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Exhibit 4.01  

  RESTATED ARTICLES OF INCORPORATION
  OF
  XCEL ENERGY INC.
  (a Minnesota Corporation)         

    These Restated Articles of Incorporation of Xcel Energy, Inc. (formerly known as Northern States Power Company), a corporation
incorporated under Chapter 302A of the Minnesota Statutes, the Minnesota Business Corporation Law, supersede and take the place of the existing Restated Articles of Incorporation and all prior
amendments thereto.

  ARTICLE I. NAME AND ADDRESS         

    The name of this corporation shall be Xcel Energy Inc. At the time of the adoption of these Articles,
the address of the registered office of the Corporation is 414 Nicollet Mall, Minneapolis, Minnesota 55401. 

  ARTICLE II. PURPOSE         

    The corporation is organized for general business purposes, including but not limited to acquiring, maintaining and operating facilities by or through which
the corporation can provide communication, transportation, water, light, heat, or power to the public and to acquire and hold rights and franchises for the occupation and use of property for providing
public utility services. 

  ARTICLE III. DURATION         

    The period of duration of this Corporation shall be perpetual. 

  ARTICLE IV. DIRECTORS         

1.  Names of Directors  

    The names and places of residence of directors of the Corporation at the time of the adoption of these Restated Articles (this reference to "these Restated
Articles" refers to the Restated Articles filed on June 23, 1980(1)): 

	 	David A. Christensen, RR#3, Box 233, Sioux Falls, SD 57101
	 	W. John Driscoll, 357 Salem Church Road, St. Paul, MN 55118
	 	N. Bud Grossman, 3412 Oakridge Road, Apt. #210, Minnetonka, MN 55343
	 	Dale L. Haakenstad, 1342 South Ninth, Fargo, ND 58102
	 	Robert E. Haugan, 2 Shelby Place, St. Paul, MN 55116
	 	Richard H. Magnuson, 2141 Doswell Avenue, St. Paul, MN 55108
	 	Donald W. McCarthy, 2862 Gale Road, Wayzata, MN 55391
	 	M.D. McVay, 2201 Isengard Road, Minnetonka, MN 55343
	 	William G. Phillips, 2610 West Lafayette Road, Excelsior, MN 55331
	 	G. M. Pieschel, Route 2, Box 78, Springfield, MN 56087
	 	Margaret R. Preska, 10 Sumner Hills, Mankato, MN 56001
	 	D. B. Reinhart, 2425 Main Street, LaCrosse, WI 54601
	 	Dorothy J. Skwiera, 1260 West Larpenteur Avenue, Apt. #207, St. Paul, MN 55113

	(1)
	A
listing of directors as of the date these Restated Articles of Incorporation are being filed is no longer required by applicable law. The information in Article IV,
Section 1 is restated here as current law requires a complete restatement of the articles of incorporation without amendment. 

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2.  Board of Directors  

    The management of this Corporation shall be vested in a Board of Directors composed of not less than three (3) and not more than seventeen
(17) members, who shall be elected by the stockholders of the Corporation in the manner provided by the Bylaws. It shall not be necessary that directors be stockholders in the Corporation. The
number of directors shall be fixed from time to time by the Bylaws, and such number may be increased or decreased within the above limits in such manner as may be provided by the Bylaws. Vacancies in
the Board caused by an increase in the number of directors or by death, resignation, disqualification, or other cause, may be filled by the remaining directors or by the stockholders at an annual or
special meeting, as may be provided by the Bylaws. 

  ARTICLE V. DESCRIPTION OF CAPITAL STOCK         

    The authorized number of shares that may be issued by the Corporation and that the Corporation will henceforth be authorized to have is  one billion seven million (1,007,000,000)
 of the par value per share hereinafter set forth. 

    A
description of the classes of shares and a statement of the number of shares in each class and the relative rights, voting power, and preferences granted to and restrictions imposed
upon the shares of each class are as follows: 

1.  Authorized Number and Classes of Shares  

    Such shares shall be divided into two classes to be designated, respectively, Preferred Stock and Common Stock. The total authorized number of shares of
Preferred Stock is seven million (7,000,000)
having a par value of one hundred dollars ($100.00) per share, and the total authorized number of shares of Common Stock is one billion (1,000,000,000)
having a par value of two dollars and fifty cents ($2.50) per share. 

2.  Issuance and Terms of Preferred Stock  

    The Preferred Stock may be issued in series, each of which series shall have such distinctive designation as may be fixed by the Board of Directors prior to
the issuance or allotment of any share of such series, provided that such designation shall in each case include the words "Preferred Stock." The Board of Directors is hereby authorized, within the
limitations and restrictions hereinafter stated, to fix from time to time, in respect of shares of Preferred Stock at the time unallotted, the dividend rates and times of payment, the redemption
price, and liquidation price or preference as to assets in voluntary liquidation of the shares of any series of Preferred Stock (except the series designated "Cumulative Preferred Stock, $3.60
Series," in respect of which such provisions are hereinafter set forth) and the number of shares constituting any series of Preferred Stock. 

3.  Preferences of Preferred Stock  

 a.  Dividends  

    The
holders of shares of Preferred Stock, irrespective of the series thereof, shall be entitled to receive in preference to the Common Stock, when and as declared by the Board of
Directors of the Corporation, out of its net earnings or surplus, cumulative dividends at such rate as shall have been fixed for the series of which such shares are a part, and no more, payable to
shareholders of record on such dates and for such dividend periods as shall be fixed by the Board of Directors of the Corporation. So long as dividends are in default in whole or in part on a series
of Preferred Stock for any prior dividend period for such series of Preferred Stock, any dividends on the Preferred Stock shall be divided among the outstanding series of Preferred Stock for which
dividends are accumulated and unpaid for any prior dividend period applicable thereto in 

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proportion to the aggregate amounts that then would be distributable to the holders of Preferred Stock of each such series if all dividends accumulated thereon and unpaid for all prior dividend
periods applicable thereto were paid and declared thereon. Dividends on each share of Preferred Stock shall begin to accrue on the first day of the dividend period during which the original issue of a
certificate for such share shall occur; provided, however, that, in the case of any series of Preferred Stock created after May 6, 1970, the Board of Directors, in its discretion, may fix the
date of original issue of the shares of such series as the date from which dividends shall accrue. 

 b.  Liquidation and Dissolution  

    In
the event of any distribution of assets of the Corporation other than by dividends from net earnings or surplus, whether upon voluntary liquidation or dissolution or upon
involuntary liquidation or dissolution of the Corporation, the holders of the shares of Preferred Stock shall be entitled, in preference to the Common Stock, to one hundred dollars ($100) per share in
the case of involuntary liquidation or dissolution and to such amount per share in the case of voluntary liquidation or dissolution (which may differ from that payable in involuntary liquidation or
dissolution) as shall have been fixed by the Board of Directors for the shares of the series of which they are a part, plus in each case an amount equal to all dividends accumulated and unpaid
thereon, and no more. The consolidation or merger of this Corporation with or into any other corporation or corporations shall not be deemed to be a distribution of assets or liquidation or
dissolution of the Corporation within the meaning of any provisions hereof. 

    If
upon any such distribution of assets of the Corporation the assets distributable among the holders of the Preferred Stock of all series shall be insufficient to pay in full the
amounts to which the holders of Preferred Stock of all series are entitled under the foregoing provisions, the amount distributable to the holders of all shares of Preferred Stock of all series shall
be apportioned among them ratably in proportion to the amounts to which they are, respectively, entitled in accordance with such foregoing provisions. 

 c.  Dividend Arrearages  

    Dividends
may be paid upon the Common Stock only when dividends have been paid, or declared and set apart for payment in full, on the Preferred Stock of all series from the date on
which dividends thereon began to accrue to the beginning of the current dividend periods, but whenever all such dividends have been paid, or declared and funds set apart for the payment thereof in
full, upon the Preferred Stock of all series then dividends upon the Common Stock may be declared, payable then or thereafter out of any net earnings or surplus then remaining. The holders of
Preferred Stock shall not be entitled to receive any amounts upon any distribution of the assets of the Corporation other than by dividends from net earnings or surplus in excess of the amount to
which they are, respectively, entitled in accordance with the foregoing provisions hereof, but after the payment of such amounts in accordance with the provisions hereinabove set forth, the holders of
Common Stock, subject to the rights of holders of stock of any other class hereafter authorized, shall receive all further amounts in distribution of such assets of the Corporation. 

4.  Redemption of Preferred Stock  

    The Corporation, at its option, may at any time and from time to time redeem the whole or any part of the Preferred Stock of any series or all series, upon at
least thirty days' previous notice by mail or publication given to the holders of record of the shares to be redeemed or upon such other period and form of notice as shall be fixed by the Board of
Directors in the resolution establishing such series, by paying for each share to be redeemed the redemption price which shall have been fixed, as herein provided, for the shares of the series of
which it is a part plus in each case an amount equal to the 

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dividends upon such shares so to be redeemed at the rate or rates fixed with respect to such shares from the date or dates on which dividends on such shares began to accrue to the date fixed for the
redemption thereof less the amount of dividends theretofore paid thereon, such payment to be made only on presentation and surrender for cancellation of the certificate or certificates representing
the share or shares so called for redemption properly endorsed or assigned by the owner of record thereof. If less than all the outstanding shares of the Preferred Stock are to be redeemed, the shares
to be redeemed shall be determined by the Board of Directors of the Corporation, either by lot, or by redemption pro rata, as the Board of Directors see fit. If the notice of redemption hereinabove
provided for shall have been given as hereinabove provided and if on or before the redemption date specified in such notice funds necessary for the redemption of the share or shares to be redeemed
shall have been set apart, as a trust fund, so as to be available therefor, then notwithstanding that any certificate for the shares of Preferred Stock so to be redeemed shall not have been
surrendered for cancellation, the shares represented thereby from and after the date of redemption so specified shall no longer be deemed outstanding and the right to receive dividends thereon shall
cease to accrue and all rights of the holders of the shares to be redeemed as shareholders of the Corporation, except the right to receive the redemption price without interest upon endorsement and
surrender of the certificates for said shares so redeemed, shall cease and terminate. 

5.  Voting Rights  

 a.  Number of Votes  

    The
holders of the Preferred Stock (other than Preferred Stock of the series designated "Cumulative Preferred Stock, $3.60 Series") shall be entitled to one vote for each share
thereof held by them, the holders of Preferred Stock heretofore or hereafter issued of the series designated "Cumulative Preferred Stock, $3.60 Series" shall be entitled to three votes for each share
thereof held by them, and the holders of the Common Stock shall be entitled to one vote for each share thereof held by them; provided, however, that: 

     (i) If
and when dividends payable on the Preferred Stock of any series at the time outstanding are in default in an amount equivalent to the amount payable thereon
during the immediately preceding twelve month period, and until such default shall have been remedied as hereinafter provided, the preferred shareholders, voting as a class and without regard to
series, shall be entitled to elect the smallest number of directors necessary to constitute a majority of the full Board of Directors, and the common shareholders, voting separately as a class, shall
be entitled to elect the remaining directors of the Corporation. Upon accrual of such special right of the Preferred Stock, a meeting of the preferred and the common shareholders for the election of
directors shall be held upon notice promptly given as provided in the Bylaws for a special meeting by the President or the Secretary of the Corporation. If within fifteen days after the accrual of
such special right of the Preferred Stock the President and the Secretary of the Corporation shall fail to call such meeting, then such meeting shall be held upon notice, as provided in the Bylaws for
a special meeting, given by the holders of not less than 1,000 shares of the Preferred Stock after filing with the Corporation of notice of their intention to do so. The terms of office of all persons
who may be directors of the Corporation at the time shall terminate upon the election of a majority of the Board of Directors by the preferred shareholders, whether or not the common shareholders
shall at the time of such termination have elected the remaining directors of the Corporation; thereafter during the continuance of such special right of the Preferred Stock to elect a majority of the
Board of Directors, the holders of such stock, voting as a class, shall be entitled to elect a majority of the Board of Directors and the holders of the Common Stock, voting separately as a class,
shall be entitled to elect the remaining directors of the corporation; and all directors so elected, whether at such special meeting or any adjournment thereof, or at any subsequent 

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annual meeting for the election of directors, held during the continuance of such special right, shall hold office until the next succeeding annual election and until their respective successors,
elected by the preferred shareholders, voting as a class, and the common shareholders, voting as a class, are elected and qualified, unless their terms of office shall be sooner terminated as
hereinafter provided. However, if and when all dividends then in default on the Preferred Stock shall thereafter be paid (and such dividends shall be declared and paid out of any funds legally
available therefor as soon as reasonably practicable), the Preferred Stock shall thereupon be divested of such special right herein provided for to elect a majority of the Board of Directors, but
subject always to the same provisions for the vesting of such special right in such stock in the case of any similar future default or defaults, and the election of directors by the preferred and
common shareholders, voting without regard to class, shall take place at the next succeeding annual meeting for the election of directors, or at any adjournment thereof. The terms of office of all
persons who may be directors of the Corporation at the time of such divestment shall terminate upon the election of the directors at such annual meeting or adjournment thereof. 

 b.  First Meeting for Election of Directors  

    At
the first meeting for the election of directors after any accrual of the special right of the preferred shareholders to elect a majority of the Board of Directors, as provided
above, and at any subsequent annual meeting for the election of directors held during the continuance of such special right, the presence in person or by proxy of the holders of record of a majority
of the outstanding shares of Preferred Stock without regard to series, shall be necessary to constitute a quorum for the election of the directors whom the preferred shareholders are entitled to
elect, and the presence in person or by proxy of the holders of record of a majority of the outstanding shares of Common Stock shall be necessary to constitute a quorum for the election of the
directors whom the common shareholders are entitled to elect. If at any such meeting there shall not be such a quorum of the preferred shareholders, the meeting shall be adjourned from time to time
without notice other than announcement at the meeting until such quorum shall have been obtained; provided that, if such quorum shall not have been obtained within ninety (90) days from the
date of such meeting as originally called (or, in the case of any annual meeting held during the continuance of such special right, from the date fixed for such annual meetings, the presence in person
or by proxy of the holders of record of one-third of the outstanding shares of the Preferred Stock, without regard to series, shall then be sufficient to constitute a quorum for the
election of the directors whom such shareholders are then entitled to elect. The absence of a quorum of the preferred shareholders as a class or of the common shareholders as a class shall not, except
as hereinafter provided for, prevent or invalidate the election by the other class of shareholders of the directors whom they are entitled to elect, if the necessary quorum of shareholders of such
other class is present in person or represented by proxy at any such meeting or any adjournment thereof. However, at the first meeting for the election of directors after any accrual of the
special right of the preferred shareholders to elect a majority of the Board of Directors, the absence of a quorum of the preferred shareholders shall prevent the election of directors by the common
shareholders, until a quorum of the preferred shareholders shall be obtained. 

 c.  Cumulative Voting  

    The
holders of shares of stock of any class entitled to vote at a meeting for the election of directors shall have the right to cumulate their votes at such election in the manner
provided by the Minnesota Business Corporation Act. 

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6.  Special Voting Rights of Preferred Stock  

 a.  Act Requiring Majority Vote of Preferred Stock  

    So
long as any of the Preferred Stock is outstanding, the Corporation shall not, without the consent (given in writing or by vote at a meeting duly called for the purpose in
accordance with the provisions of the Bylaws) of the holders of a majority of the total number of shares of such stock, without regard to series, present or represented by proxy at such meeting, at
which meeting a quorum as hereinafter provided shall be present or represented by proxy, merge or consolidate with or into any other corporation or corporations, unless such merger or consolidation,
or the issuance of assumption of all securities to be issued or assumed in connection with any such merger or consolidation, shall have been ordered, approved, or permitted by the Securities and
Exchange Commission under the provisions of the Public Utility Holding Company Act of 1935 or by any successor commission or regulatory authority of the United States of America having jurisdiction in
the premises; provided that the provisions of this Section 6(a) shall not apply to a purchase or other acquisition by the Corporation of
the franchises or other assets of another corporation, or otherwise apply in any matter which does not involve a merger or consolidation. 

 b.  Quorum of Preferred Stockholders  

    For
the purpose of this Section 6, the presence in person or by proxy of the holders of record of a majority of the outstanding shares of Preferred Stock, without regard to
series, shall be necessary to constitute a quorum; provided, that if such quorum shall not have been obtained at such meeting or at any adjournment thereof within thirty (30) days from the date
of such meeting as originally called, the presence in person or by proxy of the holders of record of one-third (1/3) of the outstanding shares of such stock, without regard to series,
shall then be sufficient to constitute a quorum; and provided further that in the absence of a quorum, such meeting or any adjournment thereof may be adjourned from time to time by the officer or
officers of the Corporation who shall have called the meeting (but at intervals of not less than seven days unless all shareholders present or represented by proxy shall agree to a shorter interval)
without notice other than announcement at the meeting until a quorum as above provided shall be obtained. 

 c.  Acts which Include Redemption of Preferred Stock  

    No
vote or consent of the holders of any series of the Preferred Stock shall be required, however, if, at or prior to the issue of any such securities representing unsecured
indebtedness, or such consolidation, merger, or sale, provision is made for the redemption or other retirement of all shares of such series then outstanding. 

 d.  Additional to Other Voting Requirements  

    The
provisions set forth in this Section 6 are in addition to any other vote required by any provision of the Articles of Incorporation of the Corporation, as amended, or
applicable statute, and shall be so construed. 

7.  Increase in Amount of Preferred Stock  

    So long as any of the Preferred Stock is outstanding, the Corporation shall not, without the consent (given by vote at a meeting duly called for the purpose in
accordance with the provisions of the Bylaws) of the holders of a majority of the total number of shares of such stock then outstanding, without regard to class or series, present or represented by
proxy at such meeting, increase the total authorized amount of Preferred Stock (other than as authorized by this Article V) or authorize any 

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other preferred stock ranking on a parity with the Preferred Stock as to assets or dividends (other than through the reclassification of then authorized but unissued shares of Preferred Stock into
shares of such other preferred stock). 

8.  Issuance of Stock Preferred over Preferred Stock  

    So long as any of the Preferred Stock is outstanding, the Corporation shall not, without the consent (given by vote at a meeting duly called for the purpose in
accordance with the provisions of the Bylaws) of the holders of at least sixty-six and two-thirds per cent (662/3%) of the total number of shares of Preferred
Stock, without regard to series, then outstanding, present or represented by proxy at such meeting, authorize any class of stock which shall be preferred as to assets or dividends over the Preferred
Stock; or, without the consent of the holders of at least sixty-six and two-thirds per cent (662/3%) of the total number of shares of Preferred Stock then
outstanding, given as above provided in this Section 8, amend the Articles of Incorporation to change the express terms and provisions of the Preferred Stock in any manner substantially
prejudicial to the holders thereof. 

9.  Effecting and Validating Additional Stock or Securities Convertible into Stock  

    So long as any shares of Preferred Stock are outstanding, the consent of the holders of at least two-thirds (2/3) of the Preferred Stock at the
time outstanding, voting as a class and without regard to
series, given in person or by proxy, either in writing or by vote at any meeting called for the purpose, shall be necessary for effecting or validating the issue of any additional shares of Preferred
Stock (other than and not exceeding 275,000 shares of the Cumulative Preferred Stock, $3.60 Series), or any shares of stock, or of any security convertible into stock, of any class ranking on a parity
with the Preferred Stock, unless 

     (i) the
net income of the Corporation (determined as hereinafter provided) for any twelve consecutive calendar months within the fifteen calendar months immediately
preceding the month within which the issuance of such additional shares is authorized by the Board of Directors of the Corporation shall have been in the aggregate not less than one and one half times
the sum of the interest requirements for one year on all of the indebtedness of the Corporation to be outstanding at the date of such proposed issue and the full dividend requirements for one year on
all shares of Preferred Stock, and all other stock, if any, ranking prior to or on a parity with the Preferred Stock, to be outstanding at the date of such proposed issue, including the shares then
proposed to be issued but excluding any such indebtedness and any such shares proposed to be retired in connection with such proposed issue. For purposes of calculating the dividend requirements for
one year applicable to any series of Preferred Stock proposed to be issued which will have dividends determined according to an adjustable, floating or variable rate, the dividend rate used shall be
the higher of (A) the dividend rate applicable to such series of Preferred Stock on the date of such calculation, or (B) the average dividend rate payable on all series of Preferred
Stock outstanding during the twelve month period immediately preceding the date of such calculation. For purposes of calculating the dividend or interest requirements for one year applicable to any
series of Preferred Stock or indebtedness outstanding at the date of such proposed issue and having dividends or interest determined according to an adjustable, floating or variable rate, the dividend
or interest rate used shall be: (A) if such series of Preferred Stock or indebtedness has been outstanding for at least twelve months, the actual amount of dividends or interest paid on account
of such series of Preferred Stock or indebtedness for the twelve month period immediately preceding the date of such calculation, or (B) if such series of Preferred Stock or indebtedness has
been outstanding for less than twelve months, the higher of (1) the dividend or interest rate applicable to such series of Preferred Stock or indebtedness on the date of such calculation or
(2) the average dividend or 

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interest rate payable on all series of Preferred Stock or indebtedness outstanding during the twelve month period immediately preceding the date of such calculation. "Net income" for any period for
the purpose of this Section 9 shall be computed by adding to the net income of the Corporation for said period, determined in accordance with generally accepted accounting practices, as
adjusted by action of the Board of Directors of the Corporation as hereinafter provided, the amount deducted for interest before arriving at such net income (adjusted as above provided). In
determining such net income for any period, there shall be deducted the provisions for depreciation and depletion as recorded on such books or the minimum amount required therefor under the provisions
of any then existing trust indenture or supplements thereto of the Corporation, whichever is larger. In the determination of such net income, the Board of Directors of the Corporation may, in the
exercise of due discretion, make adjustments by way of increase or decrease in such net income to give effect to changes therein
resulting from any acquisition of properties or to any redemption, acquisition, purchase, sale, or exchange of securities by the Corporation either prior to the issuance of any shares of Preferred
Stock, or stock, or securities convertible into stock, ranking on a parity therewith then to be issued or in connection therewith; and 

    (ii) the
aggregate of the capital of the Corporation applicable to all stock of any class ranking junior to the Preferred Stock, plus the surplus of the Corporation,
shall be not less than the aggregate amount payable upon involuntary liquidation, dissolution, or winding up of the affairs of the Corporation to the holders of all shares of Preferred Stock and of
any shares of stock of any class ranking on a parity therewith to be outstanding immediately after such proposed issue, excluding from such computation all indebtedness and stock to be retired through
such proposed issue. No portion of the surplus of the Corporation utilized to satisfy the foregoing requirements shall be available for dividends (other than dividends payable in stock of any class
ranking junior to the Preferred Stock) or other distributions upon or in respect of shares of stock of the Corporation of any class ranking junior to the Preferred Stock for the purchase of shares of
such junior stock until such number of additional shares of Preferred Stock or of stock, or securities convertible into stock, ranking on a parity with the Preferred Stock are retired or until and to
the extent that the capital applicable to such junior stock shall have been increased. 

10.  Dividends on Common Stock  

    So long as any shares of the Preferred Stock are outstanding, the Corporation shall not pay any dividends on its Common Stock (other than dividends payable in
Common Stock) or make any distribution on or purchase or otherwise acquire for value any of its Common Stock (each such payment, distribution, purchase and/or acquisition being herein referred to as a
"Common Stock dividend"), except to the extent permitted by the following provisions of this Section 10: 

    a.  No
Common Stock dividend shall be declared or paid in an amount which, together with all other Common Stock dividends declared in the year ending on (and including)
the date of the declaration of such Common Stock dividend, would in the aggregate exceed fifty per cent (50%) of the net income of the Corporation for the period consisting of the twelve consecutive
calendar months ending on the last day of the second calendar month next preceding the declaration of such Common Stock dividend after deducting from such net income, dividends accruing on any
preferred stock of the Corporation during such period, if at the end of such period the ratio (herein referred to as the "capitalization ratio") of the sum of (1) the capital represented by the
Common Stock (including premiums on capital stock) and (2) the surplus accounts, of the Corporation, to the sum of (1) the total capital and (2) the surplus accounts, of the
Corporation (after adjustment of the surplus accounts to reflect payment of such Common Stock dividend) would be less than twenty per cent (20%). 

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    b.  If such capitalization ratio, determined as aforesaid shall be twenty per- cent (20%) or more, but less than twenty-five per cent (25%) no
Common Stock dividend shall be declared or paid in an amount which, together with all other Common Stock dividends declared in the year ending on (and including) the date of the declaration of such
Common Stock dividend, would in the aggregate exceed seventy-five per cent (75%) of the net income of the Corporation for the period consisting of the twelve consecutive calendar months
ending on the last day of the second calendar month next preceding the declaration of such Common Stock dividend after deducting from such net income, dividends accruing on any preferred stock of the
Corporation during such period; and 

    c.  If
such capitalization ratio, determined as aforesaid, shall be in excess of twenty-five per cent (25%), no Common Stock dividend shall be declared or
paid which would reduce such capitalization ratio to less than twenty-five per cent (25%) except to the extent permitted by the next preceding paragraphs (a) and (b) hereof.
For the purpose of this condition: 

     (i) The
total capital of the Corporation shall be deemed to consist of the aggregate of (1) the principal amount of all outstanding indebtedness of the
Corporation maturing more than one year after the date of issue thereof and (2) the par value of or the stated capital applicable to all outstanding capital stock (including premiums on capital
stock) of all classes of the Corporation. All indebtedness and capital stock owned by the Corporation shall be excluded in determining total capital. Surplus accounts shall be deemed to include all
earned surplus, paid-in surplus, capital surplus, or any other surplus of the Corporation. 

    (ii) Such
surplus accounts upon which capitalization ratios are computed shall be adjusted to eliminate (1) the amount, if any, by which fifteen per cent (15%)
of the gross operating revenues of the Corporation (calculated in the manner provided in the covenants relating to payment of Common Stock dividends embodied in the indentures and supplemental
indentures securing the mortgage bonds of the Corporation) for the entire period from July 1, 1946, to the end of the second calendar month immediately preceding the date of the proposed
payment of Common Stock dividends exceeds the total amount expended by the Corporation during such period for maintenance and repairs and the total provision made by the Corporation during such period
for depreciation, all as shown by the books of the Corporation, and (2) any amounts on the books of the Corporation known or estimated, if not known, to represent the excess, if any, of
recorded value over original cost of used and useful utility plant and other property, and any item set forth on the asset side of the balance sheet of the Corporation as a result of accounting
convention, such as unamortized debt discount and expense, capital stock discount and expense, and the excess, if any, of the aggregate amount payable on involuntary dissolution, liquidation, or
winding up of the Corporation upon all outstanding shares of
preferred stock of all series over the aggregate stated or par value of such shares, unless any such amount or item, as the case may be, is being amortized or is being provided for by a reserve; and 

    (iii) In
computing net income of the Corporation applicable to the Common Stock of the Corporation for any particular twelve (12) months' period for the purpose
of this condition, operating expenses, among other things, shall include the greater of (1) the provision for depreciation for such period as recorded on the books of the Corporation or
(2) the amount by which fifteen per cent (15%) of the gross operating revenues of the Corporation for such period (calculated in the manner provided in the above mentioned covenants relating to
payment of Common Stock dividends) exceeds the total amount expended by the Corporation during such periods for maintenance and repairs as shown by the books of the Corporation. 

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11.  Acceptance of Shares  

    In consideration of the issue by the Corporation, and the acceptance by the holders thereof, of shares of the capital stock of the Corporation, each and every
present and future holder of shares of the Preferred Stock, the Common Stock and of any stock hereafter authorized of the Corporation shall be conclusively deemed, by acquiring or holding such shares,
to have expressly consented to all and singular the terms and provisions of this Article V and to have agreed that the voting rights of such holder and the restrictions and qualifications
thereof shall be as set forth in this Article. 

12.  Outstanding Stock or Evidence of Indebtedness  

    No share of stock or evidence of indebtedness shall be deemed to be "outstanding," as that term is used in this Article V, if, prior to or concurrently
with the event in reference to which a determination as to the amount thereof outstanding is to be made, the requisite funds for the redemption thereof shall be deposited in trust for that purpose and
the requisite notice for the redemption thereof shall be given or the depositary of such funds shall be irrevocably authorized and directed to give or complete such notice of redemption. 

13.  Rights of Unissued Stock or Other Securities  

    No holder of any stock of the Corporation shall be entitled, as of right, to purchase or subscribe for any part of any issued shares of stock of the
Corporation or for any additional shares of stock, of any class or series, which may at any time be issued, whether now or hereafter authorized, or for any rights, options, or warrants to purchase or
receive shares of stock or for any bonds, certificates of indebtedness, debentures, or other securities convertible into shares of stock, or any class or series thereof; but any such unissued or
additional shares, rights, options, or warrants or convertible securities of the Corporation may, from time to time, be issued and disposed of by the Board of Directors to such persons, firms,
corporations or associations, and upon such terms, as the Board of Directors may, in its discretion, determine, without offering any part thereof to any shareholders of any class or series then of
record; and any shares, rights, options or warrants or convertible securities which the Board of Directors may at any time determine to offer to shareholders for subscription may be offered to holders
of shares of any class or series at the time existing, to the exclusion of holders of shares of any
or all other classes or series at the time existing, in each case as the Board of Directors may, in its discretion, determine. 

14.  Series of Preferred Stock  

 a.  Cumulative Preferred Stock, $3.60 Series  

    Anything
herein to the contrary notwithstanding, there shall be and is hereby created a series of preferred stock which is hereby designated "Cumulative Preferred Stock, $3.60
Series," dividends on which shares of Cumulative Preferred Stock, $3.60 Series, shall be payable, if declared, on the 15th days of January, April, July, and October of each year; which dividends shall
be cumulative from the first day of the respective quarter-yearly period in which the respective shares of such series shall have been originally issued, the term "quarter-yearly period" as used
herein referred to the period from July 1, 1946, to and including September 30, 1946, and thereafter to each quarter-yearly period of three (3) consecutive months, beginning with
October 1, 1946; the dividend rate of which series is hereby fixed at Three Dollars and Sixty Cents ($3.60) per share per annum; the redemption price of the shares of which series is hereby
fixed at One Hundred and Five Dollars and Seventy Five Cents ($105.75) per share in case of redemption on or prior to September 30, 1951; One Hundred and Four Dollars and Seventy Five Cents
($104.75) per share in case of redemption subsequent to September 30, 1951, and on or prior to September 30, 1956; and One Hundred and Three Dollars and Seventy Five Cents ($103.75) per
share in case of 

10

redemption subsequent to September 30, 1956, in each case plus the amount payable thereon in accordance with the provisions hereof equal to the cumulative dividends accrued and unpaid thereon;
the amount which the shares of such series are entitled to receive in preference to the Common Stock upon any distribution of assets other than by dividends from net earnings or surplus upon voluntary
liquidation or dissolution of the Corporation is hereby fixed at the then redemption price thereof, plus the amount payable thereon in accordance with the provisions hereof equal to the cumulative
dividends accrued and unpaid thereon; the amount which the shares of such series are entitled to receive in preference to the Common Stock upon any distribution of assets, other than by dividends from
net earnings or surplus, upon any involuntary liquidation or dissolution of the Corporation is hereby fixed at One Hundred Dollars ($100) per share, plus the amount payable thereon in accordance with
the provisions hereof equal to the cumulative dividends accrued and unpaid thereon. 

 b.  Cumulative Preferred Stock, $4.10 Series  

     (i) There
be and there hereby is created from the authorized and unallotted shares of Preferred Stock of the Company, a new series of Preferred Stock of the Company
which is hereby designated "Cumulative Preferred Stock, $4.10 Series," and the number of shares constituting said new series is hereby fixed at 175,000 shares. 

    (ii) The
dividend rate of the shares of said new series is hereby fixed at $4.10 per share per annum; dividends on said shares shall be payable on the 15th day of
January, April, July and October for the quarter-yearly period ending with the last day of the preceding month, when and as declared by the Board of Directors. 

    (iii) The
redemption price of the shares of said new series is hereby fixed at $105.50 per share in case of redemption on or prior to December 31, 1955; $104.50
per share in case of redemption subsequent to December 31, 1955 and on or prior to December 31, 1960; $103.50 per share in case of redemption subsequent to December 31, 1960 and
on or prior to December 31, 1965; and $102.50 per share in case of redemption subsequent to December 31, 1965; plus in each case an amount equal to the dividends at the rate of $4.10 per
share per annum from the date dividends on the shares to be redeemed began to accrue to the date fixed for redemption thereof less the amount of dividends theretofore paid thereon. 

    (iv) The
amount which the shares of said new series are entitled to receive in preference to the Common Stock upon any distribution of assets, other than by dividends
from net earnings or surplus, upon any involuntary liquidation or dissolution of the corporation is hereby fixed at $100 per share plus an amount equal to all dividends accumulated and unpaid thereon
and the amount which the shares of said new series are entitled to receive in preference to the Common Stock upon any distribution of assets, other than by dividends from net earnings or surplus, upon
voluntary liquidation or dissolution of the corporation is hereby fixed as the then redemption price, including an amount equal to all dividends accumulated and unpaid thereon. 

 c.  Cumulative Preferred Stock, $4.08 Series  

     (i) There
be and there hereby is created from the authorized and unallotted shares of Preferred Stock of the Company, a new series of Preferred Stock of the Company
which is hereby designated "Cumulative Preferred Stock, $4.08 Series," and the number of shares constituting said new series is hereby fixed at 150,000 shares. 

    (ii) The
dividend rate of the shares of said new series is hereby fixed at $4.08 per share per annum; dividends on said shares shall be payable on the 15th day of
January, April, July 

11

and October for the quarter-yearly period ending with the last day of the preceding month, when and as declared by the Board of Directors. 

    (iii) The
redemption price of the shares of said new series is hereby fixed at $105 per share in case of redemption on or prior to December 31, 1959; $104 per
share in case of redemption subsequent to December 31, 1959 and on or prior to December 31, 1964; $103 per share in case of redemption subsequent to December 31, 1964 and on or
prior to December 31, 1969; and $102 per share in case of redemption subsequent to December 31, 1969; plus in each case an amount equal to the dividends at the rate of $4.08 per share
per annum from the date dividends on the shares to be redeemed began to accrue to the date fixed for redemption thereof less the amount of dividends theretofore paid thereon. 

    (iv) The
amount which the shares of said new series are entitled to receive in preference to the Common Stock upon any distribution of assets, other than by dividends
from net earnings or surplus, upon voluntary liquidation or dissolution of the corporation is hereby fixed as the then redemption price, including an amount equal to all dividends accumulated and
unpaid thereon. 

 d.  Cumulative Preferred Stock, $4.11 Series  

     (i) There
be and there hereby is created from the authorized and unallotted shares of Preferred Stock of the Company, a new series of Preferred Stock of the Company
which is hereby designated "Cumulative Preferred Stock, $4.11 Series," and the number of shares constituting said new series is hereby fixed at 200,000 shares. 

    (ii) The
dividend rate of the shares of said new series is hereby fixed at $4.11 per share per annum; dividends on said shares shall be payable on the 15th day of
January, April, July and October for the quarter-yearly period ending with the last day of the preceding month, when and as declared by the Board of Directors. 

    (iii) The
redemption prices of the shares of said new series are hereby fixed at $105.732 per share in case of redemption on or prior to December 31, 1959;
$104.732 per share in case of redemption subsequent to December 31, 1959 and on or prior to December 31, 1964; and $103.732 per share in case of redemption subsequent to
December 31, 1964; plus in each case an amount equal to the dividends at the rate of $4.11 per share per annum from the date dividends on the shares to be redeemed began to accrue to the date
fixed for redemption thereof less the amount of dividends theretofore paid thereon. 

    (iv) The
amount which the shares of said new series are entitled to receive in preference to the Common Stock upon any distribution of assets, other than by dividends
from net earnings or surplus, upon voluntary liquidation or dissolution of the corporation is hereby fixed as the then redemption price, plus an amount equal to all dividends accumulated and unpaid
thereon. 

 e.  Cumulative Preferred Stock, $4.16 Series  

     (i) There
be and there hereby is created from the authorized and unallotted shares of Preferred Stock of the Company, a new series of Preferred Stock of the Company
which is hereby designated "Cumulative Preferred Stock, $4.16 Series," and the number of shares constituting said new series is hereby fixed at 100,000 shares. 

    (ii) The
dividend rate of the shares of said new series is hereby fixed at $4.16 per share per annum; dividends on said shares shall be payable on the 15th day of
January, April, July and October for the quarter-yearly period ending with the last day of the preceding month, when and as declared by the Board of Directors. 

12

    (iii) The redemption prices of the shares of said new series are hereby fixed at $106.25 per share in case of redemption on or prior to December 31, 1961;
$105.75 per share in case of redemption subsequent to December 31, 1961 and on or prior to December 31, 1966; $104.75 per share in case of redemption subsequent to December 31,
1966 and on or prior to December 31, 1971; and $103.75 per share in case of redemption subsequent to December 31, 1971; plus in each case an amount equal to the dividends at the rate of
$4.16 per share per annum from the date dividends on the shares to be redeemed began to accrue to the date fixed for redemption thereof, less the amount of dividends theretofore paid thereon. 

    (iv) The
amount which the shares of said new series are entitled to receive in preference to the Common Stock upon any distribution of assets, other than by dividends
from net earnings or surplus, upon voluntary liquidation or dissolution of the corporation is hereby fixed as the then redemption price, plus an amount equal to all dividends accumulated and unpaid
thereon. 

 f.  Cumulative Preferred Stock, $4.56 Series  

     (i) There
be and there hereby is created from the authorized and unallotted shares of Preferred Stock of the Company, a new series of Preferred Stock of the Company
which is hereby designated "Cumulative Preferred Stock, $4.56 Series," and the number of shares constituting said new series is hereby fixed at 150,000 shares. 

    (ii) The
dividend rate of the shares of said new series is hereby fixed at $4.56 per share per annum; dividends on said shares shall be payable on the 15th day of
January, April, July and October for the quarter-yearly period ending with the last day of the preceding month, when and as declared by the Board of Directors. 

    (iii) The
redemption prices of the shares of said new series are hereby fixed at $105.89 per share in case of redemption on or prior to December 31, 1969;
$104.75 per share in case of redemption subsequent to December 31, 1969 and on or prior to December 31, 1974; $103.64 per share in case of redemption subsequent to December 31,
1974 and on or prior to December 31, 1979; and $102.47 per share in case of redemption subsequent to December 31, 1979; plus in each case an amount equal to the dividends at the rate of
$4.56 per share per annum from the date dividends on the shares to be redeemed began to accrue to the date fixed for redemption thereof, less the amount of dividends theretofore paid thereon. 

    (iv) The
amount which the shares of said new series are entitled to receive in preference to the Common Stock upon any distribution of assets, other than by dividends
from net earnings or surplus, upon voluntary liquidation or dissolution of the corporation is hereby fixed as the then redemption price, including an amount equal to all dividends accumulated and
unpaid thereon. 

  ARTICLE VI. LIMITATION OF DIRECTOR LIABILITY         

    A director of the Corporation shall not be personally liable to the Corporation or its shareholders for monetary damages for breach of fiduciary duty as a
director, except to the extent provided by applicable law for (i) liability based on a breach of the duty of loyalty to the Corporation or the shareholders; (ii) liability for acts or
omissions not in good faith or that involve intentional misconduct or a knowing violation of law; (iii) liability based on the payment of an improper dividend or an improper repurchase of the
Corporation's stock under Section 559 of the Minnesota Business Corporation Act (Minnesota Statues, Chap. 302A) or for liability arising under Section 80A.23 of Minnesota Statutes for
the unlawful sale of securities; (iv) liability for any transaction from which the director derived an improper personal benefit; or (v) liability for any act or omission occurring prior
to the date this Article VI becomes effective. If the Minnesota Business Corporation Act is further 

13

amended to authorize the further elimination or limitation of the liability of directors, then the liability of a director of the Corporation in addition to the limitation on personal liability
provided herein, shall be limited to the fullest extent permitted by any amendment to the Minnesota Business Corporation Act. Any repeal or modification of this Article by the shareholders of the
Corporation shall not adversely affect any limitation on the personal liability of a director of the Corporation existing at the time of such repeal or modification. 

  VII. AMENDMENT OF BYLAWS         

    Authority to make and alter the Bylaws of the Corporation is hereby vested in the Board of Directors of the Corporation, subject to the power of the
stockholders to change or repeal such Bylaws; provided, however, the Board of Directors shall not make or alter any bylaw fixing their number, qualifications, classifications, or term of office. 

14

QuickLinks

RESTATED ARTICLES OF INCORPORATION OF XCEL ENERGY INC. (a Minnesota Corporation)

ARTICLE I. NAME AND ADDRESS

ARTICLE II. PURPOSE

ARTICLE III. DURATION

ARTICLE IV. DIRECTORS

ARTICLE V. DESCRIPTION OF CAPITAL STOCK

ARTICLE VI. LIMITATION OF DIRECTOR LIABILITY

VII. AMENDMENT OF BYLAWS<PAGE>

                                    RESTATED
                          CERTIFICATE OF INCORPORATION
                                       OF
                            HORMEL FOODS CORPORATION

         This Corporation was originally incorporated September 20, 1928, under
the name Geo. A. Hormel & Company.

         This Certificate of Incorporation is restated as of January 28, 1997,
duly adopted in accordance with the provisions of Section 245 of the Delaware
Corporation Law. This restatement only restates and integrates and does not
further amend any provision of the Corporation's Certificate of Incorporation as
theretofore amended or supplemented, and there is no discrepancy between those
provisions and the provisions of this Restated Certificate.

         FIRST:  The name of this corporation is HORMEL FOODS CORPORATION.

         SECOND: Its registered office in the State of Delaware is located at
1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware
19801. The name and address of its registered agent is the Corporation Trust
Company, 1209 Orange Street, Wilmington, Delaware 19801.

         THIRD: The nature of the business, or objects or purposes to be
transacted, promoted or carried on are to do any or all of the things herein
mentioned as fully and to the same extent as natural persons might or could do,
and in any part of the world, viz:

(a)      To manufacture, buy and in any manner acquire and to prepare for
         market and import, export, sell and deal in, both at wholesale and
         retail and on its own account and on commission, all kinds of meats and
         meat products and all kinds of food and food products, and in
         connection therewith to carry on the business of slaughtering livestock
         and poultry and to deal in and with all kinds of products and
         by-products arising therefrom; to own and operate packing houses and
         canning establishments and to market, sell and deal in and with all
         articles produced or handled in connection therewith; to acquire by
         purchase or lease and to sell, mortgage, own, manage and operate such
         real estate and such personal property as may be necessary or
         convenient in the conduct of its business; to manufacture ice and to
         operate refrigeration plants, to own and operate refrigerator and other
         cars, either as owner or lessee, and generally to do all those things
         which are incidental to the aforesaid business.

                                       1

<PAGE>

(b)      To buy, or otherwise acquire, sell, lease, mortgage, own, manage, and
         operate farms and plantations; to deal in the products thereof; and to
         transact all business incidental or appurtenant thereto.

(c)      To manufacture, purchase, or otherwise acquire, to hold, own, mortgage,
         pledge, sell, assign, and transfer, or otherwise dispose of, to invest,
         trade in, deal in and deal with goods, wares, and merchandise and
         property of every class and description.

(d)      To acquire, by purchase or otherwise, to own, hold, buy, sell, convey,
         lease, mortgage or otherwise encumber real estate or other property,
         personal or mixed.

(e)      To acquire the good will, trademarks, rights and property, and to
         undertake the whole or any part of the business or liabilities of any
         person, firm, association or corporation; and to pay for the same in
         cash, the stock of this corporation, bonds, debentures, promissory
         notes, or otherwise; and to hold or in any manner to dispose of the
         whole or any part of the property so purchased; to conduct in any
         lawful manner the whole or any part of the business so acquired; and to
         exercise all the powers necessary or convenient in and about the
         conduct and management of such business.

(f)      To apply for, obtain, register, lease, purchase, or otherwise to
         acquire, and to hold, use, own, operate and introduce, and to sell,
         assign, or otherwise dispose of, any trademarks, trade names, patents,
         inventions, improvements and processes used in connection with or
         secured under Letter Patent of the United States, or elsewhere, or
         otherwise: and to use, exercise, develop, grant licenses in respect of,
         or otherwise turn to account, any such trademarks, patents, licenses,
         processes and the like or any such property or rights.

(g)      To enter into, perform and carry out contract of every kind with any
         person, firm, association or corporation, and to draw, make, accept,
         endorse, discount, execute and issue promissory notes, bills of
         exchange, warrants, bonds, debentures and other negotiable or
         transferable instruments for any of the objects or purposes of the
         corporation, and to secure the same by mortgage, pledge, deed of trust,
         or otherwise.

(h)      To hold, purchase or otherwise acquire, to sell, assign, transfer,
         mortgage, pledge or otherwise dispose of, shares of the capital stock
         and bonds, debentures or other evidences of indebtedness created by any
         other corporation or corporations, and, while the holder thereof, to
         exercise all the rights and privileges of ownership, including the
         right to vote thereon.

                                       2

<PAGE>

(i)      To purchase, hold, sell and transfer shares of its own capital stock;
         provided that the corporation shall not use its funds or property for
         the purchase of its own shares of capital stock when such use would
         cause any impairment of its capital, and that shares of its own capital
         stock belonging to the corporation shall not be voted upon, directly or
         indirectly.

(j)      To negotiate policies of insurance, for its own benefit or for the
         benefit of others, upon the life or lives of any one or more of its
         officers or employees and to pay the premiums thereon; to cause or
         permit itself to be made the beneficiary of existing policies of
         insurance on the life or lives of any one or more of its officers or
         employees and thereafter to pay the premiums thereon; to cause other
         persons to be made the beneficiaries of existing policies of insurance
         on the life or lives of any one or more of its officers or employees
         and thereafter to pay the premiums thereon; and to pay the premiums on
         existing policies of insurance, on the life or lives of any one or more
         of its officers or employees, in which either this corporation or any
         other person or persons is or are named as beneficiary or
         beneficiaries.

(k)      To do any and all things set forth herein as objects, purposes, powers
         or otherwise, and to do all other things which corporations organized
         under the laws of the State of Delaware may do, to the same extent and
         as fully as natural persons might do, so far as may be permitted by
         law; provided, however, that nothing herein contained shall be deemed
         to authorize this corporation to construct, hold, maintain or operate
         within the State of Delaware railroads, railways, telegraph or
         telephone lines, or to carry on within said State any public utility
         business.

(l)      In general, to carry on any other business in connection with the
         foregoing, and to have and to exercise all the powers conferred, now or
         hereafter, by the laws of Delaware upon this corporation. The foregoing
         clauses shall be construed both as objects and powers; and it is hereby
         expressly provided that the foregoing enumeration of specific powers
         shall not be held to limit or restrict in any manner the powers of this
         corporation.

         FOURTH: The total number of shares of all classes of stock which the
Corporation shall have authority to issue is 680,000,000 shares, divided into
three classes consisting of 400,000,000 shares of Common Stock, par value $.0586
per share ("Common Stock"), 200,000,000 shares of Nonvoting Common Stock, par
value $.01 per share ("Nonvoting Common Stock") and 80,000,000 shares of
Preferred Stock, par value $.01 per share ("Preferred Stock").

                                       3
<PAGE>

Section A.        PREFERRED STOCK.

         The Board of Directors is authorized at any time and from time to time,
subject to any limitations prescribed by law, to provide for the issuance of the
shares of Preferred Stock in one or more series, and by filing a certificate
pursuant to the applicable law of the State of Delaware, to establish from time
to time the number of shares to be included in each such series, and to fix the
designation, powers, preferences and rights of the shares of each such series
and any qualifications, limitations or restrictions thereof. The number of
authorized shares of Preferred Stock may be increased or decreased (but not
below the number of shares thereof then outstanding) by the affirmative vote of
the holders of a majority of the Common Stock, without a vote of the holders of
the Preferred Stock, or of any series thereof, unless a vote of any such holders
is required pursuant to the certificate or certificates establishing the series
of Preferred Stock.

Section B.        COMMON STOCK.

         1.       VOTING RIGHTS.

                  Each holder of record of Common Stock shall he entitled to one
(1) vote on all matters for each share of Common Stock owned of record by such
holder.

         2.       DIVIDENDS.

                  Subject to the rights of the holders of Preferred Stock and
any other class or series of stock having a preference as to dividends over the
Common Stock then outstanding, the holders of the Common Stock shall be entitled
to receive, to the extent permitted by law, such dividends as may be declared
from time to time by the Board of Directors, provided, however, that:

(a)      No cash dividend or other distribution of assets, rights, evidence of
         indebtedness or any other property shall be declared, paid or made to
         the holders of Common Stock unless a cash dividend or other such
         distribution in like kind and equal per-share amount is simultaneously
         declared, paid or made to the holders of the Nonvoting Common Stock;
         and that

(b)      Stock dividends declared on the Common Stock shall be payable solely in
         shares of Common Stock. No stock dividend shall be declared or paid on
         the Common Stock unless a stock dividend payable in shares of Nonvoting
         Common Stock, proportionate on a per-share basis to the dividend on the
         Common Stock, is simultaneously declared and paid on the Nonvoting
         Common Stock.

                                       4
<PAGE>

         3.       LIQUIDATION.

                  In the event of the voluntary or involuntary liquidation,
dissolution, distribution of assets or winding-up of the Corporation, after
distribution in full of the preferential amounts, if any, to be distributed to
the holders of shares of the Preferred Stock and any other class or series of
stock having a preference as to liquidating distributions over the Common Stock,
the holders of the Common Stock shall be entitled to share ratably on a
per-share basis with the holders of the Nonvoting Common Stock as a single class
in all of the remaining assets of the Corporation of whatever kind available for
distribution to stockholders. A consolidation or merger of the Corporation with
and into any other corporation or corporations shall not be deemed to be a
liquidation, dissolution, or winding-up of the Corporation as those terms are
used in this paragraph 3.

Section C.        NONVOTING COMMON STOCK.

         1.       VOTING RIGHTS.

                  Except as otherwise required by law or provided in this
Certificate of Incorporation, the holders of shares of Nonvoting Common Stock
shall have no vote on any matter.

         2.       DIVIDENDS.

                  Subject to the rights of the holders of Preferred Stock and
any other class or series of stock having a preference as to dividends over the
Nonvoting Common Stock then outstanding, the holders of the Nonvoting Common
Stock shall be entitled to receive, to the extent permitted by law, such
dividends as may be declared from time to time by the Board of Directors,
provided, however, that:

(a)      No cash dividend or other distribution of assets, rights, evidence of
         indebtedness or any other property shall be declared, paid or made to
         the holders of the Nonvoting Common Stock unless a cash dividend or
         other such distribution in like kind and equal per-share amount is
         simultaneously declared, paid or made to the holders of Common Stock;
         and that

(b)      Stock dividends declared on the Nonvoting Common Stock shall be payable
         solely in shares of Nonvoting Common Stock. No stock dividend shall be
         declared or paid on the Nonvoting Common Stock unless a stock dividend
         payable in shares of Common Stock, proportionate on a per-share basis
         to the dividend on the Nonvoting Common Stock, is simultaneously
         declared and paid on the Common Stock.

                                       5
<PAGE>

         3.       LIQUIDATION.

                  In the event of the voluntary or involuntary liquidation,
dissolution, distribution of assets or winding-up of the Corporation, after
distribution in full of the preferential amounts, if any, to be distributed to
the holders of shares of the Preferred Stock and any other class or series of
stock having a preference as to liquidating distributions over the Nonvoting
Common Stock, the holders of the Nonvoting Common Stock shall be entitled to
share ratably on a per-share basis with the holders of the Common Stock as a
single class in all of the remaining assets of the Corporation of whatever kind
available for distribution to stockholders. A consolidation or merger of the
Corporation with and into any other corporation or corporations shall not be
deemed to be a liquidation, dissolution, or winding-up of the Corporation as
those terms are used in this paragraph 3.

         FIFTH:  The corporation is to have perpetual existence.

         SIXTH:  The private property of the stockholders of the corporation
shall not be subject to the payment of corporate debts of the corporation to any
extent whatever.

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

         EIGHTH: In furtherance, and not in limitation of the powers conferred
by statute, the Board of Directors is expressly authorized:

(a)      To make, alter, amend and rescind the Bylaws of this corporation;

                                       6

<PAGE>

(b)      From time to time to determine whether and to what extent and at which
         times and places and under what conditions and regulations, the
         accounts and books of this corporation (other than the stock ledger) or
         any of them, shall be open to inspection of stockholders; and no
         stockholder shall have any right of inspecting any account, book, or
         document of this corporation except as conferred by statute, unless
         authorized by a resolution of stockholders or directors;

(c)      To fix the amount to be reserved as working capital; to authorize and
         cause to be executed mortgages and liens upon the real and personal
         property and franchises of this corporation;

(d)      By resolution or resolutions passed by a majority of the whole Board,
         to designate one or more committees, each committee to consist of two
         or more of the directors of the corporation, which, to the extent
         provided in said resolution or resolutions, or in the Bylaws of the
         corporation shall have and may exercise the powers of the Board of
         Directors in the management of the business and the affairs of the
         corporation, and may have power to authorize the seal of the
         corporation to be affixed to all papers which may require it. Such
         committee or committees shall have such name or names as may be stated
         in the Bylaws of the corporation or as may be determined from time to
         time by resolution adopted by the Board of Directors.

         Both stockholders and directors shall have the power, if the Bylaws so
provide, to hold their meetings either within or without the State of Delaware;
the corporation shall also have the power, if the Bylaws so provide, to have one
or more offices within or without the State of Delaware, in addition to the
principal office in Delaware, and to keep the books of this corporation (subject
to the provisions of the statute) outside of the State of Delaware at such
places as may from time to time be designated by the Board of Directors.

         This corporation may in its Bylaws confer powers additional to the
foregoing upon the directors and may also confer upon them powers in addition to
the powers and authorities expressly conferred upon them by the statute.

         NINTH:  Except as otherwise expressly provided in this Article NINTH:

         (i)      any merger or consolidation of the corporation with or into
                  any other corporation;

         (ii)     any sale, lease, exchange or other disposition of all or
                  substantially all of the assets of the corporation to or with
                  any other corporation, person or other entity;

                                       7

<PAGE>

         (iii)    the issuance or transfer of any securities of the corporation
                  to any other corporation, person or other entity in exchange
                  for assets or securities or a combination thereof (except
                  assets or securities or a combination thereof so acquired in a
                  single transaction or a series of related transactions having
                  an aggregate fair market value of less than $5,000,000); or

         (iv)     the issuance or transfer of any securities of the corporation
                  to any other corporation, person or other entity for cash,

shall require the affirmative vote of the holders of

(a)      at least 75% of the outstanding shares of capital stock of the
         corporation entitled to vote generally in the election of directors,
         (considered for the purposes of this Article as one class), and

(b)      at least a majority of the outstanding shares of capital stock of the
         corporation entitled to vote generally in the election of directors
         which are not beneficially owned, directly or indirectly, by such other
         corporation, person or other entity,

if, as of the record date for the determination of stockholders entitled to
notice thereof and to vote thereon, such other corporation, person or other
entity is the beneficial owner, directly or indirectly, of 5% or more of the
outstanding shares of capital stock of the corporation entitled to vote
generally in the election of directors. Such affirmative vote shall be required
notwithstanding the fact that no vote may be required, or that some lesser
percentage may be specified by law or in any agreement with any national
securities exchange.

         The provisions of this Article NINTH shall not apply to any transaction
described in clauses (i), (ii), (iii) or (iv) of the first paragraph of this
Article, (i) with another corporation if a majority, by vote, of the outstanding
shares of all classes of capital stock of such other corporation entitled to
vote generally in the election of directors, (considered for this purpose as one
class), is owned of record or beneficially by the corporation and/or its
subsidiaries; or (ii) with another corporation, person or other entity if the
Board of Directors of the corporation shall by resolution have approved a
memorandum of understanding with such other corporation, person or other entity
with respect to and substantially consistent with such transaction prior to the
time such other corporation, person or other entity became the beneficial owner,
directly or indirectly, of 5% or more of the outstanding shares of capital stock
of the corporation entitled to vote generally in the election of directors.

         For the purposes of this Article NINTH, a corporation, person or other
entity shall be deemed to be the beneficial owner of any shares of capital stock
of the corporation (i) which it has the right to acquire pursuant to any
agreement, or upon exercise of conversion rights, warrants or options, or
otherwise, or (ii) which are beneficially owned,

                                       8

<PAGE>

directly or indirectly (including shares deemed owned through application of
clause (i) of this paragraph above), by any other corporation, person or other
entity (a) with which it or its "affiliate" or "associate" (as referenced below)
has any agreement, arrangement or understanding for the purpose of acquiring,
holding, voting or disposing of capital stock of the corporation or (b) which is
its "affiliate" or "associate" as those terms were defined in Rule 12b-2 of the
General Rules and Regulations under the Securities Exchange Act of 1934 as in
effect on December 1, 1979. For the purposes of this Article NINTH, the
outstanding shares of capital stock of the corporation shall include shares
deemed owned through the application of clauses (i) and (ii) of this paragraph
but shall not include any other shares which may be issuable pursuant to any
agreement, or upon exercise of conversion rights, warrants or options, or
otherwise.

         The Board of Directors of the corporation shall have the power and duty
to determine for the purposes of this Article NINTH, on the basis of information
then known to it, whether (i) any corporation, person or other entity
beneficially owns, directly or indirectly, 5% or more of the outstanding shares
of capital stock of the corporation entitled to vote generally in the election
of directors, or is an "affiliate" or an "associate" (as referenced above) of
another, (ii) any proposed sale, lease, exchange or other disposition of part of
the assets of the corporation involves a substantial part of the assets of the
corporation, (iii) assets or securities, or a combination thereof, to be
acquired in exchange for securities of the corporation, have an aggregate fair
market value of less than $5,000,000 and whether the same are proposed to be
acquired in a single transaction or a series of related transactions, and (iv)
the memorandum of understanding referred to above is substantially consistent
with the transaction to which it relates. Any such determination by the Board
shall be conclusive and binding for all purposes of this Article NINTH.

         Notwithstanding any other provision of this Certificate of
Incorporation or the Bylaws (and in addition to any other vote that may be
required by law, this Certificate of Incorporation or the Bylaws), there shall
be required to amend, alter, change, or repeal, directly or indirectly, this
Article NINTH the affirmative vote of (i) at least 75% of the outstanding shares
of capital stock of the corporation entitled to vote generally in the election
of directors and (ii) at least a majority of the outstanding shares of capital
stock of the corporation entitled to vote generally in the election of directors
exclusive of all voting stock of the corporation beneficially owned, directly or
indirectly by any corporation, person or entity which is, as of the record date
for the determination of stockholders entitled to notice of such amendment,
alteration, change or repeal, and to vote thereon, the beneficial owner,
directly or indirectly, of 5% or more of the outstanding shares of capital stock
of the corporation entitled to vote generally in the election of directors.

         TENTH: Except as otherwise provided in the Certificate of Incorporation
or the Bylaws, the corporation reserves the right to amend, alter, change or
repeal any

                                       9

<PAGE>

provision contained in this Agreement of Merger which constitutes the
Certificate of Incorporation, as amended, of the corporation in the manner now
or hereafter prescribed by statute, and all rights conferred upon stockholders
herein are granted subject to this reservation.

         ELEVENTH: A director of the Corporation shall not be personally liable
to the Corporation or its stockholders for monetary damages or breach of
fiduciary duty as a director, except for liability (i) for any breach of the
director's duty of loyalty to the Corporation or its stockholders, (ii) for acts
or omissions not in good faith or which involve intentional misconduct or a
knowing violation of law, (iii) under Section 174 of the Delaware General
Corporation Law or (iv) for any transaction from which the director derived any
improper personal benefit. If the Delaware General Corporation law is amended
after approval by the stockholders of this provision to authorize corporate
action further eliminating or limiting the personal liability of directors, then
the liability of a director of the Corporation shall be eliminated or limited to
the fullest extent permitted by the Delaware General Corporation law, as so
amended.

         Any repeal or modification of the foregoing paragraph by the
stockholders of the Corporation shall not adversely affect any right or
protection of a director of the Corporation existing at the time of such repeal
or modification.

                                       10

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