<SUBMISSION>
<ACCESSION-NUMBER>0000950133-05-002573
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20050602
<ITEMS>1.01
<ITEMS>5.03
<ITEMS>9.01
<FILING-DATE>20050608
<DATE-OF-FILING-DATE-CHANGE>20050608
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PEGASYSTEMS INC
<CIK>0001013857
<ASSIGNED-SIC>7374
<IRS-NUMBER>042787865
<STATE-OF-INCORPORATION>MA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-11859
<FILM-NUMBER>05885867
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>101 MAIN ST
<CITY>CAMBRIDGE
<STATE>MA
<ZIP>02142-1590
<PHONE>6173749600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>101 MAIN ST
<CITY>CAMBRIDGE
<STATE>MA
<ZIP>02142-1590
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_5181.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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<TITLE> Pegasystems Inc.  (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	June 2, 2005
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	Pegasystems Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Massachusetts
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	1-11859
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	04-2787865
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	101 Main Street, Cambridge, Massachusetts
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	02142
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	617-374-9600
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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	Item 1.01. Entry into a Material Definitive Agreement.
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On June 2, 2005, the Board of Directors of Pegasystems Inc. (the "Company") approved a grant of an option to purchase 30,000 shares of the Company&#x2019;s common stock to Richard H. Jones at an exercise price of $5.90 per share, and determined that he will be entitled to receive on an annual basis the same amount of stock options granted to the non-employee directors of the Company for so long as he remains a member of the Board.  The Board also approved a grant of an option to purchase 15,000 shares of the Company&#x2019;s common stock to each of Alexander V. d&#x2019;Arbeloff, Steven F. Kaplan, William H. Keough, Edward A. Maybury, James P. O&#x2019;Halloran, Edward B. Roberts and William W. Wyman (each, a "Non-Employee Director") at an exercise price of $5.90 per share, in accordance with its current director compensation policies.  Each of these grants was made pursuant to a Notice of Grant of Stock Options and Option Agreement in the form filed as Exhibit 99.1 with this Current Report on Form 8-K, which the Company anticipates using for all stock option grants to its non-employee directors and Mr. Jones on a going-forward basis.
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	Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
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The annual meeting of the Company&#x2019;s shareholders was held on June 2, 2005.  At that meeting, the shareholders approved each of the amendments to the Company&#x2019;s Restated Articles of Organization (the "Charter") and Amended and Restated Bylaws (the "Bylaws") described in the definitive proxy statement filed by the Company with the Securities and Exchange Commission on April 29, 2005.  The amendments to the Charter became effective upon the Company&#x2019;s filing its Restated Articles of Organization with the Secretary of the Commonwealth of Massachusetts on June 6, 2005 and the amendments to the Bylaws became effective as of June 2, 2005.<br><br>On June 2, 2005, the Company&#x2019;s Board of Directors adopted several additional amendments to the Bylaws, each effective immediately upon such adoption.  These amendments, none of which required shareholder approval, included amendments to (i) delete the requirement that the annual meeting of shareholders be held within 6 months after end of the Company&#x2019;s fiscal year, (ii) change all references to the "Clerk" to the "Secretary", (iii) provide that a shareholder request for a matter to be considered at a shareholder meeting must be furnished to the Company at least 150 days (rather than 90 days) prior to the date such meeting was held in the prior year, (iv) provide that proxies may be valid for up to 11 months (rather than 6 months), (v) allow for shareholder action by written consent if action is taken either (A) by all shareholders entitled to vote or (B) to the extent permitted by the Company&#x2019;s Articles of Organization, by shareholders having not less than the minimum number of votes necessary to take the action at a meeting at which all shareholders entitled to vote on the action are present and voting (which is not currently permitted by the Company&#x2019;s Amended and Restated Articles of Organization), (vi) change the record date for shareholder meetings to be not be more than 70 days before the meeting (rather than the current 60 days), (vii) allow shareholders and proxyholders to be able to participate in shareholder meetings by means of remote communications, (viii) allow director written consents, shareholder votes, consents, waivers and other actions to be accomplished by e-mail or other electronic transmission, (ix) provide that a board committee may not approve or propose to shareholders action that must be approved by shareholders, (x) conform the director conflict of interests provisions to be consistent with the Massachusetts Business Corporation Act (the "MBCA"), (xi) eliminate restrictions on the form of consideration for share issuances, except that the Board must determine that such consideration is "adequate", (xii) revise provisions regarding shareholder inspection rights to be consistent with the MBCA, and (xiv) provide for indemnification of officers and directors of the Company to the fullest extent permitted by the MBCA.  <br><br>The Company&#x2019;s Restated Articles of Organization, reflecting the amendments approved by the shareholders at the 2005 annual meeting, are attached as Exhibit 99.2 to this Current Report of Form 8-K.  The Company&#x2019;s Amended and Restated Bylaws, reflecting the amendments approved by the shareholders at the 2005 annual meeting and the above-described amendments adopted by the Board of Directors on June 2, 2005, are attached as Exhibit 99.3 to this Current Report of Form 8-K.  <br>
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	Item 9.01. Financial Statements and Exhibits.
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(c) Exhibits<br><br>99.1  Notice of Grant of Stock Options and Option Agreement<br><br>99.2  Restated Articles of Organization of Pegasystems Inc.<br><br>99.3  Amended and Restated Bylaws of Pegasystems Inc.
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<B>
	SIGNATURES
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	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.
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	Pegasystems Inc.
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	&nbsp;&nbsp;
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<I>
	June 8, 2005
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<I>
	By:
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<I>
	/s/ Christopher J. Sullivan
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<BR>
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<I>
	Name: Christopher J. Sullivan
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<I>
	Title: Senior Vice President, Chief Financial Officer and Treasurer
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	99.1
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	&nbsp;
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Notice of Grant of Stock Options and Option Agreement
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	99.2
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	&nbsp;
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Restated Articles of Organization of Pegasystems Inc.
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	99.3
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	&nbsp;
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Amended and Restated Bylaws of Pegasystems Inc.
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.1
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    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000"><B>Pegasystems Inc.</B></TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD nowrap align="center" colspan="3">&nbsp;</TD>
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<TR style="font-size: 12pt" valign="bottom">
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Pegasystems Inc.</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">ID: 04-2787865</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">101 Main Street</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" colspan="5" style="border-bottom: 1px solid #000000"><B>Notice of Grant of Stock Options and Option Agreement</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Cambridge, MA 02142</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Option Number: XXXXXXXX</B></TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left"><B>Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Plan: 2004</B></TD>
</TR>

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    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>City, State Country Zip Code</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>ID:                             XXXXX</B></TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="9" align="left">Effective X/X/20XX (the &#147;Grant Date&#148;), you (the &#147;Optionee&#148;) have been granted a Non-Qualified Stock Option (the &#147;Option&#148;) to buy
15,000 shares of Pegasystems Inc. (the &#147;Company&#148;) common stock at an exercise price of $X.XXXX per share (the &#147;Exercise Price&#148;),
pursuant to the Pegasystems Inc. 2004 Long-Term Incentive Plan (the &#147;Plan&#148;).
The total exercise price of the shares granted is $XXX.XX.
Shares subject to this Option will vest on the Grant Date.
Expiration: X/X/20XX &#091;tenth anniversary of the Grant Date&#093;<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="9" align="left">The undersigned Optionee agrees to all of the terms of the Plan and all those set forth on Exhibit&nbsp;A attached hereto and incorporated
herein by reference.<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="9" align="left">IN WINESS WHEREOF, the Company and the Optionee have executed this instrument as of the date set forth above.<BR></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="margin-left:31%; font-size: 12pt">Pegasystems Inc.



<P align="left" style="margin-left:28%; font-size: 12pt">By:



<P align="left" style="margin-left:31%; font-size: 12pt">Alan Trefler, Chairman and
<BR>
Chief Executive Officer


<P align="left" style="font-size: 12pt"><FONT style="font-size: 12pt"><U><B>Exhibit&nbsp;A</B></U>
<BR>
<U><B>to Notice of Grant of Stock Option and Option Agreement</B></U></FONT>


<P align="left" style="font-size: 12pt">1.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Exercise Price</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">The Exercise Price is equal to Fair Market Value, as defined
in
<BR>
Section 2(o) of the Plan, of a share of the Company&#146;s common stock on the date of the
<BR>
Notice of Grant of Stock Option and Option Agreement (of which this <U>Exhibit&nbsp;A</U> is a
<BR>
part) (the &#147;Option Agreement&#148;).</FONT>


<P align="left" style="font-size: 12pt">2.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Option Exercise</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">Once vested, the Option shall remain exercisable in whole or
in part at any time through and including the day immediately preceding the date set forth under
the heading &#147;Expiration&#148; on the Option Agreement (the &#147;Expiration Date&#148;), after which the Option
shall expire and no longer be exercisable.</FONT>



<P align="left" style="margin-left:4%; font-size: 12pt">The Option shall be exercisable by notice to the Company which shall:



<P align="left" style="margin-left:4%; font-size: 12pt">(a)&nbsp;state the election to exercise the Option, the number of shares with respect to which
it is being exercised, the person in whose name the stock certificate or certificates for
such shares of common stock are to be registered, and the address and Social Security
number of such person;



<P align="left" style="margin-left:4%; font-size: 12pt">(b)&nbsp;be signed by the person or persons entitled to exercise the Option, and if the Option
is being exercised by a person or persons other than the Optionee, be accompanied by proof
satisfactory to the Company&#146;s legal counsel of the right of such person or persons to
exercise the Option; and



<P align="left" style="margin-left:4%; font-size: 12pt">(c)&nbsp;be in writing and delivered in person or by certified mail to the Chief Financial
Officer of the Company.


<P align="left" style="font-size: 12pt">Payment of the full purchase price of any shares, with respect to which the Option is being
exercised, shall accompany the notice of exercise of the Option and such payment may be made in
cash or check payable to the Company. The certificate or certificates for shares of common stock as
to which the Option is exercised shall be registered in the name of the person or persons
exercising the Option.


<P align="left" style="font-size: 12pt">3.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Termination of</I></B></U> <U><B><I>Service</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">If the Optionee terminates Service other than
by reason of the Optionee&#146;s death, Disability or Retirement, the Optionee may exercise this Option
for three months following such termination to the extent that the Option is vested on the date of
termination (but in no event later than the expiration of the term of the Option);
<U>provided</U>, <U>however</U>, that if the Optionee has completed at least five (5)&nbsp;continuous
years of Service as a Director as of the date of such termination, he or she may exercise this
Option at any time prior to the Expiration Date.</FONT>


<P align="left" style="font-size: 12pt"><FONT style="font-size: 11pt"><I>4. </I><U><B><I>Retirement of Optionee</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">If the Optionee terminates Service as a result of
Retirement, the Optionee may exercise this Option for 24&nbsp;months following such termination to the
extent that the Option is vested on the date of termination (but in no event later than the
expiration of the term of the Option); <U>provided</U>, <U>however</U>, that if the Optionee has
completed at least five (5)&nbsp;continuous years of Service as a Director as of the date of such
termination, he or she may exercise this Option at any time prior to the Expiration Date.</FONT>


<P align="left" style="font-size: 12pt"><I>5.&nbsp;</I></FONT><FONT style="font-size: 11pt"><U><B><I>Disability of</I></B></U> <U><B><I>Optionee</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">If the Optionee terminates Service as a result
of the Optionee&#146;s Disability, the Optionee may exercise this Option for 24&nbsp;months following such
termination to the extent that the Option is vested on the date of termination (but in no event
later than the expiration of the term of the Option); <U>provided</U>, <U>however</U>, that if
the Optionee has completed at least five (5)&nbsp;continuous years of Service as a Director as of the
date of such termination, he or she may exercise this Option at any time prior to the Expiration
Date.</FONT>


<P align="left" style="font-size: 12pt">6.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Death of Optionee</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">If the Optionee dies while a Service Provider, the Option
may be exercised by the Optionee&#146;s estate or by a person who acquires the right to exercise the
Option by bequest or inheritance for 12&nbsp;months following the Optionee&#146;s termination of Service
because of death; <U>provided</U>, <U>however</U>, that if the Optionee had completed at least
five (5)&nbsp;continuous years of Service as a Director as of the date of his or her death, the
Optionee&#146;s estate, or a person who acquires the right to exercise the Option by bequest or
inheritance, may exercise this Option at any time prior to the Expiration Date.</FONT>


<P align="left" style="font-size: 12pt">7.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Optionee&#146;s Agreement</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">The Optionee agrees to all the terms stated in the
Option Agreement (of which this Exhibit is a part), as well as to the terms of the Plan (which
shall control in case of conflict with the Option Agreement), a copy of which is attached and of
which the Optionee acknowledges receipt.</FONT>


<P align="left" style="font-size: 12pt">8.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Withholding</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">The Optionee consents to fulfill all withholding obligations for
all applicable payroll and income taxes with respect to the Option when they are due and arrange
for satisfactory payment of all withholding obligations in a manner as set forth in Section 13(h)
of the Plan. The Company may delay issuance of a certificate until proper payment of such taxes has
been made by the Optionee.</FONT>


<P align="left" style="font-size: 12pt">9.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Rights as Shareholders</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">The Optionee shall have no rights as a shareholder of
<BR>
the Company with respect to any of the shares covered by the Option until the issuance of
<BR>
a stock certificate or certificates upon the exercise of the Option, and then only with
<BR>
respect to the shares represented by such certificate or certificates.</FONT>


<P align="left" style="font-size: 12pt">10.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Non-Transferability</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">The Option may not be transferred in any manner other
than as permitted in Section 13(j) of the Plan. The terms of the Option shall be binding upon the
executors, administrators, heirs and successors of the Optionee.</FONT>


<P align="left" style="font-size: 12pt">11.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Compliance with Securities, Tax and Other Law</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">The Option may not be
exercised if the issuance of shares upon such exercise would constitute a violation of any
applicable federal or state securities law or any other law or valid regulation. As a condition to
the exercise of the Option, the Company may require the Optionee, or any person acquiring the right
to exercise the Option, to make any representation or warranty that the Company deems to be
necessary under any applicable securities, tax, or other law or regulation.</FONT>


<P align="left" style="font-size: 12pt">12.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Adjustments upon Changes in Capitalization</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">In the event of any change in the
shares subject to the Plan or to any Option granted under the Plan by reason of a merger,
consolidation, reorganization, recapitalization, stock dividend, stock split, combination or
exchange of shares, or other change in the structure of the Company, the number of shares subject
to each outstanding Option and/or the Option price with respect to the shares shall be
appropriately adjusted by the Company and such adjustment shall be final, binding and conclusive.</FONT>


<P align="left" style="font-size: 12pt">13.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>No Right to Employment</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">The granting of the Option does not confer upon the
Optionee the right to continue in the Service of the Company, or affect in any way the right and
power of the Company to terminate the Service of the Optionee at any time with or without assigning
a reason therefor, to the same extent as the Company might have done if the Option had not been
granted.</FONT>


<P align="left" style="font-size: 12pt">14.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>No Guarantee</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">The Company offers no guarantee or assurance that the
<BR>
Company&#146;s stock has any value at the time of this grant or will have any value or liquidity at any
future time.</FONT>


<P align="left" style="font-size: 12pt"><I>15.&nbsp;</I></FONT><FONT style="font-size: 11pt"><U><B><I>Amendment and Termination of Option</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">The Company may not, without the
<BR>
consent of the Optionee, alter or impair any Option granted under the Plan. The Option shall be
considered terminated in whole or in part, to the extent that, in accordance with the provisions of
the Plan, it can no longer be exercised for shares originally subject to the Option.</FONT>


<P align="left" style="font-size: 12pt">16.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Governing Law</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">The Option Agreement shall be governed by and interpreted in
accordance with the laws of The Commonwealth of Massachusetts, without regard to any applicable
conflicts of law provisions thereof.</FONT>


<P align="left" style="font-size: 12pt">17.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Severability</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">In the event any one or more of the provisions of the Option
Agreement shall for any reason be held to be invalid, illegal or unenforceable, the remaining
provisions of the Option Agreement shall be unimpaired, and the invalid, illegal or unenforceable
provision shall be replaced by a mutually acceptable provision, which being valid, legal and
enforceable, comes closest to the intention of the parties underlying the invalid, illegal or
unenforceable provision.</FONT>


<P align="left" style="font-size: 12pt">18.&nbsp;</FONT><FONT style="font-size: 11pt"><U><B><I>Definitions</I></B></U><B><I>. </I></B></FONT><FONT style="font-size: 12pt">All capitalized terms used herein and not otherwise defined
shall have the meanings assigned to such terms in the Plan.</FONT>



<P align="center" style="font-size: 10pt; display: none">


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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt">COMMONWEALTH OF MASSACHUSETTS</FONT>



<P align="center" style="font-size: 12pt">William Francis Galvin



<P align="center" style="font-size: 12pt">Secretary of the Commonwealth<BR>
One Ashburton Place<BR>
Boston, Massachusetts 02108-1512



<P align="center" style="font-size: 12pt">PEGASYSTEMS INC.



<P align="center" style="font-size: 12pt">RESTATED ARTICLES OF ORGANIZATION<BR>
(Massachusetts General Laws, Chapter&nbsp;156D, Section&nbsp;10.07; 950 CMR 113.35)




<P align="left" style="margin-left:4%; font-size: 12pt">Pegasystems Inc. (the&#148;Corporation&#148;) certifies as follows:



<P align="left" style="margin-left:4%; font-size: 12pt">(1)&nbsp;The exact name of the Corporation is Pegasystems Inc.


<P align="left" style="font-size: 12pt; text-indent: 4%">(2)&nbsp;The registered office address of the Corporation is 101 Main Street, Cambridge,
Massachusetts 02142.



<P align="left" style="margin-left:4%; font-size: 12pt">(3)&nbsp;These Restated Articles of Organization were adopted on June&nbsp;2, 2005.


<P align="left" style="font-size: 12pt; text-indent: 4%">(4)&nbsp;These Restated Articles of Organization were approved by the Board of Directors and by the
shareholders of the Corporation in the manner required by G. L. Chapter&nbsp;156D and the Articles of
Organization.



<P align="left" style="margin-left:4%; font-size: 12pt">(5)&nbsp;The Corporation&#146;s Articles of Organization as amended and restated hereby are as follows:


<P align="center" style="font-size: 12pt">ARTICLE I




<P align="left" style="margin-left:4%; font-size: 12pt">The exact name of the corporation is Pegasystems Inc.


<P align="center" style="font-size: 12pt">ARTICLE II




<P align="left" style="margin-left:4%; font-size: 12pt">The corporation may engage in any lawful business.


<P align="center" style="font-size: 12pt">ARTICLE III



<P align="left" style="font-size: 12pt; text-indent: 4%">The total number of shares and par value, if any, of each class of stock which the corporation
is authorized to issue is 70,000,000 shares of Common Stock, $0.01 par value per share (the &#147;Common
Stock&#148;), and 1,000,000 shares of Preferred Stock, $0.01 par value per share (the &#147;Preferred
Stock&#148;).


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->


<P align="center" style="font-size: 12pt">ARTICLE IV



<P align="left" style="font-size: 12pt; text-indent: 4%">If more than one class or series of stock is authorized, the preferences, limitations, and
relative rights of each class or series are as follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">1.&nbsp;<U>Common Stock</U>. The Corporation shall have authority to issue 70,000,000 shares of
Common Stock. The rights, privileges, preferences and voting powers of the Common Stock are as
follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">a.&nbsp;<I>Dividend Rights</I>. Subject to the prior rights of holders of all classes of stock at the
time outstanding having prior rights as to dividends, the holders of the Common Stock shall be
entitled to receive, when and as declared by the Board of Directors, out of any assets of the
corporation legally available therefor, such dividends as may be declared from time to time by the
Board of Directors.


<P align="left" style="font-size: 12pt; text-indent: 4%">b.&nbsp;<I>Liquidation Rights</I>. Subject to the prior rights of holders of all classes of stock at the
time outstanding have prior rights on liquidation, upon the liquidation, dissolution or winding up
of the corporation, the assets of the corporation shall be distributed ratably among the holders of
the Common Stock in proportion to the number of shares of Common Stock held by each such holder.


<P align="left" style="font-size: 12pt; text-indent: 4%">c.&nbsp;<I>Voting Rights</I>. The holder of each share of Common Stock shall have the right to one vote,
and shall be entitled to notice of any shareholders meeting in accordance with the By-laws of the
corporation, and shall be entitled to vote upon such matters and in such manner as may be provided
by law.


<P align="left" style="font-size: 12pt; text-indent: 4%">d.&nbsp;<I>Increase in Authorized Common Stock</I>. The number of authorized shares of Common Stock may
be increased or decreased (but not below the number of shares of Common Stock then outstanding) by
an affirmative vote of the holders of a majority of the outstanding capital stock of the
corporation outstanding and entitled to vote thereon, voting as a single class.


<P align="left" style="font-size: 12pt; text-indent: 4%">2.&nbsp;<U>Preferred Stock</U>. The Corporation shall have the authority to issue 1,000,000
shares of undesignated Preferred Stock. The shares of undesignated Preferred Stock may be issued
from time to time in one or more series as the Board of Directors may determine. Each series shall
be so designated to distinguish the shares thereof from the shares of all other series and classes.
Except as to the relative preferences, powers, qualifications, rights and privileges referred to
below, in respect of any or all of which there may be variations between different series, all
shares of Preferred Stock shall be identical. Different series of Preferred Stock shall not be
construed to constitute different classes of shares for the purpose of voting by classes.


<P align="left" style="font-size: 12pt">The Board of Directors is expressly authorized, subject to the limitations prescribed by law and
the provisions of these Restated Articles of Organization, to provide by adopting a vote or votes,
a certificate of which shall be filed in accordance with the Massachusetts Business Corporation
Act, for the issuance of the Preferred Stock in one or more series, each with such designations,
preferences, voting powers, qualifications, special or relative rights and privileges as shall be
stated in the vote or votes creating such series. The authority of the Board of Directors with
respect to each such series shall include without limitation of the foregoing the right to
determine and fix:


<P align="left" style="font-size: 12pt; text-indent: 4%">a.&nbsp;the distinctive designation of such series and the number of shares to constitute such
series;


<P align="left" style="font-size: 12pt; text-indent: 4%">b.&nbsp;the rate at which dividends on the shares of such series shall be declared and paid, or set
aside for payment, whether dividends at the rate so determined shall be cumulative, and whether the
shares of such series shall be entitled to any participating or other dividends in addition to the
dividends at the rate so determined, and if so, on what terms;


<P align="left" style="font-size: 12pt; text-indent: 4%">c.&nbsp;the right, if any, of the Corporation to redeem shares of the particular series and, if
redeemable, the price, terms and manner of such redemption;


<P align="left" style="font-size: 12pt; text-indent: 4%">d.&nbsp;the special and relative rights and preferences, if any, and the amount or amounts per
share, which the shares of such series shall be entitled to receive upon any voluntary or
involuntary liquidation, dissolution or winding up of the corporation;


<P align="left" style="font-size: 12pt; text-indent: 4%">e.&nbsp;the terms and conditions, if any, upon which shares of such series shall be convertible
into, or exchangeable for, shares of stock of any other class or classes, including the price or
prices or rate or rates of conversion or exchange and the terms of adjustment, if any;


<P align="left" style="font-size: 12pt; text-indent: 4%">f.&nbsp;the obligation, if any, of the corporation to retire or purchase shares of such series
pursuant to a sinking fund or fund of a similar nature or otherwise, and the terms and conditions
of such obligation;



<P align="left" style="margin-left:4%; font-size: 12pt">g. voting rights, if any;


<P align="left" style="font-size: 12pt; text-indent: 4%">h.&nbsp;limitations, if any, on the issuance of additional shares of such series or any shares of
any other series of Preferred Stock; and


<P align="left" style="font-size: 12pt; text-indent: 4%">i.&nbsp;such other preferences, powers, qualifications, special or relative rights and privileges
thereof as the Board of Directors may deem advisable and are not inconsistent with law and the
provisions of these Restated Articles of Organization.


<P align="center" style="font-size: 12pt">ARTICLE V



<P align="left" style="font-size: 12pt; text-indent: 4%">The restrictions, if any, imposed by these Restated Articles of Organization upon the transfer
of shares of stock of any class are: None.


<P align="center" style="font-size: 12pt">ARTICLE VI



<P align="left" style="font-size: 12pt; text-indent: 4%">Other lawful provisions, if any, for the conduct and regulation of the business and affairs of
the corporation, for its voluntary dissolution, or for limiting, defining, or regulating the powers
of the corporation, or of its directors or shareholders, or of any class of shareholders:


<P align="left" style="font-size: 12pt">1.&nbsp;By-Laws


<P align="left" style="font-size: 12pt; text-indent: 4%">The Board of Directors is authorized to make, amend or repeal the by-laws of the Corporation
in whole or in part, except with respect to any provisions thereof which by law, by these Restated
Articles of Organization or by the by-laws requires action by the shareholders.


<P align="left" style="font-size: 12pt">2.&nbsp;Place of Meetings of The Shareholders



<P align="left" style="margin-left:4%; font-size: 12pt">Meetings of the shareholders may be held anywhere in the United States.


<P align="left" style="font-size: 12pt">3.&nbsp;Partnership


<P align="left" style="font-size: 12pt; text-indent: 4%">The corporation may be a partner in any business enterprise which the Corporation would have
power to conduct by itself.


<P align="left" style="font-size: 12pt">4.&nbsp;Limitations on Director Liability


<P align="left" style="font-size: 12pt; text-indent: 4%">No director of the Corporation shall be liable to the Corporation or its shareholders for
monetary damages for breach of fiduciary duty as a director, except for liability (i)&nbsp;for any
breach of the director&#146;s duty of loyalty to the Corporation or its shareholders, (ii)&nbsp;for acts or
omissions not in good faith or which involve intentional misconduct or a knowing violation of law,
(iii)&nbsp;for improper distributions under Section&nbsp;6.40 of Chapter&nbsp;156D of the General Laws of
Massachusetts or (iv)&nbsp;for any transaction in which the director derived an improper personal
benefit. No amendment to or repeal of any provision of this paragraph, directly or by adoption of
an inconsistent provision of these Restated Articles of Organization, shall apply to or have any
effect on any liability or alleged liability of any director of the corporation for or with respect
to any acts or omissions of such director occurring prior to such amendment or repeal.


<P align="center" style="font-size: 12pt">ARTICLE VII



<P align="left" style="font-size: 12pt; text-indent: 4%">These Restated Articles of Organization will become effective when filed in accordance with
Chapter&nbsp;156D, &#167;1.25 of the Massachusetts General Laws.


<P align="center" style="font-size: 10pt; display: none; text-indent: 4%">2
<!-- PAGEBREAK -->


<P align="left" style="font-size: 12pt">(6)&nbsp;These Restated Articles of Organization consolidate all prior amendments into a
single document and amend Articles II and VI.



<P align="left" style="margin-left:4%; font-size: 12pt">Signed this 3rd day of June, 2005, by Shawn Hoyt, its Secretary.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Shawn Hoyt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Shawn Hoyt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->


<P align="center" style="font-size: 12pt">THE COMMONWEALTH OF MASSACHUSETTS



<P align="center" style="font-size: 12pt">William Francis Galvin<BR>
Secretary of the Commonwealth<BR>
One Ashburton Place, Boston, Massachusetts 02108-1512



<P align="center" style="font-size: 12pt">RESTATED ARTICLES OF ORGANIZATION<BR>
(General Laws Chapter&nbsp;156D, Section&nbsp;10.07, 950 CMR 113.35))



<P align="left" style="font-size: 12pt">I hereby certify that upon examination of these restated articles of organization, it appears that
the provisions of the General Laws relative thereto have been complied with, and the filing fee in
the amount of $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>having been paid, said articles are deemed to have been filed with me this
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005, at <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>a.m./p.m.


<P align="left" style="font-size: 12pt">Effective Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>



<P align="left" style="margin-left:8%; font-size: 12pt">(must be within 90&nbsp;days of date submitted)


<P align="center" style="font-size: 12pt">WILLIAM FRANCIS GALVIN<BR>
Secretary Of The Commonwealth




<P align="left" style="margin-left:4%; font-size: 12pt">Filing fee: Minimum filing fee $200, plus $100 per article amended, stock increases $100
per 100,000 shares, plus $100 for each additional 100,000 shares or any fraction thereof.


<P align="center" style="font-size: 12pt">TO BE FILLED IN BY CORPORATION<BR>
Contact Information


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert V. Jahrling, Esq.</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Choate, Hall &#038; Stewart</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exchange Place, 53 State Street</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Boston, MA 02109</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(617) 248-5148<BR>
rjahrling@choate.com</DIV></TD>
</TR>

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</TABLE>
</DIV>



<P align="left" style="font-size: 12pt">Upon filing, a copy of this filing will be available at www.sec.state.ma.us/cor. If the document
is rejected, a copy of the rejection sheet and rejected document will be available in the rejected
queue.



<P align="center" style="font-size: 10pt; display: none">4


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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit3.htm
<DESCRIPTION>EX-99.3
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<TITLE> EX-99.3 </TITLE>
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt">AMENDED AND RESTATED BYLAWS</FONT>



<P align="center" style="font-size: 12pt">OF



<P align="center" style="font-size: 12pt">PEGASYSTEMS INC.



<P align="center" style="font-size: 12pt">(effective as of June&nbsp;2, 2005)





<P align="center" style="font-size: 10pt; display: none">1
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<DIV align="center">
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    <TD width="23%">&nbsp;</TD>
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    <TD width="72%">&nbsp;</TD>
</TR>

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<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ARTICLE I<BR>
Section&nbsp;1.<BR>
Section&nbsp;2.<BR>
Section&nbsp;3.<BR>
Section&nbsp;4.<BR>
Section&nbsp;5.<BR>
Section&nbsp;6.<BR>
Section&nbsp;7.<BR>
Section&nbsp;8.<BR>
Section&nbsp;9.<BR>
Section&nbsp;10.<BR>
Section&nbsp;11.<BR>
Section&nbsp;12.<BR>
Section&nbsp;13.<BR>
Section&nbsp;14.<BR>
ARTICLE II<BR>
Section&nbsp;1.<BR>
Section&nbsp;2.<BR>
Section&nbsp;3.<BR>
Section&nbsp;4.<BR>
Section&nbsp;5.<BR>
Section&nbsp;6.<BR>
Section&nbsp;7.<BR>
Section&nbsp;8.<BR>
Section&nbsp;9.<BR>
Section&nbsp;10.<BR>
Section&nbsp;11.<BR>
Section&nbsp;12.<BR>
Section&nbsp;13.<BR>
Section&nbsp;14.<BR>
Section&nbsp;15.<BR>
Section&nbsp;16.<BR>
Section&nbsp;17.<BR>
Section&nbsp;18.<BR>
Section&nbsp;19.<BR>
Section&nbsp;20.<BR>
ARTICLE III<BR>
ARTICLE IV<BR>
Section&nbsp;1.<BR>
Section&nbsp;2.<BR>
Section&nbsp;3.<BR>
Section&nbsp;4.<BR>
Section&nbsp;5.<BR>
Section&nbsp;6.<BR>
Section&nbsp;7.<BR>
Section&nbsp;8.<BR>
Section&nbsp;9.<BR>
Section&nbsp;10.<BR>
Section&nbsp;11.<BR>
ARTICLE V<BR>
Section&nbsp;1.<BR>
Section&nbsp;2.<BR>
Section&nbsp;3.<BR>
Section&nbsp;4.<BR>
Section&nbsp;5.<BR>
ARTICLE VI<BR>
Section&nbsp;1.<BR>
Section&nbsp;2.<BR>
Section&nbsp;3.<BR>
Section&nbsp;4.<BR>
ARTICLE VII<BR>
ARTICLE VIII<BR>
ARTICLE IX<BR>
ARTICLE X
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SHAREHOLDERS<BR>
Annual Meeting<BR>
Special Meetings<BR>
Place of Meetings<BR>
Notice of Business<BR>
Requirement of Notice<BR>
Waiver of Notice<BR>
Quorum.<BR>
Voting and Proxies<BR>
Action at Meeting<BR>
Action without Meeting by Written Consent.<BR>
Record Date<BR>
Meetings by Remote Communications<BR>
Form of Shareholder Action.<BR>
Shareholders List for Meeting.<BR>
DIRECTORS<BR>
Powers<BR>
Nomination; Eligibility to Serve<BR>
Number and Election<BR>
Vacancies<BR>
Change in Size of the Board of Directors<BR>
Tenure<BR>
Resignation<BR>
Removal<BR>
Regular Meetings<BR>
Special Meetings<BR>
Notice<BR>
Waiver of Notice<BR>
Quorum<BR>
Action at Meeting<BR>
Action Without Meeting<BR>
Telephone Conference Meetings<BR>
Committees<BR>
Compensation<BR>
Standard of Conduct for Directors.<BR>
Conflict of Interest.<BR>
MANNER OF NOTICE<BR>
OFFICERS<BR>
Enumeration<BR>
Appointment<BR>
Qualification<BR>
Tenure<BR>
Resignation<BR>
Removal<BR>
Chairman of the Board<BR>
President<BR>
Treasurer<BR>
Secretary<BR>
Standards Of Conduct For Officers<BR>
PROVISIONS RELATING TO SHARES<BR>
Issuance and Consideration<BR>
Share Certificates<BR>
Uncertificated Shares<BR>
Record and Beneficial Owners<BR>
Lost or Destroyed Certificates<BR>
CORPORATE RECORDS<BR>
Records to be Kept.<BR>
Inspection of Records by Shareholders.<BR>
Scope of Inspection Right.<BR>
Inspection of Records by Directors<BR>
INDEMNIFICATION<BR>
FISCAL YEAR<BR>
AMENDMENTS<BR>
CONTROL SHARE ACQUISITIONS</TD>
</TR>

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</DIV>



<P align="center" style="font-size: 10pt; display: none">2
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<P align="center" style="font-size: 12pt">ARTICLE I



<P align="center" style="font-size: 12pt">SHAREHOLDERS


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

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<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Section&nbsp;1.<BR>
Section&nbsp;2.<BR>
Section&nbsp;3.<BR>
Section&nbsp;4.<BR>
Section&nbsp;5.<BR>
Section&nbsp;6.<BR>
Section&nbsp;7.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Annual Meeting</I>. The Corporation shall hold an annual<BR>
meeting of shareholders at a time fixed by the Directors.<BR>
The purposes for which the annual meeting is to be held,<BR>
in addition to those prescribed by the Articles of<BR>
Organization, shall be for electing directors and for<BR>
such other purposes as shall be specified in the notice<BR>
for the meeting pursuant to Section&nbsp;4 of this Article,<BR>
and only business within such purposes may be conducted<BR>
at the meeting. In the event an annual meeting is not<BR>
held at the time fixed in accordance with these Bylaws or<BR>
the time for an annual meeting is not fixed in accordance<BR>
with these Bylaws to be held within 13&nbsp;months after the<BR>
last annual meeting was held, the Corporation may<BR>
designate a special meeting held thereafter as a special<BR>
meeting in lieu of the annual meeting, and the meeting<BR>
shall have all of the effect of an annual meeting.<BR>
<I>Special Meetings</I>. Special meetings of the shareholders<BR>
may be called by the President or by the Directors, and<BR>
shall be called by the Secretary, or in case of the<BR>
death, absence, incapacity or refusal of the Secretary,<BR>
by another officer, if the holders of at least 40 per<BR>
cent, or such lesser percentage as the Articles of<BR>
Organization permit, of all the votes entitled to be cast<BR>
on any issue to be considered at the proposed special<BR>
meeting sign, date, and deliver to the Secretary one or<BR>
more written demands for the meeting describing the<BR>
purpose for which it is to be held. Only business within<BR>
the purpose or purposes described in the meeting notice<BR>
may be conducted at a special shareholders&#146; meeting.<BR>
<I>Place of Meetings</I>. All meetings of shareholders shall be<BR>
held at the principal office of the Corporation unless a<BR>
different place is fixed by the Board of Directors or the<BR>
President and is specified in the notice of the meeting;<BR>
provided, however, that all meetings of shareholders<BR>
shall be held in the United States.<BR>
<I>Notice of Business.</I> At any meeting of the shareholders,<BR>
only such business shall be conducted as shall have been<BR>
brought before the meeting (a)&nbsp;by or at the direction of<BR>
the Board of Directors or (b)&nbsp;by any shareholder of the<BR>
Corporation who is a shareholder of record at the time of<BR>
giving of the notice provided for in this Section, who<BR>
shall be entitled to vote at such meeting and who<BR>
complies with the notice procedures set forth in this<BR>
Section. For business to be properly brought before a<BR>
shareholder meeting by a shareholder, the shareholder<BR>
must have given timely notice thereof in writing to the<BR>
Secretary. To be timely, a shareholder&#146;s notice must be<BR>
delivered to or mailed and received at the principal<BR>
executive offices of the Corporation in the case of an<BR>
annual meeting not less than 150&nbsp;days prior to the date<BR>
such meeting was held in the prior year, or in the case<BR>
of any other meeting no later than the close of business<BR>
on the seventh day following the day on which notice of<BR>
the date of the meeting was mailed or public disclosure<BR>
was made, whichever is earlier. A shareholder&#146;s notice<BR>
to the Secretary shall set forth as to each matter the<BR>
shareholder proposes to bring before the meeting (a)&nbsp;a<BR>
brief description of the business desired to be brought<BR>
before the meeting and the reasons for conducting such<BR>
business at the meeting, (b)&nbsp;the names and addresses, as<BR>
they appear on the Corporation&#146;s books, of the<BR>
sharehold
er proposing such business and any other<BR>
shareholders known by such shareholder to be supporting<BR>
such proposal, (c)&nbsp;the class and number of shares of the<B
R>
Corporation which are beneficially owned by the<BR>
shareholder and any other shareholders known by such<BR>
shareholder to be supporting such proposal, and (d)&nbsp;any<BR>
material interest of the shareholder in such business.<BR>
Notwithstanding anything in these Bylaws to the contrary,<BR>
no business shall be conducted at a shareholder meeting<BR>
except in accordance with the procedures set forth in<BR>
this Section. The Chairman of the meeting shall, if the<BR>
facts warrant, determine and declare to the meeting that<BR>
business was not properly brought before the meeting and<BR>
in accordance with the provisions of the Bylaws, and if<BR>
he should so determine, he shall so declare to the<BR>
meeting and any such business not properly brought before<BR>
the meeting shall not be transacted. Notwithstanding the<BR>
foregoing provisions of this Section, a shareholder shall<BR>
also comply with all applicable requirements of the<BR>
Securities Exchange Act of 1934, as amended, and the<BR>
rules and regulations thereunder with respect to the<BR>
matters set forth in this Section.<BR>
<I>Requirement of Notice</I>. A written notice of the date,<BR>
time, and place of each annual and special shareholders&#146;<BR>
meeting describing the purposes of the meeting shall be<BR>
given to shareholders entitled to vote at the meeting<BR>
and, to the extent required by law or the Articles of<BR>
Organization, to shareholders not entitled to vote at the<BR>
meeting, no fewer than seven nor more than 60&nbsp;days before<BR>
the meeting date. If an annual or special meeting of<BR>
shareholders is adjourned to a different date, time or<BR>
place, notice need not be given of the new date, time or<BR>
place if the new date, time or place, if any, is<BR>
announced at the meeting before adjournment. If a new<BR>
record date for the adjourned meeting is fixed, however,<BR>
notice of the adjourned meeting shall be given under this<BR>
Section to persons who are shareholders as of the new<BR>
record date. All notices to shareholders shall conform<BR>
to the requirements of Article&nbsp;III.<BR>
<I>Waiver of Notice</I>. A shareholder may waive any notice<BR>
required by law, the Articles of Organization, or these<BR>
Bylaws before or after the date and time stated in the<BR>
notice. The waiver shall be in writing, be signed by the<BR>
shareholder entitled to the notice, and be delivered to<BR>
the Corporation for inclusion with the records of the<BR>
meeting. A shareholder&#146;s attendance at a meeting: (a)<BR>
waives objection to lack of notice or defective notice of<BR>
the meeting, unless the shareholder at the beginning of<BR>
the meeting objects to holding the meeting or transacting<BR>
business at the meeting; and (b)&nbsp;waives objection to<BR>
consideration of a particular matter at the meeting that<BR>
is not within the purpose or purposes described in the<BR>
meeting notice, unless the shareholder objects to<BR>
considering the matter when it is presented.<BR>
<I>Quorum</I>.</TD>
</TR>

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</TABLE>
</DIV>



<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;Unless otherwise provided by law, or in the Articles of Organization, these Bylaws or a
resolution of the Directors requiring satisfaction of a greater quorum requirement for any voting
group, a majority of the votes entitled to be cast on the matter (including shares as to which a
nominee has no voting authority) by a voting group constitutes a quorum of that voting group for
action on that matter. As used in these Bylaws, a voting group includes all shares of one or more
classes or series that, under the Articles of Organization or the Massachusetts Business
Corporation Act, as in effect from time to time (the &#147;MBCA&#148;), are entitled to vote and to be
counted together collectively on a matter at a meeting of shareholders.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;A share once represented for any purpose at a meeting is deemed present for quorum
purposes for the remainder of the meeting and for any adjournment of that meeting unless (1)&nbsp;the
shareholder attends solely to object to lack of notice, defective notice or the conduct of the
meeting on other grounds and does not vote the shares or otherwise consent that they are to be
deemed present, or (2)&nbsp;in the case of an adjournment, a new record date is or shall be set for that
adjourned meeting.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
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<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>

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<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Section&nbsp;8.<BR>
Section&nbsp;9.<BR>
Section&nbsp;10.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Voting and Proxies</I>. Unless the Articles of Organization<BR>
provide otherwise, each outstanding share, regardless of<BR>
class, is entitled to one vote on each matter voted on<BR>
at a shareholders&#146; meeting. A shareholder may vote his<BR>
or her shares in person or may appoint a proxy to vote<BR>
or otherwise act for him or her by signing an<BR>
appointment form, either personally or by his or her<BR>
attorney-in-fact. An appointment of a proxy is<BR>
effective when received by the Secretary or other<BR>
officer or agent authorized to tabulate votes. Unless<BR>
otherwise provided in the appointment form, an<BR>
appointment is valid for a period of 11&nbsp;months from the<BR>
date the shareholder signed the form or, if it is<BR>
undated, from the date of its receipt by the officer or<BR>
agent. An appointment of a proxy is revocable by the<BR>
shareholder unless the appointment form conspicuously<BR>
states that it is irrevocable and the appointment is<BR>
coupled with an interest, as defined in the MBCA. An<BR>
appointment made irrevocable is revoked when the<BR>
interest with which it is coupled is extinguished. The<BR>
death or incapacity of the shareholder appointing a<BR>
proxy shall not affect the right of the Corporation to<BR>
accept the proxy&#146;s authority unless notice of the death<BR>
or incapacity is received by the Secretary or other<BR>
officer or agent authorized to tabulate votes before the<BR>
proxy exercises his or her authority under the<BR>
appointment. A transferee for value of shares subject<BR>
to an irrevocable appointment may revoke the appointment<BR>
if he or she did not know of its existence when he or<BR>
she acquired the shares and the existence of the<BR>
irrevocable appointment was not noted conspicuously on<BR>
the certificate representing the shares or on the<BR>
information statement for shares without certificates.<BR>
Subject to the provisions of Section&nbsp;7.24 of the MBCA<BR>
and to any express limitation on the proxy&#146;s authority<BR>
appearing on the face of the appointment form, the<BR>
Corporation is entitled to accept the proxy&#146;s vote or<BR>
other action as that of the shareholder making the<BR>
appointment.<BR>
<I>Action at Meeting</I>. If a quorum of a voting group<BR>
exists, favorable action on a matter, other than the<BR>
election of Directors, is taken by a voting group (a)&nbsp;if<BR>
it is approved by the affirmative vote of the holders of<BR>
shares representing a majority of the votes entitled to<BR>
be cast by the voting group on the matter or (b)&nbsp;in the<BR>
case of any matter that has been approved by vote of the<BR>
Board of Directors taken at a meeting held prior to such<BR>
meeting of shareholders, if the votes cast within the<BR>
group favoring the action exceed the votes cast opposing<BR>
the action, unless, in the case of either (a)&nbsp;or (b), a<BR>
greater number of affirmative votes is required by law,<BR>
the Articles of Organization, these Bylaws or a<BR>
resolution of the Board of Directors. Directors are<BR>
elected by a majority of the votes entitled to be cast<BR>
in an election of directors by all issued and<BR>
outstanding shares. No ballot shall be required for<BR>
such election unless requested by a shareholder present<BR>
or represented at the meeting and entitled to vote in<BR>
the election.<BR>
<I>Action without Meeting by Written Consent</I>.</TD>
</TR>

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</TABLE>
</DIV>



<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;Action taken at a shareholders&#146; meeting may be taken without a meeting only if the action
is taken by all shareholders entitled to vote on the action. The action shall be evidenced by one
or more written consents that describe the action taken, are signed by shareholders having the
requisite votes, bear the date of the signatures of such shareholders, and are delivered to the
Corporation for inclusion with the records of meetings within 60&nbsp;days of the earliest dated consent
delivered to the Corporation as required by this Section. A consent signed under this Section has
the effect of a vote at a meeting.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;If action is to be taken pursuant to the consent of voting shareholders without a meeting,
the Corporation, at least seven days before the action pursuant to the consent is taken, shall give
notice, which complies in form with the requirements of Article&nbsp;III, of the action to nonvoting
shareholders in any case where such notice would be required by law if the action were to be taken
pursuant to a vote by voting shareholders at a meeting. The notice shall contain, or be
accompanied by, the same material that would have been required by law to be sent to shareholders
in or with the notice of a meeting at which the action would have been submitted to the
shareholders for approval.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Section&nbsp;11.</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><I>Record Date</I>.  The Directors may fix the record date in<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">order to determine the shareholders entitled to notice<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">of a shareholders' meeting, to demand a special meeting,<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">to vote, or to take any other action.  If a record date<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">for a specific action is not fixed by the Board of<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Directors, and is not supplied by law, the record date<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">shall be the close of business either on the day before<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">the first notice is sent to shareholders, or, if no<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">notice is sent, on the day before the meeting or, in the<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">case of action without a meeting by written consent, the<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">date the first shareholder signs the consent.  A record<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">date fixed under this Section may not be more than 70<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">days before the meeting or action requiring a<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">determination of shareholders.  A determination of<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">shareholders entitled to notice of or to vote at a<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">shareholders' meeting is effective for any adjournment<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">of the meeting unless the Board of Directors fixes a new<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">record date, which it shall do if the meeting is<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">adjourned to a date more than 120 days after the date<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">fixed for the original meeting.<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Section&nbsp;12.</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><I>Meetings by Remote Communications</I>.  Unless otherwise<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">provided in the Articles of Organization, if authorized<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">by the Directors, subject to such guidelines and<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">procedures as the Board of Directors may adopt,<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">shareholders and proxyholders not physically present at<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">a meeting of shareholders may, by means of remote<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">communications:  (a) participate in a meeting of<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">shareholders; and (b) be deemed present in person and<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">vote at a meeting of shareholders, provided that:  (1)<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">the Corporation shall implement reasonable measures to<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">verify that each person deemed present and permitted to<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">vote at the meeting by means of remote communication is<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">a shareholder or proxyholder; (2) the Corporation shall<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">implement reasonable measures to provide such<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">shareholders and proxyholders a reasonable opportunity<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">to participate in the meeting and to vote on matters<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">submitted to the shareholders, including an opportunity<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">to read or hear the proceedings of the meeting<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">substantially concurrently with such proceedings; and<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(3) if any shareholder or proxyholder votes or takes</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">other action at the meeting by means of remote<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">communication, a record of such vote or other action<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">shall be maintained by the Corporation.<BR></TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>Section&nbsp;13.</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><I>Form of Shareholder Action</I>.<BR></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;Any vote, consent, waiver, proxy appointment or other action by a shareholder or by the
proxy or other agent of any shareholder shall be considered given in writing, dated and signed,
if, in lieu of any other means permitted by law, it consists of an electronic transmission that
sets forth or is delivered with information from which the Corporation can determine (i)&nbsp;that the
electronic transmission was transmitted by the shareholder, proxy or agent or by a person
authorized to act for the shareholder, proxy or agent; and (ii)&nbsp;the date on which such shareholder,
proxy, agent or authorized person transmitted the electronic transmission. The date on which the
electronic transmission is transmitted shall be considered to be the date on which it was signed.
The electronic transmission shall be considered received by the Corporation if it has been sent to
any address specified by the Corporation for the purpose or, if no address has been specified, to
the principal office of the Corporation, addressed to the Secretary or other officer or agent
having custody of the records of proceedings of shareholders.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;Any copy, facsimile or other reliable reproduction of a vote, consent, waiver, proxy
appointment or other action by a shareholder or by the proxy or other agent of any shareholder may
be substituted or used in lieu of the original writing for any purpose for which the original
writing could be used, but the copy, facsimile or other reproduction shall be a complete
reproduction of the entire original writing.



<P align="left" style="margin-left:4%; font-size: 12pt"><I>Section&nbsp;14. Shareholders List for Meeting</I>.


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;After fixing a record date for a shareholders&#146; meeting, the Corporation shall prepare an
alphabetical list of the names of all its shareholders who are entitled to notice of the meeting.
The list shall be arranged by voting group, and within each voting group by class or series of
shares, and show the address of and number of shares held by each shareholder, but need not include
an electronic mail address or other electronic contact information for any shareholder.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;The shareholders list shall be available for inspection by any shareholder, beginning two
business days after notice is given of the meeting for which the list was prepared and continuing
through the meeting: (1)&nbsp;at the Corporation&#146;s principal office or at a place identified in the
meeting notice in the city where the meeting will be held; or (2)&nbsp;on a reasonably accessible
electronic network, <U>provided</U> that the information required to gain access to such list is
provided with the notice of the meeting. If the meeting is to be held solely by means of remote
communication, the list shall be made available on an electronic network.


<P align="left" style="font-size: 12pt; text-indent: 4%">(c)&nbsp;A shareholder, his or her agent, or attorney is entitled on written demand to inspect and,
subject to the requirements of Section 2(c) of Article&nbsp;VI of these Bylaws, to copy the list, during
regular business hours and at his or her expense, during the period it is available for inspection.


<P align="left" style="font-size: 12pt; text-indent: 4%">(d)&nbsp;The Corporation shall make the shareholders list available at the meeting, and any
shareholder or his or her agent or attorney is entitled to inspect the list at any time during the
meeting or any adjournment.


<P align="center" style="font-size: 12pt">ARTICLE II



<P align="center" style="font-size: 12pt">DIRECTORS


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Section&nbsp;1.<BR>
Section&nbsp;2.<BR>
Section&nbsp;3.<BR>
Section&nbsp;4.<BR>
Section&nbsp;5.<BR>
Section&nbsp;6.<BR>
Section&nbsp;7.<BR>
Section&nbsp;8.<BR>
Section&nbsp;9.<BR>
Section&nbsp;10.<BR>
Section&nbsp;11.<BR>
Section&nbsp;12.<BR>
Section&nbsp;13.<BR>
Section&nbsp;14.<BR>
Section&nbsp;15.<BR>
Section&nbsp;16.<BR>
Section&nbsp;17.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Powers</I>. All corporate power shall be exercised by or<BR>
under the authority of, and the business and affairs of<BR>
the Corporation shall be managed under the direction of,<BR>
its Board of Directors.<BR>
<I>Nomination; Eligibility to Serve.</I> Except as otherwise<BR>
provided in Section&nbsp;4 of this Article concerning the<BR>
filling of vacancies on the Board of Directors, only<BR>
persons who are nominated in accordance with the<BR>
procedures set forth in this Section shall be eligible<BR>
to serve as Directors. Nominations of persons for<BR>
election to the Board of Directors of the Corporation<BR>
may be made at a meeting of shareholders (a)&nbsp;by or at<BR>
the direction of the Board of Directors or (b)&nbsp;by any<BR>
shareholder of the Corporation who is a shareholder of<BR>
record at the time of giving of notice provided for in<BR>
this Section, who shall be entitled to vote for the<BR>
election of Directors at the meeting and who complies<BR>
with the notice procedures set forth in this Section.<BR>
Such nominations, other than those made by or at the<BR>
direction of the Board of Directors, shall be made<BR>
pursuant to timely notice in writing to the Secretary.<BR>
To be timely, a shareholder&#146;s notice shall be delivered<BR>
to or mailed and received at the principal executive<BR>
offices of the Corporation not less than 60&nbsp;days nor<BR>
more than 90&nbsp;days prior to the meeting; provided,<BR>
however, that in the event that less than 70&nbsp;days&#146;<BR>
notice or prior public disclosure of the date of the<BR>
meeting is given or made to shareholders, notice by the<BR>
shareholder to be timely must be so received not later<BR>
than the close of business on the seventh day following<BR>
the day on which such notice of the date of the meeting<BR>
was mailed or such public disclosure was made, whichever<BR>
is earlier. Such shareholder&#146;s notice shall set forth<BR>
(a)&nbsp;as to each person whom the shareholder proposes to<BR>
nominate for election or reelection as a Director, all<BR>
information relating to such person that is required to<BR>
be disclosed in solicitations of proxies for election of<BR>
Directors, or is otherwise required, in each case<BR>
pursuant to Regulation&nbsp;14A under the Securities Exchange<BR>
Act of 1934, as amended (including such person&#146;s written<BR>
consent to being named in the proxy statement as a<BR>
nominee and to serving as a Director if elected), and<BR>
(b)&nbsp;as to the shareholder giving the notice, (i)&nbsp;the<BR>
names and addresses, as they appear on the Corporation&#146;s<BR>
books, of such shareholder and any other shareholders<BR>
known by such shareholder to be supporting the election<BR>
of the proposed nominee(s) and (ii)&nbsp;the class and number<BR>
of shares of the Corporation which are beneficially<BR>
owned by such shareholder and any other shareholders<BR>
known by such shareholder to be supporting the election<BR>
of the proposed nominee(s). At the request of the Board<BR>
of Directors, any person nominated by the Board of<BR>
Directors for election as a Director shall furnish to<BR>
the Secretary that information required to be set forth<BR>
in a shareholder&#146;s notice of nomination which pertains<BR>
to the nominee. The Chairman of the meeting shall, if<BR>
the facts warrant, determine and declare to the meeting<BR>
that a nomination was not made in accordance with
 the<BR>
procedures prescribed by the Bylaws, and if he should so<BR>
determine, he shall so declare to the meeting and the<BR>
defective nomination shall be disregarded
..<BR>
Notwithstanding the foregoing provisions of this<BR>
Section, a shareholder shall also comply with all<BR>
applicable requirements of the Securities Exchange Act<BR>
of 1934, as amended, and the rules and regulations<BR>
thereunder with respect to the matters set forth in this<BR>
Section. Except as otherwise required by law, nothing<BR>
in this Section shall obligate the corporation or the<BR>
Board of Directors to include in any proxy statement or<BR>
other shareholder communication distributed on behalf of<BR>
the Corporation or the Board of Directors information<BR>
with respect to any nominee for Director submitted by a<BR>
shareholder.<BR>
<I>Number and Election.</I> The Board of Directors shall<BR>
consist of not less than the minimum number of<BR>
individuals permitted by law. Except as otherwise<BR>
provided in these Bylaws or the Articles of<BR>
Organization, the Directors shall be elected by the<BR>
shareholders at the annual meeting.<BR>
<I>Vacancies</I>. Vacancies and newly created directorships,<BR>
whether resulting from an increase in the size of the<BR>
Board of Directors, from the death, resignation,<BR>
disqualification or removal of a Director or otherwise,<BR>
shall be filled solely by the affirmative vote of a<BR>
majority of the remaining Directors then in office, even<BR>
though less than a quorum of the Board of Directors. A<BR>
vacancy that will occur at a specific later date may be<BR>
filled before the vacancy occurs but the new Director<BR>
may not take office until the vacancy occurs.<BR>
<I>Change in Size of the Board of Directors</I>. The number of<BR>
Directors may be fixed or changed from time to time by<BR>
the Board of Directors.<BR>
<I>Tenure</I>. The term of all Directors shall expire at the<BR>
first annual shareholders meeting after June&nbsp;2, 2005.<BR>
Thereafter, the term of all Directors shall expire at<BR>
the next annual shareholders meeting following their<BR>
election. No decrease in the number of Directors<BR>
constituting the Board of Directors shall shorten the<BR>
term of any incumbent director. The term of a Director<BR>
elected to fill a vacancy shall expire at the next<BR>
shareholders&#146; meeting at which Directors are elected.<BR>
Despite the expiration of a Director&#146;s term, he or she<BR>
shall continue to serve until his or her successor is<BR>
elected and qualified or until there is a decrease in<BR>
the number of Directors.<BR>
<I>Resignation</I>. A Director may resign at any time by<BR>
delivering written notice of resignation to the Board of<BR>
Directors, its chairman, or to the Corporation. A<BR>
resignation is effective when the notice is delivered<BR>
unless the notice specifies a later effective date.<BR>
<I>Removal</I>. The shareholders may remove one or more<BR>
Directors with or without cause. A Director may be<BR>
removed for cause by the Directors by a vote of a<BR>
majority of the Directors then in office. &#147;Cause&#148; shall<BR>
mean only (i)&nbsp;conviction of a felony, (ii)&nbsp;declaration<BR>
of unsound mind by order of court, (iii)&nbsp;gross<BR>
dereliction of duty, (iv)&nbsp;commission of an action<BR>
involving moral turpitude, or (v)&nbsp;commission of an<BR>
action which constitutes intentional misconduct or a<BR>
knowing violation of law if such action in either event<BR>
results both in an improper substantial personal benefit<BR>
and a material injury to the Corporation. A Director<BR>
may be removed by the shareholders or the Directors only<BR>
at a meeting called for the purpose of removing him or<BR>
her, and the meeting notice must state that the purpose,<BR>
or one of the purposes, of the meeting is removal of the<BR>
Director.<BR>
<I>Regular Meetings</I>. Regular meetings of the Board of<BR>
Directors may be held at such times and places as shall<BR>
from time to time b
e fixed by the Board of Directors<BR>
without notice of the date, time, place or purpose of<BR>
the meeting.<BR>
<I>Special Meetings</I>. Special meetings of the Board of<
BR>
Directors may be called by the President, by the<BR>
Chairman of the Board, if any, by the Secretary or by<BR>
any Director.<BR>
<I>Notice</I>. Special meetings of the Board must be preceded<BR>
by at least two days&#146; notice of the date, time and place<BR>
of the meeting. The notice need not describe the<BR>
purpose of the special meeting. All notices to<BR>
directors shall conform to the requirements of Article<BR>
III.<BR>
<I>Waiver of Notice</I>. A Director may waive any notice<BR>
before or after the date and time of the meeting. The<BR>
waiver shall be in writing, signed by the Director<BR>
entitled to the notice, or in the form of an electronic<BR>
transmission by the Director to the Corporation, and<BR>
filed with the minutes or corporate records. A<BR>
Director&#146;s attendance at or participation in a meeting<BR>
waives any required notice to him or her of the meeting<BR>
unless the Director at the beginning of the meeting, or<BR>
promptly upon his or her arrival, objects to holding the<BR>
meeting or transacting business at the meeting and does<BR>
not thereafter vote for or assent to action taken at the<BR>
meeting.<BR>
<I>Quorum</I>. A quorum of the Board of Directors consists of<BR>
a majority of the Directors then in office, provided<BR>
always that any number of Directors (whether one or more<BR>
and whether or not constituting a quorum) constituting a<BR>
majority of Directors present at any meeting or at any<BR>
adjourned meeting may make any reasonable adjournment<BR>
thereof.<BR>
<I>Action at Meeting</I>. If a quorum is present when a vote<BR>
is taken, the affirmative vote of a majority of<BR>
Directors present is the act of the Board of Directors.<BR>
A Director who is present at a meeting of the Board of<BR>
Directors or a committee of the Board of Directors when<BR>
corporate action is taken is considered to have assented<BR>
to the action taken unless: (a)&nbsp;he or she objects at<BR>
the beginning of the meeting, or promptly upon his or<BR>
her arrival, to holding it or transacting business at<BR>
the meeting; (b)&nbsp;his or her dissent or abstention from<BR>
the action taken is entered in the minutes of the<BR>
meeting; or (c)&nbsp;he or she delivers written notice of his<BR>
or her dissent or abstention to the presiding officer of<BR>
the meeting before its adjournment or to the Corporation<BR>
immediately after adjournment of the meeting. The right<BR>
of dissent or abstention is not available to a Director<BR>
who votes in favor of the action taken.<BR>
<I>Action Without Meeting</I>. Any action required or<BR>
permitted to be taken by the Directors may be taken<BR>
without a meeting if the action is taken by the<BR>
unanimous consent of the members of the Board of<BR>
Directors. The action must be evidenced by one or more<BR>
consents describing the action taken, in writing, signed<BR>
by each Director, or delivered to the Corporation by<BR>
electronic transmission, to the address specified by the<BR>
Corporation for the purpose or, if no address has been<BR>
specified, to the principal office of the Corporation,<BR>
addressed to the Secretary or other officer or agent<BR>
having custody of the records of proceedings of<BR>
Directors, and included in the minutes or filed with the<BR>
corporate records reflecting the action taken. Action<BR>
taken under this Section is effective when the last<BR>
Director signs or delivers the consent, unless the<BR>
consent specifies a different effective date. A consent<BR>
signed or delivered under this Section has the effect of<BR>
a meeting vote and may be described as such in any<BR>
document.<BR>
<I>Telephone Conference Meetings</I>. The Board of Directors<BR>
may permit any or all Directors to participate in a<BR>
regular or special meeting by, or conduct the meeting<BR>
through the use of, any
 means of communication by which<BR>
all Directors participating may simultaneously hear each<BR>
other during the meeting. A Director participating in a<BR>
meeting by this
 means is considered to be present in<BR>
person at the meeting.<BR>
<I>Committees</I>. The Board of Directors may create one or<BR>
more committees and appoint members of the Board of<BR>
Directors to serve on them. Each committee may have one<BR>
or more members, who serve at the pleasure of the Board<BR>
of Directors. The creation of a committee and<BR>
appointment of members to it must be approved by a<BR>
majority of all the Directors in office when the action<BR>
is taken. Article&nbsp;III and Sections&nbsp;11 through 16 of<BR>
this Article shall apply to committees and their<BR>
members. To the extent specified by the Board of<BR>
Directors, each committee may exercise the authority of<BR>
the Board of Directors. A committee may not, however:</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Section&nbsp;18.<BR>
Section&nbsp;19.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) authorize distributions; (b)&nbsp;approve or propose to<BR>
shareholders action that the MBCA requires be approved<BR>
by shareholders; (c)&nbsp;change the number of the Board of<BR>
Directors, remove Directors from office or fill<BR>
vacancies on the Board of Directors; (d)&nbsp;amend the<BR>
Articles of Organization; (e)&nbsp;adopt, amend or repeal<BR>
Bylaws; or (f)&nbsp;authorize or approve reacquisition of<BR>
shares, except according to a formula or method<BR>
prescribed by the Board of Directors. The creation of,<BR>
delegation of authority to, or action by a committee<BR>
does not alone constitute compliance by a Director with<BR>
the standards of conduct described in Section&nbsp;19 of this<BR>
Article.<BR>
<I>Compensation</I>. The Board of Directors may fix the<BR>
compensation of Directors.<BR>
<I>Standard of Conduct for Directors</I>.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;A Director shall discharge his or her duties as a Director, including his or her duties as
a member of a committee: (1)&nbsp;in good faith; (2)&nbsp;with the care that a person in a like position
would reasonably believe appropriate under similar circumstances; and (3)&nbsp;in a manner the Director
reasonably believes to be in the best interests of the Corporation. In determining what the
Director reasonably believes to be in the best interests of the Corporation, a Director may
consider the interests of the Corporation&#146;s employees, suppliers, creditors and customers, the
economy of the state, the region and the nation, community and societal considerations, and the
long-term and short-term interests of the Corporation and its shareholders, including the
possibility that these interests may be best served by the continued independence of the
Corporation.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;In discharging his or her duties, a Director who does not have knowledge that makes
reliance unwarranted is entitled to rely on information, opinions, reports, or statements,
including financial statements and other financial data, if prepared or presented by: (1)&nbsp;one or
more officers or employees of the Corporation whom the Director reasonably believes to be reliable
and competent with respect to the information, opinions, reports or statements presented; (2)&nbsp;legal
counsel, public accountants, or other persons retained by the Corporation, as to matters involving
skills or expertise the Director reasonably believes are matters (i)&nbsp;within the particular person&#146;s
professional or expert competence or (ii)&nbsp;as to which the particular person merits confidence; or
(3)&nbsp;a committee of the Board of Directors of which the Director is not a member if the Director
reasonably believes the committee merits confidence.


<P align="left" style="font-size: 12pt; text-indent: 4%">(c)&nbsp;A Director is not liable for any action taken as a Director, or any failure to take any
action, if he or she performed the duties of his or her office in compliance with this Section.



<P align="left" style="margin-left:4%; font-size: 12pt"><I>Section&nbsp;20. Conflict of Interest</I>.


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;A conflict of interest transaction is a transaction with the Corporation in which a
Director of the Corporation has a material direct or indirect interest. A conflict of interest
transaction is not voidable by the Corporation solely because of the Director&#146;s interest in the
transaction if any one of the following is true:


<P align="left" style="font-size: 12pt; text-indent: 8%">(1)&nbsp;the material facts of the transaction and the Director&#146;s interest were disclosed or known
to the Board of Directors or a committee of the Board of Directors and the Board of Directors or
committee authorized, approved, or ratified the transaction;


<P align="left" style="font-size: 12pt; text-indent: 8%">(2)&nbsp;the material facts of the transaction and the Director&#146;s interest were disclosed or known
to the shareholders entitled to vote and they authorized, approved, or ratified the transaction; or



<P align="left" style="margin-left:8%; font-size: 12pt">(3)&nbsp;the transaction was fair to the Corporation.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;For purposes of this Section, and without limiting the interests that may create conflict
of interest transactions, a Director of the Corporation has an indirect interest in a transaction
if: (1)&nbsp;another entity in which he or she has a material financial interest or in which he or she
is a general partner is a party to the transaction; or (2)&nbsp;another entity of which he or she is a
director, officer, or trustee or in which he or she holds another position is a party to the
transaction and the transaction is or should be considered by the Board of Directors of the
Corporation.


<P align="left" style="font-size: 12pt; text-indent: 4%">(c)&nbsp;For purposes of clause (1)&nbsp;of subsection (a), a conflict of interest transaction is
authorized, approved, or ratified if it receives the affirmative vote of a majority of the
Directors on the Board of Directors (or on the committee) who have no direct or indirect interest
in the transaction, but a transaction may not be authorized, approved, or ratified under this
Section by a single Director. If a majority of the Directors who have no direct or indirect
interest in the transaction vote to authorize, approve, or ratify the transaction, a quorum is
present for the purpose of taking action under this Section. The presence of, or a vote cast by, a
Director with a direct or indirect interest in the transaction does not affect the validity of any
action taken under clause (1)&nbsp;of subsection (a)&nbsp;if the transaction is otherwise authorized,
approved, or ratified as provided in that subsection.


<P align="left" style="font-size: 12pt; text-indent: 4%">(d)&nbsp;For purposes of clause (2)&nbsp;of subsection (a), a conflict of interest transaction is
authorized, approved, or ratified if it receives the vote of a majority of the shares entitled to
be counted under this subsection. Shares owned by or voted under the control of a Director who has
a direct or indirect interest in the transaction, and shares owned by or voted under the control of
an entity described in clause (1)&nbsp;of subsection (b), may not be counted in a vote of shareholders
to determine whether to authorize, approve, or ratify a conflict of interest transaction under
clause (2)&nbsp;of subsection (a). The vote of those shares, however, is counted in determining whether
the transaction is approved under other Sections of these Bylaws. A majority of the shares,
whether or not present, that are entitled to be counted in a vote on the transaction under this
subsection constitutes a quorum for the purpose of taking action under this Section.


<P align="center" style="font-size: 12pt">ARTICLE III



<P align="center" style="font-size: 12pt">MANNER OF NOTICE




<P align="left" style="margin-left:4%; font-size: 12pt">All notices under these Bylaws shall conform to the following requirements:


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;Notice shall be in writing unless oral notice is reasonable under the circumstances.
Notice by electronic transmission is written notice.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;Notice may be communicated in person; by telephone, voice mail, telegraph, teletype, or
other electronic means; by mail; by electronic transmission; or by messenger or delivery service.
If these forms of personal notice are impracticable, notice may be communicated by a newspaper of
general circulation in the area where published; or by radio, television, or other form of public
broadcast communication.


<P align="left" style="font-size: 12pt; text-indent: 4%">(c)&nbsp;Written notice, other than notice by electronic transmission, if in a comprehensible form,
is effective upon deposit in the United States mail, if mailed postpaid and correctly addressed to
the shareholder&#146;s address shown in the Corporation&#146;s current record of shareholders.


<P align="left" style="font-size: 12pt; text-indent: 4%">(d)&nbsp;Written notice by electronic transmission, if in comprehensible form, is effective: (1)
if by facsimile telecommunication, when directed to a number furnished by the shareholder for the
purpose; (2)&nbsp;if by electronic mail, when directed to an electronic mail address furnished by the
shareholder for the purpose; (3)&nbsp;if by a posting on an electronic network together with separate
notice to the shareholder of such specific posting, directed to an electronic mail address
furnished by the shareholder for the purpose, upon the later of (i)&nbsp;such posting and (ii)&nbsp;the
giving of such separate notice; and (4)&nbsp;if by any other form of electronic transmission, when
directed to the shareholder in such manner as the shareholder shall have specified to the
Corporation. An affidavit of the Secretary or an Assistant Secretary of the Corporation, the
transfer agent or other agent of the Corporation that the notice has been given by a form of
electronic transmission shall, in the absence of fraud, be prima facie evidence of the facts stated
therein.


<P align="left" style="font-size: 12pt; text-indent: 4%">(e)&nbsp;Except as provided in subsection (c), written notice, other than notice by electronic
transmission, if in a comprehensible form, is effective at the earliest of the following: (1)&nbsp;when
received; (2)&nbsp;five days after its deposit in the United States mail, if mailed postpaid and
correctly addressed; (3)&nbsp;on the date shown on the return receipt, if sent by registered or
certified mail, return receipt requested; or if sent by messenger or delivery service, on the date
shown on the return receipt signed by or on behalf of the addressee; or (4)&nbsp;on the date of
publication if notice by publication is permitted.



<P align="left" style="margin-left:4%; font-size: 12pt">(f)&nbsp;Oral notice is effective when communicated if communicated in a comprehensible manner.


<P align="center" style="font-size: 12pt">ARTICLE IV



<P align="center" style="font-size: 12pt">OFFICERS


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Section&nbsp;1.<BR>
Section&nbsp;2.<BR>
Section&nbsp;3.<BR>
Section&nbsp;4.<BR>
Section&nbsp;5.<BR>
Section&nbsp;6.<BR>
Section&nbsp;7.<BR>
Section&nbsp;8.<BR>
Section&nbsp;9.<BR>
Section&nbsp;10.<BR>
Section&nbsp;11.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Enumeration</I>. The Corporation shall have a President, a<BR>
Treasurer, a Secretary and such other officers as may be<BR>
appointed by the Board of Directors from time to time in<BR>
accordance with these Bylaws. The Board may appoint one<BR>
of its members to the office of Chairman of the Board<BR>
and from time to time define the powers and duties of<BR>
that office notwithstanding any other provisions of<BR>
these Bylaws.<BR>
<I>Appointment</I>. The officers shall be appointed by the<BR>
Board of Directors. A duly appointed officer may<BR>
appoint one or more officers or assistant officers if<BR>
authorized by the Board of Directors. Each officer has<BR>
the authority and shall perform the duties set forth in<BR>
these Bylaws or, to the extent consistent with these<BR>
Bylaws, the duties prescribed by the Board of Directors<BR>
or by direction of an officer authorized by the Board of<BR>
Directors to prescribe the duties of other officers.<BR>
<I>Qualification</I>. The same individual may simultaneously<BR>
hold more than one office in the Corporation.<BR>
<I>Tenure</I>. Officers shall hold office until the first<BR>
meeting of the Directors following the next annual<BR>
meeting of shareholders after their appointment and<BR>
until their respective successors are duly appointed,<BR>
unless a shorter or longer term is specified in the vote<BR>
appointing them. The appointment of an officer shall<BR>
not itself create contract rights. An officer&#146;s removal<BR>
shall not affect the officer&#146;s contract rights, if any,<BR>
with the Corporation. No contract right shall impair<BR>
the right of the Board of Directors to remove any<BR>
officer at any time in accordance with Section&nbsp;6 of this<BR>
Article.<BR>
<I>Resignation</I>. An officer may resign at any time by<BR>
delivering notice of the resignation to the Corporation.<BR>
A resignation is effective when the notice is delivered<BR>
unless the notice specifies a later effective date. If<BR>
a resignation is made effective at a later date and the<BR>
Corporation accepts the future effective date, the Board<BR>
of Directors may fill the pending vacancy before the<BR>
effective date if the Board of Directors provides that<BR>
the successor shall not take office until the effective<BR>
date. An officer&#146;s resignation shall not affect the<BR>
Corporation&#146;s contract rights, if any, with the officer.<BR>
<I>Removal</I>. The Board of Directors may remove any officer<BR>
at any time with or without cause.<BR>
Chairman of the Board. The chairman of the Board of<BR>
Directors, if there be one, shall, when present, preside<BR>
at all meetings of the Board of Directors and at all<BR>
meetings of the shareholders.<BR>
<I>President</I>. The President shall be the chief executive<BR>
officer of the Corporation except as the Board of<BR>
Directors may otherwise provide. The President shall<BR>
perform such duties and have such powers additional to<BR>
the foregoing as the Directors shall designate.<BR>
<I>Treasurer</I>. The Treasurer shall, subject to the<BR>
direction of the Directors, have general charge of the<BR>
financial affairs of the Corporation and shall cause to<BR>
be kept accurate books of accounts. He or she shall<BR>
have custody of all funds, securities, and valuable<BR>
documents of the Corporation, except as the Directors<BR>
may otherwise provide. The Treasurer shall perform such<BR>
duties and have such powers additional to the foregoing<BR>
as the Directors may designate.<BR>
<I>Secretary</I>. The Secretary shall have responsibility for<BR>
prepari
ng minutes of the Directors&#146; and shareholders&#146;<BR>
meetings and for authenticating records of the<BR>
Corporation. The Secretary shall perform such duties<BR></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 12pt">ARTICLE V



<P align="center" style="font-size: 12pt">PROVISIONS RELATING TO SHARES


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Section&nbsp;1.<BR>
Section&nbsp;2.<BR>
Section&nbsp;3.<BR>
Section&nbsp;4.<BR>
Section&nbsp;5.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Issuance and Consideration</I>. The Board of Directors may<BR>
issue the number of shares of each class or series<BR>
authorized by the Articles of Organization. The Board of<BR>
Directors may authorize shares to be issued for<BR>
consideration consisting of any tangible or intangible<BR>
property or benefit to the Corporation, including cash,<BR>
promissory notes, services performed, contracts for<BR>
services to be performed, or other securities of the<BR>
Corporation. Before the Corporation issues shares, the<BR>
Board of Directors shall determine that the consideration<BR>
received or to be received for shares to be issued is<BR>
adequate. The Board of Directors shall determine the<BR>
terms upon which the rights, options, or warrants for the<BR>
purchase of shares or other securities of the Corporation<BR>
are issued and the terms, including the consideration,<BR>
for which the shares or other securities are to be<BR>
issued.<BR>
<I>Share Certificates</I>. If shares are represented by<BR>
certificates, at a minimum each share certificate shall<BR>
state on its face: (a)&nbsp;the name of the Corporation and<BR>
that it is organized under the laws of The Commonwealth<BR>
of Massachusetts; (b)&nbsp;the name of the person to whom<BR>
issued; and (c)&nbsp;the number and class of shares and the<BR>
designation of the series, if any, the certificate<BR>
represents. If different classes of shares or different<BR>
series within a class are authorized, then the variations<BR>
in rights, preferences and limitations applicable to each<BR>
class and series, and the authority of the Board of<BR>
Directors to determine variations for any future class or<BR>
series, must be summarized on the front or back of each<BR>
certificate. Alternatively, each certificate may state<BR>
conspicuously on its front or back that the Corporation<BR>
will furnish the shareholder this information on request<BR>
in writing and without charge. Each share certificate<BR>
shall be signed, either manually or in facsimile, by the<BR>
President or a Vice President and by the Treasurer or an<BR>
Assistant Treasurer, or any two officers designated by<BR>
the Board of Directors, and shall bear the corporate seal<BR>
or its facsimile. If the person who signed, either<BR>
manually or in facsimile, a share certificate no longer<BR>
holds office when the certificate is issued, the<BR>
certificate shall be nevertheless valid.<BR>
<I>Uncertificated Shares</I>. The Board of Directors may<BR>
authorize the issue of some or all of the shares of any<BR>
or all of the Corporation&#146;s classes or series without<BR>
certificates. The authorization shall not affect shares<BR>
already represented by certificates until they are<BR>
surrendered to the Corporation. Within a reasonable time<BR>
after the issue or transfer of shares without<BR>
certificates, the Corporation shall send the shareholder<BR>
a written statement of the information required by the<BR>
MBCA to be on certificates.<BR>
<I>Record and Beneficial Owners</I>. The Corporation shall be<BR>
entitled to treat as the shareholder the person in whose<BR>
name shares are registered in the records of the<BR>
Corporation or, if the Board of Directors has established<BR>
a procedure by which the beneficial owner of shares that<BR>
are registered in the name of a nominee will be<BR>
recognized by the Corporation as a shareholder, the<BR>
beneficial owner of shares to the extent of the rights<BR>
granted by a nominee certificate on file with the<BR>
Corporation.<BR>
<I>Lost or Destroyed Certificates</I>. The Board of Directors<BR>
of the Corporation may, subject to Massachusetts General<BR>
Laws, Chapter&nbsp;106, Section&nbsp;8-405, determine the<BR>
c
onditions upon which a new share certificate may be<BR>
issued in place of any certificate alleged to have been<BR>
lost, destroyed, or wrongfully taken. The Board of<BR></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 12pt">ARTICLE VI



<P align="center" style="font-size: 12pt">CORPORATE RECORDS




<P align="left" style="margin-left:4%; font-size: 12pt"><I>Section&nbsp;1. Records to be Kept</I>.


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;The Corporation shall keep as permanent records minutes of all meetings of its
shareholders and Board of Directors, a record of all actions taken by the shareholders or Board of
Directors without a meeting, and a record of all actions taken by a committee of the Board of
Directors in place of the Board of Directors on behalf of the Corporation. The Corporation shall
maintain appropriate accounting records. The Corporation or its agent shall maintain a record of
its shareholders, in a form that permits preparation of a list of the names and addresses of all
shareholders, in alphabetical order by class of shares showing the number and class of shares held
by each. The Corporation shall maintain its records in written form or in another form capable of
conversion into written form within a reasonable time.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;The Corporation shall keep within The Commonwealth of Massachusetts a copy of the
following records at its principal office or an office of its transfer agent or of its Secretary or
Assistant Secretary or of its registered agent:


<P align="left" style="font-size: 12pt; text-indent: 8%">(i)&nbsp;its Articles or Restated Articles of Organization and all amendments to them currently in
effect;



<P align="left" style="margin-left:8%; font-size: 12pt">(ii)&nbsp;its Bylaws or restated Bylaws and all amendments to them currently in effect;


<P align="left" style="font-size: 12pt; text-indent: 8%">(iii)&nbsp;resolutions adopted by its Board of Directors creating one or more classes or series of
shares, and fixing their relative rights, preferences, and limitations, if shares issued pursuant
to those resolutions are outstanding;


<P align="left" style="font-size: 12pt; text-indent: 8%">(iv)&nbsp;the minutes of all shareholders&#146; meetings, and records of all action taken by
shareholders without a meeting, for the past three years;


<P align="left" style="font-size: 12pt; text-indent: 8%">(v)&nbsp;all written communications to shareholders generally within the past three years,
including the financial statements furnished under Section&nbsp;16.20 of the MBCA for the past three
years;



<P align="left" style="margin-left:8%; font-size: 12pt">(vi)&nbsp;a list of the names and business addresses of its current Directors and officers; and



<P align="left" style="margin-left:8%; font-size: 12pt">(vii)&nbsp;its most recent annual report delivered to the Massachusetts Secretary of State.



<P align="left" style="margin-left:4%; font-size: 12pt"><I>Section&nbsp;2. Inspection of Records by Shareholders</I>.


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;A shareholder is entitled to inspect and copy, during regular business hours at the office
where they are maintained pursuant to Section 1(b) of this Article, copies of any of the records of
the Corporation described in said Section if he or she gives the Corporation written notice of his
or her demand at least five business days before the date on which he or she wishes to inspect and
copy.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;A shareholder is entitled to inspect and copy, during regular business hours at a
reasonable location specified by the Corporation, any of the following records of the Corporation
if the shareholder meets the requirements of subsection (c)&nbsp;and gives the Corporation written
notice of his or her demand at least five business days before the date on which he or she wishes
to inspect and copy:


<P align="left" style="font-size: 12pt; text-indent: 8%">(1)&nbsp;excerpts from minutes reflecting action taken at any meeting of the Board of Directors,
records of any action of a committee of the Board of Directors while acting in place of the Board
of Directors on behalf of the Corporation, minutes of any meeting of the shareholders, and records
of action taken by the shareholders or Board of Directors without a meeting, to the extent not
subject to inspection under subsection (a)&nbsp;of this Section;


<P align="left" style="font-size: 12pt; text-indent: 8%">(2)&nbsp;accounting records of the Corporation, but if the financial statements of the Corporation
are audited by a certified public accountant, inspection shall be limited to the financial
statements and the supporting schedules reasonably necessary to verify any line item on those
statements; and



<P align="left" style="margin-left:8%; font-size: 12pt">(3)&nbsp;the record of shareholders described in Section 1(a) of this Article.



<P align="left" style="margin-left:4%; font-size: 12pt">(c)&nbsp;A shareholder may inspect and copy the records described in subsection (b)&nbsp;only if:



<P align="left" style="margin-left:8%; font-size: 12pt">(1)&nbsp;his or her demand is made in good faith and for a proper purpose;


<P align="left" style="font-size: 12pt; text-indent: 8%">(2)&nbsp;he or she describes with reasonable particularity his or her purpose and the records he or
she desires to inspect;



<P align="left" style="margin-left:8%; font-size: 12pt">(3)&nbsp;the records are directly connected with his or her purpose; and


<P align="left" style="font-size: 12pt; text-indent: 8%">(4)&nbsp;the Corporation shall not have determined in good faith that disclosure of the records
sought would adversely affect the Corporation in the conduct of its business or, in the case of a
public corporation, constitute material non-public information at the time when the shareholder&#146;s
notice of demand to inspect and copy is received by the Corporation.


<P align="left" style="font-size: 12pt; text-indent: 4%">(d)&nbsp;For purposes of this Section, &#147;shareholder&#148; includes a beneficial owner whose shares are
held in a voting trust or by a nominee on his or her behalf.



<P align="left" style="margin-left:4%; font-size: 12pt"><I>Section&nbsp;3. Scope of Inspection Right</I>.


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;A shareholder&#146;s agent or attorney has the same inspection and copying rights as the
shareholder represented.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;The Corporation may, if reasonable, satisfy the right of a shareholder to copy records
under Section&nbsp;2 of this Article by furnishing to the shareholder copies by photocopy or other means
chosen by the Corporation including copies furnished through an electronic transmission.


<P align="left" style="font-size: 12pt; text-indent: 4%">(c)&nbsp;The Corporation may impose a reasonable charge, covering the costs of labor, material,
transmission and delivery, for copies of any documents provided to the shareholder. The charge may
not exceed the estimated cost of production, reproduction, transmission or delivery of the records.


<P align="left" style="font-size: 12pt; text-indent: 4%">(d)&nbsp;The Corporation may comply at its expense, with a shareholder&#146;s demand to inspect the
record of shareholders under Section&nbsp;2(b)(3) of this Article by providing the shareholder with a
list of shareholders that was compiled no earlier than the date of the shareholder&#146;s demand.


<P align="left" style="font-size: 12pt; text-indent: 4%">(e)&nbsp;The Corporation may impose reasonable restrictions on the use or distribution of records
by the demanding shareholder.


<P align="left" style="font-size: 12pt; text-indent: 4%"><I>Section&nbsp;4. Inspection of Records by Directors</I>. A Director is entitled to inspect and copy the
books, records and documents of the Corporation at any reasonable time to the extent reasonably
related to the performance of the Director&#146;s duties as a Director, including duties as a member of
a committee, but not for any other purpose or in any manner that would violate any duty to the
Corporation.


<P align="center" style="font-size: 12pt">ARTICLE VII



<P align="center" style="font-size: 12pt">INDEMNIFICATION



<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;Each Director, officer, employee and other agent of the Corporation, and any person who,
at the request of the Corporation, serves as a director, officer, employee or other agent of
another organization in which the Corporation directly or indirectly owns shares or of which it is
a creditor shall be indemnified by the Corporation against any cost, expense (including attorneys&#146;
fees), judgment, liability and/or amount paid in settlement reasonably incurred by or imposed upon
him, in connection with any action, suit or proceeding (including any proceeding before any
administrative or legislative body or agency), which he may be made a party to or otherwise
involved with or with which he shall be threatened, by reason of his being, or related to his
status as, a Director, officer, employee or other agent of the Corporation or of any other
organization in which the Corporation directly or indirectly owns shares or of which the
Corporation is a creditor, which other organization he serves or has served as director, officer,
employee or other agent at the request of the Corporation (whether or not he continues to be an
officer, Director, employee or other agent of the Corporation or such other organization at the
time such action, suit or proceeding is brought or threatened), unless such indemnification is
prohibited by the MBCA. The foregoing right of indemnification shall be in addition to any rights
to which any such person may otherwise be entitled and shall inure to the benefit of the executors
or administrators of each such person. The Corporation may pay the expenses incurred by any such
person in defending a civil or criminal action, suit or proceeding in advance of the final
disposition of such action, suit, or proceeding, upon receipt of an undertaking by such person to
repay such payment if it is determined that such person is not entitled to indemnification
hereunder.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;The Board of Directors may, without shareholder approval, authorize the Corporation to
enter into agreements, including any amendments or modifications thereto, with any of its
Directors, officers or other persons described in paragraph (a)&nbsp;above providing for indemnification
of such persons to the maximum extent permitted under applicable law and the Corporation&#146;s Articles
of Organization and these Bylaws.


<P align="center" style="font-size: 12pt">ARTICLE VIII



<P align="center" style="font-size: 12pt">FISCAL YEAR




<P align="left" style="margin-left:4%; font-size: 12pt">The fiscal year of the Corporation shall be the year ending with December&nbsp;31 in each year.


<P align="center" style="font-size: 12pt">ARTICLE IX



<P align="center" style="font-size: 12pt">AMENDMENTS



<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;The power to make, amend or repeal these Bylaws shall be in the shareholders. If
authorized by the Articles of Organization, the Board of Directors may also make, amend or repeal
these Bylaws in whole or in part, except with respect to any provision thereof which by virtue of
an express provision in the MBCA, the Articles of Organization, or these Bylaws, requires action by
the shareholders.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;Not later than the time of giving notice of the meeting of shareholders next following the
making, amending or repealing by the Board of Directors of any Bylaw, notice stating the substance
of the action taken by the Board of Directors shall be given to all shareholders entitled to vote
on amending the Bylaws. Any action taken by the Board of Directors with respect to the Bylaws may
be amended or repealed by the shareholders.


<P align="left" style="font-size: 12pt; text-indent: 4%">(c)&nbsp;Approval of an amendment to the Bylaws that changes or deletes a quorum or voting
requirement for action by shareholders must satisfy both the applicable quorum and voting
requirements for action by shareholders with respect to amendment of these Bylaws and also the
particular quorum and voting requirements sought to be changed or deleted.


<P align="left" style="font-size: 12pt; text-indent: 4%">(d)&nbsp;A Bylaw dealing with quorum or voting requirements for shareholders, including additional
voting groups, may not be adopted, amended or repealed by the Board of Directors.


<P align="left" style="font-size: 12pt; text-indent: 4%">(e)&nbsp;A Bylaw that fixes a greater or lesser quorum requirement for action by the Board of
Directors, or a greater voting requirement, than provided for by the MBCA may be amended or
repealed by the shareholders, or by the Board of Directors if authorized pursuant to subsection
(a).


<P align="left" style="font-size: 12pt; text-indent: 4%">(f)&nbsp;If the Board of Directors is authorized to amend the Bylaws, approval by the Board of
Directors of an amendment to the Bylaws that changes or deletes a quorum or voting requirement for
action by the Board of Directors must satisfy both the applicable quorum and voting requirements
for action by the Board of Directors with respect to amendment of the Bylaws, and also the
particular quorum and voting requirements sought to be changed or deleted.


<P align="center" style="font-size: 12pt">ARTICLE X



<P align="center" style="font-size: 12pt">CONTROL SHARE ACQUISITIONS



<P align="left" style="font-size: 12pt; text-indent: 4%">The provisions of Chapter&nbsp;110D of the Massachusetts General Laws with respect to the
regulation of control share acquisitions shall not apply to the Corporation.



<P align="center" style="font-size: 10pt; display: none">3


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