Document:

Exhibit 4.1

 Exhibit 4.1 
  
 EXECUTION COPY 
  

  
 MBNA CREDIT CARD MASTER NOTE TRUST

  
 as Issuer 
  
 CLASS A(2004-4) TERMS DOCUMENT 
  
 dated as of April 15, 2004 
  
 to 
  
 MBNASERIES INDENTURE SUPPLEMENT 
  
 dated as of May 24, 2001 
  
 to 
  
 INDENTURE 
  
 dated as of May 24, 2001 
  
 THE BANK OF NEW YORK

  
 as Indenture Trustee 
  

 TABLE OF CONTENTS 
  

					
	 	  	Page

	Article I	  	 
		
	Definitions and Other Provisions of General Application	  	 
			
	 Section 1.01.
	 	 Definitions
	  	1
			
	 Section 1.02.
	 	 Governing Law; Submission to Jurisdiction; Agent for Service of Process
	  	6
			
	 Section 1.03.
	 	 Counterparts
	  	6
			
	 Section 1.04.
	 	 Ratification of Indenture and Indenture Supplement
	  	6
		
	Article II	  	 
		
	The Class A(2004-4) Notes	  	 
			
	 Section 2.01.
	 	 Creation and Designation
	  	8
			
	 Section 2.02.
	 	 Specification of Required Subordinated Amount and other Terms
	  	8
			
	 Section 2.03.
	 	 Interest Payment
	  	8
			
	 Section 2.04.
	 	 Payments of Interest and Principal
	  	9
			
	 Section 2.05.
	 	 Form of Delivery of Class A(2004-4) Notes; Depository; Denominations
	  	9
			
	 Section 2.06.
	 	 Delivery and Payment for the Class A(2004-4) Notes
	  	9
			
	 Section 2.07.
	 	 Targeted Deposits to the Accumulation Reserve Account
	  	10
			
	 Section 2.08.
	 	 Derivative Agreement
	  	10
			
	 Section 2.09.
	 	 Interest Reserve Account
	  	11
			
	 Section 2.10.
	 	 Early Redemption Events
	  	12
			
	 Section 2.11.
	 	 Derivative Reserve Account
	  	13
			
	 Section 2.12.
	 	 Termination Payments
	  	14
		
	Article III	  	 
		
	Representations and Warranties	  	 
			
	 Section 3.01.
	 	 Issuer’s Representations and Warranties
	  	15

  

 -i- 

 THIS CLASS A(2004-4) TERMS DOCUMENT (this “Terms Document”), by and between MBNA CREDIT
CARD MASTER NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, and THE BANK OF NEW
YORK, a New York banking corporation ( the “Indenture Trustee”), is made and entered into as of April 15, 2004. 
  
 Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new tranche of Class A Notes and shall specify the principal terms
thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01. Definitions. For all purposes of this Terms Document,
except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(1)	the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 

  

	 	(2)	all other terms used herein which are defined in the Indenture Supplement or the Indenture, either directly or by reference therein, have the meanings assigned to them therein;

  

	 	(3)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein
expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date
of such computation; 

  

	 	(4)	all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions
of this Terms Document as originally executed; 

  

	 	(5)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular
Article, Section or other subdivision; 

  

	 	(6)	in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture,
the terms and provisions of this Terms Document shall be controlling; 

  

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2004-4) Notes and no other tranche of Notes issued by the Issuer; and 

	 	(8)	“including” and words of similar import will be deemed to be followed by “without limitation.” 

  
 “Accumulation Reserve Funding Period” shall mean, (a) if the
Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months
prior to the first Transfer Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2004-4) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period
following the first Transfer Date following and including the March 2005 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to
commence earlier than 24 months prior to the Expected Principal Payment Date, (iii) the Monthly Period following the first Transfer Date following and including the September 2005 Transfer Date for which the Quarterly Excess Available Funds
Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer
Date following and including the November 2005 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16
months prior to the Expected Principal Payment Date and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2004-4) Notes and (ii) the
date on which the Class A(2004-4) Notes are paid in full. 
  
 “Base Rate” means, with respect to any Monthly Period, the sum of (i) the Weighted Average Interest Rates for the Outstanding MBNAseries Notes, (ii) the Net Servicing Fee Rate (as such term is defined in the Series 2001-D
Supplement) and (iii) so long as MBNA or The Bank of New York is the Servicer, the Servicer Interchange Rate, in each case, for such Monthly Period. 
  
 “Class A(2004-4) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2004-4) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class A(2004-4) Noteholder” means a Person in whose name a Class A(2004-4) Note is registered in the Note Register. 
  
 “Class A(2004-4) Termination Date” means the earliest to
occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2004-4) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to
Article VI thereof. 
  
 “Class A Required
Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 
  

 2 

 “Class A Required Subordinated Amount of Class C Notes” is defined in Section
2.02(b). 
  
 “Controlled Accumulation Amount”
means $112,500,000; provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount shall be
the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 
  
 “Derivative Agreement” means the ISDA Master Agreement, together with the Schedule and the Confirmation thereto, each dated as of April
15, 2004, between the Issuer and the Derivative Counterparty, as such Derivative Agreement may be amended, modified or replaced. 
  
 “Derivative Counterparty” means Dresdner Bank AG and any of its successors or transferees under the Derivative Agreement. 
  
 “Derivative Fixed Rate” means, for any applicable Interest
Period, the fixed rate specified in the Derivative Agreement. 
  
 “Derivative Reserve Account” is defined in Section 2.11. 
  
 “Excess Available Funds Percentage” means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly
Period. 
  
 “Expected Principal Payment Date”
means April 16, 2007. 
  
 “Fixed Amount” means,
for any Transfer Date, an amount equal to the fixed amount (including the amount of any termination payment payable by the Derivative Counterparty to the Issuer pursuant to Section 6 of the Derivative Agreement following the termination of the
Derivative Agreement pursuant to the terms thereof) payable by the Derivative Counterparty to the Issuer for such date pursuant to the Derivative Agreement for interest for the Class A(2004-4) Notes. 
  
 “Floating Amount” means, for any Transfer Date, an amount
equal to (a) the floating amount (excluding the amount of any termination payment payable by the Issuer to the Derivative Counterparty pursuant to Section 6 of the Derivative Agreement following the termination of the Derivative Agreement pursuant
to the terms thereof) payable by the Issuer to the Derivative Counterparty for such date pursuant to the Derivative Agreement for interest for the Class A(2004-4) Notes, minus (b) the amount, if any, by which the PFA Accumulation Earnings
Shortfall plus the PFA Prefunding Earnings Shortfall for the Class A(2004-4) Notes for such Transfer Date exceeds the sum of (i) the aggregate amount withdrawn from the Derivative Reserve Account and (ii) the aggregate amount to be treated as
MBNAseries Available Funds pursuant to Section 3.04(a)(i) or 3.04(a)(ii) of the Indenture Supplement, in each case, for the Class A(2004-4) Notes for such Transfer Date; provided, however, that solely for purposes of

  

 3 

 clause (c) of the definition of PFA Accumulation Earnings Target and clause (c) of the definition of PFA Prefunding
Earnings Target, the “Floating Amount” for any Transfer Date will be limited to the amount determined pursuant to clause (a) above. 
  
 “Initial Dollar Principal Amount” means $1,350,000,000. 
  
 “Interest Payment Date” means the fifteenth day of each month commencing May 17, 2004, or if such fifteenth
day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance
Date) through the day preceding such Interest Payment Date. 
  
 “Interest Reserve Account” is defined in Section 2.09. 
  
 “Interest Reserve Account Event” is defined in Section 2.08. 
  
 “Issuance Date” means April 15, 2004. 
  
 “Legal Maturity Date” means September 15, 2009. 
  

“MBNAseries Servicer Interchange” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicer
Interchange (as such term is defined in the Series 2001-D Supplement) with respect to such Monthly Period and (b) a fraction the numerator of which is the Weighted Average Available Funds Allocation Amount for the MBNAseries for such Monthly Period
and the denominator of which is the Weighted Average Available Funds Allocation Amount for all series of Notes for such Monthly Period. 
  
 “Net Derivative Payment” means, for any Transfer Date, (a) if the netting provisions of subsection 2(c)(ii) of the Derivative Agreement
apply, the amount by which the Floating Amount for such date exceeds the Fixed Amount for such date, and (b) otherwise, an amount equal to the Floating Amount for such date. 
  
 “Net Derivative Receipt” means, for any Transfer Date, (a) if the netting provisions of subsection 2(c)(ii)
of the Derivative Agreement apply, the amount by which the Fixed Amount for such date exceeds the Floating Amount for such date, and (b) otherwise, an amount equal to the Fixed Amount for such date. 
  
 “Note Interest Rate” means a per annum rate equal to 2.70%.

  
 “Paying Agent” means The Bank of New York.

  
 “Portfolio Yield” means, with respect to any
Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is (a) the amount of Available Funds allocated to the MBNAseries pursuant to Section 501 of the Indenture, plus (b) any Interest 
  

 4 

 Funding sub-Account Earnings on the related Transfer Date, plus (c) any amounts to be treated as MBNAseries
Available Funds pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement, plus (d) the MBNAseries Servicer Interchange for such Monthly Period, minus (e) the excess, if any, of the sum of the PFA Prefunding
Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate amount to be treated as MBNAseries Available Funds for such Monthly Period pursuant to Sections 3.04(a)(ii) and 3.25(a) of the
Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of MBNAseries Notes for such Monthly Period, minus (f) the MBNAseries Investor Default
Amount for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the MBNAseries for such Monthly Period. 
  
 “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a
portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 306 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall
be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  
 “Quarterly Excess Available Funds Percentage” means, with respect to the March 2005 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of which is
the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three. 
  
 “Record Date” means, for any Transfer Date, the last Business Day of the preceding Monthly Period. 
  
 “Required Accumulation Reserve sub-Account Amount” means,
with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2004-4) Notes as of the close of business on the last day of the preceding
Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not
occur with respect to such change. 
  
 “Required
Derivative Reserve Amount” shall have the meaning specified in the Supplemental Derivative Letter dated as of the date hereof between the Issuer, the Indenture Trustee and the Derivative Counterparty. 
  
 “Required Interest Reserve Amount” is defined in Section
2.08. 
  
 “Servicer Interchange Rate” means,
for any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the MBNAseries Servicer Interchange for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the
MBNAseries for such Monthly Period. 
  
 “Stated Principal
Amount” means $1,350,000,000. 
  

 5 

 “Weighted Average Interest Rates” means, with respect to any Outstanding Notes of a
class or tranche of the MBNAseries, or of all of the Outstanding Notes of the MBNAseries, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date) of the following rates of
interest: 
  
 (a) in the case of a tranche of Dollar
Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to that tranche on that date; 
  
 (b) in the case of a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that tranche on that date; 
  
 (c) in the case of a tranche of Notes with a payment due under a Performing
Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue on that date (prior to the netting of such payments, if applicable); and 
  
 (d) in the case of a tranche of Notes with a non-Performing Derivative
Agreement for interest, the rate specified for that date in the related terms document, which, in the event that the Derivative Agreement for the Class A(2004-4) Notes is non-Performing, is the Note Interest Rate. 
  
 Section 1.02. Governing Law; Submission to Jurisdiction; Agent for Service
of Process. This Terms Document shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws. The parties hereto declare that it is their intention that this Terms
Document shall be regarded as made under the laws of the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of the parties hereto agrees
(a) that this Terms Document involves at least $100,000.00, and (b) that this Terms Document has been entered into by the parties hereto in express reliance upon 6 DEL. C. § 2708. Each of the parties hereto hereby irrevocably and
unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b)(1) to the extent such party is not otherwise subject to service of process in the
State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such
party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to (b)(1) or (2) above shall, to the fullest extent permitted by
applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware. 
  
 Section 1.03. Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an
original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 1.04. Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in 
  
  

 6 

 all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented
and this Terms Document shall be read, taken and construed as one and the same instrument. 
  
 [END OF ARTICLE I] 
  

 7 

 ARTICLE II 
  
 The Class A(2004-4) Notes 
  
 Section 2.01 Creation and Designation. There is hereby created a tranche of MBNAseries Class A Notes to be issued pursuant to the Indenture and the
MBNAseries Indenture Supplement to be known as the “MBNAseries Class A(2004-4) Notes.” 
  
 Section 2.02 Specification of Required Subordinated Amount and other Terms. 
  
 (a) For the Class A(2004-4) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes
will be an amount equal to 8.82353% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2004-4) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2004-4) Notes shall have occurred, if an Event of
Default and acceleration of the Class A(2004-4) Notes shall have occurred or if the Class A Usage of the Class B Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of
the Class A(2004-4) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class B Required Subordinated Amount
exceeded zero. 
  
 (b) For the Class A(2004-4) Notes for any date
of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 8.82353% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2004-4) Notes on such date or (ii) if an Early Redemption Event
with respect to the Class A(2004-4) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2004-4) Notes shall have occurred or if the Class A Usage of the Class C Required Subordinated Amount for such tranche of Class A
Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2004-4) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration
or the date on which the Class A Usage of Class C Required Subordinated Amount exceeded zero. 
  
 (c) The Issuer may change the percentages set forth in clause (a) or (b) above without the consent of any Noteholder so long as the Issuer has (i) received written confirmation from each Note Rating Agency that has
rated any Outstanding Notes of the MBNAseries that the change in either of such percentages will not result in a Ratings Effect with respect to any Outstanding Class A(2004-4) Notes and (ii) delivered to the Indenture Trustee and the Note Rating
Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 
  
 Section 2.03. Interest Payment. 
  
 (a) For each
Interest Payment Date, the amount of interest due with respect to the Class A(2004-4) Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate, times (ii) the Outstanding Dollar Principal Amount of the Class
A(2004-4) Notes determined as of the Record Date preceding the related Transfer Date; provided, however, that for the first Interest Payment Date the amount of interest due is $3,037,500. Interest on the Class A(2004-4) Notes will be
calculated on the basis of a 360-day year and twelve 30-day months. 
  

 8 

 (b) For purposes of Section 3.02(c) and Section 3.13(d) of the Indenture Supplement, for
each Interest Payment Date, the amount owed to the Derivative Counterparty, if any, will be an amount equal to the Net Derivative Payment; provided, however, that solely for purposes of determining the targeted deposit to be made to
the Interest Funding sub-Account for the Class A(2004-4) Notes for any Transfer Date pursuant to Section 3.02(c) of the Indenture Supplement, the targeted deposit to the Interest Funding sub-Account for the Class A(2004-4) Notes will be an
amount equal to the Net Derivative Payment less the aggregate amount, if any, deposited directly into the Interest Funding sub-Account pursuant to Section 2.11(c) for such Transfer Date. 
  
 (c) Pursuant to Section 3.03 of the Indenture Supplement, on each
Transfer Date, the Indenture Trustee shall deposit into the Class A(2004-4) Interest Funding sub-Account the portion of MBNAseries Available Funds allocable to the Class A(2004-4) Notes. 
  
 Section 2.04. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class A(2004-4) Note which is punctually paid or duly
provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2004-4) Note (or one or more Predecessor Notes) is
registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the
third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with
respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
  
 (b) The right of the Class A(2004-4) Noteholders to receive payments from the
Issuer will terminate on the first Business Day following the Class A(2004-4) Termination Date. 
  
 Section 2.05. Form of Delivery of Class A(2004-4) Notes; Depository; Denominations. 
  
 (a) The Class A(2004-4) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202
and 301(i) of the Indenture, respectively. 
  
 (b) The
Depository for the Class A(2004-4) Notes shall be The Depository Trust Company, and the Class A(2004-4) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class A(2004-4) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that
amount. 
  
 Section 2.06. Delivery and Payment for the Class
A(2004-4) Notes. The Issuer shall execute and deliver the Class A(2004-4) Notes to the Indenture Trustee for authentication, 
  

 9 

 and the Indenture Trustee shall deliver the Class A(2004-4) Notes when authenticated, each in accordance with Section
303 of the Indenture. 
  
 Section 2.07. Targeted Deposits
to the Accumulation Reserve Account. 
  
 The deposit targeted
to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 
  
 Section 2.08. Derivative Agreement. 
  
 (a) The Issuer shall enter into the Derivative Agreement, certain terms of
which are set forth herein for the convenience of the parties thereto for incorporation therein by reference, with the Derivative Counterparty on the Issuance Date. Pursuant to the terms of the Derivative Agreement, the Derivative Counterparty shall
pay to the Issuer on each Transfer Date the Net Derivative Receipt, if any, plus the amount of any Net Derivative Receipt due but not paid with respect to any previous Transfer Date. The Issuer shall deposit such Net Derivative Receipts, if any,
into the Collection Account and shall apply such amounts as MBNAseries Available Funds pursuant to Section 3.04(a)(iii) of the Indenture Supplement. In addition, in accordance with the terms of the Derivative Agreement, the Issuer shall pay
to the Derivative Counterparty the Net Derivative Payment, if any, for such Transfer Date, plus the amount of any Net Derivative Payment due but not paid on any previous Transfer Date, from amounts on deposit in the Interest Funding sub-Account for
the Class A(2004-4) Notes. If the Derivative Agreement has not been terminated and the Issuer has not received any Net Derivative Receipt due with respect to the related Transfer Date prior to 12:00 p.m. on the date such payment is due, (i) the
Issuer shall notify the Derivative Counterparty, the Beneficiary and the Servicer of such fact prior to 1:00 p.m. on such date, (ii) the Issuer, if directed by the Servicer, shall designate an Early Termination Date (as such term is defined in the
Derivative Agreement) pursuant to the Derivative Agreement and shall, if the Beneficiary so directs, terminate the Derivative Agreement pursuant to its terms, and (iii) the Issuer shall provide the Trustee, prior to 4:30 p.m. on the related Transfer
Date, with new statements substantially in the forms of Exhibit B and Exhibit C to the Indenture Supplement revised, if necessary, to reflect that the Net Derivative Receipt (or any portion thereof) was not received by the Issuer for such Transfer
Date. 
  
 (b) The Issuer shall direct the Derivative Counterparty
to assign its rights and obligations under the Derivative Agreement to a replacement Derivative Counterparty, in the event that the long-term credit rating (or the then equivalent rating) of the Derivative Counterparty or a replacement Derivative
Counterparty, if any, is reduced below BBB- by Standard & Poor’s or below Baa3 by Moody’s or is withdrawn by either Standard & Poor’s or Moody’s. The Issuer shall give Standard & Poor’s and Moody’s notice of
the replacement of the Derivative Counterparty as soon as practicable thereafter. 
  
 (c) The parties hereto agree that all obligations of the Issuer under the Derivative Agreement shall be paid from, and limited to, amounts on deposit in the Interest Funding sub-Account for the Class A(2004-4) Notes
which are specifically available to be applied therefor pursuant to Section 3.13(d) of the Indenture Supplement, as determined pursuant to Section 2.03(b) of this Terms Document, and any amounts specifically available to be applied

  

 10 

 therefor pursuant to Section 2.12 of this Terms Document, and that the Beneficiary shall not be required to expend
or risk its own funds or otherwise incur any liability in connection with the Derivative Agreement. 
  
 (d) If the Issuer has actual knowledge of any event specified in Section 5 of the Derivative Agreement, the Issuer shall provide written notice of such
event to the Beneficiary, the Servicer and the Note Rating Agencies. The Beneficiary, upon becoming aware of any event specified in Section 5 of the Derivative Agreement, whether pursuant to notice from the Issuer or otherwise, shall immediately
provide the Issuer with written instructions as to the course of action to be taken under Section 6 of the Derivative Agreement, including without limitation any notices to be provided and whether or not an Early Termination Date (as defined in the
Derivative Agreement) should be designated and, if so, when such Early Termination Date should be designated. Prior to receiving such written instructions from the Beneficiary, the Issuer shall not designate an Early Termination Date and shall not
terminate the Derivative Agreement. 
  
 (e) At the request of the
Issuer, the Beneficiary shall provide the Issuer with any document the Issuer is required to provide the Derivative Counterparty pursuant to Section 4(a) of the Derivative Agreement. 
  
 (f) (i) In the event the short-term credit rating (or the then equivalent rating) of the Derivative Counterparty or a
replacement Derivative Counterparty, if any, from Standard & Poor’s is below A-1, or is withdrawn by Standard & Poor’s, or (ii) in the case of a replacement Derivative Counterparty assuming the interests and obligations of the
original Derivative Counterparty under the Derivative Agreement that does not have a short-term credit rating from Standard & Poor’s, the long-term credit rating (or the then equivalent rating) of such replacement Derivative Counterparty
from Standard & Poor’s is below A+ or is withdrawn by Standard & Poor’s, the Derivative Counterparty will be required within 30 days from the date of such rating or withdrawal to fund the Interest Reserve Account in an amount equal
to one-twelfth of the product of (A) the Derivative Fixed Rate and (B) the Outstanding Dollar Principal Amount of the Class A(2004-4) Notes as of the close of business on the last day of the Monthly Period preceding such rating or withdrawal (the
“Required Interest Reserve Amount”). The Derivative Counterparty’s failure to adequately fund the Interest Reserve Account within 30 days of such rating or withdrawal shall constitute an “Interest Reserve Account
Event.” 
  
 Section 2.09. Interest Reserve Account.

  
 (a) On or before the Issuance Date, the Indenture Trustee
will cause to be established and maintained a Qualified Account denominated as the “Interest Reserve Account” in the name of the Indenture Trustee, bearing a designation clearly indicating that the funds deposited therein are held for the
benefit of the Class A(2004-4) Noteholders. The Interest Reserve Account constitutes a Supplemental Account and shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Class A(2004-4) Noteholders. If, at any
time, the institution holding the Interest Reserve Account ceases to be a Qualified Institution, the Issuer will within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Note Rating Agency may
consent) establish a new Interest Reserve Account that is a Qualified Account and shall transfer any cash and/or investments to 
  

 11 

 such new Interest Reserve Account. From the date such new Interest Reserve Account is established, it will be the
“Interest Reserve Account.” The Interest Reserve Account will receive deposits as described in this Section. 
  
 (b) On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit
in the Interest Reserve Account will be retained in the Interest Reserve Account (to the extent that the amount on deposit in the Interest Reserve Account with respect to the related Monthly Period is less than the required balance for the Interest
Reserve Account for that Monthly Period) and the balance, if any, will be paid to the Derivative Counterparty pursuant to the terms of the Derivative Agreement. 
  

(c) In the event that the Derivative Agreement terminates due to a default by the Derivative Counterparty, on the Transfer Date on or immediately
following such termination, the Issuer shall withdraw from the Interest Reserve Account an amount equal to the lesser of (i) the Net Derivative Receipt, if any, with respect to such Transfer Date plus the amount of any Net Derivative Receipt
previously due but not paid to the Issuer and (ii) the amount on deposit in the Interest Reserve Account on such Transfer Date, and shall deposit such amount in the Collection Account to be included in MBNAseries Available Funds with respect to such
Transfer Date and give notice of such withdrawal to each Note Rating Agency. Such withdrawal will be deemed to be a Net Derivative Receipt and a payment received from the Derivative Counterparty for all purposes under the Indenture Supplement and
this Terms Document. 
  
 (d) Upon the earliest to occur of (i) any
Transfer Date subsequent to the return of the Derivative Counterparty’s or replacement Derivative Counterparty’s short-term credit rating (or the then equivalent rating) to A-1 or higher by Standard & Poor’s, (ii) any Transfer
Date subsequent to the return of the Derivative Counterparty’s or replacement Derivative Counterparty’s long-term credit rating (or the then equivalent rating) to A+ or higher by Standard & Poor’s, (iii) the Transfer Date on or
immediately following the termination of the Derivative Agreement and (iv) the Transfer Date immediately preceding the Expected Principal Payment Date, the Issuer, after the prior payment of all amounts owing to the Class A(2004-4) Noteholders that
are payable from the Interest Reserve Account as provided herein, shall withdraw from the Interest Reserve Account and pay to the Derivative Counterparty pursuant to the terms of the Derivative Agreement, all amounts, if any, on deposit in the
Interest Reserve Account. In addition, following the earliest to occur of the events described in clauses (iii) or (iv) of the preceding sentence, the Interest Reserve Account shall be deemed to have terminated for purposes of this Terms Document,
the Indenture Supplement and the Indenture. 
  
 Section 2.10.
Early Redemption Events. Notwithstanding any provision of the Indenture or the Indenture Supplement to the contrary, upon the occurrence of an Early Redemption Event with respect to the Class A(2004-4) Notes (other than an Early Redemption
Event described in Section 1201(c) of the Indenture), if none of (i) an Early Redemption Event described in Section 1201(c) of the Indenture, (ii) an Interest Reserve Account Event, (iii) the termination of the Derivative Agreement pursuant
to its terms or (iv) an Event of Default and acceleration of the Class A(2004-4) Notes has previously occurred, then the Issuer will not pay any amounts accumulated in the Principal Funding sub-Account for the Class A(2004-4) Notes 
  

 12 

 to the holders of the Class A(2004-4) Notes until the Monthly Principal Payment Date occurring on or immediately
following the earliest to occur of: 
  
 (a) the Expected Principal
Payment Date; 
  
 (b) the date on which an Early Redemption Event
described in Section 1201(c) of the Indenture occurs; 
  
 (c) the
date on which an Interest Reserve Account Event occurs; and 
  
 (d) the date on which the Derivative Agreement terminates pursuant to its terms. 
  
 If the Issuer is unable to pay the redemption price in full on such Monthly Principal Payment Date, monthly payments on the Class A(2004-4) Notes will thereafter be made on each following Monthly Principal Payment
Date until the Outstanding Dollar Principal Amount of the Class A(2004-4) Notes, plus all accrued and unpaid interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to Article V of the Indenture and
Article III of the Indenture Supplement. Any funds in any Supplemental Account (other than the Interest Reserve Account) for the Class A(2004-4) Notes will be applied to make the principal and interest payments on the Class A(2004-4) Notes on
the redemption date, subject to Article V of the Indenture, Article III of the Indenture Supplement and Article II of this Terms Document. 
  

Section 2.11. Derivative Reserve Account. 
  
 (a) On or before the Issuance Date, the Indenture Trustee will cause to be established and maintained a Qualified Account denominated as the
“Derivative Reserve Account” in the name of the Indenture Trustee, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Class A(2004-4) Noteholders and the Derivative Counterparty, as
their interests appear herein. The Indenture Trustee hereby accepts the Derivative Reserve Account and any amounts on deposit therein in trust under the Indenture, the Indenture Supplement and this Terms Document, in accordance with the provisions
thereof and hereof. The Derivative Reserve Account constitutes a Supplemental Account and shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Class A(2004-4) Noteholders and the Derivative Counterparty. If,
at any time, the institution holding the Derivative Reserve Account ceases to be a Qualified Institution, the Issuer will within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Note Rating
Agency may consent) establish a new Derivative Reserve Account that is a Qualified Account and shall transfer any cash and/or investments to such new Derivative Reserve Account. From the date such new Derivative Reserve Account is established, it
will be the “Derivative Reserve Account.” The Derivative Reserve Account will receive deposits as described in this Section. 
  
 (b) On the Issuance Date, the Issuer shall deposit an amount equal to the Required Derivative Reserve Amount received by it from the Beneficiary in
immediately available funds into the Derivative Reserve Account. Funds on deposit in the Derivative Reserve Account shall be invested by the Indenture Trustee in Permitted Investments; provided, however, 
  

 13 

 that, for purposes of the investment of funds on deposit in the Derivative Reserve Account, references in the definition
of “Permitted Investments” to a rating of A-1+ by Standard & Poor’s shall be modified to require a rating of not lower than A-1 by such Note Rating Agency. 
  
 On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding
Transfer Date on funds on deposit in the Derivative Reserve Account shall be retained in the Derivative Reserve Account (to the extent that the amount on deposit in the Derivative Reserve Account (prior to taking into account any such interest and
earnings) is less than the Required Derivative Reserve Amount) and the balance, if any, shall be paid to the Issuer on such Transfer Date. 
  
 (c) On or prior to each Transfer Date following the occurrence of an Early Redemption Event with respect to the Class A(2004-4) Notes (other than an Early
Redemption Event described in Section 1201(c) of the Indenture), the Issuer will calculate PFA Accumulation Earnings Shortfall (if any) for the Principal Funding sub-Account for the Class A(2004-4) Notes. If there is any PFA Accumulation
Earnings Shortfall for the Principal Funding sub-Account for that Transfer Date for the Class A(2004-4) Notes, the Issuer will withdraw such amount from the Derivative Reserve Account, to the extent available, for deposit in the Interest Funding
sub-Account for the Class A(2004-4) Notes on such Transfer Date. 
  
 Section 2.12. Termination Payments. If on any Transfer Date following the termination of the Derivative Agreement pursuant to the terms thereof there is a termination payment payable by the Issuer to the Derivative Counterparty
pursuant to Section 6 of the Derivative Agreement, the Issuer will pay to the Derivative Counterparty from MBNAseries Available Funds (after giving effect to Sections 3.01(a) through (f) of the Indenture Supplement) for such Transfer
Date an amount not to exceed the lesser of (i) the product of (x) the amount of MBNAseries Available Funds remaining for application pursuant to Section 3.01(g) of the Indenture Supplement times (y) a fraction, the numerator of which is the
Nominal Liquidation Amount of the Class A(2004-4) Notes as of the close of business on the last day of the preceding Monthly Period and the denominator of which is the Nominal Liquidation Amount of all tranches of Notes as of the close of business
on the last day of the preceding Monthly Period and (ii) the amount of such termination payment payable by the Issuer to the Derivative Counterparty. 
  
 [END OF ARTICLE II] 
  

 14 

 ARTICLE III 
  
 Representations and Warranties 
  
 Section 3.01 Issuer’s Representations and Warranties. The Issuer makes the following representations and warranties as to the Collateral
Certificate on which the Indenture Trustee is deemed to have relied in acquiring the Collateral Certificate. Such representations and warranties speak as of the execution and delivery of this Terms Document, but shall survive until the termination
of this Terms Document. Such representations and warranties shall not be waived by any of the parties to this Terms Document unless the Issuer has obtained written confirmation from each Note Rating Agency that there will be no Ratings Effect with
respect to such waiver. 
  
 (a) The Indenture creates a valid and
continuing security interest (as defined in the Delaware UCC) in the Collateral Certificate in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers
from the Issuer. 
  
 (b) The Collateral Certificate constitutes
either an “account,” a “general intangible,” an “instrument,” or a “certificated security,” each within the meaning of the Delaware UCC. 
  
 (c) At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the
Indenture, the Issuer owned and had good and marketable title to the Collateral Certificate free and clear of any lien, claim or encumbrance of any Person. 
  
 (d) The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements in the proper filing
office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral Certificate granted to the Indenture Trustee pursuant to the Indenture. 
  
 (e) Other than the security interest granted to the Indenture Trustee
pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Collateral Certificate. The Issuer has not authorized the filing of and is not aware of any financing statements against
the Issuer that include a description of collateral covering the Collateral Certificate other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or any financing statement that
has been terminated. The Issuer is not aware of any judgment or tax lien filings against the Issuer. 
  
 (f) All original executed copies of the Collateral Certificate have been delivered to the Indenture Trustee. 
  
 (g) At the time of the transfer and assignment of the Collateral Certificate
to the Indenture Trustee pursuant to the Indenture, the Collateral Certificate had no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. 
  
 [END OF ARTICLE III] 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the
day and year first above written. 
  

			
	 MBNA CREDIT CARD MASTER NOTE TRUST,
 by MBNA
AMERICA BANK,
 NATIONAL ASSOCIATION, as Beneficiary
 and not in
its individual capacity

		
	By:	 	 /S/ KEVIN F. SWEENEY

	Name:	 	Kevin F. Sweeney
	Title:	 	First Vice President
	
	 THE BANK OF NEW YORK, as Indenture Trustee
 and not in its individual capacity

		
	By:	 	 /S/ DANIEL ROTHMAN

	Name:	 	Daniel Rothman
	Title:	 	Vice President

  
 [Signature Page
to the Class A(2004-4) Terms Document]Amended and Restated Bylaws

 Exhibit 4.1 
  

AMENDED AND RESTATED 
  
 BYLAWS 
  
 OF 
  
 INSPIRE PHARMACEUTICALS, INC. 
 (A DELAWARE CORPORATION) 
  
 (As adopted March 30, 2004) 

 TABLE OF CONTENTS 
  

					
			
	 	 	 	 	Page

		
	 ARTICLE I         STOCKHOLDERS
	 	1
			
	         SECTION 1.
	 	Place of Meetings.	 	1
			
	         SECTION 2.
	 	Annual Meeting.	 	1
			
	         SECTION 3.
	 	Special Meetings.	 	4
			
	         SECTION 4.
	 	Notice of Meetings.	 	4
			
	         SECTION 5.
	 	Voting List.	 	5
			
	         SECTION 6.
	 	Quorum of Stockholders.	 	6
			
	         SECTION 7.
	 	Proxies and Voting.	 	6
			
	         SECTION 8.
	 	Conduct of Meeting.	 	6
			
	         SECTION 9.
	 	Action Without Meeting.	 	7
			
	         SECTION 10.
	 	Stockholder-Recommended Candidates for Director	 	7
		
	 ARTICLE II         DIRECTORS
	 	8
			
	         SECTION 1.
	 	General Powers.	 	8
			
	         SECTION 2.
	 	Number; Election; Tenure and Qualification.	 	8
			
	         SECTION 3.
	 	Enlargement of the Board.	 	8
			
	         SECTION 4.
	 	Vacancies.	 	8
			
	         SECTION 5.
	 	Resignation.	 	9
			
	         SECTION 6.
	 	Removal.	 	9
			
	         SECTION 7.
	 	Committees and Subcommittees.	 	9
			
	         SECTION 8.
	 	Meetings of the Board of Directors.	 	11
			
	         SECTION 9.
	 	Quorum and Voting.	 	12
			
	         SECTION 10.
	 	Compensation.	 	12
			
	         SECTION 11.
	 	Action without Meeting.	 	12
			
	         SECTION 12.
	 	Term Limits.	 	12
			
	         SECTION 13.
	 	Chairman of the Board.	 	13
			
	         SECTION 14.
	 	Vice-Chairman of the Board.	 	13
			
	         SECTION 15.
	 	Appointment; Removal; Resignation of Chairman and Vice-Chairman.	 	13
			
	         SECTION 16.
	 	Emeritus Board Observer.	 	14
		
	 ARTICLE III         OFFICERS
	 	15
			
	         SECTION 1.
	 	Titles.	 	15
			
	         SECTION 2.
	 	Election and Term of Office.	 	15
			
	         SECTION 3.
	 	Qualification.	 	15
			
	         SECTION 4.
	 	Removal.	 	15
			
	         SECTION 5.
	 	Resignation.	 	15
			
	         SECTION 6.
	 	Vacancies.	 	15

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

			
	         SECTION 7.
	 	Powers and Duties.	  	16
			
	         SECTION 8.
	 	Chief Executive Officer.	  	16
			
	         SECTION 9.
	 	President.	  	17
			
	         SECTION 10.
	 	Vice-Presidents.	  	17
			
	         SECTION 11.
	 	Secretary and Assistant Secretaries.	  	17
			
	         SECTION 12.
	 	Treasurer and Assistant Treasurers.	  	18
			
	         SECTION 13.
	 	Bonded Officers.	  	19
			
	         SECTION 14.
	 	Salaries.	  	19
		
	 ARTICLE IV         STOCK
	  	19
			
	         SECTION 1.
	 	Certificates of Stock.	  	19
			
	         SECTION 2.
	 	Transfers of Shares of Stock.	  	20
			
	         SECTION 3.
	 	Lost Certificates.	  	20
			
	         SECTION 4.
	 	Record Date.	  	20
			
	         SECTION 5.
	 	Fractional Share Interests.	  	21
			
	         SECTION 6.
	 	Dividends.	  	22
		
	 ARTICLE V         INDEMNIFICATION AND INSURANCE
	  	22
			
	         SECTION 1.
	 	Indemnification.	  	22
			
	         SECTION 2.
	 	Insurance.	  	22
		
	 ARTICLE VI         GENERAL PROVISIONS
	  	23
			
	         SECTION 1.
	 	Fiscal Year.	  	23
			
	         SECTION 2.
	 	Corporate Seal.	  	23
			
	         SECTION 3.
	 	Certificate of Incorporation.	  	23
			
	         SECTION 4.
	 	Execution of Instruments.	  	23
			
	         SECTION 5.
	 	Voting of Securities.	  	23
			
	         SECTION 6.
	 	Evidence of Authority.	  	24
			
	         SECTION 7.
	 	Transactions with Interested Parties.	  	24
			
	         SECTION 8.
	 	Books and Records.	  	25
		
	 ARTICLE VII         NOTICES
	  	25
			
	         SECTION 1.
	 	Notice to Stockholders.	  	25
			
	         SECTION 2.
	 	Notice to Directors.	  	25
			
	         SECTION 3.
	 	Address Unknown.	  	25
			
	         SECTION 4.
	 	Affidavit of Mailing.	  	26
			
	         SECTION 5.
	 	Time Notices Deemed Given.	  	26
			
	         SECTION 6.
	 	Methods of Notice.	  	26
			
	         SECTION 7.
	 	Failure to Receive Notice.	  	26

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
			
	 	 	 	  	Page

			
	         SECTION 8.
	 	Notice to Person with Whom Communication Is Unlawful.	  	26
			
	         SECTION 9.
	 	Notice to Person with Undeliverable Address.	  	27
		
	 ARTICLE VIII         AMENDMENTS
	  	28
			
	         SECTION 1.
	 	By the Board of Directors.	  	28
			
	         SECTION 2.
	 	By the Stockholders.	  	28

  

 -iii- 

 AMENDED AND RESTATED 
  
 BYLAWS 
  
 OF 
  
 INSPIRE PHARMACEUTICALS, INC. 
  
 ARTICLE I 
  
 STOCKHOLDERS

  
 SECTION 1. Place of Meetings. All meetings of
stockholders shall be held at the principal office of the corporation or at such other place as may be named in the notice. 
  
 SECTION 2. Annual Meeting. The annual meeting of stockholders for the election of directors and the transaction of such other business as may
properly come before the meeting shall be held on such date and at such hour and place as the directors or an officer designated by the directors may determine. If the annual meeting is not held on the date designated therefor, the directors shall
cause the meeting to be held as soon thereafter as convenient. 
  
 At an annual meeting of stockholders, only such business shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual meeting, business must be: (A) specified in the notice of meeting
(or any supplement thereto) given by or at the direction of the Board of Directors, (B) otherwise properly brought before the meeting by or at the direction of the Board of Directors, or (C) otherwise properly brought before the meeting by a
stockholder. For business to be properly brought before an annual meeting by a stockholder, the stockholder must have given timely notice thereof in writing to the Secretary of the corporation. To be timely, a stockholder’s notice must be
delivered to or mailed and received at the principal executive offices of the corporation not less than one hundred twenty (120) 
  

 -1- 

 calendar days in advance of the date of the corporation’s proxy statement released to stockholders in connection
with the previous year’s annual meeting of the stockholders; provided, however, that in the event that no annual meeting was held in the previous year or the date of the annual meeting has been changed by more than thirty (30) days from
the date contemplated at the time of the previous year’s proxy statement, notice by the stockholder to be timely must be so received a reasonable time before the solicitation is made. A stockholder’s notice to the Secretary shall set forth
as to each matter the stockholder proposes to bring before the annual meeting: (i) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting, (ii) the name
and address, as they appear on the corporation’s books, of the stockholder proposing such business, (iii) the class and number of shares of the corporation which are beneficially owned by the stockholder, (iv) any material interest of the
stockholder in such business and (v) any other information that is required to be provided by the stockholder pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended, in his capacity as a proponent to a stockholder proposal.
Notwithstanding the foregoing, in order to include information with respect to a stockholder proposal in the proxy statement and form of proxy for a stockholder’s meeting, stockholders must provide notice as required by the regulations
promulgated under the Securities and Exchange Act of 1934, as amended. 
  
 Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at any annual meeting except in accordance with the procedures set forth in this paragraph. The chairman of the annual meeting shall, if the facts
warrant, determine and declare at the meeting that business was not properly brought before the meeting and in accordance with the provisions of this paragraph, and, if the chairman should so determine, he/she shall so declare at the meeting that
any such business not properly brought before the meeting shall not be transacted. 
  

 -2- 

 Only persons who are directly nominated by stockholders in accordance with the procedures set forth in
this paragraph shall be eligible for election as Directors. Nominations of persons for election to the Board of Directors of the corporation may be made at a meeting of stockholders by or at the direction of the Board of Directors or by any
stockholder of the corporation entitled to vote in the election of Directors at the meeting who complies with the notice set forth in this paragraph. Such direct nominations by stockholders that are intended to be included on the corporation’s
proxy statement and form of proxy, other than those made by or at the direction of the Board of Directors, shall be made pursuant to timely notice in writing to the Secretary of the corporation in accordance with the provisions of the second
paragraph of this Section 2. Such stockholder’s notice shall set forth (i) as to each person, if any, whom the stockholder proposes to nominate for election or re-election as a Director: (A) the name, age, business address and residence address
of such person, (B) the principal occupation or employment of such person, (C) the class and number of shares of the corporation which are beneficially owned by such person, (D) a description of all arrangements or understandings between the
stockholder and each nominee and any other person or persons (naming such person or persons) pursuant to which the nominations are to be made by the stockholder, and (E) any other information relating to such person that is required to be disclosed
in solicitations of proxies for election of Directors, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (including without limitation such person’s written consent to being
named in the proxy statement, if any, as a nominee and to serving as a Director if elected); and (ii) as to such stockholder giving notice, the information required to be provided pursuant to the second paragraph of this Section 2. At the request of
the Board of Directors, any person directly nominated by a stockholder for election as a Director 
  

 -3- 

 shall furnish to the Secretary of the corporation that information required to be set forth in the stockholder’s
notice of nomination which pertains to the nominee. No person shall be eligible for election as a Director of the corporation unless nominated in accordance with the procedures set forth in this paragraph. The chairman of the meeting shall, if the
facts warrant, determine and declare at the meeting that a nomination was not made in accordance with the procedures prescribed by these Bylaws, and if the chairman should so determine, he/she shall so declare at the meeting and the defective
nomination shall be disregarded. 
  
 SECTION 3. Special
Meetings. Special meetings of the stockholders may only be called by the Chief Executive Officer, the President, the Chairman of the Board, if any, the Vice-Chairman of the Board, if any, or the Board of Directors pursuant to a resolution
adopted by a majority of the total number of authorized Directors. Such written request shall state the purpose or purposes of the proposed meeting. Business transacted at any special meeting of stockholders shall be limited to matters relating to
the purpose or purposes stated in the notice of meeting. 
  
 SECTION 4. Notice of Meetings. Except where some other notice is required by law, written notice of each meeting of stockholders, stating the place, date and hour thereof and the purposes for which the meeting is called, shall be
given by or under the direction of the Secretary, not less than ten nor more than sixty days before the date fixed for such meeting, to each stockholder entitled to vote at such meeting of record at the close of business on the day fixed by the
Board of Directors as a record date for the determination of the stockholders entitled to vote at such meeting or, if no such date has been fixed, of record at the close of business on the day before the day on which notice is given. Notice shall be
given personally to each stockholder or left at his or her residence or usual place of business or mailed postage prepaid and addressed to the stockholder at his or her address as it appears upon the records of the 
  

 -4- 

 corporation. In case of the death, absence, incapacity or refusal of the Secretary, such notice may be given by a person
designated either by the Secretary or by the person or persons calling the meeting or by the Board of Directors. A waiver of such notice in writing, signed by the person or persons entitled to said notice, whether before or after the time stated
therein, shall be deemed equivalent to such notice. Attendance of a person at a meeting of stockholders 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 because the meeting is not 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. Except as required by statute, notice of any adjourned meeting of the stockholders shall not be required. 
  
 SECTION 5. Voting List. The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten days before every
meeting of stockholders, a complete list of the stockholders, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Nothing contained in this section shall
require the corporation to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period of at least 10 days
prior to the meeting: (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary business hours, at the principal place of
business of the corporation. In the event that the corporation determines to make the list available on an electronic network, the corporation may take reasonable steps to ensure that such information is available only to stockholders of the
corporation. 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. 
  

 -5- 

 SECTION 6. Quorum of Stockholders. At any meeting of the stockholders, the holders of a majority
in interest of all stock issued and outstanding and entitled to vote upon a question to be considered at the meeting, present in person or represented by proxy, shall constitute a quorum for the consideration of such question, but a smaller group
may adjourn any meeting from time to time. When a quorum is present at any meeting, a majority of the stock represented thereat and entitled to vote shall, except where a larger vote is required by law, by the certificate of incorporation, or by
these Bylaws, decide any question brought before such meeting. Any election by stockholders shall be determined by a plurality of the vote cast by the stockholders entitled to vote at the election. 
  
 SECTION 7. Proxies and Voting. Unless otherwise provided in the
certificate of incorporation, each stockholder shall at every meeting of the stockholders be entitled to one vote in person or by proxy for each share of the capital stock held of record by such stockholder, but no proxy shall be voted or acted upon
after three years from its date, unless said proxy provides for a longer period. Persons holding stock in a fiduciary capacity shall be entitled to vote the shares so held, and persons whose stock is pledged shall be entitled to vote, unless in the
transfer by the pledgor on the books of the corporation the pledgee shall have been expressly empowered to vote thereon, in which case only the pledgee or the pledgee’s proxy may represent said stock and vote thereon. Shares of the capital
stock of the corporation belonging to the corporation or to another corporation, a majority of whose shares entitled to vote in the election of directors is owned by the corporation, shall neither be entitled to vote nor be counted for quorum
purposes. 
  
 SECTION 8. Conduct of Meeting. Meetings of
the stockholders shall be presided over by the Chairman of the Board or by one of the following persons designated by the 
  

 -6- 

 Chairman of the Board (or in the absence of the Chairman, the Vice-Chairman, if present, or a majority of the members of
the Board of Directors who are present) to so act: the Vice-Chairman of the Board, the Chief Executive Officer, the President, or a Vice-President, or, if none of the foregoing is present and acting, a chairman to be chosen by the stockholders. The
Secretary of the corporation, if present, or an Assistant Secretary, shall act as secretary of every meeting, but if neither the Secretary nor an Assistant Secretary is present, the chairman of the meeting shall appoint a secretary of the meeting.

  
 SECTION 9. Action Without Meeting. Any action required
or permitted to be taken at any annual or special meeting of stockholders of the corporation may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, is signed by the
holders or by proxy for the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote on such action were present and
voted. Prompt notice of the taking of corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing. 
  
 SECTION 10. Stockholder-Recommended Candidates for Director. In addition to any procedures available to stockholders
pursuant to applicable law or these bylaws, stockholders may recommend nominees for director to the appropriate committee of the Board of Directors responsible for selecting director nominees. Subject to any specific policy that the corporation
shall establish and make available from time-to-time, any stockholder wishing to recommend a person for consideration as a nominee should provide to the corporation, through the appropriate committee of the Board of Directors, the following
information with regard to the candidate: the name, age, business address and residence address of such person; the principal occupation or employment of such person; and, a description of any and all arrangements or understandings between the
stockholder and nominee. The recommending stockholder should also include complete contact information with regard to him or herself. 
  

 -7- 

 ARTICLE II 
  
 DIRECTORS 
  
 SECTION 1. General Powers. The business and affairs of the corporation shall be managed by or under the direction of a Board of Directors, who may
exercise all of the powers of the corporation which are not by law required to be exercised by the stockholders. In the event of a vacancy in the Board of Directors, the remaining directors, except as otherwise provided by law, may exercise the
powers of the full Board until the vacancy is filled. 
  
 SECTION
2. Number; Election; Tenure and Qualification. The number of directors which shall constitute the whole Board shall be fixed by resolution of the Board of Directors, but in no event shall be less than one. Pursuant to the terms and conditions
set forth in the certificate of incorporation, each director shall be elected by the stockholders at an applicable annual meeting and all directors shall hold office until the next applicable annual meeting and until their successors are elected and
qualified, or until their earlier death, resignation or removal. The number of directors may be increased or decreased by action of the Board of Directors. Directors need not be stockholders of the corporation. 
  
 SECTION 3. Enlargement of the Board. The number of directors
constituting the Board of Directors may be increased at any time, such increase to be effective immediately, by vote of a majority of the directors then in office. 
  
 SECTION 4. Vacancies. Unless and until filled by the stockholders, any vacancy in the Board of Directors, however
occurring, including a vacancy resulting from an enlargement of the Board or an unfilled vacancy resulting from the removal of any director for 
  

 -8- 

 cause or without cause, may be filled by vote of a majority of the directors then in office although less than a quorum,
or by the sole remaining director. A director elected to fill a vacancy shall hold office until the next applicable annual meeting of stockholders (i.e. for the remainder of the term being filled) and until his or her successor is elected and
qualified or until his or her earlier death, resignation, or removal. When one or more directors shall resign from the Board, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have
the power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective. If at any time there are no directors in office, then an election of directors may be held in accordance with
the General Corporation Law of the State of Delaware. 
  
 SECTION
5. Resignation. Any director may resign at any time upon written notice to the corporation. Such resignation shall take effect at the time specified therein, or if no time is specified, at the time of its receipt by the Chairman,
Vice-Chairman, Chief Executive Officer, the President or Secretary. 
  
 SECTION 6. Removal. Except as may otherwise be provided by the General Corporation Law, any director or the entire Board of Directors may be removed, with or without cause, at an annual meeting or at a special meeting called for that
purpose, by the holders of a majority of the shares then entitled to vote at an election of directors. The vacancy or vacancies thus created may be filled by the stockholders at the meeting held for the purpose of removal or, if not so filled, by
the directors in the manner provided in Section 4 of this Article II. 
  
 SECTION 7. Committees and Subcommittees. The Board of Directors may, by resolution or resolutions passed by a majority of the whole Board of Directors, designate one or more committees, each committee to consist of one or more
directors of the corporation. In addition, each committee may, by resolution or resolutions passed by a majority of its members, 
  

 -9- 

 designate one or more subcommittees, each subcommittee to consist of one or more directors of such committee. The Board
of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of any member of such committee or
committees, or subcommittees thereof, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors
to act at the meeting in the place of such absent or disqualified member. 
  
 A majority of all the members of any such committee or subcommittee may fix its rules or procedure, determine its action and fix the time and place, whether within or without the State of Delaware, of its meetings and
specify what notice thereof, if any, shall be given, unless the Board of Directors shall provide otherwise by resolution. The Board of Directors shall have the power to change the members of any such committee or subcommittee at any time, to fill
vacancies therein and to discharge any such committee or subcommittee, either with or without cause, at any time. 
  
 Any such committee or subcommittee, unless otherwise provided in the resolution of the Board of Directors, or in these Bylaws, shall have and may exercise
all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it; but no such committee or
subcommittee shall have the power or authority denied it by Section 141 of the General Corporation Law of the State of Delaware. 
  
 Each committee and subcommittee, if any, shall keep regular minutes of its meetings and make such reports as the Board of Directors may from time to time
request. 
  

 -10- 

 SECTION 8. Meetings of the Board of Directors. Regular meetings of the Board of Directors may be
held without call or formal notice at such places either within or without the State of Delaware and at such times as the Board may by vote from time to time determine. A regular meeting of the Board of Directors may be held without call or formal
notice immediately after and at the same place as the annual meeting of the stockholders, or any special meeting of the stockholders at which a Board of Directors is elected. 
  
 Special meetings of the Board of Directors may be held at any place either within or without the State of Delaware at any
time when called by the Chairman of the Board of Directors, the Vice-Chairman of the Board, Chief Executive Officer, President, Treasurer, Secretary, or two or more directors. Reasonable notice of the time and place of a special meeting shall be
given to each director unless such notice is waived by attendance or by written waiver in the manner provided in these Bylaws for waiver of notice by stockholders. Notice may be given by, or by a person designated by, the Secretary, the person or
persons calling the meeting, or the Board of Directors. No notice of any adjourned meeting of the Board of Directors shall be required. In any case it shall deemed sufficient notice to a director to send notice by mail at least seventy-two hours, or
by facsimile, telegram, telex, or electronic means at least forty-eight hours before the meeting, addressed to such director at his or her usual or last known business or home address. 
  
 Directors or members of any committee or subcommittee designated by the directors may participate in a meeting of the Board
of Directors or such committee or subcommittee 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 by such means shall constitute
presence in person at such meeting. 
  

 -11- 

 SECTION 9. Quorum and Voting. A majority of the total number of directors shall constitute a
quorum, except that when a vacancy or vacancies exist in the Board, a majority of the directors then in office (but not less than one-third of the total number of the directors) shall constitute a quorum. A majority of the directors present, whether
or not a quorum is present, may adjourn any meeting from time to time. The vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board of Directors, except where a different vote is required
or permitted by law, by the certificate of incorporation, or by these Bylaws. 
  
 SECTION 10. Compensation. The Board of Directors may fix fees for their services and for their membership on committees or subcommittees, and expenses of attendance may be allowed for attendance at each
meeting. Nothing herein contained shall be construed to preclude any director from serving the corporation in any other capacity as an officer, agent or otherwise, and receiving compensation therefor. 
  
 SECTION 11. Action without Meeting. Any action required or permitted
to be taken at any meeting of the Board of Directors, or of any committee or subcommittee thereof, may be taken without a meeting, and without notice, if a written consent thereto is signed by all members of the Board of Directors, or of such
committee or subcommittee, as the case may be, and such written consent is filed with the minutes of proceedings of the Board of Directors or such committee or subcommittee. 
  
 SECTION 12. Term Limits. Any member of the Board of Directors who is not an officer or employee of the corporation
shall not be nominated or elected to more than two consecutive terms; provided, however, that any such member of the Board of Directors may be nominated for election to a third consecutive term by resolution or resolutions passed by a
majority of the whole Board of Directors, excluding such member. 
  

 -12- 

 SECTION 13. Chairman of the Board. From time-to-time, the Board of Directors shall appoint one
director as the Chairman of the Board. The Chairman of the Board shall preside at all meetings of the Board of Directors. He/She shall oversee the fulfillment of the corporation’s mission, and shall see that all orders and resolutions of the
Board of Directors are carried into effect, subject, however, to the right of the directors to delegate any specific powers, except such as may be by statute exclusively conferred on the Chairman of the Board, to any officer or officers of the
corporation. He/She shall have the general powers, duties and authorities usually vested in the chairman of the board of a corporation. He/She shall perform such other duties as may from time to time be ordered or requested by the Board of
Directors. 
  
 SECTION 14. Vice-Chairman of the Board. From
time-to-time, the Board of Directors may appoint one director as the Vice-Chairman of the Board. In the absence or incapacity of the Chairman of the Board, the Vice-Chairman of the Board, if any, shall preside at all meetings of the Board of
Directors. He/She shall, when requested by the Board, the Chairman, or as necessary as a result of the absence or incapacity of the Chairman, oversee the fulfillment of the corporation’s mission, and shall see that all orders and resolutions of
the Board of Directors are carried into effect, subject, however, to the right of the directors to delegate any specific powers, except such as may be by statute exclusively conferred on the Chairman of the Board, to any officer or officers of the
corporation. He/She shall have the general powers, duties and authorities usually vested in the vice-chairman of the board of a corporation. He/She shall perform such other duties as may from time to time be ordered or requested by the Board of
Directors or Chairman of the Board. 
  
 SECTION 15.
Appointment; Removal; Resignation of Chairman and Vice-Chairman. The Chairman and Vice-Chairman, if any, shall be appointed annually by the Board of Directors at its first meeting following the annual meeting of the stockholders. Each shall

  

 -13- 

 serve until his or her successor is appointed and qualified, unless a different term is specified in the appointment of
such person, or until his or her earlier death, resignation or removal. Either the Chairman or Vice-Chairman may be removed by a resolution adopted by the Board of Directors or may resign by delivering a written resignation to the Corporation at its
principal executive office or to the Chief Executive Officer, President or Secretary. 
  
 SECTION 16. Emeritus Board Observer. The Board of Directors may, by resolution or resolutions passed by a majority of the whole Board of Directors, designate an individual as an Emeritus Board Observer to serve
for such term as the Board of Directors shall determine. Any such individual shall be someone who possesses significant scientific knowledge relevant to the corporation not possessed by other members of the Board of Directors and has such other
qualifications as deemed necessary by the Board of Directors for such position. The corporation shall invite the Emeritus Board Observer to attend all meetings of the Board of Directors in a non-voting observer capacity, and shall use reasonable
efforts to provide the Emeritus Board Observer with: (i) copies of all notices, minutes, consents, and other material that it provides to the members of the Board of Directors, and (ii) the right to meet with the Chief Executive Officer or President
of the corporation at the corporation’s facilities, at mutually agreeable times, to consult with and discuss the affairs of the corporation; provided, however, that the corporation reserves the right to exclude the Emeritus Board
Observer from access to any material or meeting or portion thereof if the corporation believes, upon advice of counsel, that such exclusion is reasonably necessary to preserve the attorney-client privilege, to protect highly confidential proprietary
information, to avoid a conflict of interest between the Emeritus Board Observer and the corporation or for other similar reasons. The Emeritus Board Observer may participate in discussions of matters brought to the Board of Directors. The rights
granted under this Article II, Section 13 shall be only by appointment by the Board of Directors. 
  

 -14- 

 ARTICLE III 
  
 OFFICERS 
  
 SECTION 1. Titles. The officers of the corporation shall consist of a Chief Executive Officer, a President, a Secretary, a Treasurer, and such
other officers with such other titles as the Board of Directors shall determine, including without limitation, one or more Vice-Presidents, Assistant Treasurers, or Assistant Secretaries. 
  
 SECTION 2. Election and Term of Office. The officers of the corporation shall be elected annually by the Board of
Directors at its first meeting following the annual meeting of the stockholders. Each officer shall hold office until his or her successor is elected and qualified, unless a different term is specified in the vote electing such officer, or until his
or her earlier death, resignation or removal. 
  
 SECTION 3.
Qualification. Unless otherwise provided by resolution of the Board of Directors, no officer need be a director. No officer need be a stockholder. Any number of offices may be held by the same person, as the directors shall determine.

  
 SECTION 4. Removal. Any officer may be removed, with or
without cause, at any time, by resolution adopted by the Board of Directors. 
  
 SECTION 5. Resignation. Any officer may resign by delivering a written resignation to the corporation at its principal office or to the Chief Executive Officer, President or Secretary. Such resignation shall be
effective upon receipt or at such later time as may be specified therein. 
  
 SECTION 6. Vacancies. The Board of Directors may at any time fill any vacancy occurring in any office for the unexpired portion of the term and may leave unfilled for such period as it may determine any office
other than those of Chief Executive Officer, President, Treasurer and Secretary. 
  

 -15- 

 SECTION 7. Powers and Duties. The officers of the corporation shall have such powers and perform
such duties as are specified herein and as may be conferred upon or assigned to them by the Board of Directors, and shall have such additional powers and duties as are incident to their office except to the extent that resolutions of the Board of
Directors are inconsistent therewith. 
  
 SECTION 8. Chief
Executive Officer. The Chief Executive Officer shall, if so designated, by the Chairman of the Board, the Vice-Chairman of the Board or the Board of Directors, as set forth in Article I, Section 8, preside at all meetings of the Board of
Directors. Acting under the direction of the Board of Directors, the Chairman of the Board and the Vice-Chairman of the Board, he/she shall have general and active management of the business of the corporation, shall oversee the marketing, business
and strategic development efforts of the corporation and shall see that all orders and resolutions of the Board of Directors are carried into effect, subject, however, to the right of the directors to delegate any specific powers to any other
officer or officers of the corporation. He/She shall have the authority to execute bonds, mortgages and other contracts under the seal of the corporation except where the signing and execution thereof shall be expressly designated by the Board to
some other officer or agent of the corporation. He/She shall have the general powers and duties of supervision and management usually vested in the chief executive officer of a corporation. He/She shall present a report of the condition of the
business of the corporation at each annual meeting of the stockholders and the Board of Directors. He/She shall perform such other duties as may from time to time be ordered or requested by the Board of Directors, the Chairman of the Board or the
Vice-Chairman. 
  

 -16- 

 SECTION 9. President. Acting under the direction of the Board of Directors, the Chairman of the
Board, the Vice-Chairman, and the Chief Executive Officer of the corporation, the President, if any, shall have general and active management of the business of the corporation and general supervision of its officers, agents and employees, and shall
see that all orders and resolutions of the Board of Directors are carried into effect. He/She shall have the authority to execute bonds, mortgages and other contracts under the seal of the corporation except where the signing and execution thereof
shall be expressly delegated by the Board of Directors to some other officer or agent of the corporation. He/She shall have the general powers and duties of supervision and management usually vested in the president of a corporation. He/She shall
also be vested with all of the powers, and shall be required to perform all of the duties, as may be properly assigned by the Board of Directors, the Chairman of the Board, the Vice-Chairman or the Chief Executive Officer. 
  
 SECTION 10. Vice-Presidents. In the absence of the President or in the
event of his or her inability or refusal to act, the Vice-President if any (or in the event there be more than one Vice-President, the Vice-Presidents in the order designated by the directors, or in the absence of any designation, then in the order
of their election) shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President. The Board of Directors may assign to any Vice-President the title of Executive
Vice-President, Senior Vice-President or any other title selected by the Board of Directors. 
  
 SECTION 11. Secretary and Assistant Secretaries. The Secretary shall attend all meetings of the Board of Directors and of the stockholders and record all the proceedings of such meetings in a book to be kept
for that purpose, shall give, or cause to be given, notice of all meetings of the stockholders and special meetings of the Board of Directors, shall maintain a 
  

 -17- 

 stock ledger and prepare lists of stockholders and their addresses as required and shall have custody of the corporate
seal which the Secretary or any Assistant Secretary shall have authority to affix to any instrument requiring it and attest by any of their signatures. The Board of Directors may give general authority to any other officer to affix and attest the
seal of the corporation. 
  
 The Assistant Secretary if any (or if
there be more than one, the Assistant Secretaries in the order determined by the Board of Directors or if there be no such determination, then in the order of their election) shall, in the absence of the Secretary or in the event of the
Secretary’s inability or refusal to act, perform the duties and exercise the powers of the Secretary. 
  
 SECTION 12. Treasurer and Assistant Treasurers. The Treasurer shall have the custody of the corporate funds and securities, shall keep full and
accurate accounts of receipts and disbursements in books belonging to the corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the corporation in such depositories as may be designated by the Board of
Directors. The Treasurer shall disburse the funds of the corporation as may be ordered by the Board of Directors, the Chief Executive Officer or the President, taking proper vouchers for such disbursements, and shall render to the Chief Executive
Officer, President and the Board of Directors, at its regular meetings, or whenever they may require it, an account of all transactions and of the financial condition of the corporation. 
  
 The Assistant Treasurer if any (or if there be more than one, the Assistant Treasurers in the order determined by the Board
of Directors or if there be no such determination, then in the order of their election) shall, in the absence of the Treasurer or in the event of his or her inability or refusal to act, perform the duties and exercise the powers of the Treasurer.

  

 -18- 

 SECTION 13. Bonded Officers. The Board of Directors may require any officer to give the
corporation a bond in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors upon such terms and conditions as the Board of Directors may specify, including without limitation a bond for the faithful performance
of the duties of such officer and for the restoration to the corporation of all property in his or her possession or control belonging to the corporation. 
  
 SECTION 14. Salaries. Officers of the corporation shall be entitled to such salaries, compensation or reimbursement as shall be fixed or allowed
from time to time by the Board of Directors. 
  
 ARTICLE IV

  
 STOCK 
  
 SECTION 1. Certificates of Stock. One or more certificates of stock,
signed by the Chairman or Vice-Chairman of the Board of Directors or by the Chief Executive Officer, the President or Vice-President and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary, shall be issued to each
stockholder certifying, in the aggregate, the number of shares owned by the stockholder in the corporation. Any or all signatures on any such certificate may be facsimiles. In case any officer, transfer agent or registrar who shall have signed or
whose facsimile signature shall have 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/she or she
were such officer, transfer agent or registrar at the date of issue. 
  
 Each certificate for shares of stock which are subject to any restriction on transfer pursuant to the certificate of incorporation, the Bylaws, applicable securities laws, or any 
  

 -19- 

 agreement among any number of shareholders or among such holders and the corporation shall have conspicuously noted on
the face or back of the certificate either the full text of the restriction or a statement of the existence of such restriction. 
  
 SECTION 2. Transfers of Shares of Stock. Subject to the restrictions, if any, stated or noted on the stock certificates, shares of stock may be
transferred on the books of the corporation by the surrender to the corporation or its transfer agent of the certificate representing such shares properly endorsed or accompanied by a written assignment or power of attorney properly executed, and
with such proof of authority or the authenticity of signature as the corporation or its transfer agent may reasonably require. The corporation shall be entitled to treat the record holder of stock as shown on its books as the owner of such stock for
all purposes, including the payment of dividends and the right to vote with respect to that stock, regardless of any transfer, pledge or other disposition of that stock, until the shares have been transferred on the books of the corporation in
accordance with the requirements of these Bylaws. 
  
 SECTION 3.
Lost Certificates. A new certificate of stock may be issued in the place of any certificate theretofore issued by the corporation and alleged to have been lost, stolen, destroyed, or mutilated, upon such terms in conformity with law as the
Board of Directors shall prescribe. The directors may, in their discretion, require the owner of the lost, stolen, destroyed or mutilated certificate, or the owner’s legal representatives, to give the corporation a bond, in such sum as they may
direct, to indemnify the corporation against any claim that may be made against it on account of the alleged loss, theft, destruction or mutilation of any such certificate, or the issuance of any such new certificate. 
  
 SECTION 4. Record Date. The Board of Directors may fix in advance a
record date for the determination of the stockholders entitled to notice of or to vote at any meeting of stockholders or to express consent to corporate action in writing without a meeting, or entitled to 
  

 -20- 

 receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in
respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action. Such record date shall not be more than 60 nor less than 10 days before the date of such meeting, nor more than 60 days prior to any other action
to which such record date relates. 
  
 If no record date is fixed,
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. Unless otherwise fixed by the Board of Directors, the record date for determining stockholders entitled to express consent to corporate action in writing without a meeting,
when no prior action by the Board of Directors is necessary, shall be the day on which the first written consent is expressed. The record date for determining stockholders for any other purpose shall be at the close of business on the day on which
the Board of Directors adopts the resolution relating to such purpose. 
  
 A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the
adjourned meeting. 
  
 SECTION 5. Fractional Share
Interests. The corporation may, but shall not be required to, issue fractions of a share. If the corporation does not issue fractions of a share, it shall (1) arrange for the disposition of fractional interests by those entitled thereto, (2) pay
in cash the fair value of fractions of a share as of the time when those entitled to receive such fractions are determined, or (3) issue scrip or warrants in registered or bearer form which shall entitle the holder to receive a certificate for a
full share upon the surrender of such scrip or warrants aggregating a full share. A certificate for a fractional share shall, but scrip or warrants 
  

 -21- 

 shall not unless otherwise provided therein, entitle the holder to exercise voting rights, to receive dividends thereon,
and to participate in any of the assets of the corporation in the event of liquidation. The Board of Directors may cause scrip or warrants to be issued subject to the conditions that they shall become void if not exchanged for certificates
representing full shares before a specified date, or subject to the conditions that the shares for which scrip or warrants are exchangeable may be sold by the corporation and the proceeds thereof distributed to the holders of scrip or warrants, or
subject to any other conditions which the Board of Directors may impose. 
  
 SECTION 6. Dividends. Subject to the provisions of the certificate of incorporation, the Board of Directors may, out of funds legally available therefor, at any regular or special meeting, declare dividends
upon the common stock of the corporation as and when they deem expedient. 
  
 ARTICLE V 
  
 INDEMNIFICATION AND
INSURANCE 
  
 SECTION 1. Indemnification. The corporation
shall, to the extent permitted by the certificate of incorporation, as amended from time to time, indemnify each person whom it may indemnify pursuant thereto. 
  

SECTION 2. Insurance. The corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise 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 the General Corporation Law of the State of Delaware. 
  

 -22- 

 ARTICLE VI 
  
 GENERAL PROVISIONS 
  
 SECTION 1. Fiscal Year. Except as otherwise designated from time to time by the Board of Directors, the fiscal year of the corporation shall begin
on the first day of January and end on the last day of December. 
  
 SECTION 2. Corporate Seal. The corporate seal shall be in such form as shall be approved by the Board of Directors. The Secretary shall be the custodian of the seal. The Board of Directors may authorize a duplicate seal to be kept
and used by any other officer. 
  
 SECTION 3. Certificate of
Incorporation. All references in these Bylaws to the certificate of incorporation shall be deemed to refer to the certificate of incorporation of the corporation, as in effect from time to time. 
  
 SECTION 4. Execution of Instruments. The Chairman and Vice-Chairman of
the Board of Directors, if any, the Chief Executive Officer, President, any Vice-President and the Treasurer shall have power to execute and deliver on behalf and in the name of the corporation any instrument requiring the signature of an officer of
the corporation, including deeds, contracts, mortgages, bonds, notes, debentures, checks, drafts, and other orders for the payment of money. In addition, the Board of Directors may expressly delegate such powers to any other officer or agent of the
corporation. 
  
 SECTION 5. Voting of Securities. Except as
the directors may otherwise designate, the Chief Executive Officer, President or Treasurer may waive notice of, and act as, or appoint any person or persons to act as, proxy or attorney-in-fact for this corporation (with or without power of
substitution) at any meeting of stockholders or shareholders of any other corporation or organization the securities of which may be held by this corporation. 
  

 -23- 

 SECTION 6. Evidence of Authority. A certificate by the Secretary, or an Assistant Secretary, or a
temporary secretary, as to any action taken by the stockholders, directors, a committee or any officer or representative of the corporation shall, as to all persons who rely on the certificate in good faith, be conclusive evidence of that action.

  
 SECTION 7. Transactions with Interested Parties. No
contract or transaction between the corporation and one or more of the directors or officers, or between the corporation and any other corporation, partnership, association, or other organization in which one or more of the directors or officers are
director or officers, or have a financial interest, shall be void or voidable solely for that reason, or solely because the director or officer is present at or participates in the meeting of the Board of Directors or a committee of the Board of
Directors which authorizes the contract or transaction or solely because the vote of any such director is counted for such purpose, if: 
  
 (1) The material facts as to the relationship or interest and as to the contract or transaction are disclosed or are known to the Board of Directors or
the committee, and the Board or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or 
  
 (2) The material facts as to the relationship or interest and as to the
contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or 
  

 -24- 

 (3) The contract or transaction is fair as to the corporation as of the time it is authorized, approved
or ratified by the Board of Directors, a committee of the Board of Directors, or the stockholders. 
  
 Common or interested directors may be counted in determining the presence of a quorum at a meeting of the Board of Directors or of a committee which
authorizes the contract or transaction. 
  
 SECTION 8. Books
and Records. The books and records of the corporation shall be kept at such places within or without the State of Delaware as the Board of Directors may from time to time determine. 
  
 ARTICLE VII 
  
 NOTICES 
  
 SECTION 1. Notice to Stockholders. Whenever, under any provisions of these Bylaws, notice is required to be given to any stockholder, it shall be
given in writing, timely and duly deposited in the United States mail, postage prepaid, and addressed to his last known post office address as shown by the stock record of the corporation or its transfer agent. 
  
 SECTION 2. Notice to Directors. Any notice required to be given to any
Director may be given by the method stated in Section 1, or by facsimile, telex, telegram or electronic means, except that such notice other than one which is delivered personally shall be sent to such address as such Director shall have filed in
writing with the Secretary, or, in the absence of such filing, to the last known post office address of such Director. 
  
 SECTION 3. Address Unknown. If no address of a stockholder or Director be known, notice may be sent to the office of the corporation required to be
maintained pursuant to Section 2 hereof. 
  

 -25- 

 SECTION 4. Affidavit of Mailing. An affidavit of mailing, executed by a duly authorized and
competent employee of the corporation or its transfer agent appointed with respect to the class of stock affected, specifying the name and address or the names and addresses of the stockholder or stockholders, or Director or Directors, to whom any
such notice or notices was or were given, and the time and method of giving the same, shall be conclusive evidence of the statements therein contained. 
  
 SECTION 5. Time Notices Deemed Given. All notices given by mail, as above provided, shall be deemed to have been given as at the time of mailing
and all notices given by facsimile, telex, telegram or electronic means shall be deemed to have been given as of the sending time recorded at time of transmission. 
  
 SECTION 6. Methods of Notice. It shall not be necessary that the same method of giving notice be employed in respect
to all Directors, but one permissible method may be employed in respect to any one or more, and any other permissible method or methods may be employed in respect of any other or others. 
  
 SECTION 7. Failure to Receive Notice. The period or limitation of time within which any stockholder may exercise any
option or rights, or enjoy any privilege or benefit, or be required to act, or within which any Director may exercise any power or right, or enjoy any privilege, pursuant to any notice sent him in the manner above provided, shall not be affected or
extended in any manner by the failure of such stockholder or such Director to receive such notice. 
  
 SECTION 8. Notice to Person with Whom Communication Is Unlawful. Whenever notice is required to be given, under any provision of law or of the
certificate of incorporation or Bylaws of the corporation, to any person with whom communication is unlawful, the giving of such notice to such person shall not be required and there shall be no duty 
  

 -26- 

 to apply to any governmental authority or agency for a license or permit to give such notice to such person. Any action
or meeting which shall be taken or held without notice to any such person with whom communication is unlawful shall have the same force and effect as if such notice had been duly given. In the event that the action taken by the corporation is such
as to require the filing of a certificate under any provision of the Delaware General Corporation Law, the certificate shall state, if such is the fact and if notice is required, that notice was given to all persons entitled to receive notice except
such persons with whom communication is unlawful. 
  
 SECTION 9.
Notice to Person with Undeliverable Address. Whenever notice is required to be given, under any provision of law or the certificate of incorporation or Bylaws of the corporation, to any stockholder to whom (i) notice of two consecutive annual
meetings, and all notices of meetings or of the taking of action by written consent without a meeting to such person during the period between such two consecutive annual meetings, or (ii) all, and at least two, payments (if sent by first class
mail) of dividends or interest on securities during a twelve month period, have been mailed addressed to such person at his address as shown on the records of the Corporation and have been returned undeliverable, the giving of such notice to such
person shall not be required. Any action or meeting which shall be taken or held without notice to such person shall have the same force and effect as if such notice had been duly given. If any such person shall deliver to the corporation a written
notice setting forth his then current address, the requirement that notice be given to such person shall be reinstated. In the event that the action taken by the corporation is such as to require the filing of a certificate under any provision of
the Delaware General Corporation Law, the certificate need not state that notice was not given to persons to whom notice was not required to be given pursuant to this paragraph. 
  

 -27- 

 ARTICLE VIII 
  
 AMENDMENTS 
  
 SECTION 1. By the Board of Directors. These Bylaws may be altered, amended or repealed or new Bylaws may be adopted by the affirmative vote of a
majority of the directors present at any regular or special meeting of the Board of Directors at which a quorum is present. 
  
 SECTION 2. By the Stockholders. These Bylaws may be altered, amended or repealed or new Bylaws may be adopted by the affirmative vote of the
holders of a majority of the shares of the capital stock of the corporation issued and outstanding and entitled to vote at any regular meeting of stockholders, or at any special meeting of stockholders provided notice of such alteration, amendment,
repeal or adoption of new Bylaws shall have been stated in the notice of such special meeting. 
  

 -28-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]