<SEC-DOCUMENT>0001171843-20-004373.txt : 20200615
<SEC-HEADER>0001171843-20-004373.hdr.sgml : 20200615
<ACCEPTANCE-DATETIME>20200615161516
ACCESSION NUMBER:		0001171843-20-004373
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200610
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200615
DATE AS OF CHANGE:		20200615

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UFP TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000914156
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				042314970
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12648
		FILM NUMBER:		20963436

	BUSINESS ADDRESS:	
		STREET 1:		100 HALE STREET
		CITY:			NEWBURYPORT
		STATE:			MA
		ZIP:			01950
		BUSINESS PHONE:		978-352-2200

	MAIL ADDRESS:	
		STREET 1:		100 HALE STREET
		CITY:			NEWBURYPORT
		STATE:			MA
		ZIP:			01950
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_061220.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT><B><BR>
Washington, D.C. 20549</B><BR>
_____________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM 8-K</B></FONT><BR>
_____________________</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">Current Report Pursuant to<BR>
Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</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">Date of Report (Date of earliest event Reported):
June 10, 2020 &nbsp;</P>

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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UFP Technologies, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or Other Jurisdiction of Incorporation)<BR>
<BR>
</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-12648</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>04-2314970</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer Identification Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>100 Hale Street, Newburyport, MA - USA</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>01950-3504</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><BR>
978-352-2200</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant's telephone number, including area code)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>N/A</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Former name or former address, if changed since last report)<BR>
<BR>
</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<BR>
</FONT></TD></TR>
</TABLE>

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

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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ &nbsp; ]</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ &nbsp; ]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ &nbsp; ]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ &nbsp; ]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border: black 1pt solid; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="width: 41%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UFPT</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The NASDAQ Stock Market L.L.C.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR &sect;240.12b-2). Emerging growth company [ &nbsp; ]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. [ &nbsp; ]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Bylaws</I></B></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">On April 20, 2020, the Board of Directors
(the &ldquo;Board&rdquo;) of UFP Technologies, Inc. (the &ldquo;Company&rdquo;) approved an amendment and restatement of our bylaws
(the &ldquo;Restated Bylaws&rdquo;) to reflect updates to Delaware law that require that directors may be removed by a majority
of shares entitled to vote at an election of directors, rather than a super-majority of stockholders, as our bylaws currently provide.
The Restated Bylaws became effective on June 10, 2020.</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"><A NAME="a_002"></A>The Restated Bylaws are filed as Exhibit
3.1 to this Current Report on 8-K and are incorporated herein by reference. The foregoing description of the Restated Bylaws is
not intended to be complete and is qualified in its entirety by reference to the full text of the Restated Bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Declassification of the Board</I></B></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">On June 10, 2020, the Company held its
Annual Meeting of Stockholders (the &ldquo;Annual Meeting&rdquo;). At the Annual Meeting, the Company&rsquo;s stockholders approved
an amendment to the Company&rsquo;s Certificate of Incorporation (as previously amended, the &ldquo;Certificate of Incorporation&rdquo;),
to eliminate the classified structure of the Board and provide for the annual election of directors. The amendment (the &ldquo;Certificate
of Amendment&rdquo;) was filed with the Secretary of State of the State of Delaware on June 10, 2020 and became effective on such
date. Based on the approval of the amendment and the filing of the Certificate of Amendment:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; width: 3%"><FONT STYLE="font-size: 14pt">&bull;</FONT></TD>
    <TD STYLE="text-align: left; width: 97%; vertical-align: top">the Class III directors elected at the Annual Meeting are elected to serve for a one-year term;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 14pt">&bull;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top">all other directors will continue to serve for the remainder of their existing three-year terms;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 14pt">&bull;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top">at the 2021 Annual Meeting of Stockholders, nominees for Class I and Class III directors will stand for election to one-year terms; and</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 14pt">&bull;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top">commencing with the 2022 Annual Meeting of Stockholders, the Board will cease to be classified and all directors will be elected annually, with nominees standing for election to one-year terms.</TD></TR>
</TABLE>




<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"><A NAME="a_003"></A>The Certificate of Amendment is filed
as Exhibit 3.2 to this Current Report on 8-K and is incorporated herein by reference. A more detailed description of the Certificate
of Amendment and the changes to our Certificate of Incorporation effected by the amendment was included in the Company&rsquo;s
definitive proxy statement on Form DEF 14A, filed with the U.S. Securities and Exchange Commission on April 28, 2020 (the &ldquo;Proxy
Statement&rdquo;), which description is incorporated in its entirety herein by reference. The foregoing description of the Certificate
of Amendment is not intended to be complete and is qualified in its entirety by reference to the full text of the Certificate
of Amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.07. Submission of Matters
to a Vote of Security Holders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 10, 2020, the Company held its
Annual Meeting of Stockholders. The final results for each of the matters submitted to a vote of stockholders at the meeting are
set forth below. A more detailed description of each proposal is set forth in the Company&rsquo;s Proxy Statement.</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"><B>Proposal No. 1. Election of Directors.</B>
The stockholders elected the three Class III nominees for director to serve until the Company&rsquo;s 2021 Annual Meeting of Stockholders
and until their respective successors are duly elected and qualified, by the votes set forth in the table below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Withheld</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Abstained</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Broker Non-Vote</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert W. Pierce, Jr.&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,927,750</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98,037</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel C. Croteau</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,942,498</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83,289</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cynthia L. Feldmann&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,946,362</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79,425</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Proposal No. 2. Amendment of the Company&rsquo;s
Certificate of Incorporation.</B> The stockholders approved the amendment to the Company&rsquo;s Certificate of Incorporation,
as amended to date, to eliminate the classified structure of the Board and provide for the annual election of directors, by the
votes set forth in the table below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Abstained</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Broker Non-Vote</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,019.870</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">493</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,424</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">798,399</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Proposal No. 3. Advisory Vote on Executive Compensation.</B>
The stockholders approved a non-binding advisory resolution to approve executive compensation, as described in the Proxy Statement,
by the votes set forth in the table below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Abstained</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Broker Non-Vote</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">5,745,880</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">253,097</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">26,810</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">798,399</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0.5in"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Proposal No. 4. Ratification of Appointment
of Independent Registered Public Accounting Firm.</B> The stockholders ratified the appointment of Grant Thornton LLP as the Company&rsquo;s
independent registered public accounting firm for the year ending December 31, 2020, by the votes set forth in the table below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Abstained</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Broker Non-Vote</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> 6,804,945</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">7,585</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">11,656</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>(d) Exhibits</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><U>Exhibit No.</U></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD><U>Description</U></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 10%; text-align: left"><A HREF="exh_31.htm">3.1</A></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 89%; text-align: left"><A HREF="exh_31.htm">Second Amended and Restated Bylaws of UFP Technologies, Inc., dated June 10, 2020</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="exh_32.htm">3.2</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="exh_32.htm">Certificate of Amendment to Certificate of Incorporation of UFP Technologies, Inc., dated June 10, 2020</A></TD></TR>
</TABLE>



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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: June 15, 2020</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UFP TECHNOLOGIES, INC.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 21%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ronald J. Lataille</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ronald J. Lataille, Chief Financial</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officer and Senior Vice President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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



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<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>exh_31.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.1</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 0pt 197.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 197.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><B>AMENDED AND RESTATED BY-LAWS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><B>UFP TECHNOLOGIES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><B>A Delaware Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.1pt 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.1pt 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.1pt 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.1pt 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.7pt">As amended and restated,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.7pt">effective as of June
10, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.7pt"><FONT STYLE="font-style: normal; font-variant: normal; font-weight: normal"><U>/s/
Christopher P. Litterio</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; font-weight: normal; color: black">Christopher
P. Litterio</FONT>, Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.7pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>TABLE
OF CONTENTS</U></B></FONT></P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">ARTICLE I. Stockholders</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 1.1 Annual Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 1.2 Special Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 1.3 Notice of Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 1.4 Notice of Stockholder Business and Nominations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 1.5 Quorum</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 1.6 Voting and Proxies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 1.7 Action at Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 1.8 Action Without Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 1.9 Voting of Shares of Certain Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 1.10 Stockholder Lists</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">ARTICLE II. Board of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.1 Powers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.2 Number of Directors; Qualifications</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.3 Election of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.4 Vacancies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.5 Change in Size of the Board</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.6 Tenure and Resignation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.7 Removal</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.8 Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.9 Notice of Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.10 Agenda</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.11 Quorum</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.12 Action at Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.13 Action Without Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 2.14 Committees</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">ARTICLE III. Officers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.1 Enumeration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.2 Election</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.3 Qualification</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.4 Tenure</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.5 Removal</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.6 Resignation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.7 Vacancies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.8 Chairman of the Board</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.9 Chief Executive Officer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.10 President</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.11 Vice-President(s)</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.12 Treasurer and Assistant Treasurers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.13 Secretary and Assistant Secretaries</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 3.14 Other Powers and Duties</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">ARTICLE IV. Capital Stock</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 4.1 Stock Certificates</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 4.2 Transfer of Shares</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 4.3 Record Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 4.4 Record Date</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 4.5 Transfer Agent and Registrar for Shares of Corporation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 4.6 Loss of Certificates</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 12pt">Section 4.7 Restrictions on Transfer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; background-color: transparent">Section
4.8 Multiple Classes of Stock&#9;14</P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 89%; text-align: left">ARTICLE V. Dividends</TD>
    <TD STYLE="width: 11%; text-align: right">15</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 5.1 Declaration of Dividends</TD>
    <TD STYLE="text-align: right">15</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 5.2 Reserves</TD>
    <TD STYLE="text-align: right">15</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">ARTICLE VI. Powers of Officers to Contract with the Corporation</TD>
    <TD STYLE="text-align: right">15</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">ARTICLE VII. Indemnification</TD>
    <TD STYLE="text-align: right">16</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.1 Definitions</TD>
    <TD STYLE="text-align: right">16</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.2 Right to Indemnification in General</TD>
    <TD STYLE="text-align: right">17</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.3 Proceedings Other Than Proceedings by or in the Right of the Corporation</TD>
    <TD STYLE="text-align: right">18</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.4 Proceedings by or in the right of the Corporation</TD>
    <TD STYLE="text-align: right">18</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.5 Indemnification fo a Party Who is Wholly or Partly Successful</TD>
    <TD STYLE="text-align: right">18</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.6 Indemnification for Expenses of a Witness</TD>
    <TD STYLE="text-align: right">19</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.7 Advancement of Expenses</TD>
    <TD STYLE="text-align: right">19</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.8 Notification and Defense of Claim</TD>
    <TD STYLE="text-align: right">19</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.9 Procedures</TD>
    <TD STYLE="text-align: right">20</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.10 Action by the Corporation</TD>
    <TD STYLE="text-align: right">21</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.11 Non-Exclusivity</TD>
    <TD STYLE="text-align: right">21</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.12 Insurance</TD>
    <TD STYLE="text-align: right">21</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.13 No Duplicative Payment</TD>
    <TD STYLE="text-align: right">21</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.14 Expenses of Adjudication</TD>
    <TD STYLE="text-align: right">21</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 7.15 Severability</TD>
    <TD STYLE="text-align: right">22</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">ARTICLE VIII. Miscellaneous Provisions</TD>
    <TD STYLE="text-align: right">22</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 8.1 Certificate of Incorporation</TD>
    <TD STYLE="text-align: right">22</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 8.2 Fiscal Year</TD>
    <TD STYLE="text-align: right">22</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 8.3 Corporate Seal</TD>
    <TD STYLE="text-align: right">22</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 8.4 Execution of Instruments</TD>
    <TD STYLE="text-align: right">22</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 8.5 Voting of Securities</TD>
    <TD STYLE="text-align: right">22</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 8.6 Evidence of Authority</TD>
    <TD STYLE="text-align: right">23</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 8.7 Corporate Records</TD>
    <TD STYLE="text-align: right">23</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 8.8 Charitable Contributions</TD>
    <TD STYLE="text-align: right">23</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 8.9 Communications of Notices</TD>
    <TD STYLE="text-align: right">23</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 8.10 Electronic Transmissions</TD>
    <TD STYLE="text-align: right">23</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">ARTICLE IX. Amendments</TD>
    <TD STYLE="text-align: right">23</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 9.1 Amendment by Stockholders</TD>
    <TD STYLE="text-align: right">23</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 12pt">Section 9.2 Amendment by Board of Directors</TD>
    <TD STYLE="text-align: right">24</TD>
    </TR>
</TABLE>


<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">&nbsp;</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"></P>

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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>AMENDED
AND RESTATED BY-LAWS</U></B></FONT></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"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>OF</U></B></FONT></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"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>UFP
TECHNOLOGIES, INC.</U></B></FONT></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"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>(A
Delaware Corporation)</U></B></FONT></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 166.35pt 0pt 193pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>ARTICLE
I. Stockholders</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 166.35pt 0pt 193pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
1.1 Annual Meeting</U></B></FONT>.&#9;The annual meeting of the stockholders of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">corporation shall be held on such date
as shall be fixed by the board of directors, at such time and place within or without the State of Delaware as may be designated
in the notice of meeting. The board of directors may, in its sole discretion, determine that the annual meeting of stockholders
shall not be held at any place, but may instead be held solely by means of remote communication as authorized by the General Corporation
Law of the State of Delaware (the &ldquo;DGCL&rdquo;). If the day fixed for the annual meeting shall fall on a legal holiday, the
meeting shall be held on the next succeeding day not a legal holiday.</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: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
1.2 Special Meetings</U></B></FONT>. Special meetings of the stockholders may be called at any time only by the president, the
chief executive officer or the board of directors. Special meetings of the stockholders shall be held at such time, date and place
within or outside of the State of Delaware as may be designated in the notice of such meeting. The board of directors may, in its
sole discretion, determine that a special meeting of stockholders shall not be held at any place, but may instead be held solely
by means of remote communication as authorized by the DGCL. Business transacted at any special meeting of the stockholders shall
be limited to the purpose or purposes stated in the notice of such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
1.3 Notice of Meeting</U></B></FONT>. A written notice stating the place, if any, date, and hour of each meeting of the stockholders,
the means of remote communication, if any, by which stockholders and proxy holders may be deemed present in person and vote at
such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be given to
each stockholder entitled to vote at such meeting, and to each stockholder who, under the Certificate of Incorporation or these
by-laws, is entitled to such notice, by delivering such notice to such person or leaving it at his, her or its residence or usual
place of business, or by mailing it, postage prepaid, and addressed to such stockholder at his address as it appears upon the books
of the corporation or by giving notice by electronic transmission as permitted by Section 8.10 of these by-laws, at least ten (10)
days and not more than sixty (60) before the meeting. Such notice shall be given by the secretary, an assistant secretary, or any
other officer or person designated either by the secretary or by the person or persons calling the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">The requirement of notice
to any stockholder may be waived (i) by a written waiver of notice, signed by the person entitled to notice, or a waiver by electronic
transmission by the person entitled to notice, whether executed or transmitted before or after the meeting by the stockholder or
his attorney thereunto duly authorized, and filed with the records of the meeting, (ii) if communication with such stockholder
is unlawful, (iii) by attendance at the meeting without protesting prior thereto or at its commencement the lack of notice, or
(iv) as otherwise excepted by law. A waiver of notice or electronic transmission of any regular or special meeting of the stockholders
need not specify the business to be transacted or the purposes of the meeting unless so required by the Certificate of Incorporation
or these bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">If a meeting is adjourned
to another time or place, notice need not be given of the adjourned meeting if the time and place, if any, thereof, and the means
of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such
adjourned meeting are announced at the meeting at which the adjournment is taken, except that if the adjournment is for more than
thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting
shall be given to each stockholder of record entitled to vote at the meeting. At the adjourned meeting, the corporation may transact
any business which might have been transacted at the original meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>Section
1.4 Notice of Stockholder Business and Nominations.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74pt; text-indent: 0in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Annual Meetings of Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nominations of persons for election to the board of directors and the proposal of business to be considered by the stockholders
may be made at an annual meeting of stockholders only (a) pursuant to the corporation's notice of meeting (or any supplement thereto),
(b) by or at the direction of the nominating and corporate governance committee of the board of directors or the board of directors
or (c) by any stockholder of the corporation who was a stockholder of record of the corporation at the time the notice provided
for in this Section 1.4 is delivered to the secretary of the corporation, who is entitled to vote at the meeting and who complies
with the notice procedures set forth in this Section 1.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">&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: 110pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For nominations or other business to be properly brought before an annual meeting of stockholders by a stockholder pursuant
to clause (c) of paragraph (A)(1) of this Section 1.4, the stockholder must have given timely notice thereof in writing to the
secretary of the corporation and any such proposed business other than the nominations of persons for election to the board of
directors must constitute a proper matter for stockholder action. To be timely, a stockholder's notice shall be delivered to the
secretary at the principal executive offices of the corporation not later than the close of business on the ninetieth day nor earlier
than the close of business on the one hundred twentieth day prior to the first anniversary of the preceding year's annual meeting
(provided, however, that in the event that the date of the annual meeting is more than thirty days before or more than seventy
days after such anniversary date, notice by the stockholder must be so delivered not earlier than the close of business on the
one hundred twentieth day prior to such annual meeting and not later than the close of business on the later of the ninetieth day
prior to such annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first
made by the corporation). In no event shall the public announcement of an adjournment or postponement of an annual meeting of stockholders
commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. Such stockholder's
notice shall set forth: (a) as to each person whom the stockholder proposes to nominate for election as a director (i) all information
relating to such person that is required to be disclosed in solicitations of proxies for election of directors in an election contest,
or is otherwise required, in each case pursuant to and in accordance with Section 14(a) of the Securities Exchange Act of 1934,
as amended (the &quot;Exchange Act&quot;) and the rules and regulations promulgated thereunder, and (ii) such person's written
consent to being named in the proxy statement as a nominee and to serving as a director if elected; (b) as to any other business
that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the
meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event
that such business includes a proposal to amend the by-laws of the corporation, the language of the proposed amendment), the reasons
for conducting such business at the meeting and any material interest in such business of such stockholder and the beneficial owner,
if any, on whose behalf the proposal is made; and (c) as to the stockholder giving the notice and the beneficial owner, if any,
on whose behalf the nomination or proposal is made (i) the name and address of such stockholder, as they appear on the corporation's
books, and of such beneficial owner, (ii) the class or series and number of shares of capital stock of the corporation which are
owned beneficially and of record by such stockholder and such beneficial owner, (iii) a description of any agreement, arrangement
or understanding with respect to the nomination or proposal between or among such stockholder and/or such beneficial owner, any
of their respective affiliates or associates, and any others acting in concert with any of the foregoing, (iv) a description of
any agreement, arrangement or understanding (including any derivative or short positions, profit interests, options, warrants,
convertible securities, stock appreciation or similar rights, hedging transactions, and borrowed or loaned shares) that has been
entered into as of the date of the stockholder&rsquo;s notice by, or on behalf of such stockholder and such beneficial owners,
whether or not such instrument or right shall be subject to settlement in underlying shares of capital stock of the corporation,
the effect or intent of which is to mitigate loss to manage risk or benefit of share price changes for, or increase or decrease
the voting power of, such stockholder or such beneficial owner, with respect to the shares of stock of the corporation, (v) a representation
that the stockholder is a holder of record of stock of the corporation entitled to vote at such meeting and intends to appear in
person or by proxy at the meeting to propose such business or nomination, (vi) a representation whether the stockholder or the
beneficial owner, if any, intends or is part of a group which intends (a) to deliver a proxy statement and/or form of proxy to
holders of at least the percentage of the corporation's outstanding capital stock required to approve or adopt the proposal or
elect the nominee and/or (b) otherwise to solicit proxies from stockholders in support of such proposal or nomination, and (vii)
any other information relating to such stockholder and beneficial owner, if any, required to be disclosed in a proxy statement
or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the
election of directors in an election contest pursuant to and in accordance with Section 14(a) of the Exchange Act and the rules
and regulations promulgated thereunder. The foregoing notice requirements of this Section 1.4 shall be deemed satisfied by a stockholder
with respect to business other than a nomination if the stockholder has notified the corporation of his, her or its intention to
present a proposal at an annual meeting in compliance with applicable rules and regulations promulgated under the Exchange Act
and such stockholder's proposal has been included in a proxy statement that has been prepared by the corporation to solicit proxies
for such annual meeting. The corporation may require any proposed nominee to furnish such other information as it may reasonably
require to determine the eligibility of such proposed nominee to serve as a director of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">&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: 110pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in the second sentence of paragraph (A)(2) of this Section 1.4 to the contrary, in the event that
the number of directors to be elected to the board of directors of the corporation is increased effective at the annual meeting
and there is no public announcement by the corporation naming the nominees for the additional directorships at least one hundred
days prior to the first anniversary of the preceding year&rsquo;s annual meeting, a stockholder&rsquo;s notice required by this
Section 1.4 shall also be considered timely, but only with respect to nominees for the additional directorships, if it shall be
delivered to the secretary at the principal executive offices of the corporation not later than the close of business on the tenth
day following the day on which such public announcement is first made by the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74pt">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Special Meetings of Stockholders. Only such business shall be conducted at a special meeting of stockholders as shall have
been brought before the meeting pursuant to the corporation's notice of meeting. Nominations of persons for election to the board
of directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the corporation's
notice of meeting (1) by or at the direction of the board of directors or (2) provided that the board of directors has determined
that directors shall be elected at such meeting, by any stockholder of the corporation who is a stockholder of record at the time
the notice provided for in this Section 1.4 is delivered to the secretary of the corporation, who is entitled to vote at the meeting
and upon such election and who complies with the notice procedures set forth in this Section 1.4. In the event the corporation
calls a special meeting of stockholders for the purpose of electing one or more directors to the board of directors, any such stockholder
entitled to vote in such election of directors may nominate a person or persons (as the case may be) for election to such position(s)
as specified in the corporation's notice of meeting, if the stockholder's notice required by paragraph (A)(2) of this Section 1.4
shall be delivered to the secretary at the principal executive offices of the corporation not earlier than the close of business
on the one hundred twentieth day prior to such special meeting and not later than the close of business on the later of the ninetieth
day prior to such special meeting or the tenth day following the day on which public announcement is first made of the date of
the special meeting and of the nominees proposed by the board of directors to be elected at such meeting. In no event shall the
public announcement of an adjournment or postponement of a special meeting commence a new time period (or extend any time period)
for the giving of a stockholder's notice as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74pt">(C)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>General.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 74pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Only such persons who are nominated in accordance with the procedures set forth in this Section 1.4 shall be eligible to
be elected at an annual or special meeting of stockholders of the corporation to serve as directors and only such business shall
be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth
in this Section 1.4. Except as otherwise provided by law, the chairman of the meeting shall have the power and duty (a) to determine
whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance
with the procedures set forth in this Section 1.4 (including whether the stockholder or beneficial owner, if any, on whose behalf
the nomination or proposal is made solicited (or is part of a group which solicited) or did not so solicit, as the case may be,
proxies in support of such stockholder's nominee or proposal in compliance with such stockholder's representation as required by
clause (A)(2)(c)(vi) of this Section 1.4) and (b) if any proposed nomination or business was not made or proposed in compliance
with this Section 1.4, to declare that such nomination shall be disregarded or that such proposed business shall not be transacted.
Notwithstanding the foregoing provisions of this Section 1.4, unless otherwise required by law, if the stockholder (or a qualified
representative of the stockholder) does not appear at the annual or special meeting of stockholders of the corporation to present
a nomination or proposed business, such nomination shall be disregarded and such proposed business shall not be transacted, notwithstanding
that proxies in respect of such vote may have been received by the corporation. For purposes of this Section 1.4, to be considered
a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder
or must be authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to
act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission,
or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">&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: 110pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Section 1.4, &ldquo;public announcement&rdquo; shall include disclosure in a press release reported
by a national news service or in a document publicly filed by the corporation with the Securities and Exchange Commission pursuant
to Section 13, 14 or 15(d) of the Exchange Act 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: 110pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the foregoing provisions of this Section 1.4, a stockholder shall also comply with all applicable requirements
of the Exchange Act and the rules and regulations promulgated thereunder with respect to the matters set forth in this Section
1.4; provided however, that any references in these by-laws to the Exchange Act or the rules and regulations promulgated thereunder
are not intended to and shall not limit any requirements applicable to nominations or proposals as to any other business to be
considered pursuant to this Section 1.4 (including paragraphs A(1)(c) and B hereof), and compliance with paragraphs A(1)(c) and
B of this Section 1.4 shall be the exclusive means for a stockholder to make nominations or submit other business (other than,
as provided in the penultimate sentence of A(2), matters brought properly under and in compliance with Rule 14a-8 of the Exchange
Act, as may be amended from time to time). Nothing in this Section 1.4 shall be deemed to affect any rights (a) of stockholders
to request inclusion of proposals or nominations in the corporation's proxy statement pursuant to applicable rules and regulations
promulgated under the Exchange Act or (b) of the holders of any series of Preferred Stock to elect directors pursuant to any applicable
provisions of the Certificate of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 110pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
1.5 Quorum</U></B></FONT>. The holders of a majority in voting power of all stock issued, outstanding and entitled to vote at a
meeting shall constitute a quorum. Any meeting may be adjourned from time to time by a majority of the votes properly cast upon
the question, whether or not a quorum is present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
1.6 Voting and Proxies</U></B></FONT>. Stockholders shall have one vote for each share of stock entitled to vote owned by them
of record according to the books of the corporation, unless otherwise provided by law or by the Certificate of Incorporation. Stockholders
may vote either in person or by proxy. Any such proxy may be in writing, or by means of electronic transmission (including telephone,
electronic mail, the Internet or such other electronic means as the board of directors may determine from time to time) that sets
forth or is submitted with information from which it can be determined that such transmission was authorized by the stockholder,
or by such other means permitted under applicable law. No proxy shall be voted or acted upon after three years from its date, unless
the proxy provides for a longer period. Proxies shall be filed with the secretary of the meeting, or of any adjournment thereof.
Except as otherwise limited therein, proxies shall entitle the persons authorized thereby to vote at any adjournment of such meeting.
A proxy purporting to be executed by or on behalf of a stockholder shall be deemed valid unless challenged at or prior to its exercise
and the burden of proving invalidity shall rest on the challenger. A proxy with respect to stock held in the name of two or more
persons shall be valid if executed by one of them unless at or prior to exercise of the proxy the corporation receives a specific
written notice to the contrary from any one of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&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: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
1.7 Action at Meeting</U></B></FONT>. When a quorum is present at any meeting of stockholders, a plurality of the votes properly
cast for election to any office shall elect to such office, and a majority of the votes properly cast upon any question other than
election to an office shall decide such question, except where a larger vote is required by law, the Certificate of Incorporation
or these by-laws. No ballot shall be required for any election unless requested by a stockholder present or represented at the
meeting and entitled to vote in the election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
1.8 Action Without Meeting</U></B></FONT>. All action required or permitted to be taken by the stockholders must be taken at a
meeting of the stockholders duly called and held in accordance with law and in accordance with the Certificate of Incorporation
and these bylaws. The stockholders cannot act by written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>Section
1.9 Voting of Shares of Certain Holders</U>. Shares of stock of the</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">corporation standing in the name of another
corporation, domestic or foreign, may be voted by such officer, agent, or proxy as the by-laws of such corporation may prescribe,
or, in the absence of such provision, as the board of directors of such corporation may determine.</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: 38pt">Shares of stock of the
corporation standing in the name of a deceased person, a minor ward or an incompetent person, may be voted by his administrator,
executor, court-appointed guardian or conservator without a transfer of such shares into the name of such administrator, executor,
court appointed guardian or conservator. Shares of capital stock of the corporation standing in the name of a trustee or fiduciary
may be voted by such trustee or fiduciary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">Shares of stock of the
corporation standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver
may be voted by such receiver without the transfer thereof into his name if authority so to do be contained in an appropriate order
of the court by which such receiver was appointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">A stockholder whose
shares are pledged shall be entitled to vote such shares unless in the transfer by the pledgor on the books of the corporation
he expressly empowered the pledgee to vote thereon, in which case only the pledgee or its proxy shall be entitled to vote the shares
so transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">Shares of its own stock
belonging to this corporation shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining
the total number of outstanding shares at any given time, but shares of its own stock held by the corporation in a fiduciary capacity
may be voted and shall be counted in determining the total number of outstanding shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&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: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
1.10 Stockholder Lists</U></B></FONT>. The secretary (or the corporation&rsquo;s transfer agent or other person authorized by these
by-laws or by law) shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders
entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of
shares registered in the name of each stockholder. The corporation shall not be required to include electronic mail addresses or
other electronic contact information on such list. Such list shall be open to the examination of any stockholder, for any purpose
germane to the meeting, for a period of at least ten days prior to the meeting, (i) on a reasonably accessible electronic network,
provided that the information required to gain access to such list is provided with the notice of the meeting or (ii) during ordinary
business hours, at the corporation&rsquo;s principal executive office. In the event that the corporation determines to make the
list available on an electronic network, the corporation may take reasonable steps to ensure that such information is available
only to stockholders of the corporation. If the meeting is to be held at a place, then the list shall be produced and kept at the
time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present. If the meeting
is to be held solely by means of remote communication, then the list shall also be open to the examination of any stockholder during
the whole time of the meeting on a reasonably accessible network, and the information required to access such list shall be provided
with the notice of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>ARTICLE
II.</U></B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>Board
of Directors</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.1 Powers</U></B></FONT>. Except as reserved to the stockholders by law or by the Certificate of Incorporation, the business of
the corporation shall be managed under the direction of the board of directors, who shall have and may exercise all of the powers
of the corporation. In particular, and without limiting the foregoing, the board of directors shall have the power to issue or
reserve for issuance from time to time the whole or any part of the capital stock of the corporation which may be authorized from
time to time to such person, for such consideration and upon such terms and conditions as they shall determine, including the granting
of options, warrants or conversion or other rights to stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.2 Number of Directors; Qualifications</U></B></FONT>. Subject to Section 2.5, the board of directors shall consist of such number
of directors (which shall not be less than three) as shall be fixed initially by the incorporator(s) and thereafter, from time
to time, by resolution of the board of directors. No director need be a stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.3 Election of Directors</U></B></FONT>. The initial board of directors shall be designated in the Certificate of Incorporation,
or if not so designated, elected by the incorporator(s) at the first meeting thereof. Thereafter, directors shall be elected by
the stockholders at their annual meeting or at any special meeting the notice of which specifies the election of directors as an
item of business for such meeting, in accordance with the provisions of the Certificate of Incorporation.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.4 Vacancies</U></B></FONT>. In the case of any vacancy in the board of directors from death, resignation, disqualification or
other cause, including a vacancy resulting from enlargement of the board, the appointment or election of a director to fill such
vacancy shall be only by vote of a majority of the directors then in office, whether or not constituting a quorum. The director
thus appointed or elected shall hold office until his successor is duly elected and qualified or his earlier resignation or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.5 Change in Size of the Board</U></B></FONT>. The number of members of the board of directors may be changed by vote of a majority
of the directors then in office or by the stockholders by vote of eighty percent (80%) of the shares of voting stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.6 Tenure and Resignation</U></B></FONT>. Except as otherwise provided by law, by the Certificate of Incorporation or by these
by-laws, directors shall hold office until the next annual meeting of stockholders and thereafter until their successors are duly
elected and qualified. Any director may resign by delivering or mailing postage prepaid a written resignation, or by giving notice
by electronic transmission as permitted by Section 8.10 of these by-laws, to the corporation at its principal office or to the
chairman of the board, if any, or to the president, secretary or assistant secretary, if any. Such resignation shall be effective
upon receipt unless it is specified to be effective at some other time or upon the happening of some other event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.7 Removal</U></B></FONT>. A director may be removed from office only for cause, by vote of the holders of a majority of the shares
then entitled to vote at an election of directors, after reasonable notice and opportunity to be heard before the body proposing
to remove him.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.8 Meetings</U></B></FONT>. Regular meetings of the board of directors may be held without call or notice at such times and such
places within or without the State of Delaware as the board of directors may, from time to time, determine, provided that notice
of the first regular meeting following any such determination shall be given to directors absent from such determination. A regular
meeting of the board of directors shall be held without notice immediately after, and at the same place as, the annual meeting
of the stockholders or the special meeting of the stockholders held in place of such annual meeting, unless a quorum of the directors
is not then present. Special meetings of the board of directors may be held at any time and at any place designated in the call
of the meeting when called by the chairman of the board, the chief executive officer, the president (if a director) or a majority
of the directors. Members of the board of directors or any committee elected thereby may participate in a meeting of such board
or committee by means of a conference telephone or similar communications equipment by means of which all persons participating
in the meeting can hear each other at the same time, and participation by such means shall constitute presence in person at the
meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.9 Notice of Meeting</U></B></FONT>. It shall be sufficient notice to a director to send or give notice (i) by mail at least seventy-two
(72) hours before the meeting addressed to such person at his usual or last known business or residence address or (ii) in person,
by telephone, facsimile or electronic transmission to the extent provided in Section 8.10 of these by-laws, at least twenty-four
(24) hours before the meeting. Notice shall be given by the secretary, or in his absence or unavailability, may be given by any
of an assistant secretary, if any, or by the officer or directors calling the meeting. The requirement of notice to any director
may be waived by a written waiver of notice signed by the person entitled to notice or a waiver by electronic transmission by the
person entitled to notice, executed or transmitted by such person before or after the meeting or meetings, and filed with the records
of the meeting, or by attendance at the meeting without protesting prior thereto or at its commencement the lack of notice. A notice
or waiver of notice of a meeting of the board of directors or any committee thereof need not specify the purposes of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&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: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.10 Agenda</U></B></FONT>. Any lawful business may be transacted at a meeting of the board of directors, notwithstanding the fact
that the nature of the business may not have been specified in the notice or waiver of notice of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.11 Quorum</U></B></FONT>. At any meeting of the board of directors, a majority of the directors then in office shall constitute
a quorum for the transaction of business. Any meeting may be adjourned by a majority of the votes cast upon the question, whether
or not a quorum is present, and the meeting may be held as adjourned without further notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.12 Action at Meeting</U></B></FONT>. Any motion adopted by vote of the majority of the directors present at a meeting at which
a quorum is present shall be the act of the board of directors, except where a different vote is required by law, by the Certificate
of Incorporation or by these by-laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.13 Action Without Meeting</U></B></FONT>. Any action required or permitted to be taken at any meeting of the board of directors,
or any committee thereof, may be taken without a meeting if all of the members of the board of directors or committee, as the case
may be, consent to the action in writing or by electronic transmission and the writing(s) or electronic transmission(s) are filed
with the minutes of proceedings of the board of directors or committee. Such filing shall be in paper form if the minutes are in
paper form and shall be in electronic form if the minutes are maintained in electronic form. Such consent shall be treated for
all purposes as a vote of the board of directors or committee, as the case may be, at a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
2.14 Committees</U></B></FONT>. The board of directors may, by the affirmative vote of a majority of the directors then in office,
appoint an executive committee or other committees consisting of one or more directors and may by vote delegate to any such committee
some or all of their powers except those which by law, the Certificate of Incorporation or these bylaws they may not delegate.
In addition to other committees that the board of directors may designate from time to time, the board of directors shall designate
a compensation committee and an audit committee. In the absence or disqualification of a member of a committee, the members of
the committee present and not disqualified, whether or not they constitute a quorum, may by unanimous vote appoint another member
of the board of directors to act at the meeting in place of the absent or disqualified member. A committee may create one or more
subcommittees, each subcommittee to consist of one or more members of the committee, and delegate to such subcommittee any or all
of the powers of the committee. Unless the board of directors shall otherwise provide, any such committee may make rules for the
conduct of its business, but unless otherwise provided by the board of directors or such rules, its meetings shall be called, notice
given or waived, its business conducted or its action taken as nearly as may be in the same manner as is provided in these by-laws
with respect to meetings or for the conduct of business or the taking of actions by the board of directors. The board of directors
shall have power at any time to fill vacancies in, change the membership of, or discharge any such committee at any time. The board
of directors shall have power to rescind any action of any committee, but no such rescission shall have retroactive effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>ARTICLE
III.<BR>
Officers</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.1 Enumeration</U></B></FONT>. The officers shall consist of a president, a treasurer, a secretary and such other officers and
agents (including a chairman of the board, a chief executive officer, one or more vice-presidents, assistant treasurers and assistant
secretaries), as the board of directors may, in its discretion, determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.2 Election</U></B></FONT>. The president, treasurer and secretary shall be elected annually by the directors at their first meeting
following the annual meeting of the stockholders or any special meeting held in lieu of the annual meeting. Other officers may
be chosen by the directors at such meeting or at any other meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.3 Qualification</U></B></FONT>. An officer may, but need not, be a director or stockholder. Any two or more offices may be held
by the same person. Any officer may be required by the directors to give bond for the faithful performance of his duties to the
corporation in such amount and with such sureties as the directors may determine. The premiums for such bonds may be paid by the
corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.4 Tenure</U></B></FONT>. Except as otherwise provided by the Certificate of Incorporation or these by-laws, the term of office
of each officer shall be for one year or until his successor is elected and qualified or until his earlier resignation or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.5 Removal</U></B></FONT>. Any officer may be removed from office, with or without cause, by the affirmative vote of a majority
of the directors then in office; provided, however, that an officer may be removed for cause only after reasonable notice and opportunity
to be heard by the board of directors prior to action thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.6 Resignation</U></B></FONT>. Any officer may resign by delivering or mailing postage prepaid a written resignation, or by giving
notice by electronic transmission as permitted by Section 8.10 of these by-laws, to the corporation at its principal office or
to the president, secretary, or assistant secretary, if any, and such resignation shall be effective upon receipt unless it is
specified to be effective at some other time or upon the happening of some event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.7 Vacancies</U></B></FONT>. A vacancy in any office arising from any cause may be filled for the unexpired portion of the term
by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.8 Chairman of the Board</U></B></FONT>. The board of directors may appoint a chairman of the board and may designate the chairman
of the board as chief executive officer. If the board of directors appoints a chairman of the board, he shall preside at all meetings
of the stockholders and of the board of directors at which present and shall perform such other duties and possess such other powers
as are assigned to him by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.9 Chief Executive Officer</U></B></FONT>. The board of directors may appoint a chief executive officer, who may be a person other
than the chairman of the board or the president. Unless a chairman of the board is so designated or except as otherwise voted by
the board of directors, the chief executive officer shall preside at all meetings of the stockholders and of the board of directors
at which present. The chief executive officer shall have such duties and powers as are commonly incident to the office and such
duties and powers as the board of directors shall from time to time designate.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.10 President</U></B></FONT>. The president shall be the chief executive officer of the corporation, unless another person is
so designated. The president shall have such duties and powers as are commonly incident to the office and such duties and powers
as the board of directors shall from time to time designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.11 Vice-President(s)</U></B></FONT>.&#9;The vice-president(s), if any, shall have such</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">powers and perform such duties as the board
of directors may from time to time determine.</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: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.12 Treasurer and Assistant Treasurers</U></B></FONT>. The treasurer, subject to the direction and under the supervision and control
of the board of directors, shall have general charge of the financial affairs of the corporation. The treasurer shall have custody
of all funds, securities and valuable papers of the corporation, except as the board of directors may otherwise provide. The treasurer
shall keep or cause to be kept full and accurate records of account which shall be the property of the corporation, and which shall
be always open to the inspection of each elected officer and director of the corporation. The treasurer shall deposit or cause
to be deposited all funds of the corporation in such depository or depositories as may be authorized by the board of directors.
The treasurer shall have the power to endorse for deposit or collection all notes, checks, drafts, and other negotiable instruments
payable to the corporation. The treasurer shall perform such other duties as are incidental to the office, and such other duties
as may be assigned by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">Assistant treasurers,
if any, shall have such powers and perform such duties as the board of directors may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.13 Secretary and Assistant Secretaries</U></B></FONT>. The secretary shall record, or cause to be recorded, all proceedings of
the meetings of the stockholders and directors (including committees thereof) in the book of records of this corporation. The record
books shall be open at reasonable times to the inspection of any stockholder, director, or officer. The secretary shall notify
the stockholders and directors, when required by law or by these by-laws, of their respective meetings, and shall perform such
other duties as the directors and stockholders may from time to time prescribe. The secretary shall have the custody and charge
of the corporate seal, and shall affix the seal of the corporation to all instruments requiring such seal, and shall certify under
the corporate seal the proceedings of the directors and of the stockholders, when required. In the absence of the secretary at
any such meeting, a temporary secretary shall be chosen who shall record the proceedings of the meeting in the aforesaid books.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38pt">Assistant secretaries, if any, shall have
such powers and perform such duties 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-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
3.14 Other Powers and Duties</U></B></FONT>. Subject to these by-laws and to such limitations as the board of directors may from
time to time prescribe, the officers of the corporation shall each have such powers and duties as generally pertain to their respective
offices, as well as such powers and duties as from time to time may be conferred by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>ARTICLE
IV.</U></B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>Capital
Stock</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
4.1 Stock Certificates</U></B></FONT>. The shares of capital stock of the corporation shall be represented by certificates in such
form as shall, in conformity to law, be prescribed from time to time by the board of directors, provided that the board of directors
may provide by resolution or resolutions that some or all of any or all classes or series of stock shall be uncertificated shares.
Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the corporation.
Each certificate shall be signed by the president or vice-president and treasurer or assistant treasurer or such other officers
designated by the board of directors from time to time as permitted by law, shall bear the seal of the corporation, and shall express
on its face its number, date of issue, class, the number of shares for which, and the name of the person to whom, it is issued.
The corporate seal and any or all of the signatures of corporation officers may be facsimile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">If an officer, transfer
agent or registrar who has signed, or whose facsimile signature has been placed on, a certificate shall have ceased to be such
before the certificate is issued, it may be issued by the corporation with the same effect as if he were such officer, transfer
agent or registrar at the time of its issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
4.2 Transfer of Shares</U></B></FONT>. Transfers of stock shall be made only on the books of the corporation, and in the case of
certificated shares of stock, title to a certificate of stock and to the shares represented thereby shall be transferred by delivery
to the corporation or its transfer agent of the certificate properly endorsed, or by delivery of the certificate accompanied by
a written assignment of the same, or a properly executed written power of attorney to sell, assign or transfer the same or the
shares represented thereby. Upon surrender of a certificate for the shares being transferred, a new certificate or certificates
shall be issued according to the interests of the parties. In the case of uncertificated shares of stock, title to the uncertificated
shares shall be transferred upon receipt by the corporation or its transfer agent of proper transfer instructions from the registered
holder of the shares or by transfer instructions accompanied by a written assignment of the same, or a properly executed written
power of attorney to sell, assign or transfer the uncertificated shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
4.3 Record Holders</U></B></FONT>. Except as otherwise may be required by law, by the Certificate of Incorporation or by these
by-laws, the corporation shall be entitled to treat the record holder of stock as shown on its books as the owner of such stock
for all purposes, including the payment of dividends and the right to vote with respect thereto, regardless of any transfer, pledge
or other disposition of such stock, until the shares have been transferred on the books of the corporation in accordance with the
requirements of these by-laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">It shall be the duty
of each stockholder to notify the corporation of his post office address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&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: 38pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>Section
4.4 Record Date</U>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders
or any adjournments thereof, the board of directors may fix a record date, which record date shall not precede the date on which
the resolution fixing the record date is adopted by the board of directors and which record date shall, unless otherwise required
by law, not be more than sixty (60) nor less than ten (10) days before the date of such meeting. If no record date is fixed, the
record date for determining stockholders entitled to receive notice of or to vote at a meeting of stockholders shall be at the
close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business
on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of
or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the board may fix
a new record date for the adjourned meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>In order that the corporation may determine the stockholders entitled to receive payment of any dividend or other distribution
or allotment of any rights, or to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose
of any other lawful action, the board of directors may fix a record date, which record date shall not precede the date on which
the resolution fixing the record date is adopted by the board of directors, and which record date shall be not be more than sixty
(60) days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall
be at the close of business on the day on which the board of directors adopts the resolution relating thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
4.5 Transfer Agent and Registrar for Shares of Corporation</U></B></FONT>. The board of directors may appoint a transfer agent
and a registrar of the certificates of stock of the corporation. Any transfer agent so appointed shall maintain, among other records,
a stockholders&rsquo; ledger, setting forth the names and addresses of the holders of all issued shares of stock of the corporation,
the number of shares held by each, the certificate numbers representing such shares, and the date of issue of the certificates
representing such shares. Any registrar so appointed shall maintain, among other records, a share register, setting forth the total
number of shares of each class of shares which the corporation is authorized to issue and the total number of shares actually issued.
The stockholders&rsquo; ledger and the share register are hereby identified as the stock transfer books of the corporation; but
as between the stockholders&rsquo; ledger and the share register, the names and addresses of stockholders, as they appear on the
stockholders&rsquo; ledger maintained by the transfer agent shall be the official list of stockholders of record of the corporation.
The name and address of each stockholder of record, as they appear upon the stockholders&rsquo; ledger, shall be conclusive evidence
of who are the stockholders entitled to receive notice of the meetings of stockholders, to vote at such meetings, to examine a
complete list of the stockholders entitled to vote at meetings, and to own, enjoy and exercise any other property or rights deriving
from such shares against the corporation. Stockholders, but not the corporation, its directors, officers, agents or attorneys,
shall be responsible for notifying the transfer agent, in writing, of any changes in their names or addresses from time to time,
and failure to do so will relieve the corporation, its other stockholders, directors, officers, agents and attorneys, and its transfer
agent and registrar, of liability for failure to direct notices or other documents, or pay over or transfer dividends or other
property or rights, to a name or address other than the name and address appearing in the stockholders&rsquo; ledger maintained
by the transfer agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&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: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
4.6 Loss of Certificates</U></B></FONT>. In case of the loss, destruction or mutilation of a certificate of stock, a replacement
certificate may be issued in place thereof upon such terms as the board of directors may prescribe, including, in the discretion
of the board of directors, a requirement of bond and indemnity to the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
4.7 Restrictions on Transfer</U></B></FONT>. Every certificate for shares of stock which are subject to any restriction on transfer,
whether pursuant to the Certificate of Incorporation, the by-laws or any agreement to which the corporation is a party, shall have
the fact of the restriction noted conspicuously on the certificate and shall also set forth on the face or back either the full
text of the restriction or a statement that the corporation will furnish a copy to the holder of such certificate upon written
request and without charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
4.8 Multiple Classes of Stock</U></B></FONT>. The amount and classes of the capital stock and the par value, if any, of the shares,
shall be as fixed in the Certificate of Incorporation. At all times when there are two or more classes of stock, the several classes
of stock shall conform to the description and the terms and have the respective preferences, voting powers, restrictions and qualifications
set forth in the Certificate of Incorporation and these by-laws. Every certificate issued when the corporation is authorized to
issue more than one class or series of stock shall set forth on its face or back either (i) the full text of the preferences, voting
powers, qualifications and special and relative rights of the shares of each class and series authorized to be issued, or (ii)
a statement of the existence of such preferences, powers, qualifications and rights, and a statement that the corporation will
furnish a copy thereof to the holder of such certificate upon written request and without charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>ARTICLE
V.</U></B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>Dividends</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
5.1 Declaration of Dividends</U></B></FONT>. Except as otherwise required by law or by the Certificate of Incorporation, the board
of directors may, in its discretion, declare what, if any, dividends shall be paid from the surplus or from the net profits of
the corporation for the current or preceding fiscal year, or as otherwise permitted by law. Dividends may be paid in cash, in property,
in shares of the corporation&rsquo;s stock, or in any combination thereof. Dividends shall be payable upon such dates as the board
of directors may designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
5.2 Reserves</U></B></FONT>. Before the payment of any dividend and before making any distribution of profits, the board of directors,
from time to time and in its absolute discretion, shall have power to set aside out of the surplus or net profits of the corporation
such sum or sums as the board of directors deems proper and sufficient as a reserve fund to meet contingencies or for such other
purpose as the board of directors shall deem to be in the best interests of the corporation, and the board of directors may modify
or abolish any such reserve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>ARTICLE
VI.</U></B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>Powers
of Officers to Contract<BR>
with the Corporation</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">Any and all of the directors
and officers of the corporation, notwithstanding their official relations to it, may enter into and perform any contract or agreement
of any nature between the corporation and themselves, or any and all of the individuals from time to time constituting the board
of directors of the corporation, or any firm or corporation in which any such director may be interested, directly or indirectly,
whether such individual, firm or corporation thus contracting with the corporation shall thereby derive personal or corporate profits
or benefits or otherwise; provided, that (i) the material facts of such interest are disclosed or are known to the board of directors
or committee thereof which authorizes such contract or agreement; (ii) if the material facts as to such person&rsquo;s relationship
or interest are disclosed or are known to the stockholders entitled to vote thereon, and the contract is specifically approved
in good faith by a vote of the stockholders; or (iii) the contract or agreement is fair as to the corporation as of the time it
is authorized, approved or ratified by the board of directors, a committee thereof, or the stockholders. Any director of the corporation
who is interested in any transaction as aforesaid may nevertheless be counted in determining the existence of a quorum at any meeting
of the board of directors which shall authorize or ratify any such transaction. This Article shall not be construed to invalidate
any contract or other transaction which would otherwise be valid under the common or statutory law applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>ARTICLE
VII.</U></B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>Indemnification</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 166.35pt 0pt 187pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.1 Definitions</U></B></FONT>. For purposes of this Article VII the following terms shall have the meanings indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&quot;Corporate Status&quot;
describes the status of a person who is or was a director, officer, employee, agent, trustee or fiduciary of the Corporation or
of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or
was serving at the express written request of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&quot;Court&quot; means
the Court of Chancery of the State of Delaware, the court in which the Proceeding in respect of which indemnification is sought
by a Covered Person shall have been brought or is pending, or another court having subject matter jurisdiction and personal jurisdiction
over the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&quot;Covered Person&quot;
means a person who is a present or former director or Officer of the corporation and shall include such person's legal representatives,
heirs, executors and administrators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&quot;Disinterested&quot;
describes any individual, whether or not that individual is a director, Officer, employee or agent of the corporation, who is not
and was not and is not threatened to be made a party to the Proceeding in respect of which indemnification, advancement of Expenses
or other action is sought by a Covered Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&quot;Expenses&quot;
shall include, without limitation, all reasonable attorneys' fees, retainers, court costs, transcript costs, fees of experts, witness
fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all
other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute
or defend, investigating or being or preparing to be a witness in a Proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&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: 38pt">&quot;Good Faith&quot;
shall mean a Covered Person having acted in good faith and in a manner such Covered Person reasonably believed to be in or not
opposed to the best interests of the corporation or, in the case of an employee benefit plan, the best interests of the participants
or beneficiaries of said plan, as the case may be, and, with respect to any Proceeding which is criminal in nature, having had
no reasonable cause to believe such Covered Person's conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&quot;Improper Personal
Benefit&quot; shall include, but not be limited to, the personal gain in fact by reason of a person's Corporate Status of a financial
profit, monies or other advantage not also accruing to the benefit of the corporation or to the stockholders generally and which
is unrelated to his usual compensation including, but not limited to, (i) in exchange for the exercise of influence over the corporation's
affairs, (ii) as a result of the diversion of corporate opportunity, or (iii) pursuant to the use or communication of confidential
or inside information for the purpose of generating a profit from trading in the corporation's securities. Notwithstanding the
foregoing, &quot;Improper Personal Benefit&quot; shall not include any benefit, directly or indirectly, related to actions taken
in order to evaluate, discourage, resist, prevent or negotiate any transaction with or proposal from any person or entity seeking
control of, or a controlling interest in, the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&quot;Independent Counsel&quot;
means a law firm, or a member of a law firm, that is experienced in matters of corporation law and may include law firms or members
thereof that are regularly retained by the corporation but not by any other party to the Proceeding giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term &quot;Independent Counsel&quot; shall not include any person
who, under the standards of professional conduct then prevailing and applicable to such counsel, would have a conflict of interest
in representing either the corporation or Covered Person in an action to determine the Covered Person's rights under this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&quot;Officer&quot;
means the chairman of the board, the president, vice presidents, treasurer, assistant treasurer(s), secretary, assistant secretary
and such other executive officers as are appointed by the board of directors of the corporation and explicitly entitled to indemnification
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&quot;Proceeding&quot;
includes any actual, threatened or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation (including
any internal corporate investigation), administrative hearing or any other proceeding, whether civil, criminal, administrative
or investigative, other than one initiated by the Covered Person, but including one initiated by a Covered Person for the purpose
of enforcing such Covered Person's rights under this Article to the extent provided in Section 7.14 of this Article. &quot;Proceeding&quot;
shall not include any counterclaim brought by any Covered Person other than one arising out of the same transaction or occurrence
that is the subject matter of the underlying claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>Section
7.2 Right to Indemnification in General</U>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; font-weight: normal; color: black"><U>Covered
Persons</U></FONT>. The corporation may indemnify, and may advance Expenses, to each Covered Person who is, was or is threatened
to be made a party or otherwise involved in any Proceeding, as provided in this Article and to the fullest extent permitted by
applicable law in effect on the date hereof and to such greater extent as applicable law may hereafter from time to time permit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

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    <!-- Field: /Page -->

<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: 38pt">The indemnification
provisions in this Article shall be deemed to be a contract between the corporation and each Covered Person who serves in any Corporate
Status at any time while these provisions as well as the relevant provisions of the Delaware General Corporation Law are in effect,
and any repeal or modification thereof shall not affect any right or obligation then existing with respect to any state of facts
then or previously existing or any Proceeding previously or thereafter brought or threatened based in whole or in part upon any
such state of facts. Such a contract right may not be modified retroactively without the consent of such Covered Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; font-weight: normal; color: black"><U>Employees
and Agents</U></FONT>. The corporation may, to the extent authorized from time to time by the board of directors, grant indemnification
and the advancement of Expenses to any employee or agent of the corporation to the fullest extent of the provisions of this Article
with respect to the indemnification and advancement of Expenses of Covered Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 39pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.3 Proceedings Other Than Proceedings by or in the Right of the Corporation</U></B></FONT>. Each Covered Person may be entitled
to the rights of indemnification provided in this Section 7.3 if, by reason of such Covered Person's Corporate Status, such Covered
Person is, was or is threatened to be made, a party to or is otherwise involved in any Proceeding, other than a Proceeding by or
in the right of the corporation. Each Covered Person may be indemnified against Expenses, judgments, penalties, fines and amounts
paid in settlements, actually and reasonably incurred by such Covered Person or on such Covered Person's behalf in connection with
such Proceeding or any claim, issue or matter therein, if such Covered Person acted in Good Faith and such Covered Person has not
been adjudged during the course of such proceeding to have derived an Improper Personal Benefit from the transaction or occurrence
forming the basis of such Proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 39pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 39pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.4 Proceedings by or in the Right of the Corporation</U></B></FONT>. Each Covered Person may be entitled to the rights of indemnification
provided in this Section 7.4 if, by reason of such Covered Person's Corporate Status, such Covered Person is, or is threatened
to be made, a party to or is otherwise involved in any Proceeding brought by or in the right of the corporation to procure a judgment
in its favor. Such Covered Person may be indemnified against Expenses, judgments, penalties, and amounts paid in settlement, actually
and reasonably incurred by such Covered Person or on such Covered Person's behalf in connection with such Proceeding if such Covered
Person acted in Good Faith and such Covered Person has not been adjudged during the course of such proceeding to have derived an
Improper Personal Benefit from the transaction or occurrence forming the basis of such Proceeding. Notwithstanding the foregoing,
no such indemnification shall be made in respect of any claim, issue or matter in such Proceeding as to which such Covered Person
shall have been adjudged to be liable to the corporation if applicable law prohibits such indemnification; provided, however, that,
if applicable law so permits, indemnification shall nevertheless be made by the corporation in such event if and only to the extent
that the Court which is considering the matter shall so determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 39pt">&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: 39pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>Section
7.5 Indemnification of a Party Who is Wholly or Partly Successful</U>. </B></FONT>Notwithstanding any provision of this
Article to the contrary, to the extent that a Covered Person is, by reason of such Covered Person's Corporate Status, a party
to or is otherwise involved in and is successful, on the merits or otherwise, in any Proceeding, such Covered Person shall be
indemnified to the maximum extent permitted by law, against all Expenses, judgments, penalties, fines, and amounts paid in
settlement, actually and reasonably incurred by such Covered Person or on such Covered Person's behalf in connection
therewith. If such Covered Person is not wholly successful in such Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in such Proceeding, the corporation shall indemnify such
Covered Person to the maximum extent permitted by law, against all Expenses, judgments, penalties, fines, and amounts paid in
settlement, actually and reasonably incurred by such Covered Person or on such Covered Person's behalf in connection with
each successfully resolved claim, issue or matter. For purposes of this Section 7.5 and without limitation, the termination
of any claim, issue or matter in such a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or matter.</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: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.6 Indemnification for Expenses of a Witness</U></B></FONT>. Notwithstanding any provision of this Article to the contrary, to
the extent that a Covered Person is, by reason of such Covered Person's Corporate Status, a witness in any Proceeding, such Covered
Person shall be indemnified against all Expenses actually and reasonably incurred by such Covered Person or on such Covered Person's
behalf in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.7 Advancement of Expenses</U></B></FONT>. Notwithstanding any provision of this Article to the contrary, the corporation may
advance all reasonable Expenses which, by reason of a Covered Person's Corporate Status, were incurred by or on behalf of such
Covered Person in connection with any Proceeding, within thirty (30) days after the receipt by the corporation of a statement or
statements from such Covered Person requesting such advance or advances, whether prior to or after final disposition of such Proceeding.
Such statement or statements shall reasonably evidence the Expenses incurred by the Covered Person and shall include or be preceded
or accompanied by an undertaking by or on behalf of the Covered Person to repay any Expenses if such Covered Person shall be adjudged
to be not entitled to be indemnified against such Expenses. Any advance and undertaking to repay pursuant to this Section 7.7 may
be unsecured interest free, as the corporation sees fit. Advancement of Expenses pursuant to this Section 7.7 shall not require
approval of the board of directors or the stockholders of the corporation, or of any other person or body. The secretary of the
corporation shall promptly advise the Board in writing of the request for advancement of Expenses, of the amount and other details
of the request and of the undertaking to make repayment provided pursuant to this Section 7.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.8 Notification and Defense of Claim</U></B></FONT>. Promptly after receipt by a Covered Person of notice of the commencement
of any Proceeding, such Covered Person shall, if a claim is to be made against the corporation under this Article, notify the corporation
of the commencement of the Proceeding. The failure to notify the corporation will not relieve the corporation from any liability
which it may have to such Covered Person otherwise than under this Article. With respect to any such Proceedings to which such
Covered Person notifies the corporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The corporation will be entitled to participate in the defense at its own expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&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: 38pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided below in this subparagraph (b), the corporation (jointly with any other indemnifying party
similarly notified) will be entitled to assume the defense with counsel reasonably satisfactory to the Covered Person. After notice
from the corporation to the Covered Person of its election to assume the defense of a suit, the corporation will not be liable
to the Covered Person under this Article for any legal or other expenses subsequently incurred by the Covered Person in connection
with the defense of the Proceeding other than reasonable costs of investigation or as otherwise provided below in this subparagraph
(b). The Covered Person shall have the right to employ his own counsel in such Proceeding but the fees and expenses of such counsel
incurred after notice from the corporation of its assumption of the defense shall be at the expense of the Covered Person except
as provided in this paragraph. The fees and expenses of counsel shall be at the expense of the corporation if (i) the employment
of counsel by the Covered Person has been authorized by the corporation, (ii) the Covered Person shall have concluded reasonably
that there may be a conflict of interest between the corporation and the Covered Person in the conduct of the defense of such action
and such conclusion is confirmed in writing by the corporation's outside counsel regularly employed by it in connection with corporate
matters, or (iii) the corporation shall not in fact have employed counsel to assume the defense of such Proceeding. The corporation
shall be entitled to participate in, but shall not be entitled to assume the defense of any Proceeding brought by or in the right
of the corporation or as to which the Covered Person shall have made the conclusion provided for in (ii) above and such conclusion
shall have been so confirmed by the corporation's said outside counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any provision of this Article to the contrary, the corporation shall not be obligated to indemnify the Covered
Person under this Article for any amounts paid in settlement of any Proceeding effected without its written consent. The corporation
shall not settle any Proceeding or claim in any manner which would impose any penalty, limitation or disqualification of the Covered
Person for any purpose without such Covered Person's written consent. Neither the corporation nor the Covered Person will unreasonably
withhold their consent to any proposed settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If it is determined that the Covered Person is entitled to indemnification other than as afforded under subparagraph (b)
above, payment to the Covered Person of the additional amounts for which he is to be indemnified shall be made within ten (10)
days after such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.9 Procedures</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; font-weight: normal; color: black"><U>Method
of Determination</U></FONT>. A determination (as provided for by this Article or if required by applicable law in the specific
case) with respect to a Covered Person's entitlement to indemnification shall be made either (i) by the board of directors by a
majority vote of a quorum consisting of Disinterested directors, or (ii) in the event that a quorum of the board of directors consisting
of Disinterested directors is not obtainable or, even if obtainable, such quorum of Disinterested directors so directs, by Independent
Counsel in a written determination to the board of directors, a copy of which shall be delivered to the Covered Person seeking
indemnification, (iii) by a special litigation committee of the board of directors appointed by the board, or (iv) by the vote
of the holders of a majority of the corporation's capital stock outstanding at the time entitled to vote thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; font-weight: normal; color: black"><U>Initiating
Request</U></FONT>. A Covered Person who seeks indemnification under this Article shall submit a Request for Indemnification, including
such documentation and information as is reasonably available to such Covered Person and is reasonably necessary to determine whether
and to what extent such Covered Person is entitled to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt">&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: 37pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; font-weight: normal; color: black"><U>Presumptions</U></FONT>.
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination shall not presume that the Covered Person is or is not entitled to indemnification under this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; font-weight: normal; color: black"><U>Burden
of Proof</U></FONT>. Each Covered Person shall bear the burden of going forward and demonstrating sufficient facts to support his
claim for entitlement to indemnification under this Article. That burden shall be deemed satisfied by the submission of an initial
Request for Indemnification pursuant to Section 7.9(b) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; font-weight: normal; color: black"><U>Effect
of Other Proceedings</U></FONT>. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order,
settlement or conviction, or upon a plea of guilty or of nolo contendere or its equivalent, shall not (except as otherwise expressly
provided in this Article) of itself adversely affect the right of a Covered Person to indemnification or create a presumption that
a Covered Person did not act in Good Faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; font-weight: normal; color: black"><U>Actions
of Others</U></FONT>. The knowledge, actions, or failure to act, of any director, officer, employee, agent, trustee or fiduciary
of the enterprise whose daily activities the Covered Person was actually responsible may be imputed to a Covered Person for purposes
of determining the right to indemnification under this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.10 Action by the Corporation</U></B></FONT>. Any action, payment, advance determination other than a determination made pursuant
to Section 7.9(a) above, authorization, requirement, grant of indemnification or other action taken by the Corporation pursuant
to this Article shall be effected exclusively through any Disinterested person so authorized by the board of directors of the corporation,
including the president or any vice president of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.11 Non-Exclusivity</U></B></FONT>. The rights of indemnification and to receive advancement of Expenses as provided by this Article
shall not be deemed exclusive of any other rights to which a Covered Person may at any time be entitled under applicable law, the
Certificate of Incorporation, these By-Laws, any agreement, a vote of stockholders or a resolution of the board of directors, or
otherwise. No amendment, alteration, rescission or replacement of this Article or any provision hereof shall be effective as to
an Covered Person with respect to any action taken or omitted by such Covered Person in such Covered Person's Corporate Status
or with respect to any state of facts then or previously existing or any Proceeding previously or thereafter brought or threatened
based in whole or to the extent based in part upon any such state of facts existing prior to such amendment, alteration, rescission
or replacement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.12 Insurance</U></B></FONT>. The corporation may maintain, at its expense, an insurance policy or policies to protect itself
and any Covered Person, officer, employee or agent of the corporation or another enterprise against liability arising out of this
Article or otherwise, whether or not the corporation would have the power to indemnify any such person against such liability under
the Delaware General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&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: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.13 No Duplicative Payment</U></B></FONT>. The corporation shall not be liable under this Article to make any payment of amounts
otherwise indemnifiable hereunder if and to the extent that a Covered Person has otherwise actually received such payment under
any insurance policy, contract, agreement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.14 Expenses of Adjudication. </U></B></FONT>In the event that any Covered Person seeks a judicial adjudication, or an award in
arbitration, to enforce such Covered Person's rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">under, or to recover damages for breach
of, this Article, the Covered Person shall be entitled to recover from the corporation, and shall be indemnified by the corporation
against, any and all expenses (of the types described in the definition of Expenses in Section 7.1 of this Article) actually and
reasonably incurred by such Covered Person in seeking such adjudication or arbitration, but only if such Covered Person prevails
therein. If it shall be determined in such adjudication or arbitration that the Covered Person is entitled to receive part but
not all of the indemnification of expenses sought, the expenses incurred by such Covered Person in connection with such adjudication
or arbitration shall be appropriately prorated.</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: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
7.15 Severability</U></B></FONT>. If any provision or provisions of this Article shall be held to be invalid, illegal or unenforceable
for any reason whatsoever:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>the validity, legality and enforceability of the remaining provisions of this Article (including without limitation, each
portion of any Section of this Article containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>to the fullest extent possible, the provisions of this Article (including, without limitation, each portion of any Section
of this Article containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-variant: normal"><B><U>ARTICLE
VIII.<BR>
Miscellaneous Provisions</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
8.1 Certificate of Incorporation</U></B></FONT>. All references in these by-laws to the Certificate of Incorporation shall be deemed
to refer to the Certificate of Incorporation of the corporation, as amended and in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
8.2 Fiscal Year</U></B></FONT>. Except as from time to time otherwise provided by the board of directors, the fiscal year of the
corporation shall end on December 31<SUP>st</SUP> of each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
8.3 Corporate Seal</U></B></FONT>. The board of directors shall have the power to adopt and alter the seal of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
8.4 Execution of Instruments</U></B></FONT>.&#9;All deeds, leases, transfers, contracts,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">bonds, notes, and other obligations authorized
to be executed by an officer of the corporation on its behalf shall be signed by the president or the treasurer except as the board
of directors may generally or in particular cases otherwise determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
8.5 Voting of Securities</U></B></FONT>. Unless the board of directors otherwise provides, the president or the treasurer may waive
notice of and act on behalf of this corporation, or appoint another person or persons to act as proxy or attorney in fact for this
corporation with or without discretionary power and/or power of substitution, at any meeting of stockholders or shareholders of
any other corporation or organization, any of whose securities are held by this corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
8.6 Evidence of Authority</U></B></FONT>. A certificate by the secretary or any assistant secretary as to any action taken by the
stockholders, directors or any officer or representative of the corporation shall, as to all persons who rely thereon in good faith,
be conclusive evidence of such action. The exercise of any power which by law, by the Certificate of Incorporation, or by these
by-laws, or under any vote of the stockholders or the board of directors, may be exercised by an officer of the corporation only
in the event of absence of another officer or any other contingency shall bind the corporation in favor of anyone relying thereon
in good faith, whether or not such absence or contingency existed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
8.7 Corporate Records</U></B></FONT>. Any books or records maintained by the Corporation in the regular course of its business,
including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information
storage device or method; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; font-weight: normal; color: black"><U>provided,
however,</U></FONT> that the books and records so kept can be converted into clearly legible paper form within a reasonable time.
The Corporation shall so convert any books or records so kept upon the request of any person entitled to inspect such records pursuant
to the Certificate of Incorporation, these by-laws, or the provisions of the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
8.8 Charitable Contributions</U></B></FONT>. The board of directors from time to time may authorize contributions to be made by
the corporation in such amounts as it may determine to be reasonable to corporations, trusts, funds or foundations organized and
operated exclusively for charitable, scientific or educational purposes, no part of the net earning of which inures to the private
benefit of any stockholder or individual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
8.9 Communications of Notices</U></B></FONT>. Any notice required to be given under these by-laws may be given by (i) delivery
in person, (ii) mailing it, postage prepaid, first class, (iii) mailing it by nationally or internationally recognized second day
or faster courier service, or (iv) electronic transmission, in each case, to the addressee; provided however that facsimile transmission
or electronic transmission may only be used if the addressee has consented to such means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
8.10 Electronic Transmissions</U></B></FONT>. Notwithstanding any reference in these bylaws to written instruments, all notices,
meetings, consents and other communications contemplated by these by-laws may be conducted by means of an electronic transmission,
to the extent permitted by law, if specifically authorized by the board of directors of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>ARTICLE
IX. </U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 166.35pt 0pt 191pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
9.1 Amendment by Stockholders</U></B></FONT>. Prior to the issuance of stock, these by-laws may be amended, altered or repealed
by the incorporator(s) by majority vote. After stock has been issued, these by-laws may be amended altered or repealed by the stockholders
at any annual or special meeting by vote of a majority of all shares outstanding and entitled to vote, except that where the effect
of the amendment would be to reduce any voting requirement otherwise required by law, the Certificate of Incorporation or another
provision of these by-laws, such amendment shall require the vote that would have been required by law, the Certificate of Incorporation
or these by-laws or such other provision of these by-laws. Notice and a copy of any proposal to amend these by-laws must be included
in the notice of meeting of stockholders at which action is taken upon such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&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: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal; color: black"><B><U>Section
9.2 Amendment by Board of Directors</U></B></FONT>. These by-laws may be amended or altered by the board of directors at a meeting
duly called for the purpose by majority vote of the directors then in office, except that directors shall not amend the by-laws
in a manner which:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>changes the stockholder voting requirements for any action;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>alters or abolishes any preferential right or right of redemption applicable to a class or series of stock with shares already
outstanding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>alters the provisions of Article IX hereof; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>permits the board of directors to take any action which under law, the Certificate of Incorporation, or these by-laws is
required to be taken by the stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">Any amendment of these
by-laws by the board of directors may be altered or repealed by the stockholders at any annual or special meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt">&nbsp;</P>

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<P STYLE="text-align: right; margin: 0"><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"><B>CERTIFICATE OF AMENDMENT OF</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>UFP
Technologies, Inc.</B></FONT>, a corporation organized and existing under the and by virtue of General Corporation Law of the State
of Delaware (the &ldquo;<B>Corporation</B>&rdquo;), does hereby certify that:</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: 0.5in">FIRST:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name of the Corporation is UFP Technologies, Inc.</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: 0.5in">SECOND:&nbsp;&nbsp;The
date on which the original Certificate of Incorporation was filed with the Secretary of State of the State of Delaware is June
28, 1986.</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: 0.5in">THIRD:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of the Corporation, acting in accordance with provisions of Section 141 and 242 of the General Corporation Law
of the State of Delaware (the &ldquo;<B>DGCL</B>&rdquo;), adopted resolutions providing that it was advisable and in the best interests
of the Corporation that the Certificate of Incorporation, as amended, be amended by striking out Article EIGHTH, Section (c) in
its entirety, and by substituting in lieu thereof the following new Article EIGHTH, Section (c):</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 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
directors shall be classified, with respect to the time for which they shall hold their respective offices, by dividing them into
three (3) classes, to be known as &ldquo;Class I,&rdquo; &ldquo;Class II&rdquo; and &ldquo;Class III,&rdquo; with each class to
be apportioned as nearly equal in number as possible in accordance with a resolution or resolutions adopted by the Board of Directors.
The term for each Class I, Class II and Class III directorship as of the date of this Certificate of Amendment shall continue for
the remaining term of such directorship for such class, and thereafter such directorship shall no longer be classified and the
term for such directorship shall be an annual term until the next succeeding annual meeting of stockholders and until such successors
are duly elected and qualified.&rdquo;</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: 0.5in">FOURTH:&nbsp;&nbsp;Thereafter,
pursuant to a resolution of the Board of Directors, this Certificate of Amendment was submitted to the stockholders of the Corporation
for its approval, and was duly adopted in accordance with the provisions of Section 242 of the DGCL.</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: 0.5in"><FONT STYLE="font-variant: small-caps"><B>In
Witness Whereof</B></FONT>, UFP Technologies, Inc. has caused this Certificate of Amendment to be signed by its President and Chief
Executive Officer this 10th day of June, 2020.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 63%">&nbsp;</TD>
    <TD STYLE="width: 37%">UFP TECHNOLOGIES, INC.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>By:_<U>/s/ R. Jeffrey Bailly</U>_______________</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>Name: R. Jeffrey Bailly</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>Title: President and Chief Executive Officer</TD></TR>
</TABLE>


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

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



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

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