<SEC-DOCUMENT>0001171843-15-000495.txt : 20150130
<SEC-HEADER>0001171843-15-000495.hdr.sgml : 20150130
<ACCEPTANCE-DATETIME>20150130163445
ACCESSION NUMBER:		0001171843-15-000495
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150130
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150130
DATE AS OF CHANGE:		20150130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SELECTIVE INSURANCE GROUP INC
		CENTRAL INDEX KEY:			0000230557
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				222168890
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33067
		FILM NUMBER:		15563490

	BUSINESS ADDRESS:	
		STREET 1:		40 WANTAGE AVENUE
		CITY:			BRANCHVILLE
		STATE:			NJ
		ZIP:			07890
		BUSINESS PHONE:		9739483000

	MAIL ADDRESS:	
		STREET 1:		40 WANTAGE AVE
		STREET 2:		40 WANTAGE AVE
		CITY:			BRANCHVILLE
		STATE:			NJ
		ZIP:			07890

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SRI CORP
		DATE OF NAME CHANGE:	19860508
</SEC-HEADER>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font style="DISPLAY: inline">SELECTIVE INSURANCE GROUP, INC.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Effective January 29, 2015, the Board of Directors of Selective Insurance Group, Inc. (the &#8220;Company&#8221;) approved certain primarily administrative amendments to the Company&#8217;s By-Laws Effective December 3, 2010 (the &#8220;Original By-Laws&#8221;).&#160;&#160;The Original By-Laws, as amended (the &#8220;Amended By-Laws&#8221;), clarifies certain respective duties of the Chairman of the Board of Directors, the Lead Independent Director, the Chief Executive Officer, the President, the Chief Financial Officer, Treasurer, and any Vice President.&#160;&#160;In addition, the Amended By-Laws clarifies the quorum provisions for stockholder meetings, and that each stockholder shall have one vote for each share held by him or her, except as set forth in the Company&#8217;s Amended and Restated Certificate of Incorporation (the &#8220;Charter&#8221;).&#160;&#160;The Amended By-Laws also mandate that the Board annually elect from its members an independent Salary and Employee Benefits Committee and an independent Corporate Governance and Nominating Committee and sets forth certain governance provisions for each such committee.&#160;&#160;Certain exculpation provisions of directors and officers were removed from the Amended By-Laws, as such provisions are contained in the Charter and not required to be included in the Amended By-Laws.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The above description of the amendments is not complete and is qualified by reference to the Amended By-Laws, a marked copy of which is filed as Exhibit 3.2 to this report and is incorporated herein by reference.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By-Laws of Selective Insurance Group, Inc., effective January 29, 2015, marked to show revisions.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<td colspan="3" width="2%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SELECTIVE INSURANCE GROUP, INC.</font></td>
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<td width="25%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Date: January 30, 2015</font></td>
<td width="2%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">By:</font></td>
<td width="71%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Michael H. Lanza</font></font></td>
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<td width="71%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Michael H. Lanza</font></td>
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<td width="71%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Executive Vice President and General Counsel</font></td>
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<DOCUMENT>
<TYPE>EX-3.2
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<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 3.2</B></P>

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

<P STYLE="margin: 0"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SELECTIVE INSURANCE GROUP, INC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><STRIKE>DECEMBER 3, 2010</STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>JANUARY 29, 2015</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 1. The principal
office of Selective Insurance Group, Inc. (the &ldquo;Company&rdquo;) shall be located at 40 Wantage Avenue, Branchville, New Jersey,
07890. The Company may also establish and have offices at such other place or places as may from time to time be designated by
the Board of Directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 2. The Company
shall have a seal with the name of the Company, the year of its organization, the words &quot;Corporate Seal&quot; and the state
of its incorporation thereon.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3A. The annual
meeting of the stockholders shall be held on a business day and at a time to be affixed by the Board of Directors during the last
week in April in each year at the principal office of the Company, or at such other time, date and place within or without the
State of New Jersey as a majority of the Directors may previously designate for the election of Directors and for the transaction
of such other business as may properly be brought before the meeting. Notice thereof shall be given by the Secretary by mailing
a notice to each stockholder to the address appearing on the Company records not less than ten (10) nor more than sixty (60) days
prior to the meeting. Any stockholder that attends a meeting without objecting to a lack of notice of the meeting prior to the
meeting&rsquo;s conclusion shall be deemed to have waived his/her right to notice of the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Special meetings of the
stockholders may be held at the principal office of the Company, or at such other place within or without the State of New Jersey
as the Directors may previously designate, whenever called, by <U>any of </U>the affirmative vote of a majority of the whole Board
of Directors<STRIKE> or by</STRIKE><U>,</U> the <U>Chief Executive Officer, or the </U>President. Notice of such a special meeting,
indicating briefly the object or objects thereof, shall be mailed to each stockholder at his/her address as the same appears on
the stock books of the Company not less than ten (10) nor more than sixty (60) days prior to the meeting. Such notice shall be
completely given upon mailing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><STRIKE>A majority in
amount of the stock issued and outstanding represented by the</STRIKE><U>The</U> holders <STRIKE>in person or by proxy </STRIKE><U>of
shares entitled to cast a majority of the votes at a meeting </U>shall <STRIKE>be requisite and sufficient to </STRIKE>constitute
a quorum at <STRIKE>any</STRIKE><U>such</U> meeting<STRIKE> of the stockholders</STRIKE> for the election of Directors or for the
transaction of other business.<U> Whenever the holders of any class or series are entitled to vote separately on a specified item
of business, the provisions of this</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><U>paragraph shall apply in determining the presence of a quorum of such class or series for the
transaction of such specified item of business. </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3B. (i) Nature
of Business at Meetings of Stockholders. Only such business (other than nominations for election to the Board of Directors, which
must comply with the provisions of Section 3(B)(ii)) may be transacted at an annual meeting of stockholders as is either (a) specified
in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors (or any duly authorized
committee thereof), (b) otherwise properly brought before the annual meeting by or at the direction of the Board of Directors (or
any duly authorized committee thereof), or (c) otherwise properly brought before the annual meeting by any stockholder of the Company
(i) who is a stockholder of record on the date of the giving of the notice provided for in this Section 3B(i) and on the record
date for the determination of stockholders entitled to notice of and to vote at such annual meeting and (ii) who complies with
the notice procedures set forth in this Section 3B(i).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to any
other applicable requirements, for business to be properly brought before an annual meeting by a stockholder, such stockholder
must have given timely notice thereof in proper written form to the Secretary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To be timely, a stockholder&rsquo;s
notice to the Secretary must be delivered to or be mailed and received at the principal executive offices of the Company not less
than one hundred twenty (120) days nor more than one hundred fifty (150) days prior to the anniversary date of the immediately
preceding annual meeting of stockholders; provided, however, that in the event that the annual meeting is called for a date that
is not within twenty-five (25) days before or after such anniversary date, notice by the stockholder in order to be timely must
be so received not later than the close of business on the tenth (10th) day following the day on which such notice of the date
of the annual meeting was mailed or such public disclosure of the date of the annual meeting was made, whichever first occurs.
In no event shall the adjournment or postponement of an annual meeting, or the public announcement of such an adjournment or postponement,
commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To be in proper written
form, a stockholder&rsquo;s notice to the Secretary must set forth the following information: (a) as to each matter such stockholder
proposes to bring before the annual meeting, a brief description of the business desired to be brought before the annual meeting
and the reasons for conducting such business at the annual meeting, and (b) as to the stockholder giving notice and the beneficial
owner, if any, on whose behalf the proposal is being made, (i) the name and address of such person, (ii) (A) the class or series
and number of all shares of stock of the Company which are owned beneficially or of record by such person and any affiliates or
associates of such person, (B) the name of each nominee holder of shares of all stock of the Company owned beneficially but not
of record by such person or any affiliates or associates of such person, and the number of such shares of stock of the Company
held by each such nominee holder, (C) whether and the extent to which any derivative instrument, swap, option, warrant, short
interest, hedge or profit interest or other transaction has been entered into by or on behalf of such person, or any affiliates
or associates of such person, with respect to stock of the Company and (D) whether and the extent to which any other transaction,
agreement, arrangement or understanding (including any short position or any borrowing or lending of shares of stock of the Company)
has been made by or on behalf of such person, or any affiliates or associates of such person, the effect or intent of any of the
foregoing being to mitigate loss to, or to manage risk or benefit of stock price changes for, such person, or any affiliates or
associates of such person, or to increase or decrease the voting power or pecuniary</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">or economic interest of such person, or any
affiliates or associates of such person, with respect to stock of the Company; (iii) a description of all agreements, arrangements,
or understandings (whether written or oral) between or among such person, or any affiliates or associates of such person, and
any other person or persons (including their names) in connection with the proposal of such business and any material interest
of such person or any affiliates or associates of such person, in such business, including any anticipated benefit therefrom to
such person, or any affiliates or associates of such person, (iv) a representation that the stockholder giving notice intends
to appear in person or by proxy at the annual meeting to bring such business before the meeting; and (v) any other information
relating to such person that would be required to be disclosed in a proxy statement or other filing required to be made in connection
with the solicitation of proxies by such person with respect to the proposed business to be brought by such person before the
annual meeting pursuant to Section 14 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and
the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A stockholder providing
notice of business proposed to be brought before an annual meeting shall further update and supplement such notice, if necessary,
so that the information provided or required to be provided in such notice pursuant to this Section 3B(i) shall be true and correct
as of the record date for determining the stockholders entitled to receive notice of the annual meeting and such update and supplement
shall be delivered to or be mailed and received by the Secretary at the principal executive offices of the Company not later than
five (5) business days after the record date for determining the stockholders entitled to receive notice of the annual meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No business shall be
conducted at the annual meeting of stockholders except business brought before the annual meeting in accordance with the procedures
set forth in this Section 3B(i); provided, however, that, once business has been properly brought before the annual meeting in
accordance with such procedures, nothing in this Section 3B(i) shall be deemed to preclude discussion by any stockholder of any
such business. If the chairman of an annual meeting determines that business was not properly brought before the annual meeting
in accordance with the foregoing procedures, the chairman shall declare to the meeting that the business was not properly brought
before the meeting and such business shall not be transacted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nothing contained in
this Section 3B(i) shall be deemed to affect any rights of stockholders to request inclusion of proposals in the Company's proxy
statement pursuant to Rule 14a-8 under the Exchange Act (or any successor provision of law).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) Nomination of
Directors. Only persons who are nominated in accordance with the following procedures shall be eligible for election as Directors
of the Company, except as may be otherwise provided in the Amended and Restated Certificate of Incorporation with respect to the
right of holders of preferred stock of the Company to nominate and elect a specified number of Directors in certain circumstances.
Nominations of persons for election to the Board of Directors may be made at any annual meeting of stockholders, or at any special
meeting of stockholders called for the purpose of electing Directors, (a) by or at the direction of the Board of Directors (or
any duly authorized committee thereof) or (b) by any stockholder of the Company (i) who is a stockholder of record on the date
of the giving of the notice provided for in this Section 3B(ii) and on the record date for the determination of stockholders entitled
to notice of and to vote at such annual meeting or special meeting and (ii) who complies with the notice procedures set forth in
this Section 3B(ii).</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to any
other applicable requirements, for a nomination to be made by a stockholder, such stockholder must have given timely notice thereof
in proper written form to the Secretary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To be timely, a stockholder&rsquo;s
notice to the Secretary must be delivered to or be mailed and received at the principal executive offices of the Company (a) in
the case of an annual meeting, not less than one hundred twenty (120) days nor more than one hundred fifty (150) days prior to
the anniversary date of the immediately preceding annual meeting of stockholders; provided, however, that in the event that the
annual meeting is called for a date that is not within twenty-five (25) days before or after such anniversary date, notice by the
stockholder in order to be timely must be so received not later than the close of business on the tenth (10th) day following the
day on which such notice of the date of the annual meeting was mailed or such public disclosure of the date of the annual meeting
was made, whichever first occurs; and (b) in the case of a special meeting of stockholders called for the purpose of electing directors,
not later than the close of business on the tenth (10th) day following the day on which notice of the date of the special meeting
was mailed or public disclosure of the date of the special meeting was made, whichever first occurs. In no event shall the adjournment
or postponement of an annual meeting or a special meeting called for the purpose of electing directors, or the public announcement
of such an adjournment or postponement, commence a new time period (or extend any time period) for the giving of a stockholder's
notice as described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To be in proper written
form, a stockholder&rsquo;s notice to the Secretary must set forth the following information: (a) as to each person whom the stockholder
proposes to nominate for election as a Director (i) the name, age, business address and residence address of such person, (ii)
the principal occupation or employment of such person, (iii) (A) the class or series and number of all shares of stock of the Company
which are owned beneficially or of record by such person and any affiliates or associates of such person, (B) the name of each
nominee holder of shares of all stock of the Company owned beneficially but not of record by such person or any affiliates or associates
of such person, and the number of such shares of stock of the Company held by each such nominee holder, (C) whether and the extent
to which any derivative instrument, swap,</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">option, warrant, short interest, hedge or profit interest or other transaction has been
entered into by or on behalf of such person, or any affiliates or associates of such person, with respect to stock of the Company
and (D) whether and the extent to which any other transaction, agreement, arrangement or understanding (including any short position
or any borrowing or lending of shares of stock of the Company) has been made by or on behalf of such person, or any affiliates
or associates of such person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit
of stock price changes for, such person, or any affiliates or associates of such person, or to increase or decrease the voting
power or pecuniary or economic interest of such person, or any affiliates or associates of such person, with respect to stock of
the Company; and (iv) any other information relating to such person that would be required to be disclosed in a proxy statement
or other filings required to be made in connection with solicitations of proxies for election of directors pursuant to Section
14 of the Exchange Act, and the rules and regulations promulgated thereunder; and (b) as to the stockholder giving the notice,
and the beneficial owner, if any, on whose behalf the nomination is being made, (i) the name and record address of the stockholder
giving the notice and the name and principal place of business of such beneficial owner; (ii) (A) the class or series and number
of all shares of stock of the Company which are owned beneficially or of record by such person and any affiliates or associates
of such person, (B) the name of each nominee holder of shares of the Company owned beneficially but not of record by such person
or any affiliates or associates of such person, and the number of shares of stock of the Company held by each such nominee holder,
(C) whether and the extent to which any derivative instrument, swap, option, warrant, short interest, hedge or profit interest
or other transaction has been entered into by or on behalf of such person, or any affiliates or associates of such person, with
respect to stock of the Company and (D) whether and the extent to which any other transaction, agreement, arrangement or understanding
(including any short position or any borrowing or lending of shares of stock of the Company) has been made by or on behalf of such
person, or any affiliates or associates of such person, the effect or intent of any of the foregoing being to mitigate loss to,
or to manage risk or benefit of stock price changes for, such person, or any affiliates or associates of such person, or to increase
or decrease the voting power or pecuniary or economic interest of such person, or any affiliates or associates of such person,
with respect to stock of the Company; (iii) a description of all agreements, arrangements, or understandings (whether written or
oral) between such person, or any affiliates or associates of such person, and any proposed nominee or any other person or persons
(including their names) pursuant to which the nomination(s) are being made by such person, and any material interest of such person,
or any affiliates or associates of such person, in such nomination, including any anticipated benefit therefrom to such person,
or any affiliates or associates of such person; (iv) a representation that the stockholder giving notice intends to appear in person
or by proxy at the annual meeting or special meeting to nominate the persons named in its notice; and (v) any other information
relating to such person that would be required to be disclosed in a proxy statement or other filings required to be made in connection
with the solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations
promulgated thereunder. Such notice must be accompanied by a written consent of each proposed nominee to being named as a nominee
and to serve as a director if elected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A stockholder providing
notice of any nomination proposed to be made at an annual meeting or special meeting shall further update and supplement such notice,
if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 3B(ii) shall
be true and correct as of the record date for determining the stockholders entitled to receive notice of the annual meeting or
special meeting, and such update and supplement shall be delivered to or be mailed and received by the Secretary at the principal
executive offices of the Company not later than five (5) business days after the record date for determining the stockholders entitled
to receive notice of such annual meeting or special meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No person shall be
eligible for election as a Director of the Company unless nominated in accordance with the procedures set forth in this Section
3B(ii). If the chairman of the meeting determines that a nomination was not made in accordance with the foregoing procedures, the
chairman shall declare to the meeting that the nomination was defective and such defective nomination shall be disregarded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3C. Except
as provided in Section 7B of these By-Laws, a nominee for director shall be elected to the Board of Directors if the votes cast
for such nominee's election exceed the votes cast against such nominee's election; provided, however, that directors shall be elected
by a plurality of the votes cast at any meeting of stockholders for which the Secretary of the Company determines that the number
of nominees exceeds the number of directors to be elected as of the date seven days prior to the scheduled mailing date of the
proxy statement for such meeting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 4. At the annual
meeting of the stockholders, two (2) stockholders, not candidates for the office of Director, shall be appointed as inspectors
of the election, whose duty it shall be honestly and fairly to conduct such election, and who shall furnish a certificate over</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">their signatures of the result thereof, which certificate shall be presented to and filed by the Secretary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 5. Every stockholder
shall be entitled at any meeting of the stockholders to one (1) vote for each share of stock held by him/her<U>, except as may
otherwise be set forth in the Amended and Restated Certificate of Incorporation</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 6. The Board
of Directors shall have power to close the stock transfer books of the Company for a period not exceeding fifty (50) days preceding
the date of any meeting of stockholders or the date for payment of any dividend, or the date for the allotment of rights, or the
date when any change or conversion or exchange of capital stock shall go into effect; provided that, in lieu of so closing the
stock transfer books, the Board of Directors may fix in advance a date, not exceeding <STRIKE>fifty (50</STRIKE><U>sixty (60</U>)
days preceding the date of any meeting of stockholders, or the date for the payment of any dividend, or the date for the allotment
of rights, or the date when any change or conversion or exchange of capital stock shall go into effect, as a record date for the
determination of the stockholders entitled to notice of, and to vote at, any such meeting, or entitled to receive payment of any
such dividend, or any such allotment of rights, or to exercise the rights in respect to any such change, conversion or exchange
of capital stock, and in such case only stockholders of record on the date so fixed shall be entitled to such notice of, and to
vote at, such meeting or to receive payment of such dividend, or allotment of rights or exercise of such rights, as the case may
be, and notwithstanding any transfer of any stock on the books of the Company after any such record date fixed as aforesaid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Certificates of stock
of the Company shall be in such form as the Board of Directors shall from time to time prescribe and shall be signed by the <U>Chairman
of the Board of Directors, the </U>President or a Vice President and by either the Treasurer or an Assistant Treasurer or the Secretary
or an Assistant Secretary. The Board of Directors shall have power to appoint one or more Transfer Agents and/or one (1) or more
Registrars for the transfer and/or registration of the certificates of stock and may require that stock certificates shall be countersigned
and/or registered by a Transfer Agent and/or Registrar; provided, that when any certificate is signed by a Transfer Agent and registered
by a Registrar, if the Board of Directors shall by resolution so provide, the signatures of the officers of the Company who sign
such certificate may be facsimiles and the seal of the Company imprinted thereon. The Board of Directors has the authority to issue
some or all stock of any class or series of the Company&rsquo;s capital stock with or without certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Shares of stock of the
Company shall be transferable on the books of the Company by the holder of record thereon in person or by duly authorized attorney
and upon the surrender of the certificate properly endorsed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No stockholder shall
be personally liable for any of the debts or obligations of the Company or for any assessment on his/her stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Stockholders shall have
no right to any division of the assets or profits of the Company or to any dividends therefrom, except as the Board of Directors
shall from time to time declare.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company shall be
entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and accordingly shall not
be bound to recognize any</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">equitable or other claim to or interest in such share on the part of any other person whether or not
it shall have express or other notice thereof, save as expressly provided by the laws of the State of New Jersey.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&#9;Section 7A. The
business and affairs of the Company shall be managed by a Board of Directors which shall have and may exercise all of the powers
of the Company, except such as are expressly conferred upon the stockholders by law, by the Amended and Restated Certificate of
Incorporation or by these By-Laws. Subject to the rights of the holders of shares of any series of preferred stock then outstanding,
the Board of Directors shall consist of not less than seven (7) nor more than twenty (20) persons. The exact number of Directors
within the minimum and maximum limitations specified in the preceding sentence shall be fixed from time to time by the Board of
Directors pursuant to a resolution adopted by a majority of the whole Board of Directors, and if such number is not so fixed, the
number shall be twelve (12). No decrease in the number of Directors constituting the Board of Directors shall shorten the term
of any incumbent Director. Commencing at the annual meeting of stockholders that is held in calendar year 2010 (the &ldquo;2010
Annual Meeting&rdquo;), Directors shall be elected annually for terms of one (1) year, except that any Director in office at the
2010 Annual Meeting whose term does not expire until the annual meeting of stockholders held in calendar year 2011 or calendar
year 2012 (a &ldquo;Continuing Classified Director&rdquo;) shall continue to hold office until the end of the term for which such
Continuing Classified Director was previously elected and until such Continuing Classified Director&rsquo;s successor shall have
been elected and qualified. Except as otherwise required by law, until the term of a Continuing Classified Director or any other
Director expires or otherwise terminates as aforesaid, such Directors may be removed from office by the stockholders of the Corporation
only for cause pursuant to the applicable provisions of the New Jersey Business Corporation Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 7B. Vacancies,
however caused, occurring in the Board of Directors, and newly created directorships resulting from an increase in the authorized
number of Directors may be filled by the affirmative vote of a majority of the remaining Directors at any regular or special meeting
and such newly appointed Director shall serve a term expiring at the next annual meeting of stockholders and until such Director&rsquo;s
successor shall have been elected and qualified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 7C. No person
who has attained his/her 72<SUP>nd</SUP> birthday shall be eligible for election as a Director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 7D. Members of
the Board of Directors shall receive such compensation as the Board of Directors may from time to time direct or determine.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 8. Regular meetings
of the Board of Directors shall be held at a time and place to be fixed by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><STRIKE>The Chairman
or President</STRIKE><U>Any of the Chairman of the Board of Directors, the Lead Independent Director or the Chief Executive Officer</U>
may call a special meeting of the Board of Directors when in his/her opinion the interests of the Company require it. It shall
be the duty of the <U>Chief Executive Officer, </U>President or Secretary to call a special meeting of the Board of Directors at
the request, in writing, of one-third (1/3) of the Directors then in office; and</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">if the <U>Chief Executive Officer, </U>President<U>,</U>
or Secretary fails or refuses to do so one-third (1/3) of the Directors then in office may call a special meeting of the Board
of Directors. In the absence of the Chairman of the Board of Directors, the Lead Independent Director (or his or her designee)
shall preside at all meetings of the Board of Directors and shall act as temporary chairman at, and call to order, all meetings
of the stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">At any meeting of the
Board of Directors<STRIKE> </STRIKE><U>, the participation of the Directors with </U>a majority of the<U> votes of the then-current
Board of</U> Directors shall constitute a quorum but a lesser number may adjourn the meeting from time to time until a quorum appears.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Twenty-Four (24) hours
notice of the time and place of any meeting of the Board of Directors shall be given to all Directors but business transacted at
any meeting at which all Directors are present shall be legal even though no notice of the applicable meeting was given.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Members of the Board
of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference
telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and
participation in a meeting pursuant to this provision shall constitute presence in person at such meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any action required
or permitted to be taken pursuant to authorization voted at a meeting of the Board of Directors, or any committee designated by
the Board of Directors, may be taken without a meeting, if, prior or subsequent to such action, all members of the Board of Directors
or of such committee, as the case may be, consent thereto<I> </I>in writing (including by facsimile, electronic mail or any other
electronic means) and such written consents are filed with the minutes of the proceedings of the Board of Directors or committee.
Such consent shall have the same effect as a unanimous vote of the Board of Directors or committee for all purposes and may be
stated as such in any certificate or other document filed with the Treasurer of the State of New Jersey, or other equivalent body
in a foreign jurisdiction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section <STRIKE>9</STRIKE><U>9A</U>.
The Board of Directors shall annually at its organizational meeting elect from its members an Executive Committee consisting of
the <STRIKE>President, if the President is a Director,</STRIKE><U>Chairman of the Board of Directors, the</U> Lead Independent
Director and a minimum of three (3) other Directors who shall constitute the Executive Committee, as fixed by the Board of Directors.
The Executive Committee shall meet at the call of <U>any of </U>the <STRIKE>President, if</STRIKE><U>Chairman of</U> the <STRIKE>President
is a Director,</STRIKE><U>Board of Directors, the</U> Lead Independent Director, or any two (2) members of the Executive Committee
but business transacted at any meeting at which all Directors comprising the Executive Committee are present <U>(and do not object
to the lack of notice prior to the conclusion of the meeting) </U>shall be legal even though no notice of the applicable committee
meeting was given. The Executive Committee shall have authority, when the Board of Directors is not in session, to take action
upon any matters that may be brought before it, except the Company's investments and except as expressly prohibited by the New
Jersey Business Corporation Act as <STRIKE>the same exists or may hereafter be </STRIKE>amended, and shall report its proceedings
to the Board of Directors at the Board of Director's next meeting. <STRIKE>A majority</STRIKE><U>The participation</U> of <STRIKE>the
</STRIKE>Executive Committee<U> members with a majority of the votes of the entire Executive Committee </U> shall constitute a
quorum thereof.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The <STRIKE>President,
if the President is a Director, shall be chairman</STRIKE><U>Chairman</U> of the <STRIKE>Executive Committee. Otherwise, the </STRIKE>Board
of Directors shall <STRIKE>annually elect a</STRIKE><U>be</U> chairman of the Executive Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The action of (i) a majority
of the members of the Executive Committee expressed at meetings or (ii) all of the members of the Executive Committee expressed
by a writing (including by facsimile, electronic mail or any other electronic means), without a meeting, shall, for all purposes,
constitute the action of the Executive Committee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section <STRIKE>9A</STRIKE><U>9B</U>.
The Board of Directors shall annually elect from its members a chairman and a minimum of three (3) other Directors, who shall constitute
the Finance Committee, as fixed by the Board of Directors. The Finance Committee shall meet on <U>at least </U>twenty-four (24)
hours' notice at the call of such chairman or any two (2) members but business transacted at any meeting at which all Directors
comprising the Finance committee are present <U>(and do not object to the lack of notice prior to the conclusion of the meeting)
</U>shall be legal even though no notice of the applicable committee meeting was given. The Finance Committee shall have authority
to purchase and sell stocks, bonds, notes and other securities, to sell properties acquired in foreclosure suits or in satisfaction
of debts, and otherwise to invest and reinvest the funds of the Company. All such purchases, sales, investments and reinvestments
must be reported to the Board of Directors at its next meeting. A majority of the Finance Committee shall constitute a quorum thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The action of (i) a majority
of the members of the Finance Committee expressed at meetings or (ii) all of the members of the Finance Committee expressed by
a writing (including by facsimile, electronic mail or any other electronic means), without a meeting, shall, for all purposes,
constitute the action of the Finance Committee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section <STRIKE>10</STRIKE><U>9C</U>.
The Board of Directors shall annually arrange for an audit of the Company's accounts by a certified public accountant. It shall
fix the number of and elect from its members an Audit Committee none of whom shall be an officer of the Company. The Audit Committee
shall meet on <U>at least </U>twenty-four (24) hours' notice at the call of such chairman or any two (2) members but business transacted
at any meeting at which all Directors comprising the Audit Committee are present <U>(and do not object to the lack of notice prior
to the conclusion of the meeting) </U>shall be legal even though no notice of the applicable committee meeting was given. The Audit
Committee shall examine the report of such audit and report to the Board of Directors any matters therein requiring action or consideration.
Such Audit Committee or the accountant shall have the right of access at all reasonable times to the accounts, books and vouchers
of the Company, and the officers of the Company shall supply such information and explanation as may be necessary for the full
performance of their duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The action of (i) a majority
of the members of the Audit Committee expressed at meetings or (ii) all of the members of the Audit Committee expressed by a writing
(including by facsimile, electronic mail or any other electronic means), without a meeting, shall, for all purposes, constitute
the action of the Audit Committee.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SALARY AND EMPLOYEE BENEFITS COMMITTEE</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 9D. The Board
of Directors shall annually elect from its members a chairman and a minimum of three (3) Directors, each of whom shall be an independent
director, who shall constitute the Salary and Employee Benefits Committee, as fixed by the Board of Directors. The Salary and Employee
Benefits Committee shall meet at least quarterly and more frequently as necessary to carry out its responsibilities. Meetings may
be called by the chairman and/or by the management of the Company. The Salary and Employee Benefits Committee shall oversee the
Company&rsquo;s compensation and employee benefit plans and practices, including its executive compensation plans, and its incentive
compensation and equity-based plans. A majority of the Salary and Employee Benefits Committee shall constitute a quorum thereof.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>The action of (i)
a majority of the members of the Salary and Employee Benefits Committee expressed at meetings or (ii) all of the members of the
Salary and Employee Benefits Committee expressed by a writing (including by facsimile, electronic mail or any other electronic
means), without a meeting, shall, for all purposes, constitute the action of the Salary and Employee Benefits Committee.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CORPORATE GOVERNANCE AND NOMINATING COMMITTEE</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 9E. The Board
of Directors shall annually elect from its members a chairman and a minimum of three (3) Directors, each of whom shall be an independent
director, who shall constitute the Corporate Governance and Nominating Committee, as fixed by the Board of Directors. The Corporate
Governance and Nominating Committee shall meet at least annually and more frequently as necessary to carry out its responsibilities.
Meetings may be called by the chairman and/or by the management of the Company. The Corporate Governance and Nominating Committee
shall establish criteria for the selection of directors, identify and recommend to the Board nominees for director in connection
with the Company&rsquo;s annual meeting of the stockholders, advise the Board with respect to the Board composition, procedures
and committees, identify and recommend to the Board the members of the Board to serve on the Board&rsquo;s committees, oversee
the evaluation of the Board and oversee the Company&rsquo;s corporate governance policies and procedures. A majority of the Corporate
Governance and Nominating Committee shall constitute a quorum thereof.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>The action of (i)
a majority of the members of the Corporate Governance and Nominating Committee expressed at meetings or (ii) all of the members
of the Corporate Governance and Nominating Committee expressed by a writing (including by facsimile, electronic mail or any other
electronic means), without a meeting, shall, for all purposes, constitute the action of the Corporate Governance and Nominating
Committee.</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section <STRIKE>11</STRIKE><U>10</U>.
The Board of Directors shall have the power to create other committees and shall have the power to appoint the members thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 11. Reserved.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U></U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">NOTICE TO DIRECTORS, OFFICERS AND
COMMITTEE MEMBERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 1in">Section 12. Any notice
required to be given to any Director, officer or committee member under the provisions of these By-Laws or otherwise shall be duly
and sufficiently given if mailed to such Director, officer or committee member at his/her address as the same appears on the stock
books of the Company (or, in the case of an officer who is not a stockholder, at his/her address appearing on the payroll records),
or if given personally or by telephone, facsimile, electronic mail or other electronic means. Such notice shall be completely given
upon mailing, or upon personal or telephonic notification, or upon the sending of a facsimile, electronic mail or other electronic
transmission, to such Director, officer or committee member, as the case may be, at his/her address, telephone number, facsimile
number, electronic mail address or other electronic transmission, in each case as the same appears on the books of the Company.
Any such notice may be waived by any Director, officer or committee member to whom it is required to be given either before or
after the meeting or occurrence for which such notice is required. Any Director that attends a meeting of the Board of Directors
or a meeting of any committee designated by the Board of Directors without objecting to a lack of notice of the meeting prior to
the meeting&rsquo;s conclusion shall be deemed to have waived his/her right to notice of the meeting.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 13A. The Board
of Directors immediately after the annual meeting of the stockholders shall meet and elect or appoint a Chairman of the Board of
Directors, Lead Independent Director, <U>Chief Executive Officer, </U>President, <U>one or more </U>Vice <STRIKE>President,</STRIKE><U>Presidents,
a</U> Secretary and <U>a </U>Treasurer. They may appoint such other officers as the needs of the Company may from time to time
require. All officers shall serve for one (1) year, or until the election and qualification of their successors, subject to the
power of the Directors to remove any officer at pleasure by a majority vote of the Board of Directors. Any two (2) offices except
those of the President and <STRIKE>Vice President</STRIKE><U>Secretary</U> may be held by the same person. The compensation of
the executive officers shall be fixed by the Board of Directors in accordance with any applicable stock exchange listing rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 13B. <STRIKE>President.
If the Chairman of the Board of Directors shall be designated as chief executive officer, the President shall exercise such powers
and duties as may be prescribed by the Chairman of the Board of Directors. In the absence of the designation of the Chairman of
the Board of Directors as chief executive officer, the President shall be chief executive officer of the Company and shall perform
all duties commonly incident to his/her office, and shall have general supervision of the affairs of the Company, subject to the
approval of the Board of Directors.</STRIKE><U>Chief Executive Officer. The Chief Executive Officer shall have the powers and duties
of management of the Company usually vested in a chief executive officer, including general supervision, direction, and control
of the business and supervision of the other officers of the Company, subject only to the authority of the Board of Directors.
The Chief Executive Officer shall see that all orders and resolutions of the Board of Directors are carried into effect. The Chief
Executive Officer may enter into and execute in the name of the Company contracts or other instruments in the regular course of
business or contracts or other instruments not in the regular course of business that are authorized, either generally or specifically,
by the Board of Directors. The Chief Executive Officer shall have such other</U><STRIKE> </STRIKE><U>powers and duties as may be
prescribed by the Board of Directors or these By-Laws.</U> At a meeting of the Board of Directors during the first quarter of the
Company&rsquo;s fiscal year, the <STRIKE>President</STRIKE><U>Chief Executive Officer</U> shall submit a complete report of the
operations and the business of the Company for the previous fiscal year, together with a statement of the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Company's affairs at
the close of such year, and shall submit a similar report at each annual meeting of the stockholders.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; font-style: normal">The
<STRIKE>President</STRIKE><U>Chief Executive Officer</U> shall also report to the Board of Directors from time to time all matters
coming to his/her notice, relating to the interests of the Company that should be brought to the attention of the Board of Directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><STRIKE>Section 13C.
Vice President. The Vice President shall have and exercise all the powers and duties of the President<B> </B>in case of his/her
absence or inability to act, as such powers and duties are prescribed by the Board of Directors.</STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><STRIKE>Section 13D.</STRIKE><U>Section
13C. President. The President shall have the general powers and duties of management of the Company and supervision, direction
and control of the business as are authorized either generally or specifically by the Chief Executive Officer, the Board of Directors
or these By-Laws. When the offices of President and Chief Executive Officer are not held by the same individual, the President
shall report to the Chief Executive Officer. The President may enter into and execute in the name of the Company contracts or other
instruments in the regular course of business or contracts or other instruments not in the regular course of business that are
authorized, either generally or specifically, by the Board of Directors. During the absence or disability of the Chief Executive
Officer, the President shall have all the powers and functions of the Chief Executive Officer.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 13D. During
the absence or disability of the President, the Board of Directors shall determine who shall have all of the powers and functions
of the President. Each Vice President shall perform such other duties as the Chief Executive Officer, President or Board of Directors
shall prescribe. <B><I> </I></B></U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U>Section 13E.</U> Secretary.
The Secretary shall attend all meetings of the Board of Directors and of the stockholders, and shall record all votes and the minutes
of all proceedings in a book to be kept for that purpose. The Secretary shall give or cause to be given notice of all meetings
of the stockholders and the Board of Directors, and shall affix the seal of the Company to such papers as may require it. The Secretary
shall have charge of the Company's seal, stock certificates and such other books and papers as the Board of Directors may prescribe.
The Secretary shall make such reports of the Board of Directors as they may request, and shall prepare and cause to be filed such
reports and statements as may be required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section <STRIKE>13E.
Treasurer.</STRIKE><U>13F.&#9;Chief Financial Officer. The Chief Financial Officer</U><STRIKE> The Treasurer shall have the care
and custody of all the funds and securities of the Company and shall deposit the same in the name of the Company in such bank or
banks as the Board of Directors may designate, and shall disburse the same under such rules and regulations as may be made by the
Board of Directors, and shall perform such other duties as the Board of Directors may from time to time prescribe. The Treasurer</STRIKE>
shall keep full and accurate accounts of receipts and disbursements in books belonging to the Company, and shall see that all expenditures
are duly authorized and are evidenced by proper receipts and vouchers. The <STRIKE>Treasurer</STRIKE><U>Chief Financial Officer</U>
shall render to<U> the Chief Executive Officer,</U> the President and Directors at the regular meetings of the Board of Directors,
or whenever they may require it, an account of all <STRIKE>his/her</STRIKE><U>Company</U> transactions<STRIKE> as Treasurer</STRIKE>,
and of the financial condition of the Company, and shall also make a full report of the financial condition of the Company at each
annual meeting of the stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><STRIKE>&#9;</STRIKE><U>Section
13F</U><STRIKE>.</STRIKE><U>Section 13G.&#9;Treasurer. The Treasurer shall have the care and custody of all the funds and securities
of the Company and shall deposit the same in the name of the Company in such bank or banks as the Board of Directors may designate,
and shall disburse the same under such rules and regulations as may be made by the Board of Directors, and shall perform such other
duties as the Board of Directors may from time to time prescribe. </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 13H.</U>
Chairman of the Board of Directors. The Chairman of the Board of Directors shall preside at all meetings of the stockholders and
the Board of Directors and he shall perform such other duties and exercise such other powers as the Board of Directors or the Executive
Committee may prescribe.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 14. <STRIKE>Elimination
of Certain Liability. A Director of the Company shall not be personally liable to the Company or its stockholders for damages for
breach of any duty owed to the Company or its stockholders, except to the extent such personal liability may not be eliminated
or limited under the New Jersey Business Corporation Act as the same exists or may hereafter be amended.</STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><STRIKE>An officer of the Company shall
not be personally liable to the Company or its stockholders for damages for breach of any duty owed to the Company or its stockholders,
except to the extent and for the duration of any period of time such personal liability may not be eliminated or limited under
the New Jersey Business Corporation Act as the same exists or may hereafter be amended.</STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><STRIKE>Section 14A.
</STRIKE>Indemnification and Insurance</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right
to Indemnification. Each person who was or is made a party or is threatened to be made a party to or is involved in any pending,
threatened or completed civil, criminal, administrative or arbitrative action, suit or proceeding, or any appeal therein or any
inquiry or investigation which could lead to such action, suit or proceeding (a &quot;proceeding&quot;), by reason of his/her being
or having been a Director or officer of the Company or of any constituent company absorbed by the Company in a consolidation or
merger, or by reason of his/her being or having been a <STRIKE>Director</STRIKE><U>director</U>, officer, trustee, employee or
agent of any other company (domestic or foreign) or of any partnership, joint venture, sole proprietorship, trust, employee benefit
plan or other enterprise (whether or not for profit), serving as such at the request of the Company, or the legal representative
of any such <STRIKE>Director</STRIKE><U>director</U>, officer, trustee, employee or agent, shall be indemnified and held harmless
by the Company to the fullest extent permitted by the New Jersey Business Corporation Act, as the same exists or may hereafter
be amended (but, in the case of any such amendment, <U>except as otherwise provided by law, </U>only to the extent that such amendment
permits the Company to provide broader indemnification rights than New Jersey Business Corporation Act permitted prior to such
amendment), from and against any and all reasonable costs, disbursements and attorney's fees, and any and all amounts paid or incurred
in satisfaction of settlements, judgments, fines and penalties, incurred or suffered in connection with any such proceeding, and
such indemnification shall continue as to a person who has ceased to be a <STRIKE>Director</STRIKE><U>director</U>, officer, trustee,
employee or agent and shall inure to the benefit of his/her heirs, executors, administrators and assigns; provided, however, that,
except as provided in Section <STRIKE>14A(b</STRIKE><U>14(ii</U>) hereof, the Company shall indemnify any such person seeking indemnification
in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was specifically
authorized by</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">the Board of Directors of the Company<STRIKE>.</STRIKE><U> or as otherwise required by law.</U> The right to indemnification
conferred in this subsection shall be a contract right and shall include the right to be paid by the Company the expenses incurred
in connection with any proceeding in advance of the final disposition of such proceeding as authorized by the Board of Directors;
provided, however, that, if the New Jersey Business Corporation Act so requires, the payment of such expenses incurred by <STRIKE>a
Director or officer in his/her capacity as a Director or officer</STRIKE><U>any indemnitee</U> in advance of the final disposition
of a proceeding shall be made only upon receipt by the Company of an undertaking, by or on behalf of such <STRIKE>Director or officer</STRIKE><U>indemnitee</U>,
to repay all amounts so advanced unless it shall ultimately be determined that such <STRIKE>Director or officer</STRIKE><U>indemnitee</U>
is entitled to be indemnified under this subsection or otherwise. The Company may, by action of the Board of Directors, provide
for indemnification and advancement of expenses to employees and agents of the Company with the same scope and effect as the foregoing
indemnification of Directors and officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right
of Claimant to Bring Suit. If a claim under Section <STRIKE>14A</STRIKE><U>14</U>(i) is not paid in full by the Company within
thirty (30) days after a written request has been received by the Company, the claimant may at any time thereafter apply to a court
for an award of indemnification by the Company for the unpaid amount of the claim and, if successful on the merits or otherwise
in connection with any proceeding, or in the defense of any claim, issue or matter therein, the claimant shall be entitled also
to be paid by the Company any and all expenses incurred or suffered in connection with such proceeding. <STRIKE>It</STRIKE><U>Except
as otherwise provided by law, it</U> shall be a defense to any such action (other than an action brought to enforce a claim for
the advancement of expenses incurred in connection with any proceeding where the required undertaking, if any, has been tendered
to the Company) that the claimant has not met the standard of conduct which makes it permissible under the New Jersey Business
Corporation Act for the Company to indemnify the claimant for the amount claimed, but the burden of proving such defense shall
be on the Company. Neither the failure of the Company (including its Board of Directors, independent legal counsel or its stockholders)
to have made a determination prior to the commencement of such proceeding that indemnification of the claimant is proper in the
circumstances because he or she has met the applicable standard of conduct set forth in the New Jersey Business Corporation Act,
nor an actual determination by the Company (including its Board of Directors, independent legal counsel or its stockholders) that
the claimant has not met such applicable standard of conduct, nor the termination of any proceeding by judgment, order, settlement,
conviction or upon a plea of nolo contendere or its equivalent, shall be a defense to the action or create a presumption that the
claimant has not met the applicable standard of conduct.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Exclusivity
of Rights. The right to indemnification and advancement of expenses provided by or granted pursuant to this Section <STRIKE>14A</STRIKE><U>14</U>
shall not exclude or be exclusive of any other rights to which any person may be entitled under a certificate of incorporation,
by-law, agreement, vote of stockholders or otherwise, provided that no indemnification shall be made to or on behalf of such person
if a judgment or other final adjudication adverse to such person establishes that such person has not met the applicable standard
of conduct required to be met under the New Jersey Business Corporation Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance.
The Company may purchase and maintain insurance on behalf of any <STRIKE>Director</STRIKE><U>director</U>, officer, employee or
agent of the Company or another company, partnership, joint venture, trust, employee benefit plan or other enterprise against any
expenses incurred in any proceeding and any liabilities asserted against him/her by reason of such person being or having been
such a <STRIKE>Director</STRIKE><U>director</U>, officer, employee or agent, whether or not the</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Company would have the power to
indemnify such person against such expenses and liabilities under the provisions of this Section <STRIKE>14A</STRIKE><U>14</U>
or otherwise.<U> </U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 15. The Board
of Directors shall annually appoint a General Counsel of the Company whose duty it shall be to afford and communicate to the officers,
Directors and committees, in writing or otherwise, whenever requested, such counsel, legal advice and information as may be requested
to guide them in the discharge and performance of their duties.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 16. The fiscal
year of the Company shall be fixed by resolution of the Board of Directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 17. All checks
issued by the Company shall bear the signatures or facsimile signatures of at least two (2) persons designated by the Board of
Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All other notes, drafts,
orders for the payment of money and all other documents requiring the signature of an officer or officers of the Company shall
be signed by such officer or officers or such other person or persons as the Board of Directors may from time to time designate.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 18. No stockholders,
other than an officer or Director, shall have any right to inspect any account or book or document of the Company except as such
right may be conferred by law or authorized by the Board of Directors after evidence satisfactory to the Board of Directors is
presented that such inspection is desired for a proper purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">______________Section 19. Reserved.<U>
</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 20. Notwithstanding
any other provision contained in these By-Laws to the contrary, Sections 7A and 7B and this Section 20 of these By-Laws may be
altered, amended, supplemented or repealed only by the affirmative vote of 66-2/3% or more of the voting power of all of the shares
of the Company entitled to vote generally in the election of Directors, voting together as a single class.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the foregoing,
these By-Laws may be altered, amended, supplemented or repealed and new By-Laws may be adopted by the Board of Directors at any
meeting, provided that ten (10) days' notice, in writing has been given to each Director of any proposed alteration, amendment,
supplemental repeal or adoption. The affirmative vote of a majority of the whole Board of Directors shall be necessary to accomplish
any proposed alteration, amendment, supplement, repeal or adoption. _Any By-Law contained in these By-Laws may be altered, amended,
supplemented, repealed or adopted without such previous notice by the vote of three-fourths (3/4ths) of the whole Board of Directors.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">15</P>

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

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