<SEC-DOCUMENT>0001104659-23-074933.txt : 20230627
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<ACCEPTANCE-DATETIME>20230627060159
ACCESSION NUMBER:		0001104659-23-074933
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20230622
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230627
DATE AS OF CHANGE:		20230627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Monster Beverage Corp
		CENTRAL INDEX KEY:			0000865752
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				471809393
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-18761
		FILM NUMBER:		231043906

	BUSINESS ADDRESS:	
		STREET 1:		1 MONSTER WAY
		CITY:			CORONA
		STATE:			CA
		ZIP:			92879
		BUSINESS PHONE:		909-739-6200

	MAIL ADDRESS:	
		STREET 1:		1 MONSTER WAY
		CITY:			CORONA
		STATE:			CA
		ZIP:			92879

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANSEN NATURAL CORP
		DATE OF NAME CHANGE:	19930328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNIPAC CORP
		DATE OF NAME CHANGE:	19600201
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<p style="margin: 0">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C.&#160; 20549</b></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">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section&#160;13 or 15(d)&#160;of
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<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; text-align: center">(Exact name of registrant as specified in
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<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">&#160;</p>

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<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-align: center"><b>N/A</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
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<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-align: justify">Check the appropriate box below if the Form&#160;8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<span style="text-decoration: underline">see</span> General Instruction
A.2 below):</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">&#160;</p>

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

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

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<tr style="vertical-align: top">
    <td style="padding-left: 10pt; text-indent: -10pt; width: 0.25in"><span id="xdx_90E_edei--PreCommencementIssuerTenderOffer_c20230622__20230622_zGxgNKlM6v5k" style="font-family: Wingdings"><ix:nonNumeric contextRef="From2023-06-22to2023-06-22" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span><span style="font-size: 10pt"></span></td>
    <td style="padding-left: 10pt; text-indent: -10pt"><span style="font-size: 10pt"></span>Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</td></tr>
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<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">Securities registered pursuant to Section&#160;12(b)&#160;of the Act:&#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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule&#160;405 of the Securities Act of 1933 <span style="font-weight: normal">(&#167;230.405 of this chapter) or
Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-of this chapter).</span></p>

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

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

<p style="margin: 0pt 0; text-align: justify; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards pursuant to Section&#160;13(a)&#160;of the Exchange Act. </span><span style="font-family: Wingdings">&#168;</span></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="margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Page; Sequence: 1 -->
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<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Item 5.03 Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year. </i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;At
the Annual Meeting of Stockholders held on June 22, 2023, the stockholders of Monster Beverage Corporation (the &#8220;Company&#8221;)
approved the amendment to and restatement of the Amended and Restated Certificate of Incorporation of the Company, as amended, to provide
for an increase in the number of authorized shares of common stock, par value $0.005 per share, to 5,000,000,000 shares and for the exculpation
of certain officers of the Company against personal liability, to the extent permitted by the Delaware General Corporation Law</span>,
as further described in the Company&#8217;s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission
on April 28, 2023 (the &#8220;Proxy Statement&#8221;). On June 23, 2023, the Company filed the Second Amended and Restated Certificate
of Incorporation of the Company with the Secretary of State of the State of Delaware. A copy of the Second Amended and Restated Certificate
of Incorporation is filed as Exhibit 3.1 to this Current Report on Form 8-K and incorporated by reference in this Item 5.03. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 22, 2023, the Board
of Directors (the &#8220;Board&#8221;) of the Company approved the Third Amended and Restated By-laws of the Company (the &#8220;By-laws&#8221;),
effective the same day. The amendments effected by the By-laws account for the Securities and Exchange Commission&#8217;s recent adoption
of universal proxy rules, recent changes to the Delaware General Corporation Law and a periodic review of the By-laws. Among other updates,
the By-laws address informational requirements for stockholder notices seeking to bring business and/or propose director nominees at annual
meetings of stockholders in accordance with the universal proxy rules, vacancies in the Board, alterations to the Board&#8217;s size,
officers of the Company, and remove the requirement that stockholder lists be available for inspection during annual meeting of stockholders.
This description of the amendments to the By-laws does not purport to be complete and is qualified in its entirety by reference to the
complete text of the By-laws, which are attached hereto as Exhibit 3.2 and incorporated herein by reference.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Item
5.07. </i></b></span><b><i>Submission of Matters to a Vote of Security Holders.</i></b></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-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the </span>Annual Meeting of Stockholders of the Company, the following matters were submitted to a vote of the stockholders. For more
information on the following proposals, see the Proxy Statement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proposal
No. 1.</b></span> To elect ten directors of the Company to serve until the 2024 annual meeting of stockholders.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the results
below, the following individuals were re-elected as directors of the Company and received the number of votes set opposite their respective
names.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.9in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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<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: 0.5in"></p>

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<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-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proposal
No. 2. </b></span> To ratify the appointment of Ernst &amp; Young LLP to serve as the independent registered public accounting firm of
the Company for the fiscal year ending December&#160;31, 2023.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the results
below, the appointment of Ernst &amp; Young LLP was ratified and approved.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
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<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-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proposal
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the results
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proposal
No. 4. </b></span> To approve, on a non-binding, advisory basis, the frequency with which stockholders will approve the compensation of
the Company&#8217;s named executive officers.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the results
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executive officers in its proxy materials every year until the next advisory vote on the frequency of stockholder votes on executive compensation.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proposal
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amended (the &#8220;Certificate of Incorporation&#8221;), to increase the number of authorized shares of common stock, par value $0.005
per share, from 1,250,000,000 shares to 5,000,000,000 shares.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the results
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proposal
No. 6. </b></span> To approve the amendment and restatement of the Certificate of Incorporation to reflect new Delaware law provisions
regarding officer exculpation.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the results
below, the amendment and restatement of the Certificate of Incorporation to reflect new Delaware law provisions regarding officer exculpation
was approved.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Item
9.01. Financial Statements and Exhibits</i></b></span><b>.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</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-align: justify"><a href="tm2319592d1_ex3-1.htm">Exhibit 3.1 &#8239;&#8239;&#8239;&#8239;Second Amended and Restated Certificate of Incorporation of Monster Beverage Corporation.</a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><a href="tm2319592d1_ex3-2.htm">Exhibit 3.2&#8239;&#8239;&#8239;&#8239;&#8239;Third Amended and Restated By-laws of Monster Beverage Corporation</a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit 104&#8239;&#8239;&#8239;&#8239;The cover page from this Current
Report on Form 8-K, formatted in iXBRL (Inline eXtensible Business Reporting Language).</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; text-align: center; margin-top: 0pt; margin-bottom: 0pt">SIGNATURES</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-align: justify">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.</p>

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  <tr style="vertical-align: bottom">
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    <td style="font-size: 10pt; width: 50%">Monster Beverage Corporation</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="font-size: 10pt">Date: June 27, 2023</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Hilton H. Schlosberg</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">Hilton H. Schlosberg</td></tr>
  <tr style="vertical-align: bottom">
  <td style="font-size: 10pt">&#160;&#160;</td>
  <td style="font-size: 10pt">Vice Chairman of the Board of Directors and Co-Chief Executive Officer</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECOND AMENDED AND RESTATED </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATE OF INCORPORATION</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>MONSTER BEVERAGE CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Pursuant to Sections 242 and 245 of the<BR>
General Corporation Law of the State of Delaware)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Monster Beverage Corporation</B>,
a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State of Delaware (the
 &ldquo;<U>Corporation</U>&rdquo;), certifies that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.</B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Corporation was originally incorporated on August 12, 2014 under the name New Laser Corporation pursuant to the General Corporation Law
of the State of Delaware (the &ldquo;<U>DGCL</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>2.</B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;An
Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on June 12, 2015 so that
it was the same name as the Certificate of Incorporation of Monster Beverage 1990 Corporation (f/k/a Monster Beverage Corporation), a
Delaware corporation incorporated on April 25, 1990 and further amended by a certificate of amendment filed with the Secretary of State
of Delaware on October 11, 2016 (the &ldquo;<U>Prior Amended and Restated Certificate</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B>The
Board of Directors of the Corporation duly adopted resolutions proposing to amend and restate the Prior Amended and Restated Certificate
in accordance with the provisions of Sections 242 and 245 of the DGCL, declaring the amendments to be advisable and in the best interests
of the Corporation and its stockholders and calling for the submission of the proposed amendments to the stockholders of the Corporation
for their consideration thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.</B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
amendments to the Prior Amended and Restated Certificate were duly adopted in accordance with the provisions of Sections 242 and 245 of
the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B>This
Second Amended and Restated Certificate of Incorporation of the Corporation amends and restates the Prior Amended and Restated Certificate
in its entirety to read, upon effectiveness hereof, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE I</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The name of the corporation is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MONSTER BEVERAGE CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE II</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The address of its registered
agent in the State of Delaware is the Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808, County of New Castle,
and the name of its registered agent in the State of Delaware at such address is the Corporation Service Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE III</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The nature of the business
or purposes to be conducted or promoted by the corporation is to engage in any lawful act or activity for which corporations may be organized
under the General Corporation Law of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE IV</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate number of shares
of stock that the Corporation shall have authority to issue is five billion (5,000,000,000) shares of common stock $0.005 par value per
share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE V</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following provisions are
inserted for the management of the business and for the conduct of the affairs of the Corporation, and for further definition, limitation
and regulation of the powers of the Corporation and of its directors and stockholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1) Election of directors
need not be by ballot unless the by-laws so provide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2) The Board of Directors
shall have the power, without the assent or vote of the stockholders, to make, alter, amend, change, add to, or repeal the by-laws of
the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3) Whenever a compromise
or arrangement is proposed between the Corporation and its creditors or any class of them and/or between the Corporation and its stockholders
or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the summary application of the Corporation
or of any creditor or stockholder thereof or on the application of any receiver or receivers appointed for the Corporation under the provisions
of Section 291 of Title 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution or of any receiver or receivers
appointed for this Corporation under the provisions of Section 279 of Title 8 of the Delaware Code order a meeting of the creditors or
class of creditors, and/or of the stockholders or class of stockholders of the corporation, as the case may be, to be summoned in such
manner as the said court directors. If a majority in number representing three-fourths in value of the creditors or class of creditors,
and/or of the stockholders or class of stockholders of the Corporation, as the case may be, agree to any compromise or arrangement and
to any reorganization of the Corporation as consequence of such compromise or arrangement, the said compromise or arrangement and the
said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or
class of creditors, and/or on all the stockholders or class of stockholders, of the Corporation, as the case may be, and also on the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE VI</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation shall, to
the fullest extent permitted by law, including, but not limited to, 145 of the General Corporation Law of the State of Delaware, as the
same exists or may hereafter be modified, amended and supplemented, and any subsequent provision replacing said 145, indemnify any and
all persons whom it shall have power to indemnify from and against any and all expenses, liabilities or other matters, and the indemnification
provided for herein shall not be deemed exclusive of any other rights to which an indemnified person may be entitled under any provision
of the by-laws of the Corporation, any agreement, any vote of stockholder or disinterested directors or otherwise, both as to action in
his official capacity and as to action in any capacity while holding such office, and shall continue as to a person who has ceased to
be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
Any repeal or modification of this Article by the stockholders of the Corporation shall be prospective only, and shall not adversely affect
any right to indemnification of a director, officer, employee, or agent of the Corporation existing at the time of such repeal or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE VII</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The personal liability of
the directors and officers of the Corporation to the Corporation and its stockholders is hereby eliminated to the fullest extent permitted
by 102(b)(7) of the General Corporation Law of the State of Delaware, as the same exists or may hereafter be modified, amended and supplemented,
and any subsequent provision replacing said 102(b)(7).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ARTICLE VIII</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation reserves the
right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed
by Delaware law, and all rights conferred upon stockholders herein are granted subject to this reservation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the Corporation has caused this Second Amended and Restated Certificate of Incorporation to be signed by a duly authorized officer of
the Corporation as of June&nbsp;23, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MONSTER
    BEVERAGE CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 47%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Rodney C. Sacks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Rodney C. Sacks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Co-Chief
    Executive Officer</FONT></TD></TR>
  </TABLE>
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<FILENAME>tm2319592d1_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;3.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THIRD AMENDED AND RESTATED BY-LAWS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MONSTER BEVERAGE CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AS
AMENDED THROUGH JUNE </FONT>22, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;I</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;1. <U>Annual
Meeting</U>. If required by applicable law, an annual meeting of stockholders shall be held for the election of directors and the transaction
of such other business as is properly brought before the meeting on such date and at such time as may be fixed by the Board of Directors
(the &ldquo;Board&rdquo;). Monster Beverage Corporation (the &ldquo;Corporation&rdquo;) may postpone, reschedule or cancel any annual
meeting of stockholders previously scheduled by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;2. <U>Special
Meetings</U>. Special meetings of the stockholders for any purpose may be called by the Board, the Chairman, the Chief Executive Officer,
the President or the Secretary, but such special meetings may not be called by any other person or persons. Special meetings shall be
held at such time as may be fixed by the person or persons calling the meeting and stated in the notices of meeting. At any special meeting
only such business may be transacted as is related to the purpose or purposes for which the meeting is convened. The Corporation may postpone,
reschedule or cancel any special meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3.&#8239;<U>Place
of Meetings</U>. Meetings of stockholders shall be held at such place, if any, within or without the State of Delaware or the United
States of America, as may be designated by the person or persons calling the meeting and stated in the notice of meeting. The Board may,
in its sole discretion, determine that a meeting of the stockholders of the Corporation be held solely or in part by means of remote
communication to the extent permitted under Delaware law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4. <U>Notice
of Meetings; Adjourned Meetings</U>. Notice of each meeting of stockholders shall be given in writing and shall state the place, if any,
date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be
present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at the meeting (if such
date is different from the record date for stockholders entitled to notice of the meeting) and, in the case of a special meeting, the
purpose or purposes for which the meeting is called.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise provided
by law, the Amended and Restated Certificate of Incorporation of the Corporation (as the same may be further amended and/or restated,
the &ldquo;Certificate of Incorporation&rdquo;) or these Third Amended and Restated By-laws (as the same may be amended and/or restated,
these &ldquo;By-laws&rdquo;), the notice of any meeting shall be given, personally or by mail, or by electronic transmission (to the extent
permitted by, and in accordance with the procedures prescribed by, applicable law), not less than ten (10)&nbsp;nor more than sixty (60)
days before the date of the meeting, to each stockholder entitled to vote at such meeting as of the record date for the determining the
stockholders entitled to notice of the meeting. If mailed, such notice is given when deposited in the United States mail, with postage
thereon prepaid, directed to the stockholder at his address as it appears on the record of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When a meeting is adjourned
for less than thirty (30) days in any one adjournment, it shall not be necessary to give any notice of the adjourned meeting if the time
and place, if any, to which the meeting is adjourned and the means of remote communications, if any, by which stockholders and proxy holders
may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken,
and at the adjourned meeting any business may be transacted that might have been transacted on the original date of the meeting. When
a meeting is adjourned for thirty (30) days or more, notice of the adjourned meeting shall be given to each stockholder of record entitled
to vote at the meeting. If after the adjournment a new record date for determination of stockholders entitled to vote is fixed for the
adjourned meeting, the Board shall fix as the record date for determining stockholders entitled to notice of such adjourned meeting the
same or an earlier date as that fixed for determination of stockholders entitled to vote at the adjourned meeting, and shall give notice
of the adjourned meeting to each stockholder of record as of the record date so fixed for notice of such adjourned meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5. &#8239;<U>Waiver
of Notice</U>. Whenever notice is required to be given to any stockholder, a written waiver thereof signed by, or electronic waiver
given by, such stockholder, whether before or after the time thereon stated, shall be deemed equivalent to such notice. Attendance
of a person at a meeting of stockholders shall constitute a waiver of notice of such meeting, except when such stockholder attends
for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not
lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any meeting of stockholders need be
specified in any written waiver of notice thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;6. <U>Qualification
of Voters</U>. Except as may be otherwise provided in the Certificate of Incorporation, every stockholder of record shall be entitled
to one vote on each matter submitted to a vote at a meeting of stockholders for each share standing in his name on the record of stockholders
as of the record date for determining the stockholders entitled to vote at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;7.&#8239;<U>Quorum</U>.
Except as otherwise provided by law or the Certificate of Incorporation, at any meeting of the stockholders, the presence, in person
or by proxy, of the holders of one-third of the shares entitled to vote thereat shall constitute a quorum for the transaction of any
business. When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any stockholders. If
a quorum shall fail to attend any meeting, the chairman of the meeting may adjourn the meeting or the stockholders present may, by the
affirmative vote of the holders of a majority in voting power of the stockholders so present, adjourn the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;8. <U>Proxies</U>.
Every stockholder entitled to vote at a meeting of stockholders or to consent to any action of the stockholders without a meeting may
authorize another person or persons to act for him by proxy. No proxy shall be valid after the expiration of three (3)&nbsp;years from
the date thereof unless otherwise provided in the proxy. The authorization of a person to act as proxy may be documented, signed and
delivered in accordance with Section&nbsp;116 of the General Corporation Law of the State of Delaware provided that such authorization
shall set forth, or be delivered with, information enabling the Corporation to determine the identity of the stockholder granting such
authorization. Every proxy shall be revocable at the pleasure of the stockholder providing such proxy, except as otherwise provided therein
and as permitted by law. If permitted by the proxy, any proxy holder may appoint a substitute to act in his place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;9. &#8239;<U>Voting</U>.
Except as otherwise required by law, directors shall be elected by a plurality of the votes cast at a meeting of stockholders by the stockholders
entitled to vote in the election; provided a quorum is present. Whenever any corporate action, other than the election of directors, is
to be taken by vote of the stockholders at a meeting at which a quorum is present, it shall, unless a different or minimum vote is required
by any law or regulation applicable to the Corporation or its securities, the Certificate of Incorporation, these By-laws or the rules&nbsp;or
regulations of any stock exchange applicable to the Corporation, be decided by a majority of the votes cast on such matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;10.<U>Action
Without a Meeting</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;Subject to the other
provisions of this Section&nbsp;10, any action required or permitted to be taken at any annual or special meeting of the stockholders
may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing setting forth the action
so taken shall be signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary
to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered
to the Corporation in the manner required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;In order that the
Corporation may determine the stockholders entitled to consent to corporate action without a meeting, the Board may fix a record date,
which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which date
shall not be more than ten (10)&nbsp;days after the date upon which the resolution fixing the record date is adopted by the Board. Any
stockholder of record seeking to have the stockholders authorize or take corporate action by written consent without a meeting shall,
by written notice to the Secretary, request that the Board fix a record date. The Board shall promptly, but in all events within ten (10)&nbsp;days
after the date on which such written notice is received, adopt a resolution fixing the record date (unless a record date has previously
been fixed by the Board pursuant to the first sentence of this Section&nbsp;10(b)&nbsp;prior to the receipt of such written notice). If
no record date has been fixed by the Board pursuant to the first sentence of this Section&nbsp;10(b)&nbsp;or otherwise within ten (10)&nbsp;days
after the date on which such written notice is received, the record date for determining stockholders entitled to consent to corporate
action without a meeting, when no prior action by the Board is required by applicable law, shall be the first date after the expiration
of such ten (10)&nbsp;day time period on which a signed written consent setting forth the action taken or proposed to be taken is delivered
to the Corporation by delivery to the Corporation as required by applicable law. If no record date has been fixed by the Board pursuant
to the first sentence of this Section&nbsp;10(b), the record date for determining stockholders entitled to consent to corporate action
without a meeting if prior action by the Board is required by applicable law shall be at the close of business on the date on which the
Board adopts the resolution taking such prior action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;In the event of the
delivery, in the manner provided by this Section&nbsp;10 and applicable law, to the Corporation of written consent or consents of stockholders
to take corporate action and/or any related revocation or revocations, the Corporation shall engage independent inspectors of elections
for the purpose of performing promptly a ministerial review of the validity of the consents and revocations. For the purpose of permitting
the inspectors to perform such review, no action by written consent of stockholders and without a meeting shall be effective until such
inspectors have completed their review, determined that the requisite number of valid and unrevoked consents delivered to the Corporation
in accordance with this Section&nbsp;10 and applicable law have been obtained to authorize or take the action specified in the consents,
and certified such determination for entry in the records of the Corporation kept for the purpose of recording the proceedings of meetings
of stockholders. Nothing contained in this Section&nbsp;10(c)&nbsp;shall in any way be construed to suggest or imply that the Board or
any stockholder shall not be entitled to contest the validity of any consent or revocation thereof, whether before or after such certification
by the independent inspectors, or to take any other action (including, without limitation, the commencement, prosecution or defense of
any litigation with respect thereto, and the seeking of injunctive relief in such litigation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;No written consent
of stockholders without a meeting shall be effective to take the corporate action referred to therein unless, within sixty (60) days of
the first date on which a written consent is delivered to the Corporation in accordance with this Section&nbsp;10 and applicable law,
a valid written consent or valid written consents signed by a sufficient number of stockholders to take such action are delivered to the
Corporation in the manner prescribed in this Section&nbsp;10 and applicable law, and not revoked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;11. <U>Determination of
Stockholders of Record; Record Date</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;In order that the
Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board may
fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board,
and which record date shall, unless otherwise required by law, not be more than sixty (60) nor less than ten (10)&nbsp;days before the
date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the stockholders entitled
to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of
the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining
stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding
the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting
is held. 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 may fix a new record date for determination of stockholders entitled to vote at the
adjourned meeting, and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the
same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance herewith at the adjourned meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;In order that the
Corporation may determine the stockholders 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 may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted,
and which record date shall not be more than sixty (60) days prior to such action. If no such record date is fixed, the record date for
determining stockholders for any such purpose shall be at the close of business on the day on which the Board adopts the resolution relating
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;12. <U>List of
Stockholders Entitled to Vote</U>. The Corporation shall prepare, no later than the tenth (10<SUP>th</SUP>) day before each meeting of
stockholders, a complete list of the stockholders entitled to vote at the meeting (provided, however, if the record date for determining
the stockholders entitled to vote is less than ten (10)&nbsp;days before the date of the meeting, the list shall reflect the stockholders
to vote as of the tenth (10<SUP>th</SUP>) day before the meeting date), 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, at least ten (10)&nbsp;days prior to the meeting (i)&nbsp;on a reasonably accessible electronic
network, provided that the information required to gain access to such list is provided with the notice of meeting or (ii)&nbsp;during
ordinary business hours at the principal place of business of the Corporation. Except as otherwise provided by law, the stock ledger shall
be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this Section&nbsp;12 or to
vote in person or by proxy at any meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;13. <U>Inspectors
of Election</U>. The Corporation may, and shall if required by law, in advance of any meeting of stockholders, appoint one or more inspectors
of election, who may be employees of the Corporation, to act at the meeting or any adjournment thereof and to make a written report thereof.
The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. In the event that
no inspector so appointed or designated is able to act at a meeting of stockholders, the person presiding at the meeting shall appoint
one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his duties, shall take and sign an
oath to execute faithfully the duties of inspector with strict impartiality and according to the best of his ability. The inspector or
inspectors so appointed or designated shall (i)&nbsp;ascertain the number of shares of capital stock of the Corporation outstanding and
the voting power of each such share, (ii)&nbsp;determine the shares of capital stock of the Corporation represented at the meeting and
the validity of proxies and ballots, (iii)&nbsp;count all votes and ballots, (iv)&nbsp;determine and retain for a reasonable period a
record of the disposition of any challenges made to any determination by the inspectors, and (v)&nbsp;certify their determination of the
number of shares of capital stock of the Corporation represented at the meeting and such inspectors&rsquo; count of all votes and ballots.
Such certification and report shall specify such other information as may be required by law. In determining the validity and counting
of proxies and ballots cast at any meeting of stockholders of the Corporation, the inspectors may consider such information as is permitted
by applicable law. No person who is a candidate for an office at an election may serve as an inspector at such election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;14. <U>Notice of Stockholder Business
and Nominations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;Annual Meetings of Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&nbsp;Nominations of persons
for election to the Board and the proposal of business to be considered by the stockholders may be made at an annual meeting of stockholders
only (A)&nbsp;pursuant to the Corporation&rsquo;s notice of meeting (or any supplement thereto), (B)&nbsp;by or at the direction of the
Board or duly authorized committee thereof, (C)&nbsp;by any stockholder of the Corporation who was a stockholder of record of the Corporation
at the time the notice provided for in this Section&nbsp;14 is delivered to the Secretary of the Corporation, who is entitled to vote
at the meeting and who complies with the notice procedures set forth in this Section&nbsp;14, or (D)&nbsp;a nomination brought before
the meeting in accordance with Section&nbsp;16 below by an Eligible Stockholder (as defined in Section&nbsp;16 below) whose Stockholder
Nominee (as defined in Section&nbsp;16 below) is included in the Corporation&rsquo;s proxy materials for the relevant annual meeting of
stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;For
nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (C)&nbsp;of paragraph
(a)(1)&nbsp;of this Section&nbsp;14, the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation
and any such proposed business other than the nominations of persons for election to the Board must constitute a proper matter for stockholder
action. 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 (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, notice by the stockholder must be so delivered not earlier than the close of business on the one hundred twentieth (120<SUP>th</SUP>)
day prior to such annual meeting and not later than the close of business on the later of the ninetieth (90<SUP>th</SUP>) day prior to
such annual meeting or the tenth (10<SUP>th</SUP>) 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 (or extend any time period) for the giving of a stockholder&rsquo;s notice as described above. For purposes of this Article&nbsp;I,
the term &ldquo;close of business&rdquo; shall mean 5:00 p.m.&nbsp;local time at the principal executive office of the Corporation on
any calendar day, whether or not the day is a business day. Such stockholder&rsquo;s notice shall set forth: (A)&nbsp;as to each person
whom the stockholder proposes to nominate for election as a director (i)&nbsp;all information relating to such person that is required
to be disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required, in each case pursuant
to and in accordance with Section&nbsp;14(a)&nbsp;of the Securities Exchange Act of 1934, including, without limitation, if applicable,
the requirements of Rule&nbsp;14a-19 (as such rule&nbsp;and regulations may be amended from time to time by the Securities and Exchange
Commission, including any Securities and Exchange Commission Staff interpretations relating thereto), as amended (the &ldquo;Exchange
Act&rdquo;), and the rules&nbsp;and regulations thereunder, including such person&rsquo;s written consent to being named in the proxy
statement as a nominee and to serving as a director if elected, (ii)&nbsp;a written representation and agreement that the Stockholder
Nominee (x)&nbsp;is not and will not become a party to any agreement, arrangement or understanding with, and has not given any commitment
or assurance to, 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 that has not been disclosed to the Corporation, (y)&nbsp;is not and will not become a party to any agreement, arrangement
or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement
or indemnification in connection with service or action as a director that has not been disclosed to the Corporation, and (z)&nbsp;will
comply with all the Corporation&rsquo;s corporate governance, conflict of interest, confidentiality and stock ownership and trading policies
and guidelines, and any other Corporation policies and guidelines applicable to directors, as well as any applicable law, rule&nbsp;or
regulation or listing requirement; provided that, in addition to the information required in the notice pursuant to this Section&nbsp;14,
the Corporation may request such additional information as necessary to permit the Board to determine if each Stockholder Nominee is independent
under the Applicable Listing Standards (as defined in Section&nbsp;16 below), and (iii)&nbsp;a description of all direct and indirect
compensation and other material monetary agreements, arrangements and understandings during the past three (3)&nbsp;years, and any other
material relationships, between or among such stockholder proposing such nominee or any of its respective affiliates and associates, or
others acting in concert therewith, on the one hand, and each proposed nominee, and his respective affiliates and associates, or others
acting in concert therewith, on the other hand, including all information that would be required to be disclosed pursuant to Rule&nbsp;404
promulgated under Regulation&nbsp;S-K if the stockholder proposing such nominee or any of its respective affiliates and associates, or
others acting in concert therewith, were the &ldquo;registrant&rdquo; for purposes of such rule&nbsp;and the nominee were a director or
executive officer of such registrant; (B)&nbsp;as to any other business that the stockholder proposes to bring before the meeting, a brief
description of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any
resolutions proposed for consideration and in the event that such business includes a proposal to amend these By-laws of the Corporation,
the language of the proposed amendment), the reasons for conducting such business at the meeting and any material interest in such business
of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made; and (C)&nbsp;as to the stockholder giving
the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (i)&nbsp;the name and address of such
stockholder, as they appear on the Corporation&rsquo;s books, and of such beneficial owner, (ii)&nbsp;the class and number of shares of
capital stock of the Corporation which are owned beneficially and of record by such stockholder and such beneficial owner, (iii)&nbsp;a
description of any agreement, arrangement or understanding between or among such stockholder and/or any such beneficial owner, any of
their respective affiliates or associates, others acting in concert with the foregoing, the nominee (if applicable) and any other person
or persons (including their names) in connection with the proposed nomination or proposal of other business, (iv)&nbsp;a description of
any agreement, arrangement or understanding (including any derivative or short positions, profit interests, options, warrants, convertible
securities, stock appreciation or similar rights, hedging transactions and borrowed or loaned shares) that has been entered into by or
on behalf of, or any other agreement, arrangement or understanding that has been made, the effect or intent of which is to mitigate loss
to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such stockholder or any such beneficial
owner or any such nominee with respect to the Corporation&rsquo;s securities, in each case whether or not such instrument or right shall
be subject to settlement in underlying shares of capital stock of the Corporation, (v)&nbsp;a representation that the stockholder is a
holder of record of stock of the Corporation entitled to vote at such meeting and intends to appear in person or by proxy at the meeting
to propose such business or nomination, (vi)&nbsp;a representation whether the stockholder or the beneficial owner, if any, intends or
is part of a group which intends (x)&nbsp;to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the
Corporation&rsquo;s outstanding capital stock required to approve or adopt the proposal or elect the nominee and/or (y)&nbsp;otherwise
to solicit proxies or votes from stockholders in support of such proposal or nomination, and/or (z)&nbsp;to solicit proxies in support
of any proposed nominee in accordance with Rule&nbsp;14a-19 promulgated under the Exchange Act, (vii)&nbsp;a description of any proxy
(other than a revocable proxy given in response to a public proxy solicitation made pursuant to, and in accordance with, the Exchange
Act), agreement, arrangement, understanding or relationship pursuant to which such stockholder or beneficial owner has or shares a right,
directly or indirectly, to vote any shares of any class or series of capital stock of the Corporation, (viii)&nbsp;a description of any
rights to dividends or other distributions on the shares of any class or series of capital stock of the Corporation, directly or indirectly,
owned beneficially by such stockholder or beneficial owner that are separated or separable from the underlying shares of the Corporation,
and (ix)&nbsp;a description of any performance-related fees (other than an asset-based fee) that such stockholder or beneficial owner,
directly or indirectly, is entitled to based on any increase or decrease in the value of shares of any class or series of capital stock
of the Corporation or any interests described in clause (a)(2)(C)(iv)&nbsp;of this Section&nbsp;14, (x)&nbsp;the names and addresses of
other stockholders and beneficial owners known by any stockholder giving the notice (and/or beneficial owner, if any, on whose behalf
the nomination or proposal is made) to support such nomination or proposal, and, to the extent known, the class and number of all shares
of the Corporation&rsquo;s capital stock owned beneficially and/or of record by such other stockholder(s)&nbsp;and beneficial owner(s),
and (xi)&nbsp;any other information relating to such stockholder and beneficial owner, if any, required to be disclosed in a proxy statement
or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election
of directors in an election contest pursuant to and in accordance with Section&nbsp;14(a)&nbsp;of the Exchange Act and the rules&nbsp;and
regulations promulgated thereunder. </FONT>Such notices for the nomination of persons to be elected to the Board must also be accompanied
by a representation as to whether such stockholder, beneficial owner and/or any of his respective affiliates and associates intends to
solicit proxies in support of any director nominees other than the Corporation&rsquo;s nominees in accordance with Rule&nbsp;14a-19 under
the Exchange Act, and, where such stockholder, beneficial owner and/or any of his respective affiliates and associates intends to so solicit
proxies, the notice and information required by Rule&nbsp;14a-19(b)&nbsp;under the Exchange Act. Notwithstanding anything to the contrary
in these By-laws, unless otherwise required by law, if any stockholder, beneficial owner and/or any of his respective affiliates and associates
(i)&nbsp;provides notice pursuant to Rule&nbsp;14a-19(b)&nbsp;under the Exchange Act and (ii)&nbsp;subsequently fails to comply with the
requirements of Rule&nbsp;14a-19(a)(2)&nbsp;and Rule&nbsp;14a-19(a)(3)&nbsp;under the Exchange Act (or fails to timely provide reasonable
evidence sufficient to satisfy the corporation that such stockholder, beneficial owner and/or any of his respective affiliates and associates
has met the requirements of Rule&nbsp;14a-19(a)(3)&nbsp;promulgated under the Exchange Act in accordance with the following sentence),
then the nomination of each of the director nominees proposed by such stockholder, beneficial owner and/or any of his respective affiliates
and associates shall be disregarded, notwithstanding that proxies or votes in respect of the election of such proposed nominees may have
been received by the Corporation (which proxies and votes shall be disregarded). Upon request by the Corporation, if any stockholder,
beneficial owner and/or any of his respective affiliates and associates provides notice pursuant to Rule&nbsp;14a-19(b)&nbsp;under the
Exchange Act, such stockholder, beneficial owner and/or any of his respective affiliates and associates shall deliver to the Corporation,
no later than five (5)&nbsp;business days prior to the applicable meeting, reasonable evidence that it has met the requirements of Rule&nbsp;14a-19(a)(3)&nbsp;under
the Exchange Act. The foregoing notice requirements of this Section&nbsp;14 shall be deemed satisfied by a stockholder with respect to
business other than a nomination if the stockholder has notified the Corporation of his intention to present a proposal at an annual meeting
in compliance with applicable rules&nbsp;and regulations promulgated under the Exchange Act and such stockholder&rsquo;s proposal has
been included in a proxy statement that has been prepared by the Corporation to solicit proxies for such annual meeting. Not later than
ten (10)&nbsp;days after the record date for determining stockholders entitled to notice of the meeting, the information required by items
(a)(2)(C)(ii)-(iv)&nbsp;of this Section&nbsp;14 shall be supplemented by the stockholder giving the notice to provide updated information
as of such record date. The Corporation may require any proposed nominee to furnish such other information as it may reasonably require
to determine the eligibility of such proposed nominee to serve as a director of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)&nbsp;Notwithstanding anything
in the second sentence of paragraph (a)(2)&nbsp;of this Section&nbsp;14 to the contrary, in the event that the number of directors to
be elected to the Board at an annual meeting is increased effective after the time period for which nominations would otherwise be due
under paragraph (a)(2)&nbsp;of this Section&nbsp;14 and there is no public announcement by the Corporation naming the nominees for the
additional directorships at least one hundred (100) days prior to the first anniversary of the preceding year&rsquo;s annual meeting,
a stockholder&rsquo;s notice required by this Section&nbsp;14 shall also be considered timely, but only with respect to nominees for the
additional directorships, if it shall be delivered to the Secretary at the principal executive offices of the Corporation not later than
the close of business on the tenth (10<SUP>th</SUP>) day following the day on which such public announcement is first made by the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;Special Meetings
of Stockholders. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting
pursuant to the Corporation&rsquo;s notice of meeting. Nominations of persons for election to the Board may be made at a special meeting
of stockholders at which directors are to be elected pursuant to the Corporation&rsquo;s notice of meeting (1)&nbsp;by or at the direction
of the Board or any duly authorized committee thereof or (2)&nbsp;provided that the Board has determined that directors shall be elected
at such meeting, by any stockholder of the Corporation who is a stockholder of record at the time the notice provided for in this Section&nbsp;14
is delivered to the Secretary of the Corporation, who is entitled to vote at the meeting and upon such election and who complies with
the notice procedures set forth in this Section&nbsp;14. In the event the Corporation calls a special meeting of stockholders for the
purpose of electing one or more directors to the Board, any such stockholder entitled to vote in such election of directors may nominate
a person or persons (as the case may be) for election to such position(s)&nbsp;as specified in the Corporation&rsquo;s notice of meeting,
if the stockholder&rsquo;s notice required by paragraph (a)(2)&nbsp;of this Section&nbsp;14 shall be delivered to the Secretary at the
principal executive offices of the Corporation not earlier than the close of business on the one hundred twentieth (120<SUP>th</SUP>)
day prior to such special meeting and not later than the close of business on the later of the ninetieth (90<SUP>th</SUP>) day prior to
such special meeting or the tenth (10<SUP>th</SUP>) day following the day on which public announcement is first made of the date of the
special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall the public announcement of
an adjournment or postponement of a special meeting commence a new time period (or extend any 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;General.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&nbsp;Except as otherwise
expressly provided in any applicable rule&nbsp;or regulation promulgated under the Exchange Act, only such persons who are nominated in
accordance with the procedures set forth in this Section&nbsp;14, or Article&nbsp;I, Section&nbsp;16 of these By-laws, shall be eligible
to be elected at an annual or special meeting of stockholders of the Corporation to serve as directors and only such business shall be
conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in this
Section&nbsp;14, or Article&nbsp;I, Section&nbsp;16 of these By-laws. Except as otherwise provided by law, the chairman of the meeting
shall have the power and duty (a)&nbsp;to determine whether a nomination or any business proposed to be brought before the meeting was
made or proposed, as the case may be, in accordance with the procedures set forth in these By-laws (including whether the stockholder
or beneficial owner, if any, on whose behalf the nomination or proposal is made solicited (or is part of a group which solicited) or did
not so solicit, as the case may be, proxies or votes in support of such stockholder&rsquo;s nominee or proposal in compliance with such
stockholder&rsquo;s representation as required by clause (a)(2)(C)(vi)&nbsp;of this Section&nbsp;14) and (b)&nbsp;if any proposed nomination
or business was not made or proposed in compliance with these By-laws, to declare that such nomination shall be disregarded or that such
proposed business shall not be transacted. Notwithstanding the foregoing provisions of this Section&nbsp;14, unless otherwise required
by law, if the stockholder (or a qualified representative of the stockholder) does not appear at the annual or special meeting of stockholders
of the Corporation to present a nomination or proposed business, such nomination shall be disregarded and such proposed business shall
not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Corporation. For purposes of this
Section&nbsp;14, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or
partner of such stockholder or must be authorized by a writing executed by such stockholder or an electronic transmission delivered by
such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic
transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&nbsp;For purposes of this
Section&nbsp;14, &ldquo;public announcement&rdquo; shall include disclosure in a press release reported by the Dow Jones News Service,
Associated Press or comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange
Commission pursuant to Section&nbsp;13, 14 or 15(d)&nbsp;of the Exchange Act and the rules&nbsp;and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)&nbsp;Notwithstanding the
foregoing provisions of this Section&nbsp;14, a stockholder shall also comply with all applicable requirements of the Exchange Act and
the rules&nbsp;and regulations thereunder with respect to the matters set forth in this Section&nbsp;14; provided however, that any references
in these By-laws to the Exchange Act or the rules&nbsp;and regulations promulgated thereunder are not intended to and shall not limit
any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this Section&nbsp;14 (including
paragraphs (a)(1)(C)&nbsp;and (b)&nbsp;hereof), and compliance with paragraphs (a)(1)(C)&nbsp;and (b)&nbsp;of this Section&nbsp;14, and
Article&nbsp;I, Section&nbsp;16 of these By-laws, shall be the exclusive means for a stockholder to make nominations or submit other business
(other than, as provided in the penultimate sentence of (a)(2), business other than nominations brought properly under and in compliance
with Rule&nbsp;14a-8 of the Exchange Act, as may be amended from time to time). Nothing in this Section&nbsp;14 shall be deemed to affect
any rights (a)&nbsp;of stockholders to request inclusion of proposals or nominations in the Corporation&rsquo;s proxy statement pursuant
to applicable rules&nbsp;and regulations promulgated under the Exchange Act or (b)&nbsp;of the holders of any series of Preferred Stock
to elect directors pursuant to any applicable provisions of the Certificate of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;15. <U>Conduct
of Meetings</U>. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at
a meeting shall be announced at the meeting by the person presiding over the meeting. The Board may adopt by resolution such rules&nbsp;and
regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules&nbsp;and
regulations as adopted by the Board, the person presiding over any meeting of stockholders shall have the right and authority to convene
and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such presiding
person, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board or
prescribed by the presiding person of the meeting, may include, without limitation, the following: (i)&nbsp;the establishment of an agenda
or order of business for the meeting; (ii)&nbsp;rules&nbsp;and procedures for maintaining order at the meeting and the safety of those
present; (iii)&nbsp;limitations on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly
authorized and constituted proxies or such other persons as the presiding person of the meeting shall determine; (iv)&nbsp;restrictions
on entry to the meeting after the time fixed for the commencement thereof; and (v)&nbsp;limitations on the time allotted to questions
or comments by participants. The presiding person at any meeting of stockholders, in addition to making any other determinations that
may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business
was not properly brought before the meeting and if such presiding person should so determine, such presiding person shall so declare to
the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and
to the extent determined by the Board or the person presiding over the meeting, meetings of stockholders shall not be required to be held
in accordance with the rules&nbsp;of parliamentary procedure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;16. <U>Proxy
Access for Director Nominations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;Whenever the Board
solicits proxies with respect to the election of directors at an annual meeting of stockholders, subject to the provisions of this Section&nbsp;16,
the Corporation shall include in its proxy statement, on its form of proxy and on any ballot distributed at such annual meeting of stockholders,
in addition to any persons nominated for election by the Board or a committee thereof, the name, together with the Required Information
(as defined below), of any person nominated for election (a &ldquo;Stockholder Nominee&rdquo;) to the Board by a stockholder that satisfies,
or by a group of no more than twenty (20) stockholders that satisfies, the requirements of this Section&nbsp;16 (an &ldquo;Eligible Stockholder&rdquo;),
and that expressly elects at the time of providing the notice required by this Section&nbsp;16 (the &ldquo;Nomination Notice&rdquo;) to
have its nominee included in the Corporation&rsquo;s proxy materials pursuant to this Section&nbsp;16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;To be timely, a stockholder&rsquo;s
Nomination Notice must be delivered to or mailed and received by the Secretary at the principal executive offices of the Corporation not
less than one hundred and twenty (120) days nor more than one hundred and fifty (150) days prior to the anniversary of the date the Corporation
commenced mailing of its proxy materials in connection with the most recent annual meeting of stockholders; provided, however, that in
the event that the annual meeting is called for a date that is more than thirty (30) days before or seventy (70) days after the anniversary
of the preceding year&rsquo;s annual meeting, in order to be timely the Nomination Notice must be so received not later than the close
of business on the later of one hundred and twenty (120) days in advance of such annual meeting or ten (10)&nbsp;days following the day
on which public disclosure of the date of the annual meeting was made. In no event shall the public announcement of an adjournment or
postponement of an annual meeting commence a new time period (or extend any time period) for the giving of a Nomination Notice as described
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;For purposes of this
Section&nbsp;16, the &ldquo;Required Information&rdquo; that the Corporation will include in its proxy statement is (i)&nbsp;the information
concerning the Stockholder Nominee and the Eligible Stockholder that is required to be disclosed in the Corporation&rsquo;s proxy statement
by the regulations promulgated under the 1934 Act; and (ii)&nbsp;if the Eligible Stockholder so elects, a Statement (as defined below).
To be timely, the Required Information must be delivered to or mailed and received by the Secretary within the time period specified in
this Section&nbsp;16 for providing the Nomination Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;The number of Stockholder
Nominees (including Stockholder Nominees that were submitted by an Eligible Stockholder for inclusion in the Corporation&rsquo;s proxy
materials pursuant to this Section&nbsp;16 but either are subsequently withdrawn or that the Board decides to nominate as Board nominees)
appearing in the Corporation&rsquo;s proxy materials with respect to an annual meeting of stockholders shall not exceed the greater of
(i)&nbsp;two or (ii)&nbsp;twenty percent (20%) of the number of directors in office as of the last day on which a Nomination Notice may
be delivered pursuant to this Section&nbsp;16, or if such amount is not a whole number, the closest whole number below twenty percent
(20%). Any Eligible Stockholder submitting more than one Stockholder Nominee for inclusion in the Corporation&rsquo;s proxy materials
pursuant to this Section&nbsp;16 shall rank such Stockholder Nominees based on the order that the 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 Eligible Stockholders pursuant to this Section&nbsp;16 exceeds the maximum number of nominees provided for in this Section&nbsp;16.
In the event that the number of Stockholder Nominees submitted by the Eligible Stockholder pursuant to this Section&nbsp;16 exceeds this
maximum number, the highest ranking Stockholder Nominee who meets the requirements of this Section&nbsp;16 from each 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 by voting power) of shares of the capital stock of the Corporation each Eligible Stockholder disclosed as owned in
its respective Nomination Notice submitted to the Corporation and confirmed by the Corporation. If the maximum number is not reached after
the highest ranking Stockholder Nominee who meets the requirements of this Section&nbsp;16 from each Eligible Stockholder has been selected,
this selection process will continue as many times as necessary, following the same order each time, until the maximum number is reached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;For purposes of this
Section&nbsp;16, an Eligible Stockholder shall be deemed to &ldquo;own&rdquo; only those outstanding shares of the capital stock of the
Corporation as to which the stockholder possesses both (i)&nbsp;the full voting and investment rights pertaining to the shares and (ii)&nbsp;the
full economic interest in (including the opportunity for profit and risk of loss on) such shares; provided that the number of shares calculated
in accordance with clauses (i)&nbsp;and (ii)&nbsp;shall not include any shares (x)&nbsp;sold by such stockholder or any of its affiliates
in any transaction that has not been settled or closed, (y)&nbsp;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)&nbsp;subject to any option, warrant,
forward contract, swap, contract of sale, or 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 or with cash based on the notional amount or value of shares of
outstanding capital stock of the Corporation, in any such case which instrument or agreement has, or is intended to have, or if exercised
by either party would have, the purpose or effect of (1)&nbsp;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)&nbsp;hedging, offsetting
or altering to any degree any gain or loss arising from the full economic ownership of such shares by such stockholder or affiliate. A
person shall &ldquo;own&rdquo; shares held in the name of a nominee or other intermediary so long as the person 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. A person&rsquo;s
ownership of shares shall be deemed to continue during any period in which (i)&nbsp;the person has loaned such shares, provided that (A)&nbsp;the
person that has the power to recall such loaned shares on five (5)&nbsp;business days&rsquo; notice, and recalls the loaned shares promptly
upon being notified that its Stockholder Nominee will be included in the Corporation&rsquo;s proxy materials for the relevant annual meeting
and (B)&nbsp;the person holds the recalled shares through the annual meeting; or (ii)&nbsp;the person has delegated any voting power by
means of a proxy, power of attorney or other instrument or arrangement that is revocable at any time by the person. The terms &ldquo;owned,&rdquo;
 &ldquo;owning&rdquo; and other variations of the word &ldquo;own&rdquo; shall have correlative meanings. Whether outstanding shares of
the capital stock of the Corporation are &ldquo;owned&rdquo; for these purposes shall be determined by the Board or any committee thereof,
which determination shall be conclusive and binding on the Corporation and its stockholders. For the purpose of this Section&nbsp;16,
the term &ldquo;affiliate&rdquo; or &ldquo;affiliates&rdquo; shall have the meaning ascribed thereto under the rules&nbsp;and regulations
of the Exchange Act. An Eligible Stockholder shall include in its Nomination Notice the number of shares it is deemed to own for the purposes
of this Section&nbsp;16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;In order to make
a nomination pursuant to this Section&nbsp;16, an Eligible Stockholder must have owned (as defined above) continuously for at least three
(3)&nbsp;years that number of shares of capital stock as shall constitute three percent (3%) or more in voting power of the outstanding
capital stock of the Corporation (the &ldquo;Required Shares&rdquo;) as of both (i)&nbsp;a date within seven (7)&nbsp;days prior to the
date the Nomination Notice is delivered to, or mailed to and received by, the Secretary of the Corporation in accordance with this Section&nbsp;16
and (ii)&nbsp;the record date for determining stockholders entitled to vote at the annual meeting and must continue to own the Required
Shares through the meeting date. For purposes of satisfying the foregoing ownership requirement under this Section&nbsp;16, (i)&nbsp;the
shares of the capital stock of the Corporation owned by one or more stockholders, or by the person or persons who own shares of the capital
stock of the Corporation and on whose behalf any stockholder is acting, may be aggregated, provided that the number of stockholders and
other persons whose ownership of shares of capital stock of the Corporation is aggregated for such purpose shall not exceed twenty (20),
and (ii)&nbsp;in calculating the number of stockholders in a group seeking to qualify as an Eligible Stockholder, two or more funds that
are (x)&nbsp;under common management and investment control, (y)&nbsp;under common management and funded primarily by the same employer
or (z)&nbsp;a &ldquo;group of investment companies&rdquo; as such term is defined in Section&nbsp;12(d)(1)(G)(ii)&nbsp;of the Investment
Company Act of 1940, as amended, shall be treated as one stockholder or person. No person may be a member of more than one group of persons
constituting an Eligible Stockholders under this Section&nbsp;16. For the avoidance of doubt, if a group of stockholder aggregates ownership
of shares in order to meet the requirements under this Section&nbsp;16, all shares held by each stockholder constituting their contribution
to the foregoing 3% threshold must be held by that stockholder continuously for at least three (3)&nbsp;years, and evidence of such continuous
ownership shall be provided as specified in this Section&nbsp;16(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Within the time period specified
in this Section&nbsp;16 for providing the Nomination Notice, an Eligible Stockholder must provide the following information in writing
to the Secretary of the Corporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&nbsp;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
requisite three (3)-year holding period) verifying that, as of a date within seven (7)&nbsp;days prior to the date the Nomination Notice
is delivered to, or mailed to and received by, the Secretary of the Corporation in accordance with this Section&nbsp;16, the Eligible
Stockholder owns, and has owned continuously for the preceding three (3)&nbsp;years, the Required Shares, and the Eligible Stockholder&rsquo;s
agreement to provide, within five (5)&nbsp;business days after the record date for the annual meeting, written statements from the record
holder and intermediaries verifying the Eligible Stockholder&rsquo;s continuous ownership of the Required Shares through the record date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&nbsp;the written consent
of each Stockholder Nominee to being named in the proxy statement as a nominee and to serving as a director if elected, together with
the information and representations that would be required to be set forth in a stockholder&rsquo;s notice of a nomination pursuant to
Section&nbsp;14 of this Article&nbsp;I;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)&nbsp;a copy of the Schedule
14N that has been filed with the Securities and Exchange Commission as required by Rule&nbsp;14a-18 under the 1934 Act, as such rule&nbsp;may
be amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(4)&nbsp;the information, representations
and agreements that are the same as those that would be required to be set forth in a stockholder&rsquo;s notice of nomination pursuant
to Section&nbsp;14 of this Article&nbsp;I;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(5)&nbsp;a representation that
the Eligible Stockholder (including each member of any group of stockholders that together is an Eligible Stockholder under this Section&nbsp;16)
(A)&nbsp;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 presently have such intent, (B)&nbsp;has not nominated and will not nominate for election to the Board at the
annual meeting any person other than the Stockholder Nominee(s)&nbsp;being nominated pursuant to this Section&nbsp;16, (C)&nbsp;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&nbsp;14a-1(l)&nbsp;under the 1934 Act in support of the election of any individual as a director at the annual
meeting other than its Stockholder Nominee or a nominee of the Board, (D)&nbsp;will not distribute to any stockholder any form of proxy
for the annual meeting other than the form distributed by the Corporation, (E)&nbsp;in the case of a nomination by a group of stockholders
that together is an Eligible Stockholder, the designation by all group members of one group member that is authorized to act on behalf
of all such members with respect to the nomination and matters related thereto, including any withdrawal of the nomination and (F)&nbsp;as
to any two or more funds whose shares are aggregated to count as one stockholder for the purpose of constituting an Eligible Stockholder,
within five (5)&nbsp;business days after the date the Nomination Notice is delivered to, or mailed to and received by, the Secretary of
the Corporation in accordance with this Section&nbsp;16, will provide to the Corporation documentation reasonably satisfactory to the
Corporation that demonstrates that the funds satisfy the requirements of the second sentence of subsection (f)&nbsp;of this Section&nbsp;16;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(6)&nbsp;an undertaking that
the Eligible Stockholder agrees to (A)&nbsp;own the Required Shares through the date of the annual meeting, (B)&nbsp;assume all liability
stemming from any legal or regulatory violation arising out of the Eligible Stockholder&rsquo;s communications with the stockholders of
the Corporation or out of the information that the Eligible Stockholder provided to the Corporation, (C)&nbsp;indemnify and hold harmless
the Corporation and each of its directors, officers and employees 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 or employees arising out of any nomination, solicitation or other activity by the Eligible Stockholder in connection
with its efforts to elect the Stockholder Nominee pursuant to this Section&nbsp;16, (D)&nbsp;comply with all other laws and regulations
applicable to any solicitation in connection with the annual meeting or applicable to the filing and use, if any, of soliciting material,
(E)&nbsp;provide to the Corporation 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 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, and (F)&nbsp;file with the Securities and Exchange
Commission any solicitation or other publicly disseminated written communication with the Corporation&rsquo;s stockholders relating to
the meeting at which the Stockholder Nominee will be nominated, regardless of whether any such filing is required under Regulation 14A
of the Exchange Act or whether any exemption from filing is available thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;The Eligible Stockholder
may provide to the Secretary of the Corporation, at the time the information required by this Section&nbsp;16 is provided, a written statement
for inclusion in the Corporation&rsquo;s proxy statement for the annual meeting, not to exceed five hundred (500) words, in support of
the Stockholder Nominee&rsquo;s candidacy (the &ldquo;Statement&rdquo;). Notwithstanding anything to the contrary contained in this Section&nbsp;16,
the Corporation may omit from its proxy materials any information or Statement (or portion thereof) that it, in good faith, believes is
untrue in any material respect (or omits to state a material fact necessary in order to make the statement made, in light of the circumstances
under which they are made, not misleading) or would violate any applicable law or regulation, and the Corporation may solicit against,
and include in the proxy statement its own statement relating to, any Stockholder Nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;Within the time period
specified in this Section&nbsp;16 for delivering the Nomination Notice, a Stockholder Nominee must deliver to the Secretary of the Corporation
a written representation and agreement that the Stockholder Nominee (i)&nbsp;is not and will not become a party to any agreement, arrangement
or understanding with, and has not given any commitment or assurance to, 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 that (x)&nbsp;has not been disclosed to the Corporation or (y)&nbsp;could
interfere with such Stockholder Nominee&rsquo;s ability to comply, if elected as a director of the Corporation, with such Stockholder
Nominee&rsquo;s fiduciary duties under applicable law, (ii)&nbsp;is not and will not become a party to any agreement, arrangement or understanding
with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification
in connection with service or action as a director that has not been disclosed to the Corporation, (iii)&nbsp;will comply with all the
Corporation&rsquo;s corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines,
and any other Corporation policies and guidelines applicable to directors, as well as any applicable law, rule&nbsp;or regulation or listing
requirement and the applicable provisions of these By-laws and (iv)&nbsp;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 shall 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).
At the request of the Corporation, within five (5)&nbsp;business days, the Stockholder Nominee must submit all completed and signed questionnaires
required of the Corporation&rsquo;s directors and officers. The Corporation may request such additional information as necessary to permit
the Board to determine if each Stockholder Nominee satisfies the requirements of this Section&nbsp;16 or is independent under the listing
standards of the principal U.S. exchange upon which the Corporation&rsquo;s capital stock is listed, any applicable rules&nbsp;of the
Securities and Exchange Commission and any publicly disclosed standards used by the Board in determining and disclosing the independence
of the Corporation&rsquo;s directors (the &ldquo;Applicable Independence Standards&rdquo;). If the Board determines that the Stockholder
Nominee is not independent under the Applicable Independence Standards, the Stockholder Nominee will not be eligible for inclusion in
the Corporation&rsquo;s proxy materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;Any Stockholder Nominee
who is included in the Corporation&rsquo;s proxy materials for a particular annual meeting of stockholders but either (i)&nbsp;withdraws
from or becomes ineligible or unavailable for election at the annual meeting, or (ii)&nbsp;does not receive at least twenty-five percent
(25%) of the votes cast &ldquo;for&rdquo; the Stockholder Nominee&rsquo;s election, will be ineligible to be a Stockholder Nominee pursuant
to this Section&nbsp;16 for the next two (2)&nbsp;annual meetings. In addition, any Eligible Stockholder (including any stockholder(s)&nbsp;whose
shares are counted as part of a group for the purposes of qualifying as an Eligible Stockholder) nominates a Stockholder Nominee who is
elected to the Board, then such Eligible Stockholder (or group member) shall not be permitted to utilize this Section&nbsp;16 in connection
with the next two (2)&nbsp;annual meetings after such Stockholder Nominee is elected to the Board and who is renominated for election
at the annual meeting by the Board as a Board nominee. For the avoidance of doubt, this Section&nbsp;16(i)&nbsp;shall not prevent any
stockholder from nominating any person to the Board pursuant to and in accordance with Section&nbsp;14 of this Article&nbsp;I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;The Corporation shall
not be required to include, pursuant to this Section&nbsp;16, any Stockholder Nominees in its proxy materials for any meeting of stockholders
(i)&nbsp;for which the Secretary of Corporation receives a notice (whether or not subsequently withdrawn) that a stockholder has nominated
a person for election to the Board pursuant to the advance notice requirements for stockholder nominees for director set forth in Section&nbsp;14
of Article&nbsp;I and such stockholder does not expressly elect at the time of providing the notice to have its nominee included in the
Corporation&rsquo;s proxy materials pursuant to this Section&nbsp;16, (ii)&nbsp;if the Eligible Stockholder who has nominated 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&nbsp;14a-1(l)&nbsp;under the 1934 Act in support of the election of any individual as a director at the meeting
other than its Stockholder Nominee(s)&nbsp;or a nominee of the Board, (iii)&nbsp;who is not independent under the Applicable Independence
Standards, as determined by the Board, (iv)&nbsp;whose election as a member of the Board would cause the Corporation to be in violation
of these By-laws, the Certificate of Incorporation, the listing standards of the principal exchange upon which the Corporation&rsquo;s
capital stock is traded, or any applicable law, rule&nbsp;or regulation, (v)&nbsp;who is or has been, within the past three years, an
officer or director of a competitor, as defined in Section&nbsp;8 of the Clayton Antitrust Act of 1914, (vi)&nbsp;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)&nbsp;years, (vii)&nbsp;who is subject to any order of the type specified in Rule&nbsp;506(d)&nbsp;of Regulation
D promulgated under the Securities Act of 1933, as amended, (viii)&nbsp;if such Stockholder Nominee or the applicable 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 it was made, not misleading,
as determined by the Board, (ix)&nbsp;if the Stockholder Nominee serves as a director at more than four other public companies, or at
more than two other public companies if the Stockholder Nominee also serves as an executive officer of another public company, as of the
date the Corporation first mails to the stockholders its notice of meeting that includes the name of the Stockholder Nominee, (x)&nbsp;who
is or becomes a party to any compensatory, payment or other financial agreement, arrangement or understanding with any person other than
the Corporation that has not been disclosed to the Corporation, or (xi)&nbsp;if the Eligible Stockholder or applicable Stockholder Nominee
otherwise contravenes any of the agreements, undertakings or representations made by such Eligible Stockholder or Stockholder Nominee
or fails to comply with its obligations pursuant to these By-laws, including, but not limited to, this Section&nbsp;16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;Notwithstanding anything
to the contrary set forth herein, the Board or the person presiding at the meeting shall declare a nomination by an 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)&nbsp;the Stockholder Nominee(s)&nbsp;and/or the applicable Eligible Stockholder shall have breached its or their
obligations, agreements, undertakings or representations under this Section&nbsp;16, as determined by the Board or the person presiding
at the annual meeting of stockholders, in each case, in its or their sole discretion, or (ii)&nbsp;the Eligible Stockholder (or a qualified
representative thereof) does not appear at the annual meeting of stockholders to present any nomination pursuant to this Section&nbsp;16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;The Eligible Stockholder
(including any person who owns shares of capital stock of the Corporation that constitute part of the Eligible Stockholder&rsquo;s ownership
for purposes of satisfying Section&nbsp;16(f)&nbsp;hereof) shall file with the Securities and Exchange Commission any solicitation or
other publicly disseminated written communication with the Corporation&rsquo;s stockholders relating to the meeting at which the Stockholder
Nominee will be nominated, regardless of whether any such filing is required under Regulation 14A of the 1934 Act or whether any exemption
from filing is available for such solicitation or other communication under Regulation 14A of the 1934 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;The Board (or any
other person or body authorized by the Board) shall have the exclusive power and authority to interpret the provisions of this Section&nbsp;16
and make all determinations deemed necessary or advisable in connection with this Section&nbsp;16 to any person, facts or circumstances.
All such actions, interpretations and determinations that are done or made by the Board (or any other person or body authorized by the
Board) shall be final, conclusive and binding on the Corporation, the stockholders and all other parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;This Section&nbsp;16
shall be the exclusive method for stockholders to include nominees for director in the Corporation&rsquo;s proxy materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BOARD OF DIRECTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;1. &#8239;&#8239;<U>Power of
Board and Qualification of Directors</U>. The business and affairs of the Corporation shall be managed by or under the direction of the
Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;2. &#8239;<U>Number
of Directors</U>. The number of directors constituting the whole Board shall be such number not less than one (1)&nbsp;nor more than fifteen
(15) as may be fixed from time to time by resolution adopted by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3. &#8239;&#8239;<U>Election
and Term of Directors</U>. At each annual meeting of stockholders, directors shall be elected to serve until the next annual meeting and
until their respective successors are elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4. &#8239;<U>Resignations</U>.
Any director of the Corporation may resign at any time in writing or by electronic transmission given or sent to the Corporation. Such
resignation shall take effect at the time specified therein; and unless otherwise specified therein the acceptance of such resignation
shall not be necessary to make it effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5. &#8239;&#8239;<U>Removal
of Directors</U>. Unless otherwise provided by law or the Certificate of Incorporation, any or all of the directors may be removed with
or without cause by the affirmative vote of the holders of a majority in voting power of the outstanding shares entitled vote in the election
of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;6. &#8239;&#8239;<U>Newly Created
Directorships and Vacancies</U>. Newly created directorships resulting from an increase in the number of directors or vacancies occurring
in the Board for any reason shall be filled exclusively by vote of a majority of the directors then in office, even if less than a quorum
exists. A director elected to fill a vacancy or a newly created directorship shall be elected to hold office until the next annual meeting
of stockholders and until such director&rsquo;s successor is elected and qualified, subject to such director&rsquo;s earlier death, resignation
or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;7. &#8239;<U>Executive
and Other Committees of Directors</U>. The Board may designate from among its members an executive committee and other committees to serve
at the pleasure of the Board, each consisting of one or more directors, and each of which, to the extent provided in the resolution, shall
have all the authority of the Board to the full extent authorized by law, including the power or authority to declare a dividend or to
authorize the issuance of stock. The Board may designate one or more directors as alternate members of any such committee, who may replace
any absent member or members at any meeting of such committee. In the absence or disqualification of a member of a committee, the member
or members present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously
appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. Unless the Board otherwise
provides, each committee designated by the Board may make, alter and repeal rules&nbsp;for the conduct of its business. In the absence
of such rules&nbsp;each committee shall conduct its business in the same manner as the Board conducts its business pursuant to Article&nbsp;II
of these By-laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;8. &#8239;<U>Compensation
of Directors</U>. Unless otherwise restricted by the Certificate of Incorporation or these By-laws, the Board shall have the authority
to fix the compensation of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;9. &#8239;&#8239;<U>Interest
of Director in a Transaction</U>. No contract or transaction between the Corporation and one or more of its directors or officers, or
between the Corporation and any other corporation, partnership, association or other organization in which one or more of its directors
or officers are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because
the director or officer is present at or participates in the meeting of the Board or committee thereof which authorizes the contract or
transaction, or solely because his votes are counted for such purpose, if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;The material facts
as to his relationship or interest and as to the contract or transaction are disclosed or are known to the Board or the committee, and
the Board or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested
directors, even though the disinterested directors be less than a quorum; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;The material facts
as to his relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote
thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;The contract or transaction
is fair as to the Corporation as of the time it is authorized, approved or ratified, by the Board, a committee thereof, or the stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Common or interested directors
may be counted in determining the presence of a quorum at a meeting of the Board or of a committee which authorized the contract or transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MEETINGS OF THE BOARD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;1. &#8239;<U>Regular
Meetings</U>. Regular meetings of the Board may be held without notice at such times and places, within or without the State of Delaware,
or the United States of America, as may from time to time be fixed by the Board or the Chairman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;2. &#8239;&#8239;<U>Special
Meetings; Notice; Waiver</U>. Special meetings of the Board may be held at any time and place, within or without the State of Delaware
or the United States of America, upon the call of the Chairman of the Board, the Chief Executive Officer, the President or the Secretary,
orally, by written notice or notice by electronic transmission duly given to or sent or mailed, or otherwise by electronic transmission,
to each director not less than (x)&nbsp;if mailed, four (4)&nbsp;days prior to the meeting or (y)&nbsp;if given orally, by hand delivery
or by electronic transmission, twenty-four (24) hours prior to the meeting, unless the person calling the meeting determines in good faith
that a shorter period of notice is appropriate under the circumstances. Special meetings shall be called by the Chairman of the Board,
the Chief Executive Officer, the President or the Secretary on the written request of any two directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notice of a special meeting
need not be given to any director who submits a waiver of notice (in writing or by electronic submission) whether before or after the
meeting, and shall be deemed given to any director who attends the meeting without protesting, prior thereto or at its commencement, the
lack of notice to him.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A notice, or waiver of notice,
need not specify the purpose of any meeting of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3. &#8239;<U>Quorum;
Action by the Board; Adjournment</U>. At all meetings of the Board, one-third of the whole Board shall constitute a quorum for the transaction
of business, except that when a Board of one director is authorized, then one director shall constitute a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The vote of a majority of
the directors present at the time of the vote, if a quorum is present at such time, shall be the act of the Board, except as may be otherwise
specifically provided by law or by the Certificate of Incorporation or by these By-laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A majority of the directors
present, whether or not a quorum is present, may adjourn any meeting to another time and place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4. &#8239;<U>Action
Without a Meeting</U>. Any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken
without a meeting, if all members of the Board or committee, as the case may be, consent to the action in writing or by electronic transmission,
and any consent may be documented, signed and delivered in any manner permitted by Section&nbsp;116 of the General Corporation Law of
the State of Delaware. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings
of the Board or committee in the same paper or electronic form as the minutes are maintained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5. &#8239;<U>Action
Taken by Conference Telephone</U>. Members of the Board or any committee of the Corporation may hold and/or participate in a meeting by
means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each
other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;IV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OFFICERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;1.&#8239; <U>Officers</U>.
The officers of the Corporation shall consist of a Chairman, one or more Chief Executive Officers and a Secretary, and such officers shall
be elected by the Board. The Corporation may also have, at the discretion of the Board, a Vice Chairman, a President, one or more Vice
Presidents, a Treasurer, an Assistant Treasurer, an Assistant Secretary and such other officers as the Board may determine and elect from
time to time. Any two or more offices may be held by the same person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Securities of other entities
held by the Corporation may be voted by any officer designated by the Board and, in the absence of any such designation, by the Chairman,
the Chief Executive Officer/s, the President, each Vice President, the Treasurer or the Secretary, and the Chairman, the Chief Executive
Officer/s, the President, each Vice President, the Treasurer or the Secretary may from time to time appoint an attorney or attorneys or
agent or agents of the Corporation, in the name and on behalf of the Corporation, to vote such securities of other entities held by the
Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board may require any
officer to give security for the faithful performance of his duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;2.&#8239;&#8239; <U>Chairman
of the Board</U>. The Chairman of the Board shall preside as chairman of all meetings of directors and stockholders and shall be the chief
executive officer of the Corporation, unless otherwise determined by the Board, with all the rights and powers incident to that position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3.&#8239;&#8239; <U>Chief Executive
Officer</U>. One or more persons may comprise the office of the Chief Executive Officer. Each such individual shall be deemed to be a
Chief Executive Officer, and the Chief Executive Officer(s)&nbsp;shall, subject to the control of the Board, have general supervision,
direction and control of the business and affairs of the Corporation and shall report directly to the Board. The Chief Executive Officer(s)&nbsp;shall
see that all orders and resolutions of the Board are carried into effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4.&#8239;&#8239; <U>Vice Chairman
of the Board</U>. The Vice Chairman of the Board shall preside as chairman of all meetings of the directors and stockholders whenever
the Chairman of the Board is absent and shall perform such other duties as may be prescribed or assigned to him by the Board or the Chairman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5.&#8239;&#8239; <U>President</U>.
The President shall be the chief operating officer of the Corporation, unless otherwise determined by the Board, with all the rights and
powers incident to that position. In the absence of a Chief Executive Officer, the President shall perform the duties of the Chief Executive
Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;6. &#8239;&#8239;<U>Vice President</U>.
The Vice Presidents shall perform such duties as may be prescribed or assigned to them by the Board, the Chairman of the Board, the Chief
Executive Officer(s)&nbsp;or the President. In the absence of the President, the first-elected Executive Vice President shall perform
the duties of the President. In the event of the refusal or incapacity of the President to function as such, the first-elected Executive
Vice President and the other Vice Presidents, in order of their rank, shall so perform the duties of the President; and the order of rank
of such other Vice Presidents shall be determined by the designated rank of their offices or, in the absence of such designation, by seniority
in the office of Vice President; provided that said order or rank may be established otherwise by action of the Board from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;7.&#8239; <U>Treasurer</U>.
The Treasurer shall perform all the duties customary to that office, and shall have the care and custody of the funds and securities of
the Corporation. He shall at all reasonable times exhibit his books and accounts to any director upon application, and shall give such
bond or bonds for the faithful performance of his duties with such surety or sureties as the Board from time to time may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;8.&#8239;&#8239; <U>Secretary</U>.
The Secretary shall act as Secretary of and shall keep the minutes of the meetings of the Board and of the stockholders, have the custody
of the seal of the Corporation and perform all of the other duties usual to that office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;9.&#8239; <U>Assistant
Treasurer and Assistant Secretary</U>. Any Assistant Treasurer or Assistant Secretary shall perform such duties as may be prescribed or
assigned to him by the Board, the Chairman of the Board or the Chief Executive Officer. An Assistant Treasurer shall give such bond or
bonds for the faithful performance of his duties with such surety or sureties as the Board from time to time may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;10. <U>Term of
Office; Removal</U>. Each officer shall hold office for such term as may be prescribed by the Board and may be removed at any time by
the Board with or without cause. The removal of an officer without cause shall be without prejudice to his contract rights, if any. The
election or appointment of an officer shall not of itself create contract rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;11. <U>Compensation</U>.
The compensation of all officers of the Corporation shall be fixed by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;V</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STOCK CERTIFICATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Form&nbsp;of Stock
Certificates</U>. The shares of the Corporation may be represented by certificates, in such form as the Board may from time to time prescribe,
signed by any two authorized officers of the Corporation (it being understood that each of the Chairman of the Board, the Chief Executive
Officer(s), the Vice Chairman of the Board, the President, any Executive Vice President, any Vice President, the Secretary, any Assistant
Secretary, the Treasurer and any Assistant Treasurer shall be an authorized officer for such purpose), and shall be sealed with the seal
of the Corporation or a facsimile thereof. The signatures of the officers upon a certificate may be facsimiles if the certificate is countersigned
by a transfer agent or registered by a registrar other than the Corporation or its employees. In case any such officer who has signed
or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer before such certificate is issued,
it may be issued by the Corporation with the same effect as if he were such officer at the date of issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Book-Entry System
for Share Ownership</U>. Notwithstanding the foregoing, the Corporation may issue shares of stock in the form of uncertificated shares.
Such uncertificated shares of stock shall be credited to a book entry account maintained by the Corporation (or its designee) on behalf
of the stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Direct Registration
Program</U>. Notwithstanding the foregoing, the shares of stock of the Corporation shall be eligible for a Direct Registration Program
operated by a clearing agency registered under Section&nbsp;17A of the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;2.&#8239;&#8239; <U>Lost Certificates</U>.
In case of the loss, theft, mutilation or destruction of a stock certificate, a duplicate certificate or uncertificated shares will be
issued by the Corporation upon notification thereof and receipt of such proper indemnity as shall be prescribed by the Corporation in
its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3.&#8239;&#8239; <U>Transfer
of Shares</U>. The shares of stock of the Corporation shall be transferable only upon its books by the holders thereof in person or by
their duly authorized attorneys or legal representatives, and upon such transfer the old certificates, if such shares are represented
by certificates, shall be surrendered to the Corporation by the delivery thereof to the person in charge of the stock and transfer books
and ledgers, or to such other person as the directors may designate, by whom they shall be cancelled, and new certificates shall thereupon
be issued, unless such shares have become uncertificated. Whenever a transfer shall be made for collateral security, and not absolutely,
it shall be so expressed in the entry of the transfer if, when the certificates are presented to the Corporation for transfer or uncertificated
shares are requested to be transferred, both the transferor and transferee request the Corporation to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4.&#8239;&#8239; <U>Registered
Stockholders</U>. Except as otherwise provided by law, the Corporation shall be entitled to recognize the exclusive right of a person
registered on its books as the owner of shares to receive dividends or other distributions and to vote as such owner, and to hold such
person liable for calls and assessments, and shall not be bound to recognize any equitable or legal claim to or interest in such share
or shares on the part of any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;VI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INDEMNIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;1.&#8239;&#8239; <U>Indemnification
of Actions Other than by or in the Right of the Corporation</U>. The Corporation (1)&nbsp;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 (other than an action by or in the right of the Corporation) by reason of the fact that he is or was a director or an
officer of the Corporation, and (2)&nbsp;except as otherwise required by Section&nbsp;3 of this Article, may indemnify any person who
was or is a party or threatened to be made a party to any threatened, pending or completed action, suit or proceedings, whether civil,
criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he is
or was an employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee,
agent of or participant in another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorney&rsquo;s
fees), judgments, fines and amounts actually and reasonably incurred by him in connection with such action, suit or proceeding 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, 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, shall not, of itself, create
a presumption that the person 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;2.&#8239;&#8239; <U>Indemnification
of Actions by or in the Right of the Corporation</U>. The Corporation shall indemnify any person who was or is a party or is threatened
to be 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, agent of or participant in another corporation, partnership, joint venture, trust
or other enterprise, against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by him in connection with the
defense or settlement of such 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, and except that no indemnification shall be made in respect of any claim, issue or matter as
to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Delaware Court of
Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability
but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the
Delaware Court of Chancery or such other court shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3.&#8239;&#8239; <U>Indemnification
against Expenses</U>. To the extent that a person who is or was 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 Section&nbsp;1 or Section&nbsp;2 of this Article,
or in defense of any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys&rsquo; fees) actually
and reasonably incurred by him in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4.&#8239;&#8239; <U>Limitations
on Indemnification</U>. Any indemnification under Section&nbsp;1 or Section&nbsp;2 of this Article&nbsp;(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 because he has met the applicable standard of conduct set forth in said Sections 1 and
2. If, under applicable law, the entitlement to indemnification depends on whether the director, officer, employee or agent has met the
appropriate standard of conduct, the burden of proof establishing that such person has not acted in accordance with such standard shall
rest with the Corporation and such person shall be presumed to have acted in accordance with such standard unless, based upon a preponderance
of the evidence, it shall be determined by a court of competent jurisdiction that such person has not met such standard. In any event,
and not as a condition or in limitation of the foregoing, indemnification hereunder shall be made immediately upon the determination that
such person has met such standard (1)&nbsp;by a majority vote of directors who were not parties to such action, suit or proceeding, even
though less than a quorum, (2)&nbsp;by a committee of such directors designated by such directors, even though less than a quorum, (3)&nbsp;if
there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion or (4)&nbsp;by the stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;5.&#8239; <U>Advancement
of Expenses</U>. Expenses incurred by any former or current director or officer in defending a civil or criminal action, suit or proceeding
shall 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 person to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by
the Corporation pursuant to this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;6.&#8239; <U>Article&nbsp;Not
Exclusive of Other Rights</U>. The indemnification provided by this Article&nbsp;shall not be deemed exclusive of any other rights to
which those seeking indemnification may be entitled under the Certificate of Incorporation, any By-law, agreement, vote of stockholders
or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding
such office, and shall continue as to a person who has ceased to be a director, officer, employee or agent) and shall inure to the benefit
of the heirs, executors and administrators of such a person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;7.&#8239; <U>Liability
Insurance</U>. The Corporation may 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, or is or was serving at the request of the Corporation
as a director, officer, employee or agent of or participant in 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 Article, Section&nbsp;145
of the General Corporation Law of the State of Delaware or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;8. <U>Severability</U>.
The invalidity or unenforceability of any provision of this Article&nbsp;VI shall not affect the validity or enforceability of the remaining
provisions of this Article&nbsp;VI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;VII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MISCELLANEOUS PROVISIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;1.&#8239;&#8239; <U>Corporate
Seal</U>. The corporate seal shall have inscribed thereon the name of the Corporation and such other appropriate legend as the Board may
from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;2. &#8239;&#8239;<U>Fiscal
Year</U>. The fiscal year of the Corporation shall be the twelve months ending December&nbsp;31 or such other period as may be prescribed
by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3. &#8239;<U>Checks
and Notes</U>. All checks and demands for money and notes or other instruments evidencing indebtedness or obligations of the Corporation
shall be signed by such officer or officers or other person or persons as shall be thereunto authorized from time to time by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;4.&#8239; <U>Dividends</U>.
Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation, if any, and requirements
of law may be declared from time to time by the Board of the Corporation at any regular or special meeting, pursuant to law. Dividends
may be paid in cash, in property, or in shares of the capital stock of the Corporation or its subsidiaries, subject to the provisions
of the Certificate of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;VIII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORUM FOR ADJUDICATION OF DISPUTES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;1.&#8239; <U>Forum</U>.
Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall,
to the fullest extent permitted by law, be the sole and exclusive forum for (a)&nbsp;any derivative action or proceeding brought on behalf
of the Corporation, (b)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer,
other employee or stockholder of the Corporation to the Corporation or the Corporation&rsquo;s stockholders, (c)&nbsp;any action asserting
a claim arising pursuant to any provision of the General Corporation Law of the State of Delaware, the Certificate of Incorporation or
these By-laws or as to which the General Corporation Law of the State of Delaware confers jurisdiction on the Court of Chancery of the
State of Delaware or (d)&nbsp;any action asserting a claim governed by the internal affairs doctrine. Any person or entity purchasing
or otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented
to the provisions of this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;IX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;1.&#8239; <U>Power to
Amend</U>. These By-laws may be adopted, amended or repealed by the Board, and also shall be subject to amendment or repeal by the holders
of a majority in voting power of the outstanding shares entitled to vote thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>mnst-20230622_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<TYPE>XML
<SEQUENCE>7
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.2</span><table class="report" border="0" cellspacing="2" id="idm139678461496640">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jun. 22, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jun. 22,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-18761<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Monster Beverage Corporation<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000865752<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">47-1809393<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1 Monster Way<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Corona<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">92879<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">951<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">739 - 6200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">MNST<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
