the “Agreement”); 
  
 WHEREAS, said modification is based upon the mutual desires of the Employer and the Employee; 
  
  NOW, THEREFORE, in consideration of the mutual covenants contained therein, the following modification to the October 27, 1994 Employment Contract is executed.
Except as provided in this modification, the other terms and conditions set out in the October 27, 1994 Employment Contract remain in full force and effect. 
  
 1.  Section 9 a) of the Agreement is hereby amended to read in full as follows: 
  
 “9.  TERMINATION 
  
 a)  Employer’s Board of Directors, its President or CEO may, in their discretion, terminate Employee’s employment at any time for any reason or for no reason. After such termination, Employer shall pay Employee
for Employee’s accumulated unused vacation and, subject to the provisions below, Employer shall continue to pay Employee’s base salary only in effect prior to termination for a period of two years after termination if termination occurs
prior to July 30, 2003 and for a period of one year after termination if termination occurs on or after July 30, 2003. Also, for the period during which any salary payments are being made, Employer will continue Employee’s group medical and
dental plan coverage for Employee and Employee’s dependents as such plans are then generally offered to employees of Employer. Employee may elect to continue group medical coverage at the termination of severance benefits, for the balance of
any COBRA periods, at Employee’s sole expense. Employee shall not be entitled to receive any payments under any bonus, profit sharing or other incentive compensation plan of Employer unless Employee is employed by Employer on the date such
payments are due to be paid.” 
  
 
	 EMPLOYER:    Key Tronic Corporation
 	 	  	 	 EMPLOYEE:    Craig D. Gates
 
	 
	 By:
 	 	 /s/    JACK W.
OEHLKE        
 
	 	  	 	 By:
 	 	 /s/    CRAIG D.
GATES        
 

	  	 	 Jack W. Oehlke
 President &
CEO
 	 	  	 	  	 	 Craig D. Gates
 
	 
	 Date:
 	 	 April 25, 2002
 	 	  	 	 Date:
 	 	 April 26, 2002
 

 
 

 2 

  
 ADDENDUM TO EMPLOYMENT CONTRACT 
  
 R E C I T A L S 
  
  WHEREAS, KEY TRONIC CORPORATION (the “Employer”) and Michael D. Chard (the “Employee”) desire to modify Employee’s July 28, 2000 Employment Contract (the “Agreement”); 

 
 WHEREAS, said modification is based upon the mutual desires of the Employer and the Employee; 
  
  NOW, THEREFORE, in consideration of the mutual covenants contained therein, the following modification to the July 28, 2000
Employment Contract is executed. Except as provided in this modification, the other terms and conditions set out in the July 28, 2000 Employment Contract remain in full force and effect. 
  
 1.  Section 9 a) of the Agreement is hereby amended to read in full as follows: 
  
 “9.  TERMINATION 
  
 a)  Employer’s Board of Directors, its President or CEO may, in their discretion, terminate Employee’s employment at any time for any reason or for no reason. After such
termination, Employer shall pay Employee for Employee’s accumulated unused vacation and, subject to the provisions below, Employer shall continue to pay Employee’s base salary only in effect prior to termination for a period of two years
after termination if termination occurs prior to July 30, 2003 and for a period of one year after termination if termination occurs on or after July 30, 2003. Also, for the period during which any salary payments are being made, Employer will
continue Employee’s group medical and dental plan coverage for Employee and Employee’s dependents as such plans are then generally offered to employees of Employer. Employee may elect to continue group medical coverage at the termination
of severance benefits, for the balance of any COBRA periods, at Employee’s sole expense. Employee shall not be entitled to receive any payments under any bonus, profit sharing or other incentive compensation plan of Employer unless Employee is
employed by Employer on the date such payments are due to be paid.” 
  
 
	 EMPLOYER:    Key Tronic Corporation
 	 	 EMPLOYEE:    Michael D. Chard
 
	 
	 By:
 	 	 /s/    JACK W.
OEHLKE        
 
	 	 By:
 	 	 /s/    MICHAEL D. CHARD      
 

	  	 	 Jack W. Oehlke
 President &
CEO
 	 	  	 	 Michael D. Chard
 
	 
	 Date:
 	 	 April 25, 2002
 	 	 Date:
 	 	 April 26, 2002
 

 
 

 3 

  
 ADDENDUM TO EMPLOYMENT CONTRACT 
  
 R E C I T A L S 
  
  WHEREAS, KEY TRONIC CORPORATION (the “Employer”) and Jack W. Oehlke (the “Employee”) desire to modify Employee’s December 27, 1993 Employment Contract (the “Agreement”); 

 
 WHEREAS, said modification is based upon the mutual desires of the Employer and the Employee; 
  
  NOW, THEREFORE, in consideration of the mutual covenants contained therein, the following modification to the December 27, 1993
Employment Contract is executed. Except as provided in this modification, the other terms and conditions set out in the December 27, 1993 Employment Contract remain in full force and effect. 
  
 1.  Section 10a of the Agreement is hereby amended to read in full as follows: 
  
 “10.  TERMINATION 
  
 a.  Employer’s Board of Directors and/or its President and its CEO may, in their discretion, terminate Employee’s employment at any time for any reason or for no reason. After such
termination, all rights, duties and obligations of both parties shall cease except that Employer shall pay Employee for Employee’s accumulated unused vacation and subject to the provisions below, Employer shall continue to pay Employee’s
base salary only in effect prior to termination for a period of two years after termination if termination occurs prior to July 30, 2003 and for a period of one year after termination if termination occurs on or after July 30, 2003. Also, for the
period during which any such payments are being made, Employer will continue Employee’s group medical and dental plan coverage for Employee and Employee’s dependents as such plans are then generally offered to employees of Employer.
Employee may elect to continue group medical coverage at the termination of severance benefits, for the balance of any COBRA period, at Employee’s sole expense.” 
  
 
	 EMPLOYER:    Key Tronic Corporation
 	 	  	 	 EMPLOYEE:    Jack W. Oehlke
 
	 
	 By:
 	 	 /s/    RONALD F.
KLAWITTER        
 
	 	  	 	 By:
 	 	 /s/    JACK W.
OEHLKE        
 

	  	 	 Ronald F. Klawitter
 	 	  	 	  	 	 Jack W. Oehlke
 
	  	 	 Exec. Vice President & CFO
 	 	  	 	  	 	  
	 
	 Date:
 	 	 April 26, 2002
 	 	  	 	 Date:
 	 	 April 25, 2002
 

 
 

 4 

 ADDENDUM TO EMPLOYMENT CONTRACT 
  
 R E C I T A L S 
  
  WHEREAS, KEY TRONIC CORPORATION
(the “Employer”) and Efren Perez Ricardez (the “Employee”) desire to modify Employee’s July 10, 1997 Employment Contract (the “Agreement”); 
  
 WHEREAS, said modification is based upon the mutual desires of the Employer and the Employee; 
  
  NOW, THEREFORE, in consideration of the mutual covenants contained therein, the following modification to the July 10, 1997 Employment Contract is executed. Except
as provided in this modification, the other terms and conditions set out in the July 10, 1997 Employment Contract remain in full force and effect. 
  
 1.  Section 9 a) of the Agreement is hereby amended to read in full as follows: 
  
 “9.  TERMINATION 
  
 a)  Employer’s Board of Directors, its President or CEO may, in their discretion, terminate Employee’s employment at any time for any reason or for no reason. After such termination, Employer shall pay Employee
for Employee’s accumulated unused vacation and, subject to the provisions below, Employer shall continue to pay Employee’s base salary only in effect prior to termination for a period of two years after termination if termination occurs
prior to July 30, 2003 and for a period of one year after termination if termination occurs on or after July 30, 2003. Also, for the period during which any salary payments are being made, Employer will continue Employee’s group medical and
dental plan coverage for Employee and Employee’s dependents as such plans are then generally offered to employees of Employer. Employee may elect to continue group medical coverage at the termination of severance benefits, for the balance of
any COBRA periods, at Employee’s sole expense. Employee shall not be entitled to receive any payments under any bonus, profit sharing or other incentive compensation plan of Employer unless Employee is employed by Employer on the date such
payments are due to be paid.” 
  
 
	 EMPLOYER:    Key Tronic Corporation
 	 	  	 	 EMPLOYEE:    Efren Perez Ricardez
 
	 
	 By:
 	 	 /s/    JACK W.
OEHLKE        
 
	 	  	 	 By:
 	 	 /s/    EFREN PEREZ
RICARDEZ        
 

	  	 	 Jack W. Oehlke
 President &
CEO
 	 	  	 	  	 	 Efren Perez Ricardez
 
	 
	 Date:
 	 	 April 25, 2002
 	 	  	 	 Date:
 	 	 April 26, 2002
 

 
 

 5Exhibit 4-e

 

Restated Bylaws of ADC Telecommunications, Inc., as amended

effective July 30, 2002

 

 

 

RESTATED BYLAWS

OF

ADC TELECOMMUNICATIONS, INC.

(July 30, 2002)

 

ARTICLE

I.

OFFICES,

CORPORATE SEAL

 

                            Section

1.01. Registered Office. The registered office of the corporation in

Minnesota shall be that set forth in the Articles of Incorporation or in the

most recent amendment or restatement of the Articles of Incorporation or

resolution of the directors filing with the Secretary of State of Minnesota changing

the registered office.

 

                            Section

1.02. Other Offices. The corporation may have such other offices, within

or without the State of Minnesota, as the directors shall, from time to time,

determine.

 

                            Section

1.03. Corporate Seal. The corporate seal shall be circular in form and

shall have inscribed thereon the name of the corporation and the word

“Minnesota” and the words “Corporate Seal.”

 

ARTICLE

II.

MEETINGS

OF SHAREHOLDERS

 

                            Section

2.01. Place and Time of Meetings. Except as provided otherwise by Minnesota

Statutes Chapter 302A, meetings of the shareholders may be held at any place,

within or without the State of Minnesota, as may from time to time be

designated by the directors and, in the absence of such designation, shall be

held at the registered office of the corporation in the State of

Minnesota.  The directors shall

designate the time of day of each meeting and, in the absence of such

designation, every meeting of shareholders shall be held at ten o’clock a.m.

 

                            Section

2.02. Regular Meetings.

 

                            (a)

               A regular meeting of the

shareholders shall be held on such date as the Board of Directors shall by

resolution establish.

 

                            (b)               At a regular meeting the

shareholders, voting as provided in the Articles of Incorporation and these

Bylaws, shall designate the number of directors to constitute the Board of

Directors (subject to the authority of the Board of Directors thereafter to

increase or decrease the number of directors as permitted by law), shall elect

qualified successors for directors who serve for an indefinite term or whose

terms have expired or are due to expire within six months after the date of the

meeting and shall transact such other business as may properly come before

them.

 

                            (c)               Only proposals to be brought before a regular

meeting of shareholders by a shareholder in accordance with the following

procedures shall be considered at such regular meeting.  For a proposal to be properly brought by a

shareholder at a regular meeting, the shareholder must give written notice to

the Chief Executive Officer, Chief Financial Officer or Secretary of the

corporation so as to be received at the principal executive offices of the

corporation not later than the date determined in accordance with the proxy

rules promulgated by the Securities and Exchange Commission under the

Securities Exchange Act of 1934, as amended, that proposals of shareholders

intended to be presented at such regular meeting must be received in order to

be included in the corporation’s proxy statement and proxy for such regular meeting.  Each such notice shall set forth (a) the

name and address of the shareholder who intends to make the proposal

 

 

1

 

specified in

such notice, (b) a representation that the shareholder is a holder of record of

stock of the corporation entitled to vote at the regular meeting and intends to

appear in person or by proxy at such regular meeting to make such proposal, (c)

a brief description of such proposal and the reasons for making the proposal at

the regular meeting, (d) a description of any material interest of the

shareholder in the matter proposed and (e) such other information that would be

required to be included in a proxy statement filed by the corporation pursuant

to the proxy rules of the Securities Exchange Commission with respect to the

proposal and the proponent thereof.

 

                            Section

2.03.  Special Meetings.  Special meetings of the shareholders may be

held at any time and for any proper purpose and may be called by the Chairman

of the Board of Directors, the President, the Treasurer, any two directors or a

shareholder or shareholders holding 10% or more of the voting power of all

shares entitled to vote, except that a special meeting called by a shareholder

or shareholders for the purpose of considering any action to directly or

indirectly facilitate or effect a business combination, including any action to

change or otherwise affect the composition of the Board of Directors for that

purpose, must be called by a shareholder or shareholders holding 25% or more of

the voting power of all shares entitled to vote.  A shareholder or shareholders holding the requisite percentage of

the voting power may demand a special meeting of the shareholders by written

notice given to the chief executive officer or chief financial officer of the

corporation stating the purposes of the meeting.  Within 30 days after receipt of such a demand by one of those

officers, the Board of Directors shall cause a special meeting of shareholders

to be called and held on notice no later than 90 days after receipt of the

demand, at the expense of the corporation. 

Special meetings shall be held on the date and at the time and place

fixed by the Chairman of the Board of Directors, the President, the Treasurer,

or the Board of Directors, except that a special meeting called by or at demand

of a shareholder or shareholders shall be held in the county where the

principal executive office is located. 

The business transacted at a special meeting shall be limited to the

purposes stated in the notice of the meeting.

 

                            Section

2.04. Quorum, Adjourned Meetings. The holders of a majority of the

shares entitled to vote shall constitute a quorum for the transaction of

business at any regular or special meeting. In case a quorum shall not be

present at a meeting, those present may adjourn the meeting to such day as they

shall, by majority vote, agree upon, and a notice of such adjournment and the

date and time at which such meeting shall be reconvened shall be mailed to each

shareholder entitled to vote at least 5 days before such adjourned meeting. If

a quorum is present, a meeting may be adjourned from time to time without

notice other than announcement at the meeting. At adjourned meetings at which a

quorum is present, any business may be transacted which might have been

transacted at the meeting as originally noticed. If a quorum is present, the

shareholders may continue to transact business until adjournment notwith­standing

the withdrawal of enough shareholders to leave less than a quorum.

 

                            Section

2.05. Voting. At each meeting of the shareholders every shareholder

having the right to vote shall be entitled to vote either in person or by

proxy.  Each shareholder, unless the

Articles of Incorporation or statute provide otherwise, shall have one vote for

each share having voting power registered in such shareholder’s name on the

books of the corporation.  Jointly owned

shares may be voted by any joint owner unless the corporation receives written

notice from any one of them denying the authority of that person to vote those

shares. Upon demand of any shareholder, the vote upon any question before the

meeting shall be by ballot. All questions shall be decided by a majority vote

of the number of shares entitled to vote and represented at the meeting at the

time of the vote except if otherwise required by statute, the Articles of

Incorporation, or these Bylaws.

 

                            Section

2.06. Closing of Books. The Board of Directors may fix a time, not

exceeding 60 days preceding the date of any meeting of shareholders, as a

record date for the determination of the shareholders entitled to notice of,

and to vote at, such meeting, 

 

 

2

 

notwithstanding any transfer of shares on the books of

the corporation after any record date so fixed. The Board of Directors may

close the books of the corporation against the transfer of shares during the

whole or any part of such period. If the Board of Directors fails to fix a

record date for determination of the shareholders entitled to notice of, and to

vote at, any meeting of shareholders, the record date shall be the 20th day

preceding the date of such meeting.

 

                             Section

2.07. Notice of Meetings. (a) Except as provided in Section 2.07(b)

there shall be mailed to each shareholder, shown by the books of the

corporation to be a holder of record of voting shares, at his or her address as

shown by the books of the corporation, a notice setting out the time and place

of each regular meeting and each special meeting, which notice shall be mailed

at least ten days but not more than 60 days prior thereto; except that notice

of a meeting at which an agreement of merger or exchange is to be considered

shall be mailed to all shareholders of record, whether entitled to vote or not,

at least fourteen days prior thereto. Every notice of any special meeting

called pursuant to Section 2.03 hereof shall state the purpose or purposes for

which the meeting has been called, and the business transacted at all special

meetings shall be confined to the purpose stated in the notice.

 

 

3

 

                            (b)

The written notice required by Section 2.07(a) need not be given when the

meeting is an adjourned meeting and the date, time and place of the meeting

were announced at the time of adjournment.

 

                            Section

2.08. Waiver of Notice. Notice of any regular or special meeting may be

waived by any shareholder either before, at or after such meeting orally or in

a writing signed by such shareholder or a representative entitled to vote the shares

of such shareholder. A shareholder, by his or her attendance at any meeting of

shareholders, shall be deemed to have waived notice of such meeting, except

where the shareholder objects at the beginning of the meeting to the

transaction of business because the item may not lawfully be considered at that

meeting and does not participate in the consideration of the item at that

meeting.

 

                            Section

2.09. Written Action. Any action which might be taken at a meeting of

the shareholders may be taken without a meeting if done in writing and signed

by all of the shareholders entitled to vote on that action.

 

 

ARTICLE

III.

DIRECTORS

 

                            Section

3.01. General Powers. The business and affairs of the corporation shall

be managed by or under the direction of the Board of Directors, except as

otherwise permitted by statute.

 

                            Section

3.02. Board Meetings. Meetings of the Board of Directors may be held

from time to time at such time and place within or without the State of

Minnesota as may be designated in the notice of such meeting.

 

                             Section

3.03. Calling Meetings; Notice. Meetings of the Board of Directors may

be called by the Chairman of the Board by giving at least twenty-four hours’

notice, or by any other director by giving at least five days’ notice, of the

date, time and place thereof, to each director by mail, telephone, telegram or

in person.

 

                             Section

3.04. Waiver of Notice. Notice of any meeting of the Board of Directors

may be waived by any director either before, at, or after such meeting orally

or in a writing signed by such director. A director, by his or her attendance

at any meeting of the Board of Directors, shall be deemed to have waived notice

of such meeting, except where the director objects at the beginning of the

meeting to the transaction of business because the meeting is not lawfully

called or convened and does not participate thereafter in the meeting.

 

                             Section

3.05. Quorum. A majority of the directors holding office immediately

prior to a meeting of the Board of Directors shall constitute a quorum for the

transaction of business at such meeting.

 

                             Section

3.06. Absent Directors. A director may give advance written consent or

opposition to a proposal to be acted on at a meeting of the Board of Directors.

If such director is not present at the meeting, consent or opposition to a

proposal does not constitute presence for purpose of determining the existence

of a quorum, but consent or opposition shall be counted as a vote in favor of

or against the proposal and shall be entered in the minutes or other record of

action at the meeting, if the proposal acted on at the meeting is substantially

the same or has substantially the same effect as the proposal to which the

director has consented or objected.

 

                            Section

3.07. Conference Communications. Any or all directors may participate in

any meeting of the Board of Directors, or of any duly constituted committee

thereof, by any means of communication through which the directors may

simultaneously hear each other 

 

 

4

 

during such meeting. For the purposes of establishing a

quorum and taking any action at the meeting, such directors participating

pursuant to this Section 3.07 shall be deemed present in person at the meeting,

and the place of the meeting shall be the place of origination of the

conference communication.

 

Section

3.08.  Vacancies; Newly Created

Directorships.  Vacancies in the

Board of Directors of this corporation occurring by reason of death,

resignation, removal or disqualification shall be filled for the unexpired term

by a majority of the remaining directors of the Board although less than a

quorum; newly created directorships resulting from an increase in the

authorized number of directors by action of the Board of Directors may be

filled by a majority vote of the directors serving at the time of such

increase; and each director elected pursuant to this Section 3.08 shall be a

director until such director’s successor is elected by the shareholders at

their next regular or special meeting.

 

                            Section

3.09 Committees. A resolution approved by the affirmative vote of a

majority of the Board of Directors may establish committees having the

authority of the Board of Directors in the management of the business of the

corporation to the extent provided in the resolution. A committee shall consist

of one or more persons, who need not be directors, appointed by affirmative

vote of the majority of the directors present. Each committee (except any

committee established pursuant to Minnesota Statutes Section 302A.243) shall be

subject to the direction and control of, and vacancies in the membership

thereof shall be filled by, the Board of Directors. A majority of the members

of the committee present at a meeting is a quorum for the transaction of

business, unless a larger or smaller proportion or number is provided in the

resolution approved by the affirmative vote of the majority of the Board of

Directors.

 

                            Section

3.10. Written Action. Any action which might be taken at a meeting of

the Board of Directors, or any duly constituted committee thereof, may be taken

without a meeting if done in writing and signed by all of the directors or

committee members, unless the Articles of Incorporation provide otherwise and

the action need not be approved by the shareholders.

 

                            Section

3.11. Compensation. Directors who are not salaried officers of this

corporation shall receive such fixed sum per meeting attended or such fixed

annual sum as shall be determined, from time to time, by resolution of the

Board of Directors. The Board of Directors may, by resolution provide that all

directors shall receive their expenses, if any, of attendance at meetings of

the Board of Directors or any committee thereof. Nothing herein contained shall

be construed to preclude any director from serving this corporation in any

other capacity and receiving proper compensation therefor.

 

ARTICLE

IV.

OFFICERS

 

                            Section

4.01. Number. The officers of the corporation shall consist of a

Chairman of the Board (if one is elected by the Board), a President, a

Treasurer, a Secretary (if one is elected by the Board), and such other

officers and agents as may, from time to time, be elected or appointed by the

Board of Directors. Any number of offices may be held by the same person.

 

                            Section

4.02. Election, Term of Office and Qualifications. The Board of

Directors shall elect or appoint, by resolution approved by the affirmative

vote of a majority of the directors present, from within and without their

number, the President, Treasurer and such other officers as may be deemed

advisable, each of whom shall have the powers, rights, duties,

responsibilities, and terms in office provided for in these Bylaws or a

resolution of the Board of Directors not 

 

 

5

 

inconsistent therewith. The President and all other

officers who may be directors shall continue to hold office until the election

and qualification of their successors, notwithstanding an earlier termination

of their directorships.

 

                             Section 4.03. Removal and

Vacancies. Any officer may be removed from his or her office by the Board

of Directors at any time, with or without cause. Such removal, however, shall

be without prejudice to the contract rights of the person so removed. If there

be a vacancy among the officers of the corporation by reason of death,

resignation or otherwise, such vacancy may be filled for the unexpired term by

the Board of Directors.

 

                             Section

4.04. Chief Executive Officer. Either the Chairman of the Board or the

President of the corporation may be designated from time to time by the Board

to be the Chief Executive Officer of the corporation.  Unless provided otherwise by a resolution adopted by the Board of

Directors, the Chief Executive Officer (a) shall have general active management

of the business of the corporation; (b) shall, when present, preside at all

meetings of the shareholders; (c) shall see that all orders and resolutions of

the Board are carried into effect; (d) shall sign and deliver in the name of

the corporation any deeds, mortgages, bonds, contracts or other instruments

pertaining to the business of the corporation except in cases in which the

authority to sign and deliver is required by law to be exercised by another

person or is expressly delegated by these Bylaws or the Board to some other

officer or agent of the corporation; (e) may maintain records of and certify

proceedings of the Board and shareholders; and (f) shall perform such other

duties as may from time to time be assigned to him or her by the Board.

 

                             Section

4.05. Chief Operating Officer. The Chief Operating Officer, if one is

elected by the Board, can be either the President or a Vice President.  He or she shall be responsible for the

management of all of the operations of the corporation’s business and shall

have such other authority and duties as the Board of Directors or the Chief

Executive officer from time to time may prescribe.  He or she shall report to the Chief Executive Officer and be

responsible to him or her.  He or she

may also execute and deliver in the name of the corporation any instruments or

documents pertaining to the business of the corporation which could be executed

by the Chief Executive Officer.

 

                             Section

4.06. Chief Financial Officer. Unless provided otherwise by a resolution

adopted by the Board of Directors, the Chief Financial Officer (a) shall keep

accurate financial records for the corporation; (b) shall render to the Chief

Executive Officer and the Board of Directors, whenever requested, an account of

all of his or her transactions as Chief Financial Officer and of the financial

condition of the corporation; and (c) shall perform such other duties as may be

prescribed by the Board of Directors or the Chief Executive Officer from time

to time.

 

                             Section

4.07. Chairman of the Board. Unless otherwise determined by the Board,

the Chairman of the Board shall be the Chief Executive Officer of the

corporation and shall preside at all meetings of the directors and shall have

such other duties, as may be prescribed, from time to time, by the Board of

Directors.

 

                             Section

4.08. President. Unless otherwise determined by the Board, the President

shall be the Chief Operating Officer of the corporation and shall supervise and

control the operations of the corporation. 

If an officer other than the President is designated Chief Operating

Officer, the President shall perform such duties as may from time to time be

assigned to him or her by the Board.

 

                             Section

4.09. Vice President. The Board of Directors may designate one or more

Vice Presidents, who shall have such designations and powers and shall perform

such duties as 

 

 

6

 

prescribed by the Board of Directors or by the

President. In the event of the absence or disability of the President, the Vice

Presidents shall succeed to his or her power and duties in the order designated

by the Board of Directors.

 

                             Section

4.10. Secretary. The Secretary shall be secretary of and shall attend

all meetings of the shareholders and Board of Directors and shall record all

proceedings of such meetings in the minute book of the corporation. Except as

otherwise required or permitted by statute or by these Bylaws, the Secretary

shall give notice of meetings of shareholders and directors.  The Secretary shall perform such other

duties as may, from time to time, be prescribed by the Board of Directors or by

the President.

 

                             Section

4.11.  Treasurer.  The Treasurer shall (a) deposit all monies,

drafts and checks in the name of, and to the credit of, the corporation in such

banks and depositories as the Board of Directors shall designate from time to

time; (b) shall endorse for deposit all notes, checks and drafts received by

the corporation as ordered by the Board, making proper vouchers therefor; (c)

shall distribute corporate funds and issue checks and drafts in the name of the

corporation as ordered by the Board and shall perform such duties as may from

time to time be assigned to him or her by the Board.

 

                             Section

4.12. Removal and Vacancies. Any officer may be removed from his or her

office by the Board of Directors at any time, with or without cause.  Such removal, however, shall be without

prejudice to the contract rights of the person so removed.  If there be a vacancy among the officers of

the corporation by reason of death, resignation or otherwise, such vacancy

shall be filled for the unexpired term by the Board of Directors.

 

                             Section

4.13. Compensation. The officers of this corporation shall receive such

compensation for their services as may be determined by or in accordance with

resolutions of the Board of Directors.

 

 

ARTICLE

V.

SHARES

AND THEIR TRANSFER

 

                            Section

5.01. Certificates for Shares. All shares of the corporation shall be

certificated shares. Every owner of shares of the corporation shall be entitled

to a certificate, to be in such form as shall be prescribed by the Board of

Directors, certifying the number of shares of the corporation owned by such

shareholder. The certificates for such shares shall be numbered in the order in

which they shall be issued and shall be signed, in the name of the corporation,

by the President and by the Secretary or an Assistant Secretary or by such

officers as the Board of Directors may designate. If the certificate is signed

by a transfer agent or registrar, such signatures of the corporate officers may

be by facsimile if authorized by the Board of Directors. Every certificate

surrendered to the corporation for exchanges or transfer shall be cancelled,

and no new certificate or certificates shall be issued in exchange for any

existing certificate until such existing certificate shall have been so

cancelled, except in cases provided for in Section 5.04.

 

                            Section

5.02.  Issuance

of Shares. The Board of Directors is authorized to cause to be issued

shares of the corporation up to the full amount authorized by the Articles of

Incorporation in such amounts as may be determined by the Board of Directors

and as may be permitted by law. No shares shall be allotted except in

consideration of cash or other property, tangible or intangible, received or to

be received by the corporation under a written agreement, of services rendered

or to be rendered to the corporation under a written agreement, or of an amount

transferred from surplus to stated capital upon a share dividend. At the time

of such allotment of shares, the Board of 

 

 

7

 

Directors making such allotments shall state, by

resolution, their determination of the fair value to the corporation in

monetary terms of any consideration other than cash for which shares are

allotted.

 

                            Section

5.03.  Transfer

of Shares. Transfer of shares on the books of the corporation may be

authorized only by the shareholder named in the certificate, or the

shareholder’s legal representative, or the shareholder’s duly authorized

attorney-in-fact, and upon surrender of the certificate or the certificates for

such shares. The corporation may treat as the absolute owner of shares of the

corporation, the person or persons in whose name shares are registered on the

books of the corporation.

 

                            Section

5.04. Loss of Certificates. Except as otherwise provided by Minnesota

Statutes Section 302A.419, any shareholder claiming a certificate for shares to

be lost, stolen or destroyed shall make an affidavit of that fact in such form

as the Board of Directors shall require and shall, if the Board of Directors so

requires, give the corporation a bond of indemnity in form, in an amount, and

with one or more sureties satisfactory to the Board of Directors, to indemnify

the corporation against any claim which may be made against it on account of

the reissue of such certificate, whereupon a new certificate may be issued in

the same tenor and for the same number of shares as the one alleged to have

been lost, stolen or destroyed.

 

ARTICLE

VI.

DIVIDENDS,

RECORD DATE

 

                            Section

6.01. Dividends. Subject to the provisions of the Articles of

Incorporation, of these Bylaws, and of law, the Board of Directors may declare

dividends whenever, and in such amounts as, in its opinion, are deemed

advisable.

 

                            Section

6.02. Record Date. Subject to any provisions of the Articles of

Incorporation, the Board of Directors may fix a date not exceeding 120 days

preceding the date fixed for the payment of any dividend as the record date for

the determination of the shareholders entitled to receive payment of the

dividend and, in such case, only shareholders of record on the date so fixed

shall be entitled to receive payment of such dividend notwithstanding any

transfer of shares on the books of the corporation after the record date. The

Board of Directors may close the books of the corporation against the transfer

of shares during the whole or any part of such period.

 

ARTICLE

VII.

BOOKS

AND RECORDS, FISCAL YEAR

 

                            Section

7.0l. Share Register. The Board of Directors of the corporation shall

cause to be kept at its principal executive office, or at another place or

places within the United States determined by the Board:

 

(1)                                  a share register not more than one year old, containing

the names and addresses of the shareholders and the number and classes of

shares held by each shareholder; and

 

(2)                                  a record of the dates on which certificates or

transaction statements representing shares were issued.

 

                            Section

7.02. Other Books and Records. The Board of Directors shall cause to be

kept at its principal executive office, or if its principal executive office is

not in Minnesota, shall make available at its registered office within ten days

after receipt by an officer of the corporation of a written demand for them

made by a shareholder or other person authorized by Minnesota Statutes Section

302A.461, originals or copies of:

 

 

8

 

(1)                                records of all proceedings of shareholders for the last three years;

 

(2)                                  records of all proceedings of the board for the last three years;

 

(3)                                  its articles and all amendments currently in effect;

 

(4)                                  its bylaws and all amendments currently in effect;

 

(5)                                  financial statements required by Minnesota Statutes Section 302A.463 and

the financial statements for the most recent interim period prepared in the

course of the operation of the corporation for distribution to the shareholders

or to a governmental agency as a matter of public record;

 

(6)                                  reports made to shareholders generally within the last three years;

 

(7)                                  a statement of the names and usual business addresses of its directors

and principal officers;

 

(8)                                  any shareholder voting or control agreements of which the corpora­tion

is aware; and

 

(9)                                  such other records and books of account as shall be necessary and

appropriate to the conduct of the corporate business.

 

                            Section

7.03. Audit. The Board of Directors shall cause the records and books of

account of the corporation to be audited at least once in each fiscal year and

at such other times as it may deem necessary or appropriate.

 

                            Section

7.04. Fiscal Year. The fiscal year of the corporation shall be

determined by the Board of Directors.

 

 

ARTICLE

VIII.

LOANS,

GUARANTEES, SURETYSHIP

 

                            Section

8.01. The corporation may lend money to, guarantee an obligation of or become a

surety for, or otherwise financially assist a person if the transaction, or a

class of transactions to which the transaction belongs, is approved by the

affirmative vote of a majority of the directors present and:

 

(1)                                  is in the usual

and regular course of business of the corporation;

 

(2)                                  is with, or for

the benefit of, a related corporation, an organization in which the corporation

has a financial interest, an

organization with which the corporation has a business relationship, or an

organization to which the corporation has the power to make donations;

 

(3)                                  is with, or for

the benefit of, an officer or other employee of the corporation or a

subsidiary, including an officer or employee who is a director of the corporation

or a subsidiary, and may reasonably be expected in the judgment of the board,

to benefit the corporation; or

 

 

9

 

(4)                                  has been

approved by the affirmative vote of the holders

of two-thirds of the outstanding shares.

 

The loan, guarantee, surety contract or other financial assistance may

be with or without interest, and may be unsecured, or may be secured in the

manner as a majority of the directors approve, including, without limitation, a

pledge of or other security interest in shares of the corporation. Nothing in

this section shall be deemed to deny, limit, or restrict the powers of guaranty

or warranty of the corporation at common law or under a statute of the State of

Minnesota.

 

 

ARTICLE

IX.

INDEMNIFICATION

OF CERTAIN PERSONS

 

                            Section

9.01.  The corporation shall indemnify

such persons, for such expenses and liabilities, in such manner, under such

circumstances, and to such extent as permitted by Minnesota Statutes Section

302A.521, as now enacted or hereafter amended.

 

 

ARTICLE

X.

AMENDMENTS

 

                            Section

10.01. These Bylaws may be amended or altered by a vote of the majority of the

whole Board of Directors at any meeting provided that notice of such proposed

amendment shall have been given in the notice given to the directors of such

meeting.  Such authority in the Board of

Directors is subject to the power of the shareholders to change or repeal such

Bylaws by a majority vote of the shareholders present or represented at any

regular or special meeting of shareholders called for such purpose, and the

Board of Directors shall not make or alter any Bylaws fixing a quorum for

meetings of shareholders, prescribing procedures or removing directors or

filling vacancies in the Board of Directors, or fixing the number of directors

or their classifications, qualifications, or terms of office, except that the

Board of Directors may adopt or amend any Bylaw to increase their number.

 

 

ARTICLE

XI.

SECURITIES

OF OTHER CORPORATIONS

 

                            Section

11.01.  Voting Securities Held by the

Corporation.  Unless otherwise

ordered by the Board of Directors, the President shall have full power and

authority on behalf of the corporation (a) to attend any meeting of security

holders of other corporations in which the corporation may hold securities and

to vote such securities on behalf of this corporation; (b) to execute any proxy

for such meeting on behalf of the corporation; or (c) to execute a written

action in lieu of a meeting of such other corporation on behalf of this corporation.

At such meeting, the President shall possess and may exercise any and all

rights and powers incident to the ownership of such securities that the

corporation possesses. The Board of Directors may, from time to time, grant

such power and authority to one or more other persons and may remove such power

and authority from the President to the extent granted to such other person or

persons.

 

                             Section

11.02. Purchase and Sale of Securities. Unless otherwise ordered by the

Board of Directors, the President shall have full power and authority on behalf

of the corporation to purchase, sell, transfer or encumber any and all

securities of any other corporation owned by the corporation, and may execute

and deliver such documents as may be necessary to effectuate such purchase,

sale, transfer or encumbrance. The Board of Directors may, from time to time,

confer like powers upon any person or persons.

 

 

10

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