Document:

Prepared by MERRILL CORPORATION

SECOND AMENDED AND

RESTATED BY-LAWS

 

of

 

EXE TECHNOLOGIES, INC.

 

(A Delaware Corporation)

 

 

ARTICLE 1

 

DEFINITIONS

                As

used in these By-laws, unless the context otherwise requires, the term:

                1.1           “Assistant Secretary” means an

Assistant Secretary of the Corporation.

                1.2           “Assistant Treasurer” means an

Assistant Treasurer of the Corporation.

                1.3           “Board” means the Board of Directors

of the Corporation.

                1.4           “By-laws” means the initial by-laws

of the Corporation, as amended from time to time.

                1.5           “Certificate of Incorporation” means

the initial certificate of incorporation of the Corporation, as amended,

supplemented or restated from time to time.

                1.6           “Chairman” means the Chairman of the

Board of Directors of the Corporation.

                1.7           “Chief Executive Officer” means the

Chief Executive Officer of the Corporation.

                1.8           “Chief Operating Officer” means the

Chief Operating Officer of the Corporation.

                1.9           “Compliance Officer” means the

Compliance Officer of the Corporation.

                1.10         “Corporation” means EXE Technologies,

Inc.

                1.11         “Directors” means directors of the

Corporation.

                1.12         “Entire Board” means all directors of

the Corporation in office, whether or not present at a meeting of the Board,

but disregarding vacancies.

                1.13         “General Corporation Law” means the General

Corporation Law of the State of Delaware, as amended from time to time.
                1.14         “Office of the Corporation” means the

executive office of the Corporation, anything in Section 131 of the General

Corporation Law to the contrary notwithstanding.

                1.15         “President” means the President of the

Corporation.

                1.16         “Secretary” means the Secretary of the

Corporation.

                1.17         “Stockholders” means stockholders of

the Corporation.

                1.18         “Treasurer” means the Treasurer of the

Corporation.

                1.19         “Vice President” means a Vice President

of the Corporation.

 

ARTICLE 2

 

STOCKHOLDERS

                2.1           Place of Meetings.  Every meeting of Stockholders shall be held

at the office of the Corporation or at such other place within or without the

State of Delaware as shall be specified or fixed in the notice of such meeting

or in the waiver of notice thereof.

                2.2           Annual Meeting.  A meeting of Stockholders shall be held

annually for the election of Directors and the transaction of other business at

such hour and on such business day in May or June or as may be determined by

the Board and designated in the notice of meeting.

                2.3           Deferred Meeting for Election of

Directors, Etc.  If the annual

meeting of Stockholders for the election of Directors and the transaction of

other business is not held within the months specified in Section 2.2 hereof,

the Board shall call a meeting of Stockholders for the election of Directors

and the transaction of other business as soon thereafter as convenient.

                2.4           Other Special Meetings.  A special meeting of Stockholders (other

than a special meeting for the election of Directors), unless otherwise

prescribed by statute, may be called at any time by the Board or by the Chief

Executive Officer or by the Secretary. 

At any special meeting of Stockholders only such business may be

transacted as is related to the purpose or purposes of such meeting set forth

in the notice thereof given pursuant to Section 2.6 hereof or in any waiver of

notice thereof given pursuant to Section 2.7 hereof.
                2.5           Fixing Record Date. 

For the purpose of (a) determining the Stockholders entitled (i) to

notice of or to vote at any meeting of Stockholders or any adjournment thereof,

(ii) unless otherwise provided in the Certificate of Incorporation, to express

consent to corporate action in writing without a meeting or (iii) to receive

payment of any dividend or other distribution or allotment of any rights, or

entitled to exercise any rights in respect of any change, conversion or

exchange of stock; or (b) any other lawful action, the Board may fix a record

date, which record date shall not precede the date upon which the resolution

fixing the record date was adopted by the Board and which record date shall not

be (x) in the case of clause (a)(i) above, more than sixty nor less than ten

days before the date of such meeting, (y) in the case of clause (a)(ii) above,

more than 10 days after the date upon which the resolution fixing the record

date was adopted by the Board and (z) in the case of clause (a)(iii) or (b)

above, more than sixty days prior to such action. If no such record date is

fixed:

                2.5.1        the record date for determining

Stockholders entitled to notice of or to vote at a meeting of stockholders

shall be at the close of business on the day next preceding the day on which

notice is given, or, if notice is waived, at the close of business on the day

next preceding the day on which the meeting is held;

                2.5.2        the record date for determining

stockholders entitled to express consent to corporate action in writing without

a meeting (unless otherwise provided in the Certificate of Incorporation), when

no prior action by the Board is required under the General Corporation Law,

shall be the firstday on which a signed written consent

setting forth the action taken or proposed to be taken is delivered to the

Corporation by delivery to its registered office in the State of Delaware, its

principal place of business, or an officer or agent of the Corporation having

custody of the book in which proceedings of meetings of stockholders are

recorded; and when prior action by the Board is required under the General

Corporation Law, the record date for determining stockholders entitled to

consent to corporate action in writing without a meeting shall be at the close

of business on the date on which the Board adopts the resolution taking such

prior action; and

                2.5.3        the record date for determining

stockholders for any purpose other than those specified in Sections 2.5.1 and

2.5.2 shall be at the close of business on the day on which the Board adopts

the resolution relating thereto.  When a

determination of Stockholders entitled to notice of or to vote at any meeting

of Stockholders has been made as provided in this Section 2.5, such

determination shall apply to any adjournment thereof unless the Board fixes a

new record date for the adjourned meeting. 

Delivery made to the Corporation’s registered office in accordance with

Section 2.5.2 shall be by hand or by certified or registered mail, return

receipt requested.

                2.6           Notice of Meetings of Stockholders.  Except as otherwise provided in Sections 2.5

and 2.7 hereof, whenever under the provisions of any statute, the Certificate

of Incorporation or these By-laws, Stockholders are required or permitted to

take any action at a meeting, written notice shall be given stating the place,

date and hour of the meeting and, in the case of a special meeting, the purpose

or purposes for which the meeting is called. 

Unless otherwise provided by any statute, the Certificate of

Incorporation or these By-laws, a copy of the notice of any meeting shall be

given, personally or by mail, not less than ten nor more than sixty days before

the date of the meeting, to each Stockholder of the Corporation entitled to

such notice or to vote at such meeting. 

If mailed, such notice shall be deemed to be given when deposited in the

United States mail, with postage prepaid, directed to the Stockholder at his or

her address as it appears on the records of the Corporation.  An affidavit of the Secretary or an Assistant

Secretary or of the transfer agent of the Corporation that the notice required

by this Section 2.6 has been given shall, in the absence of fraud, be prima

facie evidence of the facts stated therein. 

When a meeting is adjourned to another time or place, notice need not be

given of the adjourned meeting if the time and place thereof are announced at

the meeting at which the adjournment is taken, and at the adjourned meeting any

business may be transacted that might have been transacted at the meeting as

originally called.  If, however, the

adjournment is for more than thirty days, or if after the adjournment a new

record date is fixed for the adjourned meeting, a notice of the adjourned

meeting shall be given to each Stockholder of record entitled to vote at the

meeting.

                2.7           Waivers of Notice.  Whenever the giving of any notice is

required by statute, the Certificate of Incorporation or these By-laws, a

waiver thereof, in writing, signed by the Stockholder or Stockholders entitled

to said notice, whether before or after the event as to which such notice is

required, shall be deemed equivalent to notice.  Attendance by a Stockholder at a meeting shall constitute a

waiver of notice of such meeting except when the Stockholder attends a meeting

for the express purpose of objecting, at the beginning of the meeting, to the

transaction of any business on the ground that the meeting has not been

lawfully called or convened.  Neither

the business to be transacted at, nor the purpose of, any regular or special meeting

of the Stockholders need be specified in any written waiver of notice unless so

required by statute, the Certificate of Incorporation or these By-laws.

                2.8           List of Stockholders.  The Secretary shall prepare and make, or

cause to be prepared and made, at least ten days before every meeting of

Stockholders, a complete list of the Stockholders entitled to vote at the

meeting, arranged in alphabetical order, and showing the address of each

Stockholder and the number of shares registered in the name of each

Stockholder.  Such list shall be open to

the examination of any Stockholder, the Stockholder’s agent, or attorney, at

the Stockholder’s expense, for any purpose germane to the meeting, during

ordinary business hours, for a period of at least ten days prior to the

meeting, either at a place within the city where the meeting is to be held,

which place shall be specified in the notice of the meeting, or, if not so

specified, at the place where the meeting is to be held.  The list shall also be produced and kept at

the time and place of the meeting during the whole time thereof, and may be

inspected by any Stockholder who is present. 

The Corporation shall maintain the Stockholder list in written form or

in another form capable of conversion into written form within a reasonable

time.  Upon the willful neglect or

refusal of the Directors to produce such a list at any meeting for the election

of Directors, they shall be ineligible for election to any office at such

meeting.  The stock ledger shall be the

only evidence as to who are the Stockholders entitled to examine the stock

ledger, the list of Stockholders or the books of the Corporation, or to vote in

person or by proxy at any meeting of Stockholders.

                2.9           Quorum of Stockholders;

Adjournment.  Except as otherwise

provided by any statute, the Certificate of Incorporation or these By-laws, the

holders of one-third of all outstanding shares of stock entitled to vote at any

meeting of Stockholders, present in person or represented by proxy, shall

constitute a quorum for the transaction of any business at such meeting.  When a quorum is once present to organize a

meeting of Stockholders, it is not broken by the subsequent withdrawal of any

Stockholders.  The holders of a majority

of the shares of stock present in person or represented by proxy at any meeting

of Stockholders, including an adjourned meeting, whether or not a quorum is

present, may adjourn such meeting to another time and place.  Shares of its own stock belonging to the

Corporation or to another corporation, if a majority of the shares entitled to

vote in the election of directors of such other corporation is held, directly

or indirectly, by the Corporation, shall neither be entitled to vote nor be

counted for quorum purposes; provided, however, that the

foregoing shall not limit the right of the Corporation to vote stock, including

but not limited to its own stock, held by it in a fiduciary capacity.

                2.10         Voting; Proxies.  Unless otherwise provided in the Certificate

of Incorporation, every Stockholder of record shall be entitled at every

meeting of Stockholders to one vote for each share of capital stock standing in

his or her name on the record of Stockholders determined in accordance with

Section 2.5 hereof.  If the Certificate

of Incorporation provides for more or less than one vote for any share on any

matter, each reference in the By-laws or the General Corporation Law to a

majority or other proportion of stock shall refer to such majority or other

proportion of the votes of such stock. 

The provisions of Sections 212 and 217 of the General Corporation Law

shall apply in determining whether any shares of capital stock may be voted and

the persons, if any, entitled to vote such shares; but the Corporation shall be

protected in assuming that the persons in whose names shares of capital stock

stand on the stock ledger of the Corporation are entitled to vote such

shares.  Holders of redeemable shares of

stock are not entitled to vote after the notice of redemption is mailed to such

holders and a sum sufficient to redeem the stocks has been deposited with a

bank, trust company, or other financial institution under an irrevocable

obligation to pay the holders the redemption price on surrender of the shares

of stock.  At any meeting of

Stockholders (at which a quorum was present to organize the meeting), all

matters, ex­cept as otherwise provided by statute or by the Certificate of

Incorporation or by these By-laws, shall be decided by a majority of the votes

cast at such meeting by the holders of shares present in person or represented

by proxy and entitled to vote thereon, whether or not a quorum is present when

the vote is taken.  All elections of

Directors shall be by written ballot unless otherwise provided in the

Certificate of Incorporation.  In voting

on any other question on which a vote by ballot is required by law or is

demanded by any Stockholder entitled to vote, the voting shall be by

ballot.  Each ballot shall be signed by

the Stockholder voting or the Stockholder’s proxy and shall state the number of

shares voted.  On all other questions,

the voting may be viva voce. 

Each Stockholder entitled to vote at a meeting of Stockholders or to

express consent or dissent to corporate action in writing without a meeting may

authorize another person or persons to act for such Stockholder by proxy.  The validity and enforceability of any proxy

shall be determined in accordance with Section 212 of the General Corporation

Law.  A Stockholder may revoke any proxy

that is not irrevocable by attending the meeting and voting in person or by

filing an instrument in writing revoking the proxy or by delivering a proxy in

accordance with applicable law bearing a later date to the Secretary.

                2.11         Voting Procedures and Inspectors of

Election at Meetings of Stockholders. 

The Board, in advance of any meeting of Stockholders, may appoint one or

more inspectors to act at the meeting and make a written report thereof.  The Board may designate one or more persons

as alternate inspectors to replace any inspector who fails to act.  If no inspector or alternate has been

appointed or is able to act at a meeting, the person presiding at the meeting

may appoint, and on the request of any Stockholder entitled to vote thereat

shall appoint, one or more inspectors to act at the meeting.  Each inspector, before entering upon the

discharge of his or her duties, shall take and sign an oath faithfully to

execute the duties of inspector with strict impartiality and according to the

best of his or her ability.  The

inspectors shall (a) ascertain the number of shares outstanding and the voting

power of each, (b) determine the shares represented at the meeting and the

validity of proxies and ballots, (c) count all votes and ballots, (d) determine

and retain for a reasonable period a record of the disposition of any

challenges made to any determination by the inspectors, and (e) certify their

determination of the number of shares represented at the meeting and their

count of all votes and ballots.  The

inspectors may appoint or retain other persons or entities to assist the

inspectors in the performance of their duties. 

Unless otherwise provided by the Board, the date and time of the opening

and the closing of the polls for each matter upon which the Stockholders will

vote at a meeting shall be determined by the person presiding at the meeting

and shall be announced at the meeting. 

No ballot, proxies or votes, or any revocation thereof or change

thereto, shall be accepted by the inspectors after the closing of the polls

unless the Court of Chancery of the State of Delaware upon application by a

Stockholder shall determine otherwise.

                2.12         Organization.  At each meeting of Stockholders, the Chief

Executive Officer, or in the absence of the Chief Executive Officer, the

Chairman, or if there is no Chairman or if there be one and the Chairman is

absent, the President, or if there is no President or if there be one and the

President is absent, a Vice President, and in case more than one Vice President

shall be present, that Vice President designated by the Board (or in the

absence of any such designation, the most senior Vice President, based on age,

present), shall act as chairman of the meeting.  The Secretary, or in his or her absence, one of the Assistant

Secretaries, shall act as secretary of the meeting.  In case none of the officers above designated to act as chairman

or secretary of the meeting, respectively, shall be present, a chairman or a

secretary of the meeting, as the case may be, shall be chosen by a majority of

the votes cast at such meeting by the holders of shares of capital stock

present in person or represented by proxy and entitled to vote at the meeting.

                2.13         Order of Business.  The order of business at all meetings of

Stockholders shall be as determined by the chairman of the meeting, but the

order of business to be followed at any meeting at which a quorum is present

may be changed by a majority of the votes cast at such meeting by the holders

of shares of capital stock present in person or represented by proxy and

entitled to vote at the meeting.

                2.14         No Action By Written Consent.  Any action required or permitted to be taken

by the stockholders of the Corporation shall be taken only at an annual or

special meeting of the stockholders, and specifically shall not be taken upon

the written consent of all or less than all of the stockholders.

 

ARTICLE 3

 

DIRECTORS

                3.1           General Powers.  Except as otherwise provided in the

Certificate of Incorporation, the business and affairs of the Corporation shall

be managed by or under the direction of the Board.  The Board may adopt such rules and regulations, not inconsistent

with the Certificate of Incorporation or these By-laws or applicable laws, as

it may deem proper for the conduct of its meetings and the management of the

Corpo­ration.  In addition to the powers

expressly conferred by these By-laws, the Board may exercise all powers and

perform all acts that are not required, by these By-laws or the Certificate of

Incorporation or by statute, to be exercised and performed by the Stockholders.
                3.2           Number; Qualification; Term of Office.  The Board shall consist of one or more

members.  The number of Directors shall

be fixed initially by the incorporator and may thereafter be changed from time

to time by a vote of the holders of majority of the outstanding shares of

capital stock of the Corporation entitled to vote generally in the election of

Directors or by action of the Board. 

Directors need not be stockholders. 

Each Director shall hold office until a successor is elected and

qualified or until the Director’s death, resignation or removal.

                3.3           Election.  Directors shall, except as otherwise

required by statute or by the Certificate of Incorporation, be elected by a

plurality of the votes cast at a meeting of stockholders by the holders of

shares entitled to vote in the election.

                3.4           Newly Created Directorships and

Vacancies.  Unless otherwise

provided in the Certificate of Incorporation, newly created Directorships

resulting from an increase in the number of Directors and vacancies occurring

in the Board for any other reason may be filled only by a majority vote of the

remaining Directors then in office, though not less than a quorum, or by a sole

remaining Director, or may be elected by a plurality of the votes cast by the

holders of shares of capital stock entitled to vote in the election at a

special meeting of stockholders called for that purpose.  A Director elected to fill a vacancy shall

be elected to hold office until a successor is elected and qualified, or until

the Director’s earlier death, resignation or removal.

                3.5           Classes of Directors.

                3.5.1        Number of Classes.  The Board shall be divided into three

classes as nearly equal in number as the then total number of Directors

constituting the entire Board shall permit as determined by the Board, which

classes shall be designated Class I, Class II and Class III.
                3.5.2        Term.  The Class I directors shall be elected to hold office for an

initial term expiring at the 2001 annual meeting of the stockholders, the Class

II directors shall be elected to hold office for an initial term expiring at

the 2002 annual meeting of the stockholders and the Class III directors shall

be elected to hold office for an initial term expiring at the 2003 annual

meeting of the stockholders, with the members of each class of directors to

hold office until their successors have been duly elected and qualified.  At each annual meeting of stockholders, the

successors to the class of directors whose term expires at that meeting shall

be elected to hold office for a term expiring at the annual meeting of

stockholders held in the third year following the year of their election and

until their successors have been duly elected and qualified.  Notwithstanding the foregoing, a Director

whose term shall expire at any annual meeting shall continue to serve until

such time as his successor shall have been duly elected and shall have

qualified unless his position on the Board shall have been abolished by action

taken to reduce the size of the Board prior to said meeting.  No director or class of directors may be removed

from office by a vote of the stockholders at any time except for cause as

provided in Section 3.7 hereof.

                3.5.3        Increase or Decrease in Number.  Should the number of Directors of the

Corporation be reduced, the directorship(s) eliminated shall be allocated among

classes as appropriate so that the number of Directors in each class is as

specified in Section 3.5.1 hereof.  The

Board shall designate, by the name of the incumbent(s), the position(s) to be

abolished.  Notwithstanding the

foregoing, no decrease in the number of Directors shall have the effect of

shortening the term of any incumbent Director. 

Should the number of Directors of the Corporation be increased, the

additional directorships shall be allocated among classes as appropriate so

that the number of Directors in each class is as specified in Section 3.5. 1.

                3.6           Resignation.  Any Director may resign at any time by

written notice to the Corporation.  Such

resignation shall take effect at the time therein specified, and, unless

otherwise specified in such resignation, the acceptance of such resignation

shall not be necessary to make it effective.

                3.7           Removal.  No Director may be removed at any time

unless for cause and by the affirmative vote of the holders of a majority of

the outstanding shares of capital stock of the Corporation entitled to vote

generally in the election of Directors, considered for this purpose as one

class, except as otherwise required by law.

                3.8           Compensation.  Each Director, in consideration of his or

her service as such, shall be entitled to receive from the Corporation such

amount per annum or such fees for attendance at Directors’ meetings, or both,

as the Board may from time to time determine, together with reimbursement for

the reasonable out-of-pocket expenses, if any, incurred by such Director in

connection with the performance of his or her duties.  Each Director who shall serve as a member of any committee of

Directors in consideration of serving as such shall be entitled to such

additional amount per annum or such fees for attendance at committee meetings,

or both, as the Board may from time to time determine, together with

reimbursement for the reasonable out-of-pocket expenses, if any, incurred by

such Director in the performance of his or her duties.  Nothing contained in this Section 3.8 shall

preclude any Director from serving the Corporation or its subsidiaries in any

other capacity and receiving proper compensation therefor.

                3.9           Times and Places of Meetings.  The Board may hold meetings, both regular

and special, either within or without the State of Delaware.  The times and places for holding meetings of

the Board may be fixedfrom time to time by resolution of the

Board or (unless contrary to a resolution of the Board) in the notice of the

meeting.
                3.10         Annual Meetings.  On the day when and at the place where the

annual meeting of stockholders for the election of Directors is held, and as

soon as practicable thereafter, the Board may hold its annual meeting, without

notice of such meeting, for the purposes of organization, the election of

officers and the transaction of other business.  The annual meeting of the Board may be held at any other time and

place specified in a notice given as provided in Section 3.12 hereof for

special meetings of the Board or in a waiver of notice thereof.

                3.11         Regular Meetings.  Regular meetings of the Board may be held

without notice at such times and at such places as shall from time to time be

determined by the Board.

                3.12         Special Meetings.  Special meetings of the Board may be called

by the Chairman, the Chief Executive Officer or the Secretary or by any two or

more Directors then serving on at least one day’s notice to each Director given

by one of the means specified in Section 3.15 hereof other than by mail, or on

at least three days’ notice if given by mail. 

Special meetings shall be called by the Chairman, the Chief Executive

Officer or the Secretary in like manner and on like notice on the written

request of any two or more of the Directors then serving.

                3.13         Telephone Meetings.  Directors or members of any committee

designated by the Board may participate in a meeting of the Board or of such

committee by means of conference telephone or similar communications equipment

by means of which all persons participating in the meeting can hear each other,

and participation in a meeting pursuant to this Section 3.13 shall constitute

presence in person at such meeting.

                3.14         Adjourned Meetings.  A majority of the Directors present at any

meeting of the Board, including an adjourned meeting, whether or not a quorum

is present, may adjourn such meeting to another time and place.  At least one day’s notice of any adjourned

meeting of the Board shall be given to each Director whether or not present at

the time of the adjournment, if such notice shall be given by one of the means

specified in Section 3.15 hereof other than by mail, or at least three days’

notice if by mail.  Any business may be

transacted at an adjourned meeting that might have been transacted at the

meeting as originally called.

                3.15         Notice Procedure.  Subject to Sections 3.12 and 3.18 hereof,

whenever, under the provisions of any statute, the Certificate of Incorporation

or these By-laws, notice is required to be given to any Director, such notice

shall be deemed given effectively if given in person or by telephone, by mail

addressed to such Director at such Director’s address as it appears on the

records of the Corporation, with postage thereon prepaid, or by telegram,

telex, telecopy or similar means addressed as aforesaid.

                3.16         Waiver of Notice.  Whenever the giving of any notice is

required by statute, the Certificate of Incorporation or these By-laws, a

waiver thereof, in writing, signed by the person or persons entitled to said

notice, whether before or after the event as to which such notice is required,

shall be deemed equivalent to notice. 

Attendance by a person at a meeting shall constitute a waiver of notice

of such meeting except when the person attends a meeting for the express

purpose of objecting, at the beginning of the meeting, to the transaction of

any business on the ground that the meeting has not been lawfully called or

convened.  Neither the business to be

transacted at, nor the purpose of, any regular or special meeting of the

Directors or a committee of Directors need be specified in any written waiver

of notice unless so required by statute, the Certificate of Incorporation or

these By-laws.

                3.17         Organization.  At each meeting of the Board, the Chairman,

or in the absence of the Chairman, the Chief Executive Officer, or in the

absence of the Chief Executive Officer, a chairman chosen by a majority of the

Directors present, shall preside.  The

Secretary shall act as secretary at each meeting of the Board.  In case the Secretary shall be absent from

any meeting of the Board, an Assistant Secretary shall perform the duties of

secretary at such meeting; and in the absence from any such meeting of the

Secretary and all Assistant Secretaries, the person presiding at the meeting

may appoint any person to act as secretary of the meeting.

                3.18         Quorum of Directors.  The presence in person of a majority of the

entire Board shall be necessary and sufficient to constitute a quorum for the

transaction of business at any meeting of the Board, but a majority of a

smaller number may adjourn any such meeting to a later date.

                3.19         Action by Majority Vote.  Except as otherwise expressly required by

statute, the Certificate of Incorporation or these By-laws, 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.

                3.20         Action Without Meeting.  Unless otherwise restricted by the

Certificate of Incorporation or these By-laws, any action required or permitted

to be taken at any meeting of the Board or of any committee thereof may be

taken without a meeting if all Directors or members of such committee, as the

case may be, consent thereto in writing, and the writing or writings are filed

with the minutes of proceedings of the Board or committee.

ARTICLE 4

 

COMMITTEES

OF THE BOARD

                The

Board may, by resolution passed by a vote of a majority of the entire Board,

designate one or more committees, each committee to consist of one or more of

the Directors of the Corporation.  The

Board may designate one or more Directors as alternate members of any

committee, who may replace any absent or disqualified member at any meeting of

such committee.  If a member of a

committee shall be absent from any meeting, or disqualified from voting

thereat, the remaining member or members present and not disqualified from

voting, whether or not such member or members constitute a quorum, may, by a

unanimous vote, appoint another member of the Board to act at the meeting in

the place of any such absent or disqualified member.  Any such committee, to the extent provided in the resolution of

the Board passed as aforesaid, shall have and may exercise all the powers and

authority of the Board in the management of the business and affairs of the

Corporation, and may authorize the seal of the Corporation to be impressed on

all papers that may require it, but no such committee shall have the power or

authority of the Board in reference to amending the Certificate of

Incorporation, adopting an agreement of merger or consolidation under Section

251 or Section 252 of the General Corporation Law, recommending to the

stockholders (a) the sale, lease or exchange of all or substantially all of the

Corporation’s property and assets, or (b) a dissolution of the Corporation or a

revocation of a dissolution, or amending the By-laws of the Corporation; and,

unless the resolution designating it expressly so provides, no such committee

shall have the power and authority to declare a dividend, to authorize the

issuance of stock or to adopt a certificate of ownership and merger pursuant to

Section 253 of the General Corporation Law. 

Unless otherwise specified in the resolution of the Board designating a

committee, at all meetings of such committee a majority of the total number of

members of the committee shall constitute a quorum for the transaction of

business, and the vote of a majority of the members of the committee present at

any meeting at which there is a quorum shall be the act of the committee.  Each committee shall keep regular minutes of

its meetings.  Unless the Board

otherwise provides, each committee designated by the Board may make, alter and

repeal rules for the conduct of its business. 

In the absence of such rules each committee shall conduct its business

in the same manner as the Board conducts its business pursuant to Article 3 of

these By-laws.

ARTICLE 5

 

OFFICERS

                5.1           Positions.  The officers of the Corporation shall be a

Chief Executive Officer, a Chief Operating Officer, a President, a Secretary, a

Treasurer and such other officers as the Board may appoint, including a

Chairman, one or more Vice Presidents and one or more Assistant Secretaries and

Assistant Treasurers, who shall exercise such powers and perform such duties as

shall be determined from time to time by the Board.  The Board may designate one or more Vice Presidents as Executive

Vice Presidents and may use descriptive words or phrases to designate the

standing, seniority or areas of special competence of the Vice Presidents

elected or appointed by it.  Any number

of offices may be held by the same person unless the Certificate of

Incorporation or these By-laws otherwise provide.

                5.2           Appointment.  The officers of the Corporation shall be

chosen by the Board at its annual meeting or at such other time or times as the

Board shall determine.

                5.3           Compensation. The compensation

of all officers of the Corporation shall be fixed by the Board or the Board’s

designee. No officer shall be prevented from receiving a salary or other

compensation by reason of the fact that the officer is also a Director.

                5.4           Term of Office.  Each officer of the Corporation shall hold

office for the term for which he or she is elected and until such officer’s

successor is chosen and qualifies or until such officer’s earlier death,

resignation or removal.  Any officer may

resign at any time upon written notice to the Corporation.  Such resignation shall take effect at the

date of receipt of such notice or at such later time as is therein specified,

and, unless otherwise specified, the acceptance of such resignation shall not

be necessary to make it effective.  The

resignation of an officer shall be without prejudice to the contract rights of

the Corporation, if any.  Any officer

elected or appointed by the Board may be removed at any time, with or without

cause, by vote of a majority of the entire Board.  Any vacancy occurring in any office of the Corporation shall be

filled by the Board.  The removal of an

officer without cause shall be without prejudice to the officer’s contract

rights, if any.  The election or

appointment of an officer shall not of itself create contract rights.

                5.5           Fidelity Bonds.  The Corporation may  secure 

the  fidelity  of 

any or all of its officers or agents by bond or otherwise.

                5.6           Chairman.  The Chairman, if one shall have been

appointed, shall preside at all meetings of the Board and shall exercise such

powers and perform such other duties as shall be determined from time to time

by the Board.

                5.7           Chief Executive Officer.  The Chief Executive Officer of the

Corporation shall have general supervision over the business of the

Corporation, subject, however, to the control of the Board and of any duly

authorized committee of Directors.  The

Chief Executive Officer shall preside at all meetings of the Stockholders and

at all meetings of the Board at which the Chairman (if there be one) is not

present.  The Chief Executive Officer

may sign and execute in the name of the Corporation deeds, mortgages, bonds,

contracts and other instruments (and may apportion signing authority among

officers otherwise authorized to sign pursuant to these By-laws) except in

cases in which the signing and execution thereof shall be expressly delegated

by the Board or by these By-laws to some other officer or agent of the

Corporation or shall be required by statute otherwise to be signed or executed

and, in general, the Chief Executive Officer shall perform all duties incident

to the office of Chief Executive Officer of a corporation and such other duties

as may from time to time be assigned to the Chief Executive Officer by the

Board.

                5.8           President.  The President of the Corporation shall

be the Chief Operating Officer of the Corporation, and, at the request of the

Chief Executive Officer, or in the Chief Executive Officer’s absence, at the

request of the Board, shall perform all of the duties of the Chief Executive

Officer and, in so performing, shall have all the powers of, and be subject to,

all restrictions upon the Chief Executive Officer.  The President may sign and execute in the name of the Corporation

deeds, mortgages, bonds, contracts and other instruments except in cases in

which the signing and execution thereof shall be expressly delegated by the

Board, the Chief Executive Officer (as permitted under Section 5.7 above) or by

these By-laws to some other officer or agent of the Corporation or shall be

required by statute otherwise to be signed or executed and, in general, the

President shall perform all duties incident to the office of President of a

corporation and such other duties as may from time to time be assigned to the

President by the Board or the Chief Executive Officer.

                5.9           Vice Presidents.  At the request of the President, or, in the

President’s absence, at the request of the Board, the Vice Presidents shall (in

such order as may be designated by the Board, or, in the absence of any such

designation, in order of seniority based on age) perform all of the duties of

the President and, in so performing, shall have all the powers of, and be

subject to all restrictions upon, the President.  Any Vice President may sign and execute in the name of the

Corporation deeds, mortgages, bonds, contracts or other instruments, except in

cases in which the signing and execution thereof shall be expressly delegated

by the Board, by the Chief Executive Officer or by these By-laws to some other

officer or agent of the Corporation, or shall be required by statute otherwise

to be signed or executed, and each Vice President shall perform such other

duties as from time to time may be assigned to such Vice President by the

Board, by the Chief Executive Officer or by the President.

                5.10         Secretary.  The Secretary shall attend all meetings of

the Board and of the Stockholders and shall record all the proceedings of the

meetings of the Board and of the stockholders in a book to be kept for that

purpose, and shall perform like duties for committees of the Board, when

required.  The Secretary shall give, or

cause to be given, notice of all special meetings of the Board and of the

stockholders and shall perform such other duties as may be prescribed by the

Board or by the Chief Executive Officer, under whose supervision the Secretary

shall be.  The Secretary shall have

custody of the corporate seal of the Corporation, and the Secretary, or an

Assistant Secretary, shall have authority to impress the same on any instrument

requiring it, and when so impressed the seal may be attested by the signature

of the Secretary or by the signature of such Assistant Secretary.  The Board may give general authority to any

other officer to impress the seal of the Corporation and to attest the same by

such officer’s signature.  The Secretary

or an Assistant Secretary may also attest all instruments signed by the Chief

Executive Officer, the President, the Treasurer or any Vice President.  The Secretary shall have charge of all the

books, records and papers of the Corporation relating to its organization and

management, shall see that the reports, statements and other documents required

by statute are properly kept and filed and, in general, shall perform all

duties incident to the office of Secretary of a corporation and such other

duties as may from time to time be assigned to the Secretary by the Board or by

the Chief Executive Officer.

                5.11         Treasurer.  The Treasurer shall have charge and custody

of, and be responsible for, all funds, securities and notes of the Corporation;

receive and give receipts for moneys due and payable to the Corporation from

any sources whatsoever; deposit all such moneys and valuable effects in the

name and to the credit of the Corporation in such depositaries as may be

designated by the Board; against proper vouchers, cause such funds to be

disbursed by checks or drafts on the authorized depositaries of the Corporation

signed in such manner as shall be determined by the Board and be responsible

for the accuracy of the amounts of all moneys so disbursed; regularly enter or

cause to be entered in books or other records maintained for the purpose full

and adequate account of all moneys received or paid for the account of the

Corporation; have the right to require from time to time reports or statements

giving such information as the Treasurer may desire with respect to any and all

financial transactions of the Corporation from the officers or agents

transacting the same; render to the President, the Chief Executive Officer or

the Board, whenever the President, the Chief Executive Officer or the Board

shall require the Treasurer so to do, an account of the financial condition of

the Corporation and of all financial transactions of the Corporation; exhibit

at all reasonable times the records and books of account to any of the

Directors upon application at the office of the Corporation where such records

and books are kept; disburse the funds of the Corporation as ordered by the

Board; and, in general, perform all duties incident to the office of Treasurer

of a corporation and such other duties as may from time to time be assigned to

the Treasurer by the Board or the Chief Executive Officer.

                5.12         Assistant Secretaries and

Assistant Treasurers.  Assistant

Secretaries and Assistant Treasurers shall perform such duties as shall be

assigned to them by the Secretary or by the Treasurer, respectively, or by the

Board or by the Chief Executive Officer.

                5.13         Compliance Officer.  The Compliance Officer shall be selected by

the Board or the Chief Executive Officer and shall be responsible for enforcing

compliance with the Corporation’s insider trading policies in accordance with

those policies.

 

ARTICLE 6

 

CONTRACTS, CHECKS, DRAFTS,

BANK ACCOUNTS, ETC.

                6.1           Execution of Contracts.  The Board, except as otherwise provided in

these By-laws, may prospectively or retroactively authorize any officer or

officers, employee or employees or agent or agents, in the name and on behalf

of the Corporation, to enter into any contract or execute and deliver any

instrument, and any such authority may be general or confined to specific

instances, or otherwise limited.

                6.2           Loans.  The Board may prospectively or retroactively

authorize the Chief Executive Officer or any other officer, employee or agent

of the Corporation to effect loans and advances at any time for the Corporation

from any bank, trust company or other institution, or from any firm,

corporation or individual, and for such loans and advances the person so

authorized may make, execute and deliver promissory notes, bonds or other

certificates or evidences of indebtedness of the Corporation, and, when

authorized by the Board so to do, may pledge and hypothecate or transfer any

securities or other property of the Corporation as security for any such loans

or advances.  Such authority conferred

by the Board may be general or confined to specific instances, or otherwise

limited.

                6.3           Checks, Drafts, Etc.  All checks, drafts and other orders for the

payment of money out of the funds of the Corporation and all evidences of

indebtedness of the Corporation shall be signed on behalf of the Corporation in

such manner as shall from time to time be determined by resolution of the

Board.

                6.4           Deposits.  The funds of the Corporation not otherwise

employed shall be deposited from time to time to the order of the Corporation

with such banks, trust companies, investment banking firms, financial

institutions or other depositaries as the Board may select or as may be

selected by an officer, employee or agent of the Corporation to whom such power

to select may from time to time be delegated by the Board.

 

ARTICLE 7

 

STOCK

AND DIVIDENDS

                7.1           Certificates Representing Shares.  The shares of capital stock of the Corporation

shall be represented by certificates in such form (consistent with the

provisions of Section 158 of the General Corporation Law) as shall be approved

by the Board.  Such certificates shall

be signed by the Chairman, the President or a Vice President and by the

Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer,

and may be impressed with the seal of the Corporation or a facsimile

thereof.  The signatures of the officers

upon a certificate may be facsimiles, if the certificate is countersigned by a

transfer agent or registrar other than the Corporation itself or its

employee.  In case any officer, transfer

agent or registrar who has signed or whose facsimile signature has been placed

upon any certificate shall have ceased to be such officer, transfer agent or

registrar before such certificate is issued, such certificate may, unless

otherwise ordered by the Board, be issued by the Corporation with the same

effect as if such person were such officer, transfer agent or registrar at the

date of issue.

                7.2           Transfer of Shares.  Transfers of shares of capital stock of the

Corporation shall be made only on the books of the Corporation by the holder

thereof or by the holder’s duly authorized attorney appointed by a power of

attorney duly executed and filedwith the Secretary or a transfer agent of

the Corporation, and on surrender of the certificate or certificates

representing such shares of capital stock prop­erly endorsed for transfer and

upon payment of all necessary transfer taxes. 

Every certificate exchanged, returned or surrendered to the Corporation

shall be marked “Cancelled,” with the date of cancellation, by the Secretary or

an Assistant Secretary or the transfer agent of the Corporation.  A person in whose name shares of capital

stock shall stand on the books of the Corporation shall be deemed the owner

thereof to receive dividends, to vote as such owner and for all other purposes

as respects the Corporation.  No

transfer of shares of capital stock shall be valid as against the Corporation,

its stockholders and creditors for any purpose, except to render the transferee

liable for the debts of the Corporation to the extent provided by law, until

such transfer shall have been entered on the books of the Corporation by an entry

showing from and to whom transferred.

                7.3           Transfer and Registry Agents.  The Corporation may from time to time

maintain one or more transfer offices or agents and registry offices or agents

at such place or places as may be determined from time to time by the Board.

                7.4           Lost, Destroyed, Stolen and

Mutilated Certificates.  The holder

of any shares of capital stock of the Corporation shall immediately notify the

Corporation of any loss, destruction, theft or mutilation of the certificate

representing such shares, and the Corporation may issue a new certificate to

replace the certificate alleged to have been lost, destroyed, stolen or

mutilated.  The Board may, in its

discretion, as a condition to the issue of any such new certificate, require

the owner of the lost, destroyed, stolen or mutilated certificate, or his or

her legal representatives, to make proof satisfactory to the Board of such

loss, destruction, theft or mutilation and to advertise such fact in such

manner as the Board may require, and to give the Corporation and its transfer

agents and registrars, or such of them as the Board may require, a bond in such

form, in such sums and with such surety or sureties as the Board may direct, to

indemnify the Corporation and its transfer agents and registrars against any

claim that may be made against any of them on account of the continued

existence of any such certificate so alleged to have been lost, destroyed,

stolen or mutilated and against any expense in connection with such claim.

                7.5           Rules and Regulations.  The Board may make such rules and

regulations as it may deem expedient, not inconsistent with these By-laws or

with the Certificate of Incorporation, concerning the issue, transfer and

registration of certif­icates representing shares of its capital stock.

                7.6           Restriction on Transfer of Stock.  A written restriction on the transfer or

registration of transfer of capital stock of the Corporation, if permitted by

Section 202 of the General Corporation Law and noted conspicuously on the

certificate representing such capital stock, may be enforced against the holder

of the restricted capital stock or any successor or transferee of the holder,

including an executor, administrator, trustee, guardian or other fiduciary

entrusted with like responsibility for the person or estate of the holder.  Unless noted conspicuously on the

certificate rep­resenting such capital stock, a restriction, even though

permitted by Section 202 of the General Corporation Law, shall be ineffective

except against a person with actual knowledge of the restriction.  A restriction on the transfer or

registration of transfer of capital stock of the Corporation may be imposed

either by the Certificate of Incorporation or by an agreement among any number

of stockholders or among such stockholders and the Corporation.  No restriction so imposed shall be binding

with respect to capital stock issued prior to the adoption of the restriction

unless the holders of such capital stock are parties to an agreement or voted

in favor of the restriction.

                7.7           Dividends, Surplus, Etc.  Subject to the provisions of the Certificate

of Incorporation and of law, the Board:

                7.7.1        may declare and pay dividends or make

other distributions on the outstanding shares of capital stock in such amounts

and at such time or times as it, in its discretion, shall deem advisable giving

due consideration to the condition of the affairs of the Corporation;

                7.7.2        may use and apply, in its discretion,

any of the surplus of the Corporation in purchasing or acquiring any shares of

capital stock of the Corporation, or purchase warrants therefor, in accordance

with law, or any of its bonds, debentures, notes, scrip or other securities or

evidences of indebtedness; and

                7.7.3        may set aside from time to time out of

such surplus or net profits such sum or sums as, in its discretion, it may

think proper, as a reserve fund to meet contingencies, or for equalizing

dividends or for the purpose of maintaining or increasing the property or

business of the Corporation, or for any purpose it may think conducive to the

best interests of the Corporation.

 

ARTICLE 8

 

INDEMNIFICATION

                8.1           Indemnity Undertaking.  To the extent not prohibited by law, the

Corporation shall indemnify any Director or officer who is or was made, or

threatened to be made, a party to any threatened, pending or completed action,

suit or proceeding (a “Proceeding”), whether civil, criminal, administrative or

investigative, including, without limitation, an action by or in the right of

the Corporation to procure a judgment in its favor, by reason of the fact that

such Director or officer, or a person of whom such Director or officer is the

legal representative, is or was a Director or officer of the Corporation, or,

at the request of the Corporation, is or was serving as a director or officer

of any other corporation or in a capacity with comparable authority or

responsibilities for any partnership, joint venture, trust, employee benefit

plan or other enterprise (an “Other Entity”), against judgments, fines,

penalties, excise taxes, amounts paid in settlement and costs, charges and

expenses (including attorneys’ fees, disbursements and other charges).  Persons who are not directors or officers of

the Corporation may be similarly indemnified in respect of service to the Corporation

or to an Other Entity at the request of the Corporation to the extent the Board

at any time specifies that such persons are entitled to the benefits of this

Article 8.

                8.2           Advancement of Expenses.  The Corporation shall, from time to time, reimburse

or advance to any Director or officer or other person entitled to

indemnification hereunder the funds necessary for payment of expenses,

including attorneys’ fees and disbursements, incurred in connection with any

Proceeding, in advance of the final disposition of such Proceeding; provided,

however, that, if required by the General Corporation Law, such expenses

incurred by or on behalf of any Director or officer or other person may be paid

in advance of the final disposition of a Proceeding only upon receipt by the

Corporation of an undertaking, by or on behalf of such Director or officer (or

other person indemnified hereunder), to repay any such amount so advanced if it

shall ultimately be determined by final judicial decision from which there is no

further right of appeal that such Director, officer or other person is not

entitled to be indemnified for such expenses.

                8.3           Rights Not Exclusive.  The rights to indemnification and

reimbursement or advancement of expenses provided by, or granted pursuant to,

this Article 8 shall not be deemed exclusive of any other rights to which a

person seeking indemnification or reimbursement or advancement of expenses may

have or hereafter be entitled under any statute, the Certificate of

Incorporation, these By-laws, any agree­ment, any vote of stockholders or

disinterested Directors or otherwise, both as to action in his or her official

capacity and as to action in another capacity while holding such office.

                8.4           Continuation of Benefits.  The rights to indemnification and

reimbursement or advancement of expenses provided by, or granted pursuant to,

this Article 8 shall continue as to a person who has ceased to be a Director or

officer (or other person indemnified hereunder) and shall inure to the benefit

of the heirs, executors and administrators of such person.

                8.5           Insurance.  The Corporation shall have power to purchase

and maintain insurance on behalf of any director or officer of the Corporation,

or is or was serving at the request of the Corporation as a director or officer

of an Other Entity, against any liability asserted against such person and

incurred by such person in any such capacity, or arising out of such person’s

status as such, whether or not the Corporation would have the power to

indemnify such person against such liability under the provisions of this

Article 8, the Certificate of Incorporation or under Section 145 of the General

Corporation Law or any other provision of law.

                8.6           Procedural Rights.  The rights to indemnification and

reimbursement or advancement of expenses provided by, or granted pursuant to,

this Article 8 shall be enforceable by any person entitled to such

indemnification or reimbursement or advancement of expenses in any court of

competent jurisdiction.  The burden of

proving that such indemnification or reimbursement or advancement of expenses

is not appropriate shall be on the Corporation.  Neither the failure of the Corporation (including its Board of

Directors, its independent legal counsel and its stockholders) to have made a

determination prior to the commencement of such action that such

indemnification or reimbursement or advancement of expenses is proper in the

circumstances nor an actual determination by the Corporation (including its

Board of Directors, its independent legal counsel and its stockholders) that

such person is not entitled to such indemnification or reimbursement or

advancement of expenses shall constitute a defense to the action or create a

presumption that such person is not so entitled.  Such a person shall also be indemnified for any expenses incurred

in connection with successfully establishing his or her right to such

indemnification or reimbursement or advancement of expenses, in whole or in

part, in any such proceeding.

                8.7           Service Deemed at Corporation’s

Request.  Any Director or officer of

the Corporation serving in any capacity (a) another corporation of which a

majority of the shares entitled to vote in the election of its directors is

held, directly or indirectly, by the Corporation or (b) any employee benefit

plan of the Corporation or any corporation referred to in clause (a) shall be

deemed to be doing so at the request of the Corporation.

                8.8           Election of Applicable Law.  Any person entitled to be indemnified or to

reimbursement or advancement of expenses as a matter of right pursuant to this

Article 8 may elect to have the right to indemnification or reimbursement or

advancement of expenses interpreted on the basis of the applicable law in

effect at the time of the occurrence of the event or events giving rise to the

applicable Proceeding, to the extent permitted by law, or on the basis of the

applicable law in effect at the time such indemnification or reimbursement or

advancement of expenses is sought.  Such

election shall be made, by a notice in writing to the Corporation, at the time

indemnification or reimbursement or advancement of expenses is sought; provided,

however, that if no such notice is given, the right to indemnification

or reimbursement or advancement of expenses shall be determined by the law in

effect at the time indemnification or reimbursement or advancement of expenses

is sought.

 

ARTICLE 9

 

BOOKS

AND RECORDS

                9.1           Books and Records.  There shall be kept at the principal office

of the Corporation correct and complete records and books of account recording

the financial transactions of the Corporation and minutes of the proceedings of

the stockholders, the Board and any committee of the Board.  The Corporation shall keep at its principal

office, or at the office of the transfer agent or registrar of the Corporation,

a record containing the names and addresses of all stockholders, the number and

class of shares held by each and the dates when they respectively became the

owners of record thereof.

                9.2           Form of Records.  Any records maintained by the Corporation in

the regular course of its business, including its stock ledger, books of

account, and minute books, may be kept on, or be in the form of, punch cards,

magnetic tape, photographs, microphotographs, or any other information storage

device, provided that the records so kept can be converted into clearly legible

written form within a rea­sonable time. 

The Corporation shall so convert any records so kept upon the request of

any person entitled to inspect the same.

                9.3           Inspection of Books and Records.  Except as otherwise provided by law, the

Board shall determine from time to time whether, and, if allowed, when and

under what conditions and regulations, the accounts, books, minutes and other

records of the Corporation, or any of them, shall be open to the stockholders

for inspection.

 

ARTICLE 10

 

SEAL

                The

corporate seal shall have inscribed thereon the name of the Corporation, the

year of its organization and the words “Corporate Seal, Delaware.” The seal may

be used by causing it or a facsimile thereof to be impressed or affixed or

otherwise reproduced.

 

ARTICLE 11

 

FISCAL

YEAR

                The

fiscal year of the Corporation shall be fixed, and may be changed, by

resolution of the Board.

ARTICLE 12

 

PROXIES

AND CONSENTS

                Unless

otherwise directed by the Board, the Chief Executive Officer, the Chairman, the

President, any Vice President, the Secretary or the Treasurer, or any one of

them, may execute and deliver on behalf of the Corporation proxies respecting

any and all shares or other ownership interests of any Other Entity owned by

the Corporation appointing such person or persons as the officer executing the

same shall deem proper to represent and vote the shares or other ownership

interests so owned at any and all meetings of holders of shares or other

ownership interests, whether general or special, and/or to execute and deliver

consents respecting such shares or other ownership interests; or any of the

aforesaid officers may attend any meeting of the holders of shares or other ownership

interests of such Other Entity and thereat vote or exercise any or all other

powers of the Corporation as the holder of such shares or other ownership

interests.

 

ARTICLE 13

 

EMERGENCY

BY-LAWS

                Unless

the Certificate of Incorporation provides otherwise, the following provisions

of this Article 13 shall be effective during an emergency, which is defined as

when a quorum of the Corporation’s Directors cannot be readily assembled

because of some catastrophic event. 

During such emergency:

                13.1         Notice to Board Members.  Any one member of the Board or any one of

the following officers: Chairman, Chief Executive Officer, President, any Vice

President, Secretary, or Treasurer, may call a meeting of the Board.  Notice of such meeting need be given only to

those Directors whom it is practicable to reach, and may be given in any

practical manner, including by publication and radio.  Such notice shall be given at least six hours prior to

commencement of the meeting.

                13.2         Temporary Directors and Quorum.  One or more officers of the Corporation

present at the emergency Board meeting, as is necessary to achieve a quorum,

shall be considered to be Directors for the meeting, and shall so serve in

order of rank, and within the same rank, in order of seniority.  In the event that less than a quorum of the

Directors are present (including any officers who are to serve as Directors for

the meeting), those Directors present (including the officers serving as

Directors) shall constitute a quorum.

13.3         Actions Permitted To Be Taken.  The Board as constituted in Section 13.2, and after notice as set forth in

Section 13.1 may:

13.3.1      prescribe emergency powers to any officer

of the Corporation;

13.3.2      delegate to any officer or Director, any

of the powers of the Board;

13.3.3      designate

lines of succession of officers and agents, in the event that any of them are

unable to discharge their duties;

13.3.4      relocate the principal place of business,

or designate successive or simultaneous principal places of business; and

13.3.5      take any other convenient, helpful or

necessary action to carry on the business of the Corporation.

 

ARTICLE 14

 

AMENDMENTS

                The

Board may from time to time adopt, amend or repeal the By-laws of the

Corporation; provided, however, that any by-laws adopted or

amended by the Board may be amended or repealed, and any by-laws may be

adopted, by the stockholders of the Corporation, by a vote of a majority of the

holders of shares of stock of the Corporation entitled to vote in the election

of the directors of the Corporation.Prepared by MERRILL CORPORATION

Exhibit 10.37

 

      STATE OF DELAWARE

     SECRETARY OF STATE

DIVISION

OF CORPORATION

FILED

12:00 PM 08/15/2001

     010402011 - 2346943

 

AMENDMENT NO. 1

TO

RESTATED CERTIFICATE OF INCORPORATION

OF

LODGENET ENTERTAINMENT CORPORATION

 

                The

undersigned, being a duly authorized officer of LodgeNet Entertainment

Corporation (the “Corporation”), a corporation organized and exisiting under

the laws of the state Delaware, hereby certifies as follows:

 

1.                   

That the first sentence of Article Fourth of the

Restated Certificate of Incorporation of the Corporation has been amended to

read as follows:

 

The total number of shares

of stock which the Corporation shall have authority to issue is 55,000,000, of

which 50,000,000 shall be common stock, par value $0.01 per share (the “Common

Stock”) and 5,000,000 shall be preferred stock, $0.01 par value per share (the

“Preferred Stock”).

 

2.                   

That the remainder of Article Fourth remains

unchanged.

 

3.                   

That the above described amendment to the

Corporation’s Restated Certificate of Incorporation was duly adopted in

accordance with the provisions of Section 242 of the General Corporation Law of

the State of Delaware.

 

                IN

WITNESS WHEREOF, the undersigned has caused this Amendment to be signed in the

name of the Corporation this 7 day of August, 2001.

 

	

  LODGENET ENTERTAINMENT

  CORPORATION

  
	

   

  	

   

  
	

  By:

  	

    /s/ Scott C. Peterson

  
	

   

  	

   

  
	

  Its:

  	

  President

  

 

 

	

  Attest:

  
	

   

  
	

  Daniel

  Johnson

  
	

  Secretary       Daniel Johnson

  

State of Delaware

 

Office of the Secretary of State

 

 

                I,

HARRIET SMITH WINDSOR, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY

CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF AMENDMENT

OF “LODGENET ENTERTAINMENT CORPORATION”, FILED IN THIS OFFICE ON THE FIFTEENTH

DAY OF AUGUST, A.D., 2001, AT 12 O’CLOCK P.M.

 

                A

FILED COPY OF THIS CERTIFICATE HAS BEEN FORWARDED TO THE NEW CASTLE COUNTY

RECORDER OF DEEDS.

 

 

 

 

	

   

  	

  /s/ Harriet Smith Windsor

  
	

   

  	

  Harriet

  Smith Windwor, Secretary of State

  
	

   

  	

   

  	

   

  
	

  2346943   8100

  	

  AUTHENTICATION: 

  	

  1298762

  
	

   

  	

   

  
	

  010402011

  	

  DATE:

  	

  08-6-01

  
					

RESTATED

CERTIFICATE OF INCORPORATION

 

OF

 

LODGENET

ENTERTAINMENT CORPORATION

 

 

                LodgeNet

Entertainment Corporation a corporation organized and existing under the laws

of the State of Delaware (the “Corporation”), hereby certifies as follows:

 

1.             The present name of the Corporation

is LodgeNet Entertainment Corporation. 

The name under which the Corporation was originally incorporated was

LNet, Inc.

 

2.             The date of filing the

Corporation’s original Certificate of Incorporation with the Secretary of State

of the State of Delaware is August 10, 1993.

 

3.             The text of the Certificate of

Incorporation of the Corporation is hereby amended and restated to read as

follows;

 

FIRST.               The name of the corporation is LodgeNet Entertainment

Corporation (the “Corporation”).

 

SECOND.         The address of the Corporation’s registered office in the

State of Delaware is 1209 Orange Street, in the City of Wilmington, County of

New Castle.  The name of its registered

agent at such address is The Corporation Trust Company.

 

THIRD.              The purpose of

the Corporation is to engage in any lawful act or activity for which

corporations may be organized under the General Corporation Law of the Sate of

Delaware (“DGCL”).

FOURTH.          The total

number of shares of stock which the Corporation shall have authority to issue is

55,000,000 of which 50,000,000 shall be common stock par value $0.01 per share

(the “Common Stock”) and 5,000,000 shall be preferred stock, $0.01 per value

per share (the “Preferred Stock”).  The

Preferred Stock may be issued from time to time in one or more series, each of

which (a) shall consist of such number of shares and shall have such

distinctive serial designation; (b) may have such voting powers, full or

limited, or may be without voting powers; (c) may be subject to redemption at

such time or times and at such prices; (d) may be entitled to receive dividends

(which may be cumulative or noncumulative) at such rate or rates, on such

conditions, and at such times, and payable in preference or in such relation to

the dividends payable on any other class or classes or series of stock; (e) may

have such rights upon the dissolution, or upon any distribution of the assets,

of the Corporation; (f) may be made convertible into, or exchangeable for,

shares of any other class or classes or of any other series of the same or any

other class or classes of stock of the Corporation, at such price or prices or

at such rates of exchange and with such adjustments; and (g) shall have such

other relative, participating, optional or other special rights, qualifications,

limitations and/or restrictions thereof, all as shall be stated and expressed

in the resolution or resolutions providing for the issue of the particular

series of such Preferred Stock from time to time adopted by the Board of

Directors of the Corporation pursuant to authority so to do which is hereby

vested in such Board.

 

The Common Stock shall

entitle the holders thereof to one vote per share on each proposition submitted

to such holders for their vote thereon.

 

The number of authorized

shares of any class of stock of the Corporation, including without limitation

the Preferred Stock and the Common Stock, may be increased or decreased by the

affirmative vote of the holders of a majority of all of the stock of the

Corporation entitled to vote, without regard to class.

 

FIFTH.           A.    The business

and affairs of the Corporation shall be managed by or under the direction of

the Board of Directors (the “Board”).

 

                        B.    The Board shall consist of not less than

three nor more than nine directors, with the exact number of directors to be

fixed from time to time by or in the manner provided in the Corporation’s

bylaws.

 

                        C.    The Board shall be divided into three

classes of directors, as nearly equal in number as possible, with the term of

the office of directors in the first class to expire at the annual election of

directors of the Corporation in 1994, the term of office of directors of the

second class to expire at the annual election of directors of the Corporation

in 1995 and the term of office of directors of the third class to expire at the

annual election of directors of the Corporation in 1996.  At each annual election of directors of the

Corporation, directors chosen to succeed those whose terms then expire shall be

elected for a term of office expiring at the third succeeding annual election

of directors of the Corporation occurring after their election.  Notwithstanding the foregoing provisions of

this Paragraph C, each director of the Corporation shall serve until his or her

successor is duly elected and qualified or until his or her earlier death,

resignation or removal.

                        D.    In the event of any increase or decrease in

the authorized number of directors, the newly created or eliminated

directorships resulting from such increase or decrease shall be apportioned by the

Board among the three classes of directors so as to maintain such classes as

nearly equal in number as possible.  No

decrease in the number of directors constituting the Board shall shorten the

term of any incumbent director.

 

                        E.Stockholders of the Corporation may effect the

removal of a director from the Board only for cause.

 

                        F.Notwithstanding the foregoing, whenever the

holders of any one or more series of capital stock issued by the Corporation

having a preference over the Common Stock as to dividends or upon liquidation

shall have the right, voting separately by class or series, to elect directors

at an annual or special meeting of stockholders, the election, term of office,

filling of vacancies, terms of removal and other features of such directorships

shall be governed by the resolution or resolutions establishing such series

adopted pursuant to Article FOURTH and such directors so elected shall not be

divided into classes pursuant to this Article FIFTH or counted in the limits on

the number of directors of the Corporation set forth in this Article FIFTH,

unless expressly so provided by such resolution or resolutions.

 

                        G.    Advance notice of nominations for the

election of directors and advance notice of other proposals for stockholder

action shall be given in the manner set forth in the bylaws of the Corporation.

 

SIXTH.              In furtherance

and not in limitation of the powers conferred by statute, the Board is

expressly authorized:

 

                        A.    To adopt, alter, amend and repeal the bylaws

of the Corporation (except insofar as the bylaws of the Corporation adopted by

the stockholders of the Corporation shall otherwise provide); and

 

                        B.    To provide for the indemnification of

directors, officers, employees and agents of the Corporation, and of persons

who serve other enterprises in such or similar capacities at the request of the

Corporation, in a manner and to the extent permitted by the DGCL, or any other

applicable law, as may from time to time be in effect.

 

SEVENTH.    A director of

the Corporation shall not be personally liable to the Corporation or its

stockholders for monetary damages for breach of fiduciary duty as a director,

except that this provision does not eliminate or limit the liability of a

director (a) for any breach of the director’s duty of loyalty to the

Corporation or its stockholders, (b) for acts or omissions not in good faith or

which involve intentional misconduct or a knowing violation of law, (c) under

Section 174 of the DGCL, or (d) for any transaction from which the director

derived any improper personal benefit. 

If the DGCL is amended at any time to further eliminate or limit, or to

authorize further elimination or limitation of, the personal liability of

directors, then the personal liability of a director to the Corporation or its

stockholders shall be eliminated or limited to the full extend permitted by the

DGCL, as so amended.  Any repeal or

modification of this Article SEVENTH shall not adversely affect any right or

protection of a director of the Corporation existing at the time of such repeal

or modification.

EIGHTH.            Elections of

directors of the Corporation need not be by written ballot unless the bylaws of

the Corporation shall so provide.

 

NINTH.              Any action

required or permitted to be taken by the holders of Common Stock of the

Corporation must be taken at a duly called annual or special meeting of such

holders and may not be taken by written consent of such holders.

 

TENTH.             The Corporation

expressly elects to be governed by Section 203 of the DGCL.

 

ELEVENTH.   Whenever a compromise

or arrangement is proposed between the Corporation and its creditors or any

class of them and/or between the 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 the Corporation or of any creditor or

stockholder thereof or on the application of any receiver or receivers

appointed for the 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 the 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

the 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 the Corporation, as the

case may be, agree to any compromise or arrangement and to any reorganization

of the 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 or class of creditors, and/or on all the

stockholders or class of stockholders, of the Corporation, as the case may be,

and also on the Corporation.

 

TWELFTH.   The Corporation

reserves the right to amend its Certificate of Incorporation, and to thereby

change or repeal any provision therein contained from time to time, in the

manner prescribed at the time by statute, and all rights conferred upon

stockholders by such Certificate of Incorporation are granted subject to this

reservation, except that any amendment or repeal of Article NINTH of this

Certificate of Incorporation, or of this Article, shall require the affirmative

vote of the holders of at least 80% of the then outstanding voting stock of the

Corporation.

 

*             

*            *            *

            4.             This Restated

Certificate of Incorporation was duly adopted in accordance with the provisions

of Section 245 of the General Corporation Law of the State of Delaware.

 

IN WITNESS WHEREOF, said LodgeNet Entertainment Corporation has caused

this Restated Certificate of Incorporation to be signed by Scott C. Petersen,

its President and its corporate seal to be hereunto affixed and attested by

Daniel P. Johnson, its Secretary this 7th day of August, 2001.

 

	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  LodgeNet Entertainment

  Corporation

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  (Corporate Seal)

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  By

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

  President

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  By

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

  Secretary

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