<SEC-DOCUMENT>0001171843-18-002237.txt : 20180323
<SEC-HEADER>0001171843-18-002237.hdr.sgml : 20180323
<ACCEPTANCE-DATETIME>20180323163012
ACCESSION NUMBER:		0001171843-18-002237
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180319
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180323
DATE AS OF CHANGE:		20180323

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AUTOZONE INC
		CENTRAL INDEX KEY:			0000866787
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO & HOME SUPPLY STORES [5531]
		IRS NUMBER:				621482048
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10714
		FILM NUMBER:		18710451

	BUSINESS ADDRESS:	
		STREET 1:		123 SOUTH FRONT ST
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103
		BUSINESS PHONE:		9014956500

	MAIL ADDRESS:	
		STREET 1:		P O BOX 2198
		STREET 2:		DEPT 8074
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38101-2198
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_032118.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--March 19, 2018-->March 19, 2018 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>AutoZone, Inc.</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Nevada</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>1-10714</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>62-1482048</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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[&#160;&#160; ]</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</strong></font></p><p><font style="font-size: 10pt;"><p>&#160; &#160; &#160; &#160; &#160; On March 19, 2018, the Board of Directors (the &#8220;Board&#8221;) of AutoZone, Inc. 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The maximum number of proxy access nominees permitted cannot be more than the greater of two (2) or 20% of the Board (rounded down to the closest whole number), provided that the stockholder(s) and the nominee(s) satisfy the requirements further described in Article II, Section 10 of the Restated By-Laws.</p><p>&#160; &#160; &#160; &#160; &#160; This process is subject to additional eligibility, procedural and disclosure requirements set forth in the Restated By-Laws, including the requirement that proxy access notice must be delivered to the Company no earlier than the close of business one-hundred twenty (120) and no later than the close of business ninety (90) days before the first anniversary of the preceding year&#8217;s annual meeting for regularly scheduled annual meetings. Further, Article II, Section 10 adds certain requirements that all nominees for directors and nominating stockholder(s) provide certain information, representations and agreements to the Company in order to be eligible for election.</p><p>&#160; &#160; &#160; &#160; &#160; The foregoing is only a summary of the Restated By-Laws and is qualified in its entirety by reference to the Restated By-Laws, which are filed as Exhibit 3.1 to this current report on Form 8-K and incorporated into this Item 5.03 by reference.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 8.01. 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Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;"><p>(d) Exhibits.</p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" class="mce-item-table"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Exhibit No.</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Description</strong></font></td></tr><tr><td>&#160;</td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_31.htm">3.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">Seventh Amended and Restated By-Laws of AutoZone, Inc. </font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">Press Release dated March 20, 2018 </font></td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>AutoZone, Inc.</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: March 23, 2018</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ William T. 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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>exh_31.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
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<p ></p>

<p style="margin: 0; text-align: right"><b>Exhibit 3.1</b></p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0" ></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SEVENTH</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BY-LAWS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OF</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AUTOZONE, INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ARTICLE I.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>OFFICES</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.&#9;The Corporation may have offices
at such places both within and without the State of Nevada as the Board of Directors may from time to time determine or the business
of the Corporation may require.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE II.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>MEETINGS OF STOCKHOLDERS</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.&#9;All meetings of the stockholders
shall be held at any place within or outside the State of Nevada as shall be designated from time to time by the Board of Directors.
In the absence of any such designation, stockholders&rsquo; meetings shall be held at the principal executive office of the Corporation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 2.&#9;The annual meeting of stockholders
shall be held on such date and at such time and place as may be fixed by the Board of Directors and stated in the notice of the
meeting, for the purpose of electing directors and for the transaction of such other business as is properly brought before the
meeting in accordance with these By-Laws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">To be properly brought before the annual meeting,
business must be either (i) specified in the notice of annual meeting (or any supplement or amendment thereto) given by or at the
direction of the Board of Directors, (ii) otherwise brought before the annual meeting by or at the direction of the Board of Directors,
or (iii) otherwise properly brought before the annual meeting by a stockholder. In addition to any other applicable requirements,
for business to be properly brought before an annual meeting by a stockholder, the stockholder must have given timely notice thereof
in writing to the Secretary of the Corporation. To be timely, a stockholder&rsquo;s notice must be delivered to the Secretary at
the principal executive offices of the Corporation not later than the close of business on the ninetieth (90th) day nor earlier
than the close of business on the one hundred twentieth (120th) day prior to the first anniversary of the preceding year&rsquo;s
annual meeting; provided, however, that in the event that the date of the annual meeting is more than thirty (30) days before or
more than seventy (70) days after such anniversary date, notice by the stockholder must be so delivered not earlier than the close
of business on the one hundred twentieth (120th) day prior to such annual meeting and not later than the close of business on the
later of the ninetieth (90th) day prior to such annual meeting or the tenth (10th) day following the day on which public announcement
of the date of such meeting is first made by the Corporation. In no event shall the public announcement of an adjournment or postponement
of an annual meeting commence a new time period for the giving of a stockholder&rsquo;s notice as described above.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">A stockholder&rsquo;s notice to the Secretary
shall set forth (i) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting
such business at the annual meeting, (ii) the name and record address of the stockholder proposing such business, (iii) the class,
series and number of shares of the Corporation which are beneficially owned by the stockholder, and (iv) any material interest
of the stockholder in such business. Notwithstanding anything in the By-Laws to the contrary, no business shall be conducted at
the annual meeting except in accordance with the procedures set forth in this Article II, Section 2. The officer of the Corporation
presiding at an annual meeting shall, if the facts warrant, determine and declare to the annual meeting that business was not properly
brought before the annual meeting in accordance with the provisions of this Article II, Section 2, and if he should so determine,
he shall so declare to the annual meeting and any such business not properly brought before the meeting shall not be transacted.
Written notice of the annual meeting stating the place, date and hour of the annual meeting shall be given to each stockholder
entitled to vote at such meeting not less than ten (10) nor more than sixty (60) days before the date of the meeting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.&#9;The holders of a majority of
the voting power of the Corporation&rsquo;s stock at any meeting of stockholders, which are present in person or represented by
proxy, shall constitute a quorum for the transaction of business except as otherwise provided by law, by the Articles of Incorporation,
or by these By-Laws. A quorum, once established, shall not be broken by the withdrawal of enough votes to leave less than a quorum
and the votes present may continue to transact business until adjournment. If, however, such quorum shall not be present or represented
at any meeting of the stockholders, a majority of the voting stock represented in person or by proxy may adjourn the meeting from
time to time, without 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
meeting as originally notified. If the adjournment is for more than thirty days, or if after the adjournment a new record date
is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to
vote thereat.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.&#9;When a quorum is present at
any meeting, action of the stockholders on a matter other than the election of directors is approved if the number of votes cast
in favor of the action exceeds the number of votes cast in opposition to the action, unless the question is one upon which by express
provision of the statutes, or the Articles 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. A nominee for director shall be elected to the Board
of Directors if the votes cast for such nominee&rsquo;s election exceed the votes cast against such nominee&rsquo;s election; provided,
however, that directors shall be elected by a plurality of the votes cast at any meeting of the stockholders for which the Secretary
of the Corporation determines that the number of nominees exceeds the number of directors to be elected as of the record date for
such meeting. If directors are to be elected by a plurality of the votes cast, stockholders shall not be permitted to vote against
a nominee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 5.&#9;At each meeting of the stockholders,
each stockholder having the right to vote may vote in person or may authorize another person or persons to act for him by proxy
appointed in a reasonable manner as may be permitted by law, including, without limitation, a signed writing, telegram, facsimile,
and electronic communication. All proxies must be filed with the Secretary of the Corporation at the beginning of each meeting
in order to be counted in any vote at the meeting. Each stockholder shall have one vote for each share of stock having voting power,
registered in his name on the books of the Corporation on the record date set by the Board of Directors as provided in Article
V, Section 6 hereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 6.&#9;Special meetings of the stockholders,
for any purpose, or purposes, unless otherwise prescribed by statute or by the Articles of Incorporation, may be called by the
Chairman of the Board or President and shall be called by the President or the Secretary at the request in writing of a majority
of the Board of Directors or by the holders of a majority of the shares of voting stock. Such request shall state the purpose or
purposes of the proposed meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated
in the notice. Written notice of a request for a meeting by the holders of a majority of the voting shares shall be accompanied
by the name and record address of the stockholders proposing the special meeting, and the class, series and number of shares of
the Corporation which are beneficially owned by each stockholder, and a description of any material interest of the stockholder
in such business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 7.&#9;Whenever stockholders are required
or permitted to take any action at a meeting, a written notice of the meeting shall be given which notice shall state the place,
date and hour of the meeting and the purpose or purposes for which the meeting is called. The written notice of any meeting shall
be given to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the
meeting. If mailed, notice is given when deposited in the United States mail, postage prepaid, directed to the stockholder at his
address as it appears on the records of the Corporation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 8.&#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 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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 9.&#9;Stockholders
of the Corporation may only take action at an annual or special meeting of stockholders. Stockholders may not take action by written
consent without a meeting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: 0.55in">Section 10.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-indent: 0.55in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;With
respect to the election of directors at an annual meeting of the stockholders, subject to the provisions of this Section 10, the
Corporation shall include in its proxy statement for such annual meeting, in addition to any persons nominated for election by
the Board of Directors or any committee thereof, the name, together with the &ldquo;Proxy Access Required Information,&rdquo; of
any person or persons, as applicable, nominated for election (the &ldquo;Stockholder Nominee(s)&rdquo;) to the Board of Directors
by an individual eligible stockholder or group of up to twenty (20) eligible stockholders that satisfy the requirements of this
Section 10 (such eligible person or eligible group, the &ldquo;Proxy Access Eligible Stockholder&rdquo;), and who expressly elects
at the time of providing the notice required by this Section 10 (the &ldquo;Proxy Access Notice&rdquo;) to have its nominee or
nominees, as applicable, included in the Corporation&rsquo;s proxy materials pursuant to this Section 10.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
To be timely for purposes of this Section 10, the Proxy Access Notice must be delivered to the Secretary at the principal executive
offices of the Corporation not later than the close of business on the ninetieth (90<sup>th</sup>) day nor earlier than the close
of business on the one hundred twentieth (120<sup>th</sup>) day prior to the first anniversary of the preceding year&rsquo;s annual
meeting; provided, however, that in the event that the date of the annual meeting is more than thirty (30) days before or more
than seventy (70) days after such anniversary date, the Proxy Access Notice must be so delivered not earlier than the close of
business on the one hundred twentieth (120th) day prior to such annual meeting and not later than the close of business on the
later of the ninetieth (90th) day prior to such annual meeting or the tenth (10th) day following the day on which public announcement
of the date of such meeting is first made by the Corporation. In no event shall the public announcement of an adjournment or postponement
of an annual meeting commence a new time period for the giving of the Proxy Access Notice as described above.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The maximum number of Stockholder Nominees nominated by all Proxy Access Eligible Stockholders that will be required to be included
in the Corporation&rsquo;s proxy materials with respect to an annual meeting of stockholders shall not exceed the greater of (i)
two (2) or (ii) the Specified Percentage (defined below) of the number of directors in office as of the last day on which a Proxy
Access Notice may be timely delivered pursuant to and in accordance with this Section 10 (the &ldquo;Final Proxy Access Nomination
Date&rdquo;), rounded down to the closest whole number below the Specified Percentage if such amount is not a whole number; provided,
however, that the maximum number of Stockholder Nominees shall be reduced by (1)&#160;the number of director candidates for which
the Corporation shall have received one or more valid stockholder notices pursuant to Article III, Section 1 of these By-Laws,
(2)&#160;the number of directors in office or director candidates that in either case will be included in the Corporation&rsquo;s
proxy materials with respect to such an annual meeting of stockholders as an unopposed (by the Corporation) nominee pursuant to
an agreement, arrangement or other understanding with a stockholder or group of stockholders (other than any such agreement, arrangement
or understanding entered into in connection with an acquisition of capital stock, by such stockholder or group of stockholders,
from the Corporation) and (3)&#160;the number of directors in office that will be included in the Corporation&rsquo;s proxy materials
with respect to such annual meeting of stockholders for whom access to the Corporation&rsquo;s proxy materials was previously provided
pursuant to this Section 10, other than any such director referred to in clause (2)&#160;or this clause (3)&#160;who at the time
of such annual meeting of stockholders will have served as a director continuously as a nominee of the Board of Directors for at
least three annual terms. In the event that one or more vacancies for any reason occurs on the Board of Directors after the Final
Proxy Access Nomination Date but before the date of the annual meeting of stockholders and the Board of Directors resolves to reduce
the size of the Board of Directors in connection therewith, the maximum number of Stockholder Nominees included in the Corporation&rsquo;s
proxy materials shall be calculated based on the number of directors in office as so reduced. Any individual nominated by a Proxy
Access Eligible Stockholder for inclusion in the Corporation&rsquo;s proxy materials pursuant to this Section 10 whom the Board
of Directors decides to nominate as a nominee for director shall be counted as one of the Stockholder Nominees for purposes of
determining when the maximum number of Stockholder Nominees provided for in this Section 10 has been reached. Any Proxy Access
Eligible Stockholder submitting more than one Stockholder Nominee for inclusion in the Corporation&rsquo;s proxy materials pursuant
to this Section 10 shall rank such Stockholder Nominees based on the order that the Proxy Access Eligible Stockholder desires such
Stockholder Nominees to be selected for inclusion in the Corporation&rsquo;s proxy statement in the event that the total number
of Stockholder Nominees submitted by the Proxy Access Eligible Stockholders pursuant to this Section 10 exceeds the maximum number
of nominees provided for in this Section 10. In the event that the number of Stockholder Nominees submitted by the Proxy Access
Eligible Stockholders pursuant to this Section 10 exceeds the maximum number of nominees provided for in this Section 10, the highest
ranking Stockholder Nominee who meets the requirements of this Section 10 from each Proxy Access Eligible Stockholder will be selected
for inclusion in the Corporation&rsquo;s proxy materials until the maximum number is reached, going in order of the amount (largest
to smallest) of shares of stock of the Corporation each Proxy Access Eligible Stockholder disclosed as owned in its respective
Proxy Access Notice submitted to the Corporation. If the maximum number is not reached after the highest ranking Stockholder Nominee
who meets the requirements of this Section 10 from each Proxy Access Eligible Stockholder has been selected, this process will
continue as many times as necessary, following the same order each time, until the maximum number is reached. Notwithstanding anything
to the contrary contained in this Section 10, if the Corporation receives notice pursuant to Article III, Section 1 of these By-Laws
that a stockholder intends to nominate for election at such meeting a number of nominees greater than or equal to a majority of
the total number of directors to be elected at such meeting, no Stockholder Nominees will be included in the Corporation&rsquo;s
proxy materials with respect to such meeting pursuant to this Section 10.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
For purposes of this Section 10:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 85.5pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
the term &ldquo;Affiliate&rdquo; or &ldquo;Affiliates&rdquo; shall have the meaning given such terms in Rule 12b-2 under the Exchange
Act;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 85.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 85.5pt">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
the &ldquo;Minimum Holding Period&rdquo; is three (3)&#160;years;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 85.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 85.5pt">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
the &ldquo;Proxy Access Required Information&rdquo; that the Corporation will include in its proxy statement is the information
provided to the Secretary of the Corporation concerning the Stockholder Nominee(s)&#160;and the Proxy Access Eligible Stockholder
that is required to be disclosed in the Corporation&rsquo;s proxy statement by Section&#160;14 of the Exchange Act, and the rules&#160;and
regulations promulgated thereunder, and, if the Proxy Access Eligible Stockholder so elects, a written statement, not to exceed
500 words, in support of the Stockholder Nominee(s)&rsquo; candidacy (the &ldquo;Statement&rdquo;). Notwithstanding anything to
the contrary contained in this Section 10, the Corporation may omit from its proxy materials any information or Statement (or portion
thereof) that it, in good faith, believes would violate any applicable law or regulation;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
the &ldquo;Required Ownership Percentage&rdquo; is 3% or more;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
the &ldquo;Specified Percentage&rdquo; is 20%; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
a Proxy Access Eligible Stockholder shall be deemed to &ldquo;own&rdquo; only those shares of stock of the Corporation as to which
the stockholder possesses both (i)&#160;the full voting and investment rights pertaining to the shares and (ii)&#160;the full economic
interest in (including the opportunity for profit from and risk of loss on) such shares; provided, that the number of shares calculated
in accordance with clauses (i)&#160;and (ii)&#160;shall not include any shares (x)&#160;sold by such stockholder or any of its
Affiliates in any transaction that has not been settled or closed, (y)&#160;borrowed by such stockholder or any of its Affiliates
for any purposes or purchased by such stockholder or any of its Affiliates pursuant to an agreement to resell or (z)&#160;subject
to any option, warrant, forward contract, swap, contract of sale, other derivative or similar agreement entered into by such stockholder
or any of its Affiliates, whether any such instrument or agreement is to be settled with shares of stock of the Corporation or
with cash based on the notional amount or value of shares of stock of the Corporation subject thereto, in any such case which instrument
or agreement has, or is intended to have, the purpose or effect of (1)&#160;reducing in any manner, to any extent or at any time
in the future, such stockholder&rsquo;s or its Affiliates&rsquo; full right to vote or direct the voting of any such shares, and/or
(2)&#160;hedging, offsetting or altering to any degree any gain or loss realized or realizable arising from maintaining the full
economic ownership of such shares by such stockholder or Affiliate. For purposes of this Section 10, a stockholder shall &ldquo;own&rdquo;
shares held in the name of its bank, broker or other nominee or intermediary so long as the stockholder retains the right to instruct
how the shares are voted with respect to the election of directors and possesses the full economic interest in the shares through
the annual meeting date. A stockholder&rsquo;s ownership of shares shall be deemed to continue during any period in which the stockholder
has delegated any voting power by means of a proxy, power of attorney or other instrument or arrangement which is revocable at
any time by the stockholder.&#160; A stockholder&rsquo;s ownership of shares shall be deemed to continue during any period in which
the stockholder has loaned such shares, provided that the person has the power to recall such loaned shares on no more than five
(5)&#160;business days&rsquo; notice and (A) will promptly recall such loaned shares upon being notified that any of its Stockholder
Nominees will be included in the Corporation&rsquo;s proxy materials and (B) will continue to hold such recalled shares through
the annual meeting date.&#160; The terms &ldquo;owned,&rdquo; &ldquo;owning&rdquo; and other variations of the word &ldquo;own&rdquo;
shall have correlative meanings. Whether shares of stock of the Corporation are &ldquo;owned&rdquo; for these purposes shall be
determined by the Board of Directors or any committee thereof, which determination shall be conclusive and binding on the Corporation
and its stockholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
In order to make a nomination pursuant to this Section 10, a Proxy Access Eligible Stockholder must have owned the Required Ownership
Percentage of the stock of the Corporation (the &ldquo;Required Shares&rdquo;) continuously for the Minimum Holding Period as of
both the date the Proxy Access Notice is delivered to or mailed to and received by the Secretary of the Corporation in accordance
with this Section 10 and the record date for determining the stockholders entitled to vote at the annual meeting of stockholders
and must continue to own the Required Shares through such annual meeting date. A Proxy Access Eligible Stockholder shall certify
in its Proxy Access Notice the number of eligible shares of stock of the Corporation it asserts it is deemed to own for the purposes
of this Section 10. The aggregate number of stockholders whose collective stock ownership may be counted for the purpose of satisfying
the Required Ownership Percentage shall not exceed twenty (20) and no stockholder may be a member of more than one group under
this Section 10.&#160;Two or more funds that are part of the same family of funds under common management and investment control
(a &ldquo;Qualifying Fund Family&rdquo;) shall be treated as one stockholder for the purpose of determining the aggregate number
of stockholders in this Section 10.&#160;No later than the end of the time period specified in this Section 10 for delivering the
Proxy Access Notice, a Qualifying Fund Family whose stock ownership is counted for purposes of qualifying as a Proxy Access Eligible
Stockholder must provide to the Secretary of the Corporation documentation reasonably satisfactory to the Board of Directors, or
any committee thereof, that demonstrates that the funds comprising the Qualifying Fund Family satisfy the definition thereof.&#160;
Within the time period specified in this Section 10 for delivering the Proxy Access Notice, a Proxy Access Eligible Stockholder
(including each stockholder and fund compromising a Qualifying Fund Family) must provide the following information in writing to
the Secretary of the Corporation: (i)&#160;one or more written statements from the record holder of the shares (and from each intermediary
through which the shares are or have been held during the Minimum Holding Period) verifying that, as of a date within seven (7)
calendar days prior to the date the Proxy Access Notice is delivered to or mailed to and received by the Secretary of the Corporation,
the Proxy Access Eligible Stockholder owns, and has owned continuously for the Minimum Holding Period, the Required Shares, and
the Proxy Access Eligible Stockholder&rsquo;s agreement to provide, within (5) five business days after the record date for the
annual meeting of stockholders, written statements from the record holder and intermediaries verifying the Proxy Access Eligible
Stockholder&rsquo;s continuous ownership of the Required Shares through the record date; (ii)&#160;a copy of the Schedule 14N that
has been filed with the Securities and Exchange Commission as required by Rule&#160;14a-18 under the Exchange Act; (iii)&#160;the
information and representations that are the same as those that would be required to be set forth in a stockholder&rsquo;s notice
of nomination pursuant to Article III, Section 1 of these By-Laws; (iv)&#160;the consent of each Stockholder Nominee to being named
in the Corporation&rsquo;s proxy statement as a nominee and to serving as a director if elected; (v)&#160;a representation that
the Proxy Access Eligible Stockholder (A)&#160;acquired the Required Shares in the ordinary course of business and not with the
intent to change or influence control at the Corporation, and does not have any such intent, (B)&#160;will maintain qualifying
ownership of the Required Shares through the date of the annual meeting of stockholders, (C)&#160;has not engaged and will not
engage in, and has not and will not be a &ldquo;participant&rdquo; in another person&rsquo;s, &ldquo;solicitation&rdquo; within
the meaning of Rule&#160;14a-1(l)&#160;under the Exchange Act in support of the election of any individual as a director at the
annual meeting of stockholders other than its Stockholder Nominee(s)&#160;or a nominee of the Board of Directors, (D)&#160;will
not distribute to any stockholder any form of proxy for the meeting other than the form distributed by the Corporation, (E)&#160;has
not nominated and will not nominate for election any individual as a director at the annual meeting of stockholders other than
its Stockholder Nominee(s), (F)&#160;agrees to comply with all applicable laws, rules&#160;and regulations with respect to any
solicitation in connection with the meeting and will file with the Securities and Exchange Commission any solicitation or other
communication with the Corporation&rsquo;s stockholders relating to the meeting at which the Stockholder Nominee will be nominated,
</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">regardless of whether any such filing is required under Regulation 14A of the Exchange Act or an exemption from filing is available
thereunder, and (G)&#160;will provide facts, statements and other information in all communications with the Corporation and its
stockholders that are or will be true and correct in all material respects and do not and will not omit to state a material fact
necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;&#160;
(vi)&#160;an undertaking that the Proxy Access Eligible Stockholder agrees to (A)&#160;assume all liability stemming from any legal
or regulatory violation arising out of the Proxy Access Eligible Stockholder&rsquo;s communications with the stockholders of the
Corporation or out of the information that the Proxy Access Eligible Stockholder provided to the Corporation and (B)&#160;indemnify
and hold harmless the Corporation and each of its directors, officers, and employees or agents individually against any liability,
loss or damages in connection with any threatened or pending action, suit or proceeding, whether legal, administrative or investigative,
against the Corporation or any of its directors, officers, and employees or agents arising out of any nomination submitted by the
Proxy Access Eligible Stockholder pursuant to this Section 10; (vii)&#160;a representation as to the Proxy Access Eligible Stockholder&rsquo;s
intentions with respect to maintaining qualifying ownership of the Required Shares for at least one year following the annual meeting
of stockholders (which representation the Proxy Access Eligible Stockholder shall also include in its Statement, it being understood
that the inclusion of such representation therein shall not count towards the Statement&rsquo;s 500-word limit); and (viii)&#160;in
the case of a nomination under this Section 10 by a group of stockholders, the designation by all group members of one group member
that is authorized to act on behalf of all members of the nominating stockholder group with respect to the nomination and matters
related thereto, including withdrawal of the nomination.&#160; For the avoidance of doubt, in the event that the Proxy Access Eligible
Stockholder consists of a group of stockholders, the requirements and obligations applicable to an individual Proxy Access Eligible
Stockholder that are set forth in these By-Laws, including the Minimum Holding Period, shall apply to each member of such group
individually; provided, however, that the Required Ownership Percentage shall apply to the continuous ownership of the eligible
group in the aggregate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Within the time period specified in this Section 10 for delivering the Proxy Access Notice, each Stockholder Nominee must deliver
to the Secretary of the Corporation at the principal executive offices of the Corporation the representations, agreements and other
information required by Article III, Section 1 of these By-Laws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
In the event that any information or communications provided by the Proxy Access Eligible Stockholder or any Stockholder Nominees
to the Corporation or its stockholders ceases to be true and correct in all material respects or omits a material fact necessary
to make the statements made, in light of the circumstances under which they were made, not misleading, each Proxy Access Eligible
Stockholder or Stockholder Nominee, as the case may be, shall promptly notify the Secretary of the Corporation of any defect in
such previously provided information and of the information that is required to correct any such defect; it being understood that
providing any such notification shall not be deemed to cure any such defect or limit the remedies (including without limitation
under these By-Laws) available to the Corporation relating to any such defect.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The Corporation shall not be required to include, pursuant to this Section 10, a Stockholder Nominee in its proxy materials for
any meeting of stockholders (i)&#160;whose election as a member of the Board of Directors would cause the Corporation to be in
violation of these By-Laws, the Corporation&rsquo;s Articles of Incorporation, the rules&#160;and listing standards of the principal
U.S. exchanges upon which the stock of the Corporation is traded, or any applicable state or federal law, rule&#160;or regulation;
(ii)&#160;for which the Secretary of the Corporation receives a notice that another stockholder has nominated such Stockholder
Nominee for election to the Board of Directors pursuant to the advance notice requirements for stockholder nominees for director
set forth in Article III, Section 1 of these By-Laws; (iii)&#160;who is not independent under the listing standards of each principal
U.S. exchange upon which the stock of the Corporation is listed, any applicable rules&#160;of the Securities and Exchange Commission
and any publicly disclosed standards used by the Board of Directors in determining and disclosing independence of the Corporation&rsquo;s
directors, in each case as determined by the Board of Directors; (iv)&#160;if the Proxy Access Eligible Stockholder that has nominated
such Stockholder Nominee or any such Stockholder Nominee has engaged in or is currently engaged in, or has been or is a &ldquo;participant&rdquo;
in another person&rsquo;s, &ldquo;solicitation&rdquo; within the meaning of Rule&#160;14a-1(l)&#160;under the Exchange Act in support
of the election of any individual as a director at the annual meeting of stockholders other than the Proxy Access Eligible Stockholder&rsquo;s
Stockholder Nominee(s)&#160;or a nominee of the Board of Directors; (v)&#160;if the Stockholder Nominee is or becomes a party to
any compensatory, payment or other financial agreement, arrangement or understanding with any person or entity other than the Corporation,
or is receiving or will receive any such compensation or other payment from any person or entity other than the Corporation, in
each case in connection with service as a director of the Corporation; (vi)&#160;if the Stockholder Nominee is or becomes a party
to any agreement, arrangement or understanding with any person or entity as to how such person, if elected as a director of the
Corporation, will act or vote on any issue or question; (vii)&#160; who is or has been, within the past three years, an officer
or director of a competitor, as defined in Section&#160;8 of the Clayton Antitrust Act of 1914; (vii)&#160;who is a named subject
of a pending criminal proceeding (excluding traffic violations and other minor offenses) or has been convicted in such a criminal
proceeding within the past ten (10) years; (viii)&#160;who is subject to any order of the type specified in Rule&#160;506(d)&#160;of
Regulation D promulgated under the Securities Act of 1933, as amended; (ix)&#160;if such Stockholder Nominee or the applicable
Proxy Access Eligible Stockholder shall have provided information to the Corporation in respect to such nomination that was untrue
in any material respect or omitted to state a material fact necessary in order to make the statement made, in light of the circumstances
under which they were made, not misleading, as determined by the Board of Directors or any committee thereof; or (x)&#160;the Proxy
Access Eligible Stockholder or applicable Stockholder Nominee fails to comply with its obligations pursuant to these By-Laws, including
this Section 10.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Any Stockholder Nominee who is included in the Corporation&rsquo;s proxy materials for a particular annual meeting of stockholders
but either (i)&#160;does not receive at least 25% of the votes cast in favor of such Stockholder Nominee&rsquo;s election, or (ii)&#160;becomes
ineligible or unavailable for or withdraws from election at the annual meeting of stockholders will be ineligible to be a Stockholder
Nominee pursuant to this Section 10 for the next two annual meetings of stockholders.&#160; Any Proxy Access Eligible Stockholder
(including each stockholder or fund comprising a Qualifying Fund Family whose stock ownership is counted for the purposes of qualifying
as a Proxy Access Eligible Stockholder) whose Stockholder Nominee is elected as a director at an annual meeting of stockholders
will not be eligible to nominate or participate in the nomination of a Stockholder Nominee for the following two annual meetings
of stockholders other than the nomination of such previously elected Stockholder Nominee in accordance with this Section 10.&#160;
Notwithstanding anything to the contrary set forth herein, the Board of Directors or the presiding officer of the annual meeting
of stockholders shall declare a nomination by a Proxy Access Eligible Stockholder to be invalid, and such nomination shall be disregarded
notwithstanding that proxies in respect of such vote may have been received by the Corporation, if (i)&#160;the Stockholder Nominee(s)&#160;and/or
the applicable Proxy Access Eligible Stockholder shall have breached its or their obligations under this Section 10, as determined
by the Board of Directors or such presiding officer or (ii)&#160;the Proxy Access Eligible Stockholder (or a Qualified Representative
thereof) does not appear at the meeting of stockholders to present any nomination pursuant to this Section 10.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
This Section 10 shall be the exclusive method for stockholders to include nominees for director in the Corporation&rsquo;s proxy
materials. This Section 10 shall not prevent a stockholder from nominating a person to the Board of Directors pursuant to and in
accordance with Article III, Section 1&#160;of these By-Laws instead of pursuant to and in accordance with this Section 10.&#160;
For the avoidance of doubt, the Corporation may in its sole discretion solicit against, and include in the proxy statement its
own statements or other information relating to, any Proxy Access Eligible Stockholder and/or stockholder director nominees (including
any Stockholder Nominee) for director, including any information provided to the Corporation with respect to the foregoing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE III.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>DIRECTORS</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.&#9;Subject to any limitations in
the laws of the State of Nevada, the Articles of Incorporation or these By-Laws, the number of directors may be changed from time
to time by resolutions adopted by the Board of Directors or the stockholders. No reduction of the number of directors shall have
the effect of removing any director prior to the expiration of his term of office. A director need not be a stockholder of the
Corporation. Nominations of persons for election to the Board of Directors of the Corporation at the annual meeting may be made
at such meeting by or at the direction of the Board of Directors, by any committee or persons appointed by the Board of Directors
or by any stockholder of the Corporation entitled to vote for the election of directors at the meeting who complies with the notice
procedures set forth in this Article III, Section 1. Such nominations by any stockholder shall be made pursuant to timely notice
in writing to the Secretary of the Corporation. To be timely, a stockholder&rsquo;s notice shall be delivered to the Secretary
at the principal executive offices of the Corporation not later than the close of business on the ninetieth (90th) day nor earlier
than the close of business on the one hundred twentieth (120th) day prior to the first anniversary of the preceding year&rsquo;s
annual meeting; provided, however, that in the event that the date of the annual meeting is more than thirty (30) days before or
more than seventy (70) days after such anniversary date, notice by the stockholder must be so delivered not earlier than the close
of business on the one hundred twentieth (120th) day prior to such annual meeting and not later than the close of business on the
later of the ninetieth (90th) day prior to such annual meeting or the tenth (10th) day following the day on which public announcement
of the date of such meeting is first made by the corporation. In no event shall the public announcement of an adjournment or postponement
of an annual meeting commence a new time period for the giving of a stockholder&rsquo;s notice as described above.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 6pt; text-indent: 1.1in">Such stockholder&rsquo;s notice
to the Secretary shall set forth (i) as to each person whom the stockholder proposes to nominate for election or reelection as
a director, (a) the name, age, business address and residence address of the person, (b) the principal occupation or employment
of the person, (c) the class and number of shares of capital stock of the Corporation which are beneficially owned by the person,
and (d) any other information relating to the person that is required to be disclosed in solicitations for proxies for election
of directors pursuant to the Rules and Regulations of the Securities and Exchange Commission under Section 14 of the Securities
Exchange Act of 1934, as amended; and (ii) as to the stockholder giving the notice (a) the name and record address of the stockholder
and (b) the class and number of shares of capital stock of the Corporation which are beneficially owned by the stockholder. The
Corporation may require any proposed nominee to furnish such other information as may reasonably be required by the Corporation
to determine the eligibility of such proposed nominee to serve as a director of the Corporation. No person shall be eligible for
election as a director of the Corporation unless nominated in accordance with the procedures set forth herein. The officer of the
Corporation presiding at an annual meeting shall, if the facts warrant, determine and declare to the meeting that a nomination
was not made in accordance with the foregoing procedure, and if he should so determine, he shall so declare to the meeting and
the defective nomination shall be disregarded. The directors shall be elected at the annual meeting of the stockholders, except
as provided in Section 2 of this Article III, and each director elected shall hold office until his successor is elected and qualified;
provided, however, that unless otherwise restricted by the Articles of Incorporation or law, any director or the entire Board of
Directors may be removed, either with or without cause, from the Board of Directors at any meeting of stockholders by the holders
of two-thirds of the voting power of the Corporation&rsquo;s stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 6pt; text-indent: 1.1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 2.&#9;Vacancies on the Board of Directors
by reason of death, resignation, retirement, disqualification, removal from office, or otherwise, 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,
although less than a quorum, or by a sole remaining director. The directors so chosen shall hold office until the next annual election
of directors and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no directors
in office, then an election of directors may be held in the manner provided by statute. If, at the time of filling any vacancy
or any newly created directorship, the directors then in office shall constitute less than a majority of the whole Board (as constituted
immediately prior to any such increase), any stockholder or stockholders holding at least ten percent of the voting power of the
Corporation&rsquo;s stock may summarily order an election to be held to fill any such vacancies or newly created directorships,
or to replace the directors chosen by the directors then in office.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.&#9;The property and business of
the Corporation shall be managed by or under the direction of its Board of Directors. In addition to the powers and authorities
by these By-Laws expressly conferred upon them, the Board 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 By-Laws directed or required to be exercised
or done by the stockholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u></u></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>MEETINGS OF THE BOARD OF DIRECTORS</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.&#9;The directors may hold their
meetings and have one or more offices, and keep the books of the Corporation outside of the State of Nevada.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 5.&#9;Regular meetings of the Board
of Directors may be held without notice at such time and place as shall from time to time be determined by the Board.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 6.&#9;Special meetings of the Board
of Directors may be called by the Chairman or the President on twenty-four hours&rsquo; notice to each director; special meetings
shall be called by the Chairman, the President or the Secretary in like manner and on like notice on the written request of two
directors unless the Board consists of only one director; in which case special meetings shall be called by the Chairman, the President
or Secretary in like manner or on like notice on the written request of the sole director.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 7.&#9;At all meetings of the Board
of Directors a majority of the authorized number of directors shall be necessary and sufficient to constitute a quorum for the
transaction of business, and 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, except as may be otherwise specifically provided by statute, by the Articles of Incorporation
or by these By-Laws. If a quorum shall not be present at any meeting of the Board of Directors the directors present thereat may
adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.
If only one director is authorized, such sole director shall constitute a quorum.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 8.&#9;Unless otherwise restricted
by the Articles 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 or committee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 9.&#9;Unless otherwise restricted
by the Articles of Incorporation or these By-Laws, members of the Board of Directors, or any committee designated by the Board
of Directors, may participate in a meeting of the Board of Directors, or any 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 such participation
in a meeting shall constitute presence in person at such meeting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>COMMITTEES OF DIRECTORS</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 10.&#9;The Board of Directors may,
by resolution passed by a majority of the whole Board, designate one or more committees, each such committee to consist of one
or more of the directors of the Corporation. The Board may designate one or more directors as alternate members of any committee,
who may replace any absent or disqualified member at any meeting of 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, shall
have and may exercise all the powers 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 in reference to amending the Articles of Incorporation (except that a committee may, to the extent authorized in the
resolution or resolutions providing for the issuance of shares of stock adopted by the Board of Directors, fix the designations
and any of the preferences or rights of such shares relating to dividends, redemption, dissolution, any distribution of assets
of the Corporation or the conversion into, or the exchange of such shares for, shares of any other class or classes or any other
series of the same or any other class or classes of stock of the Corporation or fix the number of shares of any series of stock
or authorize the increase or decrease of the shares of any series), adopting an agreement of merger or consolidation, recommending
to the stockholders the sale, lease or exchange of all or substantially all of the Corporation&rsquo;s property and assets, recommending
to the stockholders a dissolution of the Corporation or a revocation of a dissolution, or amending the By-Laws of the Corporation;
and, unless the resolution, By-Laws, or the Articles of Incorporation expressly so provide, no such committee shall have the power
or authority to declare a dividend to authorize the issuance of stock, or to adopt Articles of Merger.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 11.&#9;Each committee shall keep regular
minutes of its meetings and report the same to the Board of Directors when required.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>COMPENSATION OF DIRECTORS</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 12.&#9;Unless otherwise restricted
by the Articles of Incorporation or these By-Laws, the Board of Directors shall have the authority to fix the compensation of directors.
The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed
sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any
director from serving the Corporation in any other capacity and receiving compensation therefor. Members of special or standing
committees may be allowed like compensation for attending committee meetings.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 171.1pt 0pt 171.95pt; text-align: center"><u>INDEMNIFICATION</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 171.1pt 0pt 171.95pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 13.&#9;(a) The Corporation shall indemnify
any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative, except an action by or in the right of the Corporation, by reason of
the fact that he is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the
Corporation as a director, officer, employee or agent of another Corporation, partnership, joint venture, trust or other enterprise,
against expenses, including attorneys&rsquo; fees, judgments, fines and amounts paid in settlement actually and reasonably incurred
by him in connection with the action, suit or proceeding if he either is not liable pursuant to Nevada Revised Statutes 78.138
or acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation,
and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination
of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent,
does not, of itself, create a presumption that the person is liable pursuant to Nevada Revised Statutes 78.138 or did not act in
good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Corporation, and,
with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 6pt; text-indent: 66pt">(b)<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact
that he is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation
as a director, officer, employee or agent of another Corporation, partnership, joint venture, trust or other enterprise against
expenses, including amounts paid in settlement and attorneys&rsquo; fees actually and reasonably incurred by him in connection
with the defense or settlement of the action or suit if he acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the Corporation. Indemnification shall not be made for any claim, issue or matter as to
which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable
to the Corporation or for amounts paid in settlement to the Corporation unless and only to the extent that the court in which such
action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances
of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>To the extent that a director, officer, employee or agent of the Corporation has been successful on the merits or otherwise
in defense of any action, suit or proceeding referred to in paragraphs (a) and (b), or in defense of any claim, issue or matter
therein, he must be indemnified by the Corporation against expenses, including attorneys&rsquo; fees, actually and reasonably incurred
by him in connection with the defense.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>Any indemnification under paragraphs (a) and (b), unless ordered by a court shall be made by the Corporation only as authorized
in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances.
The determination shall be made (1) by the holders of a majority of the voting power of the corporation&rsquo;s stock, (2) by the
Board of Directors by majority vote of a quorum consisting of directors who were not parties to the act, suit or proceeding, (3)
if a majority vote of a quorum consisting of directors who are not parties to the act, suit or proceeding so order, by independent
legal counsel in a written opinion, or (4) if a quorum consisting of directors who were not parties to the act, suit or proceeding
cannot be obtained, by independent legal counsel in a written opinion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>Expenses incurred by an officer or director in defending a civil or criminal action, suit or proceeding may be paid by the
Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf
of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified
by the Corporation as authorized in this Section 13. Such expenses incurred by other employees and agents may be so paid upon such
terms and conditions, if any, as the Board of Directors deems appropriate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>The indemnification and advancement of expenses authorized in or ordered by a court pursuant to the other paragraphs of
this Section 13, (i) does not exclude any other rights to which a person seeking indemnification or advancement of expenses may
be entitled under any By-Law, agreement, vote of stockholders or disinterested directors or otherwise, for either an action in
his official capacity or an action in another capacity while holding his office except that indemnification, unless ordered by
a court pursuant to paragraph (b) or for the advancement of expenses made pursuant to paragraph (e), may not be made to or on behalf
of any director or officer if a final adjudication establishes that his acts or omissions involved intentional misconduct, fraud
or a knowing violation of the law and was material to the cause of action; and (ii) continues for a person who has ceased to be
a director, officer, employee or agent and inures to the benefit of the heirs, executors and administrators of such a person. If
a claim for indemnification or payment of expenses under this Section 13 is not paid in full within ninety (90) days after a written
claim therefor has been received by the Corporation, the claimant may file suit to recover the unpaid amount of such claim and,
if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the Corporation
shall have the burden of proving that the claimant was not entitled to the requested indemnification or payment of expenses under
applicable law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>The Board of Directors may authorize, by a vote of a majority of a quorum of the Board of Directors, the Corporation to
purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation,
or is or was serving at the request of the Corporation as a director, officer, employee or agent of another Corporation, partnership,
joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or
arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability
under the provisions of this Section 13.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>The Board of Directors may authorize the Corporation to enter into a contract with any person who is or was a director,
officer, employee or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee
or agent of another partnership, joint venture, trust or other enterprise providing for indemnification rights equivalent to or,
if the Board of Directors so determines, greater than those provided for in this Section 13.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>For the purposes of this Section 13, references to &ldquo;the Corporation&rdquo; shall include, in addition to the resulting
Corporation, any constituent Corporation (including any constituent of a constituent) absorbed in a consolidation or merger which,
if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees
or agents, so that any person who is or was a director, officer, employee or agent of such constituent Corporation, or is or was
serving at the request of such constituent Corporation as a director, officer, employee or agent of another Corporation, partnership,
joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Section with respect to
the resulting or surviving Corporation as he would have with respect to such constituent Corporation if its separate existence
had continued.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>For purposes of this section, references to &ldquo;other enterprises&rdquo; shall include employee benefit plans; references
to &ldquo;fines&rdquo; shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references
to &ldquo;serving at the request of the Corporation&rdquo; shall include service as a director, officer, employee or agent of the
Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee
benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to
be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner
&ldquo;not opposed to the best interests of the Corporation&rdquo; as referred to in this section.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center" ></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE IV.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>OFFICERS</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.&#9;The officers of this Corporation
shall include a President, a Secretary and a Treasurer or the equivalents thereof. The Corporation may also have at the discretion
of the Board of Directors such other officers as are desired, including a Chairman of the Board, a Chief Executive Officer, one
or more Vice Presidents, one or more Assistant Secretaries and one or more Assistant Treasurers, and such officers as may be elected
in accordance with the provisions of Section 3 or Section 5 hereof. In the event there are two or more Vice Presidents, then one
or more may be designated as Executive Vice President, Senior Vice President, or other similar or dissimilar title. The Board of
Directors may determine by resolution the order of rank of the officers of the Corporation. Any number of offices may be held by
the same person, unless the Articles of Incorporation or these By-Laws otherwise provide.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 2.&#9;Unless otherwise elected pursuant
to Section 3 or Section 5 hereof, the Board of Directors, at its first meeting after each annual meeting of stockholders, shall
elect the officers of the Corporation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.&#9;From time to time, the Board
of Directors may elect such officers and agents as it shall deem necessary, who shall hold their offices for such terms and shall
exercise such powers and perform such duties as shall be determined from time to time by the Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.&#9;The salaries of all officers
and agents of the Corporation shall be fixed by the Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 5.&#9;The officers of the Corporation
shall hold office until their successors are chosen and qualify in their stead. Any officer may be removed at any time by the affirmative
vote of a majority of the Board of Directors. If the office of any officer becomes vacant for any reason, the vacancy shall be
filled by the Board of Directors. The Board of Directors may authorize by resolution one or more officers to have and exercise
the power, authority and discretion of the Board of Directors with respect to any of the matters contemplated by Sections 1 through
5, inclusive, of this Article IV (including, without limitation, the designation of offices, the election of officers, the removal
of officers, the filling of vacant offices and the determination of the salaries of officers and agents of the Corporation), but
no such authorization shall in any way limit, restrict or diminish the power or authority of the Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u></u></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>CHAIRMAN OF THE BOARD</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 6.&#9;The Chairman of the Board, if
such an officer be elected, shall, if present, preside at all meetings of the Board of Directors and exercise and perform such
other powers and duties as may be from time to time assigned to him by the Board of Directors or prescribed by these By-Laws. The
Chairman of the Board shall in addition be the Chief Executive Officer of the Corporation and shall have the powers and duties
prescribed in Section 7 of this Article IV, if no such officer is elected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>CHIEF EXECUTIVE OFFICER</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 7.&#9;Subject to such supervisory
powers, if any, as may be given by the Board of Directors to the Chairman of the Board, if there be such an officer, the Chief
Executive Officer shall, subject to the control of the Board of Directors, have general supervision, direction and control of the
business and officers of the Corporation. He shall preside at all meetings of the Stockholders and, if there is no Chairman of
the Board, at all meetings of the Board of Directors. He shall be an ex-officio member of all committees and shall have the general
powers and duties of management usually vested in the office of Chief Executive Officer of corporations, and shall have such other
powers and duties as may be prescribed by the Board of Directors or these By- Laws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>PRESIDENT</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 8.&#9;In the absence or disability
of the Chief Executive Officer, the President shall perform all duties of the Chief Executive Officer, and when so acting shall
have all the powers of and be subject to all the restrictions upon the Chief Executive Officer. He shall be an ex-officio member
of all committees and shall have the general powers and duties of management usually vested in the office of President of corporations,
and shall have such other powers and duties as may be prescribed by the Board of Directors or these By-Laws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>VICE PRESIDENTS</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 9.&#9;In the absence or disability
of the President, the Vice Presidents (including those designated as Executive Vice President, Senior Vice President, or other
similar or dissimilar title) in order of their rank as fixed by the Board of Directors, or if not ranked, the Vice President designated
by the Board of Directors, shall perform all the duties of the President, and when so acting shall have all the powers of and be
subject to all the restrictions upon the President. The Vice Presidents shall have such other duties as from time to time may be
prescribed for them, respectively, by the Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><u>SECRETARY AND ASSISTANT SECRETARY</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 115.05pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 10.&#9;The Secretary shall attend
all sessions of the Board of Directors and all meetings of the stockholders and record all votes and the minutes of all proceedings
in a book to be kept for that purpose; and shall perform like duties for the standing committees when required by the Board of
Directors. The Secretary shall give, or cause to be given, notice of all meetings of the stockholders and of the Board of Directors,
and shall perform such other duties as may be prescribed by the Board of Directors or these By-Laws. The Secretary shall keep in
safe custody the seal of the Corporation, and affix the same to any instrument requiring it, and when so affixed it shall be attested
by his signature or by the signature of an Assistant Secretary. 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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 11.&#9;The Assistant Secretary, or
if there be more than one, the Assistant Secretaries in the order determined by the Board of Directors, or if there be no such
determination, the Assistant Secretary designated by the Board of Directors, shall, in the absence or disability of the Secretary
perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the
Board of Directors may from time to time prescribe.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>TREASURER AND ASSISTANT TREASURER</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 12.&#9;The Treasurer shall have the
custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books
belonging to the Corporation and shall deposit all moneys, and other valuable effects in the name and to the credit of the Corporation,
in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the Corporation as may be ordered
by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the Board of Directors, at its regular
meetings, or when the Board of Directors so requires, an account of all his transactions as Treasurer and of the financial condition
of the Corporation. If required by the Board of Directors, he shall give the Corporation a bond, in such sum and with such surety
or sureties as shall be satisfactory to the Board of Directors, for the faithful performance of the duties of his office and for
the restoration to the Corporation, in 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 belonging to the Corporation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 13.&#9;The Assistant Treasurer, or
if there shall be more than one, the Assistant Treasurers in the order determined by the Board of Directors, or if there be no
such determination, the Assistant Treasurer designated by the Board of Directors, shall, in the absence or disability of the Treasurer,
perform the duties and exercise the powers of the Treasurer and shall perform such other duties and have such other powers as the
Board of Directors may from time to time prescribe.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE V.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>CERTIFICATES OF STOCK</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.&#9;The shares of stock of the Corporation
may either be represented by certificates or be uncertificated, as provided in section 78.235 of the Revised Nevada Statutes. Every
holder of stock of the Corporation that is represented by a certificate shall be entitled to have a certificate signed by, or in
the name of the Corporation by, the Chairman or Vice Chairman of the Board of Directors, or the President or a Vice President,
and by the Secretary or an Assistant Secretary, or the Treasurer or an Assistant Treasurer of the Corporation, certifying the number
of shares represented by the certificate owned by such stockholder in the Corporation. Shares of stock of the Corporation may also
be evidenced by registration in the holder&rsquo;s name in uncertificated form and represented by an electronic record on the books
of the Corporation in accordance with a Direct Registration System approved by the Securities and Exchange Commission and by the
New York Stock Exchange or any securities exchange on which the stock of the Corporation may from time to time be traded.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 2&#9;Any or all of the signatures
on the certificate may be a 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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.&#9;If the Corporation shall be
authorized to issue more than one class of stock or more than one series of any class, the voting powers, designations, preferences,
limitations, restrictions and relative rights of each class of stock or series thereof and the qualification, limitations or restrictions
of such preferences and/or rights shall be set forth in full or summarized on the face or back of any certificates which the Corporation
may issue to represent such class or series of stock, provided that, except as otherwise provided in section 78.195 of the Revised
Nevada Statutes, in lieu of the foregoing requirements, there may be set forth on the face or back of any certificates which the
Corporation may issue a statement setting forth the office or agency of the Corporation from which the stockholders may obtain
a copy of a statement setting forth in full or summarizing the voting powers, designations, preferences, limitations, restrictions
and relative rights of each class of stock or series thereof that the Corporation will furnish without charge to each stockholder
who so requests. Within a reasonable time after the issuance or transfer of uncertificated stock, the informational statement sent
to the holder of such stock shall contain, in addition to the information required by section 78.235 of the Nevada Revised Statutes,
a statement setting forth the office or agency of the Corporation from which the stockholders may obtain a copy of a statement
setting forth in full or summarizing the voting powers, designations, preferences, limitations, restrictions and relative rights
of each class of stock or series thereof that the Corporation will furnish without charge to each stockholder who so requests.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>LOST, STOLEN OR DESTROYED CERTIFICATES</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.&#9;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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center" ></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>TRANSFERS OF STOCK</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 5.&#9;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 or evidence of the issuance
of uncertificated shares to the person entitled thereto, cancel the old certificate and record the transaction upon its books.
Nothing in this Section 5 shall require the Corporation to issue a new certificate if the Corporation has determined that such
shares of stock shall be uncertificated. Uncertificated shares shall be transferable only upon compliance with the customary procedures
for transferring shares in uncertificated form recorded electronically on a Direct Registration System.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>FIXING RECORD DATE</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 6.&#9;In order that the Corporation
may determine the stockholders entitled to notice of or to vote at any meeting of the 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 a record date which shall not be more than
sixty nor less than ten days before the date of such meeting, nor more than sixty 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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>REGISTERED STOCKHOLDERS</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 7.&#9;The Corporation shall be entitled
to treat the holder of record of any share or shares of stock as the holder in fact thereof and accordingly shall not be bound
to recognize any equitable or other claim or interest in such share on the part of any other person, whether or not it shall have
express or other notice thereof, save as expressly provided by the laws of the State of Nevada.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VI.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>GENERAL PROVISIONS</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>DISTRIBUTIONS</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.&#9;Distributions upon the capital
stock of the Corporation, subject to the provisions of the Articles of Incorporation, if any, may be declared by the Board of Directors
at any regular or special meeting, pursuant to law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 2.&#9;Before payment of any distribution
there may be set aside out of any funds of the Corporation available for distributions such sum or sums as the directors from time
to time, in their absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing distributions, or
for repairing or maintaining any property of the Corporation, or for such other purpose as the directors shall think conducive
to the interests of the Corporation, and the directors may abolish any such reserve.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center" ></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>CHECKS</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.&#9;All checks
or demands for money and notes of the Corporation shall be signed by such officer or officers, or such other persons, as the Board
of Directors may from time to time designate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>FISCAL YEAR</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.&#9;The fiscal year of the Corporation
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>SEAL</u></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 5.&#9;The corporate seal shall have
inscribed thereon the name of the Corporation and the words &ldquo;Corporate Seal, Nevada&rdquo;. Said seal may be used by causing
it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>NOTICES</u></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 6.&#9;Whenever, under the provisions
of the statutes or of the Articles of Incorporation or of these By-Laws, notice is required to be given to any director or stockholder,
it shall not be construed to mean personal notice, but such notice may be given in any manner as may be permitted by law reasonably
intended to give actual notice, to such address, physical or electronic, as appears on the records of the Corporation, with any
required postage prepaid. Notice to any director may be by any reasonable means, including, without limitation, mail, personal
delivery, facsimile, or electronic communication. All notices shall be deemed given when sent.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 7.&#9;Whenever any notice is required
to be given under the provisions of the statutes or of the Articles of Incorporation or of these By-Laws, 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
thereto.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VII.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>AMENDMENTS</u></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.&#9;Except as otherwise restricted
in the Articles of Incorporation or these By-Laws:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>Any provision of these By-Laws may be altered, amended or repealed at the annual or any regular meeting of the Board of
Directors without prior notice, or at any special meeting of the Board of Directors if notice of such alteration or repeal be contained
in the notice of such special meeting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font>These By-Laws may also be altered, amended or repealed at a duly convened meeting of the stockholders by the affirmative
vote of the holders of a majority of the voting power of the Corporation&rsquo;s stock. The stockholders may provide by resolution
that any By-law provision repealed, amended, adopted or altered by them may not be repealed, amended, adopted or altered by the
Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">*&#9;*&#9;*&#9;*</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">I, Kristen C. Wright,
hereby certify that the foregoing Seventh Amended and Restated By-Laws of AutoZone, Inc., were duly adopted at a meeting of the
Board of Directors of AutoZone, Inc., on March 19, 2018.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<tr style="vertical-align: top; text-align: left">
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<tr style="vertical-align: top; text-align: left">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 257pt; text-indent: 0in" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 84.5pt 0pt 257pt; text-indent: 0in" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 84.5pt 0pt 257pt; text-indent: 0in" ></p>



<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>

<p style="margin-top: 0; text-align: center; margin-bottom: 0"><font style="font-size: 10pt">22</font></p>

<p style="margin: 0" ></p>

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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>AutoZone Authorizes Additional Stock Repurchase</strong></p><p style="text-align: center;" ></p><p>
 <p align="left">MEMPHIS, Tenn., March  20, 2018  (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE:AZO), today announced its Board of Directors authorized the repurchase of an additional $1 billion of the Company&#8217;s common stock in connection with its ongoing share repurchase program.&#160; Since the inception of the repurchase program in 1998, and including the above amount, AutoZone&#8217;s Board of Directors has authorized $19.7 billion.<br ></p>  <p>&#8220;AutoZone&#8217;s continued strong financial performance allows us to repurchase our stock while maintaining our investment grade credit ratings,&#8221; said Bill Giles, Executive Vice President, Chief Financial Officer and Information Technology. &#160;&#8220;We remain committed to utilizing share repurchases within the bounds of a disciplined capital structure to enhance stockholder returns while maintaining adequate liquidity to execute our plans.&#8221;&#160; </p>  <p><strong>About AutoZone:</strong><br >As of February 10, 2018, AutoZone sells auto and light truck parts, chemicals and accessories through 5,514 AutoZone stores in the U.S., including the District of Columbia and Puerto Rico; 532 stores in Mexico; 16 stores in Brazil; and 26 IMC branches for a total count of&#160;6,088.</p>  <p>AutoZone is the leading retailer and a leading distributor of automotive replacement parts and accessories in the United States. Each AutoZone store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.&#160; Many stores also have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations, and public sector accounts.&#160; IMC branches carry an extensive line of original equipment quality import replacement parts.&#160; AutoZone also sells the ALLDATA brand diagnostic and repair software through www.alldata.com. Additionally, we sell automotive hard parts, maintenance items, accessories, and non-automotive products through www.autozone.com, and our commercial customers can make purchases through www.autozonepro.com and www.imcparts.net.&#160; AutoZone does not derive revenue from automotive repair or installation.</p>  <p><strong>Contact Information:</strong><br >Media: Ray Pohlman, 866-966-3017, ray.pohlman@autozone.com<br >Financial: Brian Campbell, 901-495-7005, brian.campbell@autozone.com</p> </p><p ></p></body></html>
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