Document:

mgtbonusplan.htm

Exhibit 10.1

ASTRO-MED INC.

 

MANAGEMENT BONUS PLAN

 

GROUP III

Adopted March 15, 2010

 

 

 

  

  

  

  

ASTRO-MED, INC.

MANAGEMENT BONUS PLAN

GROUP III

TABLE OF CONTENTS

	 I.           OVERVIEW	 1
	 	 
	
A.           Perspective

B.           Key Points

	  
	  	  
	
II.           ELIGIBLE PARTICIPANTS

	
2

	  	  
	
A.           Rules

	  
	 	 
	
1.           Dates of Employment

a.           Annual

2.           Leave of Absence

3.           Retirees

4.           Exclusions

	  
	  	  
	
III.           ELIGIBLE BONUSES

	
3

	  	  
	
A.           Financial

	  
	  	  
	
1.           Categories

2.           Bonus Rates

	  
	  	  
	
B.           Business

	  
	
1.           Categories

2.           Bonus Rates

	  
	  	  
	
IV.           FINANCIAL OBJECTIVES

	
4

	  	  
	
A.           Definition of Financial Measurement Criteria

	  
	  	  
	
1.           Net Sales

2.           Operating Income

3.           Net Assets

4.           ORONA

	  
	  	  
	
V.           GENERAL RULES

	
4-5

	  	  
	
VI.           PAYOUT MATRIX

	
6-7

	  	  

 

 

  

2

  

  

 

ASTRO-MED, INC.

MANAGEMENT BONUS PLAN

GROUP III

I.           OVERVIEW

A.           Perspective

Astro-Med’s pay for performance philosophy encourages rewarding individuals who are committed to the achievement of their financial and operating goals as well as ensuring our customers are totally satisfied with our products and services.  The Plan provides for incentive pay based on Financial and Business Objectives.

B.           Key Points

	
  

	
1.

	
Bonuses are earned by achieving ANNUAL Financial Objectives, including Net Sales, Operating Income and ORONA (Operating Income Return on Net Asset) Thresholds.

	
  

	
2.

	
Participation by a Corporate Officer shall be recommended by the CEO and approved by the Astro-Med, Inc. Compensation Committee.

	
  

	
3.

	
Bonuses earned for achieving the Financial Thresholds will be paid only on an annual basis.

    

	 	4.	 Bonuses earned on the Business Objectives will be paid only on an annual basis.

 

	
  

	
5.

	
To be eligible for the Annual Bonus, Officers must be on the Astro-Med payroll as of the last day of the fiscal year.

	 	
6.  

	
Annual bonuses earned by Corporate Officers for achieving the Financial Objectives will be paid only after the issuance of Astro-Med’s Audited Consolidated Financial Statements.

	 	
7.  

	
All levels of Operating Income Attainment must include the requisite level of bonuses earned  (e.g. adequate bonus reserves must be provided for in the Operating Income reported).

	
  

	
8.

	
All Bonuses earned will be paid only after review and written approval by Astro-ed’s CEO (and, in the case of a bonus to the CEO, approval of the Compensation Committee).

 

 

 

  

3

  

  

 

	
  

	
9.

	
All combined annual bonuses paid cannot exceed 10% of Astro-Med’s consolidated Operating Income excluding the combined Corporate Management Bonus Plan pool.

	
  

	
10.

	
All Bonuses earned are based on Operating Income from the Company’s normal operating activities and excludes the financial results from mergers, acquisitions, sale of assets, divestitures, etc.

II.           ELIGIBLE PARTICIPANTS

A.           Rules

1.           Dates of Employment

a.           Annual

	
  

	
(1).

	
Corporate Officers who are on the payroll as of the last day of the fiscal year to which the bonus relates, and who were on the payroll the first working day of such fiscal year are eligible for a full year’s bonus award.

	
  

	
(2).

	
Corporate Officers who were on the payroll after the first working day of the fiscal year to which the bonus relates are eligible for a pro rata bonus award.  Corporate officers who are employees for six months or more but less than twelve months are entitled to 25% of the Bonus percent earned by the Group III participants.  Corporate Officers who are employed for less than six months in the current fiscal year do not qualify for the Group III Bonus.

 

2.           Leave of Absence

           No bonus will be paid to an officer on leave of absence.

3.           Retirees

	
  

	
Officers retiring after age 65 and prior to the last day of the fiscal year, and who were eligible for a bonus in the preceding year are eligible for a pro rata portion of a full year’s bonus (based upon the number of full months prior to retirement).

4.           Exclusions

	
  

	
Officers who are participating in other Company incentive plans (e.g. Sales Incentive Plan, etc.) are not eligible under this plan without written approval of the Astro-Med CEO.

III.           ELIGIBLE BONUS

A.           Threshold and Target Financial Objectives for Net Sales, Operating Income, and Return on Net Assets (RONA) and the related Bonus Rates (Percentage of Base Salary) shall be established annually by the Compensation Committee and communicated to the Plan participants by the CEO.

 

 

  

4

  

  

 

B.           Plan Participants may also receive a bonus based upon achieving specified Strategic and Tactical Business Objectives.  The maximum Bonus Rate (percentage of Base Salary) that may be earned by a Plan participant based upon achieving such Business Objectives shall be established annually by the Compensation Committee.  The Business Objectives shall be established by the Compensation Committee for the CEO and by the CEO for all other Plan participants and the determination as to achievement of such Business Objectives and the portion of the bonus earned therefor shall be made by the CEO (or, in the case of the CEO, by the Compensation Committee).

 

 

IV.           FINANCIAL OBJECTIVES

A.           Definition of Financial Measurement Criteria

1.           Net Sales:  Astro-Med Consolidated Net Sales

2.           Operating Income:  Astro-Med Consolidated Operating Income

3.           Net Assets:  Astro-Med Consolidated Net Assets

4.           ORONA:  Astro-Med Consolidated Ooperating Income                                                = %

  Astro-Med Consolidated Net Assets

Note:           For purposes of ORONA calculations on an annual basis, Astro-Med’s consolidated Net Assets will represent a twelve month average of the Company’s Assets less a twelve month average of Liabilities.

V.           GENERAL RULES

A.           Participation

1.           Corporate Officers as approved by Astro-Med Compensation Committee.

B.           Minimum and maximum Payouts

	
  

	
1.

	
No bonus will be paid to any Officer on Financial or Business Objectives if either Astro-Med’s Consolidated Operating Income and Net Sales for the fiscal year is less than the applicable Threshold established by the Compensation Committee.

No bonus will be paid in excess of 60% of an Officer’s annual Base Salary.

C.           Definition of Salary

Annual bonuses are based on salary in effect as of the last day of the fiscal year.

D.           Timing of Bonus Payout

 

 

 

  

5

  

  

	 	
1.  

	
Bonus earned for achieving the Financial Objectives and Business Objectives will be paid on an annual basis.

	
  

	
2.

	
Annual bonuses will be calculated and paid as soon as the Company’s audited financial statements are issued.  This should be in March of the following fiscal year.

	
  

	
3.

	
All bonuses earned will be paid only after review and written approval by Astro-Med’s CEO and approval of the Compensation Committee in the case of the CEO.

E.           Modification and Continuation of the Bonus Plan

The Plan may be modified by Astro-Med’s CEO at any time, provided that any material modification of the Financial Targets, Financial Thresholds or Bonus Rates shall be approved by the Astro-Med, Inc. Compensation Committee.  The Astro-Med CEO has final authority as to any payment hereunder (other than payments to the CEO), including the authority to interpret the provisions of this Plan.  The Compensation Committee has sole discretion as to the continuation of the Plan for any fiscal year and, accordingly, continuation of the Plan beyond the current fiscal year is not guaranteed.restatedbylaws.htm

    AMENDED
AND RESTATED

    BYLAWS

    OF

    DUCKWALL-ALCO
STORES, INC.

    

    June
6, 2007

    

    Offices

    

    1.  Registered Office and
Resident Agent.  The location of the registered office and the
name of the resident agent of the corporation in the State of Kansas shall be as
stated in the articles of incorporation or as shall be determined from time to
time by resolution of the Board of Directors and on file in the appropriate
public offices of the State of Kansas pursuant to applicable provisions of
law.

    

    2.   Corporate
Offices.  The corporation may have such other corporate offices
and places of business anywhere within or without the State of Kansas as the
Board of Directors may from time to time designate or the business of the
corporation may require.

    

    Seal

    

    3.  Corporate
Seal.  The corporate seal shall have inscribed thereon the name
of the corporation and the words “Corporate Seal, Kansas”.  The
corporate seal may be used by causing it or a facsimile thereof to be impressed
or affixed or in any manner reproduced.

    

    

    Stockholders’
Meetings

    

    4.  Place of
Meetings.  All meetings of the stockholders shall be held at
the offices of the corporation in the City of Abilene, State of Kansas, or at
such other place either within or without the State of Kansas as shall be
designated from time to time by the Board of Directors and stated in the notice
of the meeting or in a duly executed waiver of notice thereof.

    

    5.  Annual
Meeting.  The Annual Meeting of Shareholders shall be held on
such date and at such time as shall be designated from time to time by the Board
of Directors and stated in the Notice of the meeting, at which meetings the
Shareholders shall elect by cumulative voting a Board of Directors, and transact
such other business as may properly be brought before the
meeting.  Written Notice of the Annual Meeting stating the place, date
and hour of the meeting shall be given to each Shareholder entitled to vote at
such meeting not less than ten (10) or more than fifty (50) days before the date
of the meeting.

    

    6.  Special
Meetings.  Special meetings of the stockholders may be held for
any purpose or purposes, unless otherwise prescribed by statute or by the
articles of incorporation, and may be called by the Chairman of the Board, by
the President, by the Secretary, by the Board of Directors, or by the holders
of, or by any officer or stockholder upon the written request of the holders of,
not less than twenty percent (20%) of the outstanding stock entitled to vote at
such meeting, and shall be called by any officer directed to do so by the Board
of Directors or requested to do so in writing by a majority of the Board of
Directors.  Any such written request shall state the purpose or
purposes of the proposed meeting.

    

    The “call” and the “notice” of any such
meeting shall be deemed to be synonymous.

    

    7.  Voting.  At
all meetings of stockholders, every stockholder having the right to vote shall
be entitled to vote in person, or by proxy appointed by an instrument in writing
subscribed by such stockholder and bearing a date not more than three years
prior to said meeting, unless said instrument shall provide for a longer
period.  Unless otherwise provided by the articles of incorporation,
each stockholder shall have one vote for each share of stock entitled to vote at
such meeting registered in his name on the books of the corporation including,
without limitation, respecting the election of directors.  At all
meetings of stockholders the voting may be otherwise than by ballot, including
the election of directors, except that, unless otherwise provided by the
articles of incorporation, any stockholder entitled to vote may request a vote
by written ballot on any matter, in which event such vote shall be taken by
written ballot.

    

    8.  Quorum.  The
holders of a majority of the outstanding shares of stock entitled to vote
thereat, present in person or represented by proxy, shall constitute a quorum at
all meetings of the stockholders for the transaction of any business, except as
otherwise provided by law, by the articles of incorporation, or by these
bylaws.  Every decision of a majority in amount of stock of such
quorum shall be valid as a corporate act, except in those specific instances in
which a larger vote is required by law or by the articles of incorporation or by
these bylaws.

    

    If the holders of a majority of the
outstanding shares of stock entitled to vote not be present at a meeting of
stockholders, the holders of a majority of the stock present in person or by
proxy at such meeting shall have power successively to adjourn the meeting from
time to time to a specified time and place, without notice to anyone other than
announcement at the meeting, until a quorum shall be present in person or by
proxy.  At such adjourned meeting at which a quorum shall be present
in person or by proxy, any business may be transacted which might have been
transacted at the original meeting which was adjourned.  If the
adjournment is for more than thirty (30) days, or if after adjournment a new
record date is fixed for the adjourned meeting, a notice of the adjourned
meeting shall be given to each stockholder of record entitled to vote at the
meeting.

    

    9.  Stock
Ledger.  The original or duplicate stock ledger shall be the
only evidence as to who are the stockholders entitled to examine the stock
ledger, the list required under section 10 of these bylaws or the books of the
corporation, or to vote in person or by proxy at any meeting of the
stockholders.

    

    10.  Stockholders’
Lists.  The Secretary or Assistant Secretary, who shall have
charge of the stock ledger, shall, if requested in writing by any stockholder at
least twenty (20) days prior to any meeting of stockholders or if ordered to do
so by the Board of Directors, prepare and make, at least ten (10) days before
such meeting of stockholders, a complete list of the stockholders entitled to
vote at the meeting, arranged in alphabetical order, and showing the address of
each stockholder and the number of shares registered in the name of each
stockholder.  Such list shall be open to the examination of any
stockholder, for any purpose germane to the meeting, during ordinary business
hours, for a period of at least ten (10) days prior to the meeting, either at a
place within the city where the meeting is to be held, which place shall be
specified in the notice of the meeting, or, if not so specified, at the place
where the meeting is to be held.  The list shall also be produced and
kept at the time and place of the meeting during the whole time thereof, and may
be inspected by any stockholder who is present.

    

    11.  Notices.  Written
or printed notice of each meeting of the stockholders, whether annual or
special, stating the place, date and hour of the meeting, and, in the case of a
special meeting, the purpose or purposes thereof, shall be given to each
stockholder of record of the corporation entitled to vote at such meeting,
either personally or by mail, not less than ten (10) days nor more than fifty
(50) days prior to the meeting.  If mailed, such notice shall be
deemed to be given when it is deposited in the United States mail, with postage
prepaid, directed to the stockholder at his address as it appears on the records
of the corporation.

    

    12.  Consent of Stockholders in
Lieu of Meeting.  To the extent, if any, and in the manner
permitted by statute and unless otherwise provided in the articles of
incorporation, any action required to be taken at any annual or special meeting
of stockholders of the corporation, or any action which may be taken at any
annual or special meeting of such stockholders, may be taken without a meeting,
without prior notice and without a vote, if consent in writing, setting forth
the action so taken, shall be signed by all the holders of outstanding stock
entitled to vote thereon.

    

    Board of
Directors

    

    13.  Management.  The
business and affairs of the corporation shall be managed by a Board of
Directors.  Unless and until changed by the Board of Directors as
hereinafter provided, the number of directors to constitute the Board of
Directors shall be not less than five (5) nor more than seven
(7).  The Board of Directors shall have the power to change the number
of directors by resolution adopted by a majority of the whole
Board.  Unless required by the articles of incorporation, directors
need not be stockholders.  In addition to the powers and authorities
by these bylaws and the articles of incorporation expressly conferred upon it,
the Board of Directors may exercise all such powers of the corporation, and do
all such lawful acts and things as are not by statute or by the articles of
incorporation or by these bylaws directed or required to be exercised or done by
the stockholders.

    

    14.  Vacancies and Newly Created
Directorships.  Vacancies and newly created directorships
resulting from any increase in the authorized number of directors may be filled
by a majority of the directors then in office, though less than a quorum, or by
a sole remaining director, unless it is otherwise provided in the articles of
incorporation or these bylaws, and the directors so chosen shall hold office
until the next annual election and until their successors are duly elected and
qualified, or until their earlier resignation or removal.  If there
are no directors in office, then an election of directors may be held in the
manner provided by statute.

    

    15.  Meetings of the Newly
Elected Board – Notice.  The first meeting of the members of
each newly elected Board of Directors shall be held (i) at such time and place
either within or without the State of Kansas as shall be suggested or provided
by resolution of the stockholders at the meeting at which such newly elected
Board was elected, and no notice of such meeting shall be necessary to the newly
elected directors in order legally to constitute the meeting, provided a quorum
shall be present, or (ii) if not so suggested or provided for by resolution of
the stockholders or if a quorum shall not be present, at such time and place as
shall be consented to in writing by a majority of the newly elected directors,
provided that written or printed notice of such meeting shall be given to each
of the other directors in the same manner as provided in section 18 of these
bylaws with respect to the giving of notice for special meetings of the Board
except that it shall not be necessary to state the purpose of the meeting in
such notice, or (iii) regardless of whether or not the time and place of such
meeting shall be suggested or provided for by resolution of the stockholders, at
such time and place as shall be consented to in writing by all of the newly
elected directors.

    

    Every director of the corporation, upon
his election, shall qualify by accepting the office of director, and his
attendance at, or his written approval of the minutes of, any meeting of the
Board subsequent to his election shall constitute his acceptance of such office;
or he may execute such acceptance by a separate writing, which shall be placed
in the minute book.

    

    16.  Regular
Meetings.  Regular meetings of the Board of Directors may be
held without notice at such times and places either within or without the State
of Kansas as shall from time to time be fixed by resolution adopted by the full
Board of Directors.  Any business may be transacted at a regular
meeting.

    

    17.  Special
Meetings.  Special meetings of the Board of Directors may be
called at any time by the Chairman of the Board, the President, any Vice
President or the Secretary, or by any two (2) or more of the
directors.  The place may be within or without the State of Kansas as
designated in the notice.

    

    18.  Notice of Special
Meetings.  Written or printed notice of each special meeting of
the Board, stating the place, day and hour of the meeting and the purpose or
purposes thereof, shall be mailed to each director addressed to him at his
residence or usual place of business at least three (3) days before the day on
which the meeting is to be held, or shall be sent to him by telegram, or
delivered to him personally, at least two (2) days before the day on which the
meeting is to be held.  If mailed, such notice shall be deemed to be
delivered when it is deposited in the United States mail with postage thereon
addressed to the director at his residence or usual place of
business.  If given by telegraph, such notice shall be deemed to be
delivered when it is delivered to the telegraph company.  The notice
may be given by any officer having authority to call the
meeting.  “Notice” and “call” with respect to such meetings shall be
deemed to be synonymous.  Any meeting of the Board of Directors shall
be a legal meeting without any notice thereof having been given if all directors
shall be present.

    

    19.  Meetings by Conference
Telephone or Similar Communications Equipment.  Unless
otherwise restricted by the articles of incorporation or these bylaws, members
of the Board of Directors of the corporation, or any committee designated by the
Board, may participate in a meeting of the Board or committee by means of
conference telephone or similar communications equipment by means of which all
persons participating in the meeting can hear each other, and participation in a
meeting pursuant hereto shall constitute presence in person at such
meeting.

    

    20.  Quorum.  Unless
otherwise required by law, the articles of incorporation or these bylaws, a
majority of the total number of directors shall be necessary at all meetings to
constitute a quorum for the transaction of business, and except as may be
otherwise provided by law, the articles of incorporation or these bylaws, the
vote of a majority of the directors present at any meeting at which there is a
quorum shall be the act of the Board of Directors.

    

    If at least two (2) directors or one
third (1/3) of the whole Board of Directors, whichever is greater, is present at
any meeting at which a quorum is not present, a majority of the directors
present at such meeting shall have power successively to adjourn the meeting
from time to time to a subsequent date, without notice to any director other
than announcement at the meeting.  At such adjourned meeting at which
a quorum is present, any business may be transacted which might have been
transacted at the original meeting which was adjourned.

    

    21.  Standing or Temporary
Committees.  The Board of Directors may, by resolution or
resolutions passed by a majority of the whole Board, designate one (1) or more
committees, each committee to consist of one (1) or more directors of the
corporation.  The Board may designate one (1) 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 a member of a committee, the member or members thereof
present at any meeting and not disqualified from voting, whether or not he or
they constitute a quorum, may unanimously appoint another member of the Board of
Directors to act at the meeting in the place of any such absent or disqualified
member.  Any such committee, to the extent provided in the resolution
of the Board of Directors or in these bylaws, shall have and may exercise all of
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 shall have the power or authority of the Board of Directors with
respect to amending the articles of incorporation, adopting an agreement or
merger or consolidation, recommending to the stockholders the sale, lease or
exchange of all or substantially all of the corporation’s property and assets,
recommending to the stockholders a dissolution of the corporation or a
revocation of a dissolution, or amending the bylaws of the corporation; and,
unless the resolution, these bylaws or the articles of incorporation expressly
so provide, no such committee shall have power or authority to declare a
dividend or to authorize the issuance of stock.

    

    Such committee or committees shall have
such name or names as may be determined from time to time by resolution adopted
by the Board of Directors.  All committees so appointed shall, unless
otherwise provided by the Board of Directors, keep regular minutes of the
transactions at their meetings and shall cause them to be recorded in books kept
for that purpose in the office of the corporation and shall report the same to
the Board of Directors at its next meeting.  The Secretary or an
Assistant Secretary of the corporation may act as secretary of the committee if
the committee or the Board so requests.

    

    22.  Compensation.  Unless
otherwise restricted by the articles of incorporation or these bylaws, the Board
of Directors may, by resolution, fix the compensation to be paid directors for
serving as directors of the corporation and may, by resolution, fix a sum which
shall be allowed and paid for attendance at each meeting of the Board of
Directors and may provide for reimbursement of expenses incurred by directors in
attending each meeting; provided that nothing herein contained shall be
construed to preclude any director from serving the corporation in any other
capacity and receiving his regular compensation therefor.  Members of
special or standing committees may be allowed similar compensation for attending
committee meetings.  The corporation shall also provide, with no
expense to the Directors, assistance in the preparation and filing of reports
required under the Securities Exchange Act of 1934, as amended including but not
limited to reports on initial ownership or changes of beneficial ownership of
common stock of the corporation on Schedule 13D, Schedule 13G, Form 3, Form 4 or
Form 5.

    

    23.  Resignations.  Any
directors may resign at any time upon written notice to the
corporation.  Such resignation shall take effect at the time specified
therein or shall take effect upon receipt thereof by the corporation if no time
is specified therein, and unless otherwise specified therein, the acceptance of
such resignation shall not be necessary to make it effective.

    

    24.  Indemnification and
Liability of Directors and Officers.  Each person who is or was
a director or officer of the corporation or is or was serving at the request of
the corporation as a director or officer of another corporation (including the
heirs, executors, administrators and estate of such person) shall be indemnified
by the corporation as of right to the full extent permitted or authorized by the
laws of the State of Kansas, as now in effect and as hereafter amended, against
any expenses, judgments, fines and amounts paid in settlement (including
attorneys’ fees) actually and reasonably incurred by such person in his capacity
as or arising out of his status as a director or officer of the corporation or,
if serving at the request of the corporation, as a director or officer of
another corporation.  The indemnification provided by this bylaw
provision shall not be exclusive of any other rights to which those indemnified
may be entitled under the articles of incorporation, under any other bylaw or
under any agreement, vote of stockholders or disinterested directors or
otherwise, and shall not limit in any way any right which the corporation may
have to make different or further indemnifications with respect to the same or
different persons or classes of persons.

    

    No person shall be liable to the
corporation for any loss, damage, liability or expense suffered by it on account
of any action taken or omitted to be taken by him as a director or officer of
the corporation or of any other corporation which he serves as a director or
officer at the request of the corporation, if such person (i) exercised the same
degree of care and skill as a prudent man would have exercised under the
circumstances in the conduct of his own affairs, or (ii) took or omitted to take
such action in reliance upon advice of counsel for the corporation, or for such
other corporation, or upon statements made or information furnished by
directors, officers, employees or agents of the corporation, or of such other
corporation, which he had no reasonable grounds to disbelieve.

    

    25.  Action Without a
Meeting.  Unless otherwise restricted by the articles of
incorporation or these bylaws, any action required or permitted to be taken at
any meeting of the Board of Directors or any committee thereof may be taken
without a meeting if written consent thereto is signed by all members of the
Board of Directors or of such committee, as the case may be, and such written
consent is filed with the minutes of proceedings of the Board or
committee.

    

    Officers

    

    26.  (a) Officers – Who Shall
Constitute.  The officers of the corporation shall be a
Chairman of the Board, a President, one or more Vice Presidents, a Secretary, a
Treasurer, one or more Assistant Secretaries and one or more Assistant
Treasurers.  The Board shall elect a President, a Secretary and a
Treasurer at its first meeting after each annual meeting of the
stockholders.  The Board then, or from time to time, may elect one or
more of the other prescribed officers as it may deem advisable, but need not
elect any officers other than a President, a Secretary and a
Treasurer.  The Board may, if it desires, elect or appoint additional
officers and may further identify or describe any one or more of the officers of
the corporation.

    

    Officers of the corporation need not be
members of the Board of Directors.  Any two (2) or more offices may be
held by the same person.

    

    An officer shall be deemed qualified
when he enters upon the duties of the office to which he has been elected or
appointed and furnishes any bond required by the Board; but the Board may also
require his written acceptance and promise faithfully to discharge the duties of
such office.

    

    (b)  Term of
Office.  Each officer of the corporation shall hold his office
at the pleasure of the Board of Directors or for such other period as the Board
may specify at the time of his election or appointment, or until his death,
resignation or removal by the Board, whichever first occurs.  In any
event, each officer of the corporation who is not reelected or reappointed at
the annual election of officers by the Board next succeeding his election or
appointment shall be deemed to have been removed by the Board, unless the Board
provides otherwise at the time of his election or appointment.

    

    (c)  Other
Agents.  The Board from time to time may also appoint such
other agents for the corporation as it shall deem necessary or advisable, each
of whom shall serve at the pleasure of the Board or for such period as the Board
may specify, and shall exercise such powers, have such titles and perform such
duties as shall be determined from time to time by the Board or by an officer
empowered by the Board to make such determinations.

    

    27.  The Chairman of the
Board.  If a Chairman of the Board be elected, he shall preside
at all meetings of the stockholders and directors at which he may be present and
shall have such other duties, powers and authority as may be prescribed
elsewhere in these bylaws.  The Board of Directors may delegate such
other authority and assign such additional duties to the Chairman of the Board,
other than those conferred by law exclusively upon the President or another
officer, as it may from time to time determine, and, to the extent permissible
by law, the Board may designate the Chairman of the Board as the Chief Executive
Officer of the corporation with all of the powers otherwise conferred upon the
President of the corporation under section 28 of these bylaws, or it may, from
time to time, divide the responsibilities, duties and authority for the general
control and management of the corporation’s business and affairs between the
Chairman of the Board and the President.

    

    28.  The President. Unless
the Board otherwise provides, the President shall be the Chief Executive Officer
of the corporation with such general executive powers and duties of supervision
and management as are usually vested in the office of the Chief Executive
Officer of a corporation, and he shall carry into effect all directions and
resolutions of the Board.  The President, in absence of the Chairman
of the Board or if there be no Chairman of the Board, shall preside at all
meetings of the stockholders and directors.

    

    The President may execute all bonds,
notes, debentures, mortgages and other instruments for and in the name of the
corporation, may cause the corporate seal to be affixed thereto, and may execute
all other instruments for an in the name of the corporation.

    

    Unless the Board otherwise provides,
the President, or any person designated in writing by him, shall have full power
and authority on behalf of this corporation (i) to attend and to vote or take
action at any meeting of the holders of securities of corporations in which this
corporation may hold securities, and at such meetings shall possess and may
exercise any and all rights and powers incident to being a holder of such
securities, and (ii) to execute and deliver waivers of notice and proxies for
and in the name of the corporation with respect to any securities held by this
corporation.

    

    He shall, unless the Board otherwise
provides, be ex officio a member of all standing committees.

    

    He shall have such other or further
duties and authority as may be prescribed elsewhere in these bylaws or from time
to time by the Board of Directors.

    

    If a Chairman of the Board be elected
or appointed and designated as the Chief Executive Officer of the corporation,
as provided in section 27 of these bylaws, the President shall perform such
duties as may be specifically delegated to him by the Board of Directors or are
conferred by law exclusively upon him, and in the absence, disability or
inability or refusal to act of the Chairman of the Board, the President shall
perform the duties and exercise the powers of the Chairman of the
Board.

    

    29.  Vice
President.  In the absence of the President or in the event of
his disability or inability or refusal to act, any Vice President may perform
the duties and exercise the powers of the President until the Board otherwise
provides.  Vice Presidents shall perform such other duties and have
such other authority as the Board may from time to time prescribe.

    

    30.  Secretary and Assistant
Secretaries. The Secretary shall attend all sessions of the Board and all
meetings of the stockholders, shall prepare minutes of all proceedings at such
meetings and shall preserve them in a minute book of the
corporation.  He shall perform similar duties for the executive and
other standing committees when requested by the Board or any such
committee.

    

    The Secretary shall see that all books,
records, lists and information, or duplicates, required to be maintained in
Kansas, or elsewhere, are so maintained.

    

    The Secretary shall keep in safe
custody the seal of the corporation, and shall have authority to affix the seal
to any instrument requiring a corporate seal and, when so affixed, he shall
attest the seal by his signature.  The Board of Directors may give
general authority to any other officer to affix the seal of the corporation and
to attest the affixing by his signature.

    

    The Secretary shall have the general
duties, powers and responsibilities of a secretary of a corporation and shall
perform such other duties and have such other responsibility and authority as
may be prescribed elsewhere in these bylaws or from time to time by the Board of
Directors or the Chief Executive Officer of the corporation, under whose direct
supervision he shall be.

    

    In the absence of the Secretary or in
the event of his disability or inability or refusal to act, any Assistant
Secretary may perform the duties and exercise the powers of the Secretary until
the Board otherwise provides.  Assistant Secretaries shall perform
such other duties and have such other authority as the Board of Directors may
from time to time prescribe.

    

    31.  The Treasurer and Assistant
Treasurers. The Treasurer shall have responsibility for the
safekeeping of the funds and securities of the corporation, shall keep or cause
to be kept full and accurate accounts of receipts and disbursements in books
belonging to the corporation and shall keep or cause to be kept all other books
of account and accounting records of the corporation.  He shall
deposit or cause to be deposited 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 or by any officer of the corporation to
whom such authority has been granted by the Board.

    

    He shall disburse, or permit to be
disbursed, the funds of the corporation as may be ordered, or authorized
generally, by the Board, and shall render to the Chief Executive Officer of the
corporation and the directors whenever they may require it, an account of all
his transactions as Treasurer and of those under his jurisdiction, and of the
financial condition of the corporation.

    

    He shall perform such other duties and
shall have such other responsibility and authority as may be prescribed
elsewhere in these bylaws or from time to time by the Board of
Directors.

    

    He shall have the general duties,
powers and responsibility of a Treasurer of a corporation and shall, unless
otherwise provided by the Board, be the chief financial and accounting officer
of the corporation.

    

    If required by the Board, he shall give
the corporation a bond in a sum and with one or more sureties satisfactory to
the Board, for the faithful performance of the duties of his office and for the
restoration to the corporation, in the case of his death, resignation,
retirement or removal from office, of all books, papers, vouchers, money and
other property of whatever kind in his possession or under his control which
belong to the corporation.

    

    In the absence of the Treasurer or in
the event of his disability or inability or refusal to act, any Assistant
Treasurer may perform the duties and exercise the powers of the Treasurer until
the Board otherwise provides.  Assistant Treasurers shall perform such
other duties and have such other authority as the Board of Directors may from
time to time prescribe.

    

    32.  Duties of Officers May be
Delegated.  If any officer of the corporation be absent or
unable to act, or for any other reason that the Board may deem sufficient, the
Board may delegate, for the time being, some or all of the functions, duties,
powers and responsibilities of any officer to any other officer, or to any other
agent or employee of the corporation or other responsible person, provided a
majority of the whole Board concurs.

    

    33.  Removal.  Any
officer or agent elected or appointed by the Board of Directors, and any
employee, may be removed or discharged by the Board whenever in its judgment the
best interests of the corporation would be served thereby, but such removal or
discharge shall be without prejudice to the contract rights, if any, of the
person so removed or discharged.

    

    34.  Salaries and
Compensation. Salaries and compensation of all elected officers of the
corporation shall be fixed, increased or decreased by the Board of Directors,
but this power, except as to the salary or compensation of the Chairman of the
Board and the President, may, unless prohibited by law, be delegated by the
Board to the Chairman of the Board or the President, or may be delegated to a
committee.  Salaries and compensation of all appointed officers,
agents and employees of the corporation may be fixed, increased or decreased by
the Board of Directors, but until action is taken with respect thereto by the
Board of Directors, the same may be fixed, increased or decreased by the
President or such other officer or officers as may be empowered by the Board of
Directors to do so.

    

    35.  Delegation of Authority to
Hire, Discharge and Designate Duties.  The Board from time to
time may delegate to the Chairman of the Board, the President or other officer
or executive employee of the corporation, authority to hire, discharge and fix
and modify the duties, salary or other compensation of employees of the
corporation under the jurisdiction of such person, and the Board may delegate to
such officer or executive employee similar authority with respect to obtaining
and retaining for the corporation the services of attorneys, accountants and
other experts.

    

    Stock

    

    36.  Certificates for Shares of
Stock.  The shares of the corporation shall be represented by a
certificate or shall be uncertificated.  Certificates shall be signed
by, or in the name of the corporation by, the Chairman of the Board of
Directors, or the President or a Vice President, and by the Treasurer or an
Assistant Treasurer, or the Secretary or an Assistant Secretary of the
corporation.  Any of or all the signatures on a certificate may be
facsimile.  In case any officer, transfer agent or registrar who has
signed or whose facsimile signature has been placed upon a certificate shall
have ceased to be such officer, transfer agent or registrar before such
certificate is issued, it may be issued by the corporation with the same effect
as if he were such officer, transfer agent or registrar at the date of
issue.

    

    37.  Transfers of
Stock.  Upon surrender to the corporation or the transfer agent
of the corporation of a certificate for shares duly endorsed or accompanied by
proper evidence of succession, assignation or authority to transfer, it shall be
the duty of the corporation to issue a new certificate to the person entitled
thereto, cancel the old certificate and record the transaction upon its
books.  Upon receipt of proper transfer instructions from the
registered owner of uncertificated shares such uncertificated shares shall be
canceled and issuance of new equivalent uncertificated shares or certificated
shares shall be made to the person entitled thereto and the transaction shall be
recorded upon the books of the corporation.  Within a reasonable time
after the issuance or transfer of uncertificated stock, the corporation shall
send to the registered owner thereof a written notice containing the information
required to be set forth or stated on certificates pursuant to Sections 151,
156, 202(a) or 218(a) or a statement that the corporation will furnish without
charge to each stockholder who so requests the powers, designations, preferences
and relative participating, optional or other special rights of each class of
stock or series thereof and the qualifications, limitations or restrictions of
such preferences and/or rights.

    

    38.  Registered
Stockholders.  Only stockholders whose names are registered in
the stock ledger shall be entitled to be treated by the corporation as the
holders and owners in fact of the shares standing in their respective names, and
the corporation shall not be bound to recognize any equitable or other claim to
or interest in such shares on the part of any other person, whether or not it
shall have express or other notice thereof, except as expressly provided by the
laws of Kansas.

    

    39.  Lost
Certificates.  The Board of Directors may direct a new
certificate or certificates or uncertificated shares to be issued in place of
any certificate or certificates theretofore issued by the corporation alleged to
have been lost, stolen or destroyed, upon the making of an affidavit of that
fact by the person claiming the certificate of stock to be lost, stolen or
destroyed.  When authorizing such issue of a new certificate or
certificates or uncertificated shares, the Board of Directors may, in its
discretion and as a condition precedent to the issuance thereof, require the
owner of such lost, stolen or destroyed certificate or certificates, or his
legal representative, to advertise the same in such manner as it shall require
and/or to give the corporation a bond in such sum as it may direct as indemnity
against any claim that may be made against the corporation with respect to the
certificate alleged to have been lost, stolen or destroyed.

    

    40.  Regulations.  The
Board of Directors shall have power and authority to make all such rules and
regulations as it may deem expedient concerning the issue, transfer, conversion
and registration of certificates for shares of stock of the corporation, not
inconsistent with the laws of Kansas, the articles of incorporation of the
corporation or these bylaws.

    

    41.  Fixing Record
Date.  In order that the corporation may determine the
stockholders entitled to notice of or to vote at any meeting of stockholders or
any adjournment thereof, or to express consent to corporate action in writing
without a meeting, or entitled to receive payment of any dividend or other
distribution or allotment of any rights, or entitled to exercise any rights in
respect of any change, conversion or exchange of stock or for the purpose of any
other lawful action, the Board of Directors may fix, in advance, a record date,
which shall not be more than sixty (60) days nor less than ten (10) days before
the date of such meeting, nor more than sixty (60) days prior to any other
action.  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.

    

    Dividends and
Finance

    

    

    42.  Dividends.  Dividends
upon the outstanding shares of stock of the corporation, subject to the
provisions of the articles of incorporation and of any applicable law and of
these bylaws, may be declared by the Board of Directors at any
meeting.  Subject to such provisions, dividends may be paid in cash,
in property, or in shares of stock of the corporation.

    

    43.  Creation of
Reserves.  The directors may set apart out of any of the funds
of the corporation available for dividends a reserve or reserves for any proper
purpose and may abolish any such reserve in the manner in which it was
created.

    

    44.  Depositories.  The
moneys of the corporation shall be deposited in the name of the corporation in
such bank or banks or other depositories as the Board of Directors shall
designate, and shall be drawn out only by check signed by persons designated by
resolution adopted by the Board of Directors, except that the Board of Directors
may delegate said powers in the manner hereinafter provided in this bylaw
44.  The Board of Directors may by resolution authorize an officer or
officers of the corporation to designate any bank or banks or other depositories
in which moneys of the corporation may be deposited, and to designate the
persons who may sign checks drawn on any particular account or accounts of the
corporation, whether created by direct designation of the Board of Directors or
by an authorized officer or officers as aforesaid.

    

    45.  Fiscal
Year.  The Board of Directors shall have power to fix and from
time to time change the fiscal year of the corporation.  In the
absence of action by the Board of Directors, the fiscal year of the corporation
shall end each year on the date which the corporation treated as the close of
its first fiscal year, until such time, if any, as the fiscal year shall be
changed by the Board of Directors.

    

    46.  Directors’ Annual
Statement.  The Board of Directors may present at each annual
meeting of the stockholders, and when called for by vote of the stockholders
shall present to any annual or special meeting of the stockholders, a full and
clear statement of the business and condition of the corporation.

    

    Books and
Records

    

    47.  Books, Accounts and
Records.  The books, accounts and records of the corporation,
except as may be otherwise required by the laws of the State of Kansas, may be
kept outside of the State of Kansas, at such place or places as the Board of
Directors may from time to time determine.  The Board of Directors
shall determine whether, to what extent and the conditions upon which the books,
accounts and records of the corporation, or any of them, shall be open to the
inspection of the stockholders, and no stockholder shall have any right to
inspect any book, account or record of the corporation, except as conferred by
law or by resolution of the stockholders or directors.

    Miscellaneous

    

    48.  Waiver of
Notice.  Whenever any notice is required to be given under the
provisions of the statutes of Kansas, or of the articles of incorporation or of
these bylaws, a waiver thereof 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 notice.  Attendance of a person at a meeting
shall constitute a waiver of notice of such meeting, except when the person
attends a meeting for the express purpose of objecting, at the beginning of the
meeting, to the transaction of any business because the meeting is now lawfully
called or convened.  Neither the business to be transacted at, nor the
purpose of, any regular or special meeting of the stockholders, directors or
members of a committee of directors need be specified in any written waiver of
notice unless so required by the articles of incorporation or these
bylaws.

    

    49.  Contracts.  The
Board of Directors may authorize any officer or officers, or agent or agents, to
enter into any contract or execute and deliver any instrument in the name of and
on behalf of the corporation, and such authority may be general or confined to
specific instances.

    

    50. Amendments.  These
bylaws may be altered, amended or repealed, or new bylaws may be adopted, in the
manner provided in the articles of incorporation.

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