Document:

EXHIBIT
10.13

 

THE
WARRANTS AND COMMON STOCK ISSUABLE UPON THEIR EXERCISE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR APPLICABLE STATE SECURITIES
LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT COVERING SUCH SECURITIES UNDER THE ACT AND ANY SUCH
STATE LAWS OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION THEREUNDER.

 

BIOANALYTICAL SYSTEMS, INC.

 

COMMON STOCK PURCHASE WARRANT

 

        1.    
Issuance. For good and valuable consideration the receipt of which is
hereby acknowledged, BIOANALYTICAL SYSTEMS, INC., an Indiana corporation (the
“Company”), hereby grants to ALTANA AG (the “Holder”) the right to purchase at
any time and from time to time until 5:00 P.M. Eastern Standard Time on April
18, 2003 (the “Expiration Date”), 8,333 fully paid and nonassessable shares of
the Company’s Common Stock, no par value per share (the “Common Stock”) at an
exercise price of $72.00 per share (the “Exercise Price”), subject to
adjustment as set forth in Section 5.

        2.    
Exercise. Subject to Section 6 hereof, the warrants represented by this
Certificate (the “Warrants”) are exercisable until the Expiration Date, in
whole or in part, by surrendering to the Company (i) this Certificate, (ii) the
attached form of notice of exercise of the Warrants, and (iii) unless the
Holder elects “cashless exercise” of the Warrants, cash or a certified or
official bank check in the amount of the aggregate Exercise Price. In the event
the Holder elects cashless exercise of the Warrants, the Holder shall be
entitled to receive a number of shares of Common Stock equal in Market Value to
the difference between the Market Value of the shares of Common Stock issuable
upon exercise of the Warrants and the aggregate cash Exercise Price thereof.
For purposes of this Section 2, “Market Value” shall be an amount equal to the
average of the closing sales price of a share of Common Stock for the ten (10)
days immediately preceding the Company’s receipt of the form of notice of
exercise duly executed, via delivery or facsimile, multiplied by the number of
shares of Common Stock to be issued upon exercise. Upon surrender of this
Certificate and the notice of exercise form duly executed, together with
payment of the Exercise Price for the shares of Common Stock purchased, the
Company promptly shall send or cause to be sent to the Holder a certificate or
certificates representing the shares of Common Stock purchased. Upon the
exercise of less than all of the Warrants evidenced by this Certificate, the
Company promptly shall send to the Holder a new Warrant Certificate
representing the unexercised portion of the Warrants.

[Original document misnumbered]

        3.    
Mutilation or Loss of Warrant. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant Certificate, and, in the case of loss, theft or destruction, receipt of
reasonably satisfactory indemnification, and, in the case of mutilation, upon
surrender and cancellation of this Certificate, the Company will execute and
deliver a new Warrant Certificate of like tenor and date and any such lost,
stolen, destroyed or mutilated Warrant Certificate shall thereupon become void.

        4.    
Rights of the Holder. The Holder shall not, by virtue hereof, be
entitled to any rights of a stockholder in the Company, either at law or
equity, and the rights of the Holder are limited to those expressed in this
Warrant Certificate and are not enforceable against the Company except to the
extent set forth herein, and the Holder, by its acceptance of this Warrant
Certificate, consents to and agrees to be bound by and to comply with the terms
of this Warrant including, without limitation the provisions of Section 6
hereof.

        5.    
Protection Against Dilution. The number of shares of Common Stock that
the Holder is entitled to purchase upon exercise of the Warrants and the
Exercise Price shall be subject to adjustment from time to time as follows:

	
   

  	
          (a)    
  Adjustment for Subdivision. If the Company at any time subdivides (by
  any stock split, stock dividend, recapitalization or otherwise) the
  outstanding shares of Common Stock into a greater number of shares, the
  number of shares that the Holder is entitled to purchase upon exercise of the
  Warrants shall be proportionately increased and the Exercise Price in effect
  immediately prior to such subdivision shall be proportionately reduced, and if
  the Company at any time combines (by reverse stock split or otherwise) the
  outstanding shares of Common Stock into a smaller number of shares, the
  number of shares that the Holder is entitled to purchase upon exercise of the
  Warrants shall be proportionately decreased and the Exercise Price in effect
  immediately prior to such combination and the number of shares of Common
  Stock to be received by the Holder pursuant to the Warrants shall be
  proportionately increased.

  

 

	
   

  	
          (b)    
  Adjustment for Reorganization. Any capital reorganization,
  reclassification, consolidation, merger or sale of all or substantially all
  of the Company’s assets with or into another person or entity that is
  effected in such a manner that holders of Common Stock are entitled to receive
  (either directly or upon subsequent liquidation) stock, securities or assets
  with respect to or in exchange for Common Stock shall be referred to herein
  as an “Organic Change.” Prior to the consummation of any Organic Change, the
  Company shall make appropriate lawful provisions to ensure that the Holder
  shall thereafter have the right to acquire and receive upon exercise of the
  Warrants during the period specified herein and upon payment of the Exercise
  Price then in effect such shares of stock, securities or assets as the Holder
  would have received in connection with such Organic Change if the Holder had
  exercised the Warrants immediately prior to such Organic Change.

  

 

 

 

— 2 —

        6.    
Transfer or Exercise Complies with Securities Act. The Holder of this
Warrant, by its acceptance hereof, hereby represents and warrants that such
Holder understands and agrees that (a) the Warrant and the Warrant Shares
issuable upon the exercise of this Warrant have not been registered under
either the Securities Act of 1933, as amended (the “Act”), or applicable state
securities laws (the “State Acts”), and the Company has no obligation to
register the Warrant or such Warrant Shares; (b) the Warrant may be exercised
only if the Warrant Shares have been registered under the Act and the
applicable State Acts or upon the issuance to the Company of an opinion of
counsel satisfactory to counsel to the Company and/or submission to the Company
of such evidence as may be satisfactory to counsel to the Company, in each such
case, to the effect that any such exercise shall not be in violation of the Act
and the applicable State Acts; (c) this Warrant may not be sold, pledged,
hypothecated, donated, assigned or otherwise transferred (whether or not for
consideration), in whole or in part, by the Holder, unless the Warrant has been
registered under the Act and the applicable State Act or upon the issuance to
the Company of an opinion of counsel satisfactory to counsel to the Company
and/or submission to the Company of such evidence as may be satisfactory to
counsel to the Company, in each such case, to the effect that any such transfer
shall not be in violation of the Act and the applicable State Acts and (d) the
Warrant Shares issuable upon the exercise of this Warrant may not be sold,
pledged, hypothecated, donated, assigned or otherwise transferred (whether or
not for consideration), in whole or in part, by the Holder, unless the Warrant
Shares have been registered under the Act and the applicable State Acts or upon
the issuance to the Company of an opinion of counsel satisfactory to counsel to
the Company and/or upon submission to the Company of such evidence as may be
satisfactory to counsel to the Company, in each such case, to the effect that
any such transfer shall not be in violation of the Act and the State Acts. The
Holder hereby agrees that the Company’s obligation to deliver Warrant Shares
upon exercise of this Warrant is subject to the requirement that the Holder
deliver to the Company, if requested by the Company, such certificates,
documents or other information as the Company or its counsel may reasonably
request for the purpose of establishing compliance with the Act and applicable
State Acts. Each Warrant Certificate and the Warrant Shares shall contain a
legend on the face thereof, in form and substance satisfactory to counsel for
the Company, setting forth the restrictions on transfer contained in this
Section 6.

        7.    
Notices. Any notice or other communication required or permitted
hereunder shall be in writing and shall be delivered personally, telegraphed,
telexed, sent by facsimile transmission or sent by certified, registered or
express mail, postage pre-paid. Any such notice shall be deemed given when so
delivered personally, telegraphed, telexed or sent by facsimile transmission,
or, if mailed, two days after the date of deposit in the United States mails,
as follows.

 

 

— 3 — 

	
  If to the Company:

   

          Bioanalytical
  Systems, Inc.

          2701 Kent Avenue

          West Lafayette, IN 47906

          Attention: Peter Kissinger

          Telephone: (765) 463-4527

          Facsimile: (765) 497-1102

   

  with a copy to:

   

          Ice
  Miller

          One American Square

          Box 82001

          Indianapolis, IN 46282-0002

          Attention: Stephen J.
  Hackman, Esquire

          Telephone: (317) 236-2289

          Facsimile: (317) 592-4666

   

  If to Holder:

   

          Altana
  Inc.

          60 Baylis Road

          Melville, New York 11747

          Attention: Art Dulik, Chief
  Financial Officer

          Telephone: (516) 45-7677

          Facsimile: (516) 454-6389

   

  with a copy to:

   

          Simmons,
  Jannace & Stagg, L.L.P.

          The Financial Center

          90 Merrick Avenue — Suite 102

          East Meadow, New York 11554

          Attention: Kevin P. Simmons,
  Esquire

          Telephone: (516) 357-8100

          Facsimile: (516) 357-8111

  

Any party
may designate another address or person for receipt of notices hereunder by
notice given to the other parties in accordance with this Section 7.

 

 

— 4 —

        
8.     Transfer. The Holder shall not transfer the
Warrants without the prior written consent of the Company.

        
9.     Governing Law. This Warrant Certificate shall
be governed by and construed in accordance with the laws of the state of
Maryland.

        
10.     Supplements and Amendments. This Warrant
Certificate may be amended or supplemented only by an instrument in writing
signed by the parties hereto.

        
11.     Counterparts. This Warrant Certificate may
be executed in any number of counterparts and each such counterpart shall for
all purposes be deemed to be an original, and all such counterparts shall
together constitute one and the same instrument.

        
     IN WITNESS WHEREOF, Bioanalytical Systems, Inc. has
caused this Warrant to be executed on its behalf as of the ________ of
______________________, 2002.

	
  ATTEST:

   

   

   

  

  __________________________

  Secretary

  	
  BIOANALYTICAL SYSTEMS, INC.

   

   

   

  

  By:  ____________________________________  (SEAL)

          President 

  

 

 

— 5 —Exhibit 4.3
                                                                     -----------

                                 CODE OF BY-LAWS
                                 ---------------

                           IRWIN FINANCIAL CORPORATION
                           ---------------------------

                                    ARTICLE 1
                                    ---------

                                   Definitions
                                   -----------

         1.01. Corporation. As used in this Code of By-Laws, the term
"Corporation" means IRWIN FINANCIAL CORPORATION.

         1.02. Act. As used in this Code of By-Laws, the term "Act" means The
Indiana Business Corporation Law, as amended from time to time.

         1.03. Articles of Incorporation. As used in this Code of By-Laws, the
term "Articles of Incorporation" means the Articles of Incorporation of the
Corporation, as amended from time to time.

         1.04. By-Laws. As used in this Code of By-Laws, the term "By-Laws"
means the Code of By-Laws of the Corporation, as amended from time to time.

                                    ARTICLE 2
                                    ---------

                                 Identification
                                 --------------

         2.01. Name. The name of the Corporation is IRWIN FINANCIAL CORPORATION.

         2.02. Principal Office and Resident Agent - Power to Change. The
postoffice address of the principal office of the Corporation is 500 Washington
Street, Columbus, Indiana 47201, and the postoffice address of its Resident
Agent in charge of such office is John A. Nash, 500 Washington Street, Columbus,
Indiana 47201. The location of its principal office, or the designation of its
Resident Agent, or both, may be changed at any time or from time to time, when
authorized by the Board of Directors, by filing with the Secretary of State of
the State of Indiana, on or before the day any such change is to take effect, or
within five (5) days after the death of the Resident Agent or other unforeseen
termination of his agency, a certificate signed by the President or a Vice
President, and the Secretary or an Assistant Secretary, of the Corporation, and
verified under oath by one of such officers signing the same, stating the change
to be made and reciting that such change is made pursuant to authorization by
the Board of Directors.

<PAGE>

         2.03. Seal. The seal of the Corporation shall be circular in form and
mounted upon a metal die, suitable for impressing the same upon paper. About the
upper periphery of the seal shall appear the name of the Corporation, and about
the lower periphery thereof the word "Indiana". In the center of the seal shall
appear the words "Seal" or "Corporate Seal".

         2.04. Fiscal Year. The fiscal year of the Corporation shall be the
calendar year.

                                    ARTICLE 3
                                    ---------

                                     Shares
                                     ------

         3.01. Consideration for Shares. The Board of Directors shall cause the
Corporation to issue the Shares of the Corporation for such consideration as may
be fixed by such Board pursuant to the provisions of the Articles of
Incorporation.

         3.02. Subscription for Shares. Subscriptions for Shares of the
Corporation shall be paid to the Treasurer at such time or times, in such
installments or calls, and upon such terms, as shall be determined, from time to
time, by the Board of Directors. Any call made by the Board of Directors for
payment on subscriptions shall be uniform as to all Shares of the same class or
to all Shares of the same series, as the case may be.

         3.03. Payment for Shares. Subject to the provisions of the Articles of
Incorporation, the consideration for the issuance of Shares of the Corporation
may be paid, in whole or in part, in money, in other property, tangible or
intangible, or in labor actually performed for, or services actually rendered
to, the Corporation; provided, however, that the part of the surplus of the
Corporation which is transferred to stated capital upon the issuance of Shares
as a Share dividend shall be deemed to be the consideration for the issuance of
such Shares. When payment of the consideration for which a Share was authorized
to be issued shall have been received by the Corporation, or when surplus shall
have been transferred to stated capital upon the issuance of a Share dividend,
such Share shall be declared and taken to be fully paid and not liable to any
further call or assessment, and the holder thereof shall not be liable for any
further payments thereon. In the absence of actual fraud in the transaction, the
judgment of the Board of Directors as to the value of such property, labor, or
services received as consideration, or the value placed by the Board of
Directors upon the corporate assets in the event of a Share divided, shall be
conclusive. Promissory notes, uncertified checks, or future services shall not
be accepted in payment or part payment of any of the capital stock of the
Corporation.

         3.04. Certificates for Shares. Each Shareholder of the Corporation
shall be entitled to a certificate, signed by the President or a Vice-President,
and the Secretary or an Assistant Secretary of the Corporation stating the name
of the registered holder, the number of Shares represented thereby and the kind
and class thereof, the par value of each Share or a statement that such Shares
have no par value, and whether such Shares

<PAGE>

have been fully paid and are nonassessable. If such certificate is countersigned
by the written signature of a registrar other than the Corporation or its
employee, the signatures of the transfer agent and the officers of the
Corporation may be facsimiles. In case any officer, transfer agent, or registrar
who has signed or whose facsimile signature has been placed upon a certificate
shall have ceased to be such officer, transfer agent, or registrar before such
certificate is issued, it may be issued by the Corporation with the same effect
as if he were such officer, transfer agent or registrar at the date of its
issue. Such certificates shall be in such form as the Board of Directors may,
from time to time, by resolution approve.

         3.05. Transfer of Shares. The Shares of the Corporation shall be
transferable only on the books of the Corporation upon surrender of the
certificate or certificates representing the same, provided:

                  3.051. Endorsement. The certificate is properly endorsed by
         the registered holder or his duly authorized attorney;

                  3.052. Witnessing. The endorsement or endorsements are
         witnessed by one witness unless this requirement is waived in writing
         upon the form of endorsement by the President, a Vice President, or the
         Secretary of the Corporation;

                  3.053. Adverse Claims. The Corporation has no notice of any
         adverse claims or has discharged any duty to inquire into any such
         claims; and

                  3.054. Collection of Taxes. Any applicable law relating to the
         collection of taxes has been complied with.

         3.06. Lost, Stolen or Destroyed Certificates. The Corporation may issue
a new certificate for Shares of the Corporation in the place of any certificate
theretofore issued where the holder of record of the certificate:

                  3.061. Claim. Makes proof in affidavit form that it has been
         lost, destroyed, or wrongfully taken;

                  3.062. Timely Request. Requests the issue of a new certificate
         before the Corporation has notice that the certificate has been
         acquired by a purchaser for value in good faith and without notice of
         any adverse claim;

                  3.063. Bond. Gives a bond in such form, and with such surety
         or sureties, with fixed or open penalty, as the Corporation may direct,
         to indemnify the Corporation against any claim that may be made on
         account of the alleged loss, destruction, or theft of the certificates;
         and

<PAGE>

                  3.064. Other Requirements. Satisfies any other reasonable
         requirements imposed by the Corporation.

When a certificate has been lost, apparently destroyed, or wrongfully taken and
the holder of record fails to notify the Corporation within a reasonable time
after he has notice of it, and the Corporation registers a transfer of the
Shares represented by the Certificate before receiving such notification, the
holder of record is precluded from making any claim against the Corporation for
the transfer or for a new certificate.

         3.07. Closing of Books or Fixing of Record Dates. For the purpose of
determining Shareholders entitled to receive payment of any dividend or in order
to make a determination of Shareholders for any other proper purpose, except as
otherwise provided in section 4.069 of these By-Laws, the Board of Directors may
provide that the share transfer books shall be closed for a stated period, but
not to exceed, in any case, fifty (50) days, or may fix in advance a record date
for such purpose, such date in any case not to be more than fifty (50) days
prior to the date on which the action requiring such determination of
Shareholders, is to be taken. If the share transfer books are not closed and no
record date is fixed for the determination of Shareholders entitled to receive
payment of a dividend, the end of the day on which the resolution of the Board
of Directors declaring such dividend is adopted shall be the record date for
such determination.

                                    ARTICLE 4
                                    ---------

                            Meetings of Shareholders
                            ------------------------

         4.01. Place of Meetings. All meetings of Shareholders of the
Corporation shall be held at such place, within or without the State of Indiana,
as may be specified in the respective notices or waivers of notice thereof, or
proxies to represent Shareholders thereat.

         4.02. Annual Meeting. The annual meeting of the Shareholders for the
election of Directors and for the transaction of such other business as may
properly come before the meeting, shall be on or before the last day of May of
each year, the date to be set by the Board of Directors of the Corporation.
Failure to hold the annual meeting at the designated time shall not work any
forfeiture or a dissolution of the Corporation.

         4.03. Special Meeting. Special meetings of the Shareholders may be
called by the President, by the Board of Directors, or by Shareholders holding
of record not less than one-fourth (1/4) of all of the Shares outstanding and
entitled by the Articles of Incorporation to vote on the business proposed to be
transacted thereat.

         4.04. Notice of Meetings. A written or printed notice, stating the
place, day and hour of the meeting, and in case of a special meeting, or when
required by any other provision of the Act, or the Articles of the
Incorporation, or By-Laws, the purpose or

<PAGE>

purposes for which the meeting is called, shall be delivered or mailed by the
Secretary, or by the officers or persons calling the meeting, to each
Shareholder of record entitled by the Articles of Incorporation and by the Act
to vote at such meeting, at such address as appears upon the records of the
Corporation, at lest ten (10) days before the date of the meeting. Notice of any
such meeting may be waived in writing by any Shareholder, if the waiver sets
forth in reasonable detail the purpose or purposes for which the meeting is
called, and the time and place thereof. Attendance at any meeting in person, or
by proxy when the instrument of proxy sets forth in reasonable detail the
purpose or purposes for which the meeting is called, shall constitute a waiver
of notice of such meeting. Each Shareholder, who has in the manner above
provided waived notice of a Shareholders' meeting, or who personally attends a
Shareholders' meeting, or is represented thereat by a proxy authorized to appear
by an instrument of proxy complying with the requirements above set forth, shall
be conclusively presumed to have been given due notice of such meeting.

         4.05. Addresses of Shareholders. The address of any Shareholder
appearing upon the records of the Corporation shall be deemed to be (i) the
latest address of such Shareholder appearing on the records maintained by the
transfer agent or registrar, as the case may be, for the class of Shares held by
such Shareholder, if the Corporation has a transfer agent or registrar for such
class of Shares and the Board of Directors has provided in the resolutions
appointing the transfer agent or registrar that notices of change of address
shall be given to one of such agents by Shareholders of such class; or (ii) the
latest address of such Shareholder appearing on the records maintained by the
Secretary for the class of Shares held by such Shareholder, if the Corporation
has no transfer agent or registrar for such class of Shares or if it has a
transfer agent or registrar for such class of Shares but the resolutions
appointing the transfer agent or registrar do not provide that notice of change
of address shall be given to one of such agents by Shareholders of such class of
Shares.

         4.06. Voting at Meetings.

                  4.061. Common Shares. Except as otherwise provided by law or
         by the Provisions of the Articles of Incorporation, every holder of
         Common Shares of the Corporation shall have the right, at every
         Shareholders' meeting, to one vote for each Common Share standing in
         his name on the books of the Corporation. Cumulative voting shall not
         be permitted.

                  4.062. Prohibition Against Voting Certain Shares. No share
         shall be voted at any meeting upon which any installment is due and
         unpaid or which belongs to the Corporation.

                  4.063. Voting of Shares Owned by Other Corporations. Shares of
         the Corporation standing in the name of another corporation may be
         voted by such officer, agent or proxy as the board of directors of such
         other corporation may appoint, or as the by-laws of such other
         corporation may prescribe.

<PAGE>

                  4.064. Voting of Shares Owned by Fiduciaries. Shares held by
         fiduciaries may be voted by the fiduciaries in such manner as the
         instrument or order appointing such fiduciaries may direct. In the
         absence of such direction or the inability of the fiduciaries to act in
         accordance therewith, the following provisions shall apply:

                           4.0641. Joint Fiduciaries. Where Shares are held
                  jointly by three (3) or more fiduciaries, such Shares shall be
                  voted in accordance with the will of the majority.

                           4.0642. Equally Divided Fiduciaries. Where the
                  fiduciaries, or a majority of them, cannot agree, or where
                  they are equally divided, upon the question of voting such
                  Shares, any court of general equity jurisdiction may, upon
                  petition filed by any of such fiduciaries, or by any part in
                  interest, direct the voting of such Shares as it may deem for
                  the best interests of the beneficiaries, and such Shares shall
                  be voted in accordance with such direction.

                           4.0643. Proxy of Fiduciary. The general proxy of a
                  fiduciary shall be given the same weight and effect as the
                  general proxy of an individual or corporation.

                  4.065. Voting of Pledged Shares. Shares that are pledged may,
         unless otherwise provided in the agreement of pledge, be voted by the
         Shareholder pledging the same until the Shares shall have been
         transferred to the pledgee on the books of the Corporation, and
         thereafter they may be voted by the pledgee.

                  4.066. Proxies. A Shareholder may vote, either in person or by
         proxy executed in writing by the Shareholder, or a duly authorized
         attorney-in-fact. No proxy shall be valid after eleven (11) months from
         the date of its execution, unless a longer time is expressly provided
         therein.

                  4.067. Quorum. At any meeting of the Shareholders, a majority
         of the Common Shares outstanding and entitled to vote, represented in
         person or by proxy, shall constitute a quorum.

                  4.068. Voting Lists. The officer or agent having charge of the
         share transfer books shall make, at least five (5) days before each
         election of directors, a complete list of the Shareholders entitled by
         the Articles of Incorporation to vote at such election, arranged in
         alphabetical order, with the address and number of Shares so entitled
         to vote held by each, which list shall be on file at the principal
         office of the Corporation and subject to inspection by any Shareholder.
         Such list shall be produced and kept open at the time and place of
         election and subject to the inspection of any Shareholder during the
         holding of such election. The

<PAGE>

         original share register or transfer book or a duplicate thereof, kept
         in the State of Indiana, shall be the only evidence as to who are the
         Shareholders entitled to examine such list, or share register or
         transfer book, or to vote at any meeting of the Shareholders.

                  4.069. Fixing of Record Date to Determine Shareholders
         Entitled to Vote. For the purpose of determining Shareholders entitled
         to vote at any meeting of Shareholders or any adjournment thereof, the
         Board of Directors, may fix in advance a date as the record date for
         any such determination of Shareholders, such date in any case to be not
         more than fifty (50) days prior to the date of such meeting. In the
         absence of such a determination by the Board of Directors, such date
         shall be ten (10) days prior to the date of such meeting. Any person
         who acquires title to a Share after the record date shall upon written
         request to the Shareholder of record be entitled to receive from the
         Shareholder of record a proxy, with power of substitution, to vote that
         Share.

         4.07 Taking Action by Consent. Any action which may be taken at a
meeting of the Shareholders, may be taken without a meeting if, prior to such
action, a consent in writing, setting forth the action so taken, shall be signed
by all of the Shareholders entitled to vote with respect to the subject matter
thereof, and such written consent is filed with the minutes of the proceedings
of the Shareholders.

         4.08 Order of Business. The order of business at annual meetings, and
so far as practicable, at all other meetings of Shareholders shall be:

                  Proof of due notice of meeting;
                  Reading and disposal of any unapproved minutes;
                  Annual reports of officers and committees;
                  Election of directors;
                  New business;
                  Adjournment

                                    ARTICLE 5
                                    ---------

                             The Board of Directors
                             ----------------------

         5.01. Election and Qualification. The number of directors shall be ten
(10). The number may be increased or decreased from time to time by amendment of
this Section except as otherwise provided for in the Restated Articles of
Incorporation and no decrease shall have the effect of shortening the term of
any incumbent director. Commencing with the annual meeting of shareholders held
in 2001, the directors shall be divided into three (3) classes, as nearly equal
in number as possible, with the term of office of the first class to expire at
the 2002 annual meeting of shareholders, the term of office of the second class
to expire at the 2003 annual meeting of shareholders, and the term of the third
class expiring at the 2004 annual meeting of shareholders. At each

<PAGE>

annual meeting of shareholders following such initial classification, directors
elected by the shareholders to succeed those directors whose terms expire shall
be elected for a term of office to expire at the third succeeding annual meeting
of shareholders after their election. Each director shall hold office until his
successor is elected and qualified or until his earlier resignation or removal.
Directors need not be shareholders of the Corporation. At least a majority of
the directors shall be citizens of the United States.

         5.02. Vacancies. Any vacancy occurring in the Board of Directors caused
by resignation, death or other incapacity, or increase in the number of
directors may be filled by a majority vote of the remaining members of the Board
of Directors, until the next annual or special meeting of the Shareholders or,
at the discretion of the Board of Directors, such vacancy may be filled by vote
of the Shareholders at a special meeting called for the purpose. Until any such
vacancy is so filled, the existing directors shall constitute the Board of
Directors. Shareholders shall be notified of any increase in the number of
directors and the name, address, principle occupation, and other pertinent
information about any director elected by the Board of Directors to fill any
vacancy.

         5.03. Annual Meeting. The Board of Directors shall meet each year after
the annual meeting of Shareholders (either within or without the State of
Indiana), for the purpose of organization, election of officers and
consideration of any other business that may properly be brought before the
meeting. The time of this meeting shall be no later than the first regular or
special meeting of the Board of Directors, at which a quorum shall be present,
held after the annual meeting of Shareholders. No additional notice of any kind
to either old or new members of the Board of Directors shall be necessary.

         5.04. Regular Meetings. Regular meetings of the Board of Directors may
be held with notice by letter, telegram, cable, radiogram, telephone, or
radiophone, or without any notice whatever, and at such place and times, as may
be fixed from time to time by resolution of the Board of Directors.

         5.05. Special Meetings. Special meetings of the Board of Directors may
be called at any time by the Chairman of the Board, President or any
Vice-President, and shall be called on the written request of one-fourth (1/4)
of the directors. Notice of such a special meeting shall be sent by the
Secretary or an Assistant Secretary to each director at his residence or usual
place of business by letter, telegram, cable or radiogram, delivered for
transmission not later than the second day immediately preceding the day for the
meeting, or by word of mouth telephone, or radiophone received not later than
during the day immediately preceding the day for the meeting. In lieu of such
notice, a director may sign a written waiver of notice either before the time of
the meeting, at the time of the meeting, or after the time the meeting. Neither
the business to be transacted at, nor the purpose of, any meeting of the Board
of Directors need be specified in the notice or waiver of notice of the meeting.
Any meeting of the Board of Directors for which notice is required shall be a
legal meeting, without notice thereof having been given, if all the directors,
who have not waived notice thereof in writing, shall be present in person.

<PAGE>

         5.06. Place of Meetings. The directors may hold their meetings, have
one or more offices, and keep the books of the Corporation, except as may be
provided by law, within or without the State of Indiana, at any office or
offices of the Corporation, or at any other place, as they may from time to time
by resolution determine. If the resolution of the Board of Directors calling a
regular meeting or the written request calling a special meeting expressly
provides, a meeting of the Board of Directors may be held by conference
telephone call or any other medium which allows each director to participate in
discussions and to hear the views of the other directors. If a meeting is held,
the directors connected to the conference telephone call or other medium shall
be counted as present for the purpose of determining a quorum.

         5.07. Quorum. One-third (1/3) of the actual number of directors elected
and qualified, from time to time, shall be necessary to constitute a quorum for
the transaction of any business except the filling of vacancies, and the act of
a majority of the directors present at a meeting, at which a quorum is present,
shall be the act of the Board of Directors, unless the act of a great number is
required by the Act, by the Articles of Incorporation, or by the By-Laws. A
director who is present at a meeting of the Board of Directors at which action
on any corporate matter is taken, shall be conclusively presumed to have
assented to the action taken, unless (i) his dissent shall be affirmatively
stated by him at and before the adjournment of such meeting (in which even the
fact of such dissent shall be entered by the secretary of the meeting in the
minutes of the meeting), or (ii) he shall forward such dissent by registered
mail to the Secretary of the Corporation immediately after the adjournment of
the meeting. The right of dissent provided for by either clause (i) or clause
(ii) of the immediately preceding sentence shall not be available, in respect of
any matter acted upon at any meeting, to a director who voted at the meeting in
favor of such matter and did not change his vote prior to the time that the
result of the vote on such matter was announced by the chairman of such meeting.

         5.08. Action by Consent. Any action required by or permitted to be
taken at any meeting of the Board of Directors or of any committee thereof may
be taken without a meeting, if prior to such action a written consent to such
action is signed by all members of the Board or such committees as the case may
be, and such written consent is filed with the minutes of proceedings of the
Board or committee.

         5.09. Removal. Directors may be removed as provided in the Restated
Articles of Incorporation.

         5.10. Powers of Directors. The Board of Directors shall exercise all
the powers of the Corporation, subject to the restrictions imposed by law, by
the Articles of Incorporation, or by these By-Laws.

         5.11. Dividends. The Board of Directors shall have power, subject to
any restrictions contained in the Articles of Incorporation, to declare and pay
dividends upon the outstanding Shares of the Corporation, out of the unreserved
and unrestricted capital and earned surplus of the Corporation. Dividends may be
paid in cash, in property, or in

<PAGE>

Shares of the Corporation, but no dividend payable in cash or property shall be
paid out of surplus due to or arising from unrealized appreciation in value or
from revaluation of assets.

         5.12. Compensation of Directors. The Board of Directors is empowered
and authorized to fix and determine the compensation of directors as directors,
and any additional compensation for such additional services any of such
directors may perform for the Corporation.

         5.13. Resignation. A director may resign at any time by filing his
written resignation with the Chairman of the Board, the President or the
Secretary of the Corporation, or with the Board of Directors, and such
resignation shall become effective upon such filing.

         5.14. Reliance on Corporation Records. Each Director shall be fully
protected in relying in good faith upon the books of account and records of the
Corporation or upon statements prepared by any of its officers or employees.

                                    ARTICLE 6
                                    ---------

                               Executive Committee
                               -------------------

         6.01. Designation of Executive Committee. The Board of Directors may,
by resolution adopted by a majority of the actual number of directors elected
and qualified, from time to time, designate two (2) or more independent
directors (as determined by the Board of Directors in accordance with guidelines
of the New York Stock Exchange and other applicable regulations) to constitute
an executive committee, which committee, to the extent provided in such
resolution, shall have and exercise the authority of the Board of Directors, but
the designation of such committee and the delegation thereto of authority shall
not operate to relieve the Board of Directors, or any member thereof, of any
responsibility imposed upon it or him by law. No member of the executive
committee shall continue to be a member thereof after he ceases to be a director
of the Corporation. The Board of Directors shall have the power at any time to
increase or diminish the number of members of the executive committee, to fill
vacancies thereon, to change any member thereof, and to change the functions or
terminate the existence thereof.

         6.02. Powers of the Executive Committee. During the intervals between
meetings of the Board of Directors, and subject to such limitations as may be
required by law or by resolution of the Board of Directors, the executive
committee shall have and may exercise such powers of the Board of Directors in
the management of the business and affairs of the Corporation as may from time
to time be specified by resolution of the Board of Directors. The executive
committee may also from time to time formulate and recommend to the Board of
Directors for approval general policies regarding the management of the business
and affairs of the Corporation. All minutes of meetings of

<PAGE>

the executive committee shall be submitted to the next succeeding meeting of the
Board of Directors for approval; but failure to submit the same or to receive
the approval thereof shall not invalidate any completed or incompleted action
taken by the Corporation upon authorization by the executive committee prior to
the time at which the same should have been, or were, submitted as above
provided. The executive committee shall not have the authority of the Board of
Directors in reference to the matters described in Section 23-1-34-6(e) of the
Act or any successor provision.

         6.03. Procedure; Meetings; Quorum. The chairman of the executive
committee of the Corporation shall, if present, act as chairman at all meetings
of the executive committee, and the Secretary of the Corporation shall, if
present, act as secretary of the meeting. In case of the absence from any
meeting of the executive committee of the chairman of the executive committee or
the Secretary of the Corporation, the executive committee shall appoint a
chairman or secretary, as the case may be, of the meeting. The executive
committee shall keep a record of its acts and proceedings. Regular meetings of
the executive committee, of which no notice shall be necessary, shall be held on
such days and at such places as shall be fixed by resolution adopted by a
majority of the executive committee. Special meetings of the executive committee
shall be called at the request of any member of the executive committee. Written
notice of each special meeting of the executive committee shall be sent by the
Secretary or an Assistant Secretary to each member of the executive committee at
his residence or usual place of business by letter, telegram, cable, electronic
mail, facsimile or other electronic means, delivered for transmission not later
than the second day immediately preceding the day for the meeting, or by word of
mouth, telephone, electronic mail, facsimile or other electronic means received
not later than during the day immediately preceding the day for the meeting;
provided, that any such notice need not be given to any member of the executive
committee who has waived such notice either in writing or by telegram, cable,
electronic mail, facsimile or other electronic means, arriving either before or
after such meeting, or who shall be present at the meeting. Any meeting of the
executive committee shall be a legal meeting, without notice thereof having been
given, if all members of the executive committee who have not waived notice
thereof shall be present in person. Neither the business to be transacted at,
nor the purpose of, any meeting of the executive committee need be specified in
the notice or waiver of notice of the meeting. The executive committee may hold
its meetings within or without the State of Indiana, as it may from time to time
by resolution determine. If the resolution of the executive committee calling a
regular meeting or the written request calling a special meeting expressly
provides, a meeting of the executive committee may be held by conference
telephone call or any other medium which allows each member to participate in
discussions and to hear the views of the other members. If a meeting is held,
the members connected to the conference telephone call or other medium shall be
counted as present for the purpose of determining a quorum. A majority of the
executive committee, from time to time, shall be necessary to constitute a
quorum for the transaction of any business, and the act of a majority of the
members present at a meeting at which a quorum is present shall be the act of
the executive committee. The members of the executive committee shall act only
as a committee, and the individual members shall have

<PAGE>

no power as such. The Board of Directors may vote to the members of the
executive committee a reasonable fee as compensation for attendance at meetings
of such committee.

         6.04. Other Committees. From time to time the Board of Directors, by
the affirmative vote of a majority of the actual number of directors elected and
qualified, may appoint, from among their number, other committees for any
purpose or purposes, and each such committee shall have such powers as shall be
conferred by the resolution of appointment.

         6.05. Audit Committee. The Board of Directors shall by resolution
adopted by a majority of the actual number of directors elected and qualified,
from time to time, designate two or more of its members who are not officers, to
constitute an Audit Committee of the Board of Directors. The Audit Committee
shall have, and may exercise the authority of the Board of Directors to the
extent provided in such resolutions, as to matters relating to the appointment
of independent certified public accountants, the reliability of financial
statements, the adequacy of financial controls, the conduct of audits, and such
investigations of other financial or operational matters related to the Company
as the Board of Directors shall direct. The Audit related to the Committee shall
make appropriate reports and other related recommendations to the Board, (which
reports may be relied upon by members of the Board of Directors who are not
members of the Audit Committee, as to matters within the Audit Committee's
designated authority, if the director reasonably feels the Committee merits
confidence and has no knowledge concerning the matter in question that would
cause such reliance to be unwarranted). A member of the Board of Directors who
is not a member of the Audit Committee shall not be liable for any action taken
by the Committee if the member has acted in good faith and in a manner
reasonably believed to be in the best interests of the Corporation.

                                    ARTICLE 7
                                    ---------

                                  The Officers
                                  ------------

         7.01. Number. The officers of the Corporation shall consist of the
Chairman of the Board of Directors, if elected, the President, one or more
Vice-Presidents, if elected, (to be classified as determined by the Board of
Directors, as Executive Vice-Presidents, Senior Vice-Presidents, Vice-Presidents
or Assistant Vice-Presidents), the Treasurer, the Secretary, and such other
officers (including a controller) and assistants as the Board of Directors may
appoint. Any two or more offices may be held by the same person, except that the
duties of the President and Secretary shall not be performed by the same person.

         7.02. Election, Term of Office and Qualification. The officers shall be
chosen annually by the Board of Directors. Each officer shall hold office until
his successor is chosen and qualified, or until his death, or until he shall
have resigned, or shall have been removed in the manner hereinafter provided.

<PAGE>

         7.03. Removal. Any officer may be removed, either with or without
cause, at any time, by the vote of a majority of the actual number of directors
elected and qualified, from time to time, at any regular or special meeting of
the Board of Directors.

         7.04. Resignations. Any officer may resign at any time by giving
written notice to the Board of Directors, or to the President or the Secretary.
Such resignation shall take effect at the time specified therein, and unless
otherwise specified therein, the acceptance of such resignation shall not be
necessary to make it effective.

         7.05. Vacancies. Any vacancy in any office because of death,
resignation, removal or any other cause may be filled for the unexpired portion
of the term in the manner prescribed in the By-Laws for election or appointment
to such office.

         7.06. The Chairman of the Board. The Chairman of the Board, if elected,
who shall be chosen from among the directors, shall preside at all meetings of
the Board of Directors and the Shareholders. He shall discharge all the usual
functions of the chief executive officer of a corporation and shall perform such
other duties as the Board of Directors may from time to time assign to him.

         7.07. The President. In the absence of the Chairman of the Board, the
President shall preside at all meetings of the Shareholders and at meetings of
the Board of Directors. He shall exercise such duties as customarily pertain to
the office of the President and shall have general and active supervision over
the property, business and affairs of the Corporation and over its several
Officers. He may appoint officers, agents or employees other than those
appointed by the Board of Directors and shall perform such other duties as may
be prescribed from time to time by the Board of Directors or by the By-Laws.

         7.08. The Vice-Presidents. The Vice-Presidents (including Executive
Vice-Presidents, Senior Vice-Presidents and Assistant Vice-Presidents) shall
have such powers and perform such duties as the Board of Directors may from time
to time prescribe or as the President may from time to time delegate to them. At
the request of the President, one such officer may, in the case of the absence
or inability to act of the President, temporarily act in his place. In the case
of the death of the President, or in the case of his absence or inability to act
without having designated an officer to act temporarily in his place, the
officer so to perform the duties of the President shall be designated by the
Chairman of the Board.

         7.09. The Secretary. The Secretary shall have the custody and care of
the corporate seal, records, minutes and share books of the Corporation. He
shall attend all meetings of the Shareholders and of the Board of Directors, and
shall keep, or cause to be kept in a book provided for the purpose, a true and
complete record of the proceedings of such meetings, and shall perform a like
duty for all standing committees appointed by the Board of Directors, when
required. He shall attend to the giving and serving of all

<PAGE>

notices of the Corporation, shall file and take charge of all papers and
documents belonging to the Corporation and shall perform such other duties as
these By-Laws may require or the Board of Directors may prescribe.

         7.10. The Treasurer. The Treasurer shall be the financial officer of
the Corporation; shall have charge and custody of, and be responsible for, all
funds of the Corporation, and deposit all such funds in the name of the
Corporation in such banks, trust companies or other depositaries as shall be
selected by the Board of Directors; shall receive, and give receipts for, moneys
due and payable to the Corporation from any source whatsoever; and, in general,
shall perform all the duties as, from time to time, may be assigned to him by
the Board of Directors or by the President. The Treasurer shall render to the
President and the Board of Directors, whenever the same shall be required, an
account of all of his transactions as Treasurer and of the financial condition
of the Corporation.

         7.11 The Controller. The Controller, if a controller is elected, shall
be responsible to the Board of Directors and the President for all financial
control and internal audit of the Corporation and its subsidiaries. He shall
perform such other duties as may be assigned to him by the Board of Directors or
the President.

         7.12. The Assistant Secretaries. The Assistant Secretaries, as directed
by the President or the Board of Directors, shall perform the duties of the
Secretary during the absence or inability of the Secretary to perform such
duties, or any of them. They shall perform such other duties as the President or
the Board may prescribe.

         7.13. The Assistant Treasurers. The Assistant Treasurers as directed by
the President or the Board of Directors, shall perform the duties of the
Treasurer during the absence or inability of the Treasurer to perform such
duties, or any of them. They shall perform such other duties as the President
and the Board may prescribe.

         7.14. Other Offices. The Board of Directors may create such other
offices as it may from time to time deem desirable with such duties as it may
determine.

                                    ARTICLE 8
                                    ---------

                                 Corporate Acts
                                 --------------

         8.01. Execution of Deeds, Contracts, etc. All deeds and mortgages made
by the Corporation and all other written contracts and agreements to which the
Corporation shall be a party shall be (i) executed in its name by the Chairman
of the Board, the President or a Vice-President and (ii) attested by any officer
of the Corporation other than the officer executing the document.

<PAGE>

         8.02. Execution of Checks, Notes, etc. All checks, drafts, notes,
bonds, bills of exchange and orders for the payment of money by the Corporation
shall be signed by such officer or officers of the Corporation as the Board of
Directors from time to time may authorize and direct.

         8.03. Execution of Certain Securities. All assignments or endorsements
of stock certificates, registered bonds, or other securities owned by the
Corporation shall, unless otherwise directed by the Board of Directors, or
unless otherwise required by law, be (i) signed by the Chairman of the Board,
the President or a Vice-President and (ii) attested by any officer of the
Corporation other than the officer signing the security. The Board of Directors
may, however, authorize any one of such officers to sign any of such
instruments, for and on behalf of the Corporation, without the necessity of
counter-signatures; may designate officers or employees of the Corporation,
other than those named above, who may, in the name of the Corporation, sign such
instruments; and may authorize the use of facsimile signatures of any of such
persons.

         8.04. Voting of Shares Owned by Corporation. Subject always to the
further orders and directions of the Board of Directors, any share or shares
issued by any other corporation and owned or controlled by the Corporation may
be voted at any shareholders' meeting of such other corporation by the Chairman
of the Board, or in his absence, by the President of the Corporation or in their
absence by any Vice-President of the Corporation who may be present. Whenever,
in the judgement of the Chairman of the Board or, in his absence, the President,
it is desirable for the Corporation to execute a proxy or give a shareholders'
consent in respect to any share or shares issued by any other corporation and
owned by the Corporation, such proxy or consent shall be executed in the name of
the Corporation by the Chairman of the Board, the President or a Vice-President
of the Corporation and shall be attested by the Secretary or an Assistant
Secretary of the Corporation under the corporate seal. Any person or persons
designated in the manner above stated as the proxy or proxies of the Corporation
shall have full right, power and authority to vote the share or shares issued by
such other corporation and owned by the Corporation, the same as such share or
shares might be voted by the Corporation.

                                    ARTICLE 9
                                    ---------

                                   Amendments
                                   ----------

         The power to make, alter, amend or repeal these By-Laws is vested in
the Board of Directors, but the affirmative vote of a majority of the actual
number of directors elected and qualified from time to time, shall be necessary
to effect any alteration, amendment or repeal of these By-Laws.

<PAGE>

                                   ARTICLE 10
                                   ----------

                                  Miscellaneous
                                  -------------

         10.01. Control Share Opt-Out. Chapter 42 of the Indiana Business
Corporation Law, as amended (the "IBCL"), shall not apply to "control share
acquisitions" (as defined in the IBCL) of shares of the Corporation.

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