Document:

Exhibit 10.1

 

CONSULTING
AGREEMENT

 

THIS CONSULTING AGREEMENT (the “Agreement”) dated as
of the 17th day of February, 2005, between Wells-Gardner Electronics
Corporation, an Illinois corporation (the “Company”), and James Winikates
(hereinafter referred to as “Winikates”).

 

W I T N E S S E T
H:

 

WHEREAS, on February 16, 2005 George B. Toma became a
senior financial advisor to the Company and was no longer serving as the
Company’s Chief Financial Officer; and

 

WHEREAS, during such time as the search for a full-time
Chief Financial Officer is conducted, the Company desires to engage the
services of Winikates to assume the role of Interim Chief Financial Officer (“Interim
CFO”) and Winikates is willing to perform such services in accordance with the
provisions of this Agreement.

 

NOW, THEREFORE, For and in consideration of the
premises and the mutual covenants contained herein, the parties agree as
follows:

 

1.             Engagement.  The Company hereby engages Winikates, and
Winikates hereby accepts his engagement as the Interim CFO of the Company upon
the terms and conditions hereinafter set forth. 
Winikates shall perform such duties and responsibilities for the Company
(and its affiliates) which are commensurate with his position as may be
assigned to him by the Company. In connection with the duties to be performed
pursuant to this Agreement, Winikates shall report directly to the Chief
Executive Officer (“CEO”) of the Company. 
Incident to the performance of such duties, Winikates shall be provided
by the Company with office space, facilities and secretarial assistance.  Olga Prohny, the Company’s Comptroller, and
Kathleen Hoppe, the Company’s Chief Information Officer shall report directly
to Winikates and Winikates shall be responsible for supervising said employees.
 Winikates shall not be an elected or
appointed officer of the Company.

 

2.             Term.  The term of Winikates’ engagement (the “Term”)
shall commence on February 17, 2005 (“Commencement Date”) and shall expire two
(2) weeks after a new, full-time Chief Financial Officer commences working for
the Company in said capacity (“Expiration Date”), unless the Agreement is
sooner terminated by either of the parties hereto as set forth below. Either
party may terminate this Agreement upon thirty (30) days prior written notice;
provided, however, the Company shall have the right to terminate this Agreement
immediately without prior notice if, in the reasonable determination of the
Company, Winikates has engaged in misconduct so as to constitute “Cause.”  For purposes of this Agreement, “Cause” shall
mean:

 

(a)           Winikates’
failure or refusal, after written notice thereof, to perform specific
directives of the CEO of the Company which are consistent with the scope and
nature of services Winikates agreed to perform under this Agreement;

 

(b)           Dishonesty
which directly or indirectly has a material adverse effect on the Company;

 

 

(c)           Any gross
or willful misconduct of Winikates resulting in loss to the Company or damages
to the Company’s reputation; or

 

(d)           Any breach
of Winikates’ covenants contained in Sections 5(a) through 5(c) hereof.

 

If this Agreement
is terminated, the Company shall have no further obligations to Winikates under
this Agreement, except to pay Winikates for any hours worked for which he has
not yet been paid.  However, Winikates’
covenants under Section 5 hereof shall remain in full force and effect.

 

3.             Compensation.

 

(a)           Monetary Compensation.  The Company agrees to pay
Winikates monthly for hours worked in the prior month, at the rate of $125 per
hour worked.

 

(b)           Expenses.  Winikates
shall be reimbursed for his reasonable expenses related to or in connection
with the business of the Company including expenses for entertainment, travel
and similar items that arise out of Winikates’ performance of services under
this Agreement, subject to policies and procedures of the Company in effect
from time to time, and any such expenses paid by Winikates from his own funds
shall be reimbursed to him by the Company in accordance with Company policies.

 

4.             Work
Schedule.  The parties anticipate
that Winikates shall work for the Company approximately three days per week,
which days are anticipated to be Monday, Wednesday and Friday.  This schedule is subject to revision based on
the mutual agreement of the parties. Notwithstanding the foregoing, this
Agreement shall not prevent Winikates from performing services on Winikates’
own behalf and for Winikates’ exclusive profit so long as such activities (i)
do not conflict with Winikates’ obligations to provide the services on behalf
of the Company as set forth herein or (ii) does not require Winikates to use or
disclose Confidential Information (as such term is defined in Section 5
hereof).

 

5.             Protective
Covenants.  All payments to, and
rights of, Winikates under this Agreement shall be subject to Winikates’
compliance with the provisions of this Section 5.

 

(a)           Confidential Information. 
Winikates acknowledges that in his position with the Company he will be
making use of, acquiring or adding to the Company’s confidential information
which includes, but is not limited to, memoranda and other materials or records
of a proprietary nature; technical information regarding the operations of the
Company; and records and policy matters relating to finance, personnel,
management, and operations (collectively, the “Confidential Information”).  Winikates agrees that he will not in any way
utilize any of said Confidential Information except in connection with the
performance of his responsibilities to the Company, and that except in connection
with the business of the Company he will not copy, reproduce, or take with him
the original or any copies of said Confidential Information and will not
directly or indirectly divulge any of said Confidential Information to anyone
without the prior written consent of the Company.  Further, immediately upon the expiration of
the Term,

 

2

 

or at
any point prior to or after that time upon the specific request of the Company,
Winikates shall return to the Company all written or descriptive materials of
any kind in his possession or to which he has access that constitute or contain
any Confidential Information or trade secrets of the Company, and the
confidentiality obligations of this Agreement shall continue until their
expiration under the terms of this Agreement. 
All references to the “Company” in this Section 5(a) shall include any
and all affiliates of the Company.

 

(b)           Litigation Support. 
Winikates shall, upon reasonable notice, furnish such information and
proper assistance to the Company as may reasonably be required by the Company
in connection with any litigation or regulatory investigation in which the
Company or any of its subsidiaries or affiliates is, or may become a party
arising out of any matter that occurs during the Term of this Agreement.  The Company shall promptly reimburse
Winikates for his reasonable expenses (including travel and reasonable
attorneys’ fees) incurred in complying with this covenant and shall pay him at
the hourly rate of compensation set forth in Section 3(a) for his time spent
complying with the covenant.

 

(c)           No Solicitation of Employees.  Neither Winikates nor any person or
enterprise controlled by Winikates will solicit for employment any person
employed by the Company.

 

(d)           Enforcement of Covenants. 
In the event that a covenant included in this Agreement shall be deemed
by any court of competent jurisdiction to be unreasonably broad or otherwise
unenforceable in any respect, it shall be modified in order to make it enforcement;
provided, however, that in the event that any court shall refuse to enforce any
of the covenants contained in Sections 5(a) through 5(c), then the
unenforceable covenant shall be deemed limited or eliminated from the
provisions of this Agreement to the extent necessary to permit such covenants
or the remaining covenants to be enforced to the maximum extent provided herein
and so that any remaining provisions of this Agreement shall be affected to the
least possible extent thereby.

 

(e)           Remedies for Breach of Covenant.   If Winikates violates any of the covenants contained in this
Section 5, then the Company’s obligation to make any payments to Winikates
otherwise due him under this Agreement shall immediately cease.  In addition, Winikates acknowledges that any
material breach of his covenants contained in this Section 5 will cause
irreparable harm to the Company, which will be difficult if not impossible to
ascertain, and the Company shall be entitled to equitable relief, including
injunctive relief, against any actual or threatened breach hereof, without bond
and without liability should such relief be denied, modified or vacated.  Neither the right to obtain such relief or
the obtaining of such relief shall be exclusive of or preclude the Company from
any other remedy.

 

(f)            Survival.  The
provisions of this Section 5 shall be in full force and effect and binding on
the parties hereto during the Term and for a period of two years thereafter.

 

3

 

6.             Independent
Contractor Status.        All services
to be performed under this Agreement are to be performed by Winikates solely as
an independent contractor to the Company. 
Winikates shall not be considered to be an agent or employee of the
Company. Winikates is not authorized to act on behalf of the Company and
Winikates may not enter into any contracts or make any promises or commitments
of any kind whatsoever on behalf of the Company.  Winikates shall not be entitled to participate
in any employee benefit plan or arrangement, or other services offered by the
Company to its employees, including, without limitation, insurance coverage for
workers’ compensation coverage, and further acknowledges that such coverages
will not be obtained by the Company for the benefit of Winikates.  Winikates acknowledges that he will not be
treated as an employee of the Company for federal or state tax purposes, that
he shall be solely liable for payment of all federal and state taxes and
contributions, including Social Security, income tax, disability and other
payroll tax requirements, and that the payment of all taxes and other payments
received by him from the Company hereunder is at his sole expense and creates
no obligation for the Company.

 

7.             Severability.  If any provision of this Agreement, as
applied to any party or to any circumstance, shall be found by a court to be
void, invalid or unenforceable, the same shall in no way affect any other
provision of this Agreement the application of any such provision in any other
circumstance, or the validity or enforceability of this Agreement.

 

8.             Entire
Understanding.  This Agreement
contains the entire understanding of the parties hereto relating to the subject
matter contained herein and supersedes all prior and collateral agreements,
understandings, statements and negotiations of the parties.  Each party acknowledges that no
representations, inducements, promises, or agreements, oral or written, with
reference to the subject matter hereof have been made other than as expressly
set forth herein.  This Agreement cannot
be changed, rescinded or terminated orally.

 

9.             Notices.  All notices under this Agreement shall be in
writing and shall be (i) delivered in person; (ii) sent by facsimile, (iii)
sent by certified mail, return receipt requested; (iv) sent by nationally
recognized courier service, addressed as follows:

 

	
  If to the
  Company:

  	
   

  	
  Wells-Gardner
  Electronics Corporation

  
	
   

  	
   

  	
  9500 West 55th
  Street, Suite A

  
	
   

  	
   

  	
  McCook, IL
  60525-3605

  
	
   

  	
   

  	
  Attn: Anthony
  Spier

  
	
   

  	
   

  	
  Fax No.: (708)
  290-2207

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Pedersen &
  Houpt

  
	
   

  	
   

  	
  161 N. Clark
  Street, Suite 3100

  
	
   

  	
   

  	
  Chicago,
  Illinois 60601

  
	
   

  	
   

  	
  Attn: John H.
  Muehlstein

  
	
   

  	
   

  	
  Fax No.: (312)
  261-1112

  
	
   

  	
   

  	
   

  
	
  If to Winikates:

  	
   

  	
  James Winikates

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fax No.

  

 

4

 

 

10.           Assignment.  Winikates may not assign his obligations
hereunder.  The rights of Winikates and
the rights and obligations of the Company hereunder shall inure to the benefit
of and shall be binding upon their respective heirs, personal representatives,
successors and permitted assigns.

 

11.           Miscellaneous.

 

(a)           This
Agreement shall be governed by and construed in accordance with the laws of the
State of Illinois, without regard to its conflicts or choice of law principles.

 

(b)           Failure to
insist upon strict compliance with any provisions hereof shall not be deemed a
waiver of such provisions or any other provision hereof.

 

(c)           In the
event that any one or more of the provisions of this Agreement shall be or
become invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein shall not be
affected thereby.

 

(d)           The
section and other headings contained in this Agreement are for the convenience
of the parties only and are not intended to be a part hereof or to affect the
meaning or interpretation hereof.

 

(e)           This
Agreement may be executed in counterparts, each of which shall be deemed an
original and all of which together shall constitute one and the same
instrument.

 

(f)            The Company
shall reimburse Winikates for the cost of an errors and omissions insurance
policy, up to a maximum amount of Five Thousand Dollars ($5,000) during the
Term of this Agreement.

 

Signature
Page Follows

 

5

 

IN WITNESS
WHEREOF, the parties have executed this Agreement as of the day and year first
above written.

 

 

	
  WELLS-GARDNER
  ELECTRONICS

  CORPORATION, an Illinois corporation 

  
	
   

  
	
  By:

  	
  /s/ Anthony
  Spier

  	
   

  
	
  Name:

  	
  Anthony Spier

  	
   

  
	
  Its:

  	
  CEO

  	
   

  
	
   

  
	
   

  
	
  JAMES WINIKATES

  
	
   

  
	
  /s/ James
  Winkates

  	
   

  
				

 

6Exhibit
4.1

 

AMENDED AND RESTATED

 

BY-LAWS

 

OF

 

IMS HEALTH INCORPORATED

 

(as amended through February 14, 2005)

 

ARTICLE I.

 

STOCKHOLDERS

 

Section 1. 
The annual meeting of the stockholders of the corporation for the
purpose of electing directors and for the transaction of such other business as
may properly be brought before the meeting shall be held on such date, and at
such time and place within or without the State of Delaware as may be
designated from time to time by the Board of Directors.

 

Section 2. 
Special meetings of the stockholders shall be called at any time by the
Secretary or any other officer, whenever directed by the Board of Directors or
by the Chief Executive Officer.  The
purpose or purposes of the proposed meeting shall be included in the notice
setting forth such call.

 

Section 3. 
Except as otherwise provided by law, notice of the time, place and, in
the case of a special meeting, the purpose or purposes of the meeting of
stockholders shall be delivered personally or mailed not earlier than sixty,
nor less than ten days previous thereto, to each stockholder of record entitled
to vote at the meeting at such address as appears on the records of the
corporation.

 

Section 4. 
The holders of a majority in voting power of the stock issued and
outstanding and 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 business, except as otherwise provided by statute or by the
Restated Certificate of Incorporation; but if at any regularly called meeting
of stockholders there be less than a quorum present, the stockholders

 

 

present
may adjourn the meeting from time to time without further notice other than
announcement at the meeting until a quorum shall be present or
represented.  At such adjourned meeting
at which a quorum shall be present or represented any business may be
transacted which might have been transacted at the original meeting.  If the adjournment is for more than 30 days,
or if, after the adjournment, a new record date is fixed for the adjourned
meeting, a notice of the adjourned meeting shall be given to each stockholder
of record entitled to vote at the meeting.

 

Section 5. 
The Chairman of the Board, or in the Chairman’s absence or at the
Chairman’s direction, the President, or in the President’s absence or at the
President’s direction, any officer of the corporation shall call all meetings
of the stockholders to order and shall act as Chairman of such meeting.  The Secretary of the corporation or, in such
officer’s absence, an Assistant Secretary shall act as secretary of the
meeting.  If neither the Secretary nor an
Assistant Secretary is present, the Chairman of the meeting shall appoint a
secretary of the meeting.  Unless
otherwise determined by the Board of Directors prior to the meeting, the
Chairman of the meeting shall determine the order of business and shall have
the authority in his or her discretion to regulate the conduct of any such
meeting, including, without limitation, by imposing restrictions on the persons
(other than stockholders of the corporation or their duly appointed proxies)
who may attend any such meeting, whether any stockholder or stockholders’ proxy
may be excluded from any meeting of stockholders based upon any determination
by the Chairman, in his or her sole discretion, that any such person has unduly
disrupted or is likely to disrupt the proceedings thereat, and the
circumstances in which any person may make a statement or ask questions at any
meeting of stockholders.  The Chairman of
the meeting shall have authority to adjourn any meeting of stockholders.

 

Section 6. 
At all meetings of stockholders, any stockholder entitled to vote
thereat shall be entitled to vote in person or by proxy, but no proxy shall be
voted after three years from its date, unless such proxy provides for a longer
period.  Without limiting the manner in
which a stockholder may authorize another person or persons to act for the
stockholder as proxy pursuant to the General Corporation Law of the State of
Delaware, the following shall constitute a valid means by which a stockholder
may grant such authority: (1) a stockholder may execute a writing authorizing
another person or persons to act for the stockholder as proxy, and execution of
the writing may be accomplished by the stockholder or the stockholder’s
authorized officer, director, employee or agent signing such writing or causing
his or her signature to be affixed to such writing by any reasonable means
including, but not limited to, by facsimile signature; or (2) a stockholder may
authorize another person or persons to act for the stockholder as proxy by
transmitting or authorizing the transmission of a telegram, cablegram, or other
means of electronic transmission to the person who will be the holder of the
proxy or to a proxy solicitation firm, proxy support service organization or
like agent duly authorized by the person who will be the holder of the proxy to
receive such transmission, provided that any such telegram, cablegram or other
means of electronic transmission must either set forth or be submitted with

 

 

information
from which it can be determined that the telegram, cablegram or other
electronic transmission was authorized by the stockholder.  If it is determined that such telegrams,
cablegrams or other electronic transmissions are valid, the judge or judges of
stockholder votes or, if there are no such judges, such other persons making
that determination shall specify the information upon which they relied.

 

Any copy, facsimile telecommunication or other
reliable reproduction of the writing or transmission created pursuant to the
preceding paragraph of this Section 6 may be substituted or used in lieu
of the original writing or transmission for any and all purposes for which the
original writing or transmission could be used, provided that such copy,
facsimile telecommunication or other reproduction shall be a complete
reproduction of the entire original writing or transmission.

 

Proxies shall be filed with the Secretary of the
meeting prior to or at the commencement of the meeting to which they relate.

 

Section 7. 
When a quorum is present at any meeting, the vote of the holders of a
majority in voting power of the stock present in person or represented by proxy
and entitled to vote on the matter shall decide any question brought before
such meeting, unless the question is one upon which by express provision of
statute or of the Restated Certificate of Incorporation or these By-Laws, a
different vote is required, in which case such express provision shall govern
and control the decision of such question.

 

Section 8. 
In order that the corporation may determine the stockholders (a)
entitled to notice of or to vote at any meeting of stockholders or any
adjournment thereof, or (b) entitled to consent to corporate action in writing
without a meeting, or (c) 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 a record date, which
record date shall not precede the date upon which the resolution fixing the
record date is adopted, and which record date (i) in the case of clause (a)
above, shall not be more than sixty nor less than ten days before the date of
such meeting, (ii) in the case of clause (b) above, shall not be more than ten
days after the date upon which the resolution fixing the record date is adopted
by the board of directors, and (iii) in the case of clause (c) above, shall not
be more than sixty days prior to such action. 
If for any reason the Board of Directors shall not have fixed a record
date for any such purpose, the record date for such purpose shall be determined
as provided by law.  Only those
stockholders of record on the date so fixed or determined shall be entitled to
any of the foregoing rights, notwithstanding the transfer of any such stock on
the books of the corporation after any such record date so fixed or determined.

 

 

Section 9. 
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 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 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 meeting, or, if not so specified, at the place
where the meeting is to be held.  The
list shall also be produced at the time and kept at the place of the meeting
during the whole time thereof, and may be inspected by any stockholder who is
present.

 

Section 10. 
The Board of Directors, in advance of all meetings of the stockholders,
shall appoint one or more judges of stockholder votes, who may be stockholders
or their proxies, but not directors of the corporation or candidates for
office.  In the event that the Board of
Directors fails to so appoint judges of stockholder votes or, in the event that
one or more judges of stockholder votes previously designated by the Board of
Directors fails to appear or act at the meeting of stockholders, the Chairman
of the meeting may appoint one or more judges of stockholder votes to fill such
vacancy or vacancies.  Judges of
stockholder votes appointed to act at any meeting of the stockholders, before
entering upon the discharge of their duties, shall be sworn faithfully to
execute the duties of judge of stockholder votes with strict impartiality and
according to the best of their ability and the oath so taken shall be
subscribed by them.  Judges of
stockholder votes shall, subject to the power of the Chairman of the meeting to
open and close the polls, take charge of the polls, and, after the voting,
shall make a certificate of the result of the vote taken.

 

Section 11. 
(A)  Annual Meetings of Stockholders.  (1) Nominations of persons for election to
the Board of Directors of the corporation and the proposal of business to be
considered by the stockholders may be made at an annual meeting of stockholders
(a) pursuant to the corporation’s notice of meeting delivered pursuant to Article 1,
Section 3 of these By-Laws, (b) by or at the direction of the Chairman of
the Board or (c) by any stockholder of the corporation who is entitled to vote
at the meeting, who complied with the notice procedures set forth in
subparagraphs (2) and (3) of this paragraph (A) of this By-Law and who was a
stockholder of record at the time such notice is delivered to the Secretary of
the corporation.

 

(2)  For
nominations or other business to be properly brought before an annual meeting
by a stockholder pursuant to clause (c) of paragraph (A)(1) of this By-Law, the
stockholder must have given timely notice thereof in writing to the Secretary
of the corporation, and, in the case of business other than nominations, such
other business must be a proper matter for stockholder action.  To be timely, a stockholder’s notice shall be
delivered to the Secretary at the principal executive offices of the
corporation not less than seventy days nor more than ninety days prior to the
first anniversary of the preceding year’s annual meeting;

 

 

provided, however, that in the
event that the date of the annual meeting is advanced by more than twenty days,
or delayed by more than seventy days, from such anniversary date, notice by the
stockholder to be timely must be so delivered not earlier than the ninetieth
day prior to such annual meeting and not later than the close of business on
the later of the seventieth day prior to such annual meeting or the tenth day
following the day on which public announcement of the date of such meeting is
first made.  Such stockholder’s notice
shall set forth (a) as to each person whom the stockholder proposes to nominate
for election or re-election as a director all 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 (the “Exchange
Act”), including such person’s written consent to being named in the proxy
statement as a nominee and to serving as a director if elected; (b) as to any
other business that the stockholder proposes to bring before the meeting, a
brief description of the business desired to be brought before the meeting, the
reasons for conducting such business at the meeting and any material interest
in such business of such stockholder and the beneficial owner, if any, on whose
behalf the proposal is made; and (c) as to the stockholder giving the notice
and the beneficial owner, if any, on whose behalf the nomination or proposal is
made (i) the name and address of such stockholder, as they appear on the
corporation’s books, and of such beneficial owner and (ii) the class and number
of shares of the corporation which are owned beneficially and of record by such
stockholder and such beneficial owner.

 

(3) 
Notwithstanding anything in the second sentence of paragraph (A)(2) of
this By-Law to the contrary, in the event that the number of directors to be
elected to the Board of Directors of the corporation is increased and there is
no public announcement naming all of the nominees for director or specifying
the size of the increased Board of Directors made by the corporation at least
eighty days prior to the first anniversary of the preceding year’s annual
meeting, a stockholder’s notice required by this By-Law shall also be
considered timely, but only with respect to nominees for any new positions
created by such increase, if it shall be delivered to the Secretary at the
principal executive offices of the corporation not later than the close of
business on the tenth day following the day on which such public announcement
is first made by the corporation.

 

(B)  Special Meetings of Stockholders.  Only such business shall be conducted at a
special meeting of stockholders as shall have been brought before the meeting
pursuant to the corporation’s notice of meeting pursuant to Article I, Section 2
of these By-Laws.  Nominations of persons
for election to the Board of Directors may be made at a special meeting of
stockholders at which directors are to be elected pursuant to the corporation’s
notice of meeting (a) by or at the direction of the Board of Directors or (b)
by any stockholder of the corporation who is entitled to vote at the meeting,
who complies with the notice procedures set forth in this By-Law and who is a
stockholder of record at the time such notice is delivered to the Secretary of
the corporation.  Nominations by
stockholders of persons for election to the Board

 

 

of
Directors may be made at such a special meeting of stockholders if the
stockholder’s notice as required by paragraph (A)(2) of this By-Law shall be
delivered to the Secretary at the principal executive offices of the
corporation not earlier than the ninetieth day prior to such special meeting
and not later than the close of business on the later of the seventieth day
prior to such special meeting or the tenth day following the day on which
public announcement is first made of the date of the special meeting and of the
nominees proposed by the Board of Directors to be elected at such meeting.

 

(C)  General. 
(1)  Only persons who are nominated
in accordance with the procedures set forth in this By-Law shall be eligible to
serve as directors and only such business shall be conducted at a meeting of
stockholders as shall have been brought before the meeting in accordance with
the procedures set forth in this By-Law. 
Except as otherwise provided by law, the Restated Certificate of
Incorporation or these By-Laws, the Chairman of the meeting shall have the
power and duty to determine whether a nomination or any business proposed to be
brought before the meeting was made in accordance with the procedures set forth
in this By-Law and, if any proposed nomination or business is not in compliance
with this By-Law, to declare that such defective nomination shall be
disregarded or that such proposed business shall not be transacted.

 

(2)  For
purposes of this By-Law, “public announcement” shall mean disclosure in a press
release reported by the Dow Jones News Service, Associated Press or comparable
national news service or in a document publicly filed by the corporation with
the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d)
of the Exchange Act.

 

(3)  For
purposes of this By-Law, no adjournment nor notice of adjournment of any
meeting shall be deemed to constitute a new notice of such meeting for purposes
of this Section 11, and in order for any notification required to be
delivered by a stockholder pursuant to this Section 11 to be timely, such
notification must be delivered within the periods set forth above with respect
to the originally scheduled meeting.

 

(4) 
Notwithstanding the foregoing provisions of this By-Law, a stockholder
shall also comply with all applicable requirements of the Exchange Act and the
rules and regulations thereunder with respect to the matters set forth in this
By-Law.  Nothing in this By-Law shall be
deemed to affect any rights of stockholders to request inclusion of proposals
in the corporation’s proxy statement pursuant to Rule 14a-8 under the Exchange
Act.

 

 

ARTICLE II.

 

BOARD OF DIRECTORS

 

Section 1. 
The Board of Directors of the corporation shall consist of such number
of directors, not less than three, as shall from time to time be fixed
exclusively by resolution of the Board of Directors.  The directors shall be divided into three
classes in the manner set forth in the Restated Certificate of Incorporation of
the corporation, each class to be elected for the term set forth therein.  Directors shall (except as hereinafter
provided for the filling of vacancies and newly created directorships) be elected
by the holders of a plurality of the voting power present in person or
represented by proxy and entitled to vote. 
A majority of the total number of directors then in office (but not less
than one-third of the number of directors constituting the entire Board of
Directors) shall constitute a quorum for the transaction of business and,
except as otherwise provided by law or by the corporation’s Restated
Certificate of Incorporation, the act 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.  Directors need not be
stockholders.

 

Section 2. 
Newly created directorships in the Board of Directors that result from
an increase in the number of directors and any vacancy occurring in the Board
of Directors shall be filled only by a majority of the directors then in
office, although less than a quorum, or by a sole remaining director; and the
directors so chosen shall hold office for a term as set forth in the Restated
Certificate of Incorporation of the corporation.  If any applicable provision of the General
Corporation Law of the State of Delaware expressly confers power on
stockholders to fill such a directorship at a special meeting of stockholders,
such a directorship may be filled at such meeting only by the affirmative vote
of at least 80 percent in voting power of all shares of the corporation
entitled to vote generally in the election of directors, voting as a single
class.

 

Section 3. 
Meetings of the Board of Directors shall be held at such place within or
without the State of Delaware as may from time to time be fixed by resolution
of the Board or as may be specified in the notice of any meeting.  Regular meetings of the Board of Directors shall
be held at such times as may from time to time be fixed by resolution of the
Board and special meetings may be held at any time upon the call of the
Chairman of the Board or the President, by oral, or written notice including,
telegraph, telex or transmission of a telecopy, e-mail or other means of
transmission, duly served on or sent or mailed to each director to such
director’s address or telecopy number as shown on the books of the corporation
not less than one day before the meeting. 
The notice of any meeting need not specify the purposes thereof.  A meeting of the Board may be held without
notice immediately after the annual meeting of stockholders at the same place
at which such meeting is held.  Notice
need not be given of regular meetings of the Board held at times fixed by
resolution of the Board.  Notice of any
meeting need not be given to any director who shall attend such meeting in
person (except when the director 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), or who shall waive
notice thereof, before or after such meeting, in writing.

 

 

Section 4. 
Notwithstanding the foregoing, whenever the holders of any one or more
series of Preferred Stock or Series Common Stock issued by the corporation
shall have the right, voting separately by series, to elect directors at an
annual or special meeting of stockholders, the election, term of office,
removal, filling of vacancies and other features of such directorships shall be
governed by the terms of the Restated Certificate of Incorporation applicable
thereto, and such directors so elected shall not be divided into classes
pursuant to Article SEVENTH of the Restated Certificate of Incorporation
unless expressly provided by such terms. 
The number of directors that may be elected by the holders of any such
series of Preferred Stock or Series Common Stock shall be in addition to the
number fixed by or pursuant to the By-Laws. 
Except as otherwise expressly provided in the terms of such series, the
number of directors that may be so elected by the holders of any such series of
stock shall be elected for terms expiring at the next annual meeting of
stockholders and without regard to the classification of the members of the
Board of Directors as set forth in Section 1 hereof, and vacancies among
directors so elected by the separate vote of the holders of any such series of
Preferred Stock or Series Common Stock shall be filled by the affirmative vote
of a majority of the remaining directors elected by such series, or, if there
are no such remaining directors, by the holders of such series in the same
manner in which such series initially elected a director.

 

Section 5. 
If at any meeting for the election of directors, the corporation has
outstanding more than one class of stock, and one or more such classes or
series thereof are entitled to vote separately as a class, and there shall be a
quorum of only one such class or series of stock, that class or series of stock
shall be entitled to elect its quota of directors notwithstanding absence of a
quorum of the other class or series of stock.

 

Section 6. 
The Board of Directors may designate three or more directors to
constitute an executive committee, one of whom shall be designated Chairman of
such committee.  The members of such
committee shall hold such office until the next election of the Board of
Directors and until their successors are elected and qualify.  Any vacancy occurring in the committee shall
be filled by the Board of Directors. 
Regular meetings of the committee shall be held at such times and on
such notice and at such places as it may from time to time determine.  The committee shall act, advise with and aid
the officers of the corporation in all matters concerning its interest and the
management of its business, and shall generally perform such duties and
exercise such powers as may from time to time be delegated to it by the Board
of Directors, and shall have authority to exercise all the powers of the Board
of Directors, so far as may be permitted by law, in the management of the
business and the affairs of the corporation whenever the Board of Directors is
not in session or whenever a quorum of the Board of Directors fails to attend
any regular or special meeting of such Board. 
The committee shall have power to authorize the seal of the corporation
to be affixed to all papers which are required by the Delaware General
Corporation Law to have the seal affixed thereto.  The fact that the executive committee has
acted shall be conclusive evidence that the Board of Directors

 

 

was
not in session at such time or that a quorum of the Board had failed to attend
the regular or special meeting thereof.

 

The executive committee shall keep regular minutes
of its transactions and shall cause them to be recorded in a book kept in the
office of the corporation designated for that purpose, and shall report the
same to the Board of Directors at their regular meeting.  The committee shall make and adopt its own
rules for the government thereof and shall elect its own officers.

 

Section 7. 
The Board of Directors may from time to time establish such other
committees to serve at the pleasure of the Board which shall be comprised of
such members of the Board and have such duties as the Board shall from time to
time establish.  Any director may belong
to any number of committees of the Board. 
The Board may designate one or more Directors as alternate members of
any committee, who may replace any absent or disqualified member at any meeting
of 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, she
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.  The Board may also
establish such other committees with such members (whether or not directors)
and such duties as the Board may from time to time determine.

 

Section 8. 
Unless otherwise restricted by the Restated Certificate of Incorporation
or these By-Laws, any action required or permitted to be taken at any meeting
of the Board of Directors or of any committee thereof may be taken without a
meeting if all members of the Board or committee, as the case may be, consent
thereto in writing, and the writing or writings are filed with the minutes of
proceedings of the Board of Directors.

 

Section 9. 
The members of the Board of Directors or any committee thereof may
participate in a meeting of such Board or committee, as the case may be, by
means of conference telephone or similar communications equipment by means of
which all persons participating in the meeting can hear each other, and
participation in a meeting pursuant to this subsection shall constitute
presence in person at such a meeting.

 

Section 10. 
The Board of Directors may establish policies for the compensation of
directors and for the reimbursement of the expenses of directors, in each case,
in connection with services provided by directors to the corporation.

 

 

ARTICLE III.

 

OFFICERS

 

Section 1. 
The Board of Directors, as soon as may be after each annual meeting of
the stockholders, shall elect officers of the corporation, including a Chairman
of the Board or President and a Secretary. 
The Board of Directors may also from time to time elect such other
officers (including one or more Vice Presidents, a Treasurer, one or more Assistant
Vice Presidents, one or more Assistant Secretaries and one or more Assistant
Treasurers) as it may deem proper or may delegate to any elected officer of the
corporation the power to appoint and remove any such other officers and to
prescribe their respective terms of office, authorities and duties.  Any Vice President may be designated
Executive, Senior or Corporate, or may be given such other designation or
combination of designations as the Board of Directors may determine.  Any two or more offices may be held by the
same person.

 

Section 2. 
All officers of the corporation elected by the Board of Directors shall
hold office for such term as may be determined by the Board of Directors or
until their respective successors are chosen and qualified.  Any officer may be removed from office at any
time either with or without cause by the affirmative vote of a majority of the
members of the Board then in office, or, in the case of appointed officers, by
any elected officer upon whom such power of removal shall have been conferred
by the Board of Directors.

 

Section 3. 
Each of the officers of the corporation elected by the Board of
Directors or appointed by an officer in accordance with these By-laws shall
have the powers and duties prescribed by law, by the By-Laws or by the Board of
Directors and, in the case of appointed officers, the powers and duties
prescribed by the appointing officer, and, unless otherwise prescribed by the
By-Laws or by the Board of Directors or such appointing officer, shall have
such further powers and duties as ordinarily pertain to that office.  The Chairman of the Board or the President,
as determined by the Board of Directors, shall be the Chief Executive Officer
and shall have the general direction of the affairs of the corporation.

 

Section 4. 
Unless otherwise provided in these By-Laws, in the absence or disability
of any officer of the corporation, the Board of Directors may, during such
period, delegate such officer’s powers and duties to any other officer or to
any director and the person to whom such powers and duties are delegated shall,
for the time being, hold such office.

 

ARTICLE IV.

 

CERTIFICATES OF STOCK

 

Section 1. 
The shares of stock of the corporation shall be represented by
certificates, provided that the Board of Directors may provide by resolution or
resolutions that some or all of any or all classes or series of the corporation’s
stock shall be uncertificated shares. 
Any such resolution shall not apply to shares represented by a
certificate until such certificate is surrendered to the corporation.  Notwithstanding the adoption of such a
resolution

 

 

by
the Board of Directors, every holder of stock represented by certificates and
upon request every holder of uncertificated shares shall be entitled to have a
certificate 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, or as otherwise permitted by law, representing the number of
shares registered in certificate form. 
Any or all the signatures on the certificate may be a facsimile.

 

Section 2. 
Transfers of stock shall be made on the books of the corporation by the
holder of the shares in person or by such holder’s attorney upon surrender and
cancellation of certificates for a like number of shares, or as otherwise
provided by law with respect to uncertificated shares.

 

Section 3. 
No certificate for shares of stock in the corporation shall be issued in
place of any certificate alleged to have been lost, stolen or destroyed, except
upon production of such evidence of such loss, theft or destruction and upon
delivery to the corporation of a bond of indemnity in such amount, upon such
terms and secured by such surety, as the Board of Directors in its discretion
may require.

 

ARTICLE V.

 

CORPORATE BOOKS

 

The books of the corporation may be kept outside of
the State of Delaware at such place or places as the Board of Directors may
from time to time determine.

 

ARTICLE VI.

 

CHECKS, NOTES, PROXIES, ETC.

 

All checks and drafts on the corporation’s bank
accounts and all bills of exchange and promissory notes, and all acceptances,
obligations and other instruments for the payment of money, shall be signed by
such officer or officers or agent or agents as shall be hereunto authorized
from time to time by the Board of Directors. 
Proxies to vote and consents with respect to securities of other
corporations owned by or standing in the name of the corporation may be
executed and delivered from time to time on behalf of the corporation by the
Chairman of the Board, the President, or by such officers as the Board of
Directors may from time to time determine.

 

 

ARTICLE VII.

 

FISCAL YEAR

 

The fiscal year of the corporation shall begin on the
first day of January in each year and shall end on the thirty-first day of
December following.

 

ARTICLE VIII.

 

CORPORATE SEAL

 

The corporate seal shall have inscribed thereon the
name of the corporation.  In lieu of the
corporate seal, when so authorized by the Board of Directors or a duly
empowered committee thereof, a facsimile thereof may be impressed or affixed or
reproduced.

 

ARTICLE IX.

 

AMENDMENTS

 

These By-Laws may be amended, added to, rescinded or
repealed at any meeting of the Board of Directors or of the stockholders,
provided notice of the proposed change was given in the notice of the meeting
of the stockholders or, in the case of a meeting of the Board of Directors, in
a notice given not less than two days prior to the meeting; provided, however,  that, notwithstanding any other provisions of
these By-Laws or any provision of law which might otherwise permit a lesser
vote of the stockholders, the affirmative vote of the holders of at least 80
percent in voting power of all shares of the corporation entitled to vote
generally in the election of directors, voting together as a single class,
shall be required in order for the stockholders to alter, amend or repeal Section 2
and Section 11 of Article I, Sections 1 and 2 of Article II or
this proviso to this Article IX of these By-Laws or to adopt any provision
inconsistent with any of such Sections or with this proviso.

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